Rai Way

Investor Presentation • May 14, 2025

1Q 2025 Results Presentation

14th May 2025

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 and assumptions of Rai Way's management. In particular, certain statements with regard to management objectives, trends in results, margins, costs, rate of return and competition tend to be forward-looking in nature. Words such as "expects", "anticipates", "targets", "goals", "projects", "intends", "plans", "believes", "seeks" and "estimates", variations of such words and similar expressions, are intended to identify such forward-looking statements. These forward-looking statements are only predictions and are subject to risks, uncertainties, and assumptions that are difficult to predict because they relate to events and depend on circumstances that will occur in the future. Therefore, Rai Way's actual results may differ materially and adversely from those expressed or implied in any forward-looking statements. They are neither statements of historical fact nor guarantees of future performance. Rai Way therefore cautions against relying on any of these forward-looking statements. Factors that might cause or contribute to such differences include, but are not limited to, economic conditions globally, the impact of competition, political, economic and regulatory developments in Italy. Any forward-looking statements made by or on behalf of Rai Way speak only as of the date they are made. Rai Way undertakes no obligation to update any forward-looking statements to reflect any changes in Rai Way's expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based.

Speakers

Roberto Cecatto, Chief Executive Officer

Adalberto Pellegrino, Chief Financial Officer

Giancarlo Benucci, Chief Corporate Development Officer

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. EBITDA (+0,2%) vs 1Q 2024, as a result of:
  • Solid underlying(1) operating leverage and profitability of the traditional business
  • Absorption from diversification initiatives in line with expectations and FY guidance
  • Higher energy tariffs offset by non-core benefits
• Typical low level of maintenance capex in 1Q; temporary deceleration in development investments reflecting the negotiation phase for the DAB project (finalized in 1Q) and the completion of the first phase of new projects deployment
• Recurring FCFE generation(2) at ca € 32m

Operating update:

• CDN: ongoing commercial negotiations with some major content providers, following positive outcome of the trials
• Relocation of the Rome HQ completed

Outlook: guidance for FY 2025 confirmed

1Q 2025 Financial highlights

1) Excluding component related to IFRS-16 leasing; in the Financial Statements, Development Capex include € 7,3m reported under IFRS-16 financial liabilities 2) Cash conversion = (Adj. EBITDA after Leases – Maintenance Capex) / Adj. EBITDA after Leases. Leases estimated as sum of leasing right of use depreciation (excl. dismantling) + financial charges on leasing contracts

Core revenues

• Media Distribution up 1,6%, mainly driven by link to inflation
• Digital Infrastructures underlying(1) performance up 3,1%, mainly reflecting:
  • o rising volumes with Radio Broadcasters, FWA providers and PA in Tower Hosting
  • o first contribution from Edge DC business

Opex (excluding non-recurring)

• Personnel cost up approx. 4% YoY, when excluding lower level of capitalization compared to 1Q24

• Broadly stable Other Operating costs with:

• o higher energy tariffs (+1,1m) and
• o diversification-related costs offset by further cost efficiencies in the traditional business and certain non-recurring benefits

P&L

Eur Mln, %	1Q2024	1Q2025	% YoY
Core Revenues	68,9	70,0	1,7%
Other Revenues & income	0,1	0,1
Adj. EBITDA % margin	46,8 68,0%	46,9 67,0%	0,2%
Non recurring costs	-0,1	0,0
EBITDA % margin	46,7 67,9%	46,9 67,0%	0,4%
1) D&A	-11,9	-13,8	16,4%
Operating Profit (EBIT)	34,9	33,1	-5,1%
Net financial income (expenses)	-1,4	-1,3	-5,0%
Profit before Income taxes	33,5	31,7	-5,1%
Income Taxes % tax rate	-9,6 28,8%	-9,2 29,0%	-4,6%
Net Income	23,8	22,6	-5,3%

• Net Income evolution in line with the trend envisaged in the Industrial Plan
• Adjusted EBITDA, D&A and financial charges reflecting the start-up phase of diversification projects

Net Debt bridge

1Q 2025 recurring FCFE(6) at ca. € 32m

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;

