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Unidata Investor Presentation 2026
4418_rns_2026-03-26_83adcb17-abfb-4a1d-9e7e-ae1b71e15167.pdf
Investor Presentation
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UNiDATA
EURONEXT STAR CONFERENCE
MARCH 26TH, 2026
TODAY'S SPEAKER
Roberto Giacometti
CFO & Investor Relations Officer
Expert in Administration, Finance, Planning and Control. He held the position of General Manager in several Italian and international companies.
In September 2019, he joined Unidata and has guided the Company's development, handling all major operations since its listing on the EGM market in 2020.
UNiDATA
INVESTOR PRESENTATION
UNIDATA AT A GLANCE
UNIDATA AT A GLANCE (1/2)
Unidata is a telecommunications operator, leader in optical Fiber, Cloud & IoT, offering a wide range of services to a broad customer base in Italy.
UNiDATA
INVESTOR PRESENTATION
UNIDATA AT A GLANCE (2/2)
Key operational data
~ 8,150 km
of proprietary fiber infrastructure¹
2 Data Centers
800 sqm and
650 sqm
~ 34,300
active lines through resellers¹
over 30,000
direct customers¹
FY2025 Preliminary Results
109.4 M€
Revenues
+8% YoY
29.4 M€
Adj. EBITDA
+3% YoY
26.9%
Adj. EBITDA
Margin
14.1 M€
Investments
37.7 M€
NFP
Shareholders' structure
UNiDATA
1) Data as of 30 September 2025.
2) Equally owned by R. Brunetti, M. Vispi and C. Bianchi.
INVESTOR PRESENTATION
COMPANY'S OFFERING
FIBER & NETWORKING
- Internet and voice services for business, wholesale, PA and residential customers with FTTH connectivity (100% optical fiber)
- Fiber network construction: Unidata builds the optical fiber network for Unifiber in the gray areas of Lazio and Puglia regions
About 8,150 km of proprietary fiber infrastructure, over 500,000 km of optical fiber
CLOUD & DATACENTER
- Cloud Services (IAAS, SAAS & PAAS)
- Neutral Colocation (Multi Carrier)
- Network Security – Managed Services
- Disaster Recovery
2 proprietary Data Centers:
800 sqm TIER IV Data Center in Roma
650 sqm TIER III Data Center in Milan
IoT & SMART SOLUTIONS
- Development and implementation of IoT Solutions, especially in the smart water metering area
UniWAN: the LoRaWAN® network created by Unidata based on LoRa™, a wireless technology adopted at worldwide level
8 awarded tenders in the area of smart water metering for a total order value of € 20 million
UNiDATA
INVESTOR PRESENTATION
KEY FINANCIALS
FINANCIAL HIGHLIGHTS – REVENUES & CUSTOMERS
Unidata Group's consolidated revenues slightly increased in 9M 2025 in comparison with 9M 2024, confirming the revenues breakdown by business area.
Service Revenues recorded a stable trend, while Infrastructure Revenues recorded an increase YoY (+4%).
Revenues breakdown 9M 2025
Number of customers 9M 2025
Direct Customer growth:
Business (+4% YoY)
Consumer (+10% YoY)
Indirect Customers
through partners' network
34,336
UNiDATA
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The values as of 31 December 2023 refer to the pro-forma economic data as of 31 December 2023, i.e. including the TWT Group in the consolidation for the entire period.
-
FY 2025 Revenues are a Preliminary result, published on February 11th.
INVESTOR PRESENTATION
FINANCIAL HIGHLIGHTS – EBITDA & EBIT
Adjusted EBITDA & Margin
EBIT & Margin
- The improvement in EBITDA is essentially linked to the reduction in the Cost of Goods Sold and other operating costs, despite an increase in service costs due to the increase in costs relating to Consumer customers because of the growth in corresponding revenues.
- Slightly lower EBIT compared to the first 9M 2024 (€ 11.3 million) due to an increase in amortisation linked to the higher investments made.
UNiDATA
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The values as of 31 December 2023 refer to the pro-forma economic data as of 31 December 2023, i.e. including the TWT Group in the consolidation for the entire period.
