Dovalue

Quarterly Report • May 11, 2023

CONSOLIDATED INTERIM REPORT

SETTEMBRE 2022

2

Leading the evolution of the servicing industry30

Registered Office: Viale dell'Agricoltura, 7 – 37135 Verona Share capital € 41,280,000.00 fully paid-up

Parent Company of the doValue Group Registered in the Company Register of Verona, Tax I.D. no. 00390840239 and VAT registration no. 02659940239 www.doValue.it

CONTENTS

3

Governing and control bodies	4
GROUP STRUCTURE	5
NOTE TO THE CONSOLIDATED INTERIM REPORT	7
DIRECTORS' INTERIM REPORT ON GROUP OPERATIONS	11
FINANCIAL STATEMENTS AT MARCH 31, 2023	39
CERTIFICATIONS AND REPORTS	47
CERTIFICATION OF THE FINANCIAL REPORTING OFFICER

doValue – Resoconto intermedio di gestione consolidato al 30 settembre 2022

Governing and control bodies

BOARD OF DIRECTORS

4

Chairman GIOVANNI CASTELLANETA

Interim CEO MANUELA FRANCHI

doValue – Resoconto intermedio di gestione consolidato al 30 settembre 2022

Directors FRANCESCO COLASANTI (2) EMANUELA DA RIN GIOVANNI BATTISTA DAGNINO (4) NUNZIO GUGLIELMINO (1) ROBERTA NERI (4) GIUSEPPE RANIERI MARELLA IDI MARIA VILLA (2) CRISTINA FINOCCHI MAHNE (3)

BOARD OF STATUTORY AUDITORS

Alternate Auditors SONIA PERON

Financial Reporting Officer DAVIDE SOFFIETTI

At the date of approval of this document

• (1) Appointments and Remuneration Committee Chairman
• (2) Appointments and Remuneration Committee Member
• (3) Chairman of the Risks, Related Party Transactions and Sustainability Committee
• (4) Member of the Risks, Related Party Transactions and Sustainability Committee (5) Chairman of Supervisory Committee, pursuant to Italian Legislative Decree 231/2001
• (6) Member of Supervisory Committee, pursuant to Italian Legislative Decree 231/2001

Chairman NICOLA LORITO (6)

Statutory Auditors FRANCESCO MARIANO BONIFACIO (6) CHIARA MOLON (5)

MAURIZIO DE MAGISTRIS

AUDIT FIRM EY S.p.A.

GROUP STRUCTURE

With more than 20 years of experience and approximately €120 billion of assets under management, the doValue Group is the main operator in Southern Europe in the management of credit portfolios and real estate assets deriving from non-performing loans.

The doValue Group offers to its customers, both banks and investors, services for the management of portfolios of non-performing loans (NPL), unlikely to pay (UTP), early arrears and performing loans. The doValue Group is also active in the management and development of real estate assets deriving from nonperforming loans (real estate owned, REO).

In addition, the doValue Group offers a broad set of ancillary services (master legal services, due diligence services, data management services and master servicing activities).

The shares of the doValue Group have been listed on Euronext Milan since 2017. In addition, doValue has been admitted to the STAR segment of Euronext Milan in 2022.

The following chart shows the structure of the Group at March 31, 2023, and reflects the organic and external growth and diversification of doValue over 20 years of operations.

GBV
		€77 bn = = 2017 } } Listing on Borsa Italiana (now Euronext Milan)
€82 bn 2018		doBank enters the Greek servicing market and announces the acquisition of Altamira Asset Management, active in Spain, Portugal and Cyprus
€132 bn 2019		doBank renounce to its banking license and takes on the name doValue, completes the acquisition of Altamira (today doValue Spain) and becomes market leader in Southern Europe
		doValue announces the acquisition of Greek servicer FPS Loans and Credits Claim Management
€158 bn - 2020		doValue completes the acquisition of FPS (today doValue Greece) and becomes market leader in Greece
		doValue has completed the issue of its first bond
€150 bn	2021	doValue signs an agreement for the investment in a stake of c. 10% in Brazilian fintech company QueroQuitar
		doValue completes the issuance of its second bond
		doValue acquires an approximately 15% stake in Irish proptech company BidX1
		doValue admitted to the STAR segment of Euronext Milan
€120 bn 2022		Expiry of the contract with Sareb and off-boarding of its €21 bn portfolio

doValue – Consolidated Interim Report at March 31, 2023

NOTE TO THE CONSOLIDATED INTERIM REPORT

7

Basis of preparation

The Consolidated Interim Report at March 31, 2023, drawn up using the euro as the reporting currency, was prepared on a voluntary basis in order to provide periodic information in addition to the annual and half-yearly financial reports, and ensures continuity with the past, as Legislative Decree 25/2016 implementing Directive 2013/50/EU eliminated the requirement for periodic financial reporting at March 31 and September 30.

The Consolidated Interim Report at March 31, 2023 has not been prepared in accordance with the international financial reporting standards applicable for interim financial disclosures (IAS 34 - Interim financial reporting), in view of the fact that the doValue Group applies that standard in the preparation of the half-yearly financial report and not to the quarterly reporting, except in circumstances connected with the preparation of documentation for exceptional transactions.

The Consolidated Interim Report at March 31, 2023 is prepared on a going concern basis in compliance with the provisions of IAS 1, and on an accrual basis, in accordance with the principles of the relevance and materiality of accounting information and the prevalence of economic substance over legal form and with a view to facilitating consistency with future presentations.

The amounts stated are expressed in thousands of euros unless otherwise specified.

This Consolidated Interim Report is accompanied by the Certification of the Financial Reporting Officer pursuant to article 154-bis of Legislative Decree 58/1998.

Scope and method of consolidation

The Group's structure at March 31, 2023 includes the companies reported in the table below:

				Owner relationship
Company name	Headquarters and Registered Office	Country	Type of Relationship (1)	Held by	Holding %	Voting rights % (2)
doValue S.p.A.	Verona	Italy		Holding
doNext S.p.A.	Rome	Italy	1	doValue S.p.A.	100%	100%
doData S.r.l.	Rome	Italy	1	doValue S.p.A.	100%	100%
doValue Spain Servicing S.A. (formerly Altamira Asset Management S.A.)	Madrid	Spain	1	doValue S.p.A.	85%	85%
doValue Portugal, Unipessoal Limitada	Lisbon	Portugal	1	doValue Spain Servicing S.A.	100%	100%
Altamira Asset Management Cyprus Limited	Nicosia	Cyprus	1	doValue Spain Servicing S.A. doValue S.p.A. +	100%	100%
doValue Cyprus Limited	Nicosia	Cyprus	1	S.A.	94%+6%	94%+6%
doValue Greece Loans and Credits Claim Management Société Anonyme doValue Greece Real Estate	Moschato	Greece	1	doValue S.p.A.	80%	80%
Anonyme	Moschato	Greece	1	doValue S.p.A.	100%	100%
Zarco STC, S.A.	Lisbon	Portugal	1	doValue Portugal, Unipessoal Limitada	100%	100%
Adsolum Real Estate S.L.	Madrid	Spain	1	doValue Spain Servicing S.A.	100%	100%
	Services single member Société				doValue Spain Servicing

Notes to the table

(1) Type of relationship:

1 = majority of voting rights at ordinary shareholders' meeting

2 = dominant influence at ordinary shareholders' meeting

3 = agreements with other shareholders 4 = other types of control

5 = centralized management pursuant to Article 39, paragraph 1, of Legislative Decree 136/2015

6 = centralized management pursuant to Article 39, paragraph 2, of Legislative Decree 136/2015

(2) Voting rights available in general meeting. The reported voting rights are considered effective

There were no changes in the scope of consolidation during the first quarter of 2023.

The methods used to consolidate the figures of the subsidiaries (line-by-line consolidation) are the same as those adopted for the 2022 consolidated financial statements of the doValue Group, which readers are invited to consult.

The financial statements of the Parent Company and the other companies used to prepare the Consolidated Interim Report are those prepared at March 31, 2023. Where necessary, the financial statements of consolidated companies that may have been prepared on the basis of different accounting policies have been adjusted to ensure their consistency with the Group's accounting policies.

Accounting policies

In application of Legislative Decree 38 of February 28, 2005, this Consolidated Interim Report at March 31, 2023, has been prepared in accordance with the reporting standards issued by the International Accounting Standards Board (IASB), including SIC and IFRIC interpretative documents, endorsed by the European Union, as set forth in European Union Regulation no. 1606 of July 19, 2002.

The classification, recognition, measurement and derecognition criteria adopted for assets and liabilities, and the methods for recognising revenues and costs, adopted in this Consolidated Interim Report have not been updated from those adopted in the preparation of the Consolidated Financial Statements at December 31, 2022, to which reference should be made for a full disclosure.

No exceptions were made to the application of IAS/IFRS.

Some amendments are applicable for the first time from January 1, 2023, none of which are particularly relevant for the Group. These were made to accounting standards already in force, which were endorsed by the European Commission. The amendments are as follows:

• Amendments to IFRS 17 Insurance contracts: Initial Application of IFRS 17 and IFRS 9 Comparative Information (issued on December 9, 2021).
• Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction, issued on May 7, 2021;
• Amendments issued by the IASB on February 12, 2021:
  • o Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting policies;
  • o Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates;
• IFRS 17 Insurance Contracts (issued on May 18, 2017); including Amendments to IFRS 17 (issued on June 25, 2020).

DIRECTORS' INTERIM REPORT ON GROUP OPERATIONS

11

The summary results and financial indicators are based on accounting data and are used in management reporting to enable management to monitor performance. They are also consistent with the most commonly used metrics in the relevant sector, ensuring the comparability of the figures presented.

doValue – Consolidated Interim Report at March 31, 2023

The Group's business

The doValue Group provides services to banks and investors over the entire life-cycle of loans and real estate assets.

doValue's services are remunerated under long term contracts based on a fee structure that includes fixed fees based on the volume of assets under management and variable fees linked to the performance of servicing activities, such as collections from NPL receivables or the sale of customers' real estate assets or the number of real estate and business information services provided.

