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Outlook


Forecast management evolution as of 13 November 2025

The positive performance in the first nine months of the year, in line with Management expectations, allows Rai Way to confirm its targets for the 2025 financial year, as updated during the presentation of the half-year results on 31 July. In particular, the Company expects:

- Adjusted EBITDA to exceed the 2024 level, due to further growth in the traditional business, partially offset by the greater absorption of the start-up phase of diversification initiatives, as well as greater non-core benefits;

- maintenance capex higher than in 2024, as well as higher than the average level planned over the Industrial Plan period, due to extraordinary non-recurring interventions and the seasonality of certain activities on the IP network;

- development capex lower than in 2024.





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