Dominion Hosting S p A : Consolidated Condensed Interim Report as at 30 June 2025

Prepared in accordance with IAS/IFRS principles. All amounts in Euro.

TABLE OF CONTENTS

CORPORATE BODIES 3

STRUCTURE OF THE GROUP 4

BOARD OF DIRECTORS REPORT 10

Introduction 11

Section A: Significant events during the semester 26

Section B: Principal risks 28

Section C: Related party transactions 31

Section D: Labour & Environment 32

Section E: Evolution, performance and position of the Company and Group 33

Section F: Significant events between the end of the semester and publishing of this report 35

Section G: Business Outlook 36

Section H: Corporate Governance 37

GROUP CONSOLIDATED FINANCIAL STATEMENT AS AT 30 JUNE 2025 41

Consolidated Financial Statements 42

Notes to Financial Statements 51

Consolidation Principles 55

Evaluation Criteria 55

Other Information 55

Scope of Consolidation 57

Notes to the Consolidated Financial Statements 58

CORPORATE BODIES

Executive Chairman: Giandomenico Sica Executive Director: Matija Jekovec

Executive Director: Antonio Domenico Baldassarra Executive Director: Tamara Arduini

Non-executive Director: Emanuela Compagnone Independent Director: Paolo Lorenzo Mandelli

Chairman: Umberto Lombardi

Statutory Auditors: Pierluigi Pipolo, Stefano Pizzutelli

Auditing firm: BDO Italia S.p.A.

STRUCTURE OF THE GROUP

Tophost Srl

Piazza della Liberta, 10, 00192 Rome, Italy

VAT ID: IT08163681003

WEBTASY d.o.o.

Dunajska cesta 110,

1000 Ljubljana, Slovenia VAT ID: SI38077736

Plus Hosting Grupa d.o.o.

Nobileova 20,

52100 Pula, Croatia VAT ID: HR25444746329

System Bee d.o.o.

Nobileova 20,

52100 Pula, Croatia VAT ID: HR44118711367

mCloud d.o.o.

Kralja Milutina 55, 11102 Grad Beograd, Serbia

VAT ID: RS110525087

DHH Spa

Via Caldera 21,

20153 Milano Italy VAT ID: IT09150720960

DHH Switzerland SA

Via Motta 18 c/o Arifida sa, 6830 Chiasso, Switzerland VAT ID: CHE 227758591

Seeweb Srl

Via Armando Vona, 66 03100 Frosinone, Italy VAT ID: IT02043220603

Warian Srl*

Via Dei Due Principati 17, 83025 Montoro (AV), Italy

VAT ID: IT02043220603

Evolink Ead

Barzaritsa Str. 16V, 1618 Sofia, Bulgaria VAT ID:BG131350551

Connesi Spa

Via IV Novembre 12

06034 Foligno (PG), Italy VAT ID: IT02679370540

Teknonet Srl

Via dell'Industria 73

63033 Monteprandone (AP), Italy

VAT ID:01833600446

*Warian S.r.l. is not included in the consolidated area, it is an associated company of Seeweb S.r.l.

The holding company acting as a governing entity providing business and administrative support to portfolio companies. DHH S.p.A. is listed on Euronext Growth Milan (EGM) since 2016.

Stock Price Performance period 1st January 2025 - 30 th June 2025

Source: Il Sole24ore Borsa

Warrant Price Performance period June 2025

100% controlled by DHH S.p.A.

Established in 2004 with a goal of becoming a major Italian player in the "mass" web hosting industry. In a short period of time, the company gained a notable position in the market providing entry-level web hosting services.

Tophost joined DHH in 2015 and today offers comprehensive and innovative solutions at competitive prices to more than 48.000 customers across Italy.

In January 2023 Tophost finalized the acquisition of the business line "Misterdomain", well established player of the

Italian hosting market, vaunting over 31.000 domains under management.

100% controlled by DHH S.p.A.

Acquired in October 2015, Webtasy d.o.o (until 28th December 2021 named DHH.si d.o.o) operates under three brands

- Domovanje, Domenca (acquired in 2012) and Si-Shell (acquired in December 2019).

