Our Debt

As of December 31, 2024, Rai Way's net debt amounted to €127.6 m, including:

• gross debt of €107.5 m
• lease liabilities arising from the application of IFRS 16 accounting standard totaling €33.6 m

and net of cash and cash equivalents of €13.5 m.

The Company’s Net-Debt-to-Adj.EBITDA Ratio, equal to 0.69 as of the same date, reflects a particularly low level when compared to the leverage typically observed in the infrastructure sector.

With regard to gross debt, in October 2023 the Company finalized a new medium-to-long-term financing agreement with a pool of financial institutions, for a maximum amount of €185 m.
The loan, divided into two separate term and revolving lines, allowed for the full repayment of the pre-existing financial debt and will contribute to ensure the financial flexibility needed to support the Company’s new development investments outlined in the 2024–2027 Industrial Plan.

The main features of the financing agreement are:

• Amount: €185 m, of which:
  • €143 m as a Credit Term Loan (with bullet repayment at maturity), disbursed upon request by the Company as needed
  • €42 m as a Revolving Cash line
• Duration: 3 years
• Interest: Euribor + 1.10%
• Covenant: Net Debt / EBITDA ≤ 3.0x
• Lending institutes: BPER Banca S.p.A., Cassa Depositi e Prestiti S.p.A., Mediobanca S.p.A., UniCredit S.p.A.