Rai Way S p A : Financial Statements at 30 June 2022

Half-Yearly Financial Report

at 30 June 2022

TABLE OF CONTENTS
Company name, share capital and registered office	4
Corporate Bodies and Committees	4
Rai Way S.p.A.'s activities	5
Main alternative performance measures	6
Summarised economic and financial data	7
Human Resources and Organisation	13
Relationships with RAI Group Companies	13
Significant events	13
Disclosures on the main risks and uncertainties faced by the Company	15
Events subsequent to 30 June 2022	15
Business outlook	16
Management and coordination	16
Half-yearly financial report at 30 June 2022	17
Introduction (note 1)	21

Amendments and interpretations of current standards, effective as at 1 January

2022 (note 2)	22
Segment information (note 3)	23
Seasonality of the reference business (note 4)	23
Notes on the main changes in the Income Statement	24
Revenues (note 5)	24
Other revenues and income (note 6)	25
Costs (note 7)	25
Amortisation/depreciation, Other write-downs and Provisions (note 8)	26
Financial Income and Expenses (note 9)	26
Income Tax (note 10)	27
Notes on principal changes in the Balance Sheet	28
Non-Current Assets (note 11)	28
Current Assets (note 12)	29
Shareholders' Equity (note 13)	30
Non-current liabilities (note 14)	30
Current liabilities (note 15)	31
Earnings per Share (note 16)	32
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Net financial debt (note 17)	32
Commitments and guarantees (note 18)	33
Transactions deriving from abnormal and/or unusual operations (note 19)	33
Other Information (note 20)	33
Declaration pursuant to Art. 154-bis, paragraph 5 of Legislative Decree No.
58/1998	40

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Company name, share capital and registered office
Company Name:	Rai Way S.p.A.
Share Capital:	€ 70,176,000 fully paid-up
Registered Office:	Via Teulada, 66 - 00195 Rome
Tax and VAT code:	05820021003
Company website:	www.raiway.it
Managed and coordinated by RAI - Radiotelevisione Italiana S.p.A.
The Company does not have any branch offices.
Corporate Bodies and Committees 1
Board of Directors	Board of Statutory Auditors
Chairman	Chairman
Maurizio Rastrello	Silvia Muzi
Chief Executive Officer	Standing Auditors
Aldo Mancino	Massimo Porfiri
Directors	Barbara Zanardi
Substitute Auditors
Riccardo Delleani
Annalisa Raffaella Donesana	Cristina Chiantia
Roberta Enni	Paolo Siniscalco
Barbara Morgante
Umberto Mosetti
Donatella Sciuto
Paola Tagliavini
Secretary of the Board	Auditing Company
Giorgio Cogliati	PricewaterhouseCoopers S.p.A.
Control, Risks and Sustainability	CommitteeRemuneration	and
	Appointments Committee
Paola Tagliavini (Chairman)	Riccardo Delleani (Chairman)
Barbara Morgante	Annalisa Raffaella Donesana
Donatella Sciuto	Umberto Mosetti

1 In office at the date of this report.

Information on the powers assigned within the Board of Directors and the Company' s system of corporate governance in general can be found in the Corporate Governance and Ownership Structure Report relating to FY 2021, published on the Company website(www.raiway.it).

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Rai Way S.p.A.'s activities

Rai Way2 (hereafter the Company) is a leading provider of integrated networks infrastructures and services for broadcasters, telecommunication operators, corporates and public administrations; the Company uses its own assets and its own competences to guarantee the public radio and television service and the transport and broadcast of television and radio content to its customers, in Italy and abroad, using its excellent wealth of technological, engineering and management know-how, in addition to its infrastructures.

Since 2014, Rai Way has been listed on the Electronic Stock Market (MTA) of Borsa Italiana following the Global Offering promoted by the Shareholder RAI, which allowed the Company to confirm its previously initiated opening to the market, reinforcing its image as an independent enterprise.

In carrying out its activities, Rai Way also operates in over 2,300 sites equipped with infrastructure and systems for transmitting and broadcasting television and radio signals throughout Italy, it has 21 local network centres and it avails itself of highly specialised workforce.

The services offered by the Company include:

1. Broadcasting services, meaning services for the terrestrial and satellite transmission of television and radio signals, through the network infrastructure, to the final users within a geographical area;
2. Transmission services, for the transmission of radio and television signals via the dedicated network (radio links, satellite, fibre optic) and in particular the provision of Contribution Services, meaning one-directional transport services;

2 Rai Way has joined the simplification regime provided for by Arts. 70, paragraph 8, and 71, paragraph 1-bis, of Consob Regulation No. 11971 of 14 May 1999 and subsequent amendments and integrations (Consob Issuers Regulation), and, therefore, it does not need to meet the informational document publication obligations set forth for significant merger, spin-off, capital increase by means of the contribution of assets in kind, acquisition and disposal transactions.

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