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Wiit
Earnings Release • May 13, 2025
4197_10-q_2025-05-13_145c13fd-1077-4031-a3dd-abdaa28a66e0.pdf
Earnings Release
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| Informazione Regolamentata n. 20101-48-2025 |
Data/Ora Inizio Diffusione 13 Maggio 2025 16:10:06 |
Euronext Star Milan | |
|---|---|---|---|
| Societa' | : | WIIT | |
| Identificativo Informazione Regolamentata |
: | 205520 | |
| Utenza - referente | : | WIITNSS01 - PASOTTO STEFANO | |
| Tipologia | : | REGEM | |
| Data/Ora Ricezione | : | 13 Maggio 2025 16:10:06 | |
| Data/Ora Inizio Diffusione | : | 13 Maggio 2025 16:10:06 | |
| Oggetto | : | WIIT_PR_Q1 2025 Results | |
| Testo del comunicato |
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PRESS RELEASE
The Board of Directors of WIIT, European leader in Private Cloud Compu<ng, approves the consolidated results as at 31 March 2025
As of 31 March, 2025, the WIIT1 Group recorded2:
- Revenues of Euro 41.1 million, +22.6% compared to Q1 2024 (Euro 33.5 million), mainly driven by ARR organic growth in Italy and Germany, as well as the contribuJon from the acquired companies/business units Edge&Cloud, Econis AG, and Michgehl & Partner
- Reported Group ARR Revenues of Euro 33.7 million, +26.2% vs Q1 2024 at 89.9% of total revenues3 (90,1 %in Q1 2024)
- Adjusted EBITDA of Euro 15.8 million, +21.0% compared to Q12024 (Euro 13.0 million). Group margin in revenue at 38.4% (38.9% in Q1 2024, 36.6% in FY 2024), impacted by recent acquisiJons, whose cost synergies are expected over the next 12 months. The "like-for-like" margin would have been 42.9%, an increase of 400 bps compared to Q12024
- Adjusted EBIT at Euro 7.8 million, +8.5% vs Q1 2024 (Euro 7.2 million), with a margin on revenue of 18.9% (21.3% in Q1 2024, 18.3% in FY 2024), impacted by recent acquisiJons and the increase in amorJsaJon
- Adjusted Net Profit of Euro 4.3 million, +4.1% compared to Q1 2024 (Euro 4.1 million)
Milan, 13 May 2025 – The Board of Directors of WIIT S.p.A. ("WIIT" or the "Company"; ISIN IT0005440893; WIIT.MI), one of the leading European players in the market of Cloud CompuMng services for enterprises focused on the provision of conMnuous Private and Hybrid Cloud services for criMcal applicaMons, met today and approved the consolidated results as of March 31, 2025 – prepared in accordance with internaMonal accounMng standards (IFRS) – for the group headed by WIIT (the "WIIT Group" or the "Group").
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1 Compared to 31 March 2024, the Group's scope has changed as follows: acquisi@on of Edge&Cloud in Germany, consolidated as of 1 April 2024 of Econis AG in Switzerland, consolidated as of 1 May 2024 and of Michgehl & Partner, consolidated as of 1 November 2024.
2 For the defini@ons of the alterna@ve performance indicators used (including EBITDA, Adjusted EBITDA, EBIT, Adjusted EBIT, Net Financial Posi@on/Net Financial Debt, and Adjusted Net Financial Debt, Adjusted Net Profit), please refer to the sec@on "Alterna@ve Performance Indicators" at the end of this press release.
3 ARR Revenues related to Q12025 from recurring services of companies opera@ng in the Cloud and Cyber Security market in Italy (WIIT S.p.A.), Germany (WIIT AG, M&P, exc. Gecko) and Switzerland (Econis AG).
"We are extremely pleased with the results achieved in the first quarter of 2025, which confirm the strength of our business model and our ability to generate value across key financial indicators. Recurring revenue conCnues to grow steadily, and margins "like for like" show ongoing improvement both in Italy and Germany, thanks to the integraCon of synergies and our focus on high-value-added cloud services. Our commercial pipeline also conCnues to expand, providing solid visibility for full-year performance". Commented Alessandro Cozzi, CEO of WIIT. "In this context, we are parCcularly proud of the success of our WIIT Cloud NaCve PlaMorm, which recently secured its first major contract in Germany, outperforming American hyperscalers in a compeCCve bid. This milestone not only validates the quality and compeCCveness of our offering, but also highlights the strategic importance of this plaMorm, which we view as a core asset for the Group's future growth. At a Cme when data sovereignty and the demand for European cloud services — for both European and internaConal clients — are increasingly criCcal, WIIT reaffirms its role as a reliable partner capable of delivering not only performance and innovaCon, but also full data protecCon, with all informaCon managed in compliance with the strictest regulaCons by a European provider".
