Dba Group Spa · MIL:DBA
Dba Group Spa — Investor Day (October 2026)
43 slides from Dba Group Spa's investor day presentation, Oct 1, 2026
Slide 1: Capital Markets Day
CAPITAL MARKETS DAY 1 October 2026
Slide 2: Important Notice and Disclaimer
IMPORTANT NOTICE AND DISCLAIMER This presentation (the "Presentation") has been prepared by DBA Group S.p.A. (the "Company") solely in connection with the Capital Markets Day organised by Borsa Italiana S.p.A. and is current only as of 28 September 2026. It is provided for informational purposes onl
Slide 3: Agenda
AGENDA 1. GROUP OVERVIEW 2. FINANCIAL HIGHLIGHTS AS OF 06/30/2026 and GUIDANCE 3. STRATEGY & MARKET OPPORTUNITIES A. EXPANDING THE ITALIAN MARKET B. DEVELOPING THE SPANISH MARKET C. OTHER OPPORTUNITIES 4. FINANCIAL TARGETS 5. CLOSING REMARKS
Slide 4: 1. Group Overview
DB 1. GROUP OVERVIEW
Slide 5: DBA Group
DBA GROUP DBA Group is an independent group of companies specialized in Consultancy, Architecture, Engineering and Project Management services and digital solutions focused on lifecycle management for complex buildings and infrastructures ~130 500+ 1100+ 9 35 €M ACTIVE SKILLED COUNTRIES YEARS OF SER
Slide 6: Geographical Presence
GEOGRAPHICAL PRESENCE 17 offices in Italy 10 offices abroad DBA OFFICES PROJECT AREAS 6
Slide 7: A Lifecycle Platform for Complex Buildings & Infrastructures
A LIFECYCLE PLATFORM FOR COMPLEX BUILDINGS & INFRASTRUCTURES DBA ONE PLATFORM WHERE WE OPERATE WHAT WE OFFER Complex infrastructure markets Three integrated service lines Buildings Telecoms AEPM Data Center, Real Estate, Mobile and fixed networks Architecture, Engineering & Project Management Health
Slide 8: Digital & Lifecycle Integration: Where DBA Sits and Why It Matters
WHERE DBA SITS AND WHY IT MATTERS TWO DRIVERS DECIDE THE MARKET. W H AT P U T S D B A T H E R E Digital integrators DBA Group Engineering depth DIGITAL & LIFECYCLE INTEGRATION 01 Engineering, architecture and ICT under one roof Software-led, thin engineering. Multidisciplinary Engineering + Mission-
Slide 9: Focus on European Engineering Market up to 2030
FOCUS ON EUROPEAN ENGINEERING MARKET UP TO 2030 SPAIN EUROPE MARKET · ~4,5% CAGR 2025 -2030 ITALY ≈ +450 USD bn ca 4% CAGR ca 4% CAGR b Rail & airports Infrastructures Renewables SPAIN ITALY Energy grids Positive Outlook Positive Outlook Water Water Urban Data Center development DBA edge expansion &
Slide 10: 2. Financial Highlights 06/30/2026 & Guidance
2. FINANCIAL HIGHLIGHTS 06/30/2026 & GUIDANCE
Slide 11: Value of Production and EBITDA Breakdown
VALUE OF PRODUCTION and EBITDA BREAKDOWN +19,4% +3,1% (€M) 68,1 5,9 6,1 30,4 +40,3% 57,0 +45,8% 20,9 ACTUAL IT* 25,7 2,1 3,0 ACTUAL IT 18,3 ICT ITALY 2,6 ICT ITALY 4,7 0,2 +46,9% 1,1 +36,7% 0,8 0,3 +3,3% (21,1%) 36,6 3,6 35,4 DATA CENTER DATA CENTER 2,8 TELECOM & NETW. TELECOM & NETW. 1H2025 1H2026
Slide 12: 1H 2026: Net Profit and Net Financial Position
1H 2026: NET PROFIT and NET FINANCIAL POSITION (€M) NET PROFIT NET FINANCIAL POSITION (3,8) (4,2) 2,1 2,1 1H2025 1H2026 +10,2% N.F.P/ 1H2025 1H2026 EBITDA 0,3x 0,3x* * Annual basis 12
Slide 13: Net Financial Debt Evolution
NET FINANCIAL DEBT EVOLUTION (€M) (3,8) (4,2) (1,7) 2,5 (0,2) (0,9) FY 2025 FCFO CAPEX DIVIDENDS OTHERS 1H 2026 13
Slide 14: Backlog as of 30/06/2026
BACKLOG AS OF 30/06/2026 BACKLOG MIX EXECUTION TIMING 1H BOOK-TO-BILL RATIO (€M) 38% 51% 153 153 >1.0x 62% 49% 1.0x BREAK-EVEN DBA Actual 2026 2027 onwards Orders > Revenues 153 €M Backlog, balanced delivery and book-to-bill ratio >1 strengthen DBA’s forward visibility 14
Slide 15: Guidance 2026 Confirmed
GUIDANCE 2026 CONFIRMED (€M) Lower Higher Reasons to confirm 134 Value of Production 138 1H better than expected 14,5 EBITDA 15,0 2H historically better than 1H (+25-40%) (2,0) Net Financial Position* (3,0) Better cash flow expected in 2H * To be considered as net debt The forecasts presented herein
