Italiaonline SpA, leader in Italy in media, tech and digital services for the B2B and B2C market, announces the results for the first nine months of 2026, which confirm and strengthen the growth trajectory already traced in the first half of the year: in the third quarter the Group further improved profitability and cash generation, consolidating its reference position in the digital market. Consolidated revenues reached 221 million euros, EBITDA stood at 39 million euros, up 23%, operating cash more than doubled while net debt fell to 3.8 million.
Italiaonline’s industrial strategy continues successfully: with a customer base of approximately 100 thousand business customers, 470 thousand consumer and SOHO customers and 10 million active emails (data at the end of 2025) and with an audience of 29 million unique users per month, the Group consolidates its leading position in the digital market and lays the foundations for future growth.
First nine months of 2026: growth in revenues, margins and cash flow
As of 30 September 2026, all the main economic-financial indicators of the Group were growing compared to the same period of the previous year.
| Data in millions of euros | 9M 2026 | 9M 2025 | Var. |
| Revenues | 221 | 207 | +7% |
| EBITDA | 39 | 32 | +23% |
| EBITDA margin | 17.8% | 15.5% | +2.3 pp |
| EBIT | 21.8 | 12.7 | +71% |
| Net result | 15.8 | 5,6 | +184% |
| Operating Free Cash Flow | 32 | 15.5 | +106% |
| Net debt | 3.8 | 48.9 | -92.2% |
Consolidated revenues reach 221 million euros, up 7% compared to 207 million euros in the first nine months of 2025. The growth is driven by the Media & Tech business line, which reaches 75.1 million euros (+29.5%), driven by Platform Services (43 million euros, +58%) and Digital VAS value-added services (8.5 million euros, +19.5%); the Web & Communications Solutions business line, dedicated to custom services for Italian SMEs, exceeds 12 million euros (+6%).
EBITDA rose to 39 million euros, +23% compared to 32 million euros in the first nine months of 2025. The EBITDA margin stood at 17.8%, up by more than 2 percentage points, confirming the Group’s operating leverage.
Operating Free Cash Flow (OpFCF) accelerates to 32 million euros (+106%) compared to 15.5 million euros in the first nine months of 2025, with a conversion rate of EBITDA into cash above 80%.
As regards the net financial position, net debt including the IFRS 16 component is reduced to 3.8 million euros, compared to 48.9 million euros at 30 September 2025, confirming a solid financial profile and broad strategic flexibility.
Artificial Intelligence at the center of the industrial model
At the basis of these results is a business model that has been profoundly renewed in recent years in terms of offering, technologies and organisation, which is now divided into three complementary areas:
- Media & Tech: with over 10 million active email accounts, Italiaonline confirms itself as the leading Italian email operator and, with approximately 29 million unique monthly users – equal to 66% of the national digital reach – the first pure digital Media player in the country. A wealth of first-party data which, combined with internally developed Adv technologies such as the EasyBid programmatic advertising platform, constitutes a distinctive competitive advantage in a market that is redefining itself around post-cookie and AI search.
- SME Digital One-Stop-Shop: around 100 thousand business customers find in Italiaonline a single interlocutor for their digital growth – from the creation of an online presence, to e-commerce, to the creation of digital Adv campaigns, to social media management, up to the MARiO voice assistant – with an offer that natively integrates generative and agentic AI.
- Digital Factory: the adoption of AI along the entire operational chain – delivery, IT and customer care – has made it possible to lower the cost per unit of service, shorten delivery times and increase productivity, as demonstrated by the over 40 thousand sites and 190 thousand social posts managed.
“Growth is structural”
Roberto Giacchi, CEO of Italiaonline SpA, commented:
“The first nine months of 2026 demonstrate that the growth recorded in the half-year is not episodic but structural: all the main indicators continue to improve and, with net debt now close to zero, the Group can count on financial solidity that allows us to continuously invest in development. It is the result of a transformation that has made artificial intelligence the common thread of our offer and our processes, and which sees Ad Tech, also on international markets, as one of the main growth drivers. I would like to thank all the people at Italiaonline, who with competence and commitment are building this path day after day. We face the last quarter of the year with determination and with the confidence of those who have built solid foundations. Above all, we look to the future with great optimism and with the confidence given by being a digital leader in Italy”.
