Dhh S.p.a · MIL:DHH
Dhh — Investor Presentation (March 2026)
18 slides from Dhh's investor presentation, March 2026
Slide 1: Next Generation Internet Infrastructure
Next Generation Internet Infrastructure FY2025 Results & Strategic Overview Investor Presentation March 2026
Slide 2: Investment Case at a Glance
Investment Case at a Glance Profitable, Cash-Generative Internet Infrastructure Platform Total revenue EBITDA Net Profit Recurring Revenues €41,8M +13% €13,8M +15% €4,6M +25% > 90% EBITDA Net Debt / EBITDA Acquisitions Completed Employees > 80% < 0, net cash 20+ ~200 Operating Cash Flow conversion A
Slide 3: What We Do
What We Do DHH operates the digital infrastructure that keeps SMEs and digital-native companies online. Our customers rely on DHH to: Run their websites and e-commerce platforms Host business software and internal applications Store and manage corporate data and email Connect offices and employees s
Slide 4: Operating in Expanding and Fragmented Infrastructure Markets
Operating in Expanding and Fragmented Infrastructure Markets DHH operates in essential digital infrastructure segments serving SMEs and digital-native companies. Market opportunity Core segments Structural drivers European cloud computing: • Cloud and computing infrastructure • Ongoing migration fro
Slide 5: Recurring, Sticky and Embedded Revenue Model
Recurring, Sticky and Embedded Revenue Model Subscription-Based Infrastructure Services: Recurring Revenues Predominantly annual Thousands of diversified > 90% contracts with automatic renewal B2B customers Top customer Multi-service < 2% of total revenue Negative net churn rate integration per clie
Slide 6: Competitive Landscape & Positioning
Competitive Landscape & Positioning DHH operates within a competitive DHH differentiates through: landscape composed of: ✓ Integrated multi-service infrastructure • Global hyperscalers ✓ Close to the customer approach • National telecom operators ✓ Embedded, high-switching-cost customer relationship
Slide 7: 10-Year Financial Evolution
10-Year Financial Evolution Revenue & EBITDA evolution: Growth driven by: • Consistent mid- to high-single-digit organic 40,3 expansion FY 2016: Revenue €3,9M | EBITDA €0,4M • Selective, accretive acquisitions 35,9 FY 2025: Revenue €41,8M | EBITDA €13,8M • Post-acquisition margin normalization 33,7
Slide 8: Diversified and Broad-Based Growth
Diversified and Broad-Based Growth FY 2025 Other Switzerland Datacenter & Bulgaria Networking Serbia € 3,7 € 3,5 € 1,1 Managed IT vs €2,5 vs €3,3 vs €0,9 Cloud € 0,9 Services € 3,6 Computing Croatia vs €3,2 vs €0,8 € 14,5 € 3,4 € 1,5 vs €14,2 vs €3,4 vs €0,8 Revenue by Revenue by Segment € 3,4 Geogr
Slide 9: AI Infrastructure as Disciplined Optionality
AI Infrastructure as Disciplined Optionality AI infrastructure is a natural extension of DHH’s cloud and datacenter capabilities. Current positioning: Performance: • GPU-based cloud infrastructure ✓ AI-related revenues growing ~100% YoY • AI-ready hosting environments ✓ Still limited share of total
Slide 10: Cash Generation & Financial Structure
Cash Generation & Financial Structure Strong Cash Financial Free cash flow Conversion: Structure: supports capital Net Cash €1,5M allocation: EBITDA €13,8M Net Debt / EBITDA negative • Selective acquisitions with cash- flow accretion Operating Cash Flow €11,1M • Opportunistic share buybacks EBITDA →
Slide 11: Operating Model: Decentralized Execution
Operating Model: Decentralized Execution DHH combines entrepreneurial autonomy with structured governance. Holding level: Operating subsidiaries: • Capital allocation framework • Local management continuity • Financial control and reporting • Direct customer relationships • Risk management • Commerc
Slide 12: Group Structure
Group Structure DHH SpA Public company CLO UD HO ST ING PRO VIDERS Evolink EAD B2B INTERNET SERVICE CLO UD CO MPUT ING Bulgaria – 100% MANAGED SERVICES DHH Switzerland SA Seeweb Srl Tophost Srl Teknonet Srl PRO VIDERS PROVIDERS Switzerland – 100% Italy – 100% Italy – 100% Italy – 60% Connesi SpA Ita
Slide 13: Organic Growth Drivers
Organic Growth Drivers DHH grows organically through three repeatable levers executed at operating company level: Expansion within Acquisition of Development of new existing customers new customers products and services Increasing ARPU through Growth within existing Selective expansion of service up
Slide 14: Disciplined and Repeatable M&A Framework
Disciplined and Repeatable M&A Framework DHH acquires and develops infrastructure businesses across complementary verticals. Target characteristics: Transaction model: • Recurring revenue base • Majority stakes (typically 51–60%) • Cash-generative profile • Management alignment through earn-outs • S
Slide 15: Operating Improvement Across Acquired Platforms
Operating Improvement Across Acquired Platforms Operating Value Creation Across Portfolio Companies Dividends 2025 to be Company Book value EBITDA '25 Net profit '25 Net Financial Position Dividends distributed distributed 1.852.904 € 883.918 € 492.865 € -1.115.397 € 2.152.424 € 494.409 € 1.368.476
Slide 16: Long-Term Financial Objectives
Long-Term Financial Objectives Management focus: Double-digit revenue EBITDA growth Recurring revenue Stable to gradually growth over the cycle exceeding revenue structurally above improving EBITDA • Mid-to-high single-digit growth over time 90% margins organic growth • Complemented by selective, ac
Slide 17: Governance & Shareholding
Governance & Shareholding Board of Directors: Giandomenico Antonio Tamara Matija Sica Baldassarra Arduini Jekovec Executive President Chief Executive Officer Chief Financial Officer Chief Operating Officer Responsible for group strategy, Responsible for overall group Responsible for financial Respon
Slide 18: Stock details, Financial calendar, Contacts
Stock details Financial calendar Contacts List of parties • Listing Euronext Growth Milan • April 29, 2026 Address: • Euronext Growth Advisor Shareholders’ meeting, on first call, via Caldera 21, 20153 Milan EnVent Italia SIM S.p.A. approving the Financial Statements • ISIN ordinary shares IT0005203