To present the first half of 2026 financial results. Today's call will be recorded, and there will be an opportunity for question and answers at the end of the presentation. With us on the call today are Dr. Bruno Pianetti, CEO of Planetel, and Mirko Mare, COO of Planetel. Go on, Mirko. Thank you.
Okay. Good evening. Thank you for your presence. We can start with the presentation on our last financial results. At first, little new presentation of the group with the news of 2026, Orazero, both during March. The last one is GO internet that we can explain in the next slide. We are settled in the north of Italy. The headquarter is in Treviolo, it is in Bergamo, near Milano. Our site, the town that we are covering with our fiber optical network is all over Lombardy and Veneto region. The main city are Bergamo, Mantua, Monza, Verona, and Padua. Some numbers of our first half in 2026. EUR 21.7 million in revenues with 5% more of the last half 2025. With recurring revenue of 90% and more than 57,000 active customers. We have seven data centers inside our fiber optical network.
One of these is our own data center that we can explain in the next slide. 3,500 km in the fiber optical network with EUR 26 million investment CapEx during 2026 and 2029, the next investment of the next three years. Our coverage is about 320 municipalities served with our fiber. 227 employees inside our group. More or less, 1,200 cabinets on the street where we can settle our fiber inside the road, inside the street. Some breakdown. 68% of the total revenue are for the B2B market. Only 19% for the private market, the residential one. 11% in the public administration. We have an increase of the public administration with the insert inside our group of Suardi, the last acquisition in 2025. Suardi has an important point of our commercial proposal inside the public administration market. Only 2% for the wholesale.
About the number of the contract, 50% for the connectivity, 44% for the cloud and data center services, and other for infrastructure and office automation. About connectivity, we have 42% with FTTH connectivity. This is very important for us because they are the real fiber connectivity with our own fiber optical network. 36% in the FTTC, where we are using the last mile in copper with FiberCop or Open Fiber. Sorry, FiberCop. 18% in the radio. Radio, we are talking about FWA. 3% in the wholesale market. Of course, the very important thing is the 90% of the recurring revenue. We are talking about recurring revenue not only for the connectivity but for the cloud service too, and some other service. For example, Infrastructure as a Service with some networks created like a service for our customer.
This is a point of view of the market in this moment, a market outlook. Three are the main commercial consideration in the market in this moment in Italy: data center, cybersecurity, and fiber. All of these are inside our new proposal, our new strategy in Planetel. First of all is the data center. We are creating our own first data center in Padua. In the market, we have a growth in 2025 of less than 20% in the market. The second one is the cybersecurity. Planetel is settled in the cybersecurity market with Orazero, acquired during March in 2026. In cybersecurity in Italy, we have the growth of 12%. Of course, the fiber optic network. Fiber, with the growth in 2025 of 20%, and this is our main product, main service in Planetel.
Our business strategies is to create, with Planetel Cloud and data center, a new market for our customer base to create new needs for our customers in the cloud market. We have two important cloud infrastructure in Milan and Bergamo, and the next one will be in Padua, of course. The Padua data center will be the main important center of our product or our services in the next future. Of course, inside the Padua data center, we will starting a new product that is the new generation immersion cooling technology with some tank full of oil. How do you Olio
Dielectric.
Dielectric oil. That we can use for the AI services and cloud services with PUE. PUE is the index of the data center of the efficiency in the using of the power energy. With a PUE of little more than one, so 1.03, 1.05. Consider that a normal data center has a PUE of 1.6, 1.7, so the efficiency is very important for this kind of immersion cooling. The second one is the cybersecurity. We are growing a lot in this kind of market with Orazero. We are creating a new product with our own team, with a product that we are calling Zero SOC, that is a sort of service for the customer, where some AI agent made by Planetel can provide some check and some monitoring inside our network. In Italy, we have a SOC, a Security Operation Center, with 20 employee. They are in Monza.