It has been the leading player on the local market in the last 20+ years, serving 32.000+ customers and holding cac. 30% market share with over 76.000 registered domains. Webtasy brands offer domain registration, web hosting and cloud services. Their focus is developing high-performance managed solutions for the SMB market.

In March 2023 Webtasy completed the acquisition of Hosterdam, a business unit of Stork R d.o.o., a Slovenian shared hosting and domain registration provider. Hosterdam has ca. 450 active shared hosting packages and ca. 1.360 registered domains.

100% controlled by DHH S.p.A.

Plus Hosting Grupa d.o.o. (until 13 April 2022 DHH d.o.o.) Established in 2001 as IT Plus d.o.o. and later renamed to Plus hosting d.o.o., the company joined DHH in 2015. Following the repositioning of the company on the market, completing acquisitions of local competitors, and spinning off one of the business activities into a separate company, the Croatian entity is today the largest local player recognized for its technical expertise and high-quality customer service. The three proprietary brands (Plus hosting, Studio4web, Infonet) provide a broad array of services, from low-cost hosting solutions to managed hosting services addressed to high-end customers. In 2021, Plus Hosting Grupa

acquired a competitor Optima Hosting which was a provider with over 10 years of experience in web hosting and serving 5.600 clients in Croatia. The company is also the only Croatian company that has been successfully operating on the Bosnian market for over 8 years.

100% controlled by DHH S.p.A.

Owner of the brand Artera, part of DHH since May 2017, the Swiss company provides high-end services, mainly addressed to customers requiring high reliability and technologically advanced web hosting services. Founded in 2002, Artera boasts twenty years of experience in the sector, growing together with its team and integrating a specialized staff that has allowed the company to obtain the main international certifications and be a partner of countless companies on the web. The team is guided by the same vision: to offer a service of the highest quality in the name of cutting-edge technology.

100% controlled by DHH S.p.A.

Croatian company established back in 2018 as a spin-off of DHH d.o.o. focused on managed services for web hosting for extreme high availability.

System Bee is operating under the brand Sysbee and is made up of a group of system and DevOps engineers designing, building, monitoring and maintaining several high profile Croatian and international media and e-commerce sites. It currently counts ca. 80 active clients.

In May 2024 DHH S.p.A. performed the acquisition of the minority stakes in System Bee.

100% controlled by DHH S.p.A.

Serbian cloud computing provider founded in March 2018, and part of DHH since October 2018. The company is focused on delivering advanced hosting services and manages two brands, Plus Hosting and mCloud, each targeting different customers.

100% controlled by DHH S.p.A.

Italian based cloud computing company providing cloud computing alongside specialized infrastructure for artificial intelligence based on GPU and NPU, as well as a wide range of additional datacenter services such as housing, and colocation, The company is operating six physical datacenters. The company is part of DHH Group since November 2020 following a reverse takeover transaction.

100% controlled by DHH S.p.A.

Established in 2004 and based in Sofia (Bulgaria), with its team of approximately 40 employees is one of the largest "Infrastructure-as-a-Service" (IaaS) providers in Bulgaria active in Cloud Computing, Cybersecurity, and Data transport services provisioning, managing two data centers, located in Sofia and with points of presence around Bulgaria and Europe. The company is also operating live streaming services and infrastructure and video on demand solutions for largest media companies in Bulgaria. The customer portfolio includes large companies and telecom operators.

On 15th July 2025 DHH completed the acquisition of the remaining 40% stake in Evolink Ead.

100% controlled by DHH S.p.A.

Connesi is an independent provider in the field of Internet Access (via optical fiber - both owned and leased - and fixed wireless network), VOIP, and Cloud Computing, active mainly in Umbria and also present in other Italian regions (e.g. Tuscany and Marche). Connesi is focused on the premium B2B market, with approximately 35 employees and 3.000 customers including top tier corporations and public administrations entities.

45% owned by Seeweb S.r.l.

45% owned by Seeweb, Warian is a B2B Internet Service Provider (ISP) that offers reliable, high-performance data connectivity and cloud computing products via its own marketplace platforms. Established in 2010, it boasts a network with more than 50 wholesale partners. The company reported total revenues of ca. 2M EUR in 2024.

Warian is consolidated in DHH's financial statements with the equity method.

60% owned by DHH S.p.A.

