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Digital Value — Earnings Release 2025
Apr 2, 2026
4416_rns_2026-04-02_387f2e70-91f8-4a1d-a8c6-1acd6075a9c1.pdf
Earnings Release
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| Informazione Regolamentata n. 20146-41-2026 | Data/Ora Inizio Diffusione 2 Aprile 2026 20:11:53 | Euronext Milan |
|---|---|---|
Societa': DIGITAL VALUE
Utenza - referente: DIGITALVALUEN03 - Pasqualin Alessandro
Tipologia: 1.1; 3.1
Data/Ora Ricezione: 2 Aprile 2026 20:11:53
Oggetto: DIGITAL VALUE, APPROVAL OF RESULTS AS OF DECEMBER 31, 2025
Testo del comunicato
Vedi allegato
CERTIFIED
Digital Value
BRINGING THE FUTURE CLOSER
PRESS RELEASE
DIGITAL VALUE, APPROVAL OF RESULTS AS OF DECEMBER 31, 2025
Key Financial Results as of December 31, 2025
Sales Revenues: €640.3 million
EBITDA: €62,0 million, equal to 9,7% of revenues
Net Profit: €11.9 million
The Shareholders' Meeting will be convened on May 12 and 13, 2026, on first and second call, respectively.
Rome, April 2, 2026 – The Board of Directors of Digital Value S.p.A. (Ticker DGV), chaired by Vittorio Antonio Palladino, reviewed and approved the Separate and Consolidated Financial Statements as of December 31, 2025. This will be submitted to the Shareholders' Meeting scheduled for May 12 and 13, 2026, on first and second call, respectively.
It is noted that the audit of the financial statements included in this press release has not yet been completed.
The Annual Financial Report will be published within the deadlines required for participation in the Shareholders' Meeting, complete with the reports of the independent auditors and the Board of Statutory Auditors, in the dedicated sections of the Company's institutional website.
KEY FIGURES FOR 2025
Consolidated net revenues amounted to €640.3 million.
The performance of consolidated revenues was impacted (-€175.5 million compared to the previous financial year) by judicial events that occurred between 14 and 15 October 2024, involving Mr. Massimo Rossi (former Chairman and Chief Executive Officer of the Company and former Sole Director of Italware S.r.l.) and Digital Value itself (as well as its subsidiaries Italware S.r.l., ITD Solutions S.p.A. and Dimira S.r.l.), in addition to the persistent uncertainty affecting the macroeconomic environment and the relevant market sector.
An analysis of Consolidated Revenues by Business Line shows:
- Next Generation Data Center, with revenues of €341.4 million, down €87 million compared to the previous year. This business line includes numerous activities related to the development and maintenance of next-generation networks, platforms, and data centers.
- Digital Business Transformation, with revenues of €147 million, down €86 million compared to the previous financial year. The activities within this segment show a growing share of projects and services in the Cyber Security domain, in response to the increase in cyberattacks and the resulting demand from customers for preventive and corrective solutions.
- Smart Workplace Transformation, with revenues of €151.9 million, substantially in line with the
Digital Value S.p.A.
Headquarter ROMA:
Via della Maglianella 65/E
00166 Roma, Italia
Tel. +39 06 66411156
MILANO:
Via Galileo Galilei 7
20124 - Milano (MI) Italia
Tel. +39 02 62610400
Altre sedi:
Ancona, Bologna, Napoli,
Prato
C.F. - P. IVA e Numero
Registro Imprese di Roma:
10400090964
Rea: RM 1554887
Cap. Soc. i.v. 1.588.885,60€
CERTIFIED
Digital Value
previous financial year. Within this business line, dedicated to workplace management solutions, Digital Value stood out for the competitiveness of its offering, characterized by innovative solutions and an efficient, widespread distribution and delivery model.
EBITDA* amounted to €62 million (9.7%), down €29.8 million compared to 2024.
EBIT amounted to €26.4 million (4.1%), down €30 million compared to 2024
Total net profit was €11.9 million (- €23.7 million compared to 31 December 2024) of which €-1.6 million attributable to minority interests.
Net financial position showed net cash of €114.6 million, improving by €120.4 million compared to the end of the previous financial year.
Investments amounted to €9.4 million.
With reference to Financial Management, Digital Value, considering the decline in Sales and Services Revenues recorded during the year, reflects the resulting dynamics of Net Working Capital. In summary, it benefited positively from the acceleration in the deployment of inventories and from the combined and offsetting effects of trade receivables and payables dynamics.