-
FY 2025 Adjusted EBITDA and Adjusted EBITDA Margin are a Preliminary result, published on February 11th.
INVESTOR PRESENTATION
FINANCIAL HIGHLIGHTS – INVESTMENTS & NET FINANCIAL DEBT
Investments
Net Financial Debt
- 2025 Total Investments of approximately € 14.1 million have been largely financed by working capital.
- The improvement in the Net Financial Debt is essentially linked to the good generation of operating cash, the release of € 2.4 million deposit in January and the recognition of non-cash financial income of € 1.9 million, in line with the requirements of IFRS 9 as part of the renegotiation of the € 50 million loan payable on 19 June 2025.
UNiDATA
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Of which € 79 million in tangible and intangible assets and € 14 million in financial assets.
-
FY 2025 Investments and Net Financial Debt are a Preliminary result, published on February 11th.
INVESTOR PRESENTATION
JOINT VENTURES & INTERNATIONAL EXPANSION
THE 3 JOINT VENTURES
Unidata worked on 3 Joint Ventures together with primary financial partners to develop key infrastructure assets in Italy: fiber network (Unifiber), submarine cable (Unitirreno) and datacenter (Unicenter). In the 3 JVs, Unidata acts as an industrial partner, gaining a portion of equity for free thanks to its know-how.
UNiDATA
INVESTOR PRESENTATION
UNIFIBER ITALY: JV WITH CEBF¹ SINCE 2020
Objectives
- Roll-out of the FTTH access network in the "gray areas" of Lazio and Puglia regions
- Unifiber owns the passive FTTH network
The role of Unidata
- Design, construction and maintenance of the fiber network
- Make the fiber network ready to service for customers
- Sale of the network to wholesale operators
Financial structure of the project
| Investment | % of Investment | % Shareholders | % of Total Investment | |
|---|---|---|---|---|
| Unidata | € 8.0 mn | ~ 21.0% | 26.0% | |
| CEBF | € 30.0 mn | ~ 79.0% | 74.0% | |
| Equity | € 38.0 mn | 100% | 100% | 43% |
| External & Self-Eforming | € 50.0 mn | 57% | ||
| Total Investment | € 88.0 mn | 100% |
As of 30 September 2025, Unidata already paid € 8.0 million out of its total equity investment.
UNiDATA
1) CEBF (Connecting Europe Broadband Fund) is a fund sponsored by Cassa Depositi e Prestiti (IT), Caisse des Dépôts et Consignations (FR), KFW (DE), European Investment Bank, European Commission and other investors.
INVESTOR PRESENTATION
UNITIRRENO: JV WITH AZIMUT¹ SINCE 2022
Objectives
- Development of submarine cable infrastructure of 900 km in the Tyrrhenian Sea
- The project is operational since November 2025
The role of Unidata
- Operational Management through Cable Landing Station, Network & Security Operation Centers
- Sale of services to domestic customers
Financial structure of the project
| Investment | % Shareholders | % of Total Investment | |
|---|---|---|---|
| Unidata | € 12-18 mn | ~ 33-50% | |
| Azimut | € 18-24 mn | ~ 50-67% | |
| Equity | € 36.0 mn | 100% | 45% |
| External & Self Financing | € 44.0 mn | 55% | |
| Total Investment | € 80.0 mn | 100% |
As of 30 September 2025, Unidata already paid € 7.6 million out of its total equity investment.
UNiDATA
1) Fondo Infrastrutture per la crescita – ESG is a fund established and managed by Azimut Libera Impresa, that invests in social infrastructures to generate a positive and sustainable growth of the economy, environment and society.
INVESTOR PRESENTATION
UNICENTER: JV WITH AZIMUT¹ RECENTLY ESTABLISHED
- Construction of a green and neutral Tier IV Data Center of about 20 MW and more than 2,000 racks of capacity (total area 13,000 sqm) with renewable energy sources usage
- Support in the design and construction of the data center
- Operational management
- Sale of services to other B2B operators at market prices
As of 30 September 2025, the shareholders have not paid any amount of the total equity investment because the project has just started.
UNiDATA
1) Fondo Infrastrutture per la crescita – ESG is a fund established and managed by Azimut Libera Impresa, that invests in social infrastructures to generate a positive and sustainable growth of the economy, environment and society.
