Dovalue

Investor Presentation • May 15, 2024

MAY 15TH, 2024

Q1 2024 Financial Results

AGENDA

01 02 03 Business Highlights Financial Results Appendix

Titolo breaker slide Business Highlights

Manuela Franchi Group CEO

• Gross revenues in line with LY (-3.3%) and guidance with positive performance of Italy (+7.5%) and ancillaries

• Stable AUM (€116.9bn vs 116.4 as of 2023-end) and growing when accounting for mandates to be onboarded,

• Ongoing efforts to deliver on Business Plan are on track
• (+34.8%)
• EBITDA ex NRI stable vs LY¹
• rejuvenating portfolio managed
• excluding release of variable for ex CEO in 2023¹
• Manageable leverage of 2.9x² EBITDA increasing from 2.7x in Q4 for seasonality dynamics
• Gardant: deal live progressing smoothly, pending finalization of transaction and financing documentation

• Efficiency measures and cost discipline translated in -4.7% of staff costs despite 15% wage inflation in Italy and

Building tomorrow on today's achievements

Notes: (1) Positive one-off impact of release of ex CEO variable compensation of €5.9m (2) Pro forma for cash received from Apollo arbitration

Q1 2024 Business Highlights

Guidance for 2024: progress update

• In line with guidance and seasonality
• GBV in line with guidance
• Collection rate still not reflecting higher performance from new operating model (full effect in 2H as expected)
• EBITDA in line with guidance. Profitability affected by wage inflation (Italy) without fully benefiting - as expected - from new operating model. Significant pick-up expected in the second half as flagged in the
• In line with guidance, more pronounced deleverage in second half with seasonally stronger quarters

• Hiring of senior management for Product and Business Development
• New organization already effective from 1Q
• Share of non-NPL business increasing to 34%
• doAdvise unit set-up in Greece
• Mortgage broking business (FinSolvia) already set-up and ready by July '25
• Digital Platform deployment started in Greece for automated contact and selfforbearance
• Discovery in Spain for banks and non-banking customers
• Completed exit in Spain by 84 FTEs and 39 external asset managers in Italy
• Stage 2 managing powered by AI with the exclusive support of Cardo AI
• Team 4 contact center solution already integrated
• Satisfactory results from new survey run by Best Place to Work

Already delivering on the pillars of our new 2024-2026 business plan...

2026 targets

Q1 2024	COMMENTS
	Market Share: keeping our market share stable vs competitors, coping in our profitability in adverse market conditions already visible from Q1
	Gross revenues and share of NPL: >30% contribution in each region, especially in Spain, accounting for a 46% contribution Stage 2 project launched
Improving results from last survey although not in the top quartile yet	Employee satisfaction: survey conducted in 2023 among group personnel highlighted a Leading score. Actual scores are still under improvement
	Automation: data platform in Italy to lead to advanced and faster reporting outputs for banks and investors BPM and DocManagement tools to be fully implemented by September to streamline processes

Outlook for NPE production

• Ongoing reduction of legacy NPL stock between 2019-2021 thanks to servicer contributing to a liquid and functioning NPL market • Cost of risk (a proxy of future NPE production) has not decreased as significantly as the NPE stock (decreased by >100%) hinting a faster NPE generation in the future. Broadly stable in EU
• Italy and Spain below EU average and Greece aligned with EU average

• Stabilization of stock in line with steady state, as assumed in the Business Plan, with sign of moderate uptick in NPL stocks following asset quality deterioration and lower disposals

• Spain higher 4 bps higher than in 2019

• Greece 40% lower but still significantly higher than EU avg
• Italy 40% and below EU avg driven by use of MCC state-sponsored guarantee scheme and internal models (i.e. not sustainable in the long run)

Banks asset quality has improved significantly thanks to extraordinary disposal of NPE, but cost of risk is still high and will require an efficient NPE ecosystem in the medium term to avoid deterioration of NPE ratios again

Potential pipeline (18 months)

