Dominion Hosting Holding (DHH) Q2 2026 earnings summary

Executive summary

• Revenue grew 13% year-over-year to €22.8M in H1 2026, with recurring revenue at 92% of total and strong cash generation despite ongoing M&A and AI investments.

• EBITDA was €6.4M (margin 29%), down 4% year-over-year; adjusted EBITDA was €6.7M, nearly flat.

• Net profit was €1.8M, down 23% year-over-year; net cash position stood at €2.9M with €23.2M in cash available.

• AI-related revenues increased at a triple-digit rate, with GPU-based services now over 5% of cloud computing turnover and doubling year-over-year.

• Acquisitions of BLS, X-Stream, and Aetherna completed, expected to accelerate growth in H2 2026.

Financial highlights

• Revenue grew 13% year-over-year, with Italy as the main contributor (70% of turnover, €16M, +16% YoY).

• EBITDA margin was 29%; adjusted EBITDA nearly flat year-over-year due to M&A-related costs.

• Operating cash flow reached €5.7M, with cash conversion rate of 86–89%.

• Net financial position improved to €2.9M cash, with total cash of €23.2M at period end.

• Personnel costs increased 22% year-over-year, reflecting acquisitions and new hires.

Outlook and guidance

• Acceleration in turnover growth expected in H2 2026, driven by recent M&A and organic growth.

• Continued investment in AI (Regolo) and ongoing M&A activity anticipated.

• Margins expected to be pressured in H2 due to turnaround of X-Stream and Aetherna; positive margin contribution from these units expected from 2027.

• Integration of recent acquisitions to support short-term revenue and medium-term margin improvement.

• Ongoing focus on organic growth, targeted investments in cloud and AI, and selective M&A in Italy and EU.