Rai Way Spa · MIL:RWAY
Rai Way Spa — Q1 2025 Earnings Presentation
17 slides from Rai Way Spa's earnings presentation, May 14, 2025
Slide 1: 1Q 2025 Results Presentation
1Q 2025 Results Presentation 14th May 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 1Q 2025
Key messages on 1Q 2025 Financial Results – 1Q 2025 trend in line with expectations: • Core Revenues up 1,7% vs 1Q 2024 supported by both segments (Media Distribution and Digital Infrastructure), mainly driven by CPI and rising tower hosting volumes with radio broadcasters and FWAPs • Stable Adj. EB
Slide 5: 1Q 2025 Financial highlights
1Q 2025 Financial highlights Core revenues (€m) Adjusted EBITDA (€m) Net Income (€m) Adjusted EBITDA margin +1,7% +0,2% -5,3% 68,9 70,0 46,8 46,9 68,0% 67,0% 23,8 22,6 1Q2024 1Q2025 1Q2024 1Q2025 1Q2024 1Q2025 Capex1 (€m) Net Debt (Cash) (€m) Cash Conversion2 Net Debt/Adjusted EBITDA 5,3 127,6 116,2
Slide 6: Core revenues
Core revenues +1,7% 70,0 Underlying(1) growth 68,9 at +3,1% 8,1 − Digital Infrastructure 7,9 +2,5% • Media Distribution up 1,6%, mainly driven by link to inflation • Digital Infrastructures underlying(1) performance up 61,9 +1,6% 3,1%, mainly reflecting: − Media Distribution o rising volumes with Ra
Slide 7: Opex (excluding non-recurring)
Opex (excluding non-recurring) +4,4% 23,2 22,2 Personnel +8,3% • Personnel cost up approx. 4% YoY, when excluding 11,7 12,7 costs lower level of capitalization compared to 1Q24 • Broadly stable Other Operating costs with: o higher energy tariffs (+1,1m) and Other Operating 10,5 10,5 +0,2% o diversif
Slide 8: P&L
P&L Eur Mln, % 1Q2024 1Q2025 % YoY Core Revenues 68,9 70,0 1,7% Other Revenues & income 0,1 0,1 Adj. EBITDA 46,8 46,9 0,2% % margin 68,0% 67,0% Non recurring costs -0,1 0,0 • Net Income evolution in line with the trend envisaged in the Industrial Plan EBITDA 46,7 46,9 0,4% % margin 67,9% 67,0% 1) D&
Slide 9: Net Debt bridge
Net Debt bridge Mainly related to IFRS-16 Debt 33,6m IFRS-16 Debt 41,1m capex payment and Gross Debt 107,5m Gross Debt 102,6m usual tax cycle Cash&Eq(5) -13,5m Including € 1,9m Cash&Eq(5) -27,5m of development capex 127,6 116,2 7,4 (46,9) 13,8 0,63x 0,69x 9,2 1,1 4,0 Net Debt 2024YE EBITDA Capex(1)
Slide 10: Outlook for 2025 confirmed
Outlook for 2025 confirmed Further healthy Adj. EBITDA growth of traditional business, substantially offset by: Adjusted • higher energy prices EBITDA • higher absorption from diversification (in line with Industrial Plan assumptions) • Maintenance capex above recurring normalized level, to include
Slide 11: Q&A Session
Q&A Session
Slide 12: 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 /12/
Slide 13: Appendix
Appendix
Slide 14: Detailed summary of 1Q 2025 Income Statement
Detailed summary of 1Q 2025 Income Statement (€m; %) 1Q24 1Q25 Core revenues 68,9 70,0 Other revenues and income 0,1 0,1 Purchase of consumables (0,3) (0,3) Cost of services (9,6) (9,6) Personnel costs (11,8) (12,7) Other costs (0,6) (0,6) Opex (22,3) (23,2) Depreciation, amortization and write-down
Slide 15: Summary of Balance Sheet as at 31 March 2025
Summary of Balance Sheet as at 31 March 2025 (€m) 2024FY 1Q2025 (€m) 2024FY 1Q2025 Non current assets Shareholders' Equity Tangible assets 306,0 300,7 Share capital 70,2 70,2 Rights of use for leasing 33,6 38,0 Legal reserves 14,0 14,0 Intangible assets 27,0 25,5 Other reserves 37,2 37,3 Financial a
Slide 16: Balance Sheet as at 31 March 2025
Balance Sheet as at 31 March 2025 (8,2) (25,4) 331,2 116,2 Including rights of use for leasing under IFRS- 16 (€ 38,0 m) 364,9 215,1 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 l
Slide 17: Summary of 1Q 2025 Cash Flow Statement
Summary of 1Q 2025 Cash Flow Statement (€m) 1Q2024 1Q2025 Profit before income taxes 33,5 31,7 Depreciation, amortization and write-downs 11,9 13,8 Provisions and (releases of) personnel and other funds 1,0 1,0 Net financial (income)/expenses 1,3 1,3 Other non-cash items - 0,1 Net operating CF befor