Financial Performance Overview – H1 2025 vs H1 2024
REVENUE EQUAL TO EURO 19,6M VS EURO 18,0M +9%
RECURRING REVENUE EQUAL TO 96% OF THE TOTAL REVENUE
EBITDA EQUAL TO EURO 6,7M VSEURO 6,0M +11%
EBIT EQUAL TO EURO 3,8M VS EURO 3,5M +10%
NET PROFIT EQUAL TO EURO 2,3M VS EURO 2,0M +13%
OPERATING CASH FLOW EQUAL TO EURO 6,7M VS EBITDA EQUAL TO EURO 6,7M – CASH CONVERSION EQUAL TO ca. 100%
NET FINANCIAL POSITION EQUAL TO EURO 4,6M (DEBT) WITH EURO 16,3M IN CASH AVAILABILITIES
Giandomenico Sica, President of DHH’s Board of Directors, comments: “Despite an international environment still characterized by geopolitical tensions, inflationary pressures, and volatility in energy markets, our Group has once again demonstrated its ability to grow steadily and profitably. In the first half of 2025, we achieved solid revenue growth and preserved margins. We also completed an acquisition that allowed us to strengthen our positioning in the Managed IT Services market, whose effects are already partially visible in this semester, while working intensively on innovation in the field of AI infrastructure — an area that represents a long-term development path for us, where the commercial results achieved so far are encouraging for the future. During the semester, we renewed our governance body in substantial continuity with the past decade, ensuring stability and consistency in our strategic direction. As always, we look to the future with a curious spirit and with the optimism of reason, which has long characterized our journey.”
Milan, 22 September 2025. DHH S.p.A. (DHH.MI) (ISIN shares IT0005203622 | ISIN warrants IT0005645541) announces that today the Board of Directors approved the consolidated financial statements for the first half of 2025, prepared in compliance to international accounting standards (IAS/IFRS).
FINANCIAL HIGHLIGHTS
In the first half of 2025, consolidated net sales amounted to €19,6 million, up 9% compared to the same period of 2024. From a geographical perspective, growth was balanced across the Group’s footprint, with Italy confirming its role as the main market, contributing 69% of total net sales (€13,5 million, +10% YoY). Among the other regions, Bulgaria accounted for 9% of total net sales, up 10% YoY, while Slovenia and Croatia each represented around 9% of the total, growing by 5%. Switzerland contributed 3% with an 8% increase, and Serbia 2% with growth of 7%.
Looking at business segments, Cloud Computing remained the largest contributor with €7,2 million (36% of total, +2% YoY), showing a trend of recovery compared to previous periods, thanks also to the development of the Group’s infrastructure product family for AI. Cloud Hosting (€4,6 million, +7%) posted a solid performance, while Business Connectivity (€4,5 million, +16%) and Managed IT Services (€0,6 million, +74%) delivered a very strong growth, partly benefiting from the acquisition of Teknonet completed in April 2025, which strengthened the Group’s position in the Managed IT Services market. Datacenter & Networking also grew by 10% to €1,8 million.
Finally, recurring revenue represented 96% of total, reflecting the Group’s focus on revenue quality and on strengthening its recurring business base.
In the first half of 2025, the Group reported a consolidated EBITDA of €6,7 million, up €0,7 million (+11%) compared to the same period of 2024, with the EBITDA margin reaching 34%. Margin preservation benefited from the reduction in purchases of raw materials, spare parts and consumables, which decreased by 6% to €1,3 million, mainly due to lower procurement needs.
Conversely, datacenter services increased to €1,5 million (+15%), driven by higher electricity costs mainly linked to increased energy consumption and to a slight rise in energy prices. Network services grew to €1,1 million (+23%), while wholesale services and licenses rose to €2,6 million (+10%), reflecting the expansion of recurring revenues particularly in the Cloud Hosting and in the Business Connectivity segments. Personnel costs reached €3,8 million (+11%), reflecting targeted increases in headcount and compensation across some subsidiaries. Marketing and sales services amounted to €0,6 million (+3%), while professional services increased to €1,8 million (+13%).
The Group’s consolidated net profit stood at €2,3 million, up €0,3 million (+13%) compared to the same period of 2024, with the net profit margin reaching 12%.
