Equity story

Since its listing in 2014, Rai Way has experienced uninterrupted growth in all its main economic and financial metrics.

1 Impact of leasing estimated as a sum of the depreciation of rights of use (excluding dismantling) and financial charges on leasing contracts.
2 Recurring FCFE = Adj. EBITDA – Leases – Net Financial Charges – P&L Taxes – Recurring Maintenance Capex.

Invest in Rai Way

Investing in Rai Way means investing in an infrastructure which offers ample protection when compared to the volatility factors of the economy, with precise areas of growth and value generation, as well as a focus upon the remuneration of shareholders.

In particular, the company’s business model is characterised by:

Barriers to entry, visibility and resilience

  • The best infrastructural portfolio for broadcasting in Italy, which is unique in its ability to provide coverage to 99% of the population on its DTT platform, with heightened barriers to entry guaranteed by non-replicable assets.
  • Prospective visibility ensured by long-term contracts with clients of the highest standing and reliability.
  • Resilience and defensive characteristics in relation to cyclical and volatile economic factors, as demonstrated also by the crisis period of the COVID-19 pandemic, and the mission critical nature of the services carried out.

Growth and diversification opportunities

Opportunities for organic growth deriving primarily from:

  • technological upgrades and the extension of coverage requested by traditional TV and radio broadcasting platforms (e.g. DVB-T2, DAB), related particularly to the ownership of the active component as well as that of passive infrastructure;
  • the introduction of distribution services on broadband platforms;
  • the expansion of hosting services for wireless telecommunications networks in areas of digital divide (e.g. 5G, FWA);
  • the digital evolution of the operational model (digital transformation).

Commitment to diversification – both organic and for external lines – through the amplification of infrastructure (e.g. Edge and Hyperscale Data Centers) which aim to achieve objectives focused on dimensional scale, industrial synergy, improvement of growth profiles, and optimisation of the capital structure.

Cash generation and shareholder remuneration

  • Heightened operational efficiency, with best-in-class profitability which will further benefit from strong operating leverage and digital transformation, as well as cash generation with a cash conversion* which is stably higher than 80%.
  • Policy to distribute 100% of income generated to shareholders**.


  • Sustainability integrated into the company’s strategy and operations, with challenging ESG objectives (e.g. Carbon Neutrality by 2025, 100% electrical energy from renewable sources from 2020), aligned with the highest international standards and principles.
  • Sustainability model which combines the generation of value for shareholders with environmental protection, respect for people and diversity, community development, and the ethical and responsible business management.

* (adjusted EBITDA after leasing – maintenance capex) / adjusted EBITDA after leasing
** Distribution Policy from the 2020-2023 Industrial Plan.