Rai Way S.p.A.

Good afternoon. This is the Coruscant Conference Operator. Welcome and thank you for joining the RyeWay First Quarter 2024 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 IR of Ryeway. Please go ahead, sir.

Thank you, operator. Good afternoon and welcome to all of you today to our first quarter results presentation. As you remember, just a few weeks ago, we had an extensive and comprehensive call on the new industrial plan, so we will keep this presentation relatively short. dedicating the last part of it to your questions, as usual. Today's speakers will be our CEO, Roberto Cecatto, the CFO, Adalberto Pellegrino, and Giancarlo Benucci, our Chief Corporate Development Officer. Let me, therefore, hand the call over to Mr. Cecatto. Please go ahead.

Thank you, Andrea, and good afternoon to everyone. As usual, I will briefly comment on the main highlights of the period listed on page three. while Adalberto will run you through the details of our financial performance immediately after. Starting with the results, which you will also find summarized on slide 4, the trends and drivers observed in the first quarter are fully in line with expectations. In particular, at the revenues level, while waiting for the contribution of the new ongoing development initiatives, both on traditional business and diversification areas, we continue to maintain an inertial CPI Plus growth profile. On top of it, the plus mainly comes from the full contribution of regional frequencies in the media distribution area, and the good dynamics of radio broadcaster and fixed wireless operators in our infrastructure tower hosting business. This growth is amplified by adjusted BTDA level, closing at 5.3%, thanks to the usual operating leverage, a benefit on personal costs related to higher capitalization, and an healthy reduction across all the other cost items. In turn, the EBITDA growth is able to absorb the higher depreciation resulting from the intense investment activity of recent years, as well as the effect of rising interest rates on financial expenses, providing a slightly increasing net income. Investment remained typically limited in the first quarter and on the level comparable to the last year. Numbers are small, but the breakdown of the development component clearly show the growing importance of the diversification initiatives. In the quarter with no dividend payment, low capex and low maintenance activity, Free cash flow generation is typically high, bringing the net debt at around €90 million. Financial aside, as you know, at the end of March we defined and approved the strategic guidelines and targets for the next four years, with past initiatives and priorities that have been welcomed and appreciated by the market. Immediately after, the focus has been moved to the implementation with activities carried out along the way shared with you. In the last few days, we have been holding internal meetings on how the various initiatives have been set up operationally and their state of the art. Today, there is no particular evidence to report to you. In terms of expectations, the recently issued guidance for the full year is of course confirmed, and I will recap in a while the main moving parts. Please, Alberto, the floor is now yours. Thanks.