Dovalue

Investor Presentation • Feb 28, 2025

FEBRUARY 28TH, 2025

Preliminary FY 2024 Financial Results

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• €10bn GBV from new business in 2024, above the €8bn annual target, 70% of 2025 target reached
• Revenues synergies already achieved with value-added services provided to Gardant's customers
• EBITDA ex NRI at €165m at the high-end of guidance. Target also achieved on doValue and Gardant stand-alone
• Leverage at 2.4x² better than the expected 2.6x thanks to higher cash flow generation
• Achieved target capital structure with redemption of 2026 notes and issuance of new 2030 notes

All 2024 targets reached Solid cash flow, Gardant integration well started and strong capital structure drive growth beyond targets

Executive summary

EBITDA ex NRIs €165m

New Business ~€10bn

New 2030 bond €300m

Gardant Integration Ongoing

Financial Leverage 2.4x

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GBV FROM NEW BUSINESS IN 2024

GBV from new business significantly above the €8bn target in 2024

Strong commercial momentum: new mandates at ~€10bn in 2024, exceeding the €8bn annual target

Forward Flows well above the €2bn annual target

Leading position in Greece: >70% market share on closed deals and 100% retention of servicing mandates in the secondary market for managed portfolios

Strengthening presence in Spain: >20% market share in closed secured NPL transactions

Solid leadership in Italy: >25% market share in NPL transactions, confirming our role as a key player in the market

COMMENTS

4

Current contracts and Pipeline will allow us to reach 2025 target ahead of time

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doValue is on track for Gardant successful integration

Track record of the group integrations in Italy

Focus on Gardant group integration

20% of synergies executed, with expectations to reach 40% in 2025 and a clear path to 2026

• Signed contracts to provide VAS services to Gardant's customers

• Workforce optimization: avoided €9m in redundancy costs thanks to redeployment of doValue's FTEs to service Gardant's

• HR synergies: workforce integration & cost efficiencies implemented by year-end • IT platform: migration of back-end to doValue's platform

• Legal entities simplification: merger of doValue and Gardant's master servicers

• Consistent HR cost discipline

• IT platform: migration of front-end to Gardant's platform • RE: offices rationalization • Legal entities simplification : further simplification from January 2026

Delivering targets outlined at the 2024 Capital Markets Day

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New €3.9 billion GBV mandates in the Hellenic region since the beginning of the year

New €1.5bn mandates in Italy since the beginning of the year

New €300 million bond with 7% coupon rate and 2030 maturity oversubscribed by 6x

Successful start of Gardant integration, already providing VAS to Gardant's clients as well

Already realized 20% of synergies as of 1Q 2025 with expectations to reach 40% in 2025

Strong start to 2025

Titolo breaker slide Financial Results Davide Soffietti

Group CFO

Financials at a glance

∆% YoY	COMMENTS
	• Gross revenues in line with the high end of guidance • Strong ancillary revenues more than offset the lower level of disposals vs 2023
	• Higher outsourcing costs driven by Italy due to strong ancillary revenues performance
	• EBITDA at the high end of the guidance • Figures include Gardant contributing one month • Greece remains a main driver of growth thanks to the structurally higher margins
	• Trend vs. prior year driven by postponement of certain disposal and higher wage inflation in Italy due to national contract renewal
	• Increase in Net Income ex NRIs despite trend in EBITDA ex NRIs mostly attributable to the decrease in net write-downs on PPE, intangibles and lower impairment vs. 2023

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Gross Revenues

Note: Excluding Portugal, which is considered as NRI due to its disposal in July 2024

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Operating Expenses

• Total Operating expenses

• Successfully contained the natural increase in operating costs from the consolidation of Gardant thanks to continued cost discipline and despite the tough comparison base due to one-off events of 2023 (ex CEO provisions release) and increase of salaries in Italy due to Union agreement with banking sector

• HR

• Higher HR cost (+4.9% YoY) linked to the effect of Gardant consolidation. On a standalone basis HR costs decreased in Italy and Spain thanks to effective cost discipline while the Hellenic Region was impacted by expected increases in HR cost due to the onboarding of new portfolios

• IT, RE and SG&A

• Operating costs declined YoY (3.1)% as effective cost discipline practices implemented at group level were able to completely offset Gardant consolidation's impact and as well as one-off cost linked to innovation projects

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EBITDA ex NRIs

• Group

• EBITDA ex NRIs at the high-end of Guidance, reaching €165m in 2024 (-7.8% YoY), also