Double-digit growth across all key KPIs – recurring revenues above 90% of total – growth in AI infrastructure-related revenues – positive net financial position (cash)
HIGHLIGHTS
REVENUE EQUAL TO EURO 41,8M VS EURO 37,1M +13%
AI INFRASTRUCTURE (GPU) REVENUE GROWING BY OVER 100% YEAR-ON-YEAR
RECURRING REVENUE EQUAL TO 91% OF TOTAL REVENUE
EBITDA EQUAL TO EURO 13,8M VS EURO 12,0M +15%
EBITDA MARGIN EQUAL TO 34% VS 33%
EBIT EQUAL TO EURO 7,8M VS EURO 6,8M +15%
NET PROFIT EQUAL TO EURO 4,6M VS EURO 3,7M +25%
OPERATING CASH FLOW EQUAL TO EURO 11,2M VS EBITDA EQUAL TO EURO 13,8M – CASH CONVERSION EQUAL TO 81%
NET FINANCIAL POSITION EQUAL TO EURO 1,3M (NET CASH), WITH EURO 21,9M IN CASH AVAILABILITIES
Giandomenico Sica, Executive President, comments: “2025 confirms a solid growth trajectory for the group, with double-digit expansion across all key indicators and improved margins, despite a complex macroeconomic environment. At the same time, we are starting to see initial commercial traction in AI infrastructure, as the market in Southern Europe gradually moves from the initial hype phase to concrete use cases. The group also remains active on the M&A front, with several ongoing discussions evaluated with a selective and disciplined approach. The first months of 2026 are in line with the previous growth trend, and the focus remains on execution.”
Milan, 20 March 2026. DHH S.p.A. (DHH.MI) (ISIN shares IT0005203622 | ISIN warrants IT0005645541) announces that today the Board of Directors examined and approved the draft statutory and consolidated financial statements as of 31 December 2025.
The above-mentioned documents shall be submitted, for approval and acknowledgment, at the Ordinary and Extraordinary Shareholders’ Meeting scheduled for April 29, 2026 (first call) and, if necessary, for April 30, 2026 (second call).
The relevant notice of call will be available – together with all supporting documentation – within the term provided for by the law and DHH’s by-laws at the Company’s registered office, at the website www.dhh.international, section “For Investors” and on the website of Borsa Italiana.
DHH’s shareholders may view such documentation and request copy thereof. The financial reports will be made available to the public as per EGM regulations as well as on the Company’s website.
Comment to the results
In 2025, consolidated revenue reached EUR 41,8 million, up 13% compared to 2024. Growth was well balanced across the group’s geographical footprint. Italy confirmed its position as the core market, contributing 69% of total net sales (EUR 28 million, +15% YoY). Bulgaria accounted for 9% of total net sales, growing by 7% YoY, while Slovenia and Croatia each represented around 8% of the total, in an overall increase of 8%. Switzerland contributed 3% (+15% YoY) and Serbia 2% (+5% YoY).
From a business segment perspective, Cloud Computing remained the largest contributor, generating EUR 14,5 million (36% of total, +2% YoY), showing signs of recovery compared to previous periods, mainly driven by the development of the group’s AI-oriented infrastructure product family. Cloud Hosting delivered a solid performance (EUR 9 million, +6% YoY), while Business Connectivity (EUR 9,5 million, +19% YoY) and Managed IT Services (EUR 1,5 million, +94% YoY) recorded very strong growth, supported in particular by the acquisition of Teknonet in April 2025, which strengthened the group’s positioning in the Managed IT Services segment. Datacenter & Networking revenues increased by 12% to EUR 3,6 million.
With regard to the AI services portfolio, performance indicators are highly encouraging. The GPU segment recorded year-on-year growth in excess of 100%; however, it remains premature to provide a reliable estimate of MRR/ARR, as usage patterns for AI infrastructure services are still evolving. Nonetheless, the overall trend is clearly positive, with month-on-month growth frequently reaching double digits. The breadth of the GPU offering enables the group to address a wide range of underserved niche markets. The Regolo.ai side project did not generate revenues in 2025, as commercial activities have not yet commenced; however, by year-end the platform had reached 500 profiled users, over 70% of whom are active on a daily basis, with a growing acquisition trend, including 50 new users in December alone.
