Rai Way S p A : Financial Statements at 30 June 2023

Interim condensed financial

statements at 30 June 2023

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 Organization	13
Relationships with RAI Group Companies	13
Significant events	14
Disclosures on the main risks and uncertainties faced by the Company	17
Events subsequent to 30 June 2023	17
Business outlook	17
Management and coordination	17
Interim condensed financial statements at 30 June 2023	19
Introduction (note 1)	23

Amendments and interpretations of existing standards effective from 1 January

2023 and accounting standards approved and not yet applicable and
accounting standards not yet approved (Note 2)	25
Segment information (note 3)	29
Seasonality of the reference business (note 4)	29
Notes on the main changes in the Income Statement	29
Revenues (note 5)	29
Other revenues and income (note 6)	30
Costs (note 7)	31
Amortisation/depreciation, Other write-downs and Provisions (note 8)	31
Financial Income and Expenses (note 9)	32
Income Tax (note 10)	32
Notes on principal changes in the Balance Sheet	33
Non-Current Assets (note 11)	33
Current Assets (note 12)	35
Shareholders' Equity (note 13)	36
Non-current liabilities (note 14)	36
Current liabilities (note 15)	37
Earnings per Share (note 16)	38
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Net financial debt (note 17)	38
Commitments and guarantees (note 18)	39
Transactions deriving from abnormal and/or unusual operations (note 19)	40
Other Information (note 20)	40
Events subsequent to 30 June 2023	45
Declaration pursuant to Art. 154-bis, paragraph 5 of Legislative Decree No.
58/1998	46

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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
Chair	Chair
Giuseppe Pasciucco	Silvia Muzi
Chief Executive Officer	Standing Auditors
Roberto Cecatto	Massimo Porfiri
	Barbara Zanardi
Directors
Romano Ciccone	Alternate Auditors
Alessandra Costanzo	Cristina Chiantia
Michela La Pietra	Paolo Siniscalco
Barbara Morgante
Umberto Mosetti
Gian Luca Petrillo
Paola Tagliavini
Secretary of the Board	Auditing Company
Giorgio Cogliati	EY S.pA. 2
Control, Risks and Sustainability	Remuneration	and	Appointments
Committee	Commitee
Paola Tagliavini (Chair)	Umberto Mosetti (Chair)
Alessandra Costanzo	Romano Ciccone
Gian Luca Petrillo	Barbara Morgante

1 In office at the date of this Half-year financial 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 2022, published on the Company website (www.raiway.it).

2 Audit assignment approved by the Rai Way Shareholders' Meeting on 27 April 2023.

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Rai Way S.p.A.'s activities

Rai Way3 (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 to the final users within a geographical area and transmission capacity sales services;
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;

3 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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