On 16th April 2025 DHH S.p.A. performed the acquisition of 60% of the company. Teknonet S.r.l. is an Italian mid-size ICT provider that designs, builds, and operates secure data-center facilities and delivers a full suite of cloud, colocation, and managed-service solutions to enterprises, public bodies, and telecom operators primarily in the Marche region and across central-southern Italy.

The company is a Managed Service Provider (MSP), a B2B company that remotely manages the customers IT infrastructure and connectivity on a proactive basis, typically under a subscription model.

INTRODUCTION

DHH S.p.A. is a tech group dedicated to reshaping internet infrastructure through the integration of next-generation technology and artificial intelligence.

Based in Europe, the company leverages open-source technologies to enhance digital connectivity across various industries and regions. With a commitment to continuous research and open innovation, DHH aligns technological progress with stringent data privacy standards.

This approach promotes technological excellence while safeguarding individual privacy, aiming to position the company as a relevant player in the evolution of global internet infrastructure.

• Ten independent and autonomous businesses under management and one not consolidated, with a geographic presence in the Mediterranean Area (Italy, Italian Switzerland, Slovenia, Croatia, Serbia, Bulgaria);

• Wide and top-quality offer portfolio to meet most demanding customers, with almost all solutions which are based on subscriptions with a minimum duration and automatic renewal;

• Extensive physical and network infrastructures, with both the internet backbone and datacenters connected to each other and to other Italian and foreign PoPs through optical fiber rings, allowing the Group to take significant advantages, among all to apply competitive prices;

• Highly scalable and profitable business model, featured by a high incidence of recurring revenue and client retention, at roughly 96%, with many clients remaining with DHH for years, notwithstanding the original contract duration;

• In-house development of cutting-edge technologies, together with an open innovation approach in finalizing corporate venture capital deals, investing as "angel" in most promising start-ups, like Docebo, the well-known e-learning platform worth ca. US$1,5bn at peak, in which the Group (Seeweb) invested 150K EUR back in 2006, with a profitable exit in 2015;

• In-depth and proven capabilities of turning around and up-scaling acquired assets (eighteen acquisitions since foundation);

• Buoyant financials figures, typical of a cloud computing company and characterized by i) fast growing profile (Total Revenue at ca. 20,1M EUR, + ca. 9% YoY vs. H12024), ii) capital structure not too heavy, (ca. 4,6M EUR of Net Debt), iii) best-in class profitability (EBITDA Margin steadily at 34% level) and iv) sound cash flow generation with a very high OpFCF/adjEBITDA ratio of 99%;

• Clear and visible growth ahead, expected to keep pushing on business acceleration and innovation, with the aim of increasing ARPU, widening product portfolio and trying to further exploit M&A opportunities.

THE MARKET

As the global economy continues to digitize, the interconnected markets for cloud computing, cloud hosting, business connectivity, and data centers are rapidly evolving.

These markets are essential in supporting digital infrastructure, enabling businesses to achieve greater scalability, efficiency, and security.

Cloud computing is now a fundamental aspect of modern IT infrastructure, offering businesses flexibility, scalability, and cost-efficiency. It encompasses three primary service models: Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS). These models cater to various needs, from providing virtualized computing resources to delivering software applications online. The market includes public, private, and hybrid cloud deployments, with hybrid clouds gaining popularity due to their ability to optimize existing infrastructure. As cloud adoption grows across industries, security and compliance have become critical concerns, driving providers to continually enhance their protective measures.

The cloud computing market is projected to sustain its growth, driven by the rising adoption among small and medium-sized enterprises (SMEs), the innovation of cloud-based solutions by the next generation of independent software vendors, and the initiation of new cloud-based projects by system integrators.

The Group is already present in the area of the infrastructure of artificial intelligence based on GPUs through the

Group's company Seeweb and a significant adoption trend is being showed thanks to relevant deployments.

The cloud hosting market has expanded as businesses move online, seeking reliable and scalable solutions for hosting websites and applications. Unlike traditional hosting, which relies on single servers, cloud hosting distributes resources across multiple servers, enhancing performance and reducing downtime. This model allows businesses to scale resources according to demand, offering significant cost savings, particularly for SMEs. Security remains a key aspect, with cloud hosting providers offering robust measures to protect against cyber threats.

