Slide 1: 1Q 2026 Results Presentation
1Q 2026 Results Presentation 13th May 2026
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 1Q2026
Key messages on 1Q2026 Financial Results – Start of the year fully in line with FY guidance: • Revenues up 2,6% with positive contribution from both Media Distribution and Digital Infrastructure & Other • Stripping out impact from energy tariffs (positive in 1Q for 0,2m), Adjusted EBITDA slightly ab
Slide 5: 1Q 2026 Financial highlights
1Q 2026 Financial highlights Core revenues (€m) Adjusted EBITDA (€m) Net Income (€m) Adjusted EBITDA margin +2,6% +1,0% 70,0 71,9 46,9 47,3 -4,3% 67,0% 65,9% 22,6 21,6 1Q2025 1Q2026 1Q2025 1Q2026 1Q2025 1Q2026 Capex1 (€m) Net Debt (Cash) (€m) Cash Conversion2 Net Debt/Adjusted EBITDA 5,4 136,5 97,3%
Slide 6: Core revenues
Core revenues +2,6% • Media Distribution underlying performance up +2,4% 71,9 mainly thanks to higher revenues from RAI reflecting: 70,0 o DAB network coverage extension pushing New 8,8 +7,5% Services up by approx. € 1m at € 2,8m in 1Q − Digital Infrastructure 8,2 & Other o link to inflation • On un
Slide 7: Opex (excluding non-recurring)
Opex (excluding non-recurring) +6,3% 24,7 23,2 Personnel costs: • full impact from the renewal of the collective labour Personnel 13,1 +3,7% agreement 12,7 costs • limited increase in diversification (+0,1m) Other Operating costs: Other • underlying external costs up approx. 2,4% (€ +0,3m, Operating
Slide 8: Change in 1Q26 Adjusted EBITDA vs 1Q25
Change in 1Q26 Adjusted EBITDA vs 1Q25 Traditional business - underlying 1,7 (0,4) (0,2) 1,1 0,0 (0,9) 0,4 0,2 0,2 Δ Ricavi Δ Personnel Δ other Δ Adj. EBITDA Underlying Δ Adj. EBITDA Total Δ Adj. Δ Energy tariffs Total Δ Adj. cost operating cost Traditional Δ Adj. EBITDA non core items EBITDA before
Slide 9: P&L
P&L Eur Mln, % 1Q2025 1Q2026 % YoY Core Revenues 70,0 71,9 2,6% Other Revenues & income 0,1 0,2 Adj. EBITDA 46,9 47,3 1,0% % margin 67,0% 65,9% • Adjustments fully related to a lease agreement Adjustments 0,0 -0,6 temporarily accounted for as opex until renewal EBITDA 46,9 46,7 -0,4% % margin 67,0%
Slide 10: Net Debt bridge
Net Debt bridge Extension of credit lines maturity by 18 months to April 2028 under same terms and conditions (i.e. Euribor + 110 bps) IFRS-16 Debt 27,1m Gross Debt 118,7m Cash&Eq(5) -9,3m IFRS-16 Debt 27,8m 136,5 Gross Debt 106,4m Including € 4,2m of Cash&Eq(5) -20,7m development capex 113,5 (46,7)
Slide 11: 2026 Outlook confirmed
2026 Outlook confirmed Substantially in line with the previous year with underlying1 business growth offset by lower benefits from non-core items, not including changes in energy Adjusted price vs 2025 EBITDA ca. +/-0,7 €m impact on Adjusted EBITDA for every -/+10 €/MWh change in wholesale electrici
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: FY 2025 revenue breakdown by client
FY 2025 revenue breakdown by client +2,6% 71,9 70,0 − Third-Parties 11,1 11,7 +5,3% − New services 1,8 2,8 57,4 − Fixed consideration +2,1% & recurring services 57,1 1Q25 1Q26 /15/
Slide 16: Credit lines
Credit lines ● Amount: € 185m, of which € 143m Term loan (with bullet repayment at maturity) + € 42m Revolving ● Term Loan to be drawn as needed upon borrower’s request ● New Maturity: April 2028 (extended by 18 months from October 2026) ● Interest: Euribor (0 floor) + 1,10% ● Commitment fee: 35% of
Slide 17: Detailed summary of 1Q 2026 Income Statement
Detailed summary of 1Q 2026 Income Statement (€m; %) 1Q25 1Q26 Core revenues 70,0 71,9 Other revenues and income 0,1 0,2 Purchase of consumables (0,3) (0,3) Cost of services (9,6) (11,1) Personnel costs (12,7) (13,1) Other costs (0,6) (0,7) Opex (23,2) (25,3) Depreciation, amortization and write-dow
Slide 18: Summary of Balance Sheet as at 31 March 2026
Summary of Balance Sheet as at 31 March 2026 (€m) 2025FY 1Q2026 (€m) 2025FY 1Q2026 Non current assets Shareholders' Equity Tangible assets 304,0 297,9 Share capital 70,2 70,2 Rights of use for leasing 36,6 37,6 Legal reserves 14,0 14,0 Intangible assets 33,7 31,1 Other reserves 37,8 38,0 Financial a
Slide 19: Balance Sheet as at 31 March 2026
Balance Sheet as at 31 March 2026 (16,1) (21,6) 329,6 113,5 Including rights of use for leasing under IFRS- 16 (€ 37,6 m) 367,3 216,1 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 20: Summary of 1Q 2026 Cash Flow Statement
Summary of 1Q 2026 Cash Flow Statement (€m) 1Q2025 1Q2026 Profit before income taxes 31,7 30,3 Depreciation, amortization and write-downs 13,8 15,1 Provisions and (releases of) personnel and other funds 1,0 0,9 Net financial (income)/expenses 1,3 1,2 Other non-cash items 0,1 0,1 Net operating CF bef