One more minute. Together with me there is Antonio Baldassarra, CEO of DHH.

Good afternoon.

Antonio, do we wait still one minute more, and then we start?

Yes.

As usual, we will start with our presentation, and then, at the end of the presentation, we will answer all the questions that you may have. We got some questions by email at our address investor.relations.dhh.

at dhh.international, but if you want to ask for more questions, you can directly write them in the chat or you can ask for speaking and we'll let you speak, of course. There is still someone else who is joining us.

Okay, 1 minute. At 3:35 we start.

Antonio, we can start. I assume that everybody is watching the screen, the presentation in the proper way, without problems.

We can start commenting on the results of these first 9 months of the year. Let's start with the comment on the main KPIs of our group.

The revenue. We achieved a turnover of €29.6 million, speaking of the net sales.

It represents a growth versus the same period of the last year of 10%. On the press release, you also find another number with a growth of 12%, which is referred to the total turnover, including also the other revenue, while this is related to the net sales.

The recurring revenue amounted to 96%, a very high level of recurring revenue. The EBITDA was €10.4 million in this 9 months, which represents a growth of 19%, with an EBITDA margin of 30 35%, a net profit of €3.8 million, which marks a growth of 27%, and the net debt of €7.2 million, with 14.6 million in cash availability.

A quick comment on the revenue and on the EBITDA, and in particular on the organic growth. The organic growth in the first 9 months of the year was 6%, speaking of the revenue, while the organic growth of the EBITDA was 15%.

In terms of organic growth of the revenue, if you follow us also in the previous quarters, you can see an acceleration in the sense that if we take only the third quarter of this year, the organic growth was 8%, while the quarter before it was 4%. We will comment on this later on during this call.

A quick look at the agenda. We will go deep dive into the corporate events of the period, then as always, revenue by region, revenue by segment, the EBITDA bridge, our strategy for capital allocation, business outlook, and then a recap about our journey.

In terms of corporate events, here we are speaking only of the events happened in the third quarter, not to mention the first couple of quarters that we already commented in the previous earnings call. The meaningful event in Q3 was the acquisition of the 40% of Evolink, which is a company in which we already have the 60%, right now we own 100% of the business.

The transaction value was €2.25 million, which we paid in cash. In terms of evolution of the company, Evolink is our operator in Bulgaria focused on cloud computing and on business connectivity mostly.

The evolution of the leadership is along the same path of the journey as of today. The president will be Hristov and the CEO Tsonev.

They have been confirmed in their roles because they have these roles also now. We are very happy about the company, which is one of the best performers in this 2025, very happy about this deal.

In terms of revenue by region, Italy is still the primary contributor, which approximately 69% of the turnover of the group. Then we have the Balkans, where Croatia and Bulgaria, they have both a turnover which represents around 8% of the total turnover of the group, and Slovenia the same, 8%.

Switzerland, which is a sort of complement of the Italian market because we are speaking of the Italian part of Switzerland, accounts for 3%, while Serbia accounts for roughly 2% of the total turnover. In terms of revenue by region, Italy grew by almost 13%, and again, it's a confirmation of the role of the main market that we have.

The growth in Italy was impacted also by the positive contribution of TechneNet, not in the three quarters, but only in Q2 and Q3. Then we had a growth in Bulgaria of 8%, a growth in Switzerland of 11%.

In Serbia, we grew by 5%, by 6% in Slovenia, and by 2% in Croatia. In Croatia, we have to consider that we spun off some revenue, which was a sort of pass-through to certain customers.

If we have a look at the organic growth of our main company, which is the hosting provider, it is mid single digit, in line with the historical trend. Having a look at the revenue by segment, the main segment is cloud computing, accounting for 37% of the total turnover of the group.

In cloud computing, we recorded a net sales of €10.9 million. Then we have other two segments, which are two pillars of our group: business connectivity and cloud hosting.

Business connectivity represents 24% of the total turnover and accounted for 6. and we recorded €6.9 million in revenue, while cloud hosting accounts for 22% of the group turnover, and we recorded a revenue of €6.6 million.

