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PRESS RELEASE
REWAY GROUP: THE BOARD OF DIRECTORS HAS APPROVED THE
CONSOLIDATED HALF YEAR FINANCIAL REPORT AS OF JUNE 30 th, 2026
Production Value on the Rise, with EBITDA Largely Stable
• Production Value: 146.7 million euros (+8.9% vs. 1H2025)
• EBITDA: 26.4 million euros (+0.7% vs. 1H2025); EBITDA Margin 18.0% (19.5% in 1H2025) • Group Net Income: 10.7 million euros ( -9.4% compared to 1H2025)
• Net Financial Debt (NFD): 60.1 million euros (68.2 million euros as of December 31, 2025)
• Backlog of approximately 953 million euros as of June 30 th, 2026
Licciana Nardi (MS), September 30th, 2026 – The Board of Directors of Reway Group S.p.A. (EGM:
RWY), Italy’s largest operator in the road and highway infrastructure rehabilitation sector as well as the only one in Italy to also have in its core business the maintenance of the rail network (the “Company” or “Reway Group ”), has approved the consolidated half-yearhfinancial report as of June 30, 2026 .
Paolo Luccini , Reway Group ’s CEO commented: “ The first half of 2026 shows organic growth in production value and essentially stable EBITDA, thanks to the contribution of projects in both the road and highway sectors and the rail sector. The backlog, which stands at approximately 953 million euros, en sures significant visibility for the coming fiscal years. Particularly noteworthy is the reduction in net financial debt, which fell to 60.1 million euros, supported by operating cash flow. We continue to operate in a favorable market, characterized by str ong investments from major players in the highway and rail sectors, leveraging the Group’s integrated expertise in the road, highway, rail, and engineering segments .”
Key Consolidated Financial Results as of June 30 th, 2026
The value of production stood at 146.7 million euros, up 8.9% from 134.7 million euros as of June 30 th, 2025. This growth is attributable to the organic expansion of the business and the gradual execution of orders in the portfolio.
Sales revenue s totaled 137.3 million euros, up 26.0% from 109.0 million euros as of June 30, 2025.
The backlog as of June 30, 2026, amounts to approximately 953 million euros. The value of contracts awarded and awaiting execution ensures strong revenue visibility for the next five years.
THE EBITDA amounted to 26.4 million euros, compared with 26.2 million euros in the first half of 2025, with an EBITDA margin of 18.0% compared with 19.5% in the prior -year period, primarily due to higher service costs.
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EBIT amounted to 21.0 million euros, remaining essentially stable compared with the first half of 2025, with an EBIT margin of 14.3% compared with 15.6%. Depreciation, amortization, and impairment charges totaled 5.4 million euros.
Consolidated net income amounted to 11.0 million euros, of which 10.7 million euros were attributable to the Group and 0.3 million euros to minority interests, compared with 12.4 million euros and 11.8 million euros attributable to the Group, respectively, in the first half of 2 025.
Net fixed assets amounted to 72.8 million euros, compared with 77.5 million euros as of December 31, 2025, primarily due to the amortization and depreciation of intangible and tangible fixed assets.
Working capital amounted to 155.4 million euros, compared with 133.7 million euros as of December 31, 2025. The increase is primarily due to higher inventory levels and a decrease in trade payables.
The Group's net' equity amounts to 121.4 million euros, up from 110.3 million euros as of December 31, 2025.
Net Financial Debt amounted to 60.1 million euros, an improvement of 8.1 million euros compared with 68.2 million euros as of December 31, 2025. Gross financial debt decreased to 75.6 million euros from 85.1 million euros, while cash and cash equivalents totaled 15.5 million euros, compared to 16.9 million euros at the end of 2025.
Significant events that occurred during the semester
During the first half of 2026, the Group continued its commercial activities and the execution of contracts, reaching a backlog of approximately 953 million euros. Among the key events of the period was the award — announced on February 13, 2026 —of an ANAS c ontract for the bypass of State Road 12 in Abetone and Brenner, with the Group’s share of the contract valued at 53.9 million euros. MGA and Gema are participating in the temporary joint venture (ATI) with stakes of 20% and 10%, respectively, while Vega Engineering will carry out the detailed design.
On May 15 th, 2026, binding agreements were also signed regarding the acquisition, by a special -purpose vehicle established by Renaissance Partners, of a total stake of 83.38% of Reway Group’s share capital, followed by a mandatory all -share tender offer aimed at deli sting the company.