Potential pipeline (€bn)

• GBV inflows from New clients amount to €1.1bn, of which €553m in the Hellenic Region thanks to new portfolio Omega and Gemini transaction on secondary market. Italy contributes for €313m with cooperative banks' portfolio. Spain onboarded €249m, almost entirely from Sabadell and the remainder from other minor portfolios
• GBV inflows from existing clients (under FFWs) in 1Q 2024 amount to €723m. Italy onboarded €207m from UCI/UCL. The Hellenic perimeter onboarded €275m from Eurobank and Kedipes. Spain onboarded €241m from Santander
• Committed portfolios: worth an overall €1.0bn made by Amoeba portfolio for €800m and Heliopolis II for €202m, both originated in Greece by Attica Bank, as announced to markets

• Italy pipeline of €2.2bn GBV mostly driver by state guaranteed loans or by portfolios of weaker servicers sometimes exiting the market
• Spain pipeline of €2bn GBV mandates with large commercial banks
• Greece pipeline of €11bn GBV mandates with non systemic bank and state sponsored vehicles

GBV intake

Partnership with Cardo AI

•Sources: Supervisory Banking Statistics di BCE (October 2023 on data @30.06.23) and estimates by PwC, company data for Cardo AI •Note: (1) Estimates based upon an average representative sample of Stage 2 loans held by significant and traditional Italian banks

-

Other updates

• SPA under finalization with aim to close by June

• Collective dismissal agreement reached in April with all employees exiting by April • Negative impact on 2024 cash flow (expected) from Jan-Apr 2024

• Payment of €22.7m received from the Madrid Court in April • Action pursued by Altamira Asset Management Holding for annulment of arbitration still ongoing • Positive impact on reported net income for €22.7m (or 0.28 per share) when the Court of Madrid rejects oppositive

• Total recovery for Tax Claim €27.5m (€5m in 2021 and 22.5m in 2024) out of €29m negative impact on P&L in 2020

Titolo breaker slide Financial Results Davide Soffietti

Group CFO

EMARKET SDIR
CERTIFIED

	∆% YoY	COMMENTS
		Inflows from existing clients under FF agreements in place worth €0.7bn, increasing in Italy on YoY basis. New inflows onboarded worth €1,1bn, mainly in Hellenic Region and marking +7.5% YoY in Spain
		Lower collection in all the countries as a result of concentration of sales in 1Q23 in Greece and lower GBV in line with expectations
		Improving collection rate as new mandates onboarded in 2023 have exited the ramp-up phase.
		Lower collections in Greece from disposals and subdued REO revenues in Spain partially compensated by higher NPL and ancillary revenues in Italy
		Net revenues lower YoY vs trend in gross revenues because of higher outsourcing fees in Italy stemming from introduction of a more flexible operating model
€25m	-1.3%	The drop in EBITDA is primarily due to a one-off positive effect of around €6m last year stemming from the release of provisions for the variable compensation of the former CEO. Otherwise flat trend
25.2%	+0.5 p.p.	EBITDA margin drop of 5.3 p.p. mainly related to one-off positive effect of release of provisions for variable compensation of the former CEO (actually increasing 0.2 p.p. on recurring cost base despite wage inflation)
		Negative delta related to EBITDA trend compensated by lower provision and write offs

worth €101m, Net Revenues €92m, EBITDA ex NRI €30m and Attributable Net Income ex NRIs €1.3m

Financials at a glance

GBV at €116.9bn vs. EoP 2023 €116.4bn, driven by:

• Inflows from existing clients €0.7bn. 22% lower YoY for lower NPE formations
• Inflows from new clients €1.1bn: €0.6bn in the Hellenic Region, mainly related to portfolio originated from Attica; €0.3bn from cooperative banks (Italy); €0.2bn mainly for Sabadell, and other minors (Spain)
• Collections €1.0bn: ow. €0.2bn Iberia, €0.3bn Italy and €0.4bn Hellenic perimeter (excluded curing for €0.1bn)
• Net write-offs include a positive adjustments to include interest's accrual
• Disposals: -€0.3n: 60m related to Unicredit (Italy), €0.2bn to Santander (Spain), 37m Frontier then gained back as Secondary Sales on Gemini (Greece).
• GBV: €116.9bn, higher than budget
• Mandates to be onboarded €1.0bn GBV, expected in Greece

