Rai Way S.p.A.

operator welcome and thank you for joining the right way first quarter 2025 results analyst web call all participants are on listen only mode and after the presentation there will be a q a session at this time i would like to turn a conference over to mr andrea moretti head of ir of railway please go ahead sir thank you maria good evening and welcome to everyone

As we presented our yearly results and 2025 guidance less than two months ago, today's presentation will be relatively short and focused on the Q&A. As usual, today's speakers will be Raiways CEO, Roberto Cecatto, the CFO, Adalberto Pellegrino, and Giancarlo Benucci, Chief Corporate Development Officer. Let's first start with a financial and operational overview of the quarter. Please, Mr. Cecatto, the floor is yours.

Good evening to everyone, from me as well. Starting with the financial result, which will be explained in detail by our CFO, Adalberto Pellegrino. The trends and the driver observed in the first quarter are fully in line with expectation in particular. At revenue level, we continue to maintain an inertial CPI plus growth profile. The growth exceeding CPI came from rising tower hosting volumes driven by radio broadcaster fixed wireless access providers and public administration. The first marginal contribution also came from diversification. EBITDA remained flat, even considering the solid underlying operating leverage and profitability of the traditional business. This was due to some items. Diversification-related costs in line with the expectation and full year guidance as well as to higher energy tariffs Caraplex levels were low, both for maintenance due to the typical seasonality of the first quarter and for development reflecting the negotiation phase for DAB projects and the completion of the first phase of the new project rollouts. In the quarter with no dividend payment, low capex and low maintenance activity, Free cash flow generation is typically high and reached €22 million. From an operational standpoint, even though only two months have passed since our last update, I'd like to take a moment to share a few developments that are interesting. Talking about the diversification after a long period of testing, we have entered into negotiation with some major content providers to use that away CDN to distribute video traffic across Italy under framework agreements. In one case, a discussion at really at an advantage stage. and consider that in a market already served by other players, relevant players and solutions, reaching this stage of discussion with certain parties seems to confirm the distinctive features and value proposition of Railway, as we identified from the very beginning. From a traditional business perspective, after the already announced finalization of the contract with Dry, We are starting activities for the significant expansion of DRB network, which will keep us busy in the coming year. At the same time, as clearly shown by our quarterly results, the usual market trends and the focus on operational efficiency remain confirmed. I am also happy to announce that in mid-April the relocation of our headquarters to the new offices in Rome was completed, Let me say that this will contribute to strengthen our corporate identity, better communicating our brand and enhancing the quality and the productivity of our employees. Last but not least, as it is well known, during the quarter, the industrial analysis regarding a potential merger with data hours have been initiated and activities are currently progressing. the quarterly financial result and operational progress as Arlo has to confirm the expectation for 2025, which I will reiterate in more detail at the end of the presentation. But before this, our CFO will go through a much detailed overview of the result. Please, Alberto, go ahead.