/9/

Outlook for 2025 confirmed

Adjusted EBITDA

Further healthy Adj. EBITDA growth of traditional business, substantially offset by:

• higher energy prices
  • higher absorption from diversification (in line with Industrial Plan assumptions)

Capex

• Maintenance capex above recurring normalized level, to include extraordinary non-recurring activities
• Development capex substantially in line with 2024 and dedicated to diversification, DAB roll-out and other Third-Party / internal projects

Contacts

Andrea Moretti, Head of Investor Relations

andreadanilo.moretti@raiway.it

+39 335 530 1205 +39 06 331 70391

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

www.raiway.it www.raiway.it / Investors

Appendix

Detailed summary of 1Q 2025 Income Statement

(€m; %)	1Q24
Core revenues	68,9
Other revenues and income	0,1
Purchase of consumables	(0,3)
Cost of services	(9,6)
Personnel costs	(11,8)
Other costs	(0,6)
Opex	(22,3)
Depreciation, amortization and write-downs	(11,9)
Operating profit (EBIT)	34,9
Net financial income (expenses)	(1,4)
Profit before income taxes	33,5
Income taxes	(9,6)
Net Income	23,8

EBITDA	46,7	46,9
EBITDA margin	67,9%	67,0%
Non recurring costs	(0,1)	-
Adjusted EBITDA	46,8	46,9
Adjusted EBITDA margin	68,0%	67,0%

Summary of Balance Sheet as at 31 March 2025

(€m)	2024FY	1Q2025
Non current assets
Tangible assets	306,0	300,7
Rights of use for leasing	33,6	38,0
Intangible assets	27,0	25,5
Financial assets, holdings and other non-current assets	0,9	0,9
Deferred tax assets	3,1	3,2
Total non-current assets	370,7	368,4
Current assets
Inventories	0,8	0,8
Trade receivables	75,1	85,5
Other current receivables and assets	1,9	3,6
Current financial assets	0,0	0,1
Cash and cash equivalents	13,5	27,4
Current tax receivables	0,1	0,1
Total current assets	91,3	117,4
TOTAL ASSETS	462,0	485,7

(€m)	2024FY	1Q2025
Shareholders' Equity
Share capital	70,2	70,2
Legal reserves	14,0	14,0
Other reserves	37,2	37,3
Retained earnings	90,3	112,8
Treasury shares	(19,3)	(19,3)
Total shareholders' equity	192,5	215,1
Non-current liabilities
Non-current financial liabilities	100,6	100,6
Non-current leasing liabilities	17,4	22,0
Employee benefits	8,5	8,4
Provisions for risks and charges	20,0	20,3
Other non-current liabilities	0,3	0,3
Total non-current liabilities	146,7	151,5
Current liabilities
Trade payables	53,5	35,5
Other debt and current liabilities	46,0	60,7
Current financial liabilities	6,9	2,0
Current leasing liabilities	16,2	19,1
Current tax payables	0,3	1,9
Total current liabilities	122,8	119,1
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES	462,0	485,7

Balance Sheet as at 31 March 2025

1) Including long-term financial items and the rights of use for leasing introduced from 2019 with the application of IFRS 16 2) Net funds include employee termination indemnities, provision for risks and deferred taxes

Summary of 1Q 2025 Cash Flow Statement

(€m)
Profit before income taxes
Depreciation, amortization and write-downs
Provisions and (releases of) personnel and other funds
Net financial (income)/expenses
Other non-cash items
Net operating CF before change in WC
Change in inventories
Change in trade receivables
Change in trade payables
Change in other assets
Change in other liabilities
Use of funds
Payment of employee benefits
Net cash flow generated by operating activities
Investment in tangible assets
Investment in intangible assets
Change in other non-current assets
Net cash flow generated by investment activities
(Decrease)/increase in current financial liabilities
(Decrease)/increase in IFRS 16 financial liabilities
Change in current financial assets
Net Interest paid
Net cash flow generated by financing activities
Change in cash and cash equivalent
Cash and cash equivalent (beginning of period)
Cash and cash equivalent (end of period)