- EBITDA is defined as profit/(loss) for the year before (i) income taxes, (ii) net financial expenses and foreign exchange gains/(losses), (iii) depreciation and amortization; and (iv) income and costs that are significant in nature and not representative of ongoing operating activities.
The separate financial statements of the Parent Company, Digital Value, as at 31 December 2025, show a net profit of €31.8 million.
The Board of Directors has resolved to propose to the Shareholders' Meeting that this net profit be carried forward.
Sustainability Statement
Starting from the 2025 financial year, the Digital Value Group prepares its Consolidated Sustainability Reporting in compliance with the obligations set forth by Legislative Decree No. 125/2024, implementing Directive (EU) 2022/2464 (the so-called "CSRD").
The Sustainability Statement as at December 31, 2025, also approved by the Board of Directors, includes information on ESG strategy, governance, and environmental and social performance, contributing to transparency and accountability towards all stakeholders.
The manager in charge of preparing the corporate financial documents, Alessandro Pasqualin, pursuant to Article 154-bis, paragraph 2, of the Consolidated Law on Finance, declares that the accounting information contained in this press release corresponds to the underlying documentary evidence, accounting books, and records.
Other Information
The Board of Directors, which met today, resolved to convene the Ordinary Shareholders' Meeting on 12 and 13 May 2026, on first and second call respectively, to resolve on: (i) the financial statements as at 31 December
Digital Value S.p.A.
Headquarter ROMA:
Via della Maglianella 65/E
00166 Roma, Italia
Tel. +39 06 66411156
MILANO:
Via Galileo Galilei 7
20124 – Milano (MI) Italia
Tel. +39 02 62610400
Altre sedi:
Ancona, Bologna, Napoli,
Prato
C.F. - P. IVA e Numero
Registro Imprese di Roma:
10400090964
Rea: RM 1554887
Cap. Soc. i.v. 1.588.885,60€
emarket
e
Digital Value
BEARING THE NATURE CLOSER
2025 and the allocation of the net profit for the year; (ii) the Second Section of the Remuneration Report; (iii) the appointment of the Board of Directors; and (iv) the appointment of the Board of Statutory Auditors.
The notice of call of the above Shareholders' Meeting will be published within the terms set by law and made available on the Company's website (www.digitalvalue.it, section "Investor Relations - Shareholders' Meetings") and on the authorised storage mechanism "eMarket STORAGE" ().
The documentation relating to the Shareholders' Meeting – including the explanatory reports on the items on the agenda with the full text of the proposed resolutions and the slates submitted by shareholders for the renewal of the corporate bodies – will be made available to the public, within the terms set by law, at the Company's registered office (via della Maglianella, 65/E - 00166 Rome), as well as on the Company's website (www.digitalvalue.it, section "Investor Relations - Shareholders' Meetings") and on the authorised storage mechanism "eMarket STORAGE" ().
Further to what was disclosed on 26 February and 5 March 2026 regarding the acceleration of the "Digital Value S.p.A. 2025-2027 Incentive Plan" approved by the Shareholders' Meeting of 26 June 2025 (the "Plan"), please note that – following the change of control of the Company that occurred on 5 March 2026 – pursuant to the Plan, a total of 92,423 rights to receive an equal number of Company shares have vested early in favour of 20 beneficiaries of the Plan (of which 17,620 are treasury shares held by the Company and the remaining 74,803 are newly issued shares). Among the aforementioned beneficiaries is the Chief Executive Officer, Paolo Vantellini, to whom no. 27,485 shares will be granted, Riccardo Benedini, to whom 17,620 shares will be granted, as well as other no. 3 Key Managers with Strategic Responsibilities of the Company, to whom an aggregate of no. 21, 497 shares will be granted.
This press release is also available on the company's website www.digitalvalue.it, and on the authorized storage system eMarket Storage at
Attachments (amounts in thousands of euros), subject to audit completion:
- Annex No. 1 – Consolidated Income Statement as of December 31, 2025
- Annex No. 2 – Consolidated Balance Sheet as of December 31, 2025
- Annex No. 3 – Consolidated Cash Flow Statement as of December 31, 2025
- Annex No. 4 – Income Statement of Digital Value S.p.A. as of December 31, 2025
- Annex No. 5 – Balance Sheet of Digital Value S.p.A. as of December 31, 2025
Digital Value SpA
Digital Value S.p.A. is the parent company of a Group that is a leading player in the Italian IT solutions and services market. It reported consolidated revenues of €640.3 million and has over 530 employees (source: consolidated financial statements as of December 31, 2025). The Group engages in research, design, development, and commercialization of ICT solutions and services for the digital transformation of large
Digital Value S.p.A.