The Group provides services in the following categories:

NPL Servicing	The administration, management and recovery of loans utilising in court and out-of court recovery processes for and on behalf of third parties for portfolios mainly consisting in non-performing loans. Within its NPL Servicing operations, doValue focuses on corporate bank loans of medium-large size and a high proportion of real estate collateral
Real Estate Servicing	The management of real estate assets on behalf of third parties, including: (1) Real estate collateral management: activities to develop or sell, either directly or through intermediaries, real estate assets owned by customers originally used to secure bank loans; (2) Real estate development: analysis, implementation and marketing of real estate development projects involving assets owned by customers; and (3) Property management: supervision, management and maintenance of customers' real estate assets, with the aim of maximising profitability through sale or lease
UTP Servicing	Administration, management and restructuring of loans classified as unlikely-to-pay, on behalf of third parties, with the aim of returning them to performing status; this activity is primarily carried out by the doNext subsidiaries pursuant to Art. 106 of the Consolidated Banking Act (financial intermediary) and doValue Greece, pursuant to Greek Law 4354/2015 (NPL Servicer under the license and supervision of the Bank of Greece)
Early Arrears and Performing Loans Servicing	The management of performing loans or loans past due by less than 90 days, not yet classified as non-performing, on behalf of third parties
Ancillary Services	These include: (1) Due Diligence: services for the collection and organisation of information in data room environments and advisory services for the analysis and assessment of loan portfolios for the preparation of business plans for Collection and Recovery activities; (2) Master Servicing and Structuring: administrative, accounting, cash management and reporting services in support of the securitisation of loans; structuring services for securitisation transactions as well as performing the role of authorised entity in securitisation transactions; and (3) Master Legal: management of legal proceedings at all levels in relation to loans, mainly non performing, managed by doValue on behalf of third parties

doValue, in its capacity as Special Servicer, has received the following ratings confirmed in February 2022: "RSS1- / CSS1-" by Fitch Ratings, and "Strong" by Standard & Poor's, which are the highest ratings assigned to Italian operators in the sector. They have been assigned to the two companies since 2008, before any other operator in this sector in Italy. doNext, as a Master Servicer, received an MS2+ rating from Fitch Ratings in February 2022, which is an indicator of high performance in overall Servicing management capability.

In July 2020, doValue received the Corporate credit rating BB with "Stable" outlook from Standard & Poor's and Fitch. This rating was confirmed by both agencies for doValue's senior bonds of €265.0 million and €300.0 million with maturity in 2025 and 2026, respectively.

In July 2022, Fitch confirmed the BB rating and improved the outlook to "Positive".

Group Highlights

The tables below show the main economic and financial data of the Group extracted from the related condensed financial statements, which are subsequently presented in the section of the Group Results at March 31, 2023.

(€/000)

Key data of the consolidated income statement	3/31/2023	3/31/2022	Change €	Change %
Gross Revenues	101,421	131,262	(29,841)	(22.7)%
Net Revenues	91,768	116,143	(24,375)	(21.0)%
Operating expenses	(61,651)	(77,224)	15,573	(20.2)%
EBITDA	30,117	38,919	(8,802)	(22.6)%
EBITDA margin	29.7%	29.6%	0.0%	0.2%
Non-recurring items included in EBITDA	-	(410)	410	(100.0)%
EBITDA excluding non-recurring items	30,117	39,329	(9,212)	(23.4)%
EBITDA margin excluding non-recurring items	29.7%	30.0%	(0.3)%	(0.9)%
EBT	1,608	16,003	(14,395)	(90.0)%
EBT margin	1.6%	12.2%	(10.6%)	(87.0)%
Profit (loss) for the period attributable to the Shareholders of the
Parent Company	(2,744)	8,869	(11,613)	(130.9)%
Profit (loss) for the period attributable to the Shareholders of the
Parent Company excluding non-recurring items	520	10,372	(9,852)	(95.0)%

(€/000)

Key data of the consolidated balance sheet	3/31/2023	12/31/2022	Change €	Change %
Cash and liquid securities	126,345	134,264	(7,919)	(5.9%)
Intangible assets	517,734	526,888	(9,154)	(1.7%)
Financial assets	52,395	57,984	(5,589)	(9.6%)
Trade receivables	189,882	200,143	(10,261)	(5.1%)
Tax assets	116,871	118,226	(1,355)	(1.1%)
Financial liabilities	672,924	684,984	(12,060)	(1.8%)
Trade payables	58,878	70,381	(11,503)	(16.3%)
Tax Liabilities	72,073	67,797	4,276	6.3%
Other liabilities	101,549	75,754	25,795	34.1%
Provisions for risks and charges	37,532	37,655	(123)	(0.3%)
Group Shareholders' equity	126,706	136,559	(9,853)	(7.2%)

In order to facilitate an understanding of the doValue Group's performance and financial position, a number of alternative performance measures ("Key Performance Indicators" or "KPIs") have been selected by the Group and are summarised in the table below.

KPIs	3/31/2023	3/31/2022	12/31/2022
Gross Book Value (EoP) - Group	120,204,352	152,600,958	120,478,346
Collections of the period - Group	1,063,316	1,290,075	5,494,503
LTM Collections / GBV EoP - Group - Stock	4.1%	4.2%	4.1%
Gross Book Value (EoP) - Italy Collections of the period - Italy	71,694,546 373,541	74,287,864 390,367	72,031,038 1,707,403
LTM Collections / GBV EoP - Italy - Stock	2.4%	2.4%	2.5%
Gross Book Value (EoP) - Iberia Collections of the period - Iberia	11,890,225 268,088	40,894,540 545,942	11,650,908 1,965,314
LTM Collections / GBV EoP - Iberia - Stock	8.7%	6.6%	9.2%
Gross Book Value (EoP) - Hellenic Region	36,619,581	37,418,554	36,796,401
Collections of the period - Hellenic Region	421,687	353,765	1,821,787
LTM Collections / GBV EoP - Hellenic Region - Stock	6.4%	5.4%	6.1%
Staff FTE / Total FTE Group EBITDA	45.7% 30,117	44.5% 38,919	45.0% 198,708
Non-recurring items (NRIs) included in EBITDA	-	(410)	(2,979)
EBITDA excluding non-recurring items EBITDA margin EBITDA margin excluding non-recurring items	30,117 29.7% 29.7%	39,329 29.6% 30.0%	201,687 35.6% 36.1%
Profit (loss) for the period attributable to the shareholders of the Parent Company Non-recurring items included in Profit (loss) for the period attributable to	(2,744)	8,869	16,502
the Shareholders of the Parent Company	(3,264)	(1,503)	(34,061)
Profit (loss) for the period attributable to the Shareholders of the Parent Company excluding non-recurring items	520	10,372	50,563
Earnings per share (Euro)	(0.03)	0.11	0.21
Earnings per share excluding non-recurring items (Euro) Capex EBITDA - Capex	0.01 1,449 28,668	0.13 5,064 33,855	0.64 30,833 167,875
Net Working Capital	131,004	141,863	129,762
Net Financial Position Leverage (Net Debt / EBITDA excluding non-recurring items LTM)	(432,679) 2.2x	(400,893) 2.0x	(429,859) 2.1x

KEY

15

Gross Book Value EoP: indicates the book value of the loans under management at the end of the reference period for the entire scope of the Group, gross of any potential write-downs due to expected loan losses.

doValue – Consolidated Interim Report at March 31, 2023

Collections for period: used to calculate fees for the purpose of determining revenues from the servicing business, they illustrate the ability to extract value from the portfolio under management.

LTM collections Stock/GBV (Gross Book Value) EoP Stock: the ratio between total gross LTM collections on the Stock portfolio under management at the start of the reference year and the end-period GBV of that portfolio.

Group Staff FTE/Total FTE: the ratio between the number of employees who perform support activities and the total number of full-time employees of the Group. The indicator illustrates the efficiency of the operating structure and the focus on management activities.

EBITDA and Profit (loss) of the period attributable to the Shareholders of the Parent Company: together with other relative profitability indicators, they highlight changes in operating performance and provide useful information regarding the Group's financial performance. These data are calculated at the end of the period.

Non-recurring items: items generated in extraordinary operations such as corporate restructuring, acquisitions or disposals of entities, start-up of new businesses or entry into new markets.

EBITDA and Profit (loss) for the period attributable to the Shareholders of the Parent Company excluding non-recurring items: are defined as EBITDA and Profit (loss) for the period attributable to core operations, excluding all items connected with extraordinary operations such as corporate restructuring, acquisitions or disposals of entities, start-up of new businesses or entry into new markets.

EBITDA Margin: obtained by dividing EBITDA by Gross Revenues.

EBITDA Margin excluding non-recurring items: obtained by dividing EBITDA excluding non-recurring items by Gross revenues.

Earnings per share: calculated as the ratio between net profit for the period and the number of outstanding shares at the end of the period.

Earnings per share excluding non-recurring items: the calculation is the same as that for earnings per share, but the numerator differs from net profit for the period excluding non-recurring items net of the associated tax effects.

Capex: investments in property, plant, equipment and intangibles.

EBITDA – Capex: calculated as EBITDA net of investments in property, plant and equipment and intangibles. Together with other relative profitability indicators, it highlights changes in operating performance and provides an indication on the Group's ability to generate cash.

Net Working Capital: this is represented by receivables for fees invoiced and accruing, net of payables to suppliers for invoices accounted for and falling due in the period.

Net Financial Position: this is calculated as the sum of cash, cash equivalents and highly-liquid securities, net of amounts due to banks and bonds issued.

Leverage: this is the ratio between the Net Financial Position and EBITDA excluding non-recurring items for the last 12 months (possibly adjusted pro-forma to take account of significant transactions from the start of the reference year). It represents an indicator of the Group's debt level.

Group Results at March 31, 2023

The operating results for the period are reported on the following pages, together with details on the performance of the portfolio under management.

At the end of this Directors' Interim Report on Group Operations, a reconciliation schedule is provided between the condensed income statement reported below and the income statement provided in the consolidated financial statements section.

