The Group’s AI revenue continues to grow by more than 100%, and M&A efforts continue, thanks to the acquisition of BLS and the submission of an irrevocable offer for the acquisition of Perimeter B.1 of the Tessellis Group
Giandomenico Sica, Executive Chairman of DHH, comments: “We are very satisfied with the start of 2026. The Group recorded 14% top-line revenue growth, while continuing to see a very strong development trend in AI infrastructure services, with demand growing at double-digit rates month after month. We believe this market is still in its early stages and represents a significant long-term opportunity for the Group. Following the successful completion of ABB in December 2025, we are working to accelerate the execution of our external growth strategy. The acquisition of managed cybersecurity provider BLS and the binding offer submitted for the acquisition of Perimeter B.1 of the Tessellis Group are steps in this direction. They represent further steps in our consolidation in the Italian B2B cloud and telecom infrastructure market, broadening our recurring revenue base and generating potential industrial and operational synergies with other group companies”.
Milan, 22 May 2026. DHH S.p.A. (DHH.MI) (ISIN shares IT0005203622 | ISIN warrants IT0005645541) today announced its consolidated results for the first three months of 2026, approved by the Board of Directors today. These figures are taken from the Group’s management accounts and have not been audited.
In the first three months of 2026, the Group recorded consolidated revenues of €11 million, compared to €9,6 million in the same period last year, representing growth of 14%. The recurring component of revenues remained very high, at approximately 92%. It should be noted that the recent acquisition of Managed Cybersecurity Provider BLS is not included in the results for the first quarter of 2026 and will contribute to the Group’s results starting from April. With regard to the AI services portfolio, the positive trend observed in 2025 continued throughout the first quarter of 2026. The GPU segment once again recorded growth of over 100% year-over-year; however, it is still too early to provide a reliable estimate of MRR/ARR, as usage patterns for AI infrastructure services are still evolving and characterized by extensive experimentation. Nonetheless, the overall trend remains clearly positive also in the beginning of 2026, with month-on-month growth frequently reaching double digits. The breadth of the GPU offering continues to enable the Group to address a wide range of underserved niche markets. Internal startup Regolo.ai (www.regolo.ai) hasn’t yet generated significant revenue, as it only began commercial operations this quarter. However, the platform continues to show encouraging signs in terms of user engagement and acquisition dynamics, having surpassed 1.000 registered customers.
The performance of the business lines shows growth in all segments: Cloud Computing reached €3,61 million (vs €3,56 million), Cloud Hosting €2,47 million (vs €2,34 million), Business Connectivity €2,48 million (vs €2,08 million), Datacenter & Networking €0,90 million (vs €0,87 million), and Managed IT Services €0,45 million (vs €0,19 million).
Growth was reflected in all geographical areas in which the Group operates: Italy recorded €7,39 million (vs €6,25 million), Slovenia €0,94 million (vs €0,85 million), Croatia €0,92 million (vs €0,91 million), of which €0,82 million (vs €0,74 million) on the core business, Serbia €0,24 million (vs €0,23 million), Switzerland €0,32 million (vs €0,25 million) and Bulgaria €0,92 million (vs €0,86 million).
EBITDA amounted to €3,3 million, compared to €3,3 million in the prior-year period, remaining substantially flat. Profitability was impacted by approximately 15% due to extraordinary costs related to the decommissioning of a secondary datacenter in Milan, as well as expenses associated with M&A activities undertaken in support of an acceleration of the Group’s inorganic growth strategy. No problems related to energy cost management were highlighted during the period. Operating cash flow was €3,8 million, with a cash conversion rate of 114%. Net profit amounted to €1,0 million, compared to €1,2 million in the previous period, mainly due to financial charges related to the acquisition of Teknonet.
At the end of March 2026, the net financial position shows net cash of €1,5 million, compared to €1,3 million as of December 31, 2025; cash availabilities amounted to €21,4 million. Thanks to the cash generation, the net financial position improved by 17% in the first quarter despite cash out of €1,3 million for the purchase of BLS.