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Wiit — Earnings Release 2025
Mar 11, 2026
4197_rns_2026-03-11_3dc407ee-c699-4690-b065-c5e1188a5a34.pdf
Earnings Release
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| Informazione Regolamentata n. 20101-22-2026 | Data/Ora Inizio Diffusione 11 Marzo 2026 13:53:18 | Euronext Star Milan |
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Societa': WIIT
Utenza - referente : WIITNSS01 - PASOTTO STEFANO
Tipologia : 1.1
Data/Ora Ricezione : 11 Marzo 2026 13:53:18
Data/Ora Inizio Diffusione : 11 Marzo 2026 13:53:18
Oggetto : WIIT_PR_FY2025 Results
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PRESS RELEASE
The BoD of WIIT, the European leader in Private Cloud Computing, approves the statutory financial statements and consolidated financial statements at December 31, 2025 - growth in ARR revenues¹ and significant margin expansion, with EBITDA, EBIT and Net Profit growing faster than revenues
The WIIT Group² reports³ for 2025:
- Adjusted Revenues of Euro 167.9 million, +5.9% vs FY2024 (Euro 158.6 million), driven in particular by organic growth in Italy and Germany
- Group reported ARR revenues of Euro 136.6 million, +7.9% vs. FY 2024, 88.7% of total revenues⁴ (Euro 126.6 million in FY 2024)
- Adjusted EBITDA of Euro 66.9 million, +15.2% vs FY2024 (Euro 58.0 million). Group revenue margin up significantly over the previous year at 39.8% (36.6% in 2024). This result also reflects the cost synergies related to the acquired companies, highlighting a marked growth in profitability, which grew faster than revenues. On a like-for-like basis, the margin would have been 40.1%, up 349 bps vs FY2024
- Adjusted EBIT at Euro 34.1 million, +17.3% vs FY2024 (Euro 29.0 million), operating margin at 20.3% (18.3% in FY2024), significantly improving on the previous year. On a like-for-like basis, the margin would have been 20.1%
- Adjusted Net Profit at Euro 16.5 million, +11.5% vs FY2024 (Euro 14.8 million)
- Multi-year order backlog as of January 1, 2026 at Euro 260.1 million, up significantly on the previous year (Euro 247.3 million,) due to upselling on existing customers, supported by numerous renewals
¹ ARR reported: FY2025 revenues from recurring services of companies operating in the Cloud and Cyber Security market in Italy (WIIT S.p.A.), Germany (WIIT AG, M&P, exc. Gecko) and Switzerland (Econis AG).
² Compared to 2024, there were no changes to the Group’s scope. It is recalled that the following transactions were completed in 2024: acquisition of Edge&Cloud in Germany, consolidated from April 1, 2024, of Econis AG in Switzerland, consolidated from May 1, 2024, and of Michgehl & Partner, consolidated from November 1, 2024.
³ For the definitions of the alternative performance measures (including EBITDA, Adjusted EBITDA, EBIT, Adjusted EBIT, Net Financial Position/Net Financial Debt and Adjusted Net Financial Debt, Adjusted Net Profit), reference should be made to the “Alternative performance measures” at the end of this Press Release.
⁴ ARR reported: FY2025 revenues from recurring services of companies operating in the Cloud and Cyber Security market in Italy (WIIT S.p.A.), Germany (WIIT AG, M&P, exc. Gecko) and Switzerland (Econis AG), excluding the consulting firm Gecko.
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of multi-year contracts and the entry of new customers due to the growth of Secure Cloud and Cyber Security services in both Italy and Germany
- Proposed dividend of Euro 0.30 gross for each WIIT share in circulation
- Ordinary and Extraordinary Shareholders' Meeting called for April 29, 2026
- Proposed cancellation of no. 1,680,000 WIIT treasury shares, equal to approx. 6% of the share capital, without any share capital reduction. The transaction is aimed at enhancing shareholder value by increasing earnings per share (EPS) and the implied value of the remaining shares outstanding
- Launch of strategic assessments regarding value-enhancing transactions involving data centers in Germany to support the acquisition-led growth strategy
Milan, March 11, 2026 – In its meeting today the Board of Directors of WIIT S.p.A (“WIIT” or the “Company”; ISIN IT0005440893; WIIT.MI), a leading European player in the Cloud Computing market for enterprises demanding uninterrupted Private and Hybrid Cloud services for critical applications, approved, inter alia, the 2025 Statutory Financial Statements and the 2025 Consolidated Financial Statements of the Group led by WIIT (the “WIIT Group” or “Group”), including the Sustainability Statement.
"We are pleased with the results that we present today: solid organic ARR revenue growth, accompanied by a significant expansion of EBITDA margins, particularly in Italy, where the margin rose from 46.1% in 2024 to 54.2% in 2025. In terms of operating profitability, we saw a strong recovery in the EBIT margin, which is directly attributable to the utilization level of our Data Centers. With data center occupation rates at 51% in Italy and 53% in Germany, we still have significant capacity to be absorbed over the coming years without the need for considerable additional infrastructure investment - a tremendous lever to continue to drive operational profitability with revenue growth" stated Alessandro Cozzi Chief Executive Officer of WIIT. "We look to the future with growing optimism. Broadcom's decision to reduce the number of certified partners is generating extraordinary interest from regional operators seeking reliable partners to ensure continuity of service for their customers. Our Channel Services division is experiencing exponential commercial pipeline growth, which is now one of our most significant development opportunities. Finally, in a European data center market witnessing very positive momentum, as evidenced by the significant sale-and-leaseback transactions seen in Europe over the past twelve months, we are considering a similar transaction on a portion of our German data centers, which would free up the financial resources to support our acquisition-led growth strategy".
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The WIIT Group reports for 2025:
Consolidated Adjusted revenues: Euro 167.9 million (Euro 158.6 million in 2024, +5.9%);
Consolidated Adjusted EBITDA: Euro 66.9 million (Euro 58.0 million in 2024, +15.2%), revenue margin of 39.8% (36.6% in 2024);
Consolidated Adjusted EBIT: Euro 34.1 million (Euro 29.0 million in 2024, +17.3%), revenue margin of 20.3% (18.3% in 2024);
Adjusted Net Profit: Euro 16.5 million (Euro 14.8 million in 2024, +11.5%);
Adjusted net financial position (debt): Euro -156.2 million⁵ (Euro -163.0 million at December 31, 2024).
WIIT Group 2025 Operating Performance
Adjusted Revenues
Euro 167.9 million (Euro 58.6 million in Italy, Euro 89.3 million in Germany, and Euro 20.0 million in Switzerland), up 5.9% from Euro 158.6 million in 2024. The increase is driven particularly by reported ARR revenue growth of 7.9%, of which organic 1.3% (+7.4% gross churn effect), broken down as follows:
- Italy: Euro 55.6 million, or 91.0% of total revenues, a significant improvement over 2024 (83.8%), with organic expansion of 7.8% (+13.6% gross of churn effect and clean up of non-core revenues);
- Germany: Euro 68.1 million, or 93.5% of total revenues excluding Gecko (96.1% FY2024), 5.0% growth over FY2024, of which Euro 62.7 million from organic revenues -3.3% (+4.0% gross of ordinary and extraordinary churn effect);
- Switzerland: Euro 12.9 million, accounting for 64.4% of total revenues (67.1% in 2024).
The churn is mainly attributable to a strategic decision in Italy and Germany to focus the portfolio on higher value-added and higher-margin contracts, consistent with the premium positioning of the offering.
Adjusted personnel costs
approximately Euro 45.1 million, decreasing Euro 2.7 million on the previous year, mainly due to the personnel reorganization carried out in Italy, Germany and Switzerland. This movement is consistent with the rationalization, efficiency and optimization initiatives undertaken by the Group as it continues its business development activities.
⁵ Excluding the IFRS16 effect of Euro 12.4 million (Euro 11.4 million in 2024) and including the valuation of treasury shares in portfolio quantified at approximately Euro 56.1 million at market value as of December 31, 2025 (market value as of December 31, 2024 of Euro 38.3 million).
