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Forecast management evolution as of 14 May 2025

In light of the results of the first three months, Rai Way confirms the targets for fiscal year 2025 which were provided during the presentation of the 2024 financial year results. More specifically, the Company expects:

- further growth of the Adjusted EBITDA in the traditional business, substantially offset by the expected increase in energy tariffs and the planned rise in diversification-related costs;

- an increase in maintenance capex compared to 2024 above the average level planned over the Industrial Plan period due to certain non-recurring activities;

- development investments substantially stable, primarily allocated to diversification initiatives and to the development of the DAB network for RAI.





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