PERFORMANCE

Condensed Income Statement 3/31/2023 3/31/2022 Change € Servicing Revenues: 87,917 117,390 (29,473) (25.1)% o/w: NPE revenues 76,653 99,259 (22,606) (22.8)% o/w: REO revenues 11,264 18,131 (6,867) (37.9)% Co-investment revenues 377 378 (1) (0.3)% Ancillary and other revenues 13,127 13,494 (367) (2.7)% Gross revenues 101,421 131,262 (29,841) (22.7)% NPE Outsourcing fees (3,200) (5,033) 1,833 (36.4)% REO Outsourcing fees (2,863) (6,781) 3,918 (57.8)% Ancillary Outsourcing fees (3,590) (3,305) (285) 8.6% Net revenues 91,768 116,143 (24,375) (21.0)% Staff expenses (44,725) (53,403) 8,678 (16.3)% Administrative expenses (16,926) (23,821) 6,895 (28.9)% Total o.w. IT (7,421) (8,725) 1,304 (14.9)% Total o.w. Real Estate (1,015) (1,519) 504 (33.2)% Total o.w. SG&A (8,490) (13,577) 5,087 (37.5)% Operating expenses (61,651) (77,224) 15,573 (20.2)% EBITDA 30,117 38,919 (8,802) (22.6)% EBITDA margin 30% 30% 0% 0.2% Non-recurring items included in EBITDA - (410) 410 (100.0)% EBITDA excluding non-recurring items 30,117 39,329 (9,212) (23.4)% EBITDA margin excluding non-recurring items 29.7% 30.0% (0.3)% (0.9)% Net write-downs on property, plant, equipment and intangibles (15,544) (15,561) 17 (0.1)% Net provisions for risks and charges (6,479) (1,919) (4,560) n.s. Net write-downs of loans 888 109 779 n.s. EBIT 8,982 21,548 (12,566) (58.3)% Net income (loss) on financial assets and liabilities measured at fair value (634) 1,409 (2,043) (145.0)% Net financial interest and commissions (6,740) (6,954) 214 (3.1)% EBT 1,608 16,003 (14,395) (90.0)% Non-recurring items included in EBT¹⁾ (4,345) (2,008) (2,337) 116.4% EBT excluding non-recurring items 5,953 18,011 (12,058) (66.9)% Income tax for the period (3,957) (5,288) 1,331 (25.2)% Profit (Loss) for the period (2,349) 10,715 (13,064) (121.9)% Profit (loss) for the period attributable to Non-controlling interests (395) (1,846) 1,451 (78.6)%	(€/000)
			Change %
	Profit (Loss) for the period attributable to the
Shareholders of the Parent Company (2,744) 8,869 (11,613) (130.9)%
Non-recurring items included in Profit (loss) for the period (3,659) (1,640) (2,019) 123.1%
O.w. Non-recurring items included in Profit (loss) for the period
attributable to Non-controlling interest (395) (137) (258) n.s.
Profit (loss) for the period attributable to the
Shareholders of the Parent Company excluding non
recurring items 520 10,372 (9,852) (95.0)%
Profit (loss) for the period attributable to Non-controlling interests excluding non-recurring items 790 1,983 (1,193) (60.2)%
Earnings per share (in Euro) (0.03) 0.11 (0.15) (130.9)%

¹⁾ Non-recurring items included below EBITDA refer mainly to termination incentive plans with related tax effects

Earnings per share excluding non-recurring items (Euro) 0.01 0.13 (0.12) (95.0)%

Portfolio under management

At March 31, 2023, the Group's Managed Portfolio (GBV) in the five core markets in Italy, Spain, Portugal, Greece and Cyprus amounted to €120.2 billion, essentially in line with the balance of €120.5 billion at December 31, 2022.

New flows amounted to approximately €2.3 billion, of which roughly 30% related to the Italian market.

The following chart shows the geographical breakdown of the GBV: in particular for each country the share managed at March 31, 2023 is highlighted.

In 2023, the evolution of the Managed Portfolio, which includes only onboarded portfolios, was characterised by contracts related to new customers totalling €1.4 billion, of which approximately €0.6 billion in the Hellenic Region, roughly €0.2 billion in Iberia and about €0.6 billion in Italy.

In addition to the flows listed above, a further €0.9 billion comes from existing customers through onboarded flow contracts.

With respect to the decrease in GBV, during the period, disposals and write-offs totalled €0.7 billion and €0.8 billion, respectively.

The Managed Portfolio is to be considered in further growth with respect to the picture described above, due to new mandates acquired and currently in the onboarding phase for a total of approximately €3.9 billion, related to portfolios managed by leading Greek and Spanish banks and an investor in Greece.

Group collections for the period amounted to €1.1 billion, down by approximately 18% on the same period of the previous year (€1.3 billion). The decrease is essentially due to the exit of the Sareb portfolio in Spain. Excluding the effect of the exit of the Sareb portfolio, the figure for the period would compare with €1.0 billion in the first quarter of 2022, indicating a 6% improvement in performance.

The geographical breakdown of collections for 2023 is as follows: €0.4 billion in Italy, €0.3 billion in Iberia and €0.4 billion in the Hellenic Region.

Performance

The first months of 2023 were persistently affected by international tension, inflationary pressures and increases in interest rates.

In this complex framework, the doValue Group recorded gross revenues of €101.4 million, down 23% from €131.3 million in the same period of 2022. Excluding the contribution of the Sareb portfolio, hence on a like-for-like basis, the first quarter 2022 revenues would amount to €115.5 million, a drop almost halved, equal to about 12%. This reduction, which is in line with the Group's expectations, reflects the worsening macroeconomic conditions that affect the reference sector. Geographically speaking, the contribution from the Hellenic Region was stable, while that of Iberia (mainly as a result of the exit of the Sareb portfolio) and the domestic sector decreased.

Servicing revenues of NPE and REO assets amounted to €87.9 million (€117.4 million at March 31, 2022), down 25%. At the product segment level, NPE revenues amounted to €76.7 million (€99.3 million in the first quarter 2022), down by approximately 23%, while REO revenues totalled €11.3 million and, compared to €18.1 million in the same period of the previous year, show a 38% decrease. As mentioned earlier, these trends are impacted by the partial contribution of the Sareb portfolio during the year. This portfolio was offboarded between July and October 2022. By comparing servicing revenues, excluding the Sareb portfolio, the indicator would compare to €101.2 million in the first three months of 2022, with a year-on-year decrease of approximately 13%.

Co-investment revenues, equal to €0.4 million, are substantially in line with the comparative period and are represented by the proceeds of the ABS securities of the Romeo SPV, Mercutio Securitization and Mexico Finance securitisations of which doValue holds 5%.

On the other hand, the contribution of ancillary and other revenues is more significant (€13.1 million) and is in line with the €13.5 million balance at March 31, 2022. It originates mainly from income for data processing and provision services and other services closely related to the above-mentioned servicing activities, such as due diligence, master and structuring services and legal services, as well as services provided in the Rental, Real Estate Development and diversified Advisory and Portfolio Management areas. These revenues accounted for 13% of total gross revenues for the period, compared to approximately 10% in the same period of the previous year.

	3/31/2023	3/31/2022	Change €	Change %
NPE revenues	76,653	99,259	(22,606)	(22.8)%
REO revenues	11,264	18,131	(6,867)	(37.9)%
Co-investment revenues	377	378	(1)	(0.3)%
Ancillary and other revenues	13,127	13,494	(367)	(2.7)%
Gross revenues	101,421	131,262	(29,841)	(22.7)%
NPE Outsourcing fees	(3,200)	(5,033)	1,833	(36.4)%
REO Outsourcing fees	(2,863)	(6,781)	3,918	(57.8)%
Ancillary Outsourcing fees	(3,590)	(3,305)	(285)	8.6%
Net revenues	91,768	116,143	(24,375)	(21.0)%

(€/000)

Net revenues decreased by 21% to €91.8 million, compared to approximately €116.1 million in the same period of the previous year.

NPE outsourcing fees fell sharply by 36% to €3.2 million (€5.0 million in the first quarter 2022), with a decrease in all segments, as a result of lower collections through the external network. This decrease in terms of cost is more than proportional to the decline in the related revenues, thereby indicating a partial recovery of efficiency in this segment.

REO outsourcing fees decreased to €2.9 million (€6.8 million in the first quarter 2022), due to the combination of two opposing effects: the decrease in the managed portfolio in Spain and the stability of turnover in Greece due to the ongoing activities carried out by the subsidiary doValue Greece Real Estate. Ancillary outsourcing fees amounted to €3.6 million compared to €3.3 million in the same period of 2022, up 8%.

The impact of outsourcing fees on revenues fell from 12% in March 2022 to 10% in March 2023 as a result of the Group's policy which increased the use of in-house personnel in the recovery of receivables under management.

Operating expenses amounted to €61.7 million compared to €77.2 million in the first quarter 2022. The percentage impact on gross revenues is 61% compared to 59% of 2022. Administrative expenses

amounted to €16.9 million (compared to €23.8 million of the first three months of 2022). The decrease of approximately 29% shows a general reduction in all segments, particularly in Iberia, as a result of the restructuring that began in 2022.

Staff expenses amounted to €44.7 million, down 16% from €53.4 million in same period of the previous year.

(€/000)

	3/31/2023	3/31/2022	Change €	Change %
Staff expenses	(44,725)	(53,403)	8,678	(16.3)%
Administrative expenses	(16,926)	(23,821)	6,895	(28.9)%
o.w. IT	(7,421)	(8,725)	1,304	(14.9)%
o.w. Real Estate	(1,015)	(1,519)	504	(33.2)%
o.w. SG&A	(8,490)	(13,577)	5,087	(37.5)%
Operating expenses	(61,651)	(77,224)	15,573	(20.2)%
EBITDA	30,117	38,919	(8,802)	(22.6)%
o.w: Non-recurring items included in EBITDA	-	(410)	410	(100.0)%
o.w: EBITDA excluding non-recurring items	30,117	39,329	(9,212)	(23.4)%

The table below shows the number of FTEs (Full Time Equivalents) by geographical area.

FTEs BY REGION	3/31/2023	3/31/2022	Change €	Change %
Italy	974	999	(25)	(2.5)%
Iberia	649	815	(166)	(20.4)%
Hellenic Region	1,511	1,446	65	4.5%
Total	3,134	3,260	(126)	(3.9)%

As a result of the trends described earlier, EBITDA stood at €30.1 million compared to €39.3 million in 2022, with a percentage impact of 30% on revenues in line with March 2022.

In the first quarter of 2023 no non-recurring items were recognised. Consequently, EBITDA, including nonrecurring items, is stable at €30.1 million. However, it compares with €38.9 million at March 31, 2022 when these items not directly related to the business amounted to €0.4 million.

The Group's EBIT amounted to €9.0 million compared to €21.5 million in the same period of the previous year.

EBT amounted to €1.6 million compared to €16.0 million at March 31, 2022. This item includes the financial costs related to the two bond issues and to the earn-out of the Greek subsidiary doValue Greece, the fair value difference related to the notes of the Cairo, the Romeo and Mercuzio SPV securities, and other minor items related to the application of IFRS 16.