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Consolidated Adjusted EBITDA:
Euro 66.9 million (Euro 58.0 million in 2024), up 15.2% on the previous year, thanks to the concentration on Cloud services, the degree of optimization of process and operating services organization, cost synergies, and the ongoing improvement in the margin of acquires. Margin on Revenue at 39.8% (36.6% in 2024) still impacted by the dilutive effect of the consolidation of the Edge&Cloud business unit, Econis AG and Michgehl & Partner. The synergies from these integrations have begun to concretely emerge, contributing to results from the second half of 2025. The “like for like” margin would have been 40.1%, up 349 bps vs FY2024
The WIIT Group’s margin in Italy in 2025 was 54.2% (46.1% in 2024), and in Germany 36.5% (34.9% in 2024). The like-for-like margin (excluding the Edge&Cloud business unit and Michgehl & Partners) in Germany is 36.6% (34.9% in 2024), while the like-for-like margin of WIIT AG (excluding Gecko) is 39.3% (36.9% in 2024), up significantly on the previous year, thanks to the ever-increasing focus on higher added-value services.
The adjustment to 2025 EBITDA concerns the effects of the scouting for M&As, amounting to Euro 1.0 million, the costs related to the financial instrument-based incentive plans of Euro 0.3 million and personnel reorganization costs of approximately Euro 1.9 million and other non-recurring costs of Euro 0.2 million.
Adjusted EBIT (Net Operating Margin)
Euro 34.1 million, compared to Euro 29.0 million in 2024 (+17.3%), accounting for 20.3% of revenues (18.3% in 2024). Amortization, depreciation and write-downs totaled approximately Euro 32.8 million, increasing Euro 3.8 million compared to the previous year and reflects the investments in 2023 to support Data Center capacity in Italy and Germany and the effect of the companies acquired in 2024. The “like for like” margin would have been 20.1%, up 190 bps vs FY2024 It should be noted that in Q4 2025 a one-off doubtful debt provision was prudently set aside in Germany for approximately Euro 1.2 million.
The adjustment to EBIT in 2025 concerns the aforementioned EBITDA adjustments and the value of amortization and depreciation concerning the PPA (Purchase Price Allocation) for acquisitions for Euro 4.9 million.
Financial Income and Expenses
Euro 9.8 million, increasing Euro 1.3 million on the previous year. This mainly relates to interest on bonds of Euro 6.6 million, increasing on 2024 due to the issuance of a new bond in October 2025 for Euro 215 million. We in addition consider the financial expenses on bank loans of Euro 1.5 million, and those to other lenders of approximately Euro 2.2 million, increasing due to the signing of new lease contracts in the second half of 2024 and the first quarter of 2025. Financial income amounted to Euro 0.8 million.
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Adjusted Net Profit
amounting to Euro 16.5 million, compared to Euro 14.8 million in 2024 (+11.5%), including the tax effect calculated on adjustments to consolidated operating income.
Equity and Financial Position of the WIIT Group at December 31, 2025
Net Financial Position (debt)
Euro -224.8 million as of December 31, 2025 (Euro -212.7 million as of December 31, 2024, Euro -218.1 as of September 30, 2025), taking into account the IFRS16 impact of approximately Euro 12.4 million (Euro 11.4 million as of December 31, 2024) and excluding the valuation of treasury shares in portfolio quantified as approximately Euro 56.1 million at market value as of December 31, 2025 (market value as of December 31, 2024 of Euro 38.3 million).
This movement includes, in particular:
- the purchase of treasury shares for Euro 15.8 million;
- Financial Income and Expenses of Euro 9.8 million
- investments (CAPEX) of approximately Euro 31.6 million, of which:
- Euro 24.0 million (cash capex) related to the maintenance of existing infrastructure and the purchase of IT infrastructure related to new contracts signed during the year both in Italy and overseas;
- Euro 7.6 million mainly related to rental fees, colocation and vehicles;
- dividends paid of Euro 7.8 million;
- costs related to the transaction of issuing a new Euro 215.0 million bond of Euro 2.5 million;
- personnel reorganization in Italy and Germany amounting to Euro 1.9 million.
In 2025, cash flows were generated from operating activities of Euro 45.9 million. Cash and cash equivalents at December 31, 2025 amounted to Euro 63.7 million, increasing Euro 48.2 million on December 31, 2024.
This amount does not include the valuation of treasury shares in portfolio for approximately Euro 56.1 million at market value as at December 31, 2025.
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Significant events in 2025
On January 9, 2025, WIIT announced the signing of a new contract, worth a total of approximately Euro 5 million for six years with one of Italy's leading Professional Services market groups, specializing in ERP and management solutions (the "Customer"). The agreement involves the evolution of the Customer's current Private Cloud model, already provided by WIIT, to a more reliable Secure Private Cloud model. The Customer renewed its trust in WIIT for the next 6 years, reconfirming and extending all Private Cloud and Cyber Security services to protect its core data and processes, with the goal of undertaking the transition to the Secure Cloud model. In order to ensure maximum reliability, the agreement provides for the complete technological renewal of the systems that host all the business-critical applications of the Customer and its Partners. These will be hosted and managed within the Premium Zone of WIIT's North/West Region in Italy, which has 2 Data Centers certified Tier IV by the Uptime Institute. In addition, the Customer chose to further expand the infrastructure and systems hosted in the Private Cloud by opting for Disaster Recovery services to ensure more effective business continuity, resilience and usability of key business processes. This extension has a value of Euro 1.9 million.
On February 26, 2025, WIIT and Gruppo E, a network of information technology players supporting Italian companies in the sustainable digital transition, announced a strategic partnership to develop an advanced generative artificial intelligence platform. As part of this project, WIIT will host on its WIIT Cloud Native Platform (WCNP) Gruppo E's generative AI technology, designed and developed by Memori, a Group company. The goal of the partnership is to offer companies a secure and efficient generative AI system, based on a private knowledge base platform to protect customers' intellectual property and secured by WIIT's Secure Cloud infrastructure, which integrates cloud and cybersecurity at the highest level.
On March 24, 2025, WIIT signed a new agreement for the extension of Managed Hybrid Cloud services with a leading company in the Digital Trust Services market (the "Customer"). The agreement has a five-year duration with a total value of more than Euro 2.9 million. This agreement supports the Customer's growth needs by extending all Private Cloud services to protect its core data and processes, with the goal of completing the transition to WIIT's Secure Cloud model. In order to ensure maximum reliability, the customer's business critical applications will be hosted and managed within Premium Zones in WIIT's European Regions, which have 3 Data Centers certified Tier IV by the Uptime Institute. Through WIIT-managed systems and 24/7 active support ensuring usability and efficiency of business-critical processes, the adopted service model transformation proceeds and with a focus on ensuring resilience and scalability to support digital transformation processes.
On April 7, 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 a major customer in Germany, a Marketing Technology leader (the "Customer"), expands the scope of existing WIIT services to include the new PaaS solution, the WIIT Cloud Native Platform (WCNP). This platform will serve as the basis for the customer's future innovative marketing portfolio. This success is the result of a tender with US hyperscalers and confirms that the WCNP is a solid European option, both for the wide range of high value-added services it offers and for its competitive pricing. WIIT will support the customer throughout the migration process, leveraging its team's experience in managing technology replatforming projects. Services will be provided by WIIT's Tier IV data center, certified by the Uptime Institute and part of WIIT AG's Germany Region Center.