Data center and networking accounts for 9% of the total turnover and recorded 20 €2.7 million in revenue. Then we have managed IT services, which is also the segment in which we completed our acquisition in 2025, the acquisition of TechneNet, and accounts for 4% of our turnover, with 1.1 €1 million.

Then we have, of course, the other segment, all the rest of the turnover, which is 4%. It is the non-recurring part.

If you have a look at the revenue by segment, we can observe that we have a positive growth in all the segments in the group. We had a growth of 3% in cloud computing, which is a good signal for us because we are recovering growth in this segment mostly thanks to the performance of our AI infrastructure.

Right now, we are not disclosing yet the performances of the AI infrastructure business segment, but I think that in the next quarters, we will start communicating something more about this product family. Then we have cloud hosting, which grew by 5%, and business connectivity, which grew by 18% to €6.9 million, but it was also impacted by the positive contribution of TechneNet, as well as managed IT, which grew by 86%, although on a very small scale, €1.1 million.

Then we have data center and networking, which grew by 13%. Here in data center and networking, we are not running the race of data centers for AI, but we can comment more later on on this.

In terms of EBITDA, here we have a look at the EBITDA bridge. As you can see, we passed from €8.73 million of EBITDA in Q3 2024 to €10.43 million in EBITDA in Q3 2025.

We had the positive, of course, contribution of the net sales and of the other revenues. Then we had the positive contribution of material costs in the sense that raw materials decreased by 3% to 2.

to €2 million approximately. We had a growth in data center services of 8% and to €2.3 million, and the growth in network services to 1.7 million, it was a growth of 27%, and we have been impacted also by the acquisition that we did in these two costs.

Then we had wholesale services and licenses, which grew by 10% to €3.8 million. Personnel costs increased to €5.8 million, it was an increase of 13%, while professional services increased to €2.7 million, a growth of 10%.

Let's say that it is more or less stable in the expenses for marketing and sales, which are at €0.8 million. All in all, a good control on the different costs and on the cost structure, and we can observe that we passed from an EBITDA margin of 33% to an EBITDA margin of 35% despite the acquisition of TechneNet, because, as when we make an acquisition, we acquire companies that have a performance in terms of EBITDA margin which is below the average of the group, and one of our pillars for value creation is growing this company and expanding their margins to the level that we have in the group.

In terms of capital allocation, we see that we had the tangible investments of €1.29 million and intangible of 0. €400,000 basically.

It is interesting to note that these costs are basically in line with the historical trend in the group. Then we had right-of-use of 2.

€54 million, also in line with the historical trend, while the big amount of our capital allocation was in the financial investments, which is M&A, mostly related to TechneNet, €5.6 million, and the rest is related to Evolink. This is basically what drove our capital allocation in the first 9 months of the year.

Then, business outlook. We focus on consolidating the sustainable growth.

Basically, we are very much focused on organic growth and the organic development of all our business segments. A good thing is that we start observing something substantial in the AI segment.

Maybe this is related to the fact that in Southern Europe, things happen with some delay with respect to the US and with respect to what we read on the newspapers, there was a lot of hype about AI in the last couple of years, but we start observing some real business, which is a good thing. We focus on organic growth and on margin discipline.

Margin discipline is basically one of the key component of our management culture. We also focus on external growth opportunities, M&A, mostly in the segment of managed IT services, and mostly in Italy, I would say, although we are exploring opportunities also in other markets.

We have a very solid financial structure. Revenues are very diversified, we don't have particular risks related to insolvency or revenue concentration.

A quick reminder of our journey. This is basically the graph since the beginning of DHH.

Amazing to remember that in the end, we are still a young kid as a company because we started the project 10 years ago. We focus a lot in terms of KPIs on the KPIs per share.

Basically, we can observe that in these 8 years as a public company, we grew our net sales per share by 155%, we grew our EBITDA per share by 816%, and we grew our net profit per share by 600%. Let's hope to go on in the same way.

We are confident on this. I think that we can start with the Q&A session, and I will maybe start by reading some questions that we got in the chat, but we also got some questions in the email.

