Rai Way (RWAY) Q3 2026 earnings summary

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.