Significant Events occurred after the End of the semester
On July 30 th, 2026, Rinova BidCo S.p.A., a company incorporated under Italian law and indirectly controlled — through Rinova HoldCo S.p.A. —by Renaissance Partners S.à r.l. SICAV -RAIF (an investment company managed by the alternative investment fund manager Renaissance AIFM S.à r.l.), completed the acquisition of a total stake of 83.38% of the share capital of Reway Group. As a result of the transaction, the conditions were met for launching a mandatory full tender offer for the remaining common shares, at a price of 10.31 euros per share, with the aim of delisting the shares from trading on Euronext Growth Milan.
On September 23 rd, 2026, the Shareholders’ Meeting appointed the new Board of Directors, chaired by Aurelio Regina, and the new Board of Statutory Auditors; Paolo Luccini was reappointed as Chief Executive Officer.
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Foreseeable development of management
The expected business outlook is set against the backdrop of an infrastructure services market that remains favorable, characterized by strong demand and significant growth opportunities. The large order backlog provides substantial visibility into future revenues and allows for the consistent planning of the Group’s technical expertise and production capacity.
From a financial standpoint, the available resources are considered sufficient to support the current volume of activities and the planned operational programs.
Uncertainties remain regarding the international geopolitical landscape, which could lead to further increases in the prices of raw materials, energy, and other production factors. These risks are partially mitigated by the price adjustment and contractual rebalancing mechanisms provided for in Legislative Decree 36/2023, within the limits applicable to individual contracts.
The Group will continue to closely monitor cost trends, changes in the macroeconomic environment, and project margins, taking appropriate management and contractual measures to safeguard its economic and financial results.
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The consolidated semiannual financial report as of June 30 th, 2026, will be made available to the public at the Reway Group headquarters and in the Investor Relations – Financial Statements and Periodic Reports section at https://www.rewaygroup.com/ in accordance with the terms set forth in applicable regulations, as well as on the website https://www.borsaitaliana.it/ in the Shares/Documents section.
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For the dissemination of regulated information, Reway Group uses the 1info distribution system (www.1info.it), managed by Computershare S.p.A., headquartered in Milan at Via Lorenzo Mascheroni 19, and authorized by CONSOB.
This press release is available on the Company’s website, https://www.rewaygroup.com/, in the “Investor Relations/Press Releases” section, and on www.1info.it .
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Reway Group, —The Parent Company of the Group of the same name — is Italy's largest operator specialised in rehabilitation and maintenance of road and highway infrastructures, as well as the only organisation in Italy capable of handling all the activities related to the chain of restoration of bridges, tunnels and viaducts, and to also have in its core business the maintenance of the railway network.
Established in 2021 from the contribution of the shares of several major companies active in Italy in the maintenance and rehabilitation of road and highway infrastructure, Reway Group now operates through three subsidiaries:
• M.G.A. S.r.l., which specializes in the maintenance and rehabilitation of road tunnels and viaducts, and, following the incorporation of Soteco and TLS, in the installation of safety and sound -absorbing barriers, and special works such as, for example, seismic retrofitting of viaducts, bridges and tunnels;
• Gema S.p.A., among the leading operators active in the maintenance of infrastructure and civil works in the
railway sector;
• Vega Engineering S.r.l., a multidisciplinary engineering company that has in its core business the engineering design of road and rail infrastructures, civil and industrial works, support services to R.U.P. and management of orders.
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The company provides services for its subsidiaries, including financial planning and strategy, procurement of goods and services, and technical accounting management. Reway Group has a workforce of 600 people and has a modern fleet with over 300 operating vehicles .
Conta cts
Reway Group S.p.A.