(€/000)

	3/31/2023	3/31/2022	Change €	Change %
EBITDA	30,117	38,919	(8,802)	(22.6)%
Net write-downs on property, plant, equipment and intangibles	(15,544)	(15,561)	17	(0.1)%
Net provisions for risks and charges	(6,479)	(1,919)	(4,560)	n.s.
Net write-downs of loans	888	109	779	n.s.
EBIT	8,982	21,548	(12,566)	(58.3)%
Net income (loss) on financial assets and liabilities measured at fair
value	(634)	1,409	(2,043)	(145.0)%
Net financial interest and commissions	(6,740)	(6,954)	214	(3.1)%
EBT	1,608	16,003	(14,395)	(90.0)%

EBT includes additional non-recurring items totalling €4.3 million (€2.0 million in 2022), which refer to costs related to the early retirement incentive that affected all regions (especially Spain, following the exit of the Sareb portfolio).

Net write-downs on property, plant and equipment and intangibles amounted to €15.5 million and are in line with the balance at March 31, 2022 (€15.6 million).

This item mainly includes the amortisation of the doValue Spain and doValue Greece servicing contracts for a total of €7.6 million which are classified in the balance sheet as intangible assets.

The total balance also includes the amortisation of right-of-use assets deriving from the recognition of leases in accordance with IFRS 16 for a total of €3.6 million. The remaining part of amortisation primarily concerns software licenses for technology investments made by the Group during the period aimed at upgrading the IT platform.

Net provisions for risks and charges amounted to €6.5 million, compared to €1.9 million in the first quarter 2022, and were mainly related to provisions for early retirement incentives, legal disputes and prudential provisions on receivables.

Net financial interest and commissions amounted to €6.7 million, in line with €6.9 million at March 31, 2022. This item mainly reflects the costs associated with the two bonds issued for the acquisitions made in Spain and Greece, implementing the Group's internationalisation strategy.

(€/000)

	3/31/2023	3/31/2022	Change €	Change %
EBT	1,608	16,003	(14,395)	(90.0)%
Income tax for the period	(3,957)	(5,288)	1,331	(25.2)%
Profit (Loss) for the period	(2,349)	10,715	(13,064)	(121.9)%
Profit (loss) for the period attributable to Non-controlling interests	(395)	(1,846)	1,451	(78.6)%
Profit (Loss) for the period attributable to the Shareholders of the Parent Company	(2,744)	8,869	(11,613)	(130.9)%
Non-recurring items included in Profit (loss) for the period	(3,659)	(1,640)	(2,019)	123.1%
O.w. Non-recurring items included in Profit (loss) for the period attributable to Non-controlling interest	(395)	(137)	(258)	n.s.
Profit (loss) for the period attributable to the Shareholders of the Parent Company excluding non-recurring items	520	10,372	(9,852)	(95.0)%
Earnings per share (in Euro)	(0.03)	0.11	(0.15)	(130.9)%
Earnings per share excluding non-recurring items (Euro)	0.01	0.13	(0.12)	(95.0)%

Income tax for the period amounted to €4.0 million, compared to €5.3 million in the first quarter 2022, due to the income mix developed during the period.

The profit for the period attributable to the Shareholders of the Parent Company excluding nonrecurring items came to €0.5 million, compared to €10.4 million in the same period of the previous year. Including non-recurring items, the loss for the period attributable to the Shareholders of the Parent Company is €2.7 million, compared to a profit of €8.9 million in the same period of the previous year.

SEGMENT REPORTING

doValue's international expansion in the large market of Southern Europe, with the acquisition first of doValue Spain and later of doValue Greece, has led management to consider it appropriate to evaluate and analyse the business with a geographical segmentation.

This classification is tied to specific factors of the entities included in each category and to the type of market. The geographical regions thus identified were: Italy, Hellenic Region and Iberia.

Based on these criteria, the following table shows the revenues and EBITDA (excluding non-recurring items) for the period for each of these business segments.

Gross revenues recorded in the first quarter of 2023 amounted to €101.4 million (€131.3 million in March 2022) and EBITDA excluding non-recurring items amounted to €30.1 million (€39.3 million in March 2022). Italy contributed 34% to the Group's gross revenues, Hellenic Region 51% and Iberia 15%.

The EBITDA margin excluding non-recurring items in Italy was 25%, 50% in the Hellenic Region and a negative 27% in Iberia.

	First Quarter 2023
Condensed Income Statement (excluding non-recurring items)	Italy	Hellenic Region	Iberia	Total
Servicing revenues	24,239	48,413	15,265	87,917
o/w NPE Revenues	24,239	44,077	8,337	76,653
o/w REO Revenues	-	4,336	6,928	11,264
Co-investment revenues	377	-	-	377
Ancillary and other revenues	9,720	2,939	468	13,127
Gross Revenues	34,336	51,352	15,733	101,421
NPE Outsourcing fees	(1,160)	(1,174)	(866)	(3,200)
REO Outsourcing fees	-	(908)	(1,955)	(2,863)
Ancillary Outsourcing fees	(3,545)	-	(45)	(3,590)
Net revenues	29,631	49,270	12,867	91,768
Staff expenses	(13,815)	(18,606)	(12,304)	(44,725)
Administrative expenses	(7,216)	(4,917)	(4,793)	(16,926)
o/w IT	(3,645)	(2,098)	(1,678)	(7,421)
o/w Real Estate	(326)	(675)	(14)	(1,015)
o/w SG&A	(3,245)	(2,144)	(3,101)	(8,490)
Operating expenses	(21,031)	(23,523)	(17,097)	(61,651)
EBITDA excluding non-recurring items	8,600	25,747	(4,230)	30,117
EBITDA margin excluding non-recurring items	25.0%	50.1%	(26.9)%	29.7%
Contribution to EBITDA excluding non-recurring items	28.6%	85.5%	(14.0)%	100.0%

	First Quarter 2023 vs 2022
Condensed Income Statement (excluding non-recurring items)	Italy	Hellenic Region	Iberia	Total
Servicing revenues
First Quarter 2023	24,239	48,413	15,265	87,917
First Quarter 2022	31,530	51,574	34,286	117,390
Change	(7,291)	(3,161)	(19,021)	(29,473)
Co-investment revenues, ancillary and other revenues
First Quarter 2023	10,097	2,939	468	13,504
First Quarter 2022	11,462	1,003	1,407	13,872
Change	(1,365)	1,936	(939)	(368)
Outsourcing fees
First Quarter 2023	(4,705)	(2,082)	(2,866)	(9,653)
First Quarter 2022	(4,294)	(1,857)	(8,968)	(15,119)
Change	(411)	(225)	6,102	5,466
Staff expenses
First Quarter 2023	(13,815)	(18,606)	(12,304)	(44,725)
First Quarter 2022	(20,958)	(17,693)	(14,752)	(53,403)
Change	7,143	(913)	2,448	8,678
Administrative expenses
First Quarter 2023	(7,216)	(4,917)	(4,793)	(16,926)
First Quarter 2022	(7,897)	(5,054)	(10,460)	(23,411)
Change	681	137	5,667	6,485
EBITDA excluding non-recurring items
First Quarter 2023	8,600	25,747	(4,230)	30,117
First Quarter 2022	9,842	27,973	1,514	39,329
Change	(1,242)	(2,226)	(5,744)	(9,212)
EBITDA margin excluding non-recurring items
First Quarter 2023	25.0%	50.1%	(26.9)%	29.7%
First Quarter 2022	22.9%	53.2%	4.2%	30.0%
Change	2p.p.	(3)p.p.	(31)p.p.	(0)p.p.

Group Financial Position

INTRODUCTION

The balance sheet figures have been reclassified from a management perspective, in line with the representation of the reclassified income statement and the net financial position of the Group.

At the end of this Directors' Interim Report on Group Operations, in accordance with the same presentation approach for the income statement, we have included a reconciliation between the condensed balance sheet reported below and the table reported in the consolidated financial statements.

(€/000)

Condensed Balance Sheet	3/31/2023	12/31/2022	Change €	Change %
Cash and liquid securities	126,345	134,264	(7,919)	(5.9)%
Financial assets	52,395	57,984	(5,589)	(9.6)%
Property, plant and equipment	55,174	59,191	(4,017)	(6.8)%
Intangible assets	517,734	526,888	(9,154)	(1.7)%
Tax assets	116,871	118,226	(1,355)	(1.1)%
Trade receivables	189,882	200,143	(10,261)	(5.1)%
Assets held for sale	13	13	-	n.s.
Other assets	66,364	29,889	36,475	122.0%
Total Assets	1,124,778	1,126,598	(1,820)	(0.2)%
Financial liabilities: due to banks/bondholders	559,024	564,123	(5,099)	(0.9)%
Other financial liabilities	113,900	120,861	(6,961)	(5.8)%
Trade payables	58,878	70,381	(11,503)	(16.3)%
Tax liabilities	72,073	67,797	4,276	6.3%
Employee termination benefits	9,123	9,107	16	0.2%
Provisions for risks and charges	37,532	37,655	(123)	(0.3)%
Other liabilities	101,549	75,754	25,795	34.1%
Total Liabilities	952,079	945,678	6,401	0.7%
Share capital	41,280	41,280	-	n.s.
Reserves	92,502	83,109	9,393	11.3%
Treasury shares	(4,332)	(4,332)	-	n.s.
Profit (loss) for the period attributable to the Shareholders of the
Parent Company	(2,744)	16,502	(19,246)	(116.6)%
Net Equity attributable to the Shareholders of the Parent
Company	126,706	136,559	(9,853)	(7.2)%
Total Liabilities and Net Equity attributable to the
Shareholders of the Parent Company	1,078,785	1,082,237	(3,452)	(0.3)%
Net Equity attributable to Non-Controlling Interests	45,993	44,361	1,632	3.7%
Total Liabilities and Net Equity	1,124,778	1,126,598	(1,820)	(0.2)%

Cash and liquid securities are down by €7.9 million on the previous year end as a result of the financial trend of the period described in the note to the Net Financial Position.

Financial assets amount to €52.4 million, a decrease of €5.6 million compared to December 31, 2022 (€58.0 million).

The item is broken down in the following table.

