Q2 Adj EBITDA beat and guidance raised

Research evidence excerpt

Q2 Adj EBITDA beat and guidance raised

Update

July 30, 2026 05:14 PM GMT

Morgan Stanley & Co. International plc+MRai Way SpA | Europe Emmet B Kelly

Equity Analyst

Q2 Adj EBITDA beat and Emmet.Kelly@morganstanley.comLindsey C Zastawny +44 20 7425-6830

Lindsey.Zastawny@morganstanley.com +44 20 7425-1237

guidance raised

Rai Way SpA (RWAY.MI, RWAY IM)

Telecommunications Services | Italy

AlphaSignals Earnings Reaction

Stock Rating Equal-weight

Unchanged Modest upside Modest revision higher Industry View Attractive

Impact to our thesis Financial results versus consensus Direction of next 12-month Price target €6.70

consensus EPS Shr price, close (Jul 29, 2026) €4.58

52-Week Range €6.34-4.46

Source: Company data, Morgan Stanley Research Mkt cap, curr (mn) €1,228

Net debt (12/26e) (mn)* €183

EV, curr (mn)* €1,364

Key Takeaways

* = GAAP or approximated based on GAAP

Rai Way reported Q2 results. Q2 revenues were exactly in-line with expectations,

while Adj EBITDA beat analyst estimates by +1.6%;

Revenue growth rates were stable (Q1: +2.6%, Q2: +2.4%) and EBITDA growth

tapered off (Q1: +1.0%, Q2: +0%);

Capex was €8.8m for the quarter, primarily focused on expanding the DAB

network for RAI, strengthening the CDN and beginning installation of the solar

farms;

2026 Adj EBITDA guide was upgraded, the company is now expecting an increase

(vs flat previously). Maintenance capex will be lower than in 2025 (from in-line).

Other points.

Rai Way noted that there is no impact on the company's business dynamics or

business model from the outcome of the discussions on potential consolidation

(previously written about here).

Preparation has started for the future development of the hyperscale data center

and the company has started activities to identify future customers. Rai Way noted