Rai Way SpaMIL: RWAY

Presentazione Risultati 1Q2026

· Issued by Rai Way Spa
1Q 2026 Results Presentation 13th May 2026



Speakers

Roberto Cecatto, Chief Executive Officer



Adalberto Pellegrino, Chief Financial Officer



Giancarlo Benucci, Chief Corporate Development Officer

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 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

1Q 2026 Financial highlights

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

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

/5/

Core revenues

− 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)

Opex (excluding non-recurring)

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

Change in 1Q26 Adjusted EBITDA vs 1Q25

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

(0,2)

(0,4)





  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

/8/

P&L

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)

5,4

Including € 4,2m of development capex



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

Gross Debt 106,4m Cash&Eq(5) -20,7m

136,5

0,71x

8,7 1,1

6,6

2,0

113,5

Net Debt 2025YE

EBITDA

Capex(1)

Taxes(2)

Financial

Δ NWC

Funds &

Net Debt @

charges(3)

Other(4)

31/03/2026

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

/10/

2026 Outlook confirmed

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

ca. +/-0,7 €m impact on Adjusted EBITDA for every -/+10 €/MWh

change in wholesale electricity tariff2

Capex

  • Maintenance capex in line with 2025, still including extraordinary non-recurring activities and cyclical items

  • Development capex higher than 2025, mainly reflecting solar project, DAB

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)

/11/

Q&A Session



Contacts

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

Appendix

FY 2025 revenue breakdown by client

+2,6%

− Third-Parties

+5,3%



− New services

−

Fixed consideration & recurring services

+2,1%

70,0

71,9

57,4

57,1

1,8

2,8

11,1

11,7

1Q25 1Q26

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 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.

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-downs

(13,8)

(15,1)

Provisions

-

-

Operating profit (EBIT)

33,1

31,6

Net financial income (expenses)

(1,3)

(1,3)

Profit before income taxes

31,7

30,3

Income taxes

(9,2)

(8,7)

Net Income

22,6

21,6

EBITDA

46,9

46,7

EBITDA margin

67,0%

65,0%

Non recurring costs

-

(0,6)

Adjusted EBITDA

46,9

47,3

Adjusted EBITDA margin

67,0%

65,9%

Summary of Balance Sheet as at 31 March 2026

(€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

Total non-current assets

378,2

370,7

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

Total shareholders' equity

192,0

213,8

Non-current liabilities

Non-current financial liabilities

-

104,9

Non-current leasing liabilities

17,4

16,8

Employee benefits

8,0

7,8

Provisions for risks and charges

16,9

17,0

Other non-current liabilities

0,2

0,2

Total non-current liabilities

42,5

146,7

Current liabilities

Trade payables

49,9

37,9

Other debt and current liabilities

50,1

66,4

Current financial liabilities

118,7

1,5

Current leasing liabilities

9,7

11,0

Current provisions for risks and charges

1,9

2,2

Current tax payables

-

1,3

Total current liabilities

230,3

120,5

TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES

464,8

481,0

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

Total current assets

TOTAL ASSETS

86,6

464,8

110,2

481,0

Balance Sheet as at 31 March 2026

(16,1)

329,6

216,1

(21,6)

367,3

Including rights of use for leasing under IFRS-16 (€ 37,6 m)

113,5

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

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 before change in WC

48,0

47,7

Change in trade receivables

(10,5)

(11,2)

Change in trade payables

(18,0)

(12,0)

Change in other assets

(1,6)

(1,4)

Change in other liabilities

6,9

8,8

Use of funds

(0,1)

(0,0)

Payment of employee benefits

(0,6)

(0,6)

Change in tax receivables and payables

-

-

Taxes paid

-

-

Net cash flow generated by operating activities

24,0

31,2

Investment in tangible assets

(3,4)

(3,5)

Disposals of tangible assets

-

-

Investment in intangible assets

(0,6)

(0,4)

Change in other non-current assets

-

0,0

Net cash flow generated by investment activities

(4,0)

(3,8)

(Decrease)/increase in medium/long-term loans

-

-

(Decrease)/increase in current financial liabilities

(6,1)

(13,1)

(Decrease)/increase in IFRS 16 financial liabilities

(0,0)

(2,8)

Change in current financial assets

(0,0)

0,0

Net Interest paid

(0,0)

(0,1)

Dividends paid

-

-

Net cash flow generated by financing activities

(6,1)

(16,0)

Change in cash and cash equivalent

13,9

11,4

Cash and cash equivalent (beginning of period)

13,5

9,2

Cash and cash equivalent (end of period)

27,4

20,6

Attenzione: Questo è un estratto del contenuto originale. Per continuare a leggere, accedi al documento originale.

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