Italy · Delayed Price · Currency is EUR Rai Way Earnings Call Transcripts
Fiscal Year 2025
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2025 delivered revenue and EBITDA growth above guidance, driven by strong traditional business, cost control, and early diversification benefits. Dividend payout remains at 100% of net income, with major investments planned in data centers and renewables.
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Revenue and adjusted EBITDA grew solidly in the first nine months, driven by traditional business and cost control, with diversification initiatives progressing more gradually. 2025 and 2027 EBITDA and free cash flow targets are confirmed, despite some project delays and sector consolidation uncertainties.
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Revenues grew 2% year-over-year, with adjusted EBITDA up 3% and net profit stable at EUR 47.3 million. Profitability guidance for 2025 was raised, while maintenance CAPEX remains high due to extraordinary activities and development CAPEX is set to decrease.
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Q1 2025 saw revenue and operational performance in line with expectations, with growth in both core and digital infrastructure segments. Free cash flow was strong, net debt declined, and guidance for the year remains unchanged despite energy price volatility.
Fiscal Year 2024
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Celebrating a decade of strong growth, adjusted EBITDA rose 2.9% to EUR 185.6 million and net income hit a record, with robust cash generation supporting a 5.7% dividend yield. 2025 guidance anticipates stable EBITDA, continued investment in digital infrastructure, and ongoing strategic review for potential consolidation.
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Solid revenue and EBITDA growth continued, with strong cost control and increased investment in diversification projects. Guidance for 2024 is confirmed, with new edge data centers operational and first revenues expected from new services.
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First half 2024 saw revenue and EBITDA growth, driven by media and digital infrastructure, with five Edge data centers now operational and a new Oracle collaboration. Outlook for 2024 remains positive, with continued focus on diversification and expansion in southern Italy.