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On April 29, 2025, the Shareholders' Meeting of WIIT approved, inter alia, the statutory financial statements at December 31, 2024, which report a net profit of Euro 1,810,873, and the allocation of the entire profit for the year as dividend, with distribution to the shareholders, through the use in order of priority, of Euro 1,810,873 drawn from the net profit for the year and a maximum of Euro 6,595,325 from "Retained Earnings" and "Other Reserves", of a dividend of Euro 0.30 gross per outstanding share (excluding treasury shares). The Shareholders' Meeting also approved, pursuant to Article 114-bis of Legislative Decree No. 58/1998 (the "CFA"), a remuneration plan based on financial instruments entitled the "2025-2029 RSU Plan", reserved for employees of the Group - excluding Senior Executives - to be identified by WIIT's Board of Directors (the "RSU Plan"). This RSU Plan, in line with applicable regulation and best practice on the subject, the RSU Plan is designed to pursue the goal of increasing the value of the WIIT share, while aligning the financial interests of the beneficiaries with those of the shareholders. The Shareholders' Meeting approved Section I of the "Remuneration Policy and Report" (the "Remuneration Report"), as per Article 123-ter, paragraph 3-bis of the CFA and expressed a favorable opinion on Section II of the Remuneration Report as per Article 123-ter, paragraph 6 of the CFA. The Shareholders' Meeting also approved, prior to revocation for the portion not yet executed of the authorization approved by the Shareholders' Meeting motion of May 16, 2024, the proposal for authorization to purchase and dispose of treasury shares, to be carried out in compliance with applicable European and national regulations, including Regulation (EU) 596/2014, and market practices recognized as appropriate by Consob. Finally, the Shareholders' Meeting approved the proposal to update the "Regulation of the Shareholders' Meeting" of WIIT approved on November 30, 2018, to take into account the amendment to the By-Laws approved by the Shareholders' Meeting of May 16, 2024, which introduces the possibility that participation in the meeting and the exercise of the voting right occur exclusively through the designated agent referred to in Article 135-undecies of the CFA.
On May 28, 2025, WIIT renewed for a further seven years its contract with a leading manufacturing company engaged in the luxury and automotive sectors (the "Customer"), for a total value exceeding Euro 9.8 million. The agreement provides for the extension of Managed Hybrid Cloud and Cyber Security services, supporting the Customer's critical processes, which will be delivered and fully managed by the Premium Region Italy North West and Region Italy North East.
On June 1, 2025, the merger was completed of the company Michgehl & Partner into WIIT AG, effective for legal purposes as of June 1, 2025, while the accounting and tax effects run from January 1, 2025. This merger enables the subsidiary WIIT AG to take charge of all the activities previously conducted by the incorporated company. In general terms, the goal of the merger was to optimize the coordination, operation and synergies of the functions performed by the companies to be merged, as well as to lower the structural costs of operating legally distinct entities, which will bring benefits in terms of operational and financial efficiency and efficacy, thereby enabling the WIIT Group to strengthen its position as an industry leader in Europe.
On October 16, 2025, WIIT issued a senior, non-convertible, unsubordinated and unsecured bond with a total par value of Euro 215,000,000, at an issue price of 100% of the par value, represented by 215,000 Bonds with a par value of Euro 1,000 each. Also from October 16, 2025, the Bonds began trading on the Electronic Bond Market (MOT), a regulated market organized and managed by Borsa Italiana S.p.A. The interest rate of the Bonds is 4.375% per annum. Interest on the Bonds shall be paid in arrears on October 16 of each year beginning October 16, 2026. The maturity date of the Bonds will be October 16, 2030.
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On December 17, 2025, WIIT signed a new 5-year Private Cloud and Disaster Recovery services contract with a major Group, (the "Customer"), for a total value in excess of Euro 2.1 million. The Customer chose, for its most critical core processes, to rely on the solution based on WIIT's proprietary European infrastructure, in preference to an international hyperscaler, to ensure full data sovereignty in Europe, high reliability and rigorous security standards. The service is delivered through a high-performance architecture designed to ensure business continuity. The solution, hosted in WIIT's European Cloud Regions, involves the use of TIER IV-certified datacenters, the highest level of reliability defined by the Uptime Institute: the Production and Business Continuity sites will be located in the Italian and German Premium Zones, allowing the level of resilience of the customer's business processes to be significantly elevated. This configuration also helps mitigate geopolitical risk, ensuring uncompromised protection and total business continuity. These are key elements in the management of critical processes, where speed of response, protection of sensitive information and the ability to support complex operational flows are key success factors.
On December 29, 2025, WIIT renewed two contracts with a total value of more than Euro 8.5 million:
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the first contract, with a five-year term, was signed with a leading customer engaged in the distribution of consumer electronics and home appliances. The agreement, worth more than Euro 2.7 million, consolidated a strategic partnership centered on the integrated and secure management of the Customer's entire SAP ecosystem, ensuring H24 business continuity and an evolved service model integrating business continuity and cybersecurity. The renewal provides management and protection of SAP platforms in a certified, high-performance cloud environment, supported by specialized administration services, monitoring, and advanced data replication and recovery solutions. Key innovations include the immutability of backups, protecting against data loss and ransomware attacks, and the adoption of a second Tier IV-certified datacenter in the Italy North-West Premium Zone, which strengthens the resilience and reliability of production systems. In terms of cybersecurity, the agreement also includes managed Endpoint Detection and Response (EDR) and Vulnerability Management services, ensuring active and continuous protection against cyber threats;
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the second contract is for the renewal of a two-year agreement with a customer operating in the oil & gas sector. The agreement, worth a total of Euro 5.8 million, concerns the management and H24 business continuity of the Customer's critical IT systems, including SAP environments, as well as the provision of Cloud services to support key business applications. The renewal includes an evolved service model centering on infrastructure reliability and resilience, integrating business continuity and cybersecurity components to protect the availability, security and operational stability of the Customer's IT platforms.
Subsequent events
On February 5, WIIT announced that it has been confirmed and selected as one of the few European partners to participate in the Broadcom Advantage Partner Program, a private program with invitation-only access, which allows WIIT to operate as an Authorized VMware Cloud Service Provider (VCSP). This recognition can be attributed to the Group's solid growth over the past five years and testifies to the effectiveness of the strategic investments made in data center infrastructure and the development of technological expertise. VCSP partners are known for their deep expertise in VMware solutions and for a solid track record of achieving high levels of customer satisfaction. These partners typically focus on specific geographic areas and have strong sales and service capabilities, as well as proven technical validations. They are therefore particularly qualified to effectively meet the managed service needs of customers in their respective regions. As part of the Advantage Partner Program, WIIT will be operational in all countries currently covered and in
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future entry markets through upcoming acquisition-led growth initiatives (M&A's), contributing to the consolidation and evolution of the Cloud4Europe project. Through its Secure Cloud approach, WIIT offers an integrated package of premium technologies and highly-qualified managed services for VMware Cloud Foundation (VCF), providing a sovereign cloud that ensures data residency, high compliance standards, and full compliance with jurisdictional controls. WIIT's proprietary cloud infrastructure spans 7 strategic regions across Europe, 3 of which are enabled as Premium Zones, with data centers certified as Tier IV by the Uptime Institute and with processes managed by highly-skilled staff. This allows VCF services to be offered with high reliability, business continuity, inherent safety and total regulatory compliance. Through this integration, WIIT is able to take advantage of the intrinsic capabilities of VMware software, such as load balancing, advanced resource orchestration and high-availability deployment across multiple data centers, ensuring uninterrupted performance, unlimited scalability and continuous technology renewal. The synergy between VMware's solutions and WIIT's proprietary infrastructure enables a flexible and customized response to the diverse needs of businesses, consolidating WIIT's role as a benchmark for innovation and data protection in the European cloud industry. WIIT, as a VCSP partner and European cloud service provider, will continue to offer its customers in Italy, Germany and Switzerland advanced virtual infrastructure and critical application management services based on VMware technologies. These services are part of an evolving ecosystem of solutions designed to support companies on their digital transformation journey and ensure ongoing innovation, reliability and security. Finally, WIIT's broad cloud service offering and the benefits of license portability enable the company to assist cloud providers, now excluded from the Broadcom Advantage Partner Program, and their customers during this transition phase by providing an uninterrupted service.
On March 4, WIIT announced the signing of a new five-year contract worth a total of Euro 2.8 million for the advanced management of the information systems of a major international Group operating in the advanced industrial sector (the "Customer"). The Customer has embarked on a strategic review of its IT model to meet the scalability, resilience and cost optimization requirements of business growth. The company therefore identified WIIT as the technology partner that could lead an end-to-end transition to a more flexible, secure and sustainable IT model. The Customer's entire application stack, including SAP ERP systems and other core enterprise applications, such as PLM platforms and dedicated R&D applications, will be hosted and managed by the Private Cloud in the WIIT Italy North/West Region, one of WIIT's three Premium Zones based on Tier IV datacenters and designed according to security-by-design, maximum resilience and high availability criteria. Business continuity will be ensured by a Disaster Recovery site hosted in the WIIT Italy North/East Region, designed to ensure high availability and geographic separation from the primary environment. This is complemented by Cybersecurity services and perimeter security solutions managed by WIIT, which are integrated into the Customer's protection processes to ensure continuous and centralized control of the entire infrastructure. To support growth needs, the operating model will ensure high scalability on demand while maintaining an evolutionary capability consistent with the Customer's digital transformation roadmap and its long-term strategic goals.