GBV dynamics

• Group

• Gross revenues broadly stable despite lower collection in all regions thanks to higher ancillaries in Italy

• Hellenic Region

• Overall drop in revenues by 6.3% YoY, due lo lower disposals vs 1Q23
• Lower NPL revenues by 10.2% due to lower disposals
• Lower UTP revenues by 39% (-€3m) mainly related to restructuring activities on ERB portfolios but overall Greece ahead of budget
• Positive impact from REO revenues (+18.1% YoY) and ancillaries (+€3m vs. 0.8m)

• Italy

• Overall revenues 7.5% higher YoY
• Higher NPL revenues by 6.5%
• Smooth increase in UTP revenues (+3.2%)
• Ancillaries continues to perform well (+11.3%)

• Spain

• Revenues dropping by 18.2% due to slow ramp-up of new contract and limited new mandates
• REO revenue trend more pronounced (-40.5%) due to lower stock of REO GBV and challenging real-estate market

Gross Revenues

Revenues worth €101m

• Total cost

• Operating costs broadly stable despite positive effect of provision release for former CEO variable compensation in 2023 (€5.9m) and wage inflation
• Overall cost discipline across the group with continuing effort in Spain (-17.5% operating cost) to preserve profitability in a context of declining revenues

• HR

• Increase of HR cost by 8.2% mainly driven by one-off positive effect from release of provision for former CEO's variable compensation and significant wage inflation in Italy (+15% for renewal of NCBA), all compensated by strong cost discipline across the countries.
• HR costs accounting for CEO variable compensation component in Q1 2023 lead to -4.7%
• 84 FTEs and 39 external asset managers exited as of April 2024 with a running saving of 6.8m

• IT, RE, and SG&A

• Reduction mainly related to Spain still adjusting to post Sareb
• Cost discipline maintained across al countries

Operating Expenses ex NRIs (€m) (*)

Operating Expenses

• Group

• EBITDA declining by 20.0% to €25m in Q1 2024 but stable when excluding positive effect from release of provisions following CEO resignation in 1Q23
• NRI components around €35k

• Hellenic Region

• Greece EBITDA was impacted by lower NPL and UTP collection (-6.6m), partly compensate by savings on operating costs
• Marginality will be likely restored to around 50% with a pick-up in disposals in the next quarters

• Italy

• Taking aside the CEO resignation one-off positive effect in 2023, Italy experienced EBITDA growth and EBITDA margin growth despite significant wage inflation thanks to higher NPL revenues, ancillaries and savings on HR

• Spain

• Seasonally weak quarter is bringing Spanish EBITDA in negative territory, although improving vs LY thanks to latest adjustments post SAREB and cost discipline compensating for lower revenues

EBITDA ex NRIs (€m) (*)

EBITDA ex NRIs

(**) If including the impact of variable CEO compensation in Q1 2023,, EBITDA ex other NRIs would be worth €25m (25% margin, +0.5 p.p. YoY)

Regional Performance

Note: (*) Italy excludes group HR costs

• Net Income ex NRI lower vs. LY by €3.9m, due to delta at EBITDA level. Negative net income due to strong seasonality of revenues coupled with linear evolution of D&A (- 13.5m) and financial charges (-7.3m). Most relevant items under EBITDA are:
  • D&A on Ordinary Assets : €14m;
• Net provisions : €5.3m;
• IFRS-16 : €0.3m;
• Net Financial Charges : €7.4m
• Income Taxes : €4.7m
• Most of NRI are related to lay-offs (€4.3m) classified below the EBITDA