(€/000)

Financial assets	3/31/2023	12/31/2022	Change €	Change %
At fair value through profit or loss	41,519	42,323	(804)	(1.9)%
Debt securities	18,714	18,145	569	3.1%
CIUs	22,540	23,628	(1,088)	(4.6)%
Equity instruments	197	197	-	n.s.
Non-hedging derivatives	68	353	(285)	(80.7)%
At fair value through OCI	9,791	10,171	(380)	(3.7)%
Equity instruments	9,791	10,171	(380)	(3.7)%
At amortized cost	1,085	5,490	(4,405)	(80.2)%
L&R with banks other than current accounts and demand deposits	53	4,433	(4,380)	(98.8)%
L&R with customers	1,032	1,057	(25)	(2.4)%
Total	52,395	57,984	(5,589)	(9.6)%

Financial assets "at fair value through profit or loss" decreased by an overall €0,8 milioni. Specifically, debt securities rose €0.6 million, of which €0.2 million originated from fair value gains and losses and €0.4 million related to the subscription of the notes of a SPV. On the other hand, CIU units relating to the reserved closed-end alternative investment fund Italian Recovery Fund (formerly Atlante II), decreased by €1.1 million due to the cancellation and distribution of some units.

Also classified under this component is the fair value (€0.3 million) attributed to the non-hedging derivative on BidX1 and representative of the value of the existing purchase option.

Financial assets "at fair value through OCI", which include the non-controlling interests held in the Brazilian fintech company QueroQuitar S.A. (11.46%) and in the Irish proptech company BidX1 (17.7%), shows a reduction in valuation of €0.4 million attributable exclusively to the latter company.

Financial assets "at amortised cost" decreased by €4.4 million attributable to the sale to third parties, completed in January 2023, of the limited recourse loan for specific business activity, following the termination of the latter by mutual consent.

Property, plant and equipment amounted to €55.2 million, down by €4.0 million on December 31, 2022. The decrease is mainly due to the amortisation charge of the period.

Intangible assets went from €526.9 million to €517.7 million, down €9.2 million. The decrease is mainly attributable to the combined effect of reductions of €11.5 million for amortisation and increases of €1.7 million related to software purchases (including the portion classified as assets under development and payments on account).

The following is a breakdown of intangible assets:

(€/000)

Intangible assets	3/31/2023	12/31/2022	Change €	Change %
Software	46,553	44,441	2,112	4.8%
Brands	23,931	24,581	(650)	(2.6)%
Assets under development and payments on account	7,081	10,791	(3,710)	(34.4)%
Goodwill	236,897	236,897	-	n.s.
Long-term servicing contracts	203,272	210,178	(6,906)	(3.3)%
Total	517,734	526,888	(9,154)	(1.7)%

In particular, the most significant portion of intangible assets is due to Group's two acquisitions, relating respectively to doValue Spain and its subsidiaries, carried out at the end of June 2019, and the business combination of doValue Greece completed in June 2020, as summarised below:

doValue – Consolidated Interim Report at March 31, 2023

(€/000)

	3/31/2023
Intangible assets	doValue Spain Business Combination	doValue Greece Business Combination	Total
Software and relative assets under development	12,797	22,231	35,028
Brands	23,859	-	23,859
Goodwill	124,064	112,391	236,455
Long-term servicing contracts	34,147	169,127	203,274
Total	194,867	303,749	498,616

	12/31/2022
Intangible assets	doValue Spain Business Combination	doValue Greece Business Combination
Software and relative assets under development	13,073	22,532	35,605
Brands	24,508	-	24,508
Goodwill	124,064	112,391	236,455
Long-term servicing contracts	35,404	174,776	210,180
Total	197,049	309,699	506,748

The tax assets listed below amounted to €116.9 million at March 31, 2023, compared to €118.2 million at December 31, 2022. The €1.4 million decrease is due to lower VAT assets and withholding taxes included in "Other tax receivables" and releases of "Deferred tax assets".

(€/000)

Tax assets	3/31/2023	12/31/2022	Change €	Change %
Current tax assets	5,399	5,407	(8)	(0.1)%
Paid in advance	-	1,006	(1,006)	(100.0)%
Tax credits	5,399	4,401	998	22.7%
Deferred tax assets	100,873	101,758	(885)	(0.9)%
Write-down on loans	46,789	49,391	(2,602)	(5.3)%
Tax losses carried forward in the future	21,239	19,300	1,939	10.0%
Property, plants and equipment / Intangible assets	18,006	18,241	(235)	(1.3)%
Other assets / liabilities	5,282	5,243	39	0.7%
Provisions	9,557	9,583	(26)	(0.3)%
Other tax receivables	10,599	11,061	(462)	(4.2)%
Total	116,871	118,226	(1,355)	(1.2)%

The breakdown of tax liabilities equal to €72.1 million, is also shown below, which shows an increase of €4.3 million compared to the 2022 balance of €67.8 million. The change of the period is due to the rise in the taxes for the period (+€3.1 million) and the indirect tax liability included in "Other tax payables" (+€3.0 million), in addition to the offsetting effect of the €1.8 million decrease in deferred tax liabilities related to the Purchase Price Allocation (PPA) of doValue Spain and doValue Greece.

Tax liabilities	3/31/2023	12/31/2022	Change €	Change %
Taxes for the period	13,607	10,478	3,129	29.9%
Deferred tax liabilities	49,186	51,003	(1,817)	(3.6)%
Other tax payables	9,280	6,316	2,964	46.9%
Total	72,073	67,797	4,276	6.3%

At March 31, 2022, financial liabilities – due to banks/bondholders went from €564.1 million to €559.0 million, down by €5.1 million essentially due to the payment of coupons falling due in the first quarter of the year.

At March 31, 2023, the residual liability at amortised cost for the two bonds issued was as follows:

• 2020-2025 bond with a nominal value of €265.0 million, interest rate 5.0%: €260.8 million;

• 2021-2026 bond with a nominal value of €300.0 million, interest rate 3.4%: €298.1 million.

Other financial liabilities at the end of the first quarter of 2023 are detailed below:

(€/000)

Other financial liabilities	3/31/2023	12/31/2022	Change €	Change %
Lease liabilities	46,594	49,938	(3,344)	(6.7)%
Earn-out	45,235	44,649	586	1.3%
Put option on non-controlling interests	22,071	21,894	177	0.8%
Other financial liabilities	-	4,380	(4,380)	(100.0)%
Total	113,900	120,861	(6,961)	(5.8)%

"Lease liabilities" include the discounted value of future lease payments, in accordance with the provisions of IFRS 16.

The liability for the Earn-out refers (i) to the doValue Spain operation in the amount of €17.5 million, which represents a portion of the acquisition price and (ii) to the acquisition of doValue Greece for €27.7 million that is related to the achievement of some EBITDA targets within a ten-year time frame and the first payments of which will not be due before 2024.

The liability for "put option on non-controlling interests" regards the option for the purchase of residual non-controlling interests in doValue Spain. The amont recognised at March 31, 2023 refers to the fair value of the option maturing at the end of June 2023.

At March 31, 2023, "Other financial liabilities" had a nil balance followng the termination of the limited recourse loan for a specific business activity in January 2023, following the sale of the related loan recognised under financial assets.

Provisions for risks and charges amount to €37.5 million and are in line with the prior year end (€37.7 million), up by €1.4 million in "Legal and Tax disputes", more than offset by the reduction in "Other" and related to the release of the provision for "Curing fees" pursuant to IFRS 15 on variable fees.

(€/000)

Provisions for risks and charges	3/31/2023	12/31/2022	Change €	Change %
Legal and Tax disputes	21,307	19,867	1,440	7.2%
Staff expenses	539	535	4	0.7%
Other	15,686	17,253	(1,567)	(9.1)%
Total	37,532	37,655	(123)	(0.3)%

Shareholders' equity attributable to Shareholders of the Parent Company amounted to €126.7 million, compared to €136.6 million at December 31, 2022.

NET WORKING CAPITAL

(€/000)

Net Working Capital	3/31/2023	3/31/2022	12/31/2022
Trade receivables	189,882	204,946	200,143
Trade payables	(58,878)	(63,083)	(70,381)
Total	131,004	141,863	129,762

The balance for the period was €131.0 million, compared to €129.8 million in December 2022. In terms of revenues over the last 12 months, it accounts for 25%, up on 23% at the end of 2022. This trend is historically always present in the first quarter of each financial year and then tends to stabilize during the year; as proof of this, it should be noted that this indicator calculated at 31 March 2022 is in line with 25% of the current period.

NET FINANCIAL POSITION

(€/000)

	Net Financial Position	3/31/2023	3/31/2022	12/31/2022
A	Cash	126,345	161,693	134,264
B	Liquidity (A)	126,345	161,693	134,264
C	Current bank debts	(142)	(7,108)	(163)
D	Bonds issued - current	(3,896)	(3,896)	(9,740)
E	Net current financial position (B)+(C)+(D)	122,307	150,689	124,361
G	Bonds issued - non-current	(554,986)	(551,582)	(554,220)
H	Net financial position (E)+(F)+(G)	(432,679)	(400,893)	(429,859)

At March 31, 2023, the net financial position amounted to €432.7 million, compared to €429.9 million at the end of 2022.

The trend for the period was characterised by planned investments of approximately €1.4 million, mainly in Italy, the working capital trends discussed earlier, as well as the payment of taxes of €13.2 million (largely attributable to the Hellenic Region) and financial expenses related to the two bond issues.

Therefore, "Cash" amounted to €126.3 million, compared to €134.3 million at the end of 2022, as a result of the above trends. Moreover, at period end, the Group had available credit lines of €133.5 million, bringing total liquidity (cash plus available lines) to approximately €260 million.

The net current financial position was positive at €122.3 million (€124.4 million at the end of 2022), reflecting a balanced overall capital structure.

With respect to its debt structure, from time to time, depending on market conditions and other factors, doValue or one of its affiliates may repurchase or acquire an interest in its issued debt securities, whether such securities are traded above or below their nominal value, using its cash or in exchange for other securities or other consideration, in any case through market purchases or through privately negotiated or other transactions.

Despite the ongoing turbulence which affected the reference markets also in this quarter of the year, the Group's net financial position was not significantly impacted, also considering the structure of the collection deadlines scheduled by the waterfall that, especially domestically, envisage payment terms close to the end of the quarter.

CONDENSED CASH FLOW

(€/000)

3/31/2023	3/31/2022(*)	12/31/2022
30,117	38,919	198,708
(1,449)	(5,064)	(30,833)
28,668	33,855	167,875
95%	87%	84%
678	1,056	5,557
(1,242)	(9,247)	2,854
(6,039)	(10,080)	(92,688)
22,065	15,584	83,598
(13,225)	(3,809)	(44,042)
(11,688)	(11,940)	(27,146)
(2,848)	(165)	12,410
520	1,063	3,664
-	-	(5,002)
(492)	-	(39,140)
(2,820)	898	(28,068)
(429,859)	(401,791)	(401,791)
(432,679)	(400,893)	(429,859)
(2,820)	898	(28,068)

(*) Data restated for a homogenous comparison

The Operating Cash Flow for the period was positive at €22.1 million, up on the corresponding figure of the prior period which stood at €15.6 million. This figure is the result of the profit margins achieved during the period, with EBITDA of €30.1 million and capital expenditure of €1.4 million following the implementation of the technological transformation programme outlined in the latest business plan. The cash-conversion with respect to EBITDA is equal to 95%, considerably up compared to 87% in March 2022. This confirms the Group's significant ability to convert its operating margins into cash, despite the abovementioned investment levels.