The market is poised for further growth, driven the development of digital economy and commerce.

Business connectivity is crucial for ensuring seamless communication and data exchange across locations. The demand for robust, high-speed, and secure connectivity has grown alongside the rise of digital solutions. This market includes services such as broadband internet, VPNs, and dedicated Ethernet, all essential for supporting enterprise operations. As businesses adopt bandwidth-intensive applications like video conferencing and big data analytics, the need for fast and reliable internet access increases. Security is a significant concern, leading to investments in secure connectivity options. Software-defined networking (SDN) and network function virtualization (NFV) are key trends, offering greater flexibility and efficiency in managing networks.

The expansion of 5G networks is also expected to drive innovation, enabling new use cases in IoT, smart cities, and digital factories.

Managed IT services have become an essential pillar for businesses aiming to enhance operational efficiency and focus on core objectives. By entrusting IT management-such as network monitoring, cybersecurity, and cloud operations-to specialized providers, organizations benefit from expert support, scalability, and cost predictability. The surge in digital transformation, cloud adoption, and remote work has fueled demand for managed solutions tailored to hybrid and multi-cloud environments. Security considerations are at the forefront, with providers delivering end-to-end protection, compliance support, and real-time threat monitoring to address escalating cyber risks. Meanwhile, the integration of AI and automation optimizes resource allocation and accelerates issue resolution, enabling businesses to adapt quickly to evolving technology landscapes. In 2025, trends such as outcome-based contracts, a focus on sustainability and ESG compliance, and solutions designed for remote and flexible work underscore the continued evolution of managed IT services, positioning them as a strategic asset for modern enterprises.

Data centers are the backbone of the digital economy, housing the infrastructure necessary for data storage and processing. As businesses migrate to cloud environments, the demand for scalable and secure data centers grows. Key drivers include the need for data storage, processing power, and energy efficiency, driven by trends such as big data, AI, and IoT. Networking is equally important, enabling efficient data movement between data centers and end-

users. Innovations like SDN and NFV are transforming the landscape, allowing for more flexible and efficient network management. The rise of 5G will further impact data centers, driving the need for edge computing to reduce latency and improve performance. Security and sustainability are also critical, with a focus on reducing energy consumption and protecting sensitive data.

These interconnected markets are pivotal for modern enterprises, providing the infrastructure necessary to support digital operations and communication. As businesses continue to embrace digital transformation, the demand for advanced, scalable, and secure solutions in cloud computing, hosting, connectivity, and data centers will continue to drive innovation and growth across these sectors.

GROWTH STRATEGY

DHH's growth strategy is centered on strategic acquisitions and organic expansion, aiming to create a cohesive ecosystem of independent businesses. The company acquires businesses while ensuring they retain their brand and operational independence, allowing them to benefit from DHH's resources while preserving their market strengths. Key principles of DHH's acquisition strategy include fair valuations, incentivizing existing management to stay, and optimizing operations to enhance profitability.

Post-acquisition, DHH focuses on streamlining costs, implementing robust management systems, and improving financial transparency to boost overall performance. This approach is particularly beneficial for small and medium-sized enterprises (SMEs), which often lack sophisticated cost management practices. By refining these processes, DHH helps these businesses become more competitive and efficient.

On the organic growth side, DHH emphasizes increasing the average revenue per user (ARPU) by promoting premium products and services that offer higher value. The company fosters innovation within its portfolio businesses, encouraging them to stay ahead of technological trends by developing proprietary solutions that meet evolving customer needs. For example, DHH introduced the Cloud Server GPU, a product tailored for generation-AI applications, showcasing its commitment to innovation and helping its businesses maintain a competitive edge.

Additionally, DHH enhances the go-to-market strategies of its portfolio companies by establishing strategic partnerships with web agencies, system integrators, and software houses. These partnerships accelerate growth, improve market penetration, and increase customer retention, thereby expanding the customer base and solidifying the companies' market positions.

DHH's strategy ultimately aims to transform small companies into significant industrial players. By offering expert support, driving cost and revenue synergies, and enhancing resources and capabilities, DHH empowers local tech pioneers to scale effectively. The company's strategic guidance, technological solutions, and marketing expertise provide a solid foundation for sustained growth and long-term success.