Significant bonds maturing in the 12 months after December 31, 2025
In accordance with Article IA.2.6.3 of the Instructions to the Regulations of Markets Organized and Managed by Borsa Italiana S.p.A., notice is hereby given that the senior, non-convertible, non-subordinated and unsecured bond issue "Up
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to €150,000,000 Senior Unsecured Fixed Rate Notes due October 7, 2026", the residual nominal amount of which is Euro 150 million as of December 31, 2025 (the "Bond"), is scheduled to mature on October 7, 2026.
Launch of strategic assessments on data center value-enhancement transactions in Germany
Against a backdrop of significant growth in the M&A pipeline, further accelerated by Broadcom's decision to reduce the number of certified partners globally, the Group has launched a strategic review aimed at identifying value-enhancement transactions involving its data centers in Germany, including through sale-and-lease-back transactions, with the objective of unlocking financial resources to support external growth.
As of today, the Group has started preliminary analyses with the support of specialized advisors, also in light of recent market transactions of a similar nature. It is specified that the analyses are ongoing and the assessments remain preliminary in nature, and there can be no certainty that the process will result in the launch and completion of a transaction. Any final decision will be disclosed to the market in accordance with the applicable regulations.
Outlook
In the coming fiscal year, the Company expects to continue its growth in the Cloud services sector, benefiting from the ongoing digitization of business processes and the growing demand for infrastructure and application solutions delivered as-a-service. In this context, the Company seeks to consolidate its market presence by enhancing its services, with a focus on hybrid cloud, cybersecurity, data management and value-added services for business customers.
At the same time, investments in technology infrastructure, proprietary platforms and specialized expertise will continue in order to ensure high standards of reliability, scalability and the security of the services offered. The Company will also continue to pursue business development opportunities both by expanding its customer base and by strengthening technological and strategic partnerships with industry players.
Despite a macroeconomic backdrop clouded by uncertainty, management believes that the outlook for the Cloud market remains favorable over the medium to long term. Against this backdrop, the Company plans to maintain sustainable growth, with a focus on economic and financial stability, technological innovation and the continuous improvement of operational efficiency.
Consistent with the Group's growth strategy, scouting activities aimed at identifying potential M&A opportunities in the D-A-CH area continue, with a particular focus on the German market, which continues to represent a significant lever for the Group's expansion in Europe.
As of December 31, 2025, the WIIT Group had marginal exposure to the Russian, Ukrainian and Israeli markets. In light of current business relationships, the Directors do not believe that any significant risks to operating performance could arise from these exposures, either directly or indirectly.
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Dividend proposal
The Board of Directors approved a proposal to the Shareholders' Meeting to distribute a gross dividend of Euro 0.30 for each outstanding WIIT share (excluding treasury shares), according to the following schedule: dividend coupon date of May 4, 2026 (ex date), record date of May 5, 2026 and payment date of May 6, 2026.
Other significant resolutions
Sustainability Statement
The Board of Directors also approved the consolidated corporate sustainability statement at December 31, 2025 prepared in accordance with the requirements of Legislative Decree No. 125 of September 6, 2024, which implements Directive 2022/2464/EU (the "Corporate Sustainability Reporting Directive" or "CSRD"). This statement is included in the Directors' Report of the consolidated financial statements as of December 31, 2025.
Corporate Governance and Ownership Structure Report
The Board of Directors approved the "Corporate Governance and Ownership Structure Report" pursuant to Article 123-bis of the CFA and the "Remuneration policy and report" pursuant to Article 123-ter of the CFA.
Authorization of the purchase and utilization of treasury shares
The Board of Directors resolved to submit to the Shareholders' Meeting - prior to revocation, for the portion not yet executed, of the authorization approved by the Shareholders' Meeting motion of April 29, 2025 - a proposal for authorization to purchase and dispose of treasury shares, to be carried out in compliance with applicable European and national regulations, including Regulation (EU) 596/2014, and market practices recognized as appropriate by Consob.
The main purpose of the authorization to purchase is to enable the Company to acquire a stock of own shares that it can use (i) as consideration for any extraordinary financial transactions and/or for other uses deemed to be of financial management and/or strategic interest for the Company and for the Group, including exchange, swapping, contribution or any other act that includes the use of treasury shares, and (ii) to service incentive plans based on financial instruments for employees and/or Directors of Group companies.
Specifically, the authorization to purchase, in one or more tranches, establish that purchases shall be made within the limits indicated below: (i) taking into account the shares held, from time to time, in the Company's portfolio, up to the maximum number permitted by law (currently equal to 20% of the share capital) and, in any event, within the limits of the distributable profits and available reserves resulting from the latest financial statements approved at the time each transaction is carried out; (ii) for the duration of 18 months starting from the date of the authorization, with the power of the Board itself to proceed with the authorized transactions on one or more occasions and at any time, in an amount and at a time freely determined in compliance with the applicable regulations, in the stages deemed appropriate in the interest of the Company; (iii) for each transaction, at a purchase price for each share that is not less than the official price of WIIT stock on the day preceding the day on which the purchase transaction will be carried out, less 15%, and not more than the official price on the day preceding the day on which the purchase transaction will be carried out, plus 15%, in
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accordance with applicable European and national law, including Regulation (EU) 596/2014, and market practices recognized, from time to time, by Consob; (iv) the purchases be made, from time to time, by one of the methods referred to in Article 144-bis, paragraph 1, letters b), c), d), d-ter), and paragraph 1-bis, of the Issuers’ Regulation identified from time to time by the Board of Directors.
With regards to the disposal of treasury shares, the authorization is requested (i) without time limits and (ii) at a price which must not be lower than the average of the official share price over the five days preceding each disposal, reduced up to a maximum of 15%.
The Company currently holds 3,501,829 treasury shares, equal to 12.5% of WIIT’s ordinary shares.
Appointment of a director to supplement the Board of Directors following Co-optation
The Board of Directors resolved to propose to the Shareholders’ Meeting the confirmation of the appointment of the director Mr. Stefano Pasotto, who was co-opted by the Board of Directors on May 23, 2025, following the resignation of the director Mr. Francesco Baroncelli.
Proposed removal of a director and subsequent supplementation of the Board of Directors
On August 4, 2025, the employment relationship with Ms. Chiara Grossi, then Chief Operating Officer and currently a member of the Board of Directors, was terminated. In particular, the Company, in July 2025, sent Ms. Grossi a disciplinary notice pursuant to Article 7 of Law No. 300 of May 20, 1970, charging her with certain occurrences that, both in isolation and jointly considered, constituted, in WIIT’s opinion, a serious breach of Ms. Grossi’s contractual obligations, and in particular of the duty of diligence and loyalty pursuant to Articles 2104 and 2105 of the Civil Code in the performance of work, as well as of the Company’s Code of Ethics. At the outcome of the disciplinary procedure, as the justifications given by Ms. Grossi did not provide sufficient elements to account for the cited occurrences, also in view of her status as Senior Executive, the Company proceeded, by notice dated August 4, 2025, to dismiss her for just cause pursuant to Article 2119 of the Civil Code. Against this background, the occurrences alleged against Ms. Grossi as part of the dismissal are of such gravity as to irreparably compromise also the fiduciary relationship and the necessary collaborative relationship, which constitute essential elements of the office of director. In addition, for the sake of completeness, Ms. Grossi recently initiated litigation against the Company, filing an appeal pursuant to Article 414 of the Code of Civil Procedure in order to obtain the nullity, illegitimacy and unjustifiability of the dismissal, with a request for compensation by the Company for substantial pecuniary and non-pecuniary damages; this circumstance further exacerbates the state of tension, undermines the necessary independence of judgment, and irreparably reveals the conflict of interest involving Dr. Grossi, thereby further confirming that the fiduciary element characterising the relationship between the Company and Dr. Grossi has ceased to exist.
