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Dominion Hosting Holding (DHH)
Earnings Release • Sep 22, 2025
4193_rns_2025-09-22_8fee92a9-1eef-411b-acf2-7b8e88ef9706.pdf
Earnings Release
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| Informazione Regolamentata n. 20088-48-2025 |
Data/Ora Inizio Diffusione 22 Settembre 2025 14:55:04 |
Euronext Growth Milan | |
|---|---|---|---|
| Societa' | : | DHH | |
| Identificativo Informazione Regolamentata |
: | 210126 | |
| Utenza - referente | : | DOMINIONN02 - Giandomenico Sica | |
| Tipologia | : | 1.2 | |
| Data/Ora Ricezione | : | 22 Settembre 2025 14:55:04 | |
| Data/Ora Inizio Diffusione | : | 22 Settembre 2025 14:55:04 | |
| Oggetto | : | DHH S.p.A. Half-Year Results – H1 2025 |
Testo del comunicato
FINANCIAL PERFORMANCE OVERVIEW – H1 2025 VS H1 2024 REVENUE EQUAL TO EURO 19,6M VS EURO 18,0M +9% RECURRING REVENUE EQUAL TO 96% OF THE TOTAL REVENUE EBITDA EQUAL TO EURO 6,7M VS EURO 6,0M +11% EBIT EQUAL TO EURO 3,8M VS EURO 3,5M +10% NET PROFIT EQUAL TO EURO 2,3M VS EURO 2,0M +13% OPERATING CASH FLOW EQUAL TO EURO 6,7M VS EBITDA EQUAL TO EURO 6,7 M – CASH CONVERSION EQUAL TO ca. 100% NET FINANCIAL POSITION EQUAL TO EURO 4,6M (DEBT) WITH EURO 16,3M IN CASH AVAILABILITIES
DHH S.p.A. Half-Year Results – H1 2025
FINANCIAL PERFORMANCE OVERVIEW – H1 2025 VS H1 2024
REVENUE EQUAL TO EURO 19,6M VS EURO 18,0M +9%
RECURRING REVENUE EQUAL TO 96% OF THE TOTAL REVENUE
EBITDA EQUAL TO EURO 6,7M VS EURO 6,0M +11%
EBIT EQUAL TO EURO 3,8M VS EURO 3,5M +10%
NET PROFIT EQUAL TO EURO 2,3M VS EURO 2,0M +13%
OPERATING CASH FLOW EQUAL TO EURO 6,7M VS EBITDA EQUAL TO EURO 6,7M – CASH CONVERSION EQUAL TO ca. 100%
NET FINANCIAL POSITION EQUAL TO EURO 4,6M (DEBT) WITH EURO 16,3M IN CASH AVAILABILITIES
Giandomenico Sica, President of DHH's Board of Directors, comments: "Despite an international environment still characterized by geopolitical tensions, inflationary pressures, and volatility in energy markets, our Group has once again demonstrated its ability to grow steadily and profitably. In the first half of 2025, we achieved solid revenue growth and preserved margins. We also completed an acquisition that allowed us to strengthen our positioning in the Managed IT Services market, whose effects are already partially visible in this semester, while working intensively on innovation in the field of AI infrastructure — an area that represents a long-term development path for us, where the commercial results achieved so far are encouraging for the future. During the semester, we renewed our governance body in substantial continuity with the past decade, ensuring stability and consistency in our strategic direction. As always, we look to the future with a curious spirit and with the optimism of reason, which has long characterized our journey."
Milan, 22 September 2025. DHH S.p.A. (DHH.MI) (ISIN shares IT0005203622 | ISIN warrants IT0005645541) announces that today the Board of Directors approved the consolidated financial statements for the first half of 2025, prepared in compliance to international accounting standards (IAS/IFRS).
FINANCIAL HIGHLIGHTS
In the first half of 2025, consolidated net sales amounted to €19,6 million, up 9% compared to the same period of 2024. From a geographical perspective, growth was balanced across the Group's footprint, with Italy confirming its role as the main market, contributing 69% of total net sales (€13,5 million, +10% YoY). Among the other regions, 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 €7,2 million (36% of total, +2% YoY), showing a trend of recovery compared to previous periods, thanks also to the development of the Group's infrastructure product family for AI. Cloud Hosting (€4,6 million, +7%) posted a solid performance, while Business Connectivity (€4,5 million, +16%) and Managed IT Services (€0,6 million, +74%) 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 10% to €1,8 million.
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 €6,7 million, up €0,7 million (+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 €1,3 million, mainly due to lower procurement needs.