Attributable Net Income

and reported NI were €2.7m

€m	Q1 2023	Q1 2024
EBITDA	€30.1m	€24.9m
Capex	€(1.4)m	€(1.8)m
Change in NWC	€(1.2)m	€(10.2)m
Change in other assets & liabilities	€(5.3)m	€(9.0)m
Cash Flow from Operations	€22.1m	€3.9m
Taxes	€(13.2)m	€(9.1)m
Financial charges	€(11.7)m	€(11.6)m
Financial assets divestments/(investments)	€0.5m	€1.4m
Free Cash Flow to Equity	€(2.3)m	€(15.3)m
Dividends paid	€(0.5)m	-
Equity divestments/(investments)	-	€(26.1)m

Cash Flow

Financial Structure

COMMENTS

• Group

• Increase in leverage influenced by payment of Earn-out (€22.3m) and interest on Bonds (€11.6m)
• Net leverage under control despite extraordinary payments for Earn-Out
• Significant cash-in in April related to Arbitration with Altamira Asset Management Holding (22.7m) and success on Greek disposals
• As the EO payment in March 2024 was directly linked to the payment by the Madrid Court of the arbitration, we reported Mar-24 net leverage pro forma for that amount.
• Apr-24 actual NFP includes both the arbitration payment and cash-in of success fees for Greek disposals
• Including undrawn RCF, the Company has 167.5m liquidity buffer
• Refinancing of current maturities will be addressed in the context of the upcoming M&A transaction

Titolo breaker slide Appendix

Condensed Income Statement

(€/000)	3/31/2024	3/31/2023 (*)	Change €	Change %
Servicing Revenues:	83,916	87,917	(4,001)	(4.6)%
o/w: NPE revenues	70,902	76,653	(5,751)	(7.5)%
o/w: REO revenues	13,014	11,264	1,750	15.5%
Co -investment revenues	349	377	(28)	(7.4)%
Ancillary and other revenues	14,777	13,127	1,650	12.6%
Gross revenues	99,042	101,421	(2,379)	(2.3)%
NPE Outsourcing fees	(2,923)	(3,200)	277	(8.7)%
REO Outsourcing fees	(2,351)	(2,863)	512	(17.9)%
Ancillary Outsourcing fees	(6,000)	(3,590)	(2,410)	67.1%
Net revenues	87,768	91,768	(4,000)	(4.4)%
Staff expenses	(47,865)	(44,725)	(3,140)	7.0%
Administrative expenses	(14,986)	(16,926)	1,940	(11.5)%
o.w. IT	(6,200)	(7,421)	1,221	(16.5)%
o.w. Real Estate	(1,150)	(1,015)	(135)	13.3%
o.w. SG&A	(7,636)	(8,490)	854	(10.1)%
Operating expenses	(62,851)	(61,651)	(1,200)	1.9%
EBITDA	24,917	30,117	(5,200)	(17.3)%
EBITDA margin	25.2%	29.7%	(4.5)%	(15.3)%
Non -recurring items included in EBITDA	(35)	-	(35)	n.s.
EBITDA excluding non -recurring items	24,952	30,117	(5,165)	(17.1)%
EBITDA margin excluding non -recurring items	25.7%	29.7%	(4.0)%	(13.5)%
Net write -downs on property, plant, equipment and
intangibles	(13,673)	(15,544)	1,871	(12.0)%
Net provisions for risks and charges	(5,300)	(6,479)	1,179	(18.2)%
Net write -downs of loans	2	888	(886)	(99.8)%
EBIT	5,946	8,982	(3,036)	(33.8)%
Net income (loss) on financial assets and liabilities
measured at fair value	362	(634)	996	n.s.
Net financial interest and commissions	(7,393)	(6,740)	(653)	9.7%
EBT	(1,085)	1,608	(2,693)	n.s.
Non -recurring items included in EBT	(4,656)	(4,345)	(311)	7.2%
EBT excluding non -recurring items	3,571	5,953	(2,382)	(40.0)%
Income tax for the period	(4,721)	(3,957)	(764)	19.3%
Profit (Loss) for the period	(5,806)	(2,349)	(3,457)	147.2%
Profit (loss) for the period attributable to Non -controlling
interests	(1,251)	(395)	(856)	n.s.
Profit (Loss) for the period attributable to the Shareholders
of the Parent Company	(7,057)	(2,744)	(4,313)	n.s.
Non -recurring items included in Profit (loss) for the period	(4,641)	(3,659)	(982)	26.8%
O.w. Non -recurring items included in Profit (loss) for the
period attributable to Non -controlling interest	(18)	(395)	377	(95.4)%
Profit (loss) for the period attributable to the Shareholders
of the Parent Company excluding non -recurring items	(2,434)	520	(2,954)	n.s.
Profit (loss) for the period attributable to Non -controlling
interests excluding non -recurring items	1,269	790	479	60.6%
Earnings per share (in Euro)	(0.09)	(0.03)	(0.06)	n.s.
Earnings per share excluding non -recurring items (Euro)	(0.03)	0.01	(0.04)	n.s.

