2025FY Results Presentation

Roberto Cecatto, Chief Executive Officer

Adalberto Pellegrino, Chief Financial Officer

Giancarlo Benucci, Chief Corporate Development Officer

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151,0

131,2 136,1

142,9

169,4 174,8

121,8 126,2 132,8

140,4

+72,6%

180,3 185,6

191,8

181,4

115,5 118,3

105,1 109,3 111,3

+13,5pps

66,3% 67,2% 67,8%

59,3% 60,6% 62,2% 61,5%

50,7% 51,5% 51,7%

53,4%

62,3% 63,3% 64,2%

54,3% 55,0%

56,2% 57,8% 57,2%

Adj. EBITDA, pre and after leases1 (€m) Adjusted EBITDA margin, pre and after leases1

Pre-leases

After leases1

Pre-leases After leases1

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Net Income (€m)

2,6x

Net Income Adj.2

86,7 89,9 88,6

56,3 59,7 63,4 64,0 65,4

73,7

33,6 38,9 41,8

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

90,1 90,5

2024 2025

Recurring Free Cash Flow from Equity FCFE1,3 (€m)

1,9x

113,9 117,9 117,8

88,8

92,3

93,4

77,5

74,6

77,5

63,4

67,9

69,7

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

1. Leases impact estimated as sum of leasing right of use depreciation (excl. dismantling) + financial charges on leasing contracts. Leases for 2025 adjusted to include € 1,9m related to a contract

   temporarily accounted for as opex (under Non-recurring costs) until renewal

2. Net Income Adjusted to exclude the impact of Non-recurring costs. For 2025, Non-recurring costs exclude € 1.9m related to a contract temporarily accounted for as opex (vs IFRS) until renewal

3. Recurring FCFE = Adj. EBITDA - Leases - Net Financial Charges - P&L Taxes - Recurring Maintenance Capex. Figure for 2021 excludes a € 1 mln one-off tax benefit. Figure for 2025 excludes € 1,7m

non-recurring maintenance capex

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Financial Results - 2025 well above initial expectations thanks to a mix of better operating performance and higher non-core benefits

• Core Revenues up 2,4% vs 2024, doubling the CPI contribution, supported by DAB roll-out for RAI and acceleration of activity with Third-party clients (underlying growth at +4.4% YoY and +10,0% in 4Q)

• Adjusted EBITDA up 3,3% vs 2024 (€ +6,2m, with profitability up 60bps at 67,8%), with i) better performance of the traditional business and ii) planned higher absorption from diversification initiatives more than offset through non-core benefits

• Maintenance Capex at approx. 23m reflecting planned non-recurring activities and cyclicality of certain IT investments; Development Capex at approx. € 29m, mainly on DAB coverage extension, diversification and processes digitalization

• Recurring Cash generation stable at approx. € 118m despite € 8m temporary swing in maintenance capex

• 33,00 €/cent dividend proposed to the AGM, equal to ~100% pay-out and 5.7% dividend yield(1), bringing total distribution since 2014 to almost the entire IPO market cap

  Operating update:

  Traditional business

• Rai DAB network extension on track, with coverage at ~70% as of December 2025

• Roll-out of solar panel project started

following authorization of the first 12 MW

• Hyperscale DC: "Conferenza dei Servizi" successfully completed and concession with Municipality signed

• Edge DCs: service range extension positively

received by the enterprise market

• Carbon neutrality achieved

• Submission of SBTi target

Outlook:

• Excluding changes in energy prices, Adjusted EBITDA substantially in line with 2025 with further underlying growth offset by lower benefits from non-core items

  
  
  

  1. Dividend yield based on market closing price on 20 March 2026 (5.74 €/share)

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Milano 1

5,2 MW

Milano 2

6,6 MW

Rimini

7,5 MW

Terni

1,4 MW

Cuneo

2,0 MW

Lecce

1,6 MW

Roma 1

9,0 MW

Roma 2

5,5 MW

Authorized projects as of March 2026

Project update:

• Priority on 8 sites

• Total capacity at run rate of approx. 40 MW, in line with Industrial Plan expectations

• 4 sites already authorized (12,5 MW), currently being rolled-out

• Full capacity expected in 2028, due to longer authorization process

• Total capex: ca. € 32m

• EBITDA generation at run rate: ca. € 4m

  Strategic objectives:

• Profitable utilization of underexploited company assets

• Extracting synergies with the DC network under deployment, thanks to the proximity of some plants to DCs (i.e. Pomezia)

• Mitigation of electricity price fluctuation risk

• Reaching ESG targets

  
  
  FOCUS ON: Hyperscale DC project authorized
  
  

  Project overview:

• Tier IV Hyperscale Data Center made up of 4 independent buildings

• 17,500 sqm of total built area

• 16 data halls totaling 16,000 sqm (excluding office and ancillary spaces)

