1H 2026 Results Presentation 30th July 2026
Disclaimer
Forward -looking statements This presentation contains forward -looking statements regarding future events and the future results ofRaiWay that are based oncurrent expectations, estimates, forecasts, and projections about theindustries inwhich RaiWay operates, aswell asthebeliefs and assumptions ofRai Way’s management .Inparticular, certain statements with regard tomanagement objectives, trends inresults, margins, costs, rate ofreturn and competition tend tobeforward -looking innature .Words such as“expects”, “anticipates”, “targets”, “goals”, “projects”, “intends”, “plans”, “believes”, “seeks” and “estimates”, variations ofsuch words and similar expressions, areintended toidentify such forward -looking statements .
These forward -looking statements areonly predictions and aresubject torisks, uncertainties, and assumptions that aredifficult topredict because they relate toevents and depend oncircumstances that willoccur inthefuture .Therefore, RaiWay’s actual results may differ materially and adversely from those expressed orimplied inany forward -looking statements .They areneither statements ofhistorical fact norguarantees of future performance .RaiWay therefore cautions against relying onany ofthese forward -looking statements .Factors that might cause or contribute tosuch differences include, butarenotlimited to,economic conditions globally, theimpact ofcompetition, political, economic and regulatory developments inItaly.Any forward -looking statements made byoronbehalf ofRaiWay speak only asofthedate they aremade .Rai Way undertakes noobligation toupdate any forward -looking statements toreflect any changes inRaiWay’s expectations with regard thereto or any changes inevents, conditions orcircumstances onwhich any such statement isbased .
/2/
/3/Roberto Cecatto, Chief Executive Officer Adalberto Pellegrino, Chief Financial Officer Giancarlo Benucci, Chief Corporate Development OfficerSpeakers
Key messages on 1H 2026
Equity story
•Outcome of the discussions on sector consolidation with no impact on business dynamics •Industrial Plan’s levers to unlock Rai Way’s value still valid
Financial Results
•Revenues up 2,5% supported by both Media Distribution (+1,9%) and Digital Infrastructure & Other (+8,2%) •Adjusted EBITDA up € 0,4m vs 1H 2025 ; excluding impact from level of non -core items and energy tariffs, solid underlying performance showing a growth of € 2,5m supported by disciplined cost control •Capex : maintenance activities in the semester back to normalized level; development component at ca. € 11m mainly reflecting DAB coverage expansion and diversification •Recurring Cash generation increasing to approx. € 68m
Operating update
•Development activities substantially on track •Marketing activities for the Hyperscale Data Center project ongoing
Outlook
•Outlook for the Full Year improved to reflect higher Adjusted EBITDA and lower maintenance capex, excluding changes in energy prices /4/
Industrial Plan levers confirmed in current environment /5/
Management priorities
/6/Value creation levers Visibility & improve -
ment of long -term
business sustainability
perceptionCrystallization of
diversification value
creationFinancial structure
optimization
1.Strengthening traditional business , through:
•Networks extension
•Efficiency, exploitation of the operating leverage
•MSAs
2.Accelerating diversification , through:
•New assets commercialization •DC network expansion (e.g. Hyperscale DC)
3.External growthInitiatives
Edge DCs supply -demand balance supportive /7/Enterprise DC demand (MW for colo & private cloud; not including GenAI contribution; excl. hyperscaler demand) •Enterprise demand expected to double by 2035 •A large share of the growth potentially occurring outside major hyperscaler regions (i.e. Milan and Rome), where regional DCs could play a key role •Competition more moderate at
regional level
•Low latency and proximity indicated by enterprises as the key success factors ~65~150 ~25~60
~110~240
2024 2035Other
areas
Lazio
Lombardy~200~450
>2x Supply (including both hyperscalers ’ and enterprise DCs)42%
26%40%
53%18% 21%
low latency site proximity/ travel time to facility82% 79%Key purchasing criteria
(survey)
Increasing
relevanceStable
relevanceDecreasing
relevance
Source: Altman Solon report (July 2025)60100
External growth areas /8/ •Consistent with the service (cloud) vs infrastructure separation
principle
•Low fill -factor of certain regional
assets
•Rationale:
1.Customer acquisition
2.Footprint extension