INVESTOR PRESENTATION
INTERNATIONAL EXPANSION: STRATEGIC PARTNERSHIP WITH SERIAL HOLDING IN 2026
Unidata launches its international expansion, thanks to a three-year commercial and strategic partnership agreement with Serdal Holding LLC.
Serdal Holding is a company based in Abu Dhabi (UAE), that promotes and develops business ventures in key sectors in the UAE and internationally, leveraging a consolidated network of institutional and industrial relationships.
The agreement represents a strategic step in Unidata's internationalization process and allows the Group to enter the UAE market, one of the most dynamic economic environments in the world.
The partnership is aimed at exploring business opportunities in the local market since Serdal Holding will support Unidata in developing its business in the UAE, facilitating market access and contributing to the promotion and marketing of the Group's services¹.
€ 6 billion
Estimated UAE market size in 2027²
UNiDATA
1) The Business Plan 2026 – 2028 does not include any revenues coming from the partnership with Serdal Holding.
2) Source: TP ICAP Midcap estimates.
INVESTOR PRESENTATION
UNIDATA'S FUTURE
UNIDATA'S CORE ADDRESSABLE MARKET
Italian digital market at a glance
The Italian digital market is estimated at around € 87 bn in 2024, with the portion directly addressable by Unidata's offering representing about 29% of the total value (€ 25bn)
Unidata's Addressable Market Growth
Unidata's addressable market is expected to grow from € 25bn in 2024 to € 38bn in 2030, with a double-digit growth envisaged for ICT Services mitigated by the resilient expansion of the mature fixed network services market on the back of the continued technological shift from copper to fiber
UNiDATA
Source: Company information.
1) Fixed Network Services include voice and data services.
2) ICT Services include Cloud computing, IoT Services, Cyber Security and Data center/Colocation.
INVESTOR PRESENTATION
KEY DRIVERS OF GROWTH DRIVING SHIFT IN TELCO'S BUSINESS MODELS
Double-digit growth envisaged for infrastructure services (IaaS and Colocation) fueled by AI and Cloud driven demand cycle coupled with sustained growth for Cybersecurity and IoT services
Main Italian national operators are refocusing their business models from core B2B connectivity to cloud and infrastructure services offering to fulfill significant market demand
UNiDATA
Source: Company's information.
INVESTOR PRESENTATION
BUSINESS PLAN 2026 – 2028: STRATEGIC GOALS
UNiDATA
INVESTOR PRESENTATION 20
-
Pursue sustainable long-term growth
Both organically and through M&A, creating value for stakeholders in the medium to long term -
Transform the company into a TechCo
Focus on the integration of digital technologies and on the B2B and B2B2B markets -
Leverage the know-how of infrastructure projects
New growth trajectory thanks to the know-how gained in innovative infrastructure projects -
Transform the Company's offering and revenues mix
In line with market evolution towards high value-added ICT services and the centrality of digital transformation processes
UNIDATA'S PLAYING FIELD
3 Markets
| Retail Services | Wholesale Services | Infrastructure |
|---|---|---|
| Fiber & Networking | Fiber Network | |
| Cloud & Datacenter | Data Center | |
| IoT & Smart Solutions | IoT Network |
UNiDATA
INVESTOR PRESENTATION
UNiDATA
INVESTOR PRESENTATION 22
THE EVOLUTION OF UNIDATA'S POSITIONING - From TelCO to TechCO
Today
- B2B focus with a consolidated presence in Lazio and Lombardy
- Relevance of fiber connectivity on proprietary network
2026-2028
- Provider of integrated ICT solutions (4C: Connectivity, Communication, Cloud, Cybersecurity) to support customers' digital transformation
- Partnerships for the implementation of value-added projects
Wholesale Services
- Consolidated leadership in the reseller market
-
Relevance of mature and shrinking markets (voice services)
-
Evolution towards Telco as a Service model (NOC/SOC)
Infrastructure
-
Proven ability to design, build, operate and maintain optical fiber networks
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Further synergies with the 3 JVs: Unifiber (Fiber Network), Unitirreno (Submarine Cable) and Unicenter (Datacenter)
- Enhancement of system integration skills
REVENUES MIX 2025E - 2028E
The weight of Retail segment is expected to record a solid growth over time (+13%), with a strong increase in ICT Services, along with a lower contribution of Wholesale and Infrastructure segments to the overall revenues.
