Rai Way S p A : Interim Financial Report at 31 March 2024

TABLE OF CONTENTS
Company name, share capital and registered office	4
Corporate Bodies and Committees	4
Rai Way S.p.A.'s activities	5
Main alternative performance measures	6
Summarised economic and financial data	7
Human Resources and Organization	12
Relationships with RAI Group Companies	12
Significant events	12
Disclosures on the main risks and uncertainties faced by the Company	12
Events subsequent to 31 March 2024	13
Business outlook	14
Management and coordination	14
Interim financial report as at 31 March 2024	15
Introduction (note 1)	19

Amendments and interpretations of existing standards effective from 1 January 2023 and endorsed accounting standards not yet applicable and accounting standards not

yet endorsed (Note 2)	20
Segment information (note 3)	20
Seasonality of the reference business (note 4)	20
Notes on the main changes in the Income Statement	21
Revenues (note 5)	21
Other revenues and income (note 6)	22
Costs (note 7)	22
Amortisation/depreciation, Other write-downs and Provisions (note 8)	23
Financial Income and Expenses (note 9)	23
Income Tax (note 10)	23
Notes on principal changes in the Balance Sheet	24
Non-Current Assets (note 11)	24
Current Assets (note 12)	26
Shareholders' Equity (note 13)	27
Non-current liabilities (note 14)	27
Current liabilities (note 15)	28
Earnings per Share (note 16)	28
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Net financial debt (note 17)	29
Commitments and guarantees (note 18)	30
Transactions deriving from abnormal and/or unusual operations (note 19)	30
Other Information (note 20)	30
Events subsequent to 31 March 2024	36

Declaration pursuant to Art. 154-bis, paragraph 5 of Legislative Decree No. 58/1998 37

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Company name, share capital and registered office

Company Name:	Rai Way S.p.A.
Share Capital:	€ 70,176,000 fully paid-up
Registered Office:	Via Teulada, 66 - 00195 Rome
Tax and VAT code:	05820021003
Company website:	www.raiway.it
Managed and coordinated by RAI - Radiotelevisione Italiana S.p.A.
The Company does not have any branch offices.
Corporate Bodies and Committees 1
Board of Directors	Board of Statutory Auditors
Chairperson
Giuseppe Pasciucco Silvia Muzi
Chief Executive Officer	Standing Auditors
Roberto Cecatto	Giovanni Caravetta
	Andrea Perrone
Directors
Romano Ciccone	Alternate Auditors
Alessandra Costanzo	Carlo Carrera
Michela La Pietra	Anna Maria Franca Magro
Barbara Morgante
Umberto Mosetti
Gian Luca Petrillo
Paola Tagliavini
Secretary of the Board	Auditing Company
Giorgio Cogliati	EY S.p.A.
Control and Risks Committee Remuneration and Appointments Committee
-
Paola Tagliavini (Chairman)	Riccardo Delleani (Chairman)
Alessandra Costanzo	Romano Ciccone
Gian Luca Petrillo	Barbara Morgante

1 In office at the date of this Interim financial report.

Information on the powers assigned within the Board of Directors and the Company' s system of corporate governance in general can be found in the Corporate Governance and Ownership Structure Report relating to FY 2023, published on the Company website(www.raiway.it).

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Rai Way S.p.A.'s activities

Rai Way2 (hereinafter the Company) is a digital infrastructure operator and a provider of media services for content distribution. It is the only operator of the radio and television broadcasting networks that carry the signals of RAI, the Italian public service concessionaire.

Rai Way has an extensive presence throughout Italy with around 600 employees at its headquarters in Rome and 21 regional offices, more than 2,300 telecommunication towers, a transmission network of radio links, satellite systems and around 6,000 km of proprietary fibre optics and 2 control centres.

Its infrastructural assets, the excellence of its technological and engineering know-how and the high level of professionalism of its people make Rai Way the ideal partner for companies seeking integrated solutions for the development of their network and for the management and transmission of data and signals.

Since 2014, Rai Way has been listed on the Euronext Milan market (previously called Electronic Stock Market) of Borsa Italiana following the Global Offering promoted by the Shareholder RAI, which allowed the Company to confirm its previously initiated opening to the market, reinforcing its image as an independent enterprise.

The services offered by the Company include:

1. Broadcasting services, meaning services for the terrestrial and satellite transmission of television and radio signals, through the network infrastructure, to the final users within a geographical area and services for the sale of transmission capacity;
2. Transmission services, for the transmission of radio and television signals via the dedicated network (radio links, satellite, fibre optic) and in particular the provision of Contribution Services, meaning one-directional transport services;

2 Rai Way has joined the simplification regime provided for by Arts. 70, paragraph 8, and 71, paragraph

1-bis, of Consob Regulation No. 11971 of 14 May 1999 and subsequent amendments and integrations (Consob Issuers Regulation), and, therefore, it does not need to meet the informational document publication obligations set forth for significant merger, spin-off, capital increase by means of the contribution of assets in kind, acquisition and disposal transactions.

