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Investor Relations14 Oct 2025
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Rai Way (RWAY) investor relations material
Rai Way Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary31 Jul, 2025
Executive summary
Revenues grew 2.0% year-over-year in H1 2025, with growth in both media distribution and digital infrastructure, supported by DAB coverage extension and increased tower hosting volumes.
Adjusted EBITDA rose 3.0% to €96.3m, aided by noncore items and a real estate asset disposal, in line with full-year guidance.
Net profit was €47.3m for the first six months, up 0.2% year-over-year, with recurring free cash flow to equity at €63m.
Net debt stood at €177.8m after dividend payout, close to 1x last twelve months' adjusted EBITDA.
Strategic partnerships and CDN agreements were signed, and diversification initiatives began contributing to revenues.
Financial highlights
Core revenues increased 2.0% to €140.3m in H1 2025; media distribution up 1.8%, digital infrastructure up 3.6%.
Adjusted EBITDA margin improved to 68.6% in H1 2025 from 68.0% in H1 2024.
Capex totaled €16.1m, mainly for maintenance and network expansion, with development/diversification at €6.1m.
Recurring free cash flow to equity was approximately €63m for the semester.
Net debt/adjusted EBITDA improved to 0.69x at June 30, 2025, but rose to 1x after dividend payout.
Outlook and guidance
Full-year 2025 Adjusted EBITDA guidance raised, driven by favorable electricity tariffs and higher noncore benefits.
Maintenance CapEx to remain elevated due to extraordinary activities; development CapEx expected to decrease 20–25% from 2024, with some activities shifted to 2026.
Underlying growth in traditional business expected to continue, partially offset by startup costs for diversification.
Long-term maintenance CapEx expected to average 6–6.5% of core revenues, with extraordinary CapEx in 2025–2026.
Explain the drivers behind the raised EBITDA guidance.
Detail progress in hyperscale data center authorization.
Outline industrial aspects of sector consolidation.
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Q3 202513 Nov, 2025
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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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