Slide 16: 3. Strategy & Market Opportunities
3. STRATEGY & MARKET OPPORTUNITIES
Slide 17: DBA Group Strategy Towards 2030
DBA GROUP STRATEGY TOWARDS 2030 KEY ELEMENTS OF THE LONG TERM STRATEGY 01 02 03 LEAD THE DIGITAL & AI SHIFT STRENGTHEN THE OPERATING BALANCE ORGANIC GROWTH PLATFORM & M&A Act early as AI reshapes the Invest in people, knowledge, data Combine organic expansion with industry—the greater risk is and pr
Slide 18: Strategic Moves: Where We Play and How We Create Value
STRATEGIC MOVES: WHERE WE PLAY AND HOW WE CREATE VALUE FOCUS ON CORE DIGITAL AND AI NEW MARKETS DISCIPLINED GROWTH • Mission-critical • Digital twin, data • Water & Environment • Organic growth in infrastructures and platforms, monitoring • New initiatives in domestic markets buildings • AI in clien
Slide 19: Markets Behind the Plan
MARKETS BEHIND THE PLAN TODAY IN ADDITION TO THE CORE Markets we serve Markets we enter Core positions pulled by technology, decarbonisation, New businesses added on top of the markets on the network renewal and regulation left — not a replacement Data Center Infrastructure & logistics + Water & Env
Slide 20: DBA's Digital AI Transformation Creates One Scalable Operating Platform
DBA'S DIGITAL Ai TRANSFORMATION CREATES ONE SCALABLE OPERATING PLATFORM DBA turns project data into one governed operating record PROJECT DATA Phased over Hours • Progress • Documents 60 months ONE CERTIFIED PROJECT RECORD Business-owned • Data-governed TOTAL CAPEX ≈ 4€M CONTROL TOWER LIFECYCLE SERV
Slide 21: 3A. Expanding the Italian Market
3A. EXPANDING THE ITALIAN MARKET
Slide 22: How We Grow in Italy: The Journey to 2030
THE JOURNEY TO 2030 Two growth engines lead. Selective expansion in mature marktes and new lines open from zero 2026 - 2030 NEW ADDITIONS SELECTING MARKET OPPORTUNITIES GROWTH ENGINES New lines Buildings From zero Industrial, Pharma and Healthcare Data Center How we grow in • Water & Environment AI
Slide 23: Data Center
DATA CENTER An unprecedented expansion phase AI and hyperscale cloud drive a supercycle. Campuses above 10 MW reshape who engineers computing Edge moves to the front POP and Edge sites follow telecom rebuilds and exchange decommissioning, next to the end user Clients buy certified engineering design
Slide 24: Energy Transition
ENERGY TRANSITION Grids become recurring infrastructure Renewables, resilience and EU policy turn TSO/DSO reinforcement into a funded program Mobility switches current MCS corridors and e-bus depots replace the declining traditional mobility business DBA NOVA: STRATEGIC MOVE UPSTREAM Originate and s
Slide 25: Buildings
BUILDINGS Complexity is the moat Hospitals, white rooms, life sciences and senior housing need ESG-compliant engineering few independents can certify Demography does the selling An ageing population and scarce specialised care capacity keep the healthcare pipeline full Upselling the lifecycle ESG, B
Slide 26: Transport Infrastructure
TRANSPORT INFRASTRUCTURE Ports become the anchor New Ports, Terminal expansion and rehabilitation, intermodality and cold ironing make maritime nodes long-cycle engineering clients Airports open a new line A new aviation engineering practice starts in 2027. It extends transport beyond road and ports
Slide 27: Telecom & Networks
TELECOM & NETWORKS A mature market, not a lost one Fixed-network volumes have peaked. Value sits in mobile, 5G standalone and quality of service Engineers change network Telecom expertise can extend into energy distribution networks. Same discipline, growing market Maintenance needs Digital Digital
Slide 28: Business That Did Not Exist in 2025
FROM ZERO 01 Water & Environment Regulated, inelastic market: leakage, smart metering, treatment upgrades 02 Energy distribution networks Fiber network discipline, applied to electricity 03 Data Center & Mission Critical Buildings Commissioning services launched in Spain, exportable in Italy 04 Airp