To date, the group has adopted a prudent approach in the communication of results related to its AI business, in order to avoid premature interpretations in a context that is still evolving; however, further disclosures may be provided over the course of the year.
Recurring revenue represented 91% of total revenue, confirming the group’s continued focus on revenue quality and the expansion of its recurring business base.
In 2025, the group reported a consolidated EBITDA of EUR 13,8 million, up EUR 1,8 million (+15%) compared to 2024, with an EBITDA margin of 34% (it was 33% in 2024). Margin performance benefited from a reduction in purchases of raw materials, spare parts and consumables (-9% on a like-for-like basis), mainly due to lower procurement needs.
On the cost side, datacenter services increased to EUR 3,1 million (+5%), driven by higher electricity consumption and a slight increase in energy prices. Network services rose to EUR 2,4 million (+29%), while wholesale services and licenses reached EUR 5,2 million (+10%), reflecting the expansion of recurring revenues, particularly in Cloud Hosting and Business Connectivity. Personnel costs amounted to EUR 8,1 million (+16%), reflecting targeted investments in headcount and compensation across key subsidiaries. Marketing and sales expenses stood at EUR 1,1 million (-2%), while professional services increased to EUR 3,7 million (+15%).
The group’s consolidated net profit amounted to EUR 4,6 million, up EUR 0,9 million (+25%) compared to 2024, with a net profit margin of 11%.
Net Financial Debt improved by EUR 4,4 million (141%) to a net cash position of EUR 1,3 million compared to the end of 2024, mainly driven by strong cash generation and the net effect of M&A activities and capital transactions carried out during the year.
In the month of December, the group also completed a capital increase subscribed by institutional investors at a price of EUR 23 per share, confirming the interest in the group’s development path.
Business outlook
The group is well positioned to continue its growth path, combining solid organic development with a disciplined focus on profitability. At the same time, it is pursuing selected external growth opportunities, both in its core markets and across new areas within the European Union. A strong financial position and a well-diversified revenue base provide resilience and visibility, with no material exposure to insolvency risk or revenue concentration.
Performance in the first months of the current fiscal year confirms a positive momentum, with increasing revenues and solid sales growth across the group. This trend is further supported by the group’s positioning in the “cloud infrastructure for artificial intelligence” segment, where DHH has developed distinctive capabilities and is already capturing market opportunities.
Building on its financial strength, the group will continue to execute its M&A strategy with a selective and disciplined approach, focusing on opportunities that can strengthen its market positioning and support long-term growth. Leveraging its established expertise in financial, commercial and strategic analysis, the group is well positioned to identify and integrate partners with strong cultural alignment, contributing to a consistent and sustainable development path.
Profit allocation in the holding
The financial year ending December 31, 2025 of DHH SpA as a holding closes with a net profit of EUR 2.648.122,70, for which the following allocation is proposed: EUR 7.678,32 to the Legal Reserve; EUR 2.640.444,38 to the Extraordinary Reserve.
Earnings call
Giandomenico Sica (Executive President) and Antonio Baldassarra (CEO) will webcast a discussion about FY2025 results in a conference call with investors and analysts to be held on 23 March 2026 at 3.00 pm CET. Live at the 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
ESG report
DHH has published its new Sustainability Report (ESG). This document details the Company’s approach to addressing the ESG issues deemed most critical by the Company and its stakeholders.
The report, non audited and covering the period from January 1, 2025, to December 31, 2025, has been compiled in accordance with the GRI Standards and aligns with the United Nations Sustainable Development Goals (UN SDGs) as outlined in the 2021 Global Reporting Initiative (GRI Standards).
The full document is accessible online at the Company’s website at www.dhh.international, section “For Investors”.
Valuation of independence in accordance with Article 6-bis of the EGM Issuers’ Regulations
Today, the Board of Directors also conducted the annual assessment of the independence of independent director Paolo Lorenzo Mandelli, verifying, in accordance with Article 6-bis of the Euronext Growth Milan Issuers’ Regulations, the existence of the independence criteria set forth in the Bylaws, also taking into account the quantitative and qualitative criteria of relationships potentially relevant to the evaluation of independent directors, as approved by the new Board on May 7, 2025.