Headquarter ROMA:
Via della Maglianella 65/E
00166 Roma, Italia
Tel. +39 06 66411156
MILANO:
Via Galileo Galilei 7
20124 – Milano (MI) Italia
Tel. +39 02 62610400
Altre sedi:
Ancona, Bologna, Napoli,
Prato
C.F. - P. IVA e Numero
Registro Imprese di Roma:
10400090964
Rea: RM 1554887
Cap. Soc. i.v. 1.588.885,60€
CERTIFIED
O
Digital Value
BRINGING THE FUTURE CLASS
enterprise clients in strategic sectors—Telecommunications, Transportation, Utilities, Finance, Industry, and Public Administration—which drive the ICT market. Digital Value offers comprehensive solutions to meet the technology innovation needs of key market segments, thanks to its continuous and significant growth path and consolidated specialized expertise. Its success is based on the uniqueness of its know-how, the specialization of its human capital, and its recognized ability to plan, implement, and manage innovative digitalization projects.
Digital Value has been listed on the Euronext Milan market since May 2023.
Info
Digital Value S.p.A.
Via Della Maglianella 65/E,
00166 Roma
E-mail [email protected]
Alessandro Pasqualin
Digital Value S.p.A.
Headquarter ROMA:
Via della Maglianella 65/E
00166 Roma, Italia
Tel. +39 06 66411156
MILANO:
Via Galileo Galilei 7
20124 – Milano (MI) Italia
Tel. +39 02 62610400
Altre sedi:
Ancona, Bologna, Napoli,
Prato
C.F. - P. IVA e Numero
Registro Imprese di Roma:
10400090964
Rea: RM 1554887
Cap. Soc. i.v. 1.588.885,60€
CERTIFIED
Digital Value
GROWING THE FUTURE CLASS
Annex No. 1 – Consolidated Income Statement as of December 31, 2025
| (€ thousands) | 12/31/2025 | 12/31/2024 |
|---|---|---|
| Revenues | 638.349 | 814.670 |
| Other income | 1.920 | 1.135 |
| Total revenues | 640.269 | 815.805 |
| Consumable materials and goods | (267.512) | (492.864) |
| Change in inventory | (111.607) | (37.926) |
| Costs for services and for the use of third-party of goods | (160.848) | (163.816) |
| Personnel costs | (37.211) | (28.718) |
| Other operating costs | (4.253) | (2.048) |
| Amortisation, depreciation and write-downs | (32.403) | (33.915) |
| Total operating costs | (613.835) | (759.287) |
| Operating result | 26.434 | 56.518 |
| Financial income | 2.062 | 1.554 |
| Financial expenses | (4.039) | (5.903) |
| Profit before taxes | 24.457 | 52.168 |
| Income taxes | (12.166) | (17.039) |
| Earnings from continued assets | 12.291 | 35.129 |
| Earnings from assets destined for sale | (400) | 491 |
| Period earnings | 11.890 | 35.621 |
| of which: | ||
| Profit attributable to non-controlling interests | (1.636) | 354 |
| Profit attributable to the Group | 13.526 | 35.266 |
| Earnings per share – diluted | 1,33 | 3,48 |
Digital Value S.p.A.