UNiDATA
1) Fixed Network Services include voice and data services
2) ICT Services include Cloud computing, IoT Services, Cyber Security and Data center/Colocation
INVESTOR PRESENTATION
2028 FINANCIAL TARGETS
UNiDATA
INVESTOR PRESENTATION 24
APPENDIX
CORPORATE GOVERNANCE & ORGANIZATION
| Coordinated | Chairman & CEO
Renato Brunetti | | |
| --- | --- | --- | --- |
| | Vice Chairman
Marcello Vispi | | |
| Coordinated | Internal Auditing
Sergio Beretta | Investor Relations
Roberto Giacometti | Public Affairs & Institutional Relations
Federico Bottura |
| | Risk Management, Communication & ESG
Paolo Bianchi | | Chief Financial and Legal Officer
Roberto Giacometti |
| | Chief Human Resources & Organization Officer
Lorenzo Lombardi D'Aquino | | Procurement & General Affairs
Roberto Monaldi |
| Coordinated | Chief Commercial Officer
Roberto Forte | | Chief Operating Officer
Giovanni De Nichilo |
| | Chief Technical Officer
Giampaolo Rossini | | Innovation, Research & Development
Patrizio Pisani |
UNiDATA
1) Equally owned by R. Brunetti, M. Vispi and C. Bianchi.
INVESTOR PRESENTATION
«DIGITAL HUB» OMNICHANNEL SERVICE PLATFORM
UniHub
UNIDATA Digital Hub
- The development of a common platform for all sales channels is a key element.
- Overcome the fragmentation of internal platforms and integrate it all into a single CRM.
- Artificial Intelligence is a distinctive element for the optimization of:
- Analytics generation
- Sales Process Analysis (Business Process Flow)
- UniHub will allow access to services through a common marketplace in:
- "Push" Channels – Salesforce, Business Partner, Reseller
- "Pull" Channels – digital funnel (Telco, Cloud, Cyber, ...)
- HostBill, as an "all-in-one billing, automation and client management" solution, it is an enabling factor for the development of a true marketplace common to all channels, capable of offering a seamless eCommerce experience.
UNiDATA
INVESTOR PRESENTATION
IoT & SMART METERING: AWARDED TENDERS
Tender for the Metropolitan City of Palermo
Total value of the tender equal to 2.7 million Euros, for a period of 3 years
Award in PPP for Acqua Pubblica Sabina
Assignment through project financing equal to 9.5 million Euros for a duration of 14 years
Tender for Firenze-Prato-Pistoia Metropolitan Area
Total value of the tender equal to over 3.5 million Euros for a duration of 13 years
GRIM
Tender for Molise region
Total value of the tender equal to over 3.0 million Euros for a duration of 2 years
acquedottolucano
Award for Basilicata region
Total value of the tender equal to 0.6 million Euros for a duration of 2 years
Award for Emilia Romagna region
Assignment equal to 0.3 million Euros
Award for Toscana region
Assignment equal to 0.3 million Euros
Award for Toscana region
Assignment equal to 0.4 million Euros
€ 20 MILLION OF TOTAL ORDER VALUE, ABOUT € 17 MILLION IN BACKLOG
UNiDATA
INVESTOR PRESENTATION
DISCLAIMER
This document has been prepared by UNIDATA S.p.A. (the "Company") solely for information purposes. It contains summary information only and is therefore preliminary in nature. It has also been prepared without any intention of being exhaustive. THIS PRESENTATION AND THE ASSOCIATED VERBAL DISCUSSIONS DO NOT CONSTITUTE A PUBLIC OFFER OR AN INVITATION TO SUBSCRIBE, PURCHASE OR OTHERWISE ACQUIRE FINANCIAL PRODUCTS UNDER ARTICLE 1(1)(T) OF LEGISLATIVE DECREE NO 58 OF 24 FEBRUARY 1998 (AS AMENDED). This document is not therefore an advertisement and does not in any way constitute a proposal for execution of a contract, an offer or an invitation to purchase, subscribe or sell securities and neither does this document or part of this document constitute a basis to be relied upon in relation to any contract or undertaking or investment decision. The Company has not prepared and will not be preparing a prospectus for the purposes of an initial public offering of shares. Any decision to purchase, subscribe or sell securities must be taken independently of this Presentation. No provision of this Presentation will therefore create any binding liability or obligation for the Company and its subsidiaries and for their consultants or representatives. The Presentation is not intended for distribution in the United States of America, Canada, Australia, Japan or in any jurisdiction in which such distribution is illegal (as defined in Regulation S under the United States Securities Act 1933, as amended (the 'Securities Act'). Neither this Presentation nor any copies thereof may be used or transmitted in the United States of America or in its territories or possessions, or