The M&A strategy at DHH focuses on creating value through expansion deals that significantly increase the intrinsic value of acquired companies shortly after the acquisition. These deals are carefully structured to ensure that

entrepreneurs remain incentivized to continue driving growth post-acquisition. DHH also emphasizes accurate cost and investment classification to maintain transparency and investor confidence, which is crucial for informed decision-making and driving further growth.

In summary, DHH's growth strategy effectively combines the strengths of strategic acquisitions with the benefits of organic growth. By nurturing an ecosystem of independent yet synergistic businesses, DHH creates a robust platform for continuous value creation. The company's commitment to fair valuations, cost optimization, management improvements, and innovation positions it to capitalize on opportunities in the cloud computing and digital services sectors. As DHH continues to implement its strategy, it is well-positioned to transform its portfolio companies into leading industrial players, ensuring sustained growth and success across the markets it serves.

FINANCIAL HIGHLIGHTS

Consolidated Revenues evolution H 1 2023 - 2025

Consolidated EBITDA evolution H 1 2023 - 2025

Consolidated Net Profit evolution H 1 2023 - 2025

Consolidated Revenue breakdown by country H 1 2025

Consolidated Net Financial Position evolution 2023 - 2025

Consolidated Net Equity evolution 2023 - 2025

KEY FINANCIAL DATA

In accordance with the ESMA recommendation on alternative performance measures (ESMA/2015/1415), as implemented by Consob Communication No. 0092543 at December 3, 2015, the Group is used to monitor and report its operating and financial performance, with some or all of the Alternative Performance Measures outlined below.

It should be noted that these Alternative Performance Measures are not identified as accounting measures under international accounting standards, and their calculation is not regulated by the main reference accounting.

As such, the criteria used by the Group may not be identical to those used by other companies and therefore cannot be used for comparative purposes.

VALUE ADDED indicates the difference between revenue and cost of goods sold (COGS).

EBITDA indicates earnings before interest, taxes, depreciation and amortization or fixed assets and write-down of receivables. Therefore, EBITDA represents the operating margin before choices in amortization policy and assessing trade receivables. EBITDA, as defined above, represents the index used by the Group's directors to monitor and assess business trends.

EBITDA Margin measures the Group operating profitability as a percentage of consolidated revenues reported in the year and is defined as the ratio between EBITDA and Net Sales.

EBITDA Adjusted indicates EBITDA without considering the impact of non-recurring revenues and costs.

Adjusted EBITDA Margin measures the Group operating profitability as a percentage of consolidated revenues reported in the year and is defined as the ratio between Adjusted EBITDA and Net Sales.

EBIT indicates earnings before interest and taxes. Therefore, EBIT represents the year's results before third party and treasury share dividend distribution. EBIT, as defined above, represents the index used by the directors of the Group to monitor and assess business trends.

EBITDA Margin measures the earning capacity of Group sales. It is calculated as the ratio between EBIT and Net Sales.

EBIT Adjusted indicates EBIT without considering the impact of non-recurring revenues and costs and of non-operating items such as the amortization of assets recorded only in compliance of civil and fiscal principles.

Adjusted EBIT Margin measures the earning capacity of Group sales. It is calculated as the ratio between Adjusted EBIT and Net Sales.

Adjusted Net Profit (Loss) is calculated as the Net Profit (Loss) for the period, without considering the impact of non-recurring revenues and costs and of non-operating items such as the amortization of assets recorded only in compliance of civil and fiscal principles, and the related tax effects on the excluded items.

Net Working Capital is calculated as the difference between current assets and liabilities without financial assets and liabilities. It should be noted that such data has been established in accordance with Recommendation CESR 05-054b of 10 February 2005, as modified on 23 March 2011, "Guidelines for the Consistent Implementation of the European Commission's Regulations on Prospectuses".

Net Capital Invested is calculated as the algebraic sum of the Net Working Capital, assets and long-term liabilities.

Net Financial Position is a valid measure of the Group financial structure. It is calculated pursuant to ESMA32-382-1138 Guidelines on disclosure requirements under the Prospectus Regulation 04/03/2021, par. 1775.