Let's start from the chat. Giorgio Tavolini asks, "Okay, organic revenue growth is 10%?"

"In Q3 is 10%?" Yes, it's correct, Giorgio.

If we take a look at the total revenue, basically the organic part of the revenue is 8% in Q3, as I said before. "What drove the acceleration in the third quarter?"

Antonio, up to you.

Yes. In the third quarter, there are basically two different events that pushing up the revenue and then also the EBITDA, and so on.

The first one is not recurring, in the sense that we have some other revenue in Q3 that produced a positive effect. This two different revenue comes from some pre-litigation things that we had with some supplier in the group, and then we have obtained a amount of money as a restoration for prevent the litigation.

This has created a little increase in the other revenue, as you can see with the data. The other very, very interesting part comes from a good effect into Q3 from Evolink in Bulgaria, but also what I want to point the attention is in the AI infrastructure services in the

Antonio, do you want me to share the chart?

Oh, if you have it, yes, that can be used. You have a picture?

This is really interesting because, as we have discussed about our effort in the AI infrastructure since years ago. As we represented in the past, the market not not present a clear direction in in this area.

In the last month, as you can see, we starting observe a very, very interesting growth trend. In this picture is represented the the variation of the revenue since the the 2023 when we started in propose this kind of service to the market.

The the interesting points start in exactly after the the the Q2, in the in the Q2, across the Q2 and the Q3. As you can see, we we have observed a very, very huge increase in revenue, but what we what is very, very interesting for us is the trend.

As you can see, there is the red line in in which we represent the the month-over-month growth trend that we are observing, that is very, very interesting. In the in the last in the last month is around 30 30%, that is very, very relevant.

This is this was one of the driver of the the the the the revenue increase, and also marginality increase because our model, our business model in the AI services is actually very, very well designed, and we are able to provide this kind of service with a very, very high marginality. Then we expect what we expect is that this trend will become much more solid in the next month.

As you can see, it's very, very simple to see. We we have observed a sort of starvation for many, many months, but actually we see very, very directionality trend.

This basically was the the the what what there is behind what we observed. I think that one other aspect that we need to consider is that Connesi continue in in a good trend in in in business connectivity.

It's very, very interesting to observe that business connectivity follow a completely different trend compared with residential or retail part of the connectivity. The business part is maintain a very, very sparkle trend, drived I think also by the the the the the new wave about the the the cloud services used in the company, and also the the AI part start in have a sort of role in the in the in this kind of of growth relating to the connectivity.

Up to you, Nico.

Thanks, Antonio. Giorgio asks also for the financial charges and taxes in the 9 months, I can comment on this.

Basically, we had financial expenses of around €800,000 in the first 9 months of 2025, and we are in line with the same amount that we had in 2024. In terms of income taxes in the first 9 months of 2025, they amounted to €1.6 million.

Okay. Then we had also some question by Tommaso Martinacci.

Tommaso asked about TechneNet if there is some seasonality. Basically, he asks if the contribution of TechneNet amounted to €1.7 million in revenue and €400,000 in EBITDA.

He asks about the development of this part of the business. I don't know, Antonio, if you want to comment on this or

Yes, I can comment. We need to consider that that in a in a different way from cloud or connectivity, in the case of TechneNet, there is the the a little reduction in the in the in revenue in the summer summer month, summer period.

Then normally the Q3 is a little under the average, while Q1, Q2, and Q4 more or less are linear can can be considered linear. Then the the the answer to the question is yes, but we need to consider that since we have analyzed only Q2 and Q3, and Q3 is the the the the one with the bad seasonability, I think that we can be absolutely confident to achieve a Q4 that is much more similar to the Q2 of the TechneNet, and then in this line.

The point that we need to consider that in the managed service provider business line, there are some kind of service that are not so recurrent, like, for example, spot spot consultancy on on on service, and so on. This kind of type of revenue are much more frequent in the in the in the Q in the heavy works Q like Q1, Q2, or Q4, rather than in Q3.

Thanks, Antonio. We can go on.

Marco asks for some hints about new products that we are going to launch in the next few quarters. I don't know if you can disclose something about this.