The change in net working capital, in the reference period, is substantially neutral with a cash absorption of approximately €1.2 million, therefore a marked improvement compared to the March 2022 figure which was negative by €9.3 million.

"Changes in other assets/liabilities" amounting to -€6.0 million, mainly includes payments related to voluntary exits as well as items related to periodic rents treated according to the IFRS 16 methodology.

Taxes paid amounted to €13.2 million and essentially refer to direct taxes paid in the Hellenic area. Financial charges paid amounted to €11.7 million (€11.9 million in March 2022), reflecting the average cost (at a fixed rate) incurred following the bonds issued to support the Group's international growth process.

These transactions allowed the Group to replace credit lines with a pre-established repayment plan, including interest and principal, with instruments with bullet repayment for the principal and half-yearly payment of coupons. This allowed for a greater balance of sources, extending deadlines.

The trends described above result in a negative Free Cash Flow of €2.8 million compared to almost neutral balance in March 2022.

"(Investments)/disinvestments in financial assets" were positive for €0.5 million and mainly included the collection of the units of the Italian Recovery Fund alternative reserved investment fund.

It should be noted that in the current period the payment of approximately €0.5 million in dividends was carried out, included in the disbursement approved by the Shareholders' Meeting in May 2022 based on the 2021 results.

Therefore, the net cash flow of the period was negative by €2.8 million, compared to a positive €0.9 million in the first quarter 2022.

Significant events during the period

RESIGNATION OF THE CHIEF EXECUTIVE OFFICER

On March 17th, 2023 the Chief Executive Officer Andrea Mangoni announced his intention to resign from his role to take on new professional opportunities.

The Board of Directors has activated the relevant internal procedures aimed at starting the succession process for the role of Chief Executive Officer.

In line with the remuneration policy adopted by the Company, there are no indemnities nor benefits in relations to the cessation of the role of Chief Executive Officer.

OTHER RELEVANT ACTIVITIES

Since the beginning of 2023, doValue has been active on several fronts. A summary of all the main initiatives and key mandates is shown below.

• MSCI ESG Research: in March 2023, MSCI ESG Research has upgraded the Group's MSCI ESG rating from "AA" to "AAA". MSCI ESG Research measures a company's resilience to environmental, social and governance ("ESG") risks on a long-term horizon. The upgrade by MSCI ESG Research is a tangible example of doValue's commitment in adopting best practices in the interest of its stakeholders, in particular clients, capital providers (equity holders and bond holders), employees, and the broader social and environmental ecosystem in which the Company operates.
• Project Souq: in February 2023, doValue completed a €630 million GBV secondary portfolio disposal in Greece to Intrum. The portfolio has been carved out from the Cairo I and Cairo II HAPS securitisation vehicles, which have been managed by doValue since their creation. The disposal allows doValue to accelerate its collection activity in Greece (for which it received a Collection fee in Q1 2023) whilst retaining the long-term servicing mandate on the portfolio.
• Fino 1 GACS securitisation: in January 2023, thanks to the strong performance of doValue in the management of the securitisation Fino 1, in the context of which the GACS guarantee was granted by the Italian Ministry of Economy and Finance, the Class A senior notes of this securitisation have been repaid.
• Efesto Fund: between December 2022 and January 2023, the Efesto Fund has received commitments for UTP contributions for an aggregate amount of €1.1 billion (partially already onboarded as of March 31st, 2023), including sizeable commitments from two primary Italian banks.

Significant events after the end of the period

SHAREHOLDERS' MEETING

The Ordinary Shareholders' Meeting of doValue was held on April 27, 2023. In particular, the Shareholders' Meeting:

• approved the separate financial statements for the year 2022, the destination of the profit for the year 2022 and the distribution of the dividend;
• examined the second section of the Report on the remuneration policy and on the remuneration paid in the financial year 2022 or related thereto, pursuant to article 123-ter of the TUF and art. 84-Quater of Consob Regulation no. 11971/1999 (the "Issuers' Regulation"), expressing a favourable opinion;
• granted a new authorisation to purchase treasury shares;
• approved the amendments to the By-Laws.

DIVIDEND DISTRIBUTION

On March 23, 2023, the Board of Directors of DoValue resolved to propose to the shareholders the distribution of a dividend of €0.60 per share (for a total of approximately €47.5 million, considering the number of treasury shares currently held by the Company), which represents a 20% increase compared to the Dividend Per Share of €0.50 in 2021. The dividend, which was subsequently approved by the Shareholders in their Meeting on April 27, 2023, was paid on May 10, 2023 (with ex-dividend date on May 8, 2023 and record date on May 9 2023).

APPOINTMENT OF MANUELA FRANCHI AS INTERIM CHIEF EXECUTIVE OFFICER

On March 17th, 2023, the Board of Directors of doValue S.p.A. communicated that, on the same day, it had been notified by the Chief Executive Officer Andrea Mangoni of the intention to offer his resignation from his role, to take on new professional opportunities.

On April 27th, 2023, the Board of Directors of doValue S.p.A. has co-opted Manuela Franchi as acting Chief Executive Officer of the Group. With the aim of ensuring full continuity and stability in the management of the Group, the powers and delegations of Manuela Franchi reflect in substance the ones currently held by Andrea Mangoni, except for extraordinary transactions (which will continue to be held by the Board of Directors).

The Board of Directors has also activated a process for the individuation of the person that will assume the role of Group Chief Executive Officer, a process which includes the evaluation of internal and external candidates to doValue. The process is expected to be concluded during the second half of 2023.

Manuela Franchi has assumed the role of Chief Executive Officer temporarily until the nomination of the Chief Executive Officer ultimately chosen, or until a possible confirmation of Manuela Franchi in the role.

TAX AUDIT

With respect to the formal closure of the tax audit that the Parent Company has received by the Italian Tax Authority concerning the fiscal years 2015, 2016 and 2017, prior to the listing, it is should be noted that, at the end of April 2023, a tax assessment was received in connection with the 2016 finding. With reference to the finding concerning the 2017 fiscal year, the Parent Company is waiting for possible final findings of the carried out tax audit expected by the end of 2023. Based on the above, the Parent Company is also considering the activation of the adequate protection measures confirming, on the basis of the information currently available, the assessment made as part of the Consolidated Financial Statements at December 31, 2022, to which reference should be made for a full disclosure.

Outlook for operations

In 2023, the Group will pursue the goals of its 2022-2024 Business Plan, leveraging on the results achieved in 2022. In particular, it is expected that:

• activities in Italy will continue in line with 2022, with substantially stable performance expected year on year;
• activities in the Hellenic Region will be supported by an acceleration of collections also driven by potential disposals of portfolios on the secondary market on behalf of customers, which may lead to a marginal improvement in year-on-year performance;
• activities in Iberia will fully reflect the expiry of the Sareb contract and the off-boarding of the related portfolio completed in October 2022, more than offset by the reduction in costs deriving from the reorganisation of the Spanish activities, which has already affected the second half of 2022.

Main risks and uncertainties

The financial position of the doValue Group is adequately scaled to meet its needs, considering the activity carried out and the results achieved.

The financial policy pursued is aimed at fostering the stability of the Group, which in view of its operations does not currently or prospectively intend to engage in speculative investment activity.

The main risks and uncertainties, considering the Group's business, are essentially connected to the macroeconomic situation which could have consequences on the general trend of the economy and on the generation of non-performing exposures. The macroeconomic context shows signs and prospects of a return to normal after the difficulties experienced due to the Covid-19 pandemic; however, elements of uncertainty remain linked to the effect that inflationary dynamics and the increase in interest rates will have on the economy, which could have repercussions on the ability of debtors to repay their exposures.

It should also be noted that the future evolution and the related effects, on global macroeconomic prospects and on global geopolitical stability, deriving from the Russia-Ukraine conflict are still unpredictable.

At the date of approval of these Financial Statements, considering the high degree of uncertainty linked to these extraordinary circumstances, the actual impacts, direct and indirect, on the Group's business cannot be estimated.

GOING CONCERN

In order to express an opinion on the going concern assumption used to prepare this Consolidated Interim Report, the risks and uncertainties to which the Group is exposed were carefully assessed:

• in particular, account was taken of the forecasts regarding the macroeconomic scenarios impacted by the combination of the remaining effects of the Covid-19 pandemic, inflation, the increase in interest rates, the deterioration of the economic climate, geopolitical risks and the uncertainties relating to future developments;
• in the sustainability assessment of assets at March 31, 2023, account was taken of the Group's solid capital base, financial position and confirmed ability to generate cash flows, as reflected in the Group's 2022-2024 Business plan, as well as the characteristics of doValue's specific business model, which is capable of responding flexibly to the various phases of the economic cycle;
• finally, account was taken of assets under management, as well as the contribution of new portfolio management contracts recorded in the first quarter of 2023.

From the analyses carried out and on the basis of the assumptions reported above, no uncertainties have emerged in relation to events or circumstances which, considered individually or as a whole, could give rise to doubts regarding the Group's ability to continue as a going concern.

Other information

MANAGEMENT AND COORDINATION

At March 31, 2023, 25.05% of the shares of the Parent Company doValue were owned by its largest shareholder, Avio S.a r.l, the reference shareholder, a company incorporated in Luxembourg, affiliated to the Fortress Group, which in turn was acquired by Softbank Group Corporation in December 2017.

A further 3.22% of doValue shares are held by other investors similarly connected with Softbank Group Corporation, with an overall stake held by the latter of 28.27%.

At March 31, 2023, the residual 71.73% of the shares were placed on the market and 1.13% consisted of 900,434 treasury shares, measured at cost, for a total of €4.3 million held by the Parent Company.

The reference shareholder does not exercise any management or coordination over doValue pursuant to Article 2497 et seq. of the Italian Civil Code, as it does not issue directives to doValue and, more generally, does not interfere in the management of the Group. Accordingly, the strategic and management policies of the doValue Group and all of its activities in general are the product of the independent self-determination of the corporate bodies and do not involve external management by Avio.