3.Asset rationalisationMarket size € 30-40m revenues Italy DC coverage (2026)
/9/1H 2026 Financial highlights Core revenues (€m) Adjusted EBITDA (€m) Adjusted EBITDA marginNet Income (€m) Capex1(€m) Net Debt ( Cash) (€m) Net Debt/Adjusted EBITDACash Conversion2 1)Excluding component related to IFRS -16 leasing; development capex include € 1,6m reported under IFRS -16 financial liabilities in the financial statements 2)Cash conversion = (Adj. EBITDA after Leases –Recurring Maintenance Capex) / Adj. EBITDA after Leases. Leases estimated as sum o f leasing right of use depreciation (excl. dismantling) + financial charges on leasing contracts. For 1H2026, leases adjusted to include € 1,2m related to a contract temporarily accounted for as opex (under Non -recurring costs) until renewal140,3 143,9
1H2025 1H2026+2,5%
47,344,1
1H2025 1H2026-6,7%
4,77,03,610,03,6
1,5 1H2025 1H2026Development – Trad. business/assetDevelopment –
DiversificationMaintenance16,1
14,2
136,5167,9
2025FY 1H2026 1H2025 1H202690,8%96,9%96,3 96,8
68,6%
1H202567,3%
1H2026+0,4%
0,71x0,87x
Core revenues
/10/•Media Distribution underlying performance +1,9% mainly driven by :
oDAB network coverage extension for RAI, pushing New Services up by approx. € 1,4m at € 5,5m olink to inflation oHigher contribution from CDN •On underlying basis, Digital Infra & Other up +6,4% supported by all the activities:
oTower Hosting up +3,4% oaccelerating contribution from Data Centers (4x) and Connectivity (2,5x) compared to 1H 2025 •Total Contribution from diversification initiatives at € 0,6m (vs € 0,2m in 1H25)16,417,7
124,0
1H2025126,2
1H2026140,3143,9+2,5%
+1,8%+8,2%
−Media Distribution−Digital Infrastructure
& Other
Opex (excluding non-recurring )
/11/20,2 21,425,726,0
1H2025 1H2026Personnel
costs
Other
Operating
costs45,947,4+3,3%
+5,9%+1,2%
o/w Diversification costs ~2,2 ~2,5
/11/Personnel costs:
•Excluding non -core items, personnel costs up 1,6% mainly due to:
orenewal of the collective labour agreement odiversification impact limited at € +0,1m Other Operating costs:
•Excluding the negative impact from the level of non -
core items, underlying level up approx. 0,9% (€ +0,2m):
ostable in the traditional business , benefitting from:
– tight cost control – more favorable electricity prices in the first half (€ -0,2m) o€ +0,2m related to diversification initiatives
0,20,4
0,2(0,3)
Δ Personnel
cost(0,2)
Δ other
operating costΔ Adj. EBITDA
Traditional
Business0,0
Underlying
Δ Adj. EBITDA
Diversification(2,3)
Total Δ Adj.
EBITDAΔ Energy tariffs Δ Adj. EBITDA non core items
ex. energy(1)3,0
2,5 Total Δ Adj.
EBITDA before
energy tariffsΔ RicaviChange in 1H26 Adjusted EBITDA vs 1H25 /12//12/Traditional business - underlying (1) Non-core items I nclude :
•change in the level of Other revenues •change in the level of prior year adjustments •change in the level of capitalized personnel costs
Eur Mln, % 2Q2025 2Q2026 % YoY 1H2025 1H2026 % YoY Core Revenues 70,3 72,0 2,4% 140,3 143,9 2,5% Other Revenues & income 1,8 0,2 1,9 0,3
Adj. EBITDA 49,4 49,4 0,0% 96,3 96,8 0,4%
% margin 70,3% 68,6% 68,6% 67,3% Adjustments -0,7 -1,2 -0,7 -1,9
EBITDA 48,8 48,2 -1,2% 95,7 94,9 -0,8%
% margin 69,3% 66,9% 68,2% 66,0%
D&A -12,9 -15,2 18,2% -26,7 -30,3 13,6%
Operating Profit (EBIT) 35,9 33,0 -8,1% 69,0 64,6 -6,3% Net financial income (expenses) -1,3 -1,4 6,3% -2,6 -2,7 2,0% Profit before Income taxes 34,6 31,6 -8,6% 66,3 61,9 -6,7% Income Taxes -9,9 -9,1 -8,1% -19,1 -17,8 -6,6% % tax rate 28,5% 28,7% 28,7% 28,8% Net Income 24,7 22,5 -8,8% 47,3 44,1 -6,7%P&L (1) (1) Including provisions/13/•1H 2025 Other revenues including proceeds from the sale of a real estate asset •Adjustments related to:
oa lease agreement temporarily accounted for as opex until renewal oand voluntary layoff scheme •Increase in D&A primarily reflecting the impact of development investments
136,5167,9
14,217,8 2,287,7
Net Debt 2025YE(94,9)
EBITDA Capex(1)Taxes(2)Financial
charges(3)Δ NWC4,2
Funds &
Other(4)Net Debt @
30/06/2026Dividend
payment0,327,1m
118,7m
-9,3mNet Debt bridge /14/1)Excluding component related toIFRS-16leasing ; 2)P&L taxes ; 3)P&L financial charges excluding interests onemployee benefit liability and interests onleasing contracts ;
4)Including renewal ofleasing contracts and interests onleasing contracts ;5)Including current financial assets ;6)Recurring FCFE =Adj.EBITDA –Leases –NetFinancial Charges (excl .IFRS-
16component) –P&L Taxes (adjusted toexclude benefits from non-recurring opex )–Recurring Maintenance Capex .Leases estimated assum ofleasing right ofuse depreciation (excl .