All of them Italian talking. The next one is the fiber optic network. We are expanding our backbone. We are growing, in this moment, a lot in Padua, because we are creating the new network all around the Padua data center. In this moment, we have done the interconnection with the VSIX. VSIX is a neutral peering managed by the University of Padua. That is very important in Italy, and we have proprietary interconnection with VSIX in this moment. Of course, the strategy for us is the M&A too. As told before, we are always in scouting to understand if we can merge, we can acquire some new companies. In this moment, our scouting is focused on the cloud services and cybersecurity. This is the new. One moment. Okay. This is our fiber optical network.
As you can see, we are growing near Milan because we are starting to create along our own fiber optical connectivity with Milan and Padua. All over Padua, during this year, we are growing a lot. In this moment, we have the IRU fiber network with other carriers for 1,139 km in 2026. Our own fiber optical network is 2,430 in this moment. This is our new strategy in commercial and marketing. We are creating the division of the Planetel universe. Consider three main structures in our commercial proposal, where inside we have all of our services provided. The first one is the governance, the second one, of course, connectivity and security. We can explain better here.
Connectivity is all the services inside the connectivity market that you can see in the bottom of the slide, where the customer can choose the main important service for us. It is, for example, from the FTTH in the fiber open network to 4G connectivity in LTE, or wireless local loop in some municipalities. Of course, we are the housing and co-location, the cabling, and the network of our voice and VoIP telephone system. The more important things in the connectivity market is the assurance, so we can provide, and mandatory for us, an assurance in the 24 years for the main important services inside our catalog. Of course, the proof is the infrastructure. We are the owner of the infrastructure where all these services are provided by Planetel. The second one is security. Security with experience and expertise of Orazero.
The proof of this kind of market for Planetel is the NIS2 and the compliance with NIS2 all over our catalog inside the services. We can provide to our customer the incident response after an attack, after a problem inside our LAN. We can analyze, we can provide the incident response and, of course, the remediation. The most important services inside this market are the SOC, of course, H24 SOC. The IoT security, the cyber threat intelligence, so all the monitor and the compromised credential inside, for example, in the dark web. All of these are provided with Planetel, with the team of Orazero. The governance. Inside the governance, we have the Planetel Cloud market and the edge data center of Padua, named Terra- 1. We are talking about a data center with more or less 120 racks inside, 1.5 MW in power energy.
In this kind of service, we can provide, for example, IaaS, infrastructure as a service, or disaster recovery as a service, backup as a service, all kind of IT manager. Inside that governance, we can find the IT care services with the managing of the network LAN of the customer, and so on. The edge data center, Terra- 1, we can provide the inauguration. One moment. Terra- 1, the inauguration is 18, 19, and 20 November, 2026. We can send us your request for a ticket for our inauguration using the QR code in the back right side. 1,200 square meters. The Tier 3 is the compliance structure of the facility. We have a network operation center inside the 24-hour security, surveillance, and capacity with two for 400 Gb per second width capacity.
An important step for Planetel because we can provide, with this data center, a lot of important digital services. For example, the disaster recovery inside the data center of Padua with a second data center in Bergamo. We can provide some link in layer two, so we can use the data center, our rack inside data center, like a LAN inside your office. All of these are services that are managed inside the Terra- 1. That is the first edge data center in our network. These are some photos to understand how the job that in this moment we are closing. The data center will be closed. The job in the data center will be closed during November. As you can see. Okay. You can see we have some ISO with 120 racks inside. Okay. Our recent corporate news.
We are inside the new index of Intermonte Valore, named PMI2Change from July 26. In this index, there are 100 companies, and Planetel is one of them. It is important for us to have more visibility inside our Euronext Growth Milan market because, in this moment, the liquidity and some other issues create some problem inside our Euronext Growth Milan. Second step is GO internet B2C acquisition of the B2C customer. In this moment, we have done an auction during September 11, where we have bought 4,500 customers with 2,000.3 in FTTH, FTTC, and 2,000.3, more or less, in FWA. The total revenue will be more or less EUR 1 million, EUR 1.1 million with 50/50 from FTTH, FTTC, and FWA. In this moment, we are talking with the GO internet management to understand the migration of that customer inside our network. The financial.
