Investor Presentation
A European Serial Acquirer in Cloud. Capital Allocation at its Best.
11 March 2026
Financials: FY2025 Results
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Investor Presentation | FY 2025 Results |
Financial Highlights FY2025
167.9 M€
Revenue Adjusted +5.9%
vs FY 2024 (158.6 M€)
driven by ARR organic growth in Italy and Germany, and the contribution from the acquired companies/business units
136.6 M€
ARR* +7.9%
vs FY2024 (126.6 M€)
88.7% of Tot. Revenue
High revenue visibility and predictability
66.9 M€
Adj EBITDA +15.2%
vs FY2024 (58.0 M€)
Margin 39.8% (36.6% in FY2024)
(Like for like 40.1%)
34.1 M€
Adj. EBIT +17.3%
vs FY 2024 (29.0 M€)
Margin 20.3% (18.3% in FY2024)
(Like for like 20.1%)
16.5 M€
Adj. Net Proft +11.5%
vs FY 2024 (14.8 M€)
Financial Income and Expenses at €9.8 million, up by €1.3 million compared with the previous year. This amount is mainly attributable to interest on bond loans. Financial income amounted to €0.8 million.
excluding IFRS16 of 12.4 M€ and including the treasury
shares value as 31 December 2025 of 56.1 M€
156.3 M€
Adj. Net Debt**
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* ARR: revenues reported related to FY2025 from recurring services of companies operating in the Cloud and Cyber Security market in Italy (WIIT S.p.A.), Germany (WIIT AG, M&P, exc. Gecko) and Switzerland (Econis AG).
Investor Presentation | FY 2025 Results |
Key Figures by Country
Adj. Revenues | Italy 58.6 M€ 34.9% of Group Revenues | Germany 89.3 M€ 53.2% of Group Revenues | Swiss 20.0 M€ 11.9% of Group Revenues | Group 167.9 M€ |
ARR** | 55.6 M€ 91.0% of the total Revenues | 68.1 M€ 93.5% of the total Revenues ex Gecko | 12.9 M€ 64.4% of the total Revenues | 136.6 M€ 88.7% of the total Revenues |
Adj. EBITDA | 31.8 M€ 47.5% Group EBITDA 54.2% EBITDA Margin | 32.6 M€ 48.8% Group EBITDA 36.5% EBITDA Margin | 2.5 M€ 3.7% of Group EBITDA 12.3% EBITDA Margin | 66.9 M€ 39.8% EBITDA Margin |
Adj. EBIT | 13.8 M€ 40.5% of Group EBIT 23.5% EBIT Margin | 19.6 M€ 57.7% of Group EBIT 22.0% EBIT Margin | 0.6 M€ 1.9% of Group EBIT 3.2% EBIT Margin | 34.1 M€ 20.3% EBIT Margin |
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Investor Presentation
Cloud Direct Top Accounts
TOP 1 TOP 20 TOP 504.8%
29.2%
43.0%
FY 2025 Results
967Number of Clients
200Top Account
521 K€Top Account
Avg. FY2025 revenues
3.3 M€Top 10
Avg. FY 2025
revenues
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Investor Presentation | FY 2025 Results |
Hight Visibility of Business
- 5 years average contract period
- High penalties for early termination
247.3
158.6
260.1
167.9
Sales 2024 Backlog as at January 1st 2025
Sales 2025 Backlog as at January 1st 2026
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Investor Presentation | FY 2025 Results |
FY2025 delivered strong ARR**
m€
ARR
Other revenues
158.6
167.9
31.3
32.0
+7.9%
126.6
136.6
Group organic Recurring Revenues (ARR)**: +1.3% vs FY2025,
+7.4% excluding churn, of which:
Italy: 55.6 M€: +7.8% organic (+13.6% excluding churn);
Germany 68.1 M€: +5.0% of which 62.7 M€ organic,
-3.3% (+4.0% excluding churn);
Switzerland 12.9 M€
The churn effect is mainly attributable to the strategic decision in Italy and in Germany to focus the portfolio on high value-added contracts with higher margins, in line with the premium positioning of the offering.
+5.9%
43.5 | 43.5 | |||||
8.6 | 9.2 | |||||
34.9 | -1.7% | 34.3 | ||||
Q4 2024 | Q4 2025 | FY2024 | FY2025 |
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** ARR: revenues reported related to FY 2025 from recurring services of companies operating in the Cloud and Cyber Security market in Italy (WIIT S.p.A.), Germany (WIIT AG, M&P, exc. Gecko) and Switzerland (Econis AG).