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1. Tower Rental services, meaning hosting of third party transmission and broadcasting equipment at Company's sites including, were required, maintenance services as well as other complementary activities;
2. Network Services consist of a vast range of heterogeneous services which the Company is able to provide in relation to electronic and telecommunications networks in general such as, for example, planning and consultancy services.

The services mentioned above are offered by Rai Way to different categories of customers: Broadcasters (a category that also includes local and national radio and television network operators and players, which includes RAI), telecommunication operators (mainly MNOs, or Mobile Network Operators), public administrations and private companies.

In addition, following the completion of a private CDN (Content Delivery Network) and of the first data centres, which are part of a more extensive infrastructure under construction and distributed nationwide, Rai Way will soon expand its portfolio of services, offering server housing and low-latency connectivity to meet new communication needs, as well as network solutions for content distribution over public IP networks (Internet), with high 'Quality of Experience' for end users.

Main alternative performance measures

The Company assesses performance on the basis of certain measures not considered by IFRS. In line with Consob Communication no. 0092543 of 3 December 2015, which implements the guidelines issued on 5 October 2015 by the European Securities and Markets Authority (ESMA) No. 2015/1415, the components of these indicators, relevant for the Company, are described below.

• Gross operating profit or EBITDA - earnings before interest, taxes, depreciation and amortisation: this is calculated as profit before income taxes, depreciation, amortisation, provisions, write-downs and financial income and expenses. EBITDA also excludes profits and losses from managing equity investments and securities, as well as gains and losses arising from the sale of equity investments, which are classified in the financial statements as "financial income and expenses".

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• Adjusted EBITDA - earnings before interest, taxes, depreciation and amortisation: this is calculated as profit before income taxes, depreciation, amortisation, provisions, write-downs and financial income and expenses adjusted for non- recurring income/expenses.
• EBIT - earnings before interest and taxes: this is calculated as profit before income taxes and before financial income and expenses, without adjustment. EBIT also excludes profits and losses from managing equity investments and securities, as well as gains and losses arising from the sale of equity investments, which are classified in the financial statements as "financial income and expenses".
• Net Invested Capital: this is defined as the sum of Fixed Assets and Net Working Capital less Provisions.
• Net financial debt: the scheme for the calculation complies with that provided for in paragraph 175 et seq. of the recommendations contained in the document prepared by ESMA, no. 32-382-1138 dated 4 March 2021(guidelines on disclosure requirements under EU Regulation 2017/1129, the 'Prospectus Regulation').
• Capital expenditure: equal to the sum of the expenditure for the maintenance of the infrastructure of the Company's network (Maintenance Investments) and for the development/launch of new commercial and/or cost optimisation initiatives (Development Investments). The item does not include the increases in financial fixed assets and in lease rights of use.

SUMMARISED ECONOMIC AND FINANCIAL DATA

The following is a summary of the economic data of Rai Way at 31 March 2024 compared to the results at 31 March 2023.

In addition, figures are also provided for the Company's Net Financial Position and Net Invested Capital at 31 March 2024 compared to equivalent figures at the close of the previous financial year.

For the purposes of better data analysis, it should be noted that the changes and percentages shown in the following tables are calculated using values expressed in Euro.

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Main Indicators

		3 months			3 months
						Change
(figures in millions of euro; %)		2024		2023	Delta	%
Key Income Statement Figures
Core Revenues	68.9	67.8	1.0	1.5%
Other Revenues and income		0.1		0.3	(0.1)	(50.4%)
Other operating costs (*)	(10.5)	(11.1)	0.6	5.7%
Personnel costs		(11.7)		(12.5)	0.8	6.6%
Adjusted EBITDA	46.8	44.4	2.4	5.3%
EBIT		34.9		33.4	1.5	4.4%
Net Income	23.8	23.5	0.3	1.4%
						Change
(figures in millions of euro; %)		2024		2023	Delta	%
Key Balance Statement Figures
Capital expenditure		5.3		6.0	(0.8)	(12.9%)
of which maintenance	0.9	1.2	(0.3)	(25.4%)
				12 months
						Change
(figures in millions of euro; %)		2024		2023	Delta	%
Net Invested Capital		303.1		293.5	9.5	3.2%
Shareholders' Equity		212.5		188.7	23.8	12.6%
Net Financial Debt		90.6		104.9	(14.3)	(13.6%)
Indicators
Adjusted EBITDA / Core Revenues (%)		68.0%		65.5%	2.4%	3.7%
Net Income / Core Revenues (%)		34.6%		34.6%	(0,0%)	(0.1%)
Maintenance Capex/Core revenue(%)		1.3%		1.7%	(0.5%)	(26.5%)
Net financial debt/Adj EBITDA (%)		193.5%		206.9%	(13.4%)	(6.5%)

• "Other operating costs" are calculated net of the electricity tax credit for non-energy intensive companies, amounting to Euro 1.2 million in 2023.