Yes, the very new product is the product that we already mentioned in the last call that is named Regolo. Regolo is an inference provider, basically.

Actually, it's a side project of one of the company in the group. Actually, it's a service more or less at 0 revenue, zero revenue, in the sense that we are providing the service for free in order to attract customer and users.

Actually, this service has achieved a few less than half 100 users, half 1,000 users. We plan in the next future to enter in the normal commercial activity of Regolo.

This is for sure one of the biggest innovation that we have created in the group. There are also other interesting works active in the group, like a new completely revamped cloud mail in the Balkans, especially in Slovenia, and also in the next month we will have the same services in Croatia.

In Croatia and in Slovenia, we have developed a new cloud services based in CloudStack. It's a sort of experimentation that we are doing in the Balkans, that this is another relevant innovation for the next month.

Beside this, we are expanding a lot the offering in GPU. Now we are active in Italy and in Croatia with the GPU service.

We plan to expand in the next month this kind of service also in other countries. Then

Giorgio asks about the MSP segment. He asks if we want to reinforce this area after the acquisition of TechneNet.

I can already answer yes. As I said before, also in terms of M&A, we are looking for opportunities in this area because there is a lot of potential also of synergies with what we have in the rest of the group.

Giorgio asks in particular if we are carrying out a phase-out of the low-value activities, such as hardware and software reselling, to improve the margins. He asks about basically what happened in Croatia, where we spun off some revenue that were essentially a pass-through from certain customers.

Maybe we answer this question, and then we go on with the others. Antonio, do you want to answer, or do I answer?

Yes, but regarding the MSP segment, starting from the The hardware in particular. Yes, the MSP segment, there is a sort of physiologic aspect regarding the sales of hardware.

In many case, this are specialized hardware, like firewall or like storage, not simple notebook or workstation or something like that. The part of the hardware that we sell normally is much more related to networking or to security.

The questions is very, very interesting since the marginality that we have in this commercial trade is very, very low. In many case, this is a sort of necessary bad things for maintain active the MSP business.

What we are doing actually is expand the part of the service proposed by the MSP now is TechneNet that are able to produce much higher marginality. Then the idea is in the short time is maintain the commercial trade of the hardware, but try to stress a lot the service that we are around this, pointing the attention to the fact that this kind of additional service must be recurrent, must be based on subscriptions, and so on.

In the second phase, but we are reasoning about next year, our plan is to try to change the approach regarding the hardware, moving from normal sale of this hardware to a sort of lease. In TechneNet, this is already existent, in the sense that some hardware is not purchased by the customer, but is leased together with other service.

Then at the end, this is the strategy that we plan to follow. Then,

Antonio, always Giorgio asks about the margin improvement, and he asks if it is linked to cost synergies from the integration of the companies that we acquired.

Yes, in the sense that there is some cross-company activity, especially in products that can be proposed to the customer among some company in Italy and also in the Balkans, in the sense that there are sort of cross-utilization of service between different company, and that's for sure this is a part of the success in margin improvement. The other relevant part, honestly, is in the normal improvement process that we put in place after the acquisition.

For example, we are really proud to observe the data of Evolink, that at now is much more than 1 year, Evolink starting present a very, very good trend in marginality, in company efficiency, and also in ability to growth. Then at the end, we observe this in terms of consolidation, but we are really proud to see that some company that in the past show some kind of difficulties, now they have a good trend in marginality, in improve theirself.

I want to mention, for example, Evolink, but also Connesi, but also the Artera in Switzerland, companies that now more or less start aligning theirself in the average of the marginality and the efficiency that we expect in the group. Then yes, there is a sort of mix of sources of this, and synergies is one of this aspect, but is not the only.

I was reading also the questions that we got by email from Stefano Lustig and Edoardo Liuni, but I think that we answered in this presentation. This is why I didn't highlight them.

If you think, Stefano, Edoardo, that something is missing, just write down in the chat.

No, excuse me, Nico. I think that was a questions about, I think Stefano Lustig, about the sustainability of the percentage of the Of the margins.