Headquarter ROMA:
Via della Maglianella 65/E
00166 Roma, Italia
Tel. +39 06 66411156
MILANO:
Via Galileo Galilei 7
20124 – Milano (MI) Italia
Tel. +39 02 62610400
Altre sedi:
Ancona, Bologna, Napoli,
Prato
C.F. - P. IVA e Numero
Registro Imprese di Roma:
10400090964
Rea: RM 1554887
Cap. Soc. i.v. 1.588.885,60€
CERTIFIED
Digital Value
GENDER THE FUTURE CLASS
Annex No. 2 – Consolidated Balance Sheet as of December 31, 2025
| (€ thousands) | 12/31/2025 | 12/31/2024 |
|---|---|---|
| Intangible assets | 31.300 | 32.173 |
| Tangible assets and Rights of use | 50.112 | 65.413 |
| Financial assets | 331 | 330 |
| Receivables for deferred tax assets | 1.741 | 1.209 |
| Non-current trade receivables | 5.993 | 8.856 |
| Total non-current assets | 89.477 | 107.981 |
| Inventory | 80.547 | 195.961 |
| Trade receivables | 233.844 | 269.521 |
| Tax receivables | 35.116 | 47.100 |
| Other assets | 9.298 | 8.785 |
| Cash and cash equivalents | 188.657 | 112.382 |
| Total current assets | 547.462 | 633.749 |
| Non-current assets held for sale | - | 10.848 |
| Total assets | 636.939 | 752.578 |
| Share capital | 1.589 | 1.589 |
| Share premium reserve | 47.455 | 47.455 |
| Other reserves | 167.036 | 140.312 |
| Result for the period | 13.526 | 35.266 |
| Total shareholders’ equity attributable to the Group | 229.606 | 224.623 |
| Shareholders’ equity attributable to minority shareholders | (283) | 2.165 |
| Total shareholders’ equity | 229.323 | 226.788 |
| Medium and long-term loans | 24.788 | 45.533 |
| Employee benefits | 2.251 | 2.432 |
| Trade payables | 7.463 | 16.763 |
| Provisions for risks and charges | 11.981 | 4.125 |
| Deferred tax liabilities | 1 | 2 |
| Total non-current liabilities | 46.483 | 68.855 |
| Short-term loans | 37.432 | 54.684 |
| Trade payables | 304.554 | 367.748 |
| Tax payables | 3.221 | 11.257 |
| Other liabilities | 15.926 | 13.948 |
| Total current liabilities | 361.133 | 447.637 |
| Liabilities relating to assets destined for sale | - | 9.298 |
| Total liabilities | 407.616 | 525.790 |
| Total shareholders’ equity and liabilit | 636.939 | 752.578 |
Digital Value S.p.A.
Headquarter ROMA:
Via della Maglianella 65/E
00166 Roma, Italia
Tel. +39 06 66411156
MILANO:
Via Galileo Galilei 7
20124 – Milano (MI) Italia
Tel. +39 02 62610400
Altre sedi:
Ancona, Bologna, Napoli,
Prato
C.F. - P. IVA e Numero
Registro Imprese di Roma:
10400090964
Rea: RM 1554887
Cap. Soc. i.v. 1.588.885,60€
CERTIFIED
O
Digital Value
BRINGING THE FUTURE CLASSER
Annex No. 3 – Consolidated Cash Flow Statement as at December 31, 2025
| (€ thousands) | 12/31/2025 | 12/31/2024 |
|---|---|---|
| REVENUE MANAGEMENT ACTIVITIES | ||
| Profit for the year before taxation | 24.457 | 52.168 |
| Net interest | 6.102 | 4.350 |
| accrued for provisions for risks and charges | 50 | 50 |
| accrued for severance pay | 5.805 | 3.135 |
| Adjustments for: | ||
| Depreciation and impairment of fixed assets | 25.572 | 30.484 |
| Capital (gains)losses | - | - |
| Other provisions and write-downs (writebacks) | 487 | 1.083 |
| Changes in assets and liabilities | ||
| Trade receivables | 38.054 | (66.799) |
| Inventories and job orders in progress | 115.414 | 24.528 |
| Other operating assets | 1.972 | (7.405) |
| Trade payables | (75.125) | (41.118) |
| Other operating expenses | (453) | 1.276 |
| on Employee Severance Indemnities | 5.987 | 2.012 |
| Provisions for risks and charges | 1.564 | 4.632 |
| Taxes paid | (10.484) | (9.169) |
| Interest paid | (6.102) | (4.350) |
| Cash flow from operating assets | 133.300 | (5.122) |
| INVESTMENT ACTIVITIES | ||
| Increases in tangible assets | (13.725) | (13.272) |
| Sales of tangible assets | 4.255 | 1.788 |
| Increases in intangible assets | 71 | (7.068) |
| Purchase of shareholdings | - | 17 |
| Impact of changes in the consolidation scope | (1.600) | (17.624) |
| Other | 116 | (165) |
| Cash flow from investment activities | (10.882) | (36.324) |
| LENDING ACTIVITY | ||
| Change in reserves | - | 11.532 |
| Dividends paid | (8.118) | (9.417) |
| New medium to long-term loans | - | - |
| Repayment of medium to long-term loans | (23.615) | (574) |
| New shareholder loans | - | - |
| New loans to others | - | - |
| Repayment of other loans | (14.409) | (249) |
| Cash flow from lending activity | (46.142) | 1.292 |
| TOTAL CASH FLOW FOR THE PERIOD | 76.276 | (40.154) |
| OPENING CASH AND CASH EQUIVALENTS | 112.382 | 148.047 |
| CASH ROM CHANGES IN THE CONSOLIDATION SCOPE | - | 4.489 |
| CLOSING CASH AND CASH EQUIVALENTS | 188.657 | 112.382 |
Digital Value S.p.A.
