Rai Way S.p.A. (0R40) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

This is the conference operator. Welcome, and thank you for joining the Rai Way Full Year twenty twenty five Results Presentation. All participants are in listen only mode. And after the presentation, there will be a Q and A session. At this time, I would like to turn the conference over to Mr. Andrea Moretti, Head of IR. Please go ahead, sir. Thank you, operator, and good evening. At today's conference call, we will present Railway's 2025 full year results, operating achievements as well as our 2026 guidance. Today's hosts are CEO, Roberto Cicato CFO, Adalberto Pellegrino and our Chief Corporate Development Officer, Giancarlo Benucci. Please Mr. Giacatto, go ahead. Good evening from me too. The fourth quarter and more in general, the entire 2025 confirmed the sound and stable fundamentals of our business. This year further supported by cost control actions and non core benefits. As you may remember, in March of last year, we provided an outlook for 2025 guiding for a broadly stable adjusted EBITDA. We have largely exceeded the target. And while it's honest to say that a big part of the beat came from non core items, Let me say that the operating performance also proved to be better than expected, in particular in the traditional business, both in term of top line and opportunity to optimize the cost base. Consequently, as shown on Slide four, we maintained the upward trend in our key metrics even during the start up of diversification initiatives, which are already starting to contribute to our medium and long term growth. More in details, looking at the overall financial result, the 2.4% year on year increase in revenues reflects the contribution of both our anchor customer, Rai, supported by inflation and the gradual expansion of the DAB network and by third party...