Slide 29: 3B. Developing the Spanish Market
3B. DEVELOPING THE SPANISH MARKET
Slide 30: How We Grow in Spain: The Journey to 2030
THE JOURNEY TO 2030 We start from our data center core, build two new lines ourselves, then scale up by acquisition 2026 - 2030 What we acquire What we build How we grow in Our core today Commissioning from zero, plus electric Buildings (Industrial), electric energy and Data center. AEPM Spain compl
Slide 31: What Has to Be True in Spain
EXECUTION: THREE LEVERS WE CONTROL Industrialised delivery Compliance as an asset Pipeline governance Italian Mission Critical division Group-wide compliance Spanish steering on pipeline, and Albanian BIM Factory: oversight across all support backlog, delivery quality and shared BIM, specialist func
Slide 32: The Spanish Market: Data Centre Capacity by 2030
2,537 MW of data centre capacity by 2030, roughly 6X the capacity in 2025 Capital is already committed A capex wave in energy, data centres, industrial, logistics and tourism assets. A fragmented competitive base 157 engineering firms in Spain. Beyond nine incumbents, the mid-tier is wide open. The
Slide 33: 3C. Other Opportunities
3C. OTHER OPPORTUNITIES DB
Slide 34: International: Four Areas, One Export Model
FOUR AREAS, ONE EXPORT MODEL BALKANS CAUCASUS & MENA OTHER EUROPEAN CENTRAL ASIA AND INTERNATIOINAL MARKETS HOW IT WORKS IN PRACTICE What is exported, How it is delivered Who funds the work and why now EBRD, EIB, World Bank, Local partners produce INTERNATIONAL AEPM engineering, consulting and digit
Slide 35: Slovenia: Perspectives up to 2030
SLOVENIA: PERSPECTIVES UP TO 2030 Clear demand drivers across cloud, ports, enterprise software and cybersecurity CLOUD & IT PORT DIGITALISATION SAP CYBER SERVICES (EBS) MODERNISATION RESILIENCE Enabler SaaS 2–4 + 2–4 24/7 SUPPORT ACTIVITY RECURRING MODEL CLOUD + MIGRATION PROJECTS / YEAR ALWAYS-ON
Slide 36: 4. Financial Targets
4. FINANCIAL TARGETS DB
Slide 37: A Disciplined Plan Balanced Across Strategic Drivers
A DISCIPLINED PLAN BALANCED ACROSS STRATEGIC DRIVERS DIGITAL-FIRST CAPEX INTERNATIONAL GROWTH FINANCIAL DISCIPLINE STRATEGIC FRAMEWORK CORE ASSUMPTIONS ACTUAL IT INSIDE THE PERIMETER M&A FOCUSED ON ITALY and SPAIN Each assumption reinforces Group’s capital allocation and growth framework 37
Slide 38: Value of Production Growth 2025–2030
VALUE OF PRODUCTION GROWTH 2025–2030 CAGR 5.5%–6.5% Evolution of the Group's scale and mix (€M) 220–230 170–180 The Group is expected to add approximately 130 +≈50 €90–100M in value of production through +40–50 organic growth and selective acquisitions. The mix is expected to shift toward Spain, Mis
Slide 39: EBITDA Growth Bridge 2025–2030
EBITDA GROWTH BRIDGE 2025 – 2030 27 - 28 (€M) WHAT DRIVES THE UPLIFT M&A HIGHER-VALUE MIX Data Center, Energy Transition and 19 - 20 Infrastructure increase the share of higher-margin work DIGITAL LEVERAGE 14 AI, automation and knowledge reuse lift productivity per employee CAGR 6,0 – 7,0% SCALE & S
Slide 40: Free Cash Flow Fuels Disciplined Capital Allocation
FREE CASH FLOW FUELS DISCIPLINED CAPITAL ALLOCATION CAPITAL ALLOCATION PATH GENERATE PROTECT INVEST RETURN FREE CASH › RESILIENCE › GROWTH › SHAREHOLDERS FLOW DEPLOYABLE CAPITAL STRONG BALANCE GROWTH PLATFORM NORMALIZED SHEET DIVIDENDS Significant free cash flow Full respect of Organic priorities an
Slide 41: 5. Closing Remarks
5. CLOSING REMARKS DB
Slide 42: Growth, with Discipline
GROWTH, WITH DISCIPLINE. STRONG SPAIN AT MORE DIGITAL FINANCIAL MARKETS SCALE VALUE LEVERAGE DISCIPLINE Data center and A second home More services across Volumes grow faster Net Debt/EBITDA stays energy lead growth market, built the asset life cycle than overheads below 1.5x organically and through
Slide 43: Q&A
Q&A