Okay. Yes, this is a interesting questions because what we have observed in the last 2 or 3 quarter was a sort of different things in the recipe of the EBITDA intensity, in the sense that from one side we have observed, for example, some service cancellation in some company in the group following the M&A of customer, and so on, and this created a little of reduction, obviously, of the percentage of EBITDA.

On another side, we have observed the increasing in efficiency. We have a lot of increasing in efficiency in Evolink, in Connesi, and we hope also in other company.

This effect moved the average to the upper. Then this is the normal effect that we observe in DHH, in the sense that now we have a very, very good marginality, but probably in the future, for the effect of acquisition, we will reduce a little the EBITDA intensity, in the sense of the percentage of the EBITDA, and then we will start in working on the deficiency, and so on, and we will be able to regain the marginality.

Because, for example, if you take a look to TechneNet as a sole company, the EBITDA intensity is under 35%. Then is one of the component that reduce the average.

What we expect in improve this amount in TechneNet, but also in other company in the group that actually are below the average, in order to, we hope, maintain, but also increase this amount of marginality. The point is that we need to consider this in a sort of middle terms, not long term, but middle terms, because in the short terms, what we expect is a sort of oscillation mainly by the effect of M&A, but also by the effect of some things that we do internal in the group, like, for example, we've discussed before about new service of new product on which we are working.

As if you are doing a lot of effort in create new product, create new revenue stream, and so on, in this case, the efficiency of the company involved in this reduced a little, in the sense you cannot have in the same moment a cash cow and another company that develop a lot. Then what we observe is a sort of moving among these two limits.

Excuse me, Nico, but I think that is an important argument to

Good. There is another question about private cloud.

Marco asks if the revenues that we are generating in the AI infrastructure as a service segment are also related to private cloud.

No, we consider differently private cloud together with private AI. For us, these are two different family.

What we expect to do in the future is to present in a separate way the revenue that comes from the AI infrastructure families. In the AI infrastructure family, actually there are only server with GPU for us.

Private cloud actually is a little different product for us, in the sense that are a sort of silos of cloud dedicated for only one customer. We have this kind of service in Bulgaria, but also in Italy.

We consider the AI infrastructure a different family of product, and we name it private AI, that is different from generic private cloud. Then

we have another question about, okay, the sustainability of the margins, but we already answered to this, and then about the effect of M&A operations on our margins. Maybe, Antonio, I start the answer, and then I let you comment and complement on this.

Basically, when we acquire a company, financially speaking, we acquire companies that we believe are good companies and companies basically that have a potential for growing the business, but we also acquire companies in which we see the opportunity for margin expansion. For sure, when we make an acquisition, the newly acquired company balance down our EBITDA margin as a group.

Then what we observe in our history is that there is a strong acceleration in the EBITDA margin of the companies that we acquire. It's a kind of temporary effect.

In general, it's a kind of temporary effect which is not very visible at a consolidated statement, mostly because we execute M&A deals that have an impact of our numbers, but that are not transformative. This kind of effect related to their EBITDA on our numbers is not something that impacts in a meaningful way our group marginality.

This is the answer. Antonio Michele asks about goals in terms of diversification strategy related to revenues diversification.

Do we have some specific goals on this?

No, we don't have a specific goals in terms a fixed number that we want to reach. We don't have, honestly, this.

What we are doing is to have a good mix about diversification, because for us is already diversification the cloud, the hosting, the business connectivity, and MSP, for us is diversification. What we want to do is try to balance these different family of product that we proposed to the market, but with an idea to obtain a sort of cross-training to the market about these different technology.

Then the answer is that we don't have a precise number as a goal, but what we want to achieve is a sort of, I don't know, gold ratio between the different family of product that we offer in order to maintain as higher as possible the marginality.

Okay. We have another question about cash generation in the sense that Michele asks how we are seeking to balance organic CapEx and M&A investments.

Here I can answer, in the sense that in terms of organic CapEx, basically they are always at the same level, more or less. We don't have meaningful changes.

If you have a look at our historical level, we are on track. In terms of the cash that we generate, we mostly use it for M&A.

