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Rai Way S.p.A.

Rai Way S.p.A.

RWAY.MI
Rai Way S.p.A.IT flagItalian Stock Exchange
4.75
EUR
-0.04
- -
1.27BMarket Cap
Rai Way S.p.A.
RWAY.MI
(Italian Stock Exchange)

Recent

price

4.75

P/E

ratio

- -

div

yld

- -

ROIC.AI

2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
16.48
8.7
2.91
0.78
0.79
0.79
0.8
0.81
0.84
0.86
0.91
1.01
1.03
1.05
1.06
Revenue per Share
0.24
0.62
0.43
0.14
0.15
0.21
0.22
0.23
0.24
0.24
0.27
0.32
0.33
0.33
0.33
Basic EPS, GAAP
1.3
2.06
-0.4
0.22
0.27
0.2
0.29
0.28
0.21
0.12
0.23
0.33
0.31
0.35
0.38
Free Cash Flow per Basic Share
- -
- -
0.19
0.12
0.14
0.15
0.2
0.22
0.24
0.24
0.24
0.28
0.32
0.33
- -
Dividend per Share
6.58
7.23
1.91
0.42
0.42
0.47
0.48
0.49
0.5
0.5
0.54
0.58
0.6
0.59
0.67
Book Value per Share
9.15
10.42
2.66
0.58
0.59
0.61
0.62
0.62
0.55
0.55
0.58
0.61
0.62
0.59
0.68
Tangible Book Value per Share
14
14
57
272
272
272
272
272
268
268
268
268
269
269
269
Basic Weighted Avg Shares
224
118
167
212
215
216
218
221
224
230
245
272
276
283
285
Sales/Revenue/Turnover
10.77
6.37
21.66
29
30.28
37.7
38.56
40.38
39.61
39.48
41.1
48.86
48.03
46.84
46.04
Operating Margin (%)
67
1
25
45
38
34
33
42
45
51
47
47
51
56
58
Depreciation Expense
3
8
25
39
42
56
60
63
64
65
74
87
90
89
88
Net Income, GAAP
64.46
43.91
36.84
33.94
34.1
29.45
27.62
28.68
27.51
27.26
27.59
28.61
28.28
28.74
28.7
Effective Tax Rate (%)
1.49
7.14
14.73
18.34
19.43
26.02
27.44
28.62
28.52
28.44
30.02
31.89
32.57
31.34
30.79
Profit Margin (%)
-160
169
24
57
47
37
15
9
-21
-8
-112
-25
-33
-144
-10
Working Capital
- -
1
81
91
61
31
- -
27
39
90
23
118
118
17
17
LT Debt
125
142
154
159
162
176
181
184
165
166
176
189
192
192
214
Total Equity
- -
2.6
10.56
15.8
16.08
23.46
29.06
31.51
29.43
27.24
24.89
29.45
28.85
28.26
37.86
Return on Invested Capital (%)
- -
8.12
14.91
19.13
19.54
29.1
37.96
42.24
36.18
31.17
28.5
31.16
31.76
30.57
42.35
Return on Capital (%)
- -
9
23.68
34.79
36.6
46.57
46.51
48.22
47.99
48.75
52.92
57.66
56.67
55.41
48.16
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
9
128
11
LT Borrowings
- -
- -
- -
LT Finance Leases
17
17
17
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
269
269
269
Market Capitalization
1,619
1,501
1,576

Working Capital

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
90
87
110
Cash, Cash Equivalents & STI
4
9
21
Accounts Receivable, Net
81
74
85
Inventories
1
1
1
Total Current Liabilities
131
230
120
Payables & Accruals
- -
- -
- -
ST Debt
9
128
11
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
2.02%
3.14%
-0.23%
Free Cash Flow
10.87%
19.16%
14.59%
Net Income, GAAP
9%
6.96%
-1.43%
Sales/Revenue/Turnover
2.95%
4.78%
2.42%
Total Cash Common Dividend
10.66%
7.39%
3.66%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
69
69
70
68
276
2025
70
72
69
72
283
2026
72
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.09
- -
0.09
0.07
0.33
2025
0.08
0.09
0.09
0.07
0.33
2026
0.08
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
0.32
2025
- -
- -
- -
- -
0.33
2026
- -
- -
- -
- -
- -
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Business
Rai Way S.p.A. owns and operates transmission and broadcasting infrastructure for television and radio signals primarily for Italy's public broadcaster RAI Radiotelevisione italiana S.p.A., its majority shareholder; the company provides network infrastructure and services to broadcasters, telecommunications operators, private companies, and public administrations throughout Italy and internationally. Core offerings encompass media distribution services including digital terrestrial, satellite, and radio broadcasting; transmission services such as audio and video contribution, content acquisition, and support; digital infrastructure comprising tower hosting and rental; and network services like frequency coordination for wireless equipment, quality control, non-ionizing radiation measurement, environmental consultancy, network planning consultation, and technical training. Founded in 1999 and headquartered at Via Teulada 66 in Rome, Italy, Rai Way manages over 2,300 telecommunications towers, approximately 6,000 km of proprietary fiber optics, radio link and satellite networks, a proprietary content delivery network (CDN), distributed edge data centers, and three control centers across 21 regional offices, serving primarily the Italian market with extensions abroad. Recent developments include a July 2025 partnership with Cubbit to launch Rai Way Cloud Object Storage, delivering edge-to-cloud services nationwide; ongoing commercialization of edge data centers and CDN enhancements; progression on a hyperscale data center in the Rome area following successful Conferenza dei Servizi, pending final municipal authorization; and a six-month extension in September 2025 of the memorandum of understanding between reference shareholders for potential consolidation talks with EI Towers, aiming to create a leading Italian broadcasting tower operator. In the first nine months of 2025, the company reported core revenues of €211.2 million, up 2.3%, adjusted EBITDA of €146.1 million, up 2.8%, and confirmed full-year guidance amid expansion of RAI's DAB radio network and diversification initiatives.