As told before, we have 5% more in. Okay. 5% more in revenues with an EBITDA of EUR 4.9 million, with 8% more year-on-year. EBIT, EUR 1.3 million with 53% more year-on-year. And the adjusted EBIT is EUR 1.7 million with 30% year-on-year. This is an important step in this moment for us. We are creating a new value inside the network, inside the Planetel Group. In this moment, this is the first half year that create new numbers for us in the financial balance sheet. One moment. Okay. The balance sheet, the net equity is EUR 21 million. And the most important thing is the increase of the investment with 13%. Yes. 13% year-on-year of the investment. Of course, the increase of the intangible fixed asset.
This is a problem for us, consider the merging, the M&A of Planetel, because we have a lot of intangible fixed asset, and so a lot of amortization of that. In fact. Okay. And very important is the net financial position. That is more or less the same between for staff of 2026 and the closing of 2025, EUR 18 million. But consider that during these six months, we have done a lot of investment. For example, the Padua Data Center with EUR 2.2 million or EUR 3 million in the fiber optical. So all of them are covered by our cash in Planetel. And this is the next three years in investment, EUR 26 million, more or less divided in four years, 2026, 2027, 2028, and 2029, with EUR 4.55 million, with the main important EUR 7 million in the 2026 with the closing of the data center.
Of course, the more important in this moment is not more the fiber optical network, but the data center, with 58% of all the EUR 4 million made in 2026 of investment. This is the intangible asset. We are talking about EUR 11 million, with six of them are the goodwill for the M&A. This is important to explain because, of course, this is a reduction of our EBIT. About the M&A, this is one of those, all the companies inside the group as a part of this intangible asset of goodwill with an amortization all over the year of more or less EUR 1 million per year. This is very important. The main important is, of course, DiRete. We have acquired DiRete in 2021, EUR 3.5 million. The second one is Suardi, acquired in 2025 with EUR 2.5 million in investment.
Then we have Connetical in Veneto with EUR 1.6 million Net-Admin and Trifolio. All of them are EUR 10 million in costs, in original value of the company that create EUR 1 million in annual amortization. Okay. This is more or less what we have to do for the presentation of the new number. The important things for us is to send the message that Planetel is changing its face with a system integrator, not only with a fiber optical carrier. The most important in this moment investment is the data center in Padua. Last but not least, is the cybersecurity market with Orazero that is, in this moment, all included inside our employee and inside our structure and organization of the group. We are touching a lot the increase of the revenue in cybersecurity after the acquisition of the Orazero.
If you want to, we are here, and we can do a Q&A session if you want to. Let me know.
We can now open the Q&A session. I kindly ask you to raise your virtual hand if you have a question, and you will be given the floor in order in which the requests are received. No questions?
Yes, Carlos.
Hey, hello?
Carlos.
Hello. Can you hear me?
Yeah.
Yes.
Okay. Congratulations on the results. Just the acquisition, the recent one about the clients. How many clients are in the Veneto region? Are there cost synergies for you, or they are spread all around Italy, or where are the clients?
No, all the customers acquired with GO internet are not in Veneto or in Lombardy. A lot of them are in Lombardy, but not so much because GO internet has our main market in Emilia. In this moment, we are growing a lot with our network. From Veneto, we are thinking to increase the fiber optical network in that place. In this moment, we are talking about only reselling acquisition because all of the customer are in a FiberCop network or Open Fiber network. We are talking EUR 1.1 million with an EBITDA of EUR 400,000. It is only a financial and customer increase for the B2C market. As told before, the B2C market is not our strategy in this moment. This is only an opportunity to increase our revenue in this moment with a good EBITDA in the B2C market. Only that.
Okay, but
Yeah
I guess that you have some idea, maybe 10% of the customers are connected in your network, and therefore you can transition from FiberCop to Planetel, and then you have instant
Oh, no, no
improvement.
Consider our customer base in this moment, maybe more or less 60% are covered by our fiber optical network, and so is linked with our own fiber optical, without FiberCop, without Open Fiber. We are talking only of the customer acquired from GO internet in Emilia Romagna, where in this moment we have not a network in that place. But consider our 50,000 customer, the 60% are linked with our own infrastructure.