Note: (*) Figures for 2023 including Portugal

(€/000)	3/31/2024	12/31/2023	Change €	Change %
Cash and liquid securities	66,007	112,376	(46,369)	(41.3)%
Financial assets	45,490	46,167	(677)	(1.5)%
Property, plant and equipment	47,821	48,678	(857)	(1.8)%
Intangible assets	465,848	473,784	(7,936)	(1.7)%
Tax assets	94,625	99,483	(4,858)	(4.9)%
Trade receivables	189,578	199,844	(10,266)	(5.1)%
Assets held for sale	4,551	16	4,535	n.s.
Other assets	75,563	51,216	24,347	47.5%
Total Assets	989,483	1,031,564	(42,081)	(4.1)%
Financial liabilities: due to
banks/bondholders	583,034	588,030	(4,996)	(0.8)%
Other financial liabilities	93,274	96,540	(3,266)	(3.4)%
Trade payables	68,507	85,383	(16,876)	(19.8)%
Tax liabilities	55,678	65,096	(9,418)	(14.5)%
Employee termination benefits	8,310	8,412	(102)	(1.2)%
Provisions for risks and charges	26,150	26,356	(206)	(0.8)%
Liabilities held for sale	2,646	-	2,646	n.s.
Other liabilities	57,777	57,056	721	1.3%
Total Liabilities	895,376	926,873	(31,497)	(3.4)%
Share capital	41,280	41,280	-	n.s.
Reserves	16,489	35,676	(19,187)	(53.8)%
Treasury shares	(9,516)	(6,095)	(3,421)	56.1%
Profit (loss) for the period attributable to
the Shareholders of the Parent Company	(7,057)	(17,830)	10,773	(60.4)%
Net Equity attributable to the Shareholders
of the Parent Company	41,196	53,031	(11,835)	(22.3)%
Total Liabilities and Net Equity attributable
to the Shareholders of the Parent Company	936,572	979,904	(43,332)	(4.4)%
Net Equity attributable to Non -Controlling
Interests	52,911	51,660	1,251	2.4%
Total Liabilities and Net Equity	989,483	1,031,564	(42,081)	(4.1)%

Financial liabilities: due to
Liabilities held for sale	2,646
Share capital	41,280	41,280
Profit (loss) for the period attributable to
Net Equity attributable to the Shareholders
Total Liabilities and Net Equity attributable
Net Equity attributable to Non -Controlling

