Slide 1: 9M 2025 Results Presentation
9M 2025 Results Presentation 13th November 2025
Slide 2: Disclaimer
Disclaimer Forward-looking statements This presentation contains forward-looking statements regarding future events and the future results of Rai Way that are based on current expectations, estimates, forecasts, and projections about the industries in which Rai Way operates, as well as the beliefs a
Slide 3: Speakers
Speakers Roberto Cecatto, Chief Executive Officer Adalberto Pellegrino, Chief Financial Officer Giancarlo Benucci, Chief Corporate Development Officer /3/
Slide 4: Key messages on 9M 2025
Key messages on 9M 2025 Financial Results: Continuity in the trends already recorded in the first half, successfully delivering on full year targets • Top-line growth above CPI-indexation (+2,9% in 3Q25) in both Media Distribution and Digital Infrastructure, driven by: o DAB network coverage extensi
Slide 5: 9M 2025 Financial highlights
9M 2025 Financial highlights Core revenues (€m) Adjusted EBITDA (€m) Net Income (€m) Adjusted EBITDA margin +2,3% +2,8% +0,1% 206,5 211,2 142,2 146,1 70,5 70,6 68,9% 69,2% 9M2024 9M2025 9M2024 9M2025 9M2024 9M2025 Capex1 (€m) Net Debt (Cash) (€m) Cash Conversion2 Net Debt/Adjusted EBITDA 25,1 25,4 1
Slide 6: Core revenues
Core revenues +2,3% 211,2 206,5 • Media Distribution up 2,2%, mainly driven by: (1) 24,6 +3,4% o link to inflation − Digital Infrastructure 23,8 o coverage extension of RAI DAB network (New Services to RAI up >30% at € 6,9m) (1) − Media Distribution 182,7 186,6 +2,2% • Digital Infrastructures up 3,4
Slide 7: Opex (excluding non-recurring)
Opex (excluding non-recurring) +1,8% Personnel costs: 65,9 67,2 • Negative impact from lower level of capitalization • Slightly higher headcount devoted to diversification initiatives (+0,3m vs 9M2024) Personnel +8,5% 33,3 36,2 • Traditional business personnel costs up approx. 5% costs mainly driven
Slide 8: Δ Adjusted EBITDA 9M25 vs 9M24
Δ Adjusted EBITDA 9M25 vs 9M24 Traditional business - underlying - 3,0m in 9M25 vs -1,5m in 9M24 +4,1 +3,9 • Continued healthy growth of traditional business (2,0) +2,4 +3,0 • Rai Way proactively seeking one- +0,3 off benefits to mitigate the ramp- (1,4) up phase of new initiatives • EBITDA absorpti
Slide 9: P&L
P&L Eur Mln, % 3Q2024 3Q2025 % YoY 9M2024 9M2025 % YoY Core Revenues 68,9 70,9 2,9% 206,5 211,2 2,3% • Other Income benefitting from una tantum items, both in 9M24 and 9M25 Other Revenues & income 1,4 0,1 1,7 2,0 (proceeds from asset sale, tax credit on Adj. EBITDA 48,6 49,8 2,3% 142,2 146,1 2,8% de
Slide 10: Net Debt bridge
Net Debt bridge IFRS-16 Debt 26,0m Gross Debt 142,6m IFRS-16 Debt 33,6m Cash&Eq(5) -4,1m Gross Debt 107,5m Cash&Eq(5) -13,5m 164,4 Mainly related to capex payment and 127,6 usual tax cycle 0,87x Including € 11,3m of 89,6 development capex and € 1,6m of extraordinary maintenance capex 0,69x 10,7 (144
Slide 11: Outlook for 2025 confirmed
Outlook for 2025 confirmed Adjusted Adjusted EBITDA expected above 2024 level, with i) further healthy growth of traditional business partially offset by absorption from start-up of diversification and ii) higher non- EBITDA core benefits • Maintenance capex above recurring normalized level, to incl
Slide 12: Q&A Session
Q&A Session
Slide 13: Contacts
Contacts Andrea Moretti, Head of Investor Relations +39 335 530 1205 +39 06 331 70391 andreadanilo.moretti@raiway.it andreadanilo.moretti@raiway.it investor.relations@raiway.it investor.relations@raiway.it www.raiway.it / Investors www.raiway.it /13/
Slide 14: Appendix
Appendix
Slide 15: Detailed summary of 9M 2025 Income Statement
Detailed summary of 9M 2025 Income Statement (€m; %) 3Q24 3Q25 9M24 9M25 Core revenues 68,9 70,9 206,5 211,2 Other revenues and income 1,4 0,1 1,7 2,0 Purchase of consumables (0,3) (0,3) (0,9) (0,9) Cost of services (10,8) (10,9) (29,9) (29,9) Personnel costs (10,0) (10,5) (33,5) (36,2) Other costs
Slide 16: Summary of Balance Sheet as at 30 September 2025
Summary of Balance Sheet as at 30 September 2025 (€m) 2024FY 9M2025 (€m) 2024FY 9M2025 Non current assets Shareholders' Equity Tangible assets 306,0 300,7 Share capital 70,2 70,2 Rights of use for leasing 33,6 36,1 Legal reserves 14,0 14,0 Intangible assets 27,0 23,9 Other reserves 37,2 37,8 Financi
Slide 17: Balance Sheet as at 30 September 2025
Balance Sheet as at 30 September 2025 1,4 (24,5) 338,3 Including rights of use 164,4 for leasing under IFRS- 16 (€ 36,1 m) 361,4 173,9 Net Fixed Assets(1) Net Net Funds(2) Net Invested Net Debt Equity Book Value Working Capital Capital 1) Including long-term financial items and the rights of use for
Slide 18: Summary of 9M 2025 Cash Flow Statement
Summary of 9M 2025 Cash Flow Statement (€m) 3Q2024 3Q2025 9M2024 9M2025 Profit before income taxes 32,9 32,8 98,9 99,1 Depreciation, amortization and write-downs 13,5 14,2 38,1 40,9 Provisions and (releases of) personnel and other funds 0,9 0,9 1,1 2,8 Net financial (income)/expenses 2,1 1,6 4,9 4,1
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