The Board of Directors, also in light of the significance of the elements set out above and taking into account Dr. Grossi’s intention to retain office notwithstanding the situation described above, therefore deems it necessary and urgent to submit to the Shareholders’ Meeting the proposal for the removal of Dr. Grossi from office as director.
If the proposal is approved, the Shareholders’ Meeting will be called to deliberate on the supplementation of the Board of Directors.
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Proposed cancellation of treasury shares in portfolio without reduction of share capital
As already noted, as of today, the Company holds a total of 3,501,829 WIIT treasury shares, equal to 12.5% of the share capital, acquired on the basis of the authorizations granted, pursuant to Article 2357 of the Civil Code and Article 132 of the CFA, by the Shareholders' Meeting, most recently by resolution of April 29, 2025. Thus, the Company holds more treasury shares than are necessary to fulfill the purposes for which they were acquired pursuant to the above Shareholders' Meeting resolutions(6).
Therefore, the Board of Directors resolved to propose the cancellation of 1,680,000 WIIT treasury shares, amounting to approx. 6% of the share capital. Cancellation would have the effect of increasing the value of shares held by shareholders, maximizing their profitability by increasing the portion of profit to be allocated to each share ("earning per share"). The cancellation will be carried out without any reduction in share capital: taking into account that the shares representing the Company's share capital have no par value, the number of existing shares will be reduced, with an increase in the implied par value referring to the remaining shares. The cancellation will have no effect on the results of operations and will not result in changes in the total value of shareholders' equity, although changing its composition.
Proposed amendment to the By-Laws to delete paragraph 9.2 regarding the regulations in Article 106, paragraph 3-quater, of the CFA
It should be noted that paragraph 9.2 of WIIT's By-Laws provides for the opt-in set forth in Article 106, paragraph 3-quater, of the CFA, pursuant to which "The offer obligation set forth in paragraph 3(b) does not apply to SMEs, provided that this is provided for in the By-Laws, until the date of the Shareholders' Meeting called to approve the financial statements for the fifth fiscal year following listing".
As more than five fiscal years have passed since the Company's ordinary shares began trading on the Mercato Telematico Azionario (now Euronext Milan) - which took place on April 2, 2019 - the aforementioned provision is no longer applicable: therefore, the Board of Directors resolved to submit to the Shareholders' Meeting a proposal to eliminate the reference to the aforementioned provision contained in paragraph 9.2 of the By-Laws.
Calling of the Shareholders' Meeting
The Board of Directors resolved to call the WIIT Shareholders' Meeting, in ordinary and extraordinary session, on April 29, 2026, in a single call, to consider: (a) in ordinary session, in relation to (i) the statutory financial statements for the year ended December 31, 2025, the allocation of the net profit for the year and the distribution of dividends, (ii) the Remuneration Policy Report, (iii) authorizing the purchase and disposition of treasury shares, (iv) the appointment of a director to supplement the Board of Directors following the expiration of the term of office of a co-opted director, (v) the proposal for the removal of a director and, if the proposal is approved, the supplementation of the Board of Directors;
(6) In any case, the advisability of submitting to the Shareholders' Meeting again this year the proposal for authorization to purchase and dispose of treasury shares set forth in the third item on the Agenda of the Shareholders' Meeting of the Company called for April 29, 2026, for the purpose of maximum flexibility in achieving the purposes set forth in the relevant explanatory report, remains unaffected.
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and (b) in extraordinary session, in relation to (i) the proposed cancellation of treasury shares in portfolio without reducing the share capital, and (ii) the proposed amendment of the By-Laws to remove paragraph 9.2 relating to the provisions of Article 106, paragraph 3-quater, of the CFA.
The call notice will be published in excerpts in the newspaper "Milano Finanza", and will be made available to the public in full on the same date at the Company's registered office and on its website (http://www.wiit.cloud/), in the "Company - Governance - Shareholders' Meeting" Section, and at the authorized storage mechanism "eMarket STORAGE" (www.emarketstorage.com) in accordance with applicable law and regulations.
The Shareholders' Meeting documentation pursuant to applicable regulations (including the illustrative reports prepared by the Board of Directors) will be made available to the public in accordance with law and regulations at the Company's registered office and on its website (http://www.wiit.cloud/), in the "Company - Governance - Shareholders' Meeting" Section, and at the authorized storage mechanism "eMarket STORAGE" (www.emarketstorage.com).
Statement pursuant to Article 154-bis, paragraph 2 of Legislative Decree No. 58/1998.
The Corporate Financial Reporting Manager, Mr. Stefano Pasotto, declares, pursuant to Article 154-bis, second paragraph of Legislative Decree No. 58/1998, that this press release corresponds to the underlying accounting documents, records and accounting entries.
The consolidated financial statements of the WIIT Group at December 31, 2025 are attached. The figures in this press release have not yet been fully audited, nor have they been verified by the Board of Statutory Auditors. The statutory financial statements at December 31, 2025 and the consolidated financial statements at December 31, 2025 (including the Sustainability Statement at December 31, 2025) will be available to the public at the Company's registered office and on its website (http://www.wiit.cloud/), in the Section https://investors.wiit.cloud/it/relazioni/ and at the authorized storage mechanism "eMarket STORAGE" (www.emarketstorage.com).
This announcement may contain forward-looking statements, estimates and forecasts reflecting management's current views with respect to future and uncertain events. Forward-looking statements, estimates and forecasts are generally identifiable by the use of the words "should," "expect," "estimate," "believe," "intend," "plan," "target" or the negative of these words or other variations on these words or comparable terminology. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts, including, without limitation, those regarding the group's future financial position and results of operations, strategy, plans, objectives, goals and targets and future developments in the markets where the group participates. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements as a prediction of actual results. The Company's ability to achieve its projected objectives or results is dependent on many factors which are outside management's control. Actual results may differ materially from (and be more negative than) those projected or implied in the forward-looking statements. Such forward-looking information involves risks and uncertainties that could significantly affect expected results and is based on certain key assumptions. It is based on information available to the Group as of today. The Group assumes no obligation to publicly update or revise forecasts and estimates as a result of the availability of new information, future events or otherwise, subject to compliance with applicable laws.
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WIIT S.p.A.