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At 31 March 2025, the WIIT Group recorded:
- Revenues: Euro 41.1 million (Euro 33.5 million as of 31 March, 2024, +22.6%);
- Adjusted EBITDA: Euro 15.8 million (Euro 13.0 million as of 31 March, 2024, +21.0%), with a margin on revenue of 38.4% (38.9% in Q1 2024, 36.6% in FY 2024);
- Adjusted EBIT: Euro 7.8 million (Euro 7.2 million as of 31 March, 2024, +8.5%), with a margin on revenue of 18.9% (21,3% in Q1 2024, 18,3% in FY2 024);
- Adjusted Net Profit: Euro 4.3 million (Euro 4.1 million as of March 31, 2024, +4.1%);
- Adjusted Net Financial PosiQon (Debt): EUR -176.04 million (Euro -163,0 at 31 December 2024).
WIIT Group financial review as at 31 March 2025
Revenues at Euro 41.1 million (Euro 14.4 million in Italy, Euro 22.1 million in Germany, and Euro 4.6 million in Switzerland), marking a +22.6% increase over the Euro 33.5 million recorded in the same period last year. The increase is driven in particular by the organic growth of ARR reported revenues of +4.6%, of which in Italy about +7.4% year-on-year and in Germany about +2.1%.
4 Excluding the IFRS 16 effect of Euro 12.1 million (Euro 11.4 million in FY2024) and including the valua@on of treasury shares held in the por`olio, es@mated at approximately Euro 28.9 million based on the market value as of 31 March, 2025 (market value as of 31 December, 2024: Euro 38.3 million)
The total contribution of the acquired companies/business units amounted to Euro 7.7 million, of which (i) Euro 1.9 million (100.0% Recurring Revenue) related to the Edge&Cloud business in Germany, consolidated as of 1 April 2024; (ii) Euro 4.6 million (65.4% Recurring Revenue) related to Econis AG in Switzerland, consolidated as of 1 May 2024; and (iii) Euro 1.2 million (72.1% Recurring Revenue) related to Michgehl & Partner, consolidated as of 1 November 2024.
Adjusted operaJng costs at approximately Euro 12.0 million, showed an increase of Euro 0.5 million over Q1 2024, primarily due to the consolidaMon of acquired companies in Germany and Switzerland, almost enMrely offset by cost synergies achieved through the mergers in Germany. The impact of cost synergies related to the new acquisiMons is expected to be reflected in the figures over the next 12 month
Adjusted personnel costs at approximately Euro 13.1 million, increasing Euro 4.0 million compared to the same period of the previous year. This change is almost enMrely ajributable to the impact of new acquisiMons.
EBITDA Adjusted at to Euro 15.8 million (Euro 13.0 million in Q1 2024), + 21.0% compared to the same period of the previous year, thanks to a focus on Cloud services, the optimization achieved in process and operational service organization, cost synergies, and the continuous improvement in the margin of acquired companies. Margin on revenue is at 38.4% (38.9% in Q1 2024), impacted by the dilutive effect of consolidating Edge&Cloud, Econis AG and Michgehl & Partner, whose synergies are expected to be seen over the next 12 months. The 'like-for-like' margin would have been 42.9%, up by 400 basis points vs Q12024.
As of 31 March, 2025, WIIT Group's margin in Italy stood at 48.9% (44.3% in Q1 2024), and in Germany at 36.6% (34.5% in Q1 2024). The like-for-like margin in Germany (excluding the Edge&Cloud business unit and Michgehl & Partners) was 38.4% (34.5% in Q1 2024), while the likefor-like margin excluding Gecko reached 41.5% (36.3% in Q1 2024), marking a significant increase compared to the same period last year, driven by a growing focus on higher value-added services.
The adjustment applied to the Gross Operating Margin (EBITDA) as of 31 March 2025, refers to effects arising from extraordinary M&A transactions amounting to Euro 0.25 million, costs related to incentive plans based on financial instruments totaling Euro 0.15 million.
Adjusted EBIT (Net Operating Margin) at Euro 7.8 million, compared to Euro 7.2 million in Q1 2024 (+8.5%), representing 18.9% of revenues (21.3% in Q1 2024). Depreciation and amortization totaled approximately Euro 8.0 million, registering an increase of Euro 2.1 million over the same period last 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.
The adjustment at the Net Operating Margin (EBIT) level as of 31 March 2025, refers to the previously mentioned adjustments at the EBITDA level, as well as to the amortization value related to the Purchase Price Allocation (PPA) concerning acquisitions, amounting to Euro 1.2 million.
