As of 23 March 2026

In fiscal year 2026, Rai Way will continue to implement the 2024–27 Industrial Plan, albeit within a context marked by regulatory or market-related delays affecting certain development projects; however, these delays are not expected to compromise the projects’ rationale or long-term potential.

Excluding the potential effects of the international geopolitical context on energy prices - a significant cost item for Rai Way - the Company expects to reach an Adjusted EBITDAi substantially in line with 2025, with underlying business growth offset by a negative impact related to the level of non-core items.

Maintenance capex is expected to remain stable compared to 2025, thus remaining above the recurring average level due to certain cyclical or non-recurring activities, whereas development capex is expected to increase compared with 2025, primarily reflecting activities related to the photovoltaic project, the extension of the DAB network and the further upgrading of the CDN network.