• 344 total racks per data hall

• 35.2 MW of IT power capacity, with a target PUE of 1.3

• 5.5 MWp photovoltaic plant (under authorization)

• Flexibility in the fit-out, with possibility to differentiate density and cooling for each module

• Option to scale density and total IT power up (subject to additional permitting)

  Achievements and next steps:

  Conclusion of the authorization process

  • Beginning of 2026 ("Conferenza dei Servizi") and signing of the

  concession with the Pomezia municipality

  • Next months

  Marketing, final design & procurement

  • ~18/24 months from completion of the previous phase

  Construction

  
  
  

  Attractiveness drivers:

• Located in Rome, at the center of Italy's digital and

  economic ecosystem

• Fully authorized, thus reducing time-to-market

• Optimal size and modularity, making it compatible with both hyperscale and more enterprise-level use

• Fit-out flexibility, allowing full AI-compliance

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Core revenues (€m) Adjusted EBITDA (€m) Net Income (€m)

Adjusted EBITDA margin

276,1

+2,4%

282,8

+3,3%

67,2%

67,8%

185,6 191,8

-1,4%

89,9 88,6

2024FY 2025FY

2024FY

2025FY

2024FY 2025FY

Capex1 (€m) Net Debt (Cash) (€m) Cash Conversion2

Net Debt/Adjusted EBITDA

Maintenance

Development -

Diversification

Development -

Trad. business/asset

54,9 52,1

127,6 136,5

91,2% 88,0%

0,69x

0,71x

17,6

22,0

15,4

22,1

6,6

2024FY 2025FY 2024FY 2025FY 2024FY 2025FY

1. Excluding component related to IFRS-16 leasing; development capex include € 0,7m reported under IFRS-16 financial liabilities in the financial statements

2. Cash conversion = (Adj. EBITDA after Leases - Recurring Maintenance Capex) / Adj. EBITDA after Leases. Leases estimated as sum of leasing right of use depreciation (excl. dismantling) + financial charges on leasing contracts. For 2025, a) leases adjusted to include € 1,9m related to a contract temporarily accounted for as opex (under Non-recurring costs) until renewal and b) Maintenance capex exclude Non-recurring items for € 1,7m

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− Digital Infrastructure & Other

− Media Distribution

276,1

2024FY

+2,4%

(1)

244,1

249,5

(1)

31,9

33,3

282,8

2025FY

+4,1%

+2,2%

• Media Distribution up 2,2%, mainly driven by:

  • link to inflation

  • New Services to RAI up ~30% at € 9,7m thanks to

    DAB network coverage extension

  • Rising contribution from CDN

• Digital Infrastructures underlying performance up 4,8%, reflecting:

  o +3,0% in Tower hosting, benefitting from CPI and strong volumes with Radio Broadcasters (+35%)

  • Rising contribution from data centers and

connectivity

• Acceleration of business development pushing

  revenues from Third-party customers up 10% in 4Q

  
  
  

  1. In FY 2024, € 0,2m related to connectivity services reallocated from Media

     Distribution to Digital Infrastructure

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     Opex (excluding non-recurring)

     Personnel costs

     46,1

46,3

92,4

+1,0%

93,3

44,7

+5,2%

Personnel costs:

• Traditional business personnel costs up approx. 4% mainly driven by the renewal of the collective labour agreement

• Slightly higher headcount devoted to diversification initiatives (+0,3m vs 2024)

Other Operating costs

o/w Diversification costs

2024FY 2025FY

~2,5

~4,7

-3,2%

Other Operating costs:

• Excluding the positive impact from the level of non-core items, underlying external cost up approx. 1,6% as a result of:

  • higher diversification-related opex (+1,9m vs 2024)

  • further optimization in the traditional business (approx. -2.5%) across various cost items (satellite rents, energy consumption, real estate, …)

    
    
    

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    Change in 2025 Adjusted EBITDA vs 2024

    Traditional business - underlying

    +6,2

    +5,7

    +4,8

    Δ Ricavi

    Δ Personnel Δ other Δ Adj. EBITDA Underlying

    cost operating cost Traditional Δ Adj. EBITDA

    Business Diversification

    Δ Adj.

    EBITDA non core items(1)

    Total Δ Adj.

    EBITDA

    +1,1

Net Income Adj.