SIGNIFICANT EVENTS DURING THE SEMESTER
20, 27 January / 3, 10, 17, 24 February 2025: DHH continued its treasury share buyback program, with weekly reports disclosed regarding the purchase of treasury shares.
28 January 2025: DHH announced its participation in the 18th “Frankfurt European Midcap Event”, held on 13 February 2025. This event provided further visibility among institutional investors and the European midcap community.
13 March 2025: A webcast was announced for the discussion of FY2024 results on 24 March 2025, with executive leadership available for shareholder Q&A.
21 March 2025: The Board of Directors examined and approved the draft statutory and consolidated financial statements as of 31 December 2024. Key highlights included revenues of €37,1M (up 7% YoY) and recurring revenues accounting for 94% of total revenues. The EBITDA stood at €12M.
24 March 2025: DHH announced its participation in the “Mid & Small | London Conference” on 9 April 2025, underscoring the company’s ongoing investor relations activity.
8, 14, 24 April 2025: Notice of the Ordinary and Extraordinary Shareholders’ Meeting was published, including deposit and publication of candidate lists for the appointment of the Board of Directors and Board of Statutory Auditors. Related documentation was made available to shareholders.
16 April 2025: DHH finalized the acquisition of a 60% stake in Teknonet S.r.l., marking DHH’s strategic entry into the MSP (Managed Service Provider) market.
28 April 2025: A documentary celebrating the ten-year journey of DHH was released online, highlighting key milestones and achievements.
29 April 2025: The Shareholders’ Meeting convened in both ordinary and extraordinary session, approving resolutions regarding governance and acknowledging the financial statements and company activities reported for FY2024.
2, 12 May 2025: DHH participated in notable industry and investor events, such as the “TP ICAP Midcap Annual Conference in Paris” (2 May) and the “Northern MidCap Event” (12 May), reinforcing its market presence.
7 May 2025: The Board of Directors approved the quantitative and qualitative criteria for assessing independence, in compliance with Article 6-bis of the Issuers’ Regulations for EGM.
13 May 2025: A webcast discussion of Q1 2025 results was announced for 23 May 2025, reflecting continued attention to transparency and investor communication.
22 May 2025: Quarterly results for Q1 2025 highlighted good performance across all key business segments, with growth observed in all geographies and subsidiary companies compared to the previous year.
16, 19, 21, 23, 26 May 2025: A sequence of corporate actions was completed regarding the “Warrant DHH S.p.A. 2025-2028”. These included the application for trading admission and successful listing of the warrants on Euronext Growth Milan, fulfilling all regulatory obligations with the formal submission of the Key Information Document (KID) to Consob. The warrants officially began trading, and the exercise period was concluded, resulting in definitive allocation and activation of the financial instrument for market participants.
SIGNIFICANT EVENTS BETWEEN THE END OF SEMESTER AND THE RELEASE OF THE SIX-MONTHLY RESULTS
15 July 2025: DHH completed the acquisition of the residual stake in Evolink AD for a transaction value of €2.246.765,12, to be paid from the group’s cash resources, consolidating full ownership of the business connectivity and cloud computing provider.
11 September 2025: A webcast was announced for the discussion of H12025 results on 24 September 2025, with executive leadership available for shareholder Q&A.
BUSINESS OUTLOOK
The Group looks to the future with the goal of consolidating a sustainable growth path, built on organic development and constant attention to margins. At the same time, it is actively engaged in exploring new external growth opportunities, both in its existing markets and in new areas within the European Union. The solidity of its financial structure and the diversification of its revenues allow it to face the current environment with confidence, with no concerns emerging regarding insolvency risks or revenue concentration.
EARNINGS CALL
The Chairman and CEO of DHH will comment on H1 2025 results in a conference call to be held on 24 September 2025 at 10:00 am CET at this link: https://whereby.com/dhhspa.
People interested in participating are invited to send any questions or topics of interest to the following email address: investor.relations@dhh.international.
FURTHER INFORMATION
The approved data has been submitted to BDO Italia S.p.A., the appointed audit firm, for review. The consolidated interim financial report will be made available to the public as per EGM regulations and on the Group’s website at www.dhh.international.