WIIT S.p.A., a company listed on the Euronext Star Milan ("STAR") segment, is a Cloud Computing market leader. Through a pan-European footprint, it operates on key markets such as Italy, Germany and Switzerland, establishing itself as a leader in the delivery of innovative Private and Hybrid Cloud technology solutions. WIIT operates through managed processes, specialized resources and technological assets, including proprietary datacenters in seven Regions: four in Germany, one in Switzerland and two in Italy. Two of these are Premium Zone-enabled, i.e., datacenters certified Tier 4 by the Uptime Institute and featuring the highest levels of security by design. WIIT holds six SAP certifications at the highest levels of specialization. The end-to-end approach supports the delivery, to partner companies, of high value-added customized services, with very high standards of security and quality, for the management of critical application and business continuity, while also ensuring maximum reliability in the management of the main international application platforms (SAP, Oracle and Microsoft). In 2022, the WIIT Group joined the UN Global Compact of the United Nations. (www.wiit.cloud)
For further information:
Investor Relations WIIT S.p.A.:
Stefano Pasotto – CFO & Investor Relations Director
Francesca Cocco – Lerxi Consulting – Investor Relations
T +39.02.3660.7500
Fax +39.02.3660.7505
[email protected]
www.wiit.cloud
Media Relations:
Image Building
Rafaella Casula
Tel. +39 348 3067877
Simona Porcino
Tel. +39 340 9844532
Francesca Alberio
Tel. +39 340 547370
[email protected]
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Consolidated Balance Sheet
| CONSOLIDATED BALANCE SHEET | ||
|---|---|---|
| 31.12.2025 | 31.12.2024 | |
| ASSETS | ||
| Other intangible assets | 56.907.669 | 59.657.867 |
| Goodwill | 124.603.021 | 124.603.021 |
| Rights of use | 12.759.308 | 11.949.021 |
| Property, plant and equipment | 8.078.446 | 8.682.107 |
| Other tangible assets | 55.642.986 | 58.022.098 |
| Deferred tax assets | 1.903.249 | 2.013.822 |
| Equity investments | 5 | 5 |
| Other non-current assets | 1.278.656 | 563.524 |
| NON-CURRENT ASSETS | 261.173.341 | 265.491.464 |
| Inventories | 258.655 | 203.322 |
| Trade receivables | 31.025.123 | 30.567.439 |
| Trade receivables from associates | 0 | 438 |
| Current financial assets | 176.599.447 | 6.195.112 |
| Other receivables and other current assets | 10.873.675 | 10.701.145 |
| Cash and cash equivalents | 63.678.279 | 15.509.020 |
| CURRENT ASSETS | 282.435.179 | 63.176.476 |
| TOTAL ASSETS | 543.608.520 | 328.667.940 |
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Consolidated Balance Sheet
| CONSOLIDATED BALANCE SHEET | ||
|---|---|---|
| 31.12.2025 | 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 | 1.916.869 | 7.000.153 |
| Treasury shares in portfolio reserve | (46.644.134) | (31.700.611) |
| Reserves and retained earnings (accumulated losses) | 7.559.807 | 1.532.255 |
| Translation reserve | 94.242 | 82.692 |
| Net profit for the period | 10.484.135 | 9.264.501 |
| SHAREHOLDERS' EQUITY | 21.372.101 | 34.140.173 |
| Result attributable to non-controlling-interest (*) | 0 | 0 |
| Non-controlling interest 'equity (*) | 0 | 0 |
| SHAREHOLDERS' EQUITY | 21.372.101 | 34.140.173 |
| Payables to other lenders | 21.886.941 | 22.757.002 |
| Non-current indebtness related to bond | 212.618.541 | 151.625.756 |
| Bank payables | 49.741.305 | 23.379.452 |
| Other non-current financial liabilities | 43.016 | 69.905 |
| Employee benefits | 2.735.558 | 3.001.166 |
| Provision for risks and charges | 659.168 | 563.410 |
| Deferred tax liabilities | 12.712.224 | 13.821.515 |
| Other payables and non-current liabilities | 0 | 41.948 |
| NON-CURRENT LIABILITIES | 300.396.753 | 215.260.154 |
| Payables to other lenders | 12.097.811 | 11.518.423 |
| Current indebtness related to bond | 152.436.229 | 8.900.530 |
| Short-term loans and borrowings | 16.254.192 | 13.352.138 |
| Current income tax liabilities | 7.925.910 | 4.282.705 |
| Other current financial liabilities | 0 | 2.800.000 |
| Trade payables | 16.296.283 | 20.394.935 |
| Payables to associates | 301.732 | 0 |
| Current liabilities deriving from contracts | 7.128.712 | 8.202.879 |
| Other payables and current liabilities | 9.398.794 | 9.816.001 |
| CURRENT LIABILITIES | 221.839.665 | 79.267.612 |
| TOTALE NON CURRENT & CURRENT LIABILITIES | 522.236.418 | 294.527.766 |
| TOTAL LIABILITIES | 543.608.520 | 328.667.940 |
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Consolidated Income Statement
| CONSOLIDATED PROFIT & LOSS | ||||
|---|---|---|---|---|
| 2025 | 2024 | Adjusted 2025 | Adjusted 2024 | |
| REVENUES AND OPERATING INCOME | ||||
| Revenues from sales and services | 163.969.161 | 155.022.542 | 163.969.161 | 155.022.542 |
| Other revenues and income | 3.941.342 | 5.433.251 | 3.941.342 | 3.606.710 |
| Total revenues and operating income | 167.910.503 | 160.455.793 | 167.910.503 | 158.629.253 |
| Purchases and services | (56.274.026) | (53.896.632) | (54.950.210) | (51.857.708) |
| Personnel costs | (47.247.901) | (49.292.983) | (45.088.381) | (47.794.684) |
| Amortisation, depreciation, and write-downs | (37.688.016) | (35.003.423) | (32.769.818) | (28.965.232) |
| Provisions | (39.449) | (58.117) | (39.449) | (58.117) |
| Other costs and operating charges | (1.065.867) | (969.403) | (1.065.867) | (969.403) |
| Change Inventories of raw mat., consumables and goods | 55.333 | 36.342 | 55.333 | 36.342 |
| Total operating costs | (142.259.926) | (139.184.216) | (133.858.392) | (129.608.801) |
| EBIT | 25.650.577 | 21.271.577 | 34.052.111 | 29.020.452 |
| Financial income | 795.102 | 315.473 | 795.102 | 315.473 |
| Financial expenses | (10.474.940) | (8.882.552) | (10.474.940) | (8.882.552) |
| Exchange gains/(losses) | (160.518) | (23.266) | (160.518) | (23.266) |
| PROFIT BEFORE TAXES | 15.810.222 | 12.681.233 | 24.211.756 | 20.430.107 |
| Income taxes | (5.326.087) | (3.416.733) | (7.729.032) | (5.651.515) |
| NET PROFIT | 10.484.135 | 9.264.501 | 16.482.724 | 14.778.592 |
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Net Financial Debt
| Consolidated Net Financial Position | 31.12.2025 | 31.12.2024 |
|---|---|---|
| A - Cash and cash equivalents | 63.678.279 | 15.509.020 |
| B - Securities held for tradingne | 0 | 0 |
| C - Current financial assets | 176.599.447 | 6.195.112 |
| D - Liquidity (A + B + C) | 240.277.726 | 21.704.132 |
| E - Current bank loans | (16.254.192) | (13.352.138) |
| F - Other current financial liabilities | (0) | (2.800.000) |
| G - Payables to other lenders | (12.097.811) | (11.518.423) |
| H - Current financial indebtedness related to Bond facilities | (152.436.229) | (8.900.530) |
| I - Current financial debt (E + F + G + H) | (180.788.233) | (36.571.092) |
| J - Current net financial debt (I - D) | 59.489.493 | (14.866.960) |
| K - Bank loans | (49.741.305) | (23.379.452) |
| L - Payables to other lenders | (21.886.941) | (22.757.002) |
| M - Non-current financial indebtedness related to Bond facilities | (212.618.541) | (151.625.756) |
| N - Other non-current financial liabilities | (43.016) | (69.905) |
| O - Trade payables and other non-current payables | 0 | 0 |
| P. Non-current financial debt (K + L + M + N + O) | (284.289.804) | (197.832.115) |
| Q - Group net financial debt (J + P) | (224.800.311) | (212.699.075) |
| - Payables for leases IFRS 16 (current) | 4.703.441 | 3.051.522 |
| - Payables for leases IFRS 16 (non current) | 7.737.152 | 8.349.977 |
| R - Net financial debt excluding Group IFRS16 impact | (212.359.717) | (201.297.576) |
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Consolidated Statement of Cash Flow
| CONSOLIDATED CASH FLOW STATEMENT | 2025 | 2024 |
|---|---|---|
| Net profit from continuing operations | 10.484.135 | 9.264.501 |
| Adjustments for non-cash items: | 0 | 0 |
| Amortisation, depreciation, revaluations and write-downs | 37.688.016 | 35.061.540 |
| Change in employee benefits | (265.608) | (41.406) |
| Increase (decrease) provisions for risks and charges | 39.499 | (58.117) |
| Financial income | (795.102) | (315.473) |
| Financial charges | 10.635.458 | 8.905.818 |
| Income taxes | 5.326.087 | 3.416.733 |
| Other non-cash changes | (2.107.653) | (3.358.202) |
| Cash flow generated from operating activities before working capital changes | 61.004.832 | 52.875.392 |
| Changes in current assets and liabilities: | ||
| Decrease (increase) in inventories | (55.333) | (36.342) |
| Decrease (increase) in trade receivables | (1.655.685) | (1.183.332) |
| Increase (decrease) in trade payables | (3.749.090) | (3.621.742) |
| Decrease (increase) other current assets | 2.778.934 | (136.605) |
| Increase (decrease) in current liabilities | (417.207) | 7.188.802 |
| Decrease (increase) in other non-current assets | (2.126.174) | 180.066 |
| Increase (decrease) in other non-current liabilities | (41.948) | (44.162) |
| Decrease (increase) in assets deriving from contracts | 0 | 24.356 |
| Increase (decrease) in liabilities deriving from contracts | (1.074.167) | (122.877) |
| Income taxes paid | (1.250.776) | (4.572.181) |
| Interest paid/received | (7.550.182) | (8.061.819) |
| Net cash flow generated from operating activities (a) | 45.863.203 | 42.489.556 |
| Increase intangible assets | (7.641.971) | (7.164.825) |
| Increase tangible assets | (8.704.451) | (6.313.062) |
| Decrease (increase) other financial current assets | (173.028.427) | 5.509.784 |
| Cash flows from business combinations net of cash and cash equivalents | 0 | (5.600.353) |
| Net cash flow used in investing activities (b) | (189.374.848) | (13.568.456) |
| New financing | 44.350.000 | 15.200.000 |
| Repayment of loans | (15.086.093) | (13.811.650) |
| Reimbursement of bond loan | (10.642.682) | (5.342.868) |
| Lease payables | (15.510.656) | (13.538.725) |
| Payment of deferred fees for business combinations | (335.000) | 0 |
| Increase / (decrease) other financial payables | 0 | (395.191) |
| Bond Issue | 212.526.732 | 0 |
| Distribution of dividends | (7.787.903) | (7.827.667) |
| (Purchase) Use of treasury shares | (15.833.495) | (1.386.192) |
| Net cash flow from financing activities (c) | 191.680.903 | (27.102.293) |
| Net increase/(decrease) in cash and cash equivalents a+b+c | 48.169.258 | 1.818.809 |
| Cash and cash equivalents at end of the period | 63.678.278 | 15.509.020 |
| Cash and cash equivalents at beginning of the period | 15.509.020 | 13.690.212 |
| Net increase/(decrease) in cash and cash equivalents | 48.169.258 | 1.818.809 |
() For 2025, these mainly relate to the recognition of the effects of stock options in accordance with IFRS 2, the accounting for employee benefits in accordance with IAS 19, and the release of an earn-out.