0,4%

• Adjusted Net Income slightly up YoY

  (2)

  
  
  

  1. Including provisions

  2. Net Income adjusted to exclude the impact of Non-recurring costs, equal to € 2,5m in 2025 and € 0,3m in 2024. For 2025, Non-recurring costs relevant for Net Income differ from Adjustments to exclude € 1.9m related to a contract temporarily accounted for as opex (vs IFRS) until renewal

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X,Xx

Net Debt/LTM Adjusted EBITDA

127,6

136,5

Including € 28,7m of

development capex

4,8

(0,8)

35,7

(187,3)

0,71x

0,69x

Net Debt 2024YE

EBITDA

Capex(1)

Taxes(2) Financial charges(3)

Δ NWC Funds & Other(4)

Dividend payment

Net Debt 2025YE

FY 2025 recurring FCFE(6) at ca. € 118m

despite maintenance capex above average due to non-recurring activities and cyclicality of certain IP network investments

1) Excluding component related to IFRS-16 leasing; 2) P&L taxes; 3) P&L financial charges excluding interests on employee benefit liability and interests on leasing contracts;

4) Including renewal of leasing contracts and interests on leasing contracts; 5) Including current financial assets; 6) Recurring FCFE = Adj. EBITDA - Leases - Net Financial Charges (excl. IFRS-16 component) - P&L Taxes (adjusted to exclude benefits from non-recurring opex) - Recurring Maintenance Capex. Leases estimated as sum of leasing right of use depreciation (excl. dismantling) + financial charges on leasing contracts; For 2025, a) leases adjusted to include € 1,9m related to a contract temporarily accounted for as opex (under Non-recurring costs) until renewal and b) Maintenance capex excluding Non-recurring items for € 1,7m

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181

89

(5)

(37)

118

Proposed dividend payout

29

• Dividend proposal of 33,00 €cent/share (pay-out ratio of

  ~100% of Net Income), with a dividend yield(5) of 5,7%

• Approx. € 761m distributed to Shareholders since listing (~95% of IPO market cap), when including the proposed dividend for 2025

  Dividend per Share (€cent)

  (6)

  33,40 33,0

  Adj. EBITDA

  - Leases2

  Financial charges3

  Taxes

  Recurring Maint. Capex4

  Recurring FCFE1

  Development Capex4

  12,34

  14,32 15,37

  20,26

  21,96 23,29 23,85 24,36

  27,45

  32,22 0

  2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

  1. Recurring FCFE = Adj. EBITDA - Leases - Net Financial Charges - P&L Taxes - Recurring Maintenance Capex. Leases estimated as sum of leasing right of use depreciation (excl. dismantling) + financial charges on leasing contracts.

     
     
     

  2. Leases for 2025 adjusted to include € 1,9m related to a contract temporarily accounted for as opex (under Non-recurring costs) until renewal

  3. P&L financial charges excluding interests on employee benefit liability and interests on leasing contracts

  4. Maintenance capex excluding Non-recurring items for € 1,7m. Development capex including € 0,7m related reported under IFRS-16 financial liabilities in the financial statements

  5. Dividend yield based on market closing price on 20 March 2026 (5,74 €/share)

  6. Dividend proposal

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  Sustainability key targets achieved

  ENVIRONMENTAL

  • Carbon neutrality achieved across the entire company on Scope 1 & 2

  • Definition of Rai Way's climate strategy and submission of SBTi targets

  • 146% increase in use of HVO biofuel for the company fleet

  SOCIAL

  • Training hours increased by 28.6% in 2025 compared to 2024.

  • Women accounting for more than half of the workforce in staff and corporate functions

  GOVERNANCE

  • Cybersecurity: ISO 22301 and ISO 27001 certifications in relation to Edge Data Center and CDN services

  • ACN (National Cybersecurity Agency) certification for our Edge Data Centers

  
  
  

  Current ESG Ratings

  
  
  

  Dic. 2025

  Score: A-

  Previously A- Leadership

  
  
  

  Feb. 2025

  Score: A

  Previously BBB

  
  
  

  Dic. 2025

  Score: 46/100 63°

  Previously 46/100 65°

  
  
  

  Dec. 2024

  Score: 12 - Low risk

  Previously 10.9 - Low risk

  
  
  

  Jun. 2024

  Score: 55/93 - Conscious

  Previously 57/98 - 41.8/100

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  2026 Outlook

  Adjusted EBITDA

Substantially in line with the previous year with underlying1 business growth offset by lower benefits from non-core items, not including changes in energy price vs 2025

extension and CDN network expansion

1. Excluding impact from level of non-core items (change in the level of Other revenues, change in the level of prior year adjustments, change in the level of capitalized personnel costs, impact of Δenergy tariffs)

2. Average level of total energy tariff for 2025 at ca. 204 €/MWh (PUN of ~114 €/MWh + other components of ~90 €/MWh)

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Andrea Moretti, Head of Investor Relations

+39 335 530 1205

+39 06 331 70391

andreadanilo.moretti@raiway.it investor.relations@raiway.it

https://www.raiway.it / Investors

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+2,4%

− Third-Parties

−

−

+3,7%

276,1

282,8

9,7

224,8

227,7

43,8

45,4

+2,2%

2024FY 2025FY

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