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Next Generation Internet Infrastructure September 2026 Investor Presentation
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EBITDA > 80% Operating Cash Flow conversion Net Debt / EBITDA < 0, net cash Acquisitions Completed 20+ Employees ~200 Across Southern Europe, with a strong engineering base Investment Case at a Glance Profitable, Cash-Generative Internet Infrastructure Platform Total revenue €41,8M +13% EBITDA €13,8M +15% Net Profit €4,6M +25% Recurring Revenues > 90% A provider of mission-critical digital infrastructure with recurring revenues, combining structural growth, operating leverage and disciplined capital allocation.
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What We Do DHH operates the digital infrastructure that keeps SMEs and digital-native companies online. Our customers rely on DHH to: Run their websites and e-commerce platforms Host business software and internal applications Store and manage corporate data and email Connect offices and employees securely Outsource the management of their infrastructure to specialized teams We own and operate the servers, cloud environments and connectivity that support these activities. These services are deeply integrated into clients’ daily operations, creating long -term relationships and high switching costs.
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Operating in Expanding and Fragmented Infrastructure Markets DHH operates in essential digital infrastructure segments serving SMEs and digital-native companies. Market opportunity European cloud computing: $326bn (2025) → $550bn (2030) with SME segment as the fastest- growing customer category in European cloud adoption (MarketsandMarkets, Feb 2026) Core segments • Cloud and computing infrastructure • Hosting and application environments • Business connectivity • Managed infrastructure services • Datacenter and AI-ready capacity Structural drivers • Ongoing migration from on-premise to cloud-based infrastructure • Increasing regulatory and data sovereignty requirements in Europe • Rising computing intensity across digital businesses
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Recurring Revenues > 90% Predominantly annual contracts with automatic renewal Thousands of diversified B2B customers Top customer < 2% Negative net churn rate Recurring, Sticky and Embedded Revenue Model Subscription-Based Infrastructure Services: Infrastructure services are embedded in client operations, creating structural low churn and long-term revenue visibility. of total revenue Multi-service integration per client
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Competitive Landscape & Positioning DHH operates within a competitive landscape composed of: • Global hyperscalers • National telecom operators • Regional connectivity, managed IT services and hosting providers DHH differentiates through: ✓ Integrated multi-service infrastructure ✓ Close to the customer approach ✓ Embedded, high-switching-cost customer relationships ✓ Technological independence supported by open-source architecture ✓ Regulatory alignment with EU data sovereignty frameworks
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10-Year Financial Evolution FY 2016: Revenue €3,9M | EBITDA €0,4M FY 2025: Revenue €41,8M | EBITDA €13,8M Growth driven by: • Consistent mid- to high-single-digit organic expansion • Selective, accretive acquisitions • Post-acquisition margin normalization • Infrastructure scale efficiencies Revenue & EBITDA evolution: DHH has scaled through disciplined execution, combining industrial growth and capital allocation. 0,0 3,7 3,9 5,7 6,3 6,8 9,4 19,8 29,6 34,6 37,1 41,8 44,5 0,4 0,5 0,5 0,5 1,8 6,9 7,4 10,4 12,0 13,8 13,5 July 2015 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 LTM 2026 Revenue EBITDA (million EUR)
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€ 14,5 € 9,0 € 9,5 € 1,5 € 3,6 € 3,7 Diversified and Broad-Based Growth FY 2025 Revenue by Segment Revenue by Geography Growth recorded across segments and geographies. € 28,0 € 3,4 € 3,4 € 0,9 € 3,5 € 1,1 Cloud Computing Cloud Hosting Business Connectivity Managed IT Services Datacenter & Networking Serbia Switzerland Bulgaria Slovenia Italy Croatia Other M EUR M EUR vs €14,2 vs €8,4 vs €8,0 vs €0,8 vs €3,2 vs €2,5 vs €24,3 vs €3,1 vs €3,4 vs €0,8 vs €0,9vs €3,3
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AI Infrastructure as Disciplined Optionality AI infrastructure is a natural extension of DHH’s cloud and datacenter capabilities. Current positioning: • GPU-based cloud infrastructure • AI-ready hosting environments • Inference and compute capacity for digital-native companies • Focus on European data sovereignty requirements Performance: ✓ AI-related revenues growing ~100% YoY ✓ Still limited share of total revenue ✓ Capital deployment aligned with demand visibility AI represents incremental growth within existing infrastructure competencies. It is developed with the same CAPEX discipline and leverage framework as the core business.
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Cash Generation & Financial Structure Strong Cash Conversion: EBITDA €13,8M Operating Cash Flow €11,1M EBITDA → OCF conversion 80% Operating Cash Flow ca. 50% post CapEx (of EBITDA) Financial Structure: Net Cash €1,5M Net Debt / EBITDA negative Free cash flow supports capital allocation: • Selective acquisitions with cash- flow accretion • Opportunistic share buybacks when aligned with intrinsic value
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Operating Model: Decentralized Execution DHH combines entrepreneurial autonomy with structured governance. Holding level: • Capital allocation framework • Financial control and reporting • Risk management • Strategic coordination Operating subsidiaries: • Local management continuity • Direct customer relationships • Commercial autonomy • Infrastructure execution responsibility This structure preserves local expertise while enabling coordinated scaling.