• Core revenues amounted to Euro 68.9 million, up Euro 1 million compared to the values at 31 March 2023.
• Adjusted EBITDA is equal to Euro 46.8 million and shows an increase of Euro 2.4 million compared to the 31 March 2023 value. The Company defines this measure as EBITDA adjusted for non-recurring expenses.
• The ratio between Adjusted EBITDA and core Revenues was 68.0% compared to 65.5% as at 31 March 2023.

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• EBIT is equal to Euro 34.9 million, and shows an increase of Euro 1.5 million compared to the 31 March 2023 value.
• Net income was Euro 23.8 million, up 1.4% compared to 31 March 2023.
• Operational Investment of Euro 5.3 million relates to the maintenance of network infrastructure and development projects.
• Net Invested Capital amounted to Euro 303.1 million, with Net Financial Debt of Euro 90.6 million and a Shareholders' Equity of Euro 212.5 million.

Income Statement

A summary of the Company's income statement for the years ended 31 March 2024 and 31 March 2023 is set out in the following table:

		3 months		3 months
(figures in millions of euro; %)		2024	■	2023	Delta	Change %
Revenues from RAI	58.0		57.5	0.5	0.9%
Revenues from third parties	10.9		10.4	0.5	5.2%
Core Revenues		68.9		67.8	1.0	1.5%
Other revenues and income	0.1		0.3	(0.1)	(50.4%)
Personnel costs	(11.7)		(12.5)	0.8	6.6%
Other operating costs	(10.5)		(11.1)	0.6	5.7%
Adjusted EBITDA		46.8		44.4	2.4	5.3%
EBITDA Margin		68.0%		65.5%	2.4%	3.7%
Adjustments	(0.1)		-	(0.1)	N.M.
EBITDA		46.7		44.441	2.3	5.2%
Amortisation/depreciation	(11.9)		(11.1)	(0.8)	(7.4%)
EBIT		34.9		33.4	1.5	4.4%
Net Financial Expenses		(1.4)		(0.7)	(0.7)	(92.5%)
Pre-Tax Profit		33.5		32.7	0.8	2.5%
Taxation	(9.6)		(9.2)	(0.5)	(5.2%)
Net Income		23.8		23.5	0.3	1.4%
NET INCOME Margin		34.6%		34.6%	(0.0%)	(0.1%)

Rai Way revenues amounted to Euro 68.9 million, an increase of Euro 1 million compared to the previous period (+1.5%).

The activities carried out for the Rai Group generated revenues of Euro 58.0 million, an increase of 0.9% compared to the same period of the previous year. The increase of Euro 0.5 million derived from the indexing to inflation of network services. With regard to commercial transactions with other customers, revenues from third parties totalled

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Euro 10.9 million, an increase of Euro 0.5 million (+5.2%) compared to the same period last year, benefitting from the growth in revenues for Tower Rental services for telecommunications sector customers.

Personnel costs amounted to Euro 11.7 million as of 31 March 2024, down by Euro 0.8 million compared to the previous period due to the increase in the capitalised component on investment projects. The Company's workforce is 582 as at 31 March 2024.

"Other operating costs" - which consist of consumables and goods, services and other costs net of non recurring items - amounted to Euro 10.5 million, down by Euro 0.6 million over the previous period. The reduction in costs is partly due to the downward trend in unit costs for electricity, despite the fact that in the first quarter of 2023 the Company benefited from the tax credit for non-energy-intensive companies in the amount of Euro 0.7 million. There were also reductions in costs related to outsourcing services provided by Rai, rentals and other services.

Adjusted EBITDA amounted to Euro 46.8 million, an increase of Euro 2.4 million compared to the value of Euro 44.4 million as at 31 March 2023, representing a margin of 68.0%.

The Operating Result of Euro 34.9 million was Euro 1.5 million higher than in the same period of the previous year due to the effects described previously and an increase in depreciation and amortisation of Euro 0.8 million.

Financial management recorded a balance of Euro 1.4 million, an increase of Euro 0.7 million over the previous period.

Net profit amounted to Euro 23.8 million, an increase of Euro 0.3 million over the same period in 2023.

Capital expenditure and Other Investments

In the first three months of 2024, capital expenditure amounted to Euro 5.3 million (Euro

6.0 million in 2023), of which Euro 0.9 million relating to the maintenance of the

Company's network infrastructure (Euro 1.2 million in 2023) and Euro 4.4 million to the development investments (Euro 4.9 million in 2023).

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