Presentazione Risultati 1Q2026

Roberto Cecatto, Chief Executive Officer

Adalberto Pellegrino, Chief Financial Officer

Giancarlo Benucci, Chief Corporate Development Officer

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 above 1Q25 (+0,2m) as a result of i) traditional business underlying growth, ii) stable absorption from diversification and iii) lower benefits from level of non-core items

• Development capex at 4,2m (vs 1,9 in 1Q25) including mainly investment on DAB extension and CDN expansion

• Recurring Cash generation increasing to approx. € 34m

  Operating update

• Development activities progressing in line with expectations

• Extension of credit lines maturity by 18 months under the same terms and conditions

  Outlook

• Outlook for the Full Year reiterated

• Memorandum of Understanding among the Reference Shareholders of the operating companies on potential aggregation extended to 15th June 2026

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

Adjusted EBITDA margin

+2,6%

70,0 71,9

+1,0%

67,0%

65,9%

46,9 47,3

-4,3%

22,6 21,6

1Q2025 1Q2026

1Q2025

1Q2026

1Q2025 1Q2026

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

Net Debt/Adjusted EBITDA

Maintenance Development -

Diversification

Development -

Trad. business/asset

4,0

2,1

0,1

1,8

5,4 136,5

97,3% 97,3%

113,5

0,59x

0,71x

2,1

1,2

1Q2025 1Q2026 2025FY 1Q2026 1Q2025 1Q2026

1. Excluding component related to IFRS-16 leasing; development capex include € 1,9m 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 1Q2026, leases adjusted to include € 0,6m related to a contract temporarily accounted for as opex (under Non-recurring costs) until renewal

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− Digital Infrastructure & Other

− Media Distribution

1Q25

+2,6%

70,0

61,8

63,1

8,2

8,8

71,9

1Q26

+7,5%

+2,0%

• Media Distribution underlying performance up +2,4%

  mainly thanks to higher revenues from RAI reflecting:

  • DAB network coverage extension pushing New

    Services up by approx. € 1m at € 2,8m in 1Q

  • link to inflation

• On underlying basis, Digital Infra & Other up +5,3%

  driven by:

  • CPI-plus performance in Tower Hosting (+2,4%)

  • rising contribution from Data Centers and

    Connectivity

    
    
    

• Contribution from diversification initiatives at € 0,3m (vs € 0,1m in 1Q25)

Personnel costs

10,5

12,7

23,2

+6,3%

24,7

13,1

+3,7%

Personnel costs:

• full impact from the renewal of the collective labour agreement

• limited increase in diversification (+0,1m)

  Other Operating costs

  11,5

1Q2025 1Q2026

+9,6%

Other Operating costs:

• underlying external costs up approx. 2,4% (€ +0,3m, out of which € +0,1m diversification-related)

• € 0,2m positive impact from energy prices

• negative impact from level of non-core items

~1,0

~1,2

o/w Diversification costs

Traditional business - underlying

1,7

1,1

0,0

(0,9)

0,4

0,2

0,2

Δ Ricavi

Δ Personnel

cost

Δ other Δ Adj. EBITDA

operating cost Traditional

Business

Underlying Δ Adj. EBITDA Total Δ Adj. Δ Energy tariffs Total Δ Adj.

Δ Adj. EBITDA non core items EBITDA before Diversification ex. energy (1) energy tariffs

EBITDA

1. Non-core items Include:

   • change in the level of Other revenues

   • change in the level of prior year adjustments

   • change in the level of capitalized personnel costs

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Eur Mln, % 1Q2025 1Q2026 % YoY

70,0

71,9

0,1

0,2

46,9

67,0%

47,3

65,9%

0,0

-0,6

46,9

67,0%

46,7

65,0%

-13,8

-15,1

33,1

31,6

-1,3

-1,3

31,7

30,3

-9,2

29,0%

-8,7

28,8%

22,6

21,6

Core Revenues 2,6%

Other Revenues & income

Adj. EBITDA

% margin

Adjustments

EBITDA

% margin

1,0%

-0,4%

• Adjustments fully related to a lease agreement temporarily accounted for as opex until renewal

  D&A (1)

  9,3%

  Operating Profit (EBIT)

  Net financial income (expenses)

  -4,4%

  -2,2%

• Increase in D&A primarily related to development investments

  Profit before Income taxes -4,5%

  Income Taxes

  % tax rate

  -4,9%

  Net Income -4,3%

  
  
  

  (1) Including provisions

  /9/

  (46,7)

Extension of credit lines maturity by 18 months to April 2028 under same terms and conditions (i.e. Euribor + 110 bps)

136,5

0,71x

8,7 1,1

6,6

2,0

113,5

1Q 2026 recurring FCFE(6) at ca. € 34m

0,59x

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 1Q2026, leases adjusted to include € 0,6m related to a contract temporarily accounted for as opex (under Non-recurring costs) until renewal

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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

+2,6%

− Third-Parties

+5,3%

− New services

−

+2,1%

70,0

71,9

57,4

57,1

1,8

2,8

11,1

11,7

1Q25 1Q26

• 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 the spread

• Covenant: Net Debt / EBITDA ≤ 3,0x

• Lenders: BPER Banca S.p.A., Cassa Depositi e Prestiti S.p.A., Mediobanca S.p.A., UniCredit S.p.A.

(€m)

1Q2026

2025FY

(€m)

1Q2026

2025FY

Non current assets

Tangible assets 304,0 297,9

Rights of use for leasing 36,6 37,6

Intangible assets 33,7 31,1

Financial assets, holdings and other non-current assets 0,9 0,9

Deferred tax assets 3,0 3,2

Current assets

Inventories 0,5 0,5

Trade receivables 74,0 85,0

Other current receivables and assets 2,6 4,0

Current financial assets 0,1 0,1

Cash and cash equivalents 9,2 20,6

Current tax receivables 0,2 0,1

Shareholders' Equity

Share capital 70,2 70,2

Legal reserves 14,0 14,0

Other reserves 37,8 38,0

Retained earnings 89,3 110,9

Treasury shares (19,3) (19,3)

(16,1)

329,6

216,1

367,3

Net Fixed Assets(1) Net Working Capital

Net Funds(2) Net Invested Capital

Net Debt Equity Book Value

1) Including long-term financial items and the rights of use for leasing introduced from 2019 with the application of IFRS 16