Condensed Balance Sheet

Condensed Cash Flow

EBITDA 24,917 30,117 Capex (1,816) (1,449) EBITDA-Capex 23,101 28,668 153,984 as % of EBITDA 93% 95% 88% Adjustment for accrual on share -based incentive system payments (1,061) 678 Changes in Net Working Capital (NWC) (10,205) (1,242) Changes in other assets/liabilities (7,896) (6,039) Operating Cash Flow 3,939 22,065 Corporate Income Tax paid (9,060) (13,225) Financial charges (11,598) (11,688) Free Cash Flow (16,719) (2,848) 28,233 (Investments)/divestments in financial assets 1,440 520 Equity (investments)/divestments (373) - Tax claim payment (22,300) - Treasury shares buy -back (3,421) - Dividends paid to minority shareholders - - Dividends paid to Group shareholders - (492) Net Cash Flow of the period (41,373) (2,820) Net financial Position - Beginning of period (475,654) (429,859) Net financial Position - End of period (517,027) (432,679) Change in Net Financial Position (41,373) (2,820)	(€/000)	3/31/2024	3/31/2023	12/31/2023
				175,345
				(21,361)
				(5,853)
				(10,673)
				(58,301)
				79,157
				(27,595)
				(23,329)
				2,599
				(21,520) -
				(2,115)
				(5,000)
				(47,992)
				(45,795)
				(429,859)
				(475,654)
				(45,795)

Adjustment for accrual on share -based
Equity (investments)/divestments Tax claim payment	(373) (22,300)
Treasury shares buy -back	(3,421)
Dividends paid to minority shareholders	-
Dividends paid to Group shareholders
Net financial Position
Net financial Position

Glossary

Agreement with commercial bank related to the management of all future NPL generation by the bank for number of years, customary feature of credit servicing platforms spun off by

Full Time Equivalent, i.e. a unit that indicates the workload of an employed person in a way that makes workloads comparable across various contexts

Garanzia Cartolarizzazione Sofferenze, i.e. the State Guarantee scheme put together by the Italian Government in 2016 which favoured the creation of a more liquid NPL market in Italy

Gross Book Value, i.e. nominal value of assets under management by doValue, represents the maximum / nominal claim by banks / investors to borrowers on their portfolios

BPO	Business Process Outsourcing, i.e. the outsourcing of non-strategic support activities by banks
Early Arrears	Loans that are up to 90 days past due
Forward Flows	commercial banks
FTE	Full Time Equivalent, i.e. a unit that indicates the workload of an employed person in a way that makes workloads comparable across various contexts
GACS	and allowed banks to more easily deconsolidate NPL portfolios through securitisations
GBV
HAPS	Greece and to allow banks to more easily deconsolidate NPL portfolios through securitisations
NPE	Non-Performing Exposure, i.e. the aggregate od NPL, UTP and Early Arrears
NPL	Non-Performing Loan, i.e. loans which are more than 180 days past due and have been denounced
NRI	Non-Recurring Items, i.e. costs or revenues which are non-recurring by nature (typically encountered in M&A or refinancing transactions)
Performing Loans	Loans which do not present problematic features in terms of principal / interest repayment by borrowers
REO	Real Estate Owned, i.e. real estate assets owned by a bank / investor as part of a repossession act
Stage 2 Loans	Subperforming loans – albeit not NP - that have seen a significant increase in credit risk, resulting in "investment grade" credit quality
UTP	Unlikely to Pay, i.e. loans that are between 90-180 days past due and denounced or more than 180 past due and not denounced

Hercules Asset Protection Scheme, i.e. the State Guarantee scheme put together by the Greek Government in 2019 with the aim of favouring the creation of a more liquid NPL market in

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The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to the Information, including any financial data or forward-looking statements, and will not publicly release any revisions it may make to the Information that may result from any change in the Company's expectations, any change in events, conditions or circumstances on which these forward-looking statements are based, or other events or circumstances arising after the date of this document. Market data used in the Information not attributed to a specific source are estimates of the Company and have not been independently verified.

Davide Soffietti, in his position as manager responsible for the preparation of financial reports, certifies pursuant to paragraph 2, article 154-bis of the Legislative Decree n. 58/1998, that data and accounting information disclosures herewith set forth correspond to the company's evidence and accounting books and entries.

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Investor Relations Contacts

Daniele Della Deta Head of Group M&A, Strategic Finance and Investor Relations investorrelations@dovalue.it