Then maybe Michele asks about Regolo, if we can expand more on Regolo, the addressable market, the pricing, the technology.

A few words on the previous argument that you mentioned, in the sense that we are totally self-sustainable from the point of view of the CapEx that we need for the business as usual, in the sense that as is very, very simple to see that the CapEx percentage that our business require is totally covered several times by operating cash generation. The CapEx that on we need to reason is the CapEx that we need for M&A or the CapEx that we will need in the future, I don't know, for huge expansion of the infrastructure, for example for follow a sort of market spike that we expect in AI, or so on.

Then in this case, make sense consider the topic of the CapEx, but with normal business, we are very, very strong covered with operational cash flow. Regarding the Regolo, I recommend to who of you can be interested to take a look to the website that is regolo.ai.

The market is not well defined at now, but very, very huge, in the sense that is the market of who develop application or do integration from AI to general-purpose application, and the type of customer that want to use a very, very simple way for use generative artificial intelligence. Actually, basically there are two different way for do this.

The first one is the hard and pure way, in the sense to develop a model, buy the GPUs, use the GPU service, and create the personal stack of the artificial intelligence. Another aspect is use directly OpenAI, for example.

You can decide to develop an application or integrate an application that you already have starting from OpenAI, and in this case, you need to use the model that OpenAI provide to you. The third approach is use inference provider that put you in the condition to use different LLM model.

Now there are thousands of LLM available in the market. Many of them are open-weight, in the sense that are basically a sort of open source of the AI, other that are commercial, that you can buy and you can use in a very, very exclusive way.

You can do this using an inference provider, like Regolo. Actually, Regolo is able to serve only open-weight LLM, like LLaMA, Qwen, DeepSeek, GPT, and similar.

In the next month will be possible to use Regolo for use commercial LLM that the customer can buy and put in the system, or private language model that customer can develop itself and put in the system. Actually, this is a very, very sparkle market.

There aren't many player at worldwide level. The much more relevant one, if you are interested in this business, is named Replicate.

Replicate is one company from Silicon Valley that is very, very active in this way, that Replicate is also very, very similar to the Regolo. Regarding the pricing of the inference provider, actually there is a sort of debate about what will be the right pricing model for this kind of services.

Actually, in Regolo we are following the proposition of OpenAI that basically is create a pricing method referred to the amount of token produced or absorbed by the AI. This is one of the possible model.

We are working also in a different approach that is not more based on number of token, but is based on the amount of usage in terms of hour of usage and density in request. In this way, we will be able to offer a sort of much more flat pricing for different level, because the pure pay as you use in terms of token is not well understood by the customers.

Then probably in the future, when we will provide the private model, we will provide the private model with a sort of flat plan from the point of view of the pricing. It's very, very exciting moment because there are a lot of dynamicity about this kind of proposals.

I think that actually the Replicate one probably is one of the best service that exist at worldwide level. As you can see, actually we are proposing Regolo only in English language, because if you limit Regolo in a single country, actually the amount of adopter are very, very low, while we have experienced that is best in this phase maintain open the product to worldwide.

Thanks. We have another question about organic growth, if we expect to be stable at 8% in Q4 and basically in 2026, or if it was limited to Q3.

Just a generic comment on this. We are not celebrating as a success the 8% organic growth.

It's not that we are here happy because we reached the 8%. We hope to do also better than this, and we are not, let's say, satisfied as a mood internally.

Antonio, up to you to comment on this.

No, no, I agree completely with you. The trend of the AI, we don't expect that will be limited to the Q3, but we are I think totally confident that we are at the beginning of a solid trend for the future.

Regarding the 8%, you have already discussed about this. Is a positive number, but is not a very, very happy moment for us, in the sense that we know that we are able to do better result, and we are working on this.

Yeah. Then as for the GPU, what is the marginality, and if we have expectation, what are the kind of clients?

Antonio, up to you.

No, actually the marginality of the GPU business for us is good. As you can see, this is a interesting to observe that our list price for the GPU service is a lot lower than the price that comes from AWS, Azure, and so on, but this is more or less in the area of the price in the upper side of the area of the service provided by what now we named as neocloud.

