Rai, sui conti l’incognita Rai Way Obiettivo pareggio alla fine del 2026

The final accounting for the group is showing a return to profitability, but with the expectation of closing the year in balance. While revenue projections for the year have become increasingly pessimistic compared to the initial 2026 budget goals, the outlook remains above the 2025 target. The most significant improvement, however, is in the net financial position.

The second revision of the 2026 budget, as reported by 24 Ore, indicates a potential loss of 8 million euros for the year, representing a reversal from the 9.3 million euro profit registered by the Rai group in 2025, as well as from the first budget version that projected a net positive result of 7 million euros. There has been no official comment on the matter, but insiders at the Rai are focusing on improving the operational management of the last period, which they believe will be registered as a positive factor.

Despite the extraordinary burdens associated with the Winter Olympics in Milan-Cortina and the FIFA World Cup, the revenue is expected to reach 2.83 billion, compared to the 2.81 billion of 2025, the 2.87 billion budget, and the 2.82 billion of the first revision. The increase in external costs is inevitable: 1.06 billion in 2025 and 1.16 billion in the latest revision of the budget.

However, the advertising performance is noteworthy, with 445 million euros, 14 million euros more than the budget. The overall financial position is improving, from -584.9 million to -510 million. There are, however, two caveats: the budget does not take into account the Real Estate Plan, which has been pushed to 2027, but it considers the appreciation of Rai Way shares.

Without this, the Pfn would exceed -600 million. This sale option, considered for the support of the Industrial Plan, but kept in the background during the negotiations with Ei Towers that were supposed to lead to a marriage that would have given birth to the Italian TV tower pole, has also been put on hold. The sale of excess shares, which are more than 50.1% (compared to the 65% currently owned by Rai), has returned to the attention of the Rai.

But the management says, "on the Rai Way front, the option of selling shares is only one of the different coverage options for the Industrial Plan that are being analyzed, and it is not clear which one is most convenient. At the moment, the priority is to support the industrial development and diversification of Rai Way."