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Rai Way (RWAY) investor relations material
Rai Way Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Core revenues rose 2.3% year-over-year to €211.2 million for the nine months ended 30 September 2025, with Q3 growth accelerating to 2.9%, driven by Media Distribution and Digital Infrastructure.
Adjusted EBITDA increased 2.8% to €146.1 million, with a 69.2% margin, supported by traditional business growth, cost control, and non-core benefits.
Net income was stable at €70.6 million, with minor growth, despite higher depreciation and non-recurring expenses.
Recurring free cash flow reached approximately €94 million, despite higher maintenance capex and dividend payments.
Net debt increased to €164.4 million, mainly due to €89.6 million in dividend payments.
Financial highlights
Core revenues reached €211.2 million (+2.3% year-over-year); Media Distribution up 2.2%, Digital Infrastructure up 3.4%.
Adjusted EBITDA margin improved to 69.2% from 68.9% year-over-year.
Net income stable at €70.6 million (+0.1% year-over-year).
Capex totaled €25.4 million, with maintenance capex at €14.1 million and development capex below prior year.
Net invested capital stood at €338.3 million as of 30 September 2025.
Outlook and guidance
2025 guidance for adjusted EBITDA increase is confirmed, with expectations above 2024 levels, driven by traditional business and non-recurring benefits.
Maintenance capex is projected to be higher than 2024 and above the Industrial Plan average, while development capex will be lower due to project phasing.
2027 EBITDA and recurring free cash flow targets are confirmed, with only a low to mid-single digit potential gap in EBITDA due to delayed diversification, offset by mitigation measures.
Delays in photovoltaic and edge data center projects shift some investments and revenue contributions to 2028, but cumulative CapEx and long-term returns are unaffected.
Hyperscale data center authorization status
Tower market consolidation MoU extension reasons
Explain development capex rephasing drivers
What levers ensure 2027 EBITDA target confirmation
Edge data center rollout: AI impact on timing?
Outlook for broadcasting tower sector consolidation
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Q4 202517 Mar, 2026
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Frequently asked questions
Rai Way S.p.A. is an Italian company specializing in the telecommunication sector, primarily serving as the network operator for the RAI Group, Italy's state-owned broadcaster. The company is responsible for the planning, installation, operation, management, and maintenance of transmission and broadcasting networks for data, voice, and video. Its business activities are categorized into two main areas: the management of television and radio transmission and broadcasting networks. Rai Way's infrastructure plays a crucial role in disseminating RAI's television and radio signals throughout Italy. The company is headquartered in Rome, Italy, and its shares are listed on the Milan Stock Exchange.
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