Conversely, datacenter services increased to €1,5 million (+15%), driven by higher electricity costs mainly linked to increased energy consumption and to a slight rise in energy prices. Network services grew to €1,1 million (+23%), while wholesale services and licenses rose to €2,6 million (+10%), reflecting the expansion of recurring revenues particularly in the Cloud Hosting and in the Business Connectivity segments. Personnel costs reached €3,8 million (+11%), reflecting targeted increases in headcount and compensation across some subsidiaries. Marketing and sales services amounted to €0,6 million (+3%), while professional services increased to €1,8 million (+13%).
The Group's consolidated net profit stood at €2,3 million, up €0,3 million (+13%) compared to the same period of 2024, with the net profit margin reaching 12%.
SIGNIFICANT EVENTS DURING THE SEMESTER
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.
13 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.
SIGNIFICANT EVENTS BETWEEN THE END OF SEMESTER AND THE RELEASE OF THE SIX-MONTHLY RESULTS
15 July 2025: DHH completed the acquisition of the residual stake in Evolink AD for a transaction value of €2.246.765,12, to be paid from the group's cash resources, consolidating full ownership of the business connectivity and cloud computing provider.
11 September 2025: A webcast was announced for the discussion of H12025 results on 24 September 2025, with executive leadership available for shareholder Q&A.
BUSINESS OUTLOOK
The Group looks to the future with the goal of consolidating a sustainable growth path, built on organic development and constant attention to margins. At the same time, it is actively engaged in exploring new external growth opportunities, both in its existing markets and in new areas within the European Union. The solidity of its financial structure and the diversification of its revenues allow it to face the current environment with confidence, with no concerns emerging regarding insolvency risks or revenue concentration.
EARNINGS CALL
The Chairman and CEO of DHH will comment on H1 2025 results in a conference call to be held on 24 September 2025 at 10:00 am CET at this link: https://whereby.com/dhhspa.
People interested in participating are invited to send any questions or topics of interest to the following email address: [email protected].
FURTHER INFORMATION
The approved data has been submitted to BDO Italia S.p.A., the appointed audit firm, for review. The consolidated interim financial report will be made available to the public as per EGM regulations and on the Group's website at www.dhh.international.
About DHH S.p.A.
DHH S.p.A. (DHH.MI) (ISIN shares IT0005203622) is 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. www.dhh.international
Contact DHH S.p.A. Via Caldera 21, 20153 Milano +39 02 87365100 [email protected] www.dhh.international
Euronext Growth Advisor EnVent Italia SIM S.p.A. Via degli Omenoni 2, 20121 Milano +39 02 22175979 [email protected]
| CONSOLIDATED INCOME STATEMENT | CONSOLIDATED | CONSOLIDATED | DELTA |
|---|---|---|---|
| (All amounts are in EURO) | 30.06.2025 | 30.06.2024 | |
| Net Sales | 19.573.904 | 17.956.008 | 9% |
| Other Revenues | 547.431 | 446.594 | 23% |
| TOTAL REVENUES | 20.121.335 | 18.402.602 | 9% |
| Material costs | (1.323.684) | (1.412.017) | -6% |
| Service costs and use of third party assets | (7.856.683) | (7.072.719) | 11% |
| Personnel costs | (3.811.235) | (3.438.465) | 11% |
| Other expenses | (471.253) | (476.983) | -1% |
| TOTAL OPERATING COSTS | (13.462.856) | (12.400.184) | 9% |
| EBITDA | 6.658.480 | 6.002.418 | 11% |
| Amortization and impairment | (2.825.024) | (2.516.464) | 12% |
| EBIT | 3.833.455 | 3.485.954 | 10% |