There are some newcomer in this business named neocloud that are strongly specialized in this. We are more or less in this area as price for the service.

The marginality of this kind of service for us is very, very good, more or less in line with the marginality of the cloud computing, in some case even best. We have a strong expectation that this kind of market will grow.

Which are the type of the customer? Actually, the type of the customer are very, very various.

For sure, the most interesting part comes for us from the pharma sector. Actually, the pharma sector is very, very active in invest in this area of the GPUs.

We start in see also the much more general-purpose services, like web chats or like some similar usage in support, in CRM. For example, we have a couple of customer that started integration of the generative AI in CRM for create automatic answer or suggestions to the operators, and something like that.

It's a very, very challenge moment in which we are, and I expect to will be able in the next future to be more precise, to show you some relevant and interesting data about.

Two questions. Michele asks about neocloud and if we can expand how we are present here.

Then Giorgio asks for an update about the clients in the automotive sector.

Yes. Regarding the neocloud, yes, there is a lot of literature actually on neocloud.

I think there is a very, very interesting article on Financial Times a couple of weeks ago. I don't remember, I am not able now to search it, but if Michele want, we can share after by email.

I don't know, Nico, if you have the email of Michele, but

I think we have. we

can share we can share the the article. The the the questions of the neocloud at the end is very, very simple, in the sense that there are some big player recognized as the leader of the cloud market worldwide.

They are the hyperscaler, basically Amazon, Azure, Microsoft Azure, and Google Cloud. These are recognized as the leader.

After the starting of the GPU phenomenas, other other brand rise up. The probably the most famous one is CoreWeave.

CoreWeave is very, very famous because because they entered in a in an agreement in a strong agreement with NVIDIA for billion and billion and billion. CoreWeave is a probably an example of the neocloud, in the sense that they never exist before 2000 2022.

There are a lot other, like Lambda Labs, like Paper, I don't remember, Paperspace, something like that. We are mentioned among we we, in sense of the company of DHH, are mentioned among the neocloud.

We entered in this sort of short list a couple of years ago. I remember that at that time, we was a list of 15 15 player worldwide.

Basically these are named the neocloud. Some analyst put us in this area.

Honestly, I don't know if this is the right place for us, but we have reported what the analyst presented about about this information. I see another question regarding the

automotive. Exact.

I think that the negative effect more or less has reached the floor level, in the sense that we don't expect other negative things, because if will be, this will means that the automotive sector has been totally destroyed in Europe. Then honestly, I hope that we have reached the minimum level.

What has impacted us in the last time is comes from some M&A that involved customer that some customer has been bought by other, then consolidated an infrastructure. Actually, the automotive is in a sort of stable situation, but for our point of view, if you consider 100 the level of the automotive as customer 5 years ago, now we are less of the half.

Then that we have dropped very, very many customer. Not dropped, but reduced in amount of revenue from many, many customer.

What we expect that basically we have reached the baseline.

Thanks, Antonio. We don't have new questions.

I have a question for all the folks that are here. I ask you to name the title of this song, if you listen, at least one of you, just to see if you are awake, first, and then if you can tell us what is the title of this song.

Michele is very fast. Is, yes, Satisfaction by Rolling Stones.

Why? It's very simple, because if you have a look at our results in 2000 in this first 9 months, you can see good growth on the revenue, on the EBITDA, on the net profit.

In Q3, we accelerated. There is the good news about AI, and we are developing good things here.

As all the shareholders who follow DHH since years know in a good way, we always ask to bet on our dissatisfaction, not on our satisfaction. Despite this good results or good moment, as I said, we are not satisfied, and we are working hard to do more and also to improve this kind of results that we achieved in the first 9 months of this year.

Happy that the wind changed, that we recovery some growth, but not satisfied. We ask you to do the same, and if you are shareholders, to bet on our dissatisfaction.

Thank you very much, and let's keep in touch in the next month with our news. Good afternoon to everybody.

Bye.

Bye-bye. Bye.

Bye-bye.