Dominion Hosting S p A : Investor presentation (Presentation of DHH March 2026)

‌Next Generation Internet Infrastructure

FY2025 Results & Strategic Overview

Roadshow Presentation

March 2026

‌Investment Case at a Glance

Profitable, Cash-Generative Internet Infrastructure Platform

Total revenue

€41,8M +13%

EBITDA

€13,8M +15%

Net Profit

€4,6M +25%

Recurring Revenues

> 90%

EBITDA

> 80%

Operating Cash Flow conversion

Net Debt / EBITDA

< 0, net cash

Acquisitions Completed

20+

Employees

~200

Across Southern Europe, with

a strong engineering base

A provider of mission-critical digital infrastructure with recurring revenues, combining structural growth,

operating leverage and disciplined capital allocation.

‌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 securely

Outsource the management of their infrastructure to specialized teams

We own and operate the servers, cloud environments and connectivity that support these activities.

These services are deeply integrated into clients' daily operations, creating long-term relationships and high switching costs.

‌Operating in Expanding and

Fragmented Infrastructure Markets

DHH operates in essential digital infrastructure segments serving SMEs and digital-native companies.

Market opportunity

European cloud computing:

$326bn (2025) → $550bn (2030)

with SME segment as the fastest-growing customer category in European cloud adoption

(MarketsandMarkets, Feb 2026)

Core segments

• Cloud and computing infrastructure

• Hosting and application environments

• Business connectivity

• Managed infrastructure services

• Datacenter and AI-ready capacity

Structural drivers

• Ongoing migration from on-premise to cloud-based infrastructure

• Increasing regulatory and data

  sovereignty requirements in Europe

• Rising computing intensity across digital businesses

‌Recurring, Sticky and Embedded

Revenue Model

Subscription-Based Infrastructure Services:

Recurring Revenues

> 90%

Predominantly annual contracts with automatic renewal

Thousands of diversified

B2B customers

Top customer

< 2%

of total revenue

Negative net churn rate

Multi-service integration per client

Infrastructure services are embedded in client operations, creating structural low churn

and long-term revenue visibility.

‌Competitive Landscape &

Positioning

DHH operates within a competitive

landscape composed of:

• Global hyperscalers

• National telecom operators

• Regional connectivity, managed IT services and hosting providers

DHH differentiates through:

• Integrated multi-service infrastructure

• Close to the customer approach

• Embedded, high-switching-cost customer relationships

• Technological independence supported by open-source

  architecture

• Regulatory alignment with EU data sovereignty frameworks

‌10-Year Financial Evolution

Revenue & EBITDA evolution:

FY 2016: Revenue €3,9M | EBITDA €0,4M

FY 2025: Revenue €41,8M | EBITDA €13,8M

Growth driven by:

• Consistent mid- to high-single-digit organic expansion

• Selective, accretive acquisitions

• Post-acquisition margin normalization

• Infrastructure scale efficiencies

28,6

33,7

35,9

40,3

Net sales EBITDA

19,6

3,5 3,9

5,3 6 6,8

9,2

6,9 7,4

10,4

12,01

13,8

DHH has scaled through disciplined execution, combining industrial growth and capital allocation.

(million EUR)

‌Diversified and Broad-Based Growth

FY 2025

Datacenter &

Networking

Other

Managed IT

Services

€ 3,7

vs €2,5

€ 3,6

vs €3,2

€ 1,5

vs €0,8

Cloud

Computing

€ 14,5

vs €14,2

Revenue by

Segment

Business

Connectivity

€ 9,5

vs €8,0

€ 9,0

vs €8,4

Cloud Hosting

M EUR

Bulgaria

Switzerland

Serbia

€ 1,1

Croatia

Slovenia

vs €3,3 vs €0,9

€ 0,9

vs €0,8

€ 3,4

vs €3,4

Revenue by

€ 3,4

€ 3,5

vs €3,1

Geography

€ 28,0

vs €24,3

Italy

M EUR

Growth recorded across segments and geographies.

‌AI Infrastructure as

Disciplined Optionality

AI infrastructure is a natural extension of DHH's cloud and datacenter capabilities.

Current positioning:

• GPU-based cloud infrastructure

• AI-ready hosting environments

• Inference and compute capacity for digital-native companies

• Focus on European data sovereignty requirements

Performance:

• AI-related revenues growing ~100% YoY

• Still limited share of total revenue

• Capital deployment aligned with demand visibility

AI represents incremental growth within existing infrastructure competencies.

It is developed with the same CAPEX discipline and leverage framework as the core business.

‌Cash Generation & Financial

Structure

Strong Cash Conversion:

EBITDA €13,8M

Operating Cash Flow €11,1M

EBITDA → OCF conversion 80%

Operating Cash Flow ca. 50%

post CapEx (of EBITDA)

Financial

Structure:

Net Cash

Net Debt / EBITDA

€1,5M

negative

Free cash flow supports capital allocation:

• Selective acquisitions with cashflow accretion

• Opportunistic share buybacks

when aligned with intrinsic value

‌Operating Model:

Decentralized Execution

DHH combines entrepreneurial autonomy with structured governance.