Company | Federico Della Gatta – Investor Relations Manager| ir@rewaygroup.com Integrae SIM S.p.A.| T +39 02 80506160 Euronext Growth Advisor & Specialist | info@integraesim.it | Piazza Castello 24 - 20121 Milano Barabino & Partners – Media e Investor Relations
Stefania Bassi
E-mail: s.bassi@barabino.it
mob: +39 335 6282667
Jacopo Pedemonte
E-mail: j.pedemonte@barabino.it
mob: +39 347 0691764
Elena Magni
E-mail: e.magni@barabino.it
mob: +39 348 4787490
Attached:
- Reclassified Consolidated Income Statement as of June 30, 2026 (vs. June 30, 2025)
- Reclassified Consolidated Balance Sheet as of June 30, 2026 (vs. December 31, 2025)
- Consolidated Net Financial Debt as of June 30, 2026 (vs. December 31, 2025)
- Consolidated Statement of Cash Flows, indirect method, as of June 30, 2026 (vs. June 30, 2025)
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RECLASSIFIED CONSOLIDATED INCOME STATEMENT
Consolidated Income Statement 30/06/2026 % (*) 30/06/2025 % (*) Change Sales Revenue 137.294 94% 108.967 81% 28.327 Change in Inventories 8.219 6% 23.767 18% -15.548 Increases in Fixed Assets from Internal Work 0 0% 800 1% -800 Other Revenue and Income 1.233 1% 1.214 1% 19 Cost of Goods Produced 146.747 100% 134.748 100% 11.999 Cost of Raw Materials, Net of Change in Inventories -28.852 -20% -29.860 -22% 1.008 Cost of Services -58.553 -40% -45.254 -34% -13.299 Costs for Use of Third -Party Assets -12.879 -9% -13.567 -10% 688 Personnel Expenses -19.516 -13% -19.480 -14% -36 Other Operating Expenses -534 0% -348 0% -186
EBITDA 26.413 18,00% 26.239 19,47% 174
Depreciation, Amortization, and Impairment Charges -5.422 -4% -5.233 -4% -189
EBIT 20.992 14% 21.006 16% -14
Financial Income and Expenses -1.942 -1% -1.826 -1% -116
EBT 19.050 13% 19.180 14% -130
Income Taxes -8.006 -5% -6.812 -5% -1.194 Net Income for the Year 11.044 8% 12.368 9% -1.324 of which attributable to the Group 10.721 7% 11.829 9% -1.108 of which attributable to minority interests 323 0% 539 0% -216
(*) Percentage of total production value
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RECLASSIFIED CONSOLIDATED BALANCE SHEET
Consolidated Balance Sheet 30/06/2026 31/12/2025 Change Intangible Assets 59.659 63.256 -3.597 Property, Plant, and Equipment 10.287 11.574 -1.288 Financial Assets 2.832 2.688 144 Net Fixed Assets 72.777 77.518 -4.741 Inventories 106.416 95.015 11.401 Trade Receivables 123.783 122.971 812 Trade Payables -74.785 -84.303 9.518 Trade Working Capital 155.414 133.683 21.731 Other current assets 2.596 1.975 621 Other current liabilities -47.779 -46.666 -1.114 Tax receivables and payables 5.193 19.284 -14.091 Net accruals and deferrals 1.547 1.456 92 Net working capital 116.973 109.733 7.240 Provisions for risks and charges -3.690 -4.115 425 Employee severance pay (TFR) -3.266 -3.577 310 Net invested capital 182.793 179.559 3.234 Total financial debt 75.584 85.086 -9.502 Cash and cash equivalents -15.509 -16.911 1.402 Net financial debt 60.075 68.175 -8.100 Group shareholders’ equity 121.359 110.348 11.011 Minority interest 1.360 1.037 323 Consolidated shareholders’ equity 122.718 111.384 11.334 Total sources 182.793 179.559 3.234
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CONSOLIDATED NET FINANCIAL DEBT
Consolidated Net Financial Debt 30/06/2026 31/12/2025 Var. % A. Cash on Hand -15.509 -16.911 -8% B. Other Cash Equivalents 0 0 0% C. Securities Held for Trading 0 0 0% D. Cash and Cash Equivalents (A) + (B) + (C) -15.509 -16.911 -8% E. Current financial debt 19.285 19.911 -3% F. Current portion of non -current debt 17.322 17.558 -1% G. Current financial debt 36.608 37.469 -2% H. Net current financial debt 21.099 20.558 3% I. Non -current financial debt 38.976 47.617 -18% J. Debt instruments 0 0 0% K. Trade payables and other non -current liabilities 0 0 0% L. Non -current financial debt 38.976 47.617 -18% M. Total financial debt 60.075 68.175 -12%
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CONSOLIDATED CASH FLOW STATEMENT, INDIRECT METHOD
Net Income for the Period 30/06/2026 30/06/2025 Cash Flow Before Changes in Net Working Capital 11.044.495 12.368.378 Total Changes in Net Working Capital 25.699.336 26.345.093 Cash Flow After Changes in Net Working Capital (1.150.700) (8.315.562) Cash Flow from Operating Activities (A) 24.548.636 18.029.531 Cash Flow from Investing Activities (B) 14.557.371 2.114.228 Cash flow from financing activities (C) (368.669) (697.191) Increase/(decrease) in cash and cash equivalents (15.591.003) (9.765.055) Cash and cash equivalents at the beginning of the period (1.402.301) (8.348.018) Cash and cash equivalents at the end of the period 16.910.891 20.205.614 Net Income for the Period 15.508.590 11.857.595