(*) It should be noted that the line item "(Purchase) Sale of treasury shares" is entirely attributable to purchases of treasury shares for EUR 1,977 thousand. This line item does not reflect the non-cash change of EUR 1,132 thousand arising from the allocation of RSUs to employees upon completion of an RSU plan.
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WIIT SPA Balance Sheet
| BALANCE SHEET | ||
|---|---|---|
| 31.12.2025 | 31.12.2024 | |
| ASSETS | ||
| Other intangible assets | 22.456.100 | 25.017.572 |
| Goodwill | 25.382.164 | 25.382.164 |
| Rights of use | 4.853.476 | 3.616.461 |
| Property, plant and equipment | 4.337.342 | 4.644.218 |
| Other tangible assets | 17.330.962 | 20.740.986 |
| Deferred tax Assets | 1.803.625 | 1.880.839 |
| Equity investments | 133.413.182 | 133.435.880 |
| Other non-current assets | 11.493.432 | 18.040.785 |
| NON-CURRENT ASSETS | 221.070.284 | 232.758.906 |
| Trade receivables | 13.970.135 | 15.344.920 |
| Trade receivables from associates | 789.852 | 1.708.732 |
| Current financial assets | 156.488.153 | 2.985.694 |
| Other receivables and other current assets | 18.537.871 | 5.987.676 |
| Cash and cash equivalents | 74.878.057 | 5.075.682 |
| CURRENT ASSETS | 264.664.068 | 31.102.704 |
| TOTAL ASSETS | 485.734.352 | 263.861.610 |
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WIIT SPA Balance Sheet
| BALANCE SHEET | ||
|---|---|---|
| 31.12.2025 | 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 | 1.293.479 | 6.376.764 |
| Treasury shares in portfolio reserve | (46.644.134) | (31.700.611) |
| Reserves and retained earnings (accumulated losses) | 55.128 | 1.481.204 |
| Net profit for the period | 14.947.024 | 1.810.873 |
| SHAREHOLDERS' EQUITY | ||
| Payables to other lenders | 7.616.069 | 10.415.476 |
| Non-current indebtness related to bond | 212.618.541 | 151.625.756 |
| Bank payables | 49.060.526 | 22.409.553 |
| Other non-current financial liabilities | 30.166 | 57.055 |
| Employee benefits | 2.735.558 | 3.001.166 |
| Provision for risks and charges | 36.859 | 57.410 |
| Deferred tax liabilities | 2.776.844 | 2.877.109 |
| NON-CURRENT LIABILITIES | ||
| Payables to other lenders | 5.966.707 | 5.123.777 |
| Current indebtness related to bond | 152.436.229 | 8.900.530 |
| Short-term loans and borrowings | 16.165.193 | 13.224.163 |
| Current income tax liabilities | 353.611 | 0 |
| Trade payables | 9.276.973 | 10.954.720 |
| Payables to associates | 578.728 | 5.180 |
| Current liabilities deriving from contracts | 3.638.673 | 3.479.313 |
| Other payables and current liabilities | 4.830.993 | 5.800.988 |
| CURRENT LIABILITIES | ||
| 193.247.108 | 47.488.672 | |
| TOTALE NON CURRENT & CURRENT LIABILITIES | ||
| 468.121.671 | 237.932.197 | |
| TOTAL LIABILITIES | ||
| 485.734.352 | 263.861.610 |
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WIIT SPA Income Statement
| PROFIT & LOSS | ||
|---|---|---|
| 2025 | 2024 | |
| REVENUES AND OPERATING INCOME | ||
| Revenues from sales and services | 60.998.321 | 60.965.761 |
| Other revenues and income | 95.329 | 639.198 |
| Total revenues and operating income | 61.093.650 | 61.604.959 |
| Purchases and services | (16.764.994) | (19.086.929) |
| Personnel costs | (13.537.820) | (15.930.306) |
| Amortisation, depreciation, and write-downs | (18.893.304) | (17.145.034) |
| Other costs and operating charges | (386.076) | (301.653) |
| Total operating costs | (49.582.193) | (52.463.923) |
| EBIT | 11.511.457 | 9.141.037 |
| Financial income | 14.396.759 | 775.365 |
| Financial expenses | (9.053.890) | (7.729.107) |
| Exchange gains/(losses) | (131.127) | (3.551) |
| PROFIT BEFORE TAXES | 16.723.199 | 2.183.744 |
| Income taxes | (1.776.176) | (372.872) |
| NET PROFIT | 14.947.024 | 1.810.873 |
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WIIT SPA Net Financial Position
| NET FINANCIALPOSITION WIIT SPA | 31.12.2025 | 31.12.2024 |
|---|---|---|
| A - Cash and cash equivalents | 55.323.477 | 5.075.682 |
| B - Securities held for trading | 0 | 0 |
| C - Liquidity (A)+(B) | 55.323.477 | 5.075.682 |
| D - Current financial assets | 176.042.734 | 2.985.694 |
| E - Current bank loans | (16.165.193) | (13.224.163) |
| F - Other current financial liabilities | 0 | 0 |
| G - Payables to other lenders | (5.966.707) | (5.123.777) |
| H - Current financial indebtedness related to Bond facilities | (152.436.229) | (8.900.530) |
| I - Current financial indebtedness (E)+(F)+(G)+(H) | 1.474.604 | (24.262.776) |
| J - Net current financial indebtedness (C) + (I) | 56.798.081 | (19.187.095) |
| K - Bank loans | (49.060.526) | (22.409.553) |
| L - Other financial payables | (7.616.069) | (10.415.476) |
| M - Non-current financial indebtedness related to Bond facilities | (212.618.541) | (151.625.756) |
| N - Trade payables and other non-current payables | 0 | 0 |
| O - Other non-current financial liabilities | (30.166) | (57.055) |
| P - Non-current indebtedness (K)+(L)+(M)+(N)+(O) | (269.325.302) | (184.507.840) |
| Q - Net financial indebtedness (J) + (P) | (212.527.221) | (203.694.935) |
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WIIT SPA Cash flow statement
| CASH FLOW STATEMENT | 2025 | 2024 |
|---|---|---|
| Net profit from continuing operations | 14.947.024 | 1.810.873 |
| Adjustments for non-cash items: | ||
| Amortisation, depreciation, revaluations and write-downs | 18.893.304 | 17.145.034 |
| Change in employee benefits | (265.608) | (41.406) |
| Financial income | (14.396.759) | (775.365) |
| Financial charges | 9.185.017 | 7.732.657 |
| Income taxes | 1.776.176 | 372.872 |
| Other non-cash changes | (862.867) | 848.298 |
| Cash flow generated from operating activities before working capital changes | 29.276.286 | 27.092.963 |
| Changes in current assets and liabilities: | ||
| Decrease (increase) in trade receivables | 2.293.665 | (1.349.882) |
| Increase (decrease) in trade payables | (1.091.370) | (1.659.130) |
| Decrease (increase) other current assets | (550.195) | 587.090 |
| Increase (decrease) in current liabilities | (1.228.483) | (163.166) |
| Decrease (increase) in other non-current assets | (742.048) | 399.781 |
| Decrease (increase) in assets deriving from contracts | 0 | 24.356 |
| Increase (decrease) in liabilities deriving from contracts | 159.360 | (121.350) |
| Income taxes paid | 0 | (31.236) |
| Dividend received | 930.436 | 0 |
| Interest paid/received | (5.739.119) | (6.428.767) |
| Net cash flow generated from operating activities (a) | 23.308.534 | 18.350.658 |
| Net increase intangible assets | (4.751.195) | (6.203.805) |
| Net increase tangible assets | (3.519.963) | (1.976.868) |
| Decrease (increase) other financial current assets | (172.729.667) | 7.904.972 |
| Share capital of subsidiaries increase | 0 | (518.888) |
| Cash flows from business combinations net of cash and cash equivalents | 22.698 | (794.469) |
| Net cash flow used in investing activities (b) | (180.978.127) | (1.589.058) |
| New financing | 44.000.000 | 13.000.000 |
| Repayment of loans | (14.407.998) | (12.830.598) |
| Reimbursement of bond loan | (10.642.682) | (5.342.868) |
| Intercompany Loans | 7.600.000 | 2.500.000 |
| Lease payables | (7.537.265) | (6.721.921) |
| Bond Issue | 212.526.732 | 0 |
| Increase / (decrease) other financial payables | 0 | (382.707) |
| Intercompany Cash Pooling | 0 | 1.400.000 |
| Distribution of dividends | (7.787.903) | (7.827.667) |
| (Purchase) Use of treasury shares | (15.833.495) | (1.386.192) |