distributed, directly or indirectly, in the United States of America or in its territories or possessions or to any American person. Failure to comply with this restriction may constitute a breach of United States securities laws. No declaration or guarantee, whether express or implied, is or will be given by the Company in relation to the accuracy, completeness or correctness of the information provided and, to the extent permitted by law and save in the case of fraud by an interested party, no liability is assumed in relation to the accuracy or sufficiency of that information or for errors, omissions or inaccuracies, negligence or other issues relating thereto. In particular, but without limitation, no declaration or guarantee, whether express or implied, is or will be given in relation to the achievement or reasonableness of, and no reliance may be placed for any purpose on the accuracy or completeness of, estimates, targets, projections or forecasts, and nothing in these materials should be considered as a promise or representation for the future. The information and opinions contained in this document are provided as at the date of this document and are subject to modification without notice. The recipient will be the sole party responsible for its own assessment of the information contained in the Presentation. Neither the Company and its subsidiaries nor their consultants or representatives, will be obliged to provide or update any information or to provide notification of or correct any inaccuracies in any information. Neither the Company and its subsidiaries nor any of their consultants or representatives will have any liability vis-à-vis the recipient or any of its representatives as a consequence of the use of or reliance on the information contained in this document. Some information may contain forward-looking statements that present risks and uncertainties and are subject to change. In some cases, these forward-looking statements may be identified by the use of words such as 'believe', 'anticipate', 'estimate', 'objective', 'potential', 'hope', 'forecast', 'draft', 'could', 'should', 'may', 'intention', 'plan', 'purpose', 'seek' and similar expressions. The forecasts and forward-looking statements included in this document are necessarily based on a series of assumptions and estimates that are intrinsically subject to significant economic, operational and competitive uncertainties and unforeseen events, and on assumptions relating to future corporate decisions that are subject to change. By their nature, the forward-looking statements present known and unknown risks and uncertainties, because they refer to events and depend on circumstances that might occur in the future. Furthermore, the actual results may differ substantially from those contained in any forward-looking statement because of a series of significant risks and future events that are outside the control of the Company and cannot be estimated in advance, such as the future economic context and the actions of competitors and other entities involved in the market. These forward-looking statements refer only to the date of this presentation. The Company advises that the forward-looking statements are not guarantees of future benefits and that its current financial position, corporate strategy, plans and management objectives for future operations may differ substantially from those stated in or suggested by the forward-looking statements contained in this Presentation. Furthermore, even if the Company's financial position, company strategy, plans and management objectives for future operations are consistent with the forward-looking statements contained in this Presentation, these results or developments might not be indicative of the results or developments in future periods. The Company expressly disclaims any obligation or undertaking to disclose updates or revisions of any forward-looking statement contained in this document to reflect any change in the Company's expectations in relation to that document or any change in events, conditions or circumstances on which such statements are based. By receiving this Presentation, the user acknowledges and accepts that it is bound by the terms, conditions and restrictions stated above.
UNiDATA
INVESTOR PRESENTATION
CONTACTS
Unidata S.p.A.
ROBERTO GIACOMETTI
CFO & Investor Relations Officer
+39 329 2478696
[email protected]
CDR Communication S.r.l.
Investor Relations Consultant
SILVIA DI ROSA
+39 335 7864209
[email protected]
ELEONORA NICOLINI
+39 333 9773749
[email protected]