The Parent Company doValue exercises its management and coordination powers over its direct subsidiaries as provided for in the legislation referred to above.

TRANSACTIONS IN TREASURY SHARES

At March 31, 2023, doValue held 900,434 treasury shares, equal to 1.13% of the total share capital. Their book value is €4.3 million and they are shown in the financial statements as a direct reduction of shareholders' equity under Treasury shares pursuant to article 2357-ter of the Italian Civil Code.

The ordinary Shareholders' meeting of April 27, 2023 revoked the authorisation to purchase and sell treasury shares conferred by said meeting to doValue's Board of Directors by means of resolution of April 28, 2022. At the same time, a new authorisation to purchase treasury shares in one or more transactions was conferred, according to the same terms and conditions pursuant to the previous Shareholders' meeting resolution, i.e. up to 8,000,000 ordinary shares of doValue S.p.A., equal to 10% of the total, for a period of 18 months from the Shareholders' meeting approval.

RESEARCH AND DEVELOPMENT

During the period the Group continued to invest in a number of technological innovation projects, which are expected to bring a competitive advantage in the future.

PEOPLE

The doValue Group's business is related to people, and the improvement and development of professional skills are strategic drivers to ensure sustainable innovation and growth. doValue continues to invest in its people through policies aimed at the improvement and development of human resources, with the aim of consolidating a climate of company satisfaction.

At the end of the first quarter of 2023, the number of Group employees was 3,152, compared to 3,212 at the end of 2022.

RELATED-PARTY TRANSACTIONS

In compliance with the provisions of the "Rules for Transactions with Related Parties" referred to in Consob Resolution no. 17221 of March 12, 2010, as amended, any transaction with related parties and connected persons shall be concluded in accordance with the procedure approved by the Board of Directors, whose most recent update was approved at the meeting held on June 17, 2021.

This document is available to the public in the "Governance" section of the company website www.dovalue.it.

With reference to paragraph 8 of Article 5 - "Public information on transactions with related parties" of the Consob Regulation cited above, it should be noted that:

A. on the basis of the Policy in relation to transactions with related parties adopted by the Board of Directors of doValue S.p.A., in the first quarter of 2023, no significant transactions were carried out;

• B. in the first quarter of 2023, no transactions with related parties were carried out, under different conditions from normal market conditions which have significantly influenced the balance sheet and financial position of the Group;
• C. in the first quarter of 2023, there have been no changes or developments to individual transactions with related parties already described in the most recent financial report that have had a significant effect on the Group's balance sheet or results in the reference period.

ATYPICAL OR UNUSUAL OPERATIONS

Pursuant to Consob communication no. 6064293 of July 28, 2006, it should be noted that in the first quarter of 2023 the doValue Group did not carry out any atypical and/or unusual transactions, as defined by the same communication, according to which atypical and/or unusual transactions are those transactions that, due to their significance/relevance, the nature of the counterparties, the subject matter of the transaction, the way in which the transfer price is determined and the timing of the event (close to the end of the financial year) can give rise to doubts as to the accuracy/completeness of the information in the financial statements, conflicts of interest, the safeguarding of company assets and the protection of minority shareholders.

DISCLOSURE ON THE OPT-OUT OPTION

We inform you that doValue S.p.A. has adopted the simplified rules provided for in Articles 70, paragraph 8, and 71, paragraph 1-bis, of the Consob Issuers Regulation no. 11971/1999, as subsequently amended, and has therefore exercised the option to derogate from compliance with the obligations to publish the information documents provided for in Articles 70, paragraph 6, and 71, paragraph 1, of that Regulation on the occasion of significant mergers, spin-offs, capital increases through the contribution of assets in kind, acquisitions and sales.

RECONCILIATION OF EQUITY AND PROFIT FOR THE YEAR OF THE PARENT COMPANY

In application of Consob Communication no. DEM/6064293 dated July 28, 2006, the Parent Company's shareholders' equity and result are reconciled below with the related consolidated amounts.

(€/000)

	3/31/2023		3/31/2022
	Shareholders' Equity	Profit (loss) of the period	Shareholders' Equity	Profit (loss) of the period
doValue's S.p.A. separate financial statements	184,569	(3,796)	206,977	698
- difference arising from the investments' carrying values and the relative subsidiaries' Equity - Results of the subsidiaries, net of minority interest	(55,682) -	- (327)	(49,416) -	- 5,251
Other consolidation adjustments	563	1,379	562	2,920
Consolidated financial statements attributable to the Shareholders of the Parent Company	129,450	(2,744)	158,123	8,869

Rome, May 11, 2023 The Board of Directors

RECONCILIATION OF THE CONDENSED AND THE STATUTORY INCOME STATEMENT

(€/000)	3/31/2023	3/31/2022
NPE revenues	76,653	99,259
o.w. Revenue from contracts with customers	76,653	99,245
o.w. Other revenues	-	14
REO revenues	11,264	18,131
o.w. Revenue from contracts with customers	11,321	15,275
o.w. Other revenues	(57)	2,856
Co-investment revenues	377	378
o.w. Financial (expense)/income	377	378
Ancillary and other revenues	13,127	13,494
o.w. Financial (expense)/income	7	3
o.w. Revenue from contracts with customers	4,027	2,779
o.w. Other revenues	9,144	10,653
o.w. Other operating (expense)/income	(51)	59
Gross revenues	101,421	131,262
NPE Outsourcing fees	(3,200)	(5,033)
o.w. Costs for services rendered	(3,197)	(5,033)
o.w. Administrative expenses	(3)	-
REO Outsourcing fees	(2,863)	(6,781)
o.w. Costs for services rendered	(2,863)	(6,781)
Ancillary Outsourcing fees	(3,590)	(3,305)
o.w. Costs for services rendered	(24)	(473)
o.w. Administrative expenses	(3,566)	(2,832)
Net revenues	91,768	116,143
Staff expenses	(44,725)	(53,403)
o.w. Personnel expenses	(44,725)	(53,406)
o.w. Other revenues	-	3
Administrative expenses	(16,926)	(23,821)
o.w. Personnel expenses	(507)	(1,367)
o.w. Personnel expenses - o.w. SG&A	(507)	(1,367)
o.w. Administrative expenses	(16,459)	(22,591)
o.w. Administrative expenses - o.w. IT o.w. Administrative expenses - o.w: Real Estate	(7,432) (1,015)	(8,718) (1,519)
o.w. Administrative expenses - o.w. SG&A	(8,012)	(12,354)
o.w. Other operating (expense)	(9)	(16)
o.w. Other operating (expense)/income - o.w. SG&A	(9)	(16)
o.w. Other revenues	49	167
o.w. Other revenues - o.w. IT	11	(7)
o.w. Other revenues - o.w. SG&A	38	174
o.w. Costs for services rendered	-	(14)
o.w. Costs for services rendered - o.w. SG&A	-	(14)
Total "o.w. IT"	(7,421)	(8,725)
Total "o.w. Real Estate"	(1,015)	(1,519)
Total "o.w. SG&A"	(8,490)	(13,577)
Operating expenses	(61,651)	(77,224)
EBITDA	30,117	38,919
EBITDA margin	30%	30%
Non-recurring items included in EBITDA	-	(410)
EBITDA excluding non-recurring items	30,117	39,329
EBITDA margin excluding non-recurring items	30%	30%
Net write-downs on property, plant, equipment and intangibles	(15,544)	(15,561)
o.w. Depreciation, amortisation and impairment	(15,675)	(15,592)
o.w. Other operating (expense)/income	131	31
Net Provisions for risks and charges	(6,479)	(1,919)
o.w. Personnel expenses	(4,345)	(1,598)
o.w. Provisions for risks and charges	(2,173)	332
o.w. Other operating (expense)/income	7	(488)
o.w. Depreciation, amortisation and impairment	32	(165)
Net Write-downs of loans	888	109
o.w. Depreciation, amortisation and impairment	848	6
o.w. Other revenues	40	103

EBIT	8,982	21,548
Net income (loss) on financial assets and liabilities measured at
fair value	(634)	1,409
o.w. Financial (expense)/income	(634)	1,409
Financial interest and commissions	(6,740)	(6,954)
o.w. Financial (expense)/income	(6,740)	(6,932)
o.w. Costs for services rendered	-	(22)
EBT	1,608	16,003
Non-recurring items included in EBT	(4,345)	(2,008)
EBT excluding non-recurring items	5,953	18,011
Income tax for the period	(3,957)	(5,288)
o.w. Administrative expenses	(409)	(405)
o.w. Income tax expense	(3,548)	(4,883)
Profit (Loss) for the period	(2,349)	10,715
Profit (loss) for the period attributable to Non-controlling interests	(395)	(1,846)
Profit (Loss) for the period attributable to the Shareholders of
the Parent Company	(2,744)	8,869
Non-recurring items included in Profit (loss) for the period	(3,659)	(1,640)
O.w. Non-recurring items included in Profit (loss) for the period
attributable to Non-controlling interest	(395)	(137)
Profit (loss) for the period attributable to the Shareholders of the Parent
Company excluding non-recurring items	520	10,372
Profit (loss) for the period attributable to Non-controlling interests
excluding non-recurring items	790	1,983
Earnings per share (in Euro)	(0.03)	0.11