Okay, great. Any comments on the Padua data center? I guess everything is going according to plan. Do you see demand? Obviously, yes. But is it a colocation? Do you feel that artificial intelligence affects somehow that data center or not?
Yeah. We have a lot of demand in this moment to understand what kind of services we can provide inside our data center in Padua. The AI services will be one of them, and this is the reason of the tank of the immersion cooling project inside this data center. We have [Non-English content], we have a-
Agreement
agreement with VSIX to understand some customers in VSIX. They want a place inside our data center. VSIX is 1 km. We have an interconnection of 1 km. It is very near our data center. In this moment, we are talking a lot with some carrier and some other big company in Veneto to understand their needs and our proposal. Probably we can start the commercial and so to understand the revenue of data center in early 2027, so in January and February, because we are ready to do that.
Okay. But I guess you are pretty positive, right?
Yeah. Very, very. A lot.
Okay. Also, you mentioned wholesale agreements, which seem like an opportunity for you. Can you expand on that?
The wholesale agreement is important only for the fiber optical network in our point of view, not for the data center. In the data center, we are talking about an edge data center, so we have not more racks, like for example, Aruba. We are talking only 100 racks, and we can provide some services inside. Our mood is to sell the data center to the company, to our customer base to increase the services that Planetel can provide to the customer. In this moment, the wholesale in data center is not so important for us. Of course
Yeah, but
Yeah, of course
But I was mentioning
Yeah, sorry. Not for the fiber optical network. In this moment, we are talking with, of course, Fastweb and Open Fiber that are the main important customers in the wholesale market for Planetel. All of them in this moment, as in Italy, a period of transition, for example, Fastweb with Vodafone blocked all kind of wholesale agreement during 2025 and 2026, and we are starting to do that in this moment. Open Fiber is in a very difficult situation with FiberCop for the national and government issues. The wholesale during 2026 was not a good year for the wholesale market in Planetel. The wholesale market for the IRU and the fiber optical network is always in our strategy.
We hope that in Italy, we can do better in the market of the wholesale in this moment because Open Fiber, FiberCop, and others, for example, Tiscali on Linkem, all of them has a problem in Italy in this moment, and a confusion accounts inside the market of the wholesale.
Okay. For next year, I think you plan EUR 6.5 million CapEx.
Yeah.
If the Padua data center is already built, what will be the main target for that?
The main important thing will be always the data center, but the equipment inside the data center. We are made in this moment the building and the infrastructure, but now we must bought the routing, the switching, the fiber optical routers to provide the services inside the data center. More of 40% is bought during this year and the next in 2027.
Okay. Yeah. Those were my questions. Thank you.
Thanks.
Thank you, Carlos, for your question. Next question is from Nicolò Ravina of Arca. Go on, Nicolò. Nicolò?
Can you hear me?
Yeah.
Yes, please. Go on.
Okay. Thank you for taking my question. I would like to ask more about the wireless business and competition from Starlink. In order to understand what is the exposure to this line of business. I have seen 20% of 50% connectivity business in some slides. Can you please also maybe describe us how the customers are moving with this new Starlink offering?
Of course, Starlink is an important player inside the FWA market in Italy, and this is the main important issue of EOLO, not for Planetel in this moment. For our customer base, the FWA is, of course, usually a backup connectivity. This is not the main one. We are moving inside this kind of market with a double proposal, one for the main one with the FTTH, and the second one with the backup in FWA. Starlink is not so present in this kind of business market. Of course, in some situation, for example, in the remote country, in remote mountain, we can find always Starlink in this moment. Before we can find only EOLO. This is not an issue for Planetel. These are not our customer base in this moment.
So you do not see any contraction of this-
No
line of business?
For us, no. For example, in the FWA connection in Planetel, we provide the BGP IP. The BGP IP is the sharing of the IP before the IP is the number inside the internet of the customer. The IP is the sharing between the FWA and the FTTC. The FTTC is going down, the IP is moving to the FWA. This is not possible to do with Starlink. We are touching only professional services with FWA, and this is our mood.
But as for type of quality of offering, is there some synergy by using the Starlink, or is not possible? Is it only competitor?