| Net cash flow from financing activities (c) | 207.917.388 | (17.591.954) |
| Net increase/(decrease) in cash and cash equivalents a+b+c | 50.247.795 | (830.354) |
| Cash and cash equivalents at end of the period | 55.323.477 | 5.075.682 |
| Cash and cash equivalents at beginning of the period | 5.075.682 | 5.906.036 |
| Net increase/(decrease) in cash and cash equivalents | 50.247.795 | (830.354) |
() For 2025, these mainly relate to the recognition of the effects of stock options in accordance with IFRS 2, the accounting for employee benefits in accordance with IAS 19.
(*) It should be noted that the line item "(Purchase) Sale of treasury shares" is entirely attributable to purchases of treasury shares for EUR 1,977 thousand. This line item does not reflect the non-cash change of EUR 1,132 thousand arising from the allocation of RSUs to employees upon completion of an RSU plan.
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Alternative performance measures
In accordance with the ESMA recommendation on alternative performance measures (ESMA/2015/1415), as implemented by Consob Communication No. 0092543 at December 3, 2015, the Alternative Performance Measures used to monitor the Group's operating and financial performance are outlined below.
Total adjusted revenues and operating income - A non-GAAP measure used by the Group to measure performance. Total adjusted operating revenues and income is calculated as Total operating revenues and income as per the income statement, in accordance with IFRS, less the non-recurring item regarding the negative goodwill (bargain purchase) classified to "Other operating income" in 2024. Total adjusted revenues and operating income is not recognized as an accounting measure within IAS/IFRS adopted by the European Union. Consequently, the determination criterion applied by the Group may not be homogenous with that adopted by other groups and, therefore, the amount obtained by the Group may not be comparable with the determined by the latter.
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 amortization, depreciation and write-downs. EBITDA is not recognized as an accounting measure within IAS/IFRS adopted by the European Union. Consequently, the determination criterion applied by the Group may not be homogenous with that adopted by other groups and, therefore, the amount obtained by the Parent Company may not be comparable with the determined by the latter.
EBITDA Margin - measures the Group operating profitability as a percentage of consolidated revenues reported in the year and is defined as the ratio between EBITDA and Total revenues and operating 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), amortization, depreciation, write-downs and provisions, professional merger & acquisition (M&A) services, personnel internal reorganization costs, Put&Call option costs, Stock Option/Stock Grant incentive plan costs, and the non-recurring item related to negative goodwill (badwill) classified under "Other revenues and operating income". With regards to Adjusted EBITDA, the Group states that the adjustment (which defines Adjusted EBITDA) was made for the purposes of reflecting the Group's operating performance, net of the effects of certain events and transactions. This adjustment on certain expenses was necessary for improved comparability with the historic figures for the years under review, as such include cost items relating to company developments not concerning the normal operating management of the Group's business and related to professional services costs for M&A's. In order to improve the comparability of operating performance, the Group also excludes from the calculation of Adjusted EBITDA the costs of accounting for stock options and stock grants (IFRS2). Adjusted EBITDA is not recognized as an accounting measure within IAS/IFRS adopted by the European Union. Consequently, the determination criterion applied by the Group may not be homogenous with that adopted by other groups and, therefore, the amount obtained by the Group may not be comparable with the determined by the latter.
Adjusted EBITDA Margin - measures the Group operating profitability as a percentage of consolidated revenues reported in the year and is defined as the ratio between Adjusted EBITDA and Adjusted total revenues and operating 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 recognized as an accounting measure within IAS/IFRS adopted by the European Union. Consequently, the determination criterion applied
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by the Group may not be homogenous with that adopted by other groups and, therefore, the amount obtained by the Group may not be comparable with the determined by the latter. EBIT Margin - measures the earning capacity of Group sales. It is calculated as the ratio between EBIT and Total revenues and operating 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), amortization, depreciation and write-downs, professional merger & acquisition (M&A) services, personnel internal reorganization costs, Put&Call option costs and Stock Option/Stock Grant incentive plan costs, the amortization/depreciation of the fixed assets from the Purchase Price Allocation from the acquisitions and the non-recurring item related to negative goodwill (bargain purchase) classified under "Other revenues and operating income". With regards to Adjusted EBIT, the Group states that the adjustment (which defines Adjusted EBIT) was made for the purposes of reflecting the Group's operating performance, net of the effects of certain events and transactions. This adjustment on certain expenses was necessary for improved comparability with the historic figures for the years under review, as such include cost items relating to company developments not concerning the normal operating management of the Group's business and related to professional services costs for M&A's. In order to improve operating performance comparability, the Group also excludes from the Adjusted EBIT the costs for the accounting of Stock options and Stock Grants (IFRS2) and the amortization and depreciation of assets from the Purchase Price Allocation; customer list, exclusive contracts and platform and Data Center amortization, related to the acquisitions.
Adjusted EBIT Margin - measures the earning capacity of Group sales. It is calculated as the ratio between Adjusted EBIT and Adjusted total revenues and operating 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 reorganization costs, Put&Call options costs, the costs for the accounting of Stock options and Stock Grants (IFRS2), the financial expense for the closure of the loan contracts, and the amortization and depreciation of assets arising from the Purchase Price Allocation; customer list, exclusive contracts and platform and Data Center amortization, related to the acquisitions 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 Communication No. 5/21 of April 29, 2021 and the ESMA 32-382-1138 recommendations. 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 Communication No. 5/21 of April 29, 2021 and in accordance with ESMA Recommendations 32-382-1138, including, where applicable, other non-current assets related to security deposits and excluding trade and other non-current payables. It is also presented net of the effects of IFRS 16. This measure is presented in the Directors' Report.
| Fine Comunicato n.20101-22-2026 | Numero di Pagine: 29 |
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