Holding level:

• Capital allocation framework

• Financial control and reporting

• Risk management

• Strategic coordination

Operating subsidiaries:

• Local management continuity

• Direct customer relationships

• Commercial autonomy

• Infrastructure execution responsibility

This structure preserves local expertise while enabling coordinated scaling.

‌Group

Structure

DHH SpA

Public company

CLOUD COMPUTING PROVIDERS

DHH Switzerland SA

Seeweb Srl

Evolink EAD

B2B INTERNET SERVICE PROVIDERS

Bulgaria - 100%

Tophost Srl

Teknonet Srl

Switzerland - 100%

Italy - 100%

Italy - 100%

Italy - 60%

CLOUD HOSTING PROVIDERS

Connesi SpA

Italy - 87,50%*

MANAGED SERVICS

mCloud d.o.o.

System Bee d.o.o.

Plus Hosting Grupa d.o.o. Webtasy d.o.o.

Warian Srl

Serbia - 100% Croatia - 80%

Croatia - 100%

Slovenia - 100%

Italy - 45%

Minority stakes:

Icona Technology SpA - 6,33%

Sync Srl in liquidation - 3,21%

‌Organic Growth Drivers

DHH grows organically through three repeatable levers executed at operating company level:

Expansion within existing customers

Increasing ARPU through service upgrades and broader service adoption.

Acquisition of new customers

Growth within existing markets driven by local commercial execution and digital channels.

Development of new products and services

Selective expansion of service capabilities addressing evolving client needs.

Organic growth reinforces recurring revenues and incremental margins.

‌Disciplined and Repeatable

M&A Framework

DHH acquires and develops infrastructure businesses across complementary verticals.

Target characteristics:

• Recurring revenue base

• Cash-generative profile

• Strong vertical positioning

• Entrepreneur-led management

Transaction model:

• Majority stakes (typically 51-60%)

• Management alignment through earn-outs

• Gradual integration within group standards

Leverage remains structurally conservative.

‌Operating Improvement Across

Acquired Platforms

Operating Value Creation Across Portfolio Companies

Value creation focused on operating improvement and driven by:

• Financial control and capital allocation discipline

• Revenue growth through commercial execution and infrastructure expansion

• Structured performance management and incentive alignment

  
  
  

  ‌Long-Term Financial Objectives

  Management focus:

  Double-digit revenue

  growth over the cycle

  • Mid-to-high single-digit organic growth

  • Complemented by selective, accretive acquisitions

  EBITDA growth exceeding revenue growth over time

  Recurring revenue

  structurally above 90%

  Stable to gradually improving EBITDA margins

  Strong EBITDA-to-operating cash flow conversion

  Disciplined, demand-driven CapEx

  Conservative leverage (target<1x EBITDA)

  Sustainable return on capital employed

  
  
  

  ‌Governance & Shareholding

  Board of Directors:

  Giandomenico

  Sica

  Executive President

  Responsible for group strategy, M&A execution, capital allocation and relationships with equity capital markets.

  Antonio

  Baldassarra

  Chief Executive Officer

  Responsible for overall group performance, industrial execution and organic growth across subsidiaries.

  Tamara

  Arduini

  Chief Financial Officer

  Responsible for financial planning, budgeting, capital structure and group reporting and control.

  Matija

  Jekovec

  Chief Operating Officer

  Responsible for operational coordination across subsidiaries, performance monitoring and cross-company execution.

  
  
  

  Non-Executive and Independent Directors

  Financial, tax and governance expertise supporting institutional oversight.

  Shareholding Structure (FY2025):

• Founders & insiders: 64,98%

• Institutional investor (Alkemia SGR S.p.A. - "PIPE" fund): 8,06%

• Free float: 26,25%

Founder-led structure with significant skin in the game, combined with institutional participation.

ESG report published on website

‌Stock details

Financial calendar

Contacts

List of parties

• Listing Euronext Growth Milan

• ISIN ordinary shares IT0005203622

• ISIN warrants IT0005645541

• Outstanding of shares 5,6mn

• Market Cap ~ €117,5mn

• April 29, 2026

  Shareholders' meeting, on first call, approving the Financial Statements 2025

• April 30, 2026

  Shareholders' meeting, on second call, approving the Financial Statements 2025

• May 22, 2026

  Board of Directors meeting approving the results as at 1Q2026 (unaudited data)

• September 22, 2026

  Board of Directors meeting approving the Consolidated Condensed Interim Financial Statements 2026, subject to limited review by the auditing firm

• November 20, 2026

Board of Directors meeting approving the results as at 3Q2026 (unaudited data)

Address:

via Caldera 21, 20153 Milan

Phone:

+39 02 87365100

Email:

[email protected]

• Euronext Growth Advisor

EnVent Italia SIM S.p.A.

• SPECIALIST

MIT SIM SpA

• CORPORATE BROKERS

Intermonte SIM SpA TP-ICAP

ValueTrack Srl

• AUDIT & ACCOUNTING

BDO Audit Services S.r.l.