EBITDA Cash Conversion Rate indicates the ratio between Operating cash flow and EBITDA. This ratio assesses the efficiency of the Group to turn the EBITDA into cash.

In the first half of 2025, consolidated revenues amounted to 19,6M EUR, up 9% compared to the same period of 2024. From a geographical perspective, growth was well balanced across the Group's footprint, with Italy confirming its role as the main market, contributing 69% of total net sales (13,5M EUR, +10,5% YoY). Positive performances were also recorded in 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 7,2M EUR (35,8% of total,

+2,0% YoY), showing a trend of recovery compared to previous periods, mainly driven by the development of the Group's infrastructure product family for AI. Cloud Hosting (4,6M EUR, +7,1%) posted a solid performance, while Business Connectivity (4,5M EUR, +16,2%) and Managed IT Services (0,6M EUR, +74,2%) 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 9,5% to 1,8M EUR.

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 6,7M EUR, up 0,7M EUR (+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 1,3M EUR, mainly due to lower procurement needs.

Conversely, datacenter services increased to 1,5M EUR (+15%), driven by higher electricity costs mainly linked to increased energy consumption and to a slight rise in energy prices. Network services grew to 1,1M EUR (+23%), while wholesale services and licenses rose to 2,6M EUR (+10%), reflecting the expansion of recurring revenues particularly in the Cloud Hosting and in the Business Connectivity segments. Personnel costs reached 3,8M EUR (+11%), reflecting targeted increases in headcount and compensation across some key subsidiaries. Marketing and sales services amounted to 0,6M EUR (+3%), while professional services increased to 1,8M EUR (+13%).

The Group's consolidated net profit stood at 2,3M EUR, up 0,3M EUR (+13%) compared to the same period of 2024, with the net profit margin reaching 12%.

1. The item refers to employee termination benefits.

2. The item refers to professional costs related to the acquisition of 60% of Teknonet.

The Net Financial Debt increased by 1,5M EUR (+48%) to 4,6M EUR since the end of 2024, mainly due to the acquisition of Teknonet: the total value of the operation amounted to 5,6M EUR, including the costs related to the transaction; the purchase price for the acquisition of 60% has been paid entirely in cash through a credit line with a primary bank institution for 5,0M EUR with a preamortization period.

The Net Financial Debt includes Group liquidity of 16,5M EUR, current financial debt of 6M EUR (of which 2,5M EUR relates to current lease liabilities), and non-current financial debt of 15,2M EUR (of which 4,2M EUR refers to non-current lease liabilities).

Lease debts related to IFRS 16 are mainly due to new investments and renewals of infrastructures.

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.

14 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.

According to article 2086, paragraph 2, it has been noted that the administrative and accounting structure is appropriate to the nature and size of the Group, for the purpose of timely detecting a business crisis and the loss of going-concern.

Disclosure relative to risks and uncertainties pursuant to article 2428, paragraph 2, no. 6-bis, of the Italian Civil Code.

The company is potentially exposed to the following relevant risks.

INTERNAL RISKS

Although the key persons of the Company have a multi-year professional experience in the IT field and all subsidiaries have recorded a steady and intense development in recent years, there is no guarantee that the future growth goals of the Company can be achieved or that the Company, as a holding company, will be able to record the growth rates which the individual subsidiaries have recorded in previous years, also in the light of the fact that the Company will have to face typical risks and difficulties of companies with recent operational history which might cause adverse effects on its economic, equity and financial situation.

The success of the Group depends on some of its key managers who, thanks to solid experience and skills, have played over time a key role in the management of the Group, contributing significantly to the development of the Group's activities. It should be noted that the key persons of the Group continue to work within the Company.

Although the Group has an operating and managerial structure capable of ensuring continuity in the management of the Group's business, termination of the professional contribution brought by one or more key persons could have negative effects on the development of the business and the timeframe for the implementation of the Group's growth strategy.

