Revenue growth continues at double-digit rates. Cash generation in the first half despite M&A activity. Momentum in AI continues, with revenues increasing at triple-digit rates. Acceleration expected in the second half, also supported by the acquisitions completed in recent months (BLS, X-Stream and Aetherna).
Financial Performance Overview – H1 2026 vs H1 2025
REVENUE EQUAL TO EURO 22,2M VS EURO 19,6M
RECURRING REVENUE EQUAL TO 92% OF THE TOTAL REVENUE
EBITDA EQUAL TO EURO 6,4M (EBITDA ADJ EQUAL TO EURO 6,7M) VS EURO 6,7M
EBIT EQUAL TO EURO 3,3M VS EURO 3,8M
NET PROFIT EQUAL TO EURO 1,8M VS EURO 2,3M
OPERATING CASH FLOW EQUAL TO EURO 5,7M VS EBITDA EQUAL TO EURO 6,4M – CASH CONVERSION OF APPROXIMATELY 89%
NET FINANCIAL POSITION EQUAL TO EURO 2,9M (CASH) VS EURO 1,3M (CASH) AS AT 31.12.2025, WITH EURO 23,2M IN CASH
Giandomenico Sica, President of DHH’s Board of Directors, comments: “We are navigating the industrial shift driven by AI with confidence, remaining attentive to both the opportunities and the challenges it presents. The Group delivered double-digit revenue growth in the first half of 2026 and continued to generate cash while investing in its development. We expect the completed acquisitions to accelerate growth in the second half, alongside the continued expansion of our existing businesses. Demand for AI infrastructure remained positive, with revenue from GPU-based services approximately doubling. We see cloud and AI infrastructure becoming increasingly central to how enterprises operate and develop their businesses. Our aim is to support this transformation by combining infrastructure capabilities with the technical expertise and services customers need to adopt these technologies. During the period, we chose to strengthen our teams and infrastructure to support these objectives. These investments, together with changes in the revenue mix, weighed on margins in the short term. Our focus is on translating them into sustainable growth and improved profitability as the new activities scale, while integrating the acquired businesses and maintaining discipline in cash generation and capital allocation.”
Milan, 22 September 2026. 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 2026, prepared in compliance to international accounting standards (IAS/IFRS).
COMMENT
In the first half of 2026, consolidated revenue amounted to 22,8M EUR, up 13% compared to the same period of 2025. Excluding the contribution of BLS, acquired in March 2026, revenue growth was 10%.
Growth extended across the Group’s markets, with Italy remaining the main market, contributing 70% of revenue (16M EUR, +16% YoY). Bulgaria accounted for 9% of the total, up 7% YoY. Slovenia and Croatia each represented around 8% of the total, growing by 10% and 1% respectively. Performance in Croatia reflected growth in Cloud Hosting and the discontinuation of the very low margin third-party infrastructure resale business. Switzerland contributed 3% with a 29% increase, and Serbia 2% with growth of 7%.
Cloud Computing remained the largest business segment with revenue of 7,1M EUR (-2% YoY), showing signs of recovery compared to previous periods, supported by the expansion of the Group’s AI infrastructure offering. Revenue from GPU-based infrastructure services grew by approximately 100% YoY and accounted for more than 5% of Cloud Computing segment sales. Cloud Hosting (5,2M EUR, +14% YoY) and Business Connectivity (5,1M EUR, +13% YoY) delivered solid growth. Managed IT Services (1,1M EUR, +74% YoY) also expanded strongly. Growth across these activities was supported by the acquisitions of Teknonet in April 2025 and BLS in March 2026. Datacenter & Networking, an ancillary business segment pursued on an opportunistic basis, recorded revenues of 1,6M, down 11%.
Recurring revenue represented 92% of total revenue, providing a high degree of revenue visibility.
The Group reported consolidated EBITDA of 6,4M EUR, down 0,3M EUR (-4%) compared to the same period of 2025, with an EBITDA margin of 29%. Adjusted EBITDA, excluding acquisition-related costs and other one-off costs incurred during the period, amounted to 6,7M EUR.
Margin performance reflected deliberate investment in the Group’s Cloud Computing business, including its AI offering, together with a shift in the revenue mix. The Group strengthened its commercial, support and product development teams, with personnel costs increasing to 4,7M EUR (+22%) due to the inclusion of BLS in the scope of consolidation and as a result of new hires. These appointments included staff supporting Regolo.ai, the Group’s internal startup launched this year, which is gaining initial commercial traction. These initiatives aim to capture growing demand for AI infrastructure and expand the Group’s cloud business among enterprise customers and businesses across their supply chains, as they navigate significant technological and operational transformation.
Alongside these initiatives, the Group increased investment in GPU infrastructure. While contributing to the recovery of Cloud Computing, the GPU infrastructure business is still at an early stage of development and currently generates lower margins than those on revenue lost through exceptional customer churn in the Cloud Computing segment in 2025. This churn followed changes in ownership of certain customer companies through M&A transactions. The Group aims to improve margins in this business as it develops and scales. Its investment approach remains focused on pursuing growth while preserving sustainable profitability and cash generation over time.
Consolidated net profit stood at 1,8M EUR, down 0,5M EUR compared to the same period of 2025, with a net profit margin of 8%.
BUSINESS OUTLOOK
Revenue performance in the first half of 2026 points to continued growth, supported by the expansion of the Group’s core businesses and sustained demand for AI cloud infrastructure, where revenue continued to grow at a triple-digit rate year-on-year.
In the coming months, the Group will focus on integrating BLS and the Tessellis Group’s Perimeter B.1, retaining their technical and commercial expertise while realising operational and commercial synergies. These acquisitions strengthen the Group’s position in managed cybersecurity, B2B cloud infrastructure and telecommunications. They are expected to support revenue growth in the short term and contribute to margin improvement over the medium term as integration progresses and operating efficiencies are realised.
Organic growth will remain a priority across the Group’s markets, with targeted investment in commercial capabilities, product development and cloud infrastructure, including AI services. The Group will balance these investments with a disciplined approach to profitability and cash generation, aiming to improve margins as new activities scale.
Alongside these priorities, the Group will continue to pursue selective acquisitions in Italy and other EU countries that complement its capabilities and support its growth strategy. Discussions regarding potential transactions are ongoing.
EARNINGS CALL
The Chairman and CEO of DHH will comment on H1 2026 results in a conference call to be held on 23 September 2026 at 3:00 pm Italian time 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 Audit Services S.r.l., 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.