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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Rai Way
Rai Way (RWAY) investor relations material
Rai Way Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary11 Nov, 2026
Executive summary
9M26 core revenue rose 2.3% to €216.1m; adjusted EBITDA increased 0.2% to €146.3m, with underlying growth of €3.5m excluding electricity-price changes and non-core items.
Recurring free cash flow to equity reached ~€100m; net debt was €160.9m at 30 September, up from €136.5m at 2025 year-end.
Financial highlights
Core revenue was €216.1m, up 2.3%; adjusted EBITDA was €146.3m, up 0.2%, with a 67.7% margin versus 69.2% in 9M25.
EBITDA was €143.5m, down 0.5%; EBIT fell 5.7% to €97.5m and net income declined 6.1% to €66.3m, mainly reflecting higher depreciation and amortization.
Total OPEX increased 4.5% to €70.2m; electricity costs added €1.1m in 9M26, while non-core items reduced adjusted EBITDA by €2.2m.
Operating cash flow rose to €98.3m from €87.8m in 9M25; recurring cash generation exceeded €100m versus ~€94m in 9M25.
3Q26 revenue increased 1.9% to €72.2m; adjusted EBITDA was €49.6m, down 0.4% YoY.
Outlook and guidance
FY26 adjusted EBITDA growth of ~€4m is expected excluding electricity-price changes; including higher energy costs at current futures levels, reported adjusted EBITDA is expected broadly in line with 2025.
Maintenance capex is expected below 2025 and development capex higher, mainly for solar projects, DAB extension and CDN expansion.
For 2027, CPI escalation, development progress and efficiency measures are expected to support growth toward the business-plan adjusted EBITDA target; detailed guidance is planned for March.
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Latest events from Rai Way
- FY23 growth supports digital-infrastructure expansion and high dividends through 2027.RWAY
Q4 2023 - Revenue up 2.5% and Adjusted EBITDA guidance raised for 2026 amid strong operational growth.RWAYQ2 2026
- Revenue and EBITDA grew, net income fell, and cash flow strengthened as investment accelerated.RWAYQ1 2026
- Revenue and EBITDA grew, dividend payout remains strong, and digital infrastructure expanded.RWAYQ4 2025
- Revenue and EBITDA rose 2.3% and 2.8%, with 2025 guidance confirmed and net debt higher.RWAYQ3 2025
- Adjusted EBITDA up 3.0%, guidance raised, and investments drive higher net debt.RWAYQ2 2025
- Revenue and EBITDA grew, guidance confirmed, and investments in digital infrastructure advanced.RWAYQ3 2024
- Adjusted EBITDA and net income rose in H1 2024, with growth guidance reaffirmed.RWAYQ2 2024
- Revenue up 1.7% to €70M, EBITDA margin steady, net income down 5.3% on higher costs.RWAYQ1 2025
Next Rai Way earnings date
Q4 202619 Mar, 2027
Rai Way
Next Rai Way earnings date
Q4 202619 Mar, 2027
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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.