| Financial income (expenses) | (432.650) | (400.653) | 8% |
| Other non-operating income/expense | - | - | |
| EARNINGS BEFORE TAXES | 3.400.805 | 3.085.301 | 10% |
| Total current and deferred income taxes | (1.129.930) | (1.076.881) | 5% |
| NET INCOME (LOSS) FOR THE YEAR | 2.270.875 | 2.008.420 | 13% |
| relating to the shareholders of the Group | 2.140.881 | 1.981.181 | 8% |
| relating to the third party shareholders | 129.995 | 27.240 | 377% |
| EBITDA Adjusted* | 6.761.734 | 6.002.418 | 13% |
| EBIT Adjusted* | 3.936.709 | 3.485.954 | 13% |
| NET PROFIT Adjusted *(attributable to the shareholders of the group) |
2.244.135 | 1.981.181 | 13% |
| * Impact of non recurring revenues and costs |
| CONSOLIDATED NET FINANCIAL POSITION | CONSOLIDATED | CONSOLIDATED | DELTA |
|---|---|---|---|
| (All amounts are in EURO) | 30.06.2025 | 31.12.2024 | |
| A. Cash | 16.338.506 | 13.102.910 | 25% |
| B. Cash equivalents | - | - | |
| C. Other current financial assets | 204.353 | 204.934 | 0% |
| D. LIQUIDITY (A) + (B) + (C) | 16.542.859 | 13.307.844 | 24% |
| E. Current financial liabilities | 88.077 | 238.717 | -63% |
| F. Current part of non-current borrowing | 5.906.142 | 5.175.583 | 14% |
| G. CURRENT FINANCIAL DEBT (E) + (F) | 5.994.219 | 5.414.300 | 11% |
| H. NET CURRENT FINANCIAL DEBT (G) - (D) | (10.548.640) | (7.893.544) | 34% |
| I. Non-current financial liabilities | 15.168.548 | 11.020.779 | 38% |
| J. Bonds issued | - | - | |
| K. Trade payables and Other non-current liabilities | - | - | |
| L. NON-CURRENT FINANCIAL DEBT (I) + (J) + (K) | 15.168.548 | 11.020.779 | 38% |
| M. NET FINANCIAL DEBT (H) + (L) | 4.619.908 | 3.127.234 | 48% |
| ASSETS | CONSOLIDATED | CONSOLIDATED | DELTA |
|---|---|---|---|
| (All amounts are in EURO) | 30.06.2025 | 31.12.2024 | |
| Trademark | 3.087.307 | 3.087.307 | 0% |
| Goodwill | 17.350.988 | 10.363.645 | 67% |
| Tangible fixed assets | 12.496.745 | 12.178.354 | 3% |
| Right of use Assets | 7.613.870 | 6.325.274 | 20% |
| Intangible assets | 2.218.413 | 2.139.254 | 4% |
| Investments | 1.389.100 | 1.389.100 | 0% |
| Non current financial assets | 330.157 | 174.798 | 89% |
| Other non current assets | 286.931 | 286.931 | 0% |
| Prepaid Tax assets | 1.314.216 | 1.238.285 | 6% |
| NON CURRENT ASSETS | 46.087.727 | 37.182.947 | 24% |
| Inventories | 578.912 | 463.538 | 25% |
| Trade receivables | 5.296.433 | 4.524.916 | 17% |
| Current financial assets | 204.353 | 204.934 | 0% |
| Other current assets | 139.853 | 123.749 | 13% |
| Tax receivables | 1.049.775 | 883.877 | 19% |
| Cash and cash equivalents | 16.338.506 | 13.102.910 | 25% |
| Prepaid expenses and accrued income | 1.955.664 | 1.468.250 | 33% |
| CURRENT ASSETS | 25.563.497 | 20.772.174 | 23% |
| TOTAL ASSETS | 71.651.223 | 57.955.121 | 24% |
| LIABILITIES | CONSOLIDATED | CONSOLIDATED | DELTA |
| (All amounts are in EURO) | 30.06.2025 | 31.12.2024 | |
| Share Capital | 523.777 | 523.777 | 0% |
| Reserves | 22.962.112 | 23.050.374 | 0% |
| Retained Profit (Loss) | 3.972.070 | 370.188 | 973% |
| Year's profit (loss) relating to the shareholders of the Group | 2.140.881 | 3.608.781 | -41% |
| NET EQUITY PARENT COMPANY | 29.598.839 | 27.553.121 | 7% |
| Capital and Reserves relating to the third party shareholders | 4.424.490 | 595.830 | 643% |
| Year's Profit/loss relating to the third party shareholders | 129.995 | 92.661 | 40% |
| NET EQUITY TO THE THIRD PARTY SHAREHOLDERS | 4.554.485 | 688.490 | 562% |
| NET EQUITY | 34.153.325 | 28.241.611 | 21% |
| Non current financial payables | 15.168.548 | 11.020.779 | 38% |
| Severance reserves | 998.078 | 885.542 | 13% |
| Provisions for risks and future liabilities | 46.428 | 51.075 | -9% |
| Other non current liabilities | - | - | |
| Liabilities for deferred taxes | 1.497.189 | 1.517.322 | -1% |