Investor Presentation | FY 2025 Results |
Q4 and FY2025 Adj EBITDA*: strong profitabilty
m€
Italy Germany SwissAdj EBITDA
+220bps
Margin
36.6%
58.0
Adj EBITDA
Margin
+320bps
66.9
0.9
7.3
2.5
32.6
7.2
8.4
0.2
7.3
27.7
31.8
1.2
29.2
+15.2%
39.8%
35.5%
37.7%
15.4
+3.2%
15.9
Focus on Cloud services, the level of optimization achieved in the organization of processes and operational services, cost synergies, and the continued improvement in margins of the acquired companies
Adj EBITDA Margin - Germany
Germany 36.5% (34.9% in FY2024). The 'like for like' margin (excluding Edge&Cloud and Michgehl & Partners) in Germany is 36.6% (34.9% in FY2024) and the 'like for like' margin exc. Gecko is 39.3% (36.9% in FY2024), 240bps higher than in the last year due to the increasing focus on higher value-added services.
Adj EBITDA Margin - Italy
Italy 54.2% (46.1% in FY2024), registering a significant progress compared to the previous year, up by 810 bps, due to the continuous focus on higher value-added services.
Q4 2024 Q4 2025 FY2024 FY2025
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* The Adjustment at EBITDA level as at 31 December 2025 refers to the effects arising from scouting activities for extraordinary M&A transactions for €1.0 million, costs related to financial instrument-based incentive plans for €0.3 million,
personnel reorganization costs of approximately €1.9 million, and other non-recurring costs of €0.2 million
Investor Presentation | FY 2025 Resul |
ts
Q4 and FY2025 Adj EBIT*: continuous improvement in margin
m€
Italy Germany Swiss18.3%
Adj EBIT
Margin
+200bps
Depreciation, amortisation and write-downs amounted to approximately 32.8M€, up by 3.8M€ compared to the previous year, reflecting the investments made in 2023 and 2024 to support Data Center capacity in Italy and Germany, as well as the impact of the companies acquired in 2024.
Adj EBIT Margin - Italy
23.5% (19.2% in FY2024)
Adj EBIT Margin - Germany
22.0% (21.7% in FY2024)
20.3%
14.9%
Adj EBIT
0.6
6.5 +18.2%
7.7
13.8
11.5
0.2
3.7
4.0
2.6
3.5
0.2
18.1
19.6
+330bps
Margin
18.2%
29.0
+17.3%
34.1
-0.7
Q4 2024 Q4 2025 FY2024 FY2025
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The Adjustment applied at EBIT level as at 31 December 2025 refers to the above-mentioned adjustments at EBITDA level and to amortization relating to the PPA ("Purchase Price Allocation") arising from the acquisitions, amounting to €4.9
million
Investor Presentation | FY 2025 Results |
FY2025 CAPEX: Well invested asset base ensure low, predictable maintenance CAPEX
m€
Maintenance CAPEX Growht CAPEX Right of Use9.1% | 7,9% | Maintenance CAPEX |
31.5 | 31.6 | % on Tot. Revenues |
Total Cash Capex as a percentage of Revenues at 14.3% (19.9% in FY2024)
Utilization rate of premium cloud data center: 51% in Italy and 53% in Germany. Opportunity to double revenues without extra investments in CAPEX
Growth Capex 20% of the total value of new contracts
4.8 7.6
12.3
14.4
26.7
(cash capex)
10.7
13.3
24.0
(cash capex)
FY2024 FY2025
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Investor Presentation | FY 2025 Results |
FY 2025 Net Financial Position bridge
m€
66.9
Treasury Shares
Value at 31/12/25
56.1
-156.3*
-212.7
-23.9
-7.6 -9.8
-5.3 -1.7 -2.5 -1.5 -3.1 -7.8
-15.8 -224.8
IFRS 16
12.4
FY 2025
Adjusted NFP
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Investor Presentation | FY 2025 Results |
FY2020/FY2025 Net Financial Position and leverage trend
NFP Reported/Adj NFP Restated - Bond 2030
m€ 163.0
142.6
180.8
202.2
212.7
4.2x
5.2x
3.1x
4.8x
84.0
140.7
3.6x
4.3x
3.4x
4.0x
3.1x
3.7x
2.6x
3.4x
70.8
95.6
154.2
154.8
224.9
Leverage (NFP/EBITDA) /Adj Leverage, Restated Bond 2030
FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
224.9 M€ Net Debt as of December 31st 2025
154.8 M€
Adj. Net Debt Restated Bond 2030
as of December 31st 2025
3.4 x
Leverage as of December 31st 2025
2.6 x
Adj. Leverage Restated Bond 2030 as of
December 31st 2025
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