Headquarter ROMA:
Via della Maglianella 65/E
00166 Roma, Italia
Tel. +39 06 66411156
MILANO:
Via Galileo Galilei 7
20124 - Milano (MI) Italia
Tel. +39 02 62610400
Altre sedi:
Ancona, Bologna, Napoli,
Prato
C.F. - P. IVA e Numero
Registro Imprese di Roma:
10400090964
Rea: RM 1554887
Cap. Soc. i.v. 1.588.885,60€
CERTIFIED
Digital Value
GROWING THE FUTURE CLASS
Annex No. 4 – Income Statement as of December 31, 2025
| (€ thousands) | 31/12/2025 | 31/12/2024 |
|---|---|---|
| Revenues | 12.084 | 10.075 |
| Other income | 130 | 92 |
| Total revenues | 12.213 | 10.166 |
| Consumable materials and goods | (1) | (1) |
| Costs for services and for the use of third-party of goods | (8.336) | (7.637) |
| Personnel costs | (7.092) | (5.243) |
| Other operating costs | (669) | (135) |
| Total operating costs | (16.098) | (13.017) |
| EBITDA | (3.885) | (2.850) |
| Amortisation, depreciation and write-downs | (462) | (385) |
| Operating result | (4.348) | (3.236) |
| Financial income | 36.070 | 47.074 |
| Financial expenses | (19) | (82) |
| Profit before taxes | 31.704 | 43.757 |
| Income taxes | 107 | (237) |
| Profit for the period | 31.811 | 43.519 |
| Profit per share – basic | 3,13 | 4,29 |
| Profit per share – diluted | 3,13 | 4,29 |
Digital Value S.p.A.
Headquarter ROMA:
Via della Maglianella 65/E
00166 Roma, Italia
Tel. +39 06 66411156
MILANO:
Via Galileo Galilei 7
20124 – Milano (MI) Italia
Tel. +39 02 62610400
Altre sedi:
Ancona, Bologna, Napoli,
Prato
C.F. - P. IVA e Numero
Registro Imprese di Roma:
10400090964
Rea: RM 1554887
Cap. Soc. i.v. 1.588.885,60€
CERTIFIED
O
Digital Value
BRINGING THE NATURE CLASSES
Annex No. 5 – Balance Sheet of Digital Value S.p.A. as of December 31, 2025
| (€ thousands) | 12/31/2025 | 12/31/2024 |
|---|---|---|
| Intangible assets | 133 | 83 |
| Tangible assets and Rights of use | 782 | 800 |
| Financial fixed assets | 80.510 | 80.160 |
| Total non-current assets | 81.424 | 81.043 |
| Trade receivables | 7.027 | 7.726 |
| Tax receivables | 4.655 | - |
| Other assets | 91.949 | 95.879 |
| Cash and cash equivalents | 12.376 | 1.349 |
| Total current assets | 116.007 | 104.954 |
| Total assets | 197.432 | 185.997 |
| Share capital | 1.589 | 1.589 |
| Share premium reserve | 48.021 | 48.021 |
| Other reserves | 101.681 | 66.247 |
| Result for the period | 31.811 | 43.519 |
| Total shareholders’ equity | 183.102 | 159.376 |
| Medium and long-term loans | 6.349 | 6.466 |
| Employee benefits | 548 | 516 |
| Provisions for risks and charges | 211 | 211 |
| Deferred tax liabilities | - | - |
| Total non-current liabilities | 7.108 | 7.193 |
| Short-term loans | 304 | 6.321 |
| Trade payables | 5.050 | 4.497 |
| Tax payables | 485 | 7.633 |
| Other liabilities | 1.383 | 976 |
| Total current liabilities | 7.222 | 19.428 |
| Total liabilities | 14.330 | 26.621 |
| Total shareholders’ equity and liabilities | 197.432 | 185.997 |
Digital Value S.p.A.
Headquarter ROMA:
Via della Maglianella 65/E
00166 Roma, Italia
Tel. +39 06 66411156
MILANO:
Via Galileo Galilei 7
20124 – Milano (MI) Italia
Tel. +39 02 62610400
Altre sedi:
Ancona, Bologna, Napoli,
Prato
C.F. - P. IVA e Numero
Registro Imprese di Roma:
10400090964
Rea: RM 1554887
Cap. Soc. i.v. 1.588.885,60€
| Fine Comunicato n.20146-41-2026 | Numero di Pagine: 11 |
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