EXTERNAL RISKS

The persistent crisis affecting the banking system and the financial markets, as well as the subsequent worsening of the macro-economic conditions, which resulted in a contraction in consumption and industrial world-wide production, have in the last years caused the restriction on access to the credit and a low level of liquidity in the financial markets within in the Eurozone. The crisis of the banking system and financial markets led, along with other factors, to a scenario of economic recession in the countries where the Group operates. Considering the business model features that the Group adopted, the Group's business is mainly funded through the re-use of cash resources generated by the business itself. However, the demand for the Group's products is to some extent related to the general economic situation of the countries where the companies of the Group operate. In this difficult macro-economic situation, the Group has successfully grown and achieved positive results. However, it cannot be excluded that such a crisis might continue in the Eurozone countries and outside Europe due to the geopolitical situation in USA. In such a case there might be negative effects on the Group's economic, equity, and financial position.

In addition, there exists risks due to the war in Ukraine, in the Middle East and the resulting consequences, such as the increase in commodity prices, rising interest rates and higher inflation.

DHH Group business is not directly affected by the conflict in Ukraine, as there are no direct customers and direct suppliers. Except as described regarding the increase in prices in general and in particular refers to increase and volatility in energy cost.

The Company operates in a competitive and dynamic area. The domain registration and hosting market is characterized by high competition, which is caused by, among others, the significant growth margins recorded in recent years. In Italy the market is characterized not only by a high level of competition, but also by the presence of operators holding higher market shares than the Company. Although the Group companies will continue to provide additional services to domain registration, maintaining an adequate marginality, it cannot be excluded that, due to competition, Group companies will be forced to lower their prices of domain registration.

In addition, there is a risk that the Company will not be able to properly address the strategies and offers of competitors or the entry of new national or international operators on the market losing progressively their customers and/or market shares. Such a situation could generally have a negative effect on the market position of the Group and its economic, equity, and financial position.

The main sector in which the Company operates is characterized by rapid technological development, high competition as well as rapid obsolescence of existing products. Therefore, the success of the Company in the future will depend, among others, on the capacity to innovate and strengthen its technologies, to respond to the technological and emerging progress in the field in which it operates and to satisfy the clients' needs, through the development of new services and products.

To maintain its competitiveness in the market and to respond to the rapid technological changes, the Group will invest in research and development.

Should the Group be unable to innovate its services and, therefore, adjust to the needs of clients, negative effects may

affect the company's economic, equity, and financial position.

The Group is exposed to potential risks linked to fraudulent events connected to Cyber-attacks. These risks may trigger interruptions of production and sales activities or compromise the confidentiality of personal data managed by the Group. To mitigate these risks, DHH has implemented a control system aimed at improving the Group's IT security.

Some Group companies are exposed to risks arising from changes in regulations relating to their own core business

or in the important changes of the obligation's licensors or authorizations indispensable for their activities.

FINANCIAL RISKS

The main financial risks of the Group depend on fund raising in the market (liquidity risk) and customer's capacity to

face their obligations (credit risk).

Liquidity risk refers to the potential inability to raise sufficient financial means to support investments required for the

development of the business and the Company's ongoing business and for the development of operational activities.

The Company's objective is to maximize the return on net invested capital maintaining the ability to operate over time and ensuring adequate returns for shareholders and benefits for other stakeholders with a sustainable financial structure.

The Group is covered for the bank debit agreements risk by a specific IRS (Interest Rate Swap) coverage.

Credit risk is the exposure to potential losses arising from the non-fulfillment of obligations undertaken by trade counterparties.

Some of the services of the Group are available with an annual or multi-year subscription. Therefore, clients (especially companies) may not fulfill their obligations.

MARKET RISKS

The Group operates in countries that use currencies other than Euro. In every country they operate, the Group companies offer the price lists of their services in local currencies. However, these price lists are often based on the purchase of services in various currencies and, mainly, on the US dollar from third parties.

The exchange risk is the risk of incurring losses due to adverse changes in foreign exchange rates on profitability. The Group companies, in fact, supply and buy products and services both in Euro and in other currencies (mainly US Dollar, Serbian Dinar and Swiss Franc, New Lev Bulgaria). Therefore, many transactions carried out by the Group companies may be subject to foreign exchange risks due to money market fluctuations.

The increase in inflation level has a direct impact on price level of suppliers that in some cases cannot be reflected on customers generating a possible marginality loss. This risk has been mitigated by the reduction of the inflation rate on the Eurozone area. The expectation is favorable too.