Financial Expenses at Euro 2.1 million, mainly due to bond interest expenses of Euro 1.2 million, and other financial expenses for bank and other financing, substantially stable on the same period of the previous year.
Net Profit Adjusted at Euro 4.3 million, compared to Euro 4.1 million in Q1 2024 (+4.1%), including the tax effect calculated on adjustments at the consolidated operating result level.
WIIT Group financial and equity review as at 31 March 2025
Net Financial Position (debt) at Euro -216.9 million as of 31 March 2025 (Euro -212.7 million as of 31 December 2024), considering the IFRS16 impact of approximately EUR 12.1 million (Euro 11.4 million as of 31 December 2024) and excluding the valuation of treasury shares at approximately Euro 28.9 million at market value as of 31 March, 2025 (market value as of 31 December 2024 was Euro 38.3 million).
This change primarily includes:
- The purchase of treasury shares for Euro 1.1 million;
- The investments (CAPEX) totaling approximately Euro 11.1 million for:
- o Euro 8.2 million for maintenance and purchase of IT infrastructures related to new contracts signed during the year both in Italy and abroad.
- o Euro 2.9 million mainly related to rental, right of use and the residual part to vehicles.
In Q1 2025, cash flows generated by operaQng acQviQes amounted to EUR 15.7 million. Cash availability as of 31 March, 2025, stood at Euro 17.5 million, reflecOng a Euro +2.0 million difference from 31 December, 2024. The valuaOon does not include the approximately Euro 28.9 million valuaOon of treasury shares at market value as of 31 March, 2025.
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Significant events in Q1 2025
On 9 January 2025, WIIT announced that it has signed a new contract, worth a total of approximately Euro 5 million for six years with one of the leading Italian groups acOve in the Professional Services market, specializing in ERP and management soluOons. The agreement envisages the evoluOon of the Customer's current Private Cloud model, already provided by WIIT, towards a more reliable Secure Private Cloud model. The Customer has renewed its trust in WIIT for the next 6 years, reconfirming and extending all Private Cloud and Cyber Security services to protect its data and core processes, with the aim of undertaking the transiOon to the Secure Cloud model. In order to guarantee maximum reliability, the agreement, worth about Euro 5 million, provides for the complete technological renewal of the systems hosOng all the business criOcal applicaOons of the customer and its partners. These will be hosted and managed within the Premium Zone of WIIT's North/West Region in Italy, where there are two Data Centres cerOfied Tier IV by the UpOme InsOtute. In addiOon, the Customer has chosen to further expand the infrastructure and systems hosted in the Private Cloud by acOvaOng Disaster Recovery services, to guarantee a more effecOve operaOonal conOnuity, resilience and usability of the main business processes. This extension is worth Euro 1.9 million.
On 26 February 2025, WIIT and Gruppo E, a network of informaOon technology players supporOng Italian companies in their sustainable digital transiOon, announced a strategic partnership for the development of an advanced generaOve arOficial intelligence placorm. As part of this project, WIIT will host on its WIIT Cloud NaOve Placorm (WCNP) the generaOve AI technology of Gruppo E, conceived and developed by Memori, a company of the Group. The aim of the partnership is to offer companies a secure and efficient generaOve AI system, based on a private knowledge base placorm to protect customers' intellectual property and guaranteed by WIIT's Secure Cloud infrastructure, which integrates cloud and cybersecurity at the highest level.
On 24 March, 2025, WIIT signed a new agreement to extend its Managed Hybrid Cloud services with a leading company in the Digital Trust Services market. The agreement spans five years and has a total value of over Euro 2.9 million. This deal supports the client's growth needs by expanding all Private Cloud services to protect its core data and processes, with the aim of transiOoning to WIIT's Secure Cloud model. To ensure maximum reliability, the client's business-criOcal applicaOons will be hosted and managed within WIIT's Premium Zones located in its European Regions, where three Tier IV-cerOfied Data Centers (cerOfied by the UpOme InsOtute) are in operaOon. With infrastructure managed directly by WIIT and acOve 24/7 support ensuring conOnuous availability and efficiency of mission-criOcal processes, the transformaOon of the client's service model is progressing—focusing on providing resilience and scalability in support of digital transformaOon iniOaOves.