Earnings per share excluding non-recurring items (Euro) 0.01 0.13

RECONCILIATION OF THE CONDENSED AND THE STATUTORY BALANCE SHEET

	3/31/2023	12/31/2022
Cash and liquid securities	126,345	134,264
Cash and cash equivalents	126,345	134,264
Financial assets	52,395	57,984
Non-current financial assets	52,395	53,604
Current financial assets	-	4,380
Property, plant and equipment	55,174	59,191
Property, plant and equipment	55,119	59,136
Inventories	55	55
Intangible assets	517,734	526,888
Intangible assets	517,734	526,888
Tax assets	116,871	118,226
Deferred tax assets	100,873	101,758
Other current assets	10,599	4,027
Tax assets	5,399	12,441
Trade receivables	189,882	200,143
Trade receivables	189,882	200,143
Assets held for sale	13	13
Assets held for sale	13	13
Other assets	66,364	29,889
Other current assets	64,120	27,813
Other non-current assets	2,244	2,076
Total Assets	1,124,778	1,126,598
Financial liabilities: due to banks/bondholders	559,024	564,123
Loans and other financing non-current	554,986	554,220
Loans and other financing current	4,038	9,903
Other financial liabilities	113,900	120,861
Loans and other financing current	-	4,380
Other non-current financial liabilities	49,661	54,158
Other current financial liabilities	64,239	62,323
Trade payables	58,878	70,381
Trade payables	58,878	70,381
Tax Liabilities	72,073	67,797
Tax payables	13,607	16,794
Deferred tax liabilities	49,186	51,003
Other current liabilities	9,280	-
Employee Termination Benefits	9,123	9,107
Employee benefits	9,123	9,107
Provision for risks and charges	37,532	37,655
Provisions for risks and charges	37,532	37,655
Other liabilities	101,549	75,754
Other current liabilities	92,373	66,553
Other non-current liabilities	9,176	9,201
Total Liabilities	952,079	945,678
Share capital	41,280	41,280
Share capital	41,280	41,280
Reserves	92,502	83,109
Valuation reserve	(1,286)	(906)
Other reserves	93,788	84,015
Treasury shares	(4,332)	(4,332)
Treasury shares Profit (loss) for the period attributable to the Shareholders of the Parent	(4,332)	(4,332)
Company	(2,744)	16,502
Profit (loss) for the period attributable to the Shareholders of the Parent Company	(2,744)	16,502
Net Equity attributable to the Shareholders of the Parent Company	126,706	136,559
Total Liabilities and Net Equity attributable to the Shareholders of the Parent
Company	1,078,785	1,082,237
Net Equity attributable to Non-Controlling Interests	45,993	44,361
Net Equity attributable to Non-controlling interests	45,993	44,361
Total Liabilities and Net Equity	1,124,778	1,126,598

doValue – Consolidated Interim Report at March 31, 2023

FINANCIAL STATEMENTS AT MARCH 31, 2023

39

CONSOLIDATED BALANCE SHEET

(€/000)

	3/31/2023	12/31/2022
Non-current assets
Intangible assets	517,734	526,888
Property, plant and equipment	55,119	59,136
Non-current financial assets	52,395	53,604
Deferred tax assets	100,873	101,758
Other non-current assets	2,244	2,076
Total non-current assets	728,365	743,462
Current assets
Inventories	55	55
Current financial assets Trade receivables	- 189,882	4,380 200,143
Tax assets	5,399	12,441
Other current assets	74,719	31,840
Cash and cash equivalents	126,345	134,264
Total current assets	396,400	383,123
Assets held for sale	13	13
Total assets	1,124,778	1,126,598
Shareholders' Equity
Share capital	41,280	41,280
Valuation reserve	(1,286)	(906)
Other reserves	93,788	84,015
Treasury shares Profit (loss) for the period attributable to the Shareholders of the Parent Company	(4,332) (2,744)	(4,332) 16,502
Net Equity attributable to the Shareholders of the Parent Company	126,706	136,559
Net Equity attributable to Non-controlling interests	45,993	44,361
Total Net Equity	172,699	180,920
Non-current liabilities
Loans and other financing	554,986	554,220
Other non-current financial liabilities	49,661	54,158
Employee benefits	9,123	9,107
Provisions for risks and charges	37,532	37,655
Deferred tax liabilities	49,186	51,003
Other non current liabilities	9,176	9,201
Total non-current liabilities	709,664	715,344
Current liabilities
Loans and other financing	4,038	14,283
Other current financial liabilities	64,239	62,323
Trade payables	58,878	70,381
Tax liabilities	13,607	16,794
Other current liabilities Total current liabilities	101,653 242,415	66,553 230,334
Total liabilities	952,079	945,678
Total Net Equity and liabilities	1,124,778	1,126,598

CONSOLIDATED INCOME STATEMENT

	3/31/2023	3/31/2022
Revenue from contracts with customers	92,001	117,299
Other revenues	9,175	13,796
Total revenue	101,176	131,095
Costs for services rendered	(6,084)	(12,323)
Personnel expenses	(49,578)	(56,371)
Administrative expenses	(20,437)	(25,828)
Other operating (expense)/income	79	(414)
Depreciation, amortisation and impairment	(14,795)	(15,751)
Provisions for risks and charges	(2,173)	332
Total costs	(92,988)	(110,355)
Operating income	8,188	20,740
Financial (Expense)/Income	(6,989)	(5,142)
Profit (Loss) before tax	1,199	15,598
Income tax expense	(3,548)	(4,883)
Net profit (loss) from continuing operations	(2,349)	10,715
Profit (Loss) for the period	(2,349)	10,715
o.w. Profit (loss) for the period attributable to the Shareholders of the Parent Company	(2,744)	8,869
o.w. Profit (loss) for the period attributable to Non-controlling interests	395	1,846
Earnings per share
basic	(0.03)	0.11
diluted	(0.03)	0.11

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

	3/31/2023	3/31/2022
Profit (Loss) for the period	(2,349)	10,715
Other comprehensive income after tax not recyclable to profit or loss: Equity instruments designated at fair value through comprehensive income	(380)	-
Total other comprehensive income after tax	(380)	-
Comprehensive income	(2,729)	10,715
o.w. Comprehensive income attributable to Shareholders of the Parent Company o.w. Comprehensive income attributable to Non-controlling interests	(3,124) 395	8,869 1,846

STATEMENT OF CHANGES IN CONSOLIDATED SHAREHOLDERS' EQUITY AT 3/31/2023

	Share capital		Other reserves		Treasury shares	Net profit (loss) for the period	Net equity attributable to Shareholders of the Parent Company	Net equity attributable to Non-controlling interests	Total Net Equity
		Valuation reserve	Reserves from profit and/or withholding tax	Other
Initial balance	41,280	(906)	25,774	58,241	(4,332)	16,502	136,559	44,361	180,920
Allocation of the previous year profit to reserves	-	-	19,471	(322)	-	(19,149)	-	-	-
Changes in reserves	-	-	-	(4,135)	-	2,647	(1,488)	1,237	(251)
Stock options	-	-	-	(5,241)	-	-	(5,241)	-	(5,241)
Comprehensive income of the period	-	(380)	-	-	-	(2,744)	(3,124)	395	(2,729)
Final balance	41,280	(1,286)	45,245	48,543	(4,332)	(2,744)	126,706	45,993	172,699

AT 12/31/2022

	Share capital		Other reserves		Treasury shares	Net profit (loss) for the period	Net equity attributable to Shareholders of the Parent Company	Net equity attributable to Non-controlling interests	Total Net Equity
		Valuation reserve	Reserves from profit and/or withholding tax	Other
Initial balance	41,280	(1)	50,864	45,436	(4,678)	23,744	156,645	37,358	194,003
Allocation of the previous year profit to reserves	-	-	(535)	24,279	-	(23,744)	-	-	-
Dividends and other payouts	-	-	(24,996)	(14,553)	-	-	(39,549)	(5,002)	(44,551)
Changes in reserves	-	-	(346)	(1,400)	-	-	(1,746)	2,032	286
Stock options	-	-	787	4,479	346	-	5,612	-	5,612
Comprehensive income of the period	-	(905)	-	-	-	16,502	15,597	9,973	25,570
Final balance	41,280	(906)	25,774	58,241	(4,332)	16,502	136,559	44,361	180,920

doValue – Consolidated Interim Report at March 31, 2023

AT 3/31/2022

	Share capital		Other reserves
		Valuation reserve	Reserves from profit and/or withholding tax	Other	Treasury shares	Net profit (loss) for the period	Net equity attributable to Shareholders of the Parent Company	Net equity attributable to Non-controlling interests	Total Net Equity
Initial balance	41,280	(1)	50,864	45,436	(4,678)	23,744	156,645	37,358	194,003
Allocation of the previous year profit to reserves	-	-	(535)	24,279	-	(23,744)	-	-	-
Changes in reserves	-	-	(1)	423	-	-	422	(416)	6
Stock options	-	-	-	1,056	-	-	1,056	-	1,056
Comprehensive income of the period	-	-	-	-	-	8,869	8,869	1,846	10,715
Final balance	41,280	(1)	50,328	71,194	(4,678)	8,869	166,992	38,788	205,780

CONSOLIDATED CASH FLOW STATEMENT - INDIRECT METHOD -

	3/31/2023	3/31/2022
Operating activities
Profit (loss) for the period befor tax	1,199	15,598
Adjustments to reconcile the profit (loss) before tax with the net financial flows:	19,402	21,481
Capital gains/losses on financial assets/liabilities held for trading and on financial
assets/liabilities measured at fair through profit or loss (+/-)	47	(1,468)
Depreciation, amortisation and impairment	14,795	15,751
Change in net provisions for risks and charges	2,173	(332)
Financial (Expense)/Income	7,628	6,474
Costs for share-based payments	(5,241)	1,056
Change in working capital	(1,209)	(9,412)
Change in trade receivables	10,294	1,215
Change in trade payables	(11,503)	(10,627)
Change in financial assets and liabilities	6,641	1,522
Other assets mandatorily measured at fair value	895	1,442
Financial assets measured at amortised cost	5,746	80
Other changes:	(26,918)	(26,107)
Interests paid	(11,737)	(11,940)
Payment of income taxes	(13,225)	(3,621)
Other changes in other assets/other liabilities	(1,956)	(10,546)
Cash flows generated by operations	(885)	3,082
Investing activities
Purchases of property, plant and equipment	(68)	(311)
Purchases of intangible assets	(1,381)	(4,753)
Net cash flows used in investing activities	(1,449)	(5,064)
Funding activities
Dividends paid	(492)	-
Loans obtained	-	13,000
Repayment of loans	-	(13,566)
Payment of principal portion of lease liabilities	(5,093)	(2,427)
Net cash flows used in funding activities	(5,585)	(2,993)
Net liquidity in the period	(7,919)	(4,975)
Reconciliation
Cash and cash equivalents at the beginning of period	134,264	166,668
Net liquidity in the period	(7,919)	(4,975)
Cash and cash equivalents at the end of the period	126,345	161,693

doValue – Consolidated Interim Report at March 31, 2023

CERTIFICATIONS AND REPORTS

47

Certification pursuant article 154 BIS, paragraph 2 of Italian Legislative Decree no. 58 of 24 February 1998 (the Consolidated Financial Law)

Pursuant to Article 154 bis, paragraph 2, of the "Consolidated Law on Finance", Mr Davide Soffietti, in his capacity as the Financial Reporting Officer with preparing the financial reports of doValue S.p.A, certifies that the accounting information contained in the 'Consolidated Interim Report as at March 31,2023', is consistent with the data in the supporting documents and the Group's books of accounts and other accounting records.

Rome, May 11, 2023

Davide Soffietti Financial Reporting Officer