Rai Way (RWAY) Q2 2026 earnings summary

Executive summary

• H1 2026 core revenue rose 2.5% YoY to €143.9m; adjusted EBITDA increased 0.4% to €96.8m, while net income fell 6.7% to €44.1m.

• Underlying adjusted EBITDA grew €2.5m, excluding non-core items and energy tariffs; full-year adjusted EBITDA guidance was raised.

• The industrial plan remains focused on organic growth, diversification and capital optimization after consolidation discussions with EI Towers ended without agreement.

• Traditional operations remain resilient, while data center and digital infrastructure diversification progresses, though more gradually than initially planned.

Financial highlights

• Core revenue increased €3.5m YoY to €143.9m; other revenue and income fell to €0.3m from €1.9m, partly because a €1.5m prior-year gain did not recur.

• Adjusted EBITDA was €96.8m, up 0.4%; reported EBITDA was €94.9m, down 0.8%, after €1.9m of adjustments versus €0.7m in H1 2025.

• EBIT declined 6.3% to €64.6m and net profit fell to €44.1m from €47.3m, reflecting higher depreciation and amortisation and non-recurring expenses.

• Operating cash flow was €76.7m versus €62.7m in H1 2025; recurring free cash flow reached €68m versus €63m.

Segment performance

• Media Distribution revenue rose 1.8% to €126.2m, supported by inflation indexation, DAB network expansion and higher CDN contributions.

• Digital Infrastructure & Other revenue increased 8.2% to €17.7m, driven by data centers, connectivity, tower rental, CDN and edge data-center services.

• Edge data-center revenue quadrupled and connectivity services more than doubled; diversification initiatives contributed €0.6m, triple H1 2025.