dismantling) +financial charges onleasing contracts ;For1H2026 ,leases adjusted toinclude €1,2mrelated toacontract temporarily accounted forasopex (under Non-recurring costs) until
renewalIFRS-16 Debt
Gross Debt
Cash&Eq(5)
0,71x0,87x
1H 2026 recurring FCFE(6)at ca . € 68mIncluding € 10,6m of
development capex26,7m
156,8m
-15,5mIFRS-16 Debt
Gross Debt
Cash&Eq(5)
2026 Outlook improved /15/1) Excluding impact from level of non -core items (change in the level of Other revenues, change in the level of prior year adjustme nts, change in the level of capitalized personnel costs, impact of Δenergy tariffs) 2) Average level of total energy tariff for 2025 at ca. 204 €/MWh (PUN of ~114 €/MWh + other components of ~90 €/MWh)CapexAdjusted EBITDA•Above last year level , excluding changes in energy price vs 2025 •Sensitivity to energy prices: ca. +/ -0,7 €m impact on Adjusted EBITDA for every -/+10 €/MWh change in wholesale electricity tariff(2) •Maintenance capex below 2025 level •Development capex higher than 2025 , mainly reflecting solar project, DAB extension and CDN network expansionUpdate reflecting better underlying growth(1), supported by cost control, and lower negative impact from level of non -core items Incorporating the rephasing of certain extraordinary non -
recurring activities
Q&A Session
/17/Contacts
andreadanilo.moretti@raiway.it
investor.relations@raiway.it
www.raiway.itAndrea Moretti, Head of Investor Relations +39 335 530 1205 +39 06 331 70391
andreadanilo.moretti@raiway.it
investor.relations@raiway.it
www.raiway.it / Investors
Appendix
1H 2026 revenue breakdown by client
/19/22,223,5
4,2
114,0
1H2025114,8
1H2026140,3143,9
5,5+2,5%
− New services−Third -Parties
+1,9%+5,9%
− Fixed consideration & recurring services
Detailed summary of 1H 2026 Income Statement
/20/
(€m; %) 2Q25 2Q26 1H25 1H26
Core revenues 70,3 72,0 140,3 143,9 Other revenues and income 1,8 0,2 1,9 0,3 Purchase of consumables (0,3) (0,4) (0,6) (0,7) Cost of services (9,3) (9,5) (18,9) (20,6) Personnel costs (13,1) (13,5) (25,7) (26,7) Other costs (0,7) (0,6) (1,3) (1,3) Opex (23,4) (24,0) (46,6) (49,3) Depreciation, amortization and write-downs (12,9) (15,6) (26,7) (30,7) Operating profit (EBIT) 35,9 33,0 69,0 64,6 Net financial income (expenses) (1,3) (1,4) (2,6) (2,7) Profit before income taxes 34,6 31,6 66,3 61,9 Income taxes (9,9) (9,1) (19,1) (17,8) Net Income 24,7 22,5 47,3 44,1
EBITDA 48,8 48,2 95,7 94,9
EBITDA margin 69,3% 66,9% 68,2% 66,0% Non recurring costs (0,7) (1,2) (0,7) (1,9) Adjusted EBITDA 49,4 49,4 96,3 96,8 Adjusted EBITDA margin 70,3% 68,6% 68,6% 67,3%
Summary of Balance Sheet as at 30 June 2026
/21/
(€m) 2025FY 1H2026
Non current assets Tangible assets 304,0 295,5 Rights of use for leasing 36,6 36,1 Intangible assets 33,7 29,6 Financial assets, holdings and other non-current assets 0,9 0,9 Deferred tax assets 3,0 2,9 Total non-current assets 378,2 364,9
Current assets
Inventories 0,5 0,5 Trade receivables 74,0 75,5 Other current receivables and assets 2,6 3,2 Current financial assets 0,1 0,1 Cash and cash equivalents 9,2 15,4 Current tax receivables 0,2 0,1 Total current assets 86,6 94,9
