Rai Way S p A : Approval of the Interim Financial Report at 31 March 2021

Press Release

RAI WAY APPROVES RESULTS OF THE FIRST QUARTER 2021, WITH

GROWING EBITDA AND DEVELOPMENT INVESTMENTS

• Key results for the quarter ended 31 March 2021 (vs. 31 March 2020):
• • Core revenues of € 56.5m (+1.6%);
  • EBITDA1 of € 34.2m (+3.3%);
  • Operating profit (EBIT) of € 22.3m (-1.1%);
  • Net income of € 16.8m (+5.2%).
• Capex2 of € 13.0m (€ 8.7m at 31 March 2020)
• Net debt3 of € 37.3m (compared to € 46.1m at 31 December 2020)
• Independence requirements of the members of the Board of Statutory Auditors verified

Rome, 13 May 2021 - The Board of Directors of Rai Way S.p.A. (Rai Way) met today under the chairmanship of Giuseppe Pasciucco examined and unanimously approved the Company's Interim Financial Report for the quarter ended 31 March 2021.

Aldo Mancino, Chief Executive Officer of Rai Way, commented: "The first quarter of 2021 maintained the positive trend in terms of results and growth, with EBITDA up 3.3% compared to the same period last year, while increasing development investments. We confirm our focus on refarming, also in light of the award of local frequencies in four additional regions."

1. The Company assesses performance also on the basis of certain measures not considered by IFRS. Set out below is a description of the components of the indicators that are important for the Company:
   . EBITDA (earnings before interest, taxes, depreciation and amortization): this is calculated as profit before income taxes, depreciation, amortization, write-downs and financial income and expenses.
   . Adjusted EBITDA: this is calculated as profit before income taxes, depreciation, amortization, write-downs, financial income and expenses and non-recurring expenses/income.
   . Operating profit or EBIT (earnings before interest and taxes): this is calculated as profit before income taxes and before financial income and expenses.
   . Net Debt: the format for the calculation of Net Debt is the one provided in paragraph 127 of CESR Recommendation 05-054b, which implements Regulation (EC) no. 809/2004.
2. Excluding investments related to the application of new IFRS 16 Accounting Standard, equal to €2.5m in March 2021
3. Net Debt including the effect of the application of the IFRS-16 accounting standard

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The Board of Directors has previously acknowledged the communication from the Board of Statutory Auditors regarding the positive outcome of the checks and evaluations carried out by the latter on the existence of the independence requirements - provided for by law and by the Corporate Governance Code for Listed Companies4 - of the members of the Board of Statutory Auditors following their appointment by the Shareholders' Meeting held on 27 April, and ascertained the existence of the regulatory requirements for these members.

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Key Results at 31 March 2021

The Company's core revenuesamount to € 56.5 million for the quarter ended 31 March 2021, an increase of 1.6% over € 55.6 million in the first quarter 2020. Revenues from RAI, equal to € 48.6 million, reflect the growing contribution from new initiatives for € 3.6 million. Revenues from third-party customers amount to € 7.9 million.

EBITDAamounts to € 34.2 million, an increase of 3.3% over € 33.1 million in the first quarter 2020, mainly due to higher top-line and cost control. The margin on revenues reached 60.6% (59.6% in the first quarter 2020). No non-recurring expenses were recorded during the quarter (absent in the same period of 2020 as well).

Operating profit (EBIT)amounts to € 22.3 million, a decrease of 1.1% over € 22.5 million in the first quarter 2020 mainly due to higher amortization resulting from increased development investments.

Net incomeamounts to € 16.8 million, an increase of 5.2% compared to the first quarter 2020

4 With reference to the criteria for assessing independence set forth in Recommendation no. 7 of the Corporate Governance Code - which are also applicable to Statutory Auditors pursuant to the provisions of Recommendation no. 9 of the Code - it should be noted that, on the basis of what has already been established by the Board of Directors, any relationship/additional remuneration indicated therein is considered significant for the purposes of the provisions of letters c) and d) of the aforementioned Recommendation no. 7, if it entails an annual income equal to or greater than the annual remuneration paid by the Company in the previous year as a non-executive Director

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results of € 16.0 million, also benefiting from a one-off tax relief5 of € 1.0 million.