Significant Events AGer March 31, 2025
On 7 April, 2025, WIIT announced the renewal and extension of a contract in Germany through its German subsidiary WIIT AG, with a total value of Euro 9.0 million. The five-year agreement, signed with one of WIIT's key German clients a leader in the MarkeOng Technology sector—expands the scope of exisOng WIIT services to include the new PaaS soluOon, the WIIT Cloud NaOve Placorm (WCNP). This placorm will serve as the foundaOon for the client's future innovaOve markeOng porcolio. The success, achieved through a compeOOve bid against U.S. hyperscalers, confirms
WCNP as a robust European alternaOve, offering a broad range of high value-added services and compeOOve pricing. WIIT will support the client throughout the enOre migraOon process, leveraging its team's experOse in managing technological replacorming projects. Services will be delivered from WIIT's Tier IV-cerOfied data center, cerOfied by the UpOme InsOtute, and part of the WIIT AG Region Germany Center.
On 29 April, 2025, the WIIT Shareholders' MeeOng (i) approved the financial statements as of 31 December, 2024, and the distribuOon of a gross dividend of Euro 0.30 per share, (ii) approved a compensaOon plan based on financial instruments and the Report on the remuneraOon policy and compensaOon paid, (iii) authorized the purchase and disposal of treasury shares, and (iv) approved the update of the shareholders' meeOng regulaOons.
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Business outlook
In light of the ongoing expansion of the Cloud market and the increasingly widespread adopOon of SaaS, PaaS, and IaaS soluOons, the Group expects an in business management towards greater technological specializaOon and operaOonal agility. Corporate governance will be strengthened by advanced performance monitoring and management tools, with a growing focus on cybersecurity, infrastructure scalability, and process automaOon. The organizaOonal structure is expected to shij towards more horizontal and collaboraOve models, encouraging integraOon between technical and commercial teams. Furthermore, human resources management will evolve to alract and retain talent with advanced skills in cloud compuOng, data analyOcs, and AI. As of 31 March, 2025, the WIIT Group has only marginal exposure to the Russian, Ukrainian, and Israeli markets. Revenues from Russia as of March 31, 2025, amounted to Euro 7 thousand (0.01% of total revenues), from Ukraine Euro 49 thousand (0.12% of total revenues), and from Israel no revenues. The Board of Directors does not consider these commercial relaOonships to pose any direct or indirect risks
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DeclaraKon pursuant to arKcle 154-bis, paragraph 2 of LegislaKve Decree no. 58/1998.
The Manager in charge of drawing up the corporate accounOng documents, Mr. Stefano Pasolo, hereby declares, pursuant to arOcle 154-bis, paragraph two of LegislaOve Decree no. 58/1998, that the accounOng informaOon contained in this press release corresponds to the documented results, books and accounOng records.
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Alached are the WIIT Group's consolidated financial statements as of 31 March 2025. With reference to the figures presented in this press release, It should be noted that these are data which have not yet been subject to statutory audit nor reviewed by the Company's Board of Statutory Auditors. The report as of 31 March 2025 will be made available to the public at the Company's registered office and on the Company's website (hlp://www.wiit.cloud/), in the "Investors - Reports and PresentaOons" secOon, as well as at the authorised storage mechanism "eMarket STORAGE" ().
This press release contains forecasts and es1mates that reflect the current views of the Group's management regarding future and uncertain events. Forecasts and es1mates are typically iden1fied by expressions such as "it is possible," "it should be," "it is forecast," "it is expected," "it is es1mated," "it is believed," "it is intended," "it is planned," "objec1ve" or by the nega1ve use of these expressions or other varia1ons of these expressions or by the use of comparable terminology. These forecasts and es1mates include, but are not limited to, all informa1on other than factual informa1on, including, without limita1on, that rela1ng to the Group's future financial posi1on and opera1ng results, strategy, plans, objec1ves and future developments in the markets in which the Group operates or intends to operate. As a result of such uncertain1es and risks, readers are cau1oned not to place undue reliance on such forward-looking informa1on as a predic1on of actual results. The Group's ability to achieve its expected results depends on many factors beyond management's control. Actual results may differ significantly from (and be more nega1ve than) those predicted or implied by the forecast data. These forecasts and es1mates involve risks and uncertain1es that could have a material impact on expected results and are based on basic assump1ons. The forecasts and es1mates made therein are based on informa1on available to the Group as of today. The Group does not undertake any obliga1on to publicly update and revise forecasts and es1mates as a result of the availability of new informa1on, future events or otherwise, except in the cases envisaged by the law.
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WIIT S.p.A.