Not for our customer base. For the reason told before, the BGP service is not possible to do with Starlink in this moment. I do not know in the next future. A lot of our customer prefer to use only one provider, with the main one and the backup one because we can manage all the connectivity of the customer with the same router, the same firewall, and we are managing the firewall of our customers. Not in this moment. Of course, if Starlink can create business services inside their proposal, maybe, but I suppose that is not their strategy.
Thank you.
We do not have more question at this time, but before closing the Q&A session, I would like to ask once again if there are any further question from investors still connected. Yes. One question from Filippo Mazzoleni. Go on, Filippo.
Yes. Hi. Can you hear me correctly?
Hi, Filippo.
Yes, we can.
Hi. First of all, congrats on the results. I think on margins you delivered quite good. On margins is my first question, so can you tell us what were the main qualitative drivers of the EBITDA margin expansion in the first semester? If you see this EBITDA margin sustainable for the future, or even if there are some levers to increase it even more. The second question was on the D&A, because D&A was lower than market expectations, I believe. Was there any one-off effect, or is the reduction mainly consistent with some previous D&A charges rolling off? The last one is on the cash flow. CapEx was somewhat higher than expectation while working capital was very supportive. How should we think about these few trends in the second semester? Thank you very much.
Okay. Sorry, I cannot see the question because I have too much. Okay. About the EBITDA, the margin expansion in the first semester. Okay. The first one, the EBITDA increasing in Planetel will be, of course, the data center. Not for the selling or the renting of the space in the selling data center, but for all the ecosystem that we are creating inside the data center with the Planetel Cloud platform, the cloud infrastructure, the virtual network between two different data center. A lot of services that in that moment are very important for the company. It will be this move, this kind of services will be the next driver for the EBITDA in the next future for Planetel. During the semester, probably we have increased the EBITDA with an increase of the price.
We have a price increasing during April, if I do not remember, March or April, with connectivity B2C and B2B. We are increasing the value services in our customer base with cybersecurity, and cybersecurity is only a professional consultant. There are a big EBITDA inside. We have more or less 30, 40 requests per month only for the cybersecurity team. The third one is Suardi. Suardi is increasing their customer base after the acquisition of Planetel. In this moment we are closing the organization of Suardi and Planetel with the cost saving and the new product that some public administration are buying from us during the last two months. Probably in the next future will be a new product of Planetel inside this market that we can provide using our cloud and our data center. Sorry, the second one?
Yeah. Thank you for the first one. The second one was about the D&A. If there was some one-off effect in the first semester, or if you see this rate should go higher in the second one.
Yeah. Mm-hmm. Okay. More or less are linked with the increasing of the revenues and the increasing of some services in the company acquired in the last year. We talk about, for example, an increase of the revenue in Suardi of 15% during the first six months, and an increasing of the group of 5% of the revenues. For the next future, probably we could talk about a situation that will be moved with data center services and the new fiber optical network in Veneto. In that situation, we can put in profitability the new infrastructure in Veneto. One moment. I don't know if I have-
Yeah, Mirko, it's okay. Just the last one was about the CapEx plan for the second semester. If you see a similar amount of CapEx in the second semester compared to the first one, or if it should be less intensive, let's put it this way.
The second semester will be EUR 2.5 million, all of them inside the data center. This is the closing of the investment in the data center building, of course. In the EUR 2.5 million, we have EUR 1 million in the network equipment. In the next six months in 2027 will be other EUR 2 million in equipment, only for the data center and the fiber optical network all around the data center. This is the main important investment during the next six months, during this period and the first six months of 2027.
All right. Thank you very much.
Thank you, Filippo, for your question. We do not have any more questions at this time, but before closing the Q&A session, I would like to ask once again if there are any further questions from investors still connected. Okay, no further question. If you have any inquiries in the future, please do not hesitate to contact Mirko Mare or Alantra, who will be happy to assist you. Thank you very much for attending today's conference call. We hope to have you again with us next time. Goodbye, everyone.
Bye.
Bye.
Bye-bye. Thank you.
Bye. Thank you.