Capex6 amount to € 13.0 million at 31 March 2021, of which € 10.1 million relate to development (€ 8.7 million in the first three months of 2020, of which € 7.9 million of development activities).

Net invested capital7 amounts to € 219.0 million, with net debtclosing at € 37.3 million (including the impact from the application of the IFRS-16 accounting standard for € 36.4 million) compared to € 46.1 million at 31 December 2020.

Outlook

The results for the first three months of 2021 are in line with the company's expectations.

Therefore, based on the information available to date regarding the evolution of the Covid- 19 emergency and in a scenario that assumes the management of 3 Multiplexes for the customer RAI following the refarming process, the previously communicated targets for 2021 are confirmed:

• growth in Adjusted EBITDA supported by higher revenues, although limited by an increase in operating costs resulting from the expected reduction of the effects recorded in 2020 due to the pandemic emergency and the implementation of new services;
• maintenance capex on core revenues ratio exceeding the 2020 value and development investments increasing due to refarming activities.

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Rai Way announces that today, Thursday 13 May 2021 at 5:30pm CET, the results of the first quarter 2021 will be presented to the financial community via conference call.

The presentation supporting the conference call will be made available in advance on the

1. The tax relief relates to the € 1 million increase in the maximum limit granted for State aid applied to the calculation of IRAP for the 2020 financial year pursuant to the Support Decree of 22 March 2021 and the Relaunch Decree of 19 May 2020
2. Excluding component related to IFRS-16 Leasing
3. Net invested capital is calculated as the sum of fixed capital, working capital and non-current financial assets
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Company's website www.raiway.it, in the Investor Relations section. To take part in the conference call:

Italy: [phone] - UK: [phone] - USA: [phone]

The replay of the conference call will be available after the end of the event in the Investor Relations - Events kit section of the website www.raiway.it.

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The manager in charge of preparing the corporate accounting documents, Adalberto Pellegrino, declares, pursuant to article 154-bis of the Consolidated Finance Law (TUF), that the accounting information in this release corresponds to the underlying accounting documents, books and entries.

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Disclaimer

This release contains forward-looking statements on the future events and results of Rai Way that are based on current expectations, estimates and forecasts about the sector in which Rai Way operates and on management's current opinions. By their nature these items contain an element of risk and uncertainty as they depend on the occurrence of future events. The actual results could differ, even materially, from those stated for a variety of reasons such as: global economic conditions, the effect of competition and political, economic and regulatory developments in Italy.

Rai Way S.p.A.

Rai Way manages and develops the terrestrial broadcast infrastructure which carries the television and radio signals of RAI, Italy's national public broadcasting company, and provides services to its business customers. Rai Way has an extensive experience and technological, engineering and organizational know-how in the Italian media and broadcast infrastructure market. Such a unique expertise, together with the skills and ongoing training of its around 600 employees, makes Rai Way an ideal partner for any companies and entities seeking for integrated solutions to develop their network and transmit their signals. Rai Way operates throughout the national territory and can rely on its headquarters in Rome, 20 local network centers and more than 2,300 sites across Italy.

For more information:

Rai Way S.p.A.	Image Building
Investor Relations	Media Relations
Ph. [phone]	Claudia Caracausi mob. [phone]
[phone]	[e-mail]
[e-mail]

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Income Statement

(€m; %)		1Q20		1Q21
Core revenues		55,6			56,5
Other revenues and income	0,0			0,1
Purchase of consumables	(0,2)			(0,3)
Cost of services	(9,7)			(9,4)
Personnel costs	(11,9)			(11,9)
Other costs	(0,6)			(0,6)
Opex	(22,5)			(22,3)
Depreciation, amortization and write-downs	(10,6)			(12,0)
Provisions	-			0,1
Operating profit (EBIT)		22,5			22,3
Net financial income (expenses)	(0,2)			(0,3)
Profit before income taxes		22,3			22,0
Income taxes	(6,3)			(5,1)
Net Income		16,0			16,8

EBITDA		33,1		34,2
EBITDA margin	59,6%	60,6%
Non recurring costs	-	-
Adjusted EBITDA		33,1		34,2
Adjusted EBITDA margin	59,6%	60,6%

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