| NON CURRENT LIABILITIES | 17.710.243 | 13.474.718 | 31% |
| Trade payables | 5.227.277 | 4.494.087 | 16% |
| Other current liabilities | 1.167.451 | 971.042 | 20% |
| Current financial liabilities | 5.994.219 | 5.414.300 | 11% |
| Tax payables | 1.992.482 | 620.781 | 221% |
| Accrued liabilities and deferred income | 5.406.226 | 4.738.582 | 14% |
| CURRENT LIABILITIES | 19.787.656 | 16.238.792 | 22% |
| TOTAL LIABILITIES | 37.497.899 | 29.713.510 | 26% |
| TOTAL LIABILITIES AND NET EQUITY | 71.651.223 | 57.955.121 | 24% |
| CASH FLOW STATEMENT | CONSOLIDATED | CONSOLIDATED | DELTA |
|---|---|---|---|
| (All amounts are in EURO) | 30.06.2025 | 30.06.2024 | |
| A. CASH FLOW FROM OPERATING ACTIVITIES | |||
| Profit for period | 2.270.875 | 2.008.420 | 13% |
| Income taxes | 1.129.930 | 1.076.881 | 5% |
| Interest payables/(receivables) | 432.650 | 400.653 | 8% |
| (Capital losses)/gains from sales of assets | - | - | |
| (Capital losses)/gains from Business Combinations | - | - | |
| 1. EARNINGS BEFORE INCOME TAX, INTEREST, DIVIDENDS AND CAPITAL GAIN/LOSSES |
3.833.455 | 3.485.954 | 10% |
| Adjustments for non-cash items that are | |||
| not accounted for in net working capital change: | 2.922.039 | 2.624.231 | 11% |
| - Allocation to reserves | 78.198 | 110.403 | -29% |
| - Amortization and depreciation of assets | 2.808.163 | 2.450.103 | 15% |
| - Permanent loss write-down | 35.874 | 66.361 | -46% |
| - Other adjustments on non-monetary items | (195) | (2.636) | -93% |
| 2. CASH FLOW BEFORE NWC CHANGES | 6.755.494 | 6.110.185 | 11% |
| Changes in NWC: | 1.626.967 | 827.050 | 97% |
| - Decrease (increase) in inventories | (9.702) | (8.734) | 11% |
| - Decrease (increase) in customer receivables | 22.248 | (496.670) | -104% |
| - Increase (decrease) in supplier payables | 396.875 | 392.216 | 1% |
| - Decrease (increase) in prepaid expenses and accrued income | (332.155) | (391.180) | -15% |
| - Increase (decrease) in accrued expenses and deferred income | 455.001 | 239.212 | 90% |
| - Other changes to the NWC | 1.094.701 | 1.092.206 | 0% |
| 3. CASH FLOW AFTER NWC CHANGES | 8.382.462 | 6.937.234 | 21% |
| Other changes: | (1.676.099) | (1.529.475) | 10% |
| - Interests collected/(paid) | (432.650) | (400.653) | 8% |
| - (income taxes paid) | (1.147.401) | (1.095.208) | 5% |
| - Dividends received | - | - | |
| - (Use of reserves) | (96.048) | (33.614) | 186% |
| CASH FLOW FROM OPERATING ACTIVITIES [A] | 6.706.363 | 5.407.760 | 24% |
| B. CASH FLOW FROM INVESTING ACTIVITIES | |||
| (Investments) disinvestment in tangible assets | (906.763) | (1.327.198) | -32% |
| (Investments) disinvestment in right of use assets | (2.593.177) | (2.107.808) | 23% |
| (Investments) disinvestment in intangible assets | (321.641) | (238.979) | 35% |
| (Investments) disinvestment in financial assets | (5.514.594) | (358.302) | 1439% |
| (Investments) disinvestment in non-capitalized financial assets | - | - | |
| CASH FLOW FROM INVESTING ACTIVITIES [B] | (9.336.175) | (4.032.288) | 132% |
| C. CASH FLOW FROM FINANCING ACTIVITIES | |||
| Increase (decrease) current payables to banks | (177.184) | 306.978 | -158% |
| New loans and lease (Loan and lease repayments) | 4.288.397 | 49.058 | 8641% |
| Paid capital increase | 13.283 | (0) | |
| Treasury share sale (purchase) | (67.444) | 1.250.124 | -105% |
| (Dividends paid) | - | - | |
| CASH FLOW FROM FINANCING ACTIVITIES [C] | 4.057.053 | 1.606.160 | 153% |
| INCREASE (DECREASE) IN LIQUIDITY [A]+[B]+[C] | 1.427.240 | 2.981.632 | -52% |
| LIQUID FUNDS AT THE BEGINNING OF THE PERIOD | 13.102.910 | 10.193.810 | 29% |
| Consolidated variation area | 1.808.356 | - | |
| LIQUID FUNDS AT THE END OF THE PERIOD | 16.338.506 | 13.175.442 | 24% |