Rai Way S.p.A.

This is the conference operator. Welcome and thank you for joining the RightWay first quarter 2026 results 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 the conference over to Mr. Andrea Moretti, head of IR. Please go ahead, sir.

Thank you, operator. Good evening and welcome to everyone. As we presented our yearly results, a comprehensive operational update, and the 2026 guidance only a few weeks ago, today's presentation will be relatively short and focused on the financial performance of the first three months of the year, leaving time for the final Q&A. As usual, today's speakers will be Raiway's CEO, Roberto Cecatto, our CFO, Adalberto Pellegrino, as well as Giancarlo Benucci, our Chief Corporate Development Officer. Let's first start with an overview of the quarter. Please, Mr. Cecatto, the floor is yours.

Thank you. Good evening to everyone, from me as well. Starting with the financial results, which will be explained in detail by our CFO. The trends and the drivers observed in the first quarter are fully in line with expectations. Revenues grew by 2.6% year-on-year, supported by the contribution of both of our segments. Considering a 1% applicable CPI, it's clear that Tereway continues to outpace the contribution from inflation thanks to the new business such as DAB and diversified assets. Looking at the adjusted bidday, it grew by 0.4 million euros or 1%. Even excluding the positive impact from energy tariffs, providing for €0.2 million compared to the previous year, the performance was positive despite a negative year-on-year impact from the level of non-core items, which accounted for almost €1 million. This means that on a pure underlying basis, in the first quarter, the adjusted bidday rose by over 1 million euros, driven by the positive trend of traditional business and as well as the progressively slow absorption from diversification initiatives. CapEx was relatively low, which is usual in our first quarter. However, we recorded a slight acceleration in development investments currently with the guidance. In particular, we kept on investing on the DAB network extension and the expansion of our CDN. Finally, the fresh cash flow generation was strong in the quarter and reached 34 million euros, bringing down the net debt as it typically happens in our first quarter, given the absence of dividend payments. low capex, and limited maintenance activity. From an operational standpoint, we continue to make progress across our key development projects. The DAB, the radio DAB network from Rai, further expanded its coverage during the quarter, We started to deploy the project in the second quarter of last year and we plan to complete it by the end of 2027. Let me remind you that we plan to invest a total of 30 million of euros. At the same time, we started the construction work in the already authorized sites involved in the solar power project. In the meantime, we continue to move forward with the authorization process for the remaining four sites of the eight included in the first phase. The commercial activities continue for both the content delivery network and the edge data center that is starting to be reflected in a still small but encouraging improvement in terms of quarterly revenues, which amounted to 0.3 million euros. In parallel, we have completed the preparatory work for the launch of the Eberscale Data Centers marketing campaign, and we have scheduled the first meetings with key prospects, with key possible clients or partners for the coming weeks. To ensure the capital in view of the deployment of all this project, we also signed the extension to April 2028 of our current credit lines preserving the favorable term and condition. At Alberto, the CFO will provide some more color on the matter. The quarterly financial result and operational achievements that I have just summarized allow us to confirm the expectation for 2026, which I will reiterate in more detail at the end of the presentation. Again, in terms of outlook, let me also remind that the last 30th of March, RAI, F2I and Medias for Europe announced the extension to 15 June 2026 of the Memorandum of Understanding concerning the potential integration between railway and data hours. let me say that after completing the industrial analysis as already we told you several times the shareholders are now discussing on the one hand the identification of principles of the deal structure and governance that are consistent also with the relevant legislation the dpcm and on the other end a framework of relationship with the operating companies that is industrially sound and sustainable in the long term. That said, I will now leave the floor to our CFO. We will go through a much detailed overview of results. Please, Alberto, go ahead.