TOTAL ASSETS 464,8 459,7
(€m) 2025FY 1H2026
Shareholders' Equity
Share capital 70,2 70,2 Legal reserves 14,0 14,0 Other reserves 37,8 37,9 Retained earnings 89,3 44,7 Treasury shares (19,3) (19,3) Total shareholders' equity 192,0 147,5
Non-current liabilities
Non-current financial liabilities - 104,9 Non-current leasing liabilities 17,4 16,1 Employee benefits 8,0 8,0 Non-current provisions for risks and charges 16,9 16,2 Other non-current liabilities 0,2 0,2 Total non-current liabilities 42,5 145,5
Current liabilities
Trade payables 49,9 34,6 Other debt and current liabilities 50,1 66,6 Current financial liabilities 118,7 51,8 Current leasing liabilities 9,7 10,6 Current provisions for risks and charges 1,9 2,6 Current tax payables - 0,6 Total current liabilities 230,3 166,8
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 464,8 459,7
Balance Sheet as at 30 June 2026
361,7315,4
147,5167,9
Net Fixed Assets(1)Net
Working Capital(23,9)
Net Funds(2)Net Invested CapitalNet Debt Equity Book Value(22,5) 1) Including long -term financial items and the rights of use for leasing introduced from 2019 with the application of IFRS 16 2) Net funds include employee termination indemnities, provision for risks and deferred taxesIncluding rights of use for leasing under IFRS -
16 (€ 36,1 m)
/22/
Summary of 1H 2026 Cash Flow Statement
/23/
(€m) 2Q2025 2Q2026 1H2025 1H2026
Profit before income taxes 34,6 31,6 66,3 61,9 Depreciation, amortization and write-downs 12,9 15,6 26,7 30,7 Provisions and (releases of) personnel and other funds 0,9 0,2 1,9 1,1 Net financial (income)/expenses 1,3 1,4 2,6 2,6 Other non-cash items (3,8) (0,1) (3,6) 0,0 Net operating CF before change in WC 45,8 48,6 93,8 96,3 Change in trade receivables 11,0 9,3 0,5 (1,9) Change in trade payables (5,8) (3,3) (23,8) (15,3) Change in other assets (0,2) 0,8 (1,8) (0,6) Change in other liabilities (6,9) (7,1) 0,0 1,7 Use of funds (1,5) (0,1) (1,6) (0,2) Payment of employee benefits (1,0) (0,5) (1,6) (1,1) Change in tax receivables and payables (0,9) (1,1) (0,9) (1,1) Taxes paid (1,9) (1,1) (1,9) (1,1) Net cash flow generated by operating activities 38,7 45,4 62,7 76,7 Investment in tangible assets (9,3) (7,3) (12,7) (10,8) Disposals of tangible assets 1,5 0,0 1,5 0,0 Investment in intangible assets (2,7) (1,4) (3,3) (1,8) Change in other non-current assets (0,0) (0,0) (0,0) 0,0 Net cash flow generated by investment activities (10,5) (8,7) (14,5) (12,5) (Decrease)/increase in medium/long-term loans 4,0 - 4,0 -
(Decrease)/increase in current financial liabilities 42,1 49,4 36,0 36,3 (Decrease)/increase in IFRS 16 financial liabilities (0,1) (2,3) (0,1) (5,1) Change in current financial assets (0,2) (0,1) (0,2) (0,0) Net Interest paid (1,8) (1,3) (1,8) (1,4) Dividends paid (89,2) (87,7) (89,2) (87,7) Net cash flow generated by financing activities (45,2) (41,9) (51,4) (57,9) Change in cash and cash equivalent (17,0) (5,2) (3,1) 6,2 Cash and cash equivalent (beginning of period) 27,4 20,6 13,5 9,2 Cash and cash equivalent (end of period) 10,3 15,4 10,3 15,4