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Group Structure Bulgaria – 100% Slovenia – 100% DHH SpA Connesi SpA Tophost Srl Evolink EAD Plus Hosting Grupa d.o.o. Webtasy d.o.o. CLOUD COMPUTING PROVIDERS CLOUD HOSTING PROVIDERS B2B INTERNET SERVICE PROVIDERS Warian Srl Croatia – 100% Italy – 100% Italy – 87,50%* Italy – 45% Public company * Connesi also owns 12,50% of treasury shares Minority stakes: Sync srl in liquidationIcona Technology SpA MANAGED SERVICES Netalia SpA Switzerland – 100% DHH Switzerland SA Serbia – 100% mCloud d.o.o. Italy – 100% Seeweb Srl Italy – 60% Teknonet Srl Italy – 65% B.L.S. Consulting Srl Italy – 74% Aetherna Srl X-Stream Srl Italy – 100%
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Organic Growth Drivers Expansion within existing customers Increasing ARPU through service upgrades and broader service adoption. Acquisition of new customers Growth within existing markets driven by local commercial execution and digital channels. Development of new products and services Selective expansion of service capabilities addressing evolving client needs. DHH grows organically through three repeatable levers executed at operating company level: Organic growth reinforces recurring revenues and incremental margins.
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Disciplined and Repeatable M&A Framework DHH acquires and develops infrastructure businesses across complementary verticals. Target characteristics: • Recurring revenue base • Cash-generative profile • Strong vertical positioning • Entrepreneur-led management Transaction model: • Majority stakes (typically 51–60%) • Management alignment through earn-outs • Gradual integration within group standards Leverage remains structurally conservative.
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Operating Improvement Across Acquired Platforms Operating Value Creation Across Portfolio Companies Value creation focused on operating improvement and driven by: • Financial control and capital allocation discipline • Revenue growth through commercial execution and infrastructure expansion • Structured performance management and incentive alignment Company Book value EBITDA '25 Net profit '25 Net Financial Position Dividends distributed Dividends 2025 to be distributed 1.852.904 € 883.918 € 492.865 € -1.115.397 € 2.152.424 € 494.409 € 1.368.476 € 802.217 € 366.688 € -342.049 € 1.337.983 € 362.160 € 1.232.929 € 605.868 € 378.140 € -840.084 € 1.714.984 € 354.973 € 31.219.605 € 8.750.772 € 3.798.128 € 651.336 € 11.874.704 € 2.222.701 € 4.732.792 € 821.480 € 386.106 € -529.793 € 650.000 € 386.106 €
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Long-Term Financial Objectives Management focus: Double-digit revenue growth over the cycle • Mid-to-high single-digit organic growth • Complemented by selective, accretive acquisitions EBITDA growth exceeding revenue growth over time Recurring revenue structurally above 90% Stable to gradually improving EBITDA margins Strong EBITDA-to- operating cash flow conversion Disciplined, demand- driven CapEx Conservative leverage (target <1x EBITDA) Sustainable return on capital employed
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Governance & Shareholding Giandomenico Sica Executive President Responsible for group strategy, M&A execution, capital allocation and relationships with equity capital markets. Antonio Baldassarra Chief Executive Officer Responsible for overall group performance, industrial execution and organic growth across subsidiaries. Tamara Arduini Chief Financial Officer Responsible for financial planning, budgeting, capital structure and group reporting and control. Matija Jekovec Chief Operating Officer Responsible for operational coordination across subsidiaries, performance monitoring and cross-company execution. Non-Executive and Independent Directors Financial, tax and governance expertise supporting institutional oversight. Shareholding Structure: • Founders & insiders: 56,91% • Institutional investor (Alkemia SGR S.p.A. – “PIPE” fund): 9,28% • Free float: 33,10% Founder-led structure with significant skin in the game, combined with institutional participation. ESG report published on website Board of Directors:
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Stock details Financial calendar Contacts List of parties • Listing Euronext Growth Milan • ISIN ordinary shares IT0005203622 • ISIN warrants IT0005645541 • Outstanding # of shares 5,6mn • Market Cap ~ €147mn • November 20, 2026 Board of Directors meeting approving the results as at 3Q2026 (unaudited data) Address: via Caldera 21, 20153 Milan Phone: +39 02 87365100 Email: info@dhh.international • Euronext Growth Advisor EnVent Italia SIM S.p.A. • SPECIALIST MIT SIM S.p.A. • CORPORATE BROKERS Intermonte SIM S.p.A. Banca Akros S.p.A. Value Track SIM S.p.A. • AUDIT & ACCOUNTING BDO Audit Services S.r.l.