WIIT S.p.A., a company listed on the Euronext Star Milan ("STAR") segment, is a European leader in the Cloud CompuCng market. It operates in key markets such as Italy, Germany, and Switzerland, posiConing itself among the main players in providing innovaCve technological soluCons for Private and Hybrid Cloud. WIIT operates through managed processes, specialised resources and technology assets including proprietary data centres spread across 7 regions: 4 in Germany, 1 in Switzerland and 2 in Italy, 3 of which are Premium Zone enabled i.e. with guaranteed high availability, maximum levels of resilience and security by design; two of these host data centres cerCfied Tier IV by the UpCme InsCtute. WIIT has 6 SAP cerCficaCons at the highest level of specialisaCon. Its endto-end approach enables the company to provide its partner companies with customised, high value-added services with the highest security and quality standards for the management of criCcal applicaCons and business conCnuity, while guaranteeing maximum reliability in the management of the main internaConal applicaCon pla[orms (SAP, Oracle and Microso]). Since 2022, the WIIT Group has joined the UN Global Compact. (www.wiit.cloud).
For more informa2on:
Investor Rela2ons WIIT S.p.A.: Stefano Paso.o – CFO & Investor Rela9ons Director Francesca Cocco – Lerxi Consul9ng – Investor Rela9ons T +39.02.3660.7500 Fax +39.02.3660.7505 [email protected] www.wiit.cloud
Media Rela2ons:
Image Building Rafaella Casula Tel. +39 348 3067877 Simona Porcino Tel. +39 340 9844532 Francesca Alberio Tel. +39 340 0547370 [email protected]
Consolidated Balance Sheet
| CONSOLIDATED BALANCE SHEET | |||
|---|---|---|---|
| 31.03.2025 | 31.12.2024 | ||
| ASSETS | |||
| Other intangible assets | 60.337.872 | 59.657.867 | |
| Goodwill | 124.603.021 | 124.603.021 | |
| Rights of use | 13.250.202 | 11.949.021 | |
| Property, plant and equipment | 8.480.606 | 8.682.107 | |
| Other tangible assets | 58.223.045 | 58.022.098 | |
| Deferred tax assets | 2.110.077 | 2.013.822 | |
| Equity investments | 5 | 5 | |
| Other non-current assets | 525.830 | 563.524 | |
| NON-CURRENT ASSETS | 267.530.657 | 265.491.464 | |
| Inventories | 157.353 | 203.322 | |
| Trade receivables | 30.540.172 | 30.567.439 | |
| Trade receivables from associates | 410 | 438 | |
| Current financial assets | 1.809.169 | 6.195.112 | |
| Other receivables and other current assets | 12.594.678 | 10.701.145 | |
| Cash and cash equivalents | 17.489.640 | 15.509.020 | |
| CURRENT ASSETS | 62.591.422 | 63.176.476 | |
| TOTAL ASSETS | 330.122.079 | 328.667.940 |
Consolidated Balance Sheet
| CONSOLIDATED BALANCE SHEET | |||
|---|---|---|---|
| 31.03.2025 | 31.12.2024 | ||
| SHAREHOLDERS' EQUITY AND LIABILITIES | |||
| Share Capital | 2.802.066 | 2.802.066 | |
| Share premium reserve | 44.598.704 | 44.598.704 | |
| Legal reserve | 560.413 | 560.413 | |
| Other reserves | 7.040.544 | 7.000.153 | |
| Treasury shares in portfolio reserve | (32.827.201) | (31.700.611) | |
| Reserves and retained earnings (accumulated losses) | 10.911.795 | 1.532.255 | |
| Translation reserve | 72.199 | 82.692 | |
| Net profit for the period | 3.157.082 | 9.264.501 | |
| SHAREHOLDERS' EQUITY | 36.315.602 | 34.140.173 | |
| Result attributable to non-controlling-interest (*) | 0 | 0 | |
| Non-controlling interest 'equity (*) | 0 | 0 | |
| SHAREHOLDERS' EQUITY | 36.315.602 | 34.140.173 | |
| Payables to other lenders | 18.818.851 | 19.218.152 | |
| Non-current indebtness related to bond | 151.314.610 | 151.625.756 | |
| Bank payables | 26.562.253 | 26.918.302 | |
| Other non-current financial liabilities | 69.905 | 69.905 | |
| Employee benefits | 3.178.966 | 3.001.166 | |
| Provision for risks and charges | 563.410 | 563.410 | |
| Deferred tax liabilities | 13.441.815 | 13.821.515 | |
| Other payables and non-current liabilities | 56.616 | 41.948 | |
| NON-CURRENT LIABILITIES | 214.006.427 | 215.260.154 | |
| Payables to other lenders | 12.534.707 | 10.338.783 | |
| Current indebtness related to bond | 8.900.530 | 8.900.530 | |
| Short-term loans and borrowings | 15.227.329 | 14.531.778 | |
| Current income tax liabilities | 6.756.702 | 6.084.782 | |
| Other current financial liabilities | 2.800.000 | 2.800.000 | |
| Trade payables | 15.546.318 | 20.394.935 | |
| Current liabilities deriving from contracts | 4.048.488 | 3.479.313 | |
| Other payables and current liabilities | 13.985.974 | 12.737.490 | |
| CURRENT LIABILITIES | 79.800.049 | 79.267.612 | |
| LIABILITIES HELD-FOR-SALE | 293.806.477 | 294.527.766 | |
| TOTAL LIABILITIES | 330.122.079 | 328.667.940 |
Consolidated Profit & Loss
| CONSOLIDATED PROFIT & LOSS | ||||
|---|---|---|---|---|
| Q1 2025 | Q12024 | Adjusted | Adjusted | |
| REVENUES AND OPERATING INCOME | Q1 2025 | Q1 2024 | ||
| Revenues from sales and services | 40.646.261 | 33.227.403 | 40.646.261 | 33.227.403 |
| Other revenues and income | 464.676 | 301.845 | 464.676 | 301.845 |
| Total revenues and operating income | 41.110.938 | 33.529.248 | 41.110.938 | 33.529.248 |
| Purchases and services | (12.311.676) | (11.566.295) | (11.975.973) | (11.477.494) |
| Personnel costs | (13.157.079) | (9.174.841) | (13.089.488) | (9.082.137) |
| Amortisation, depreciation, and write-downs | (9.246.558) | (7.037.567) | (8.017.009) | (5.867.606) |
| Provisions | 0 | (15.000) | 0 | (15.000) |
| Other costs and operating charges | (217.813) | (218.724) | (217.813) | (218.724) |
| Change Inventories of raw mat., consumables and goods |
(45.969) | 286.563 | (45.969) | 286.563 |
| Total operating costs | (34.979.096) | (27.725.865) | (33.346.252) | (26.374.398) |
| EBIT | 6.131.842 | 5.803.383 | 7.764.686 | 7.154.850 |
| Financial income | 23.327 | 87.476 | 23.327 | 87.476 |
| Financial expenses | (2.116.950) | (1.998.868) | (2.116.950) | (1.998.868) |
| Exchange gains/(losses) | (111.429) | (863) | (111.429) | (863) |
| PROFIT BEFORE TAXES | 3.926.791 | 3.891.128 | 5.559.635 | 5.242.595 |
| Income taxes | (769.709) | (830.159) | (1.303.264) | (1.153.791) |
| NET PROFIT FROM CONTINUING OPERATIONS | 3.157.082 | 3.060.969 | 4.256.370 | 4.088.804 |
Consolidated Net Financial PosiKon
| Consolidated Net Financial Position | 31.03.2025 | 31.12.2024 |
|---|---|---|
| A - Cash and cash equivalents | 17.489.640 | 15.509.020 |
| B - Securities held for trading | 0 | 0 |
| C - Current financial assets | 1.809.169 | 6.195.112 |
| D - Liquidity (A + B + C) | 19.298.809 | 21.704.132 |
| E - Current bank loans | (15.227.329) | (14.531.778) |
| F - Other current financial liabilities | (2.800.000) | (2.800.000) |
| G - Payables to other lenders | (12.534.707) | (10.338.783) |
| H - Current financial indebtedness related to Bond facilities | (8.900.530) | (8.900.530) |
| I - Current financial debt (E + F + G + H) | (39.462.567) | (36.571.092) |
| J - Current net financial debt (I - D) | (20.163.757) | (14.866.960) |
| K - Bank loans | (26.562.253) | (26.918.302) |
| L - Payables to other lenders | (18.818.851) | (19.218.152) |
| M - Non-current financial indebtedness related to Bond facilities | (151.314.610) | (151.625.756) |
| N - Other non-current financial liabilities | (69.905) | (69.905) |
| O - Trade payables and other non-current payables | 0 | 0 |
| P. Non-current financial debt (K + L + M + N + O) | (196.765.620) | (197.832.115) |
| Q - Group net financial debt (J + P) | (216.929.378) | (212.699.075) |
| - Payables for leases IFRS 16 (current) | 1.500.376 | 3.051.522 |
| - Payables for leases IFRS 16 (non-current) | 10.554.611 | 8.349.977 |
| R - Net financial debt excluding Group IFRS16 impact | (204.874.391) | (201.297.576) |
Consolidated Cash Flow Statement
| CONSOLIDATED CASH FLOW STATEMENT | Q1 2025 | Q1 2024 |
|---|---|---|
| Net profit from continuing operations | 3.157.082 | 3.060.969 |
| Adjustments for non-cash items: | 0 | 0 |
| Amortisation, depreciation, revaluations and write-downs | 9.246.558 | 7.052.567 |
| Change in employee benefits | 177.800 | 500.010 |
| Increase (decrease) provisions for risks and charges | 0 | (15.000) |
| Financial charges | 2.205.051 | 1.912.255 |
| Income taxes | 769.709 | 830.159 |
| Other non-cash changes | 168.489 | 157.907 |
| Cash flow generated from operating activities before working capital changes | 15.724.689 | 13.498.866 |
| Changes in current assets and liabilities: | ||
| Decrease (increase) in inventories | 45.969 | (286.563) |
| Decrease (increase) in trade receivables | (149.381) | (3.537.219) |
| Increase (decrease) in trade payables | (4.835.788) | 2.827.850 |
| Increase (decrease) in tax payables | 671.920 | 397.851 |
| Decrease (increase) other current assets | (1.945.696) | (4.029.546) |
| Increase (decrease) in current liabilities | 159.082 | 2.291.612 |
| Decrease (increase) in other non-current assets | 37.694 | (59.039) |
| Increase (decrease) in other non-current liabilities | 14.668 | 40.500 |
| Increase (decrease) in liabilities deriving from contracts | 569.175 | 747.210 |
| Income taxes paid | (156.263) | (1.215.084) |
| Interest paid/received | (1.202.377) | (877.631) |
| Net cash flow generated from operating activities (a) | 8.933.693 | 9.798.809 |
| Net increase intangible assets | (3.207.351) | (1.673.124) |
| Net increase tangible assets | (2.407.549) | (2.224.370) |
| Decrease (increase) other financial current assets | 4.438.108 | 6.919.278 |
| Net cash flow used in investing activities (b) | (1.176.793) | 3.021.784 |
| New financing | 4.000.000 | 0 |
| Repayment of loans | (3.660.497) | (2.377.951) |
| Reimbursement of bond loan | (1.313.820) | (1.328.418) |
| Lease payables | (3.662.543) | (3.198.753) |
| Increase / (decrease) other financial payables | 0 | (424.061) |
| (Purchase) Use of treasury shares | (1.139.420) | 0 |
| Net cash flow from financing activities (c) | (5.776.281) | (7.329.183) |
| Net increase/(decrease) in cash and cash equivalents a+b+c | 1.980.620 | 5.491.412 |
| Cash and cash equivalents at end of the period | 17.489.640 | 19.181.624 |
| Cash and cash equivalents at beginning of the period | 15.509.020 | 13.690.212 |
| Net increase/(decrease) in cash and cash equivalents | 1.980.620 | 5.491.412 |
AlternaKve Performance Measures
In accordance with the ESMA recommenda1on on alterna1ve performance measures (ESMA/2015/1415), as implemented by Consob Communica1on No. 0092543 at December 3, 2015, the Alterna1ve Performance Measures used to monitor the Group's opera1ng and financial performance are outlined below.
Total adjusted Revenues and operaQng income - A non-GAAP measure used by the Group to measure performance. Total adjusted operaOng revenues and income is calculated as Total operaOng revenues and income as per the income statement, in accordance with IFRS, less the non-recurring item regarding the negaOve goodwill (bargain purchase) classified to "Other operaOng income" in 2024. Total adjusted revenues and operaOng income is not recognised as an accounOng measure within IAS/IFRS adopted by the European Union. Consequently, the determinaOon criterion applied by the Group may not be homogeneous with that adopted by other groups and, therefore, the amount obtained by the Group may not be comparable with the determined by the laler.
EBITDA - A non-GAAP measure used by the Group to measure performance. EBITDA is the sum of the net profit for the year, gross of taxes, financial income and expenses (including exchange gains and losses) and amorOzaOon, depreciaOon and write-downs. EBITDA is not recognised as an accounOng measure within IAS/IFRS adopted by the European Union. Consequently, the determinaOon criterion applied by the Group may not be homogeneous with that adopted by other groups and, therefore, the amount obtained by the Parent Company may not be comparable with the determined by the laler.
EBITDA Margin - measures the Group operaOng profitability as a percentage of consolidated revenues reported in the year and is defined as the raOo between EBITDA and Total revenues and operaOng income.
Adjusted EBITDA - A non-GAAP measure used by the Group to measure performance. Adjusted EBITDA is the sum of the net profit for the period, gross of taxes, financial income and expenses (including exchange gains and losses and deriving from the measurement at equity of investments), amorOzaOon, depreciaOon, write-downs and provisions, professional merger & acquisiOon (M&A) services, personnel internal reorganizaOon costs, Put&Call opOon costs, Stock OpOon/Stock Grant incenOve plan costs, and the non-recurring item related to negaOve goodwill (badwill) classified under "Other revenues and operaOng income". With regards to Adjusted EBITDA, the Group states that the adjustment (which defines Adjusted EBITDA) was made for the purposes of reflecOng the Group's operaOng performance, net of the effects of certain events and transacOons. This adjustment on certain expenses was necessary for improved comparability with the historic figures for the years under review, as such include cost items relaOng to company developments not concerning the normal operaOng management of the Group's business and related to professional services costs for M&A's. In order to improve the comparability of operaOng performance, the Group also excludes from the calculaOon of Adjusted EBITDA the costs of accounOng for stock opOons and stock grants (IFRS2). Adjusted EBITDA is not recognised as an accounOng measure within IAS/IFRS adopted by the European Union. Consequently, the determinaOon criterion applied by the Group may not be homogeneous with that adopted by other groups and, therefore, the amount obtained by the Group may not be comparable with the determined by the laler.
Adjusted EBITDA Margin - measures the Group operaOng profitability as a percentage of consolidated revenues reported in the year and is defined as the raOo between Adjusted EBITDA and Adjusted total revenues and operaOng income.
EBIT - A non-GAAP measure used by the Group to measure performance. EBIT is the sum of the net profit for the year, gross of taxes and financial income and expenses (including exchange gains and losses). EBIT is not recognised as an
accounOng measure within IAS/IFRS adopted by the European Union. Consequently, the determinaOon criterion applied by the Group may not be homogeneous with that adopted by other groups and, therefore, the amount obtained by the Group may not be comparable with the determined by the laler.
EBIT Margin - measures the earning capacity of Group sales. It is calculated as the raOo between EBIT and Total revenues and operaOng income.
Adjusted EBIT - A non-GAAP measure used by the Group to measure performance. Adjusted EBIT is the sum of the net profit for the period, gross of taxes, financial income and expenses (including exchange gains and losses and deriving from the measurement at equity of investments), amorOsaOon, depreciaOon and write-downs, professional merger & acquisiOon (M&A) services, personnel internal reorganizaOon costs, Put&Call opOon costs and Stock OpOon/Stock Grant incenOve plan costs, the amorOzaOon/depreciaOon of the fixed assets from the Purchase Price AllocaOon from the acquisiOons and the non-recurring item related to negaOve goodwill (bargain purchase) classified under "Other revenues and operaOng income". With regards to Adjusted EBIT, the Group states that the adjustment (which defines Adjusted EBIT) was made for the purposes of reflecOng the Group's operaOng performance, net of the effects of certain events and transacOons. This adjustment on certain expenses was necessary for improved comparability with the historic figures for the years under review, as such include cost items relaOng to company developments not concerning the normal operaOng management of the Group's business and related to professional services costs for M&A's. In order to improve operaOng performance comparability, the Group also excludes from the Adjusted EBIT the costs for the accounOng of Stock opOons and Stock Grants (IFRS2) and the amorOzaOon and depreciaOon of assets from the Purchase Price AllocaOon; customer list, exclusive contracts and placorm and Data Center amorOzaOon, related to the acquisiOons.
Adjusted EBIT Margin - measures the earning capacity of Group sales. It is calculated as the raOo between Adjusted EBIT and Adjusted total revenues and operaOng income.
Adjusted net profit or loss – A non-GAAP measure used by the Group to measure its performance. The Adjusted net profit or loss is calculated as the net profit or loss for the period, gross of M&A costs, personnel internal reorganisaOon costs, Put&Call opOons costs, the costs for the accounOng of Stock opOons and Stock Grants (IFRS2), the financial expense for the closure of the loan contracts, and the amorOsaOon and depreciaOon of assets arising from the Purchase Price AllocaOon; customer list, exclusive contracts and placorm and Data Center amorOsaOon, related to the acquisiOons and the related tax effects on the excluded items.
Net Financial Debt – this is a valid measure of the Group's financial structure. It is calculated in accordance with the provisions of Consob CommunicaOon No. 5/21 of April 29, 2021 and the ESMA 32-382-1138 recommendaOons. It is presented in the explanatory notes.
Adjusted Net financial debt – this is a valid measure of the Group's financial structure. It is determined in accordance with Consob CommunicaOon No. 5/21 of April 29, 2021 and in accordance with ESMA RecommendaOons 32-382-1138, including, where applicable, other non-current assets related to security deposits and excluding trade and other noncurrent payables. It is also presented net of the effects of IFRS 16. This measure is presented in the Directors' Report.