Rai Way S.p.A.

Good afternoon. This is the Coral School Conference Operator. Welcome and thank you for joining the Railway Industrial Plan 2024 and 27 and 2023 Full Year Results Analyst Conference Call. As a reminder, all participants are in listen-only mode. After the presentation, there will be an opportunity to ask questions. Should anyone need assistance during the conference call, they may signal an operator by pressing star and zero on their telephone. At this time, I would like to turn the conference over to Mr. Andrea Moretti, Head of Investor Relations. Please go ahead, sir.

Thank you, operator. Good afternoon, and welcome to all of you today to our 23 results, and even more importantly, new 2427 Industrial Plan presentation. Considering that I may be new to you, be my first call, let me start by quickly introducing myself. My name is Andrea Moretti, the new Head of IR at RightWay, I joined a couple of months ago and I will be your new point of contact with the company. You can find my details at the end of the presentation and I'm obviously looking forward to speaking with you soon. Today's speakers will be Mr. Roberto Cecatto, our CEO, Adalberto Pellegrino, CFO, and Giancarlo Benucci, Chief Corporate Development Officer, who will take you through the latest results and the outlook, pillars, initiatives, and targets for the next four years. At the end, we will open the line for your questions in the usual Q&A session. Let me therefore hand the call over to Mr. Cecatto. Please go ahead.

Good morning, everyone, and let's begin this call, which will be slightly longer than usual, but I am very excited to share with you plans, route commitments, and priorities for the coming years. This will be a more interactive call. I will start with some quick highlights of 2023 performance and then I leave the financial details to Adalberto. Then we will move on the plan with my introduction on the foundation of the plan. Together with Giancarlo Benucci we will outline market trends, pillars and initiatives. Alberto will take you through the financial targets, and I will conclude with some final thoughts. Starting with the comment on the year just ended, the four-quarter 23 confirmed the extremely positive trends on the first nine months. a growth that actually has been continuing steadily since our IPO in 2014. In nine years, the company has been able for now, essentially by organic means, a loan to increase EBITDA by 60%, profitability by about 12% points, net income and DAS dividends by 2.5 times. Cash generation by at most two times distributed dividends overall of more than $580 million. All this while keeping net of IFRS 16 accounting contribution debt essentially unchanged. In particular, 2023 saw extraordinary growth, which saw the benefits of several strengths of our business model materialized. Revenues were boosted by the usual CPI link included in our contracts, by the contribution of new regional multiplexes for the full year in 2022. The entry into operation had been gradual, and by the excellent performance in the tower hosting business of certain customer categories, such as fixed wireless and radio, both about 20%. Revenue growth came in the significant drop in energy tariffs, reduced consumption, and especially careful control of other costs. These trends translate into an adjusted everyday growth in the range of 20%, 19.4% to be precise, in line with the updated guidance shared in November. while slightly above 20% is the growth recorded in recurring free cash flow generation, which rose from 93 to over 110 million. Development investment, totaling 46 million, registered a marked acceleration in the fourth quarter, with over 26 million spent, equal to four times the average of the previous three quarters. Acceleration, as you know, also came from the board renewed support toward the execution of diversification initiatives happened in the final days of September. But we will talk about this in detail shortly, also with some update on the authorization process for DepeScale apparently moving in the right direction. And before turning the floor over to Adalberto for more details on the numbers, let me confirm the proposed distribution of almost 100% of the 23 net profit, or precisely 32.22 euro cent per share, currently equivalent to a dividend yield of 6.7%. While in term of expectation for 2024 that are consistent with the projection of the new plan, we will strive to keep our adjusted BDA in the growth trajectory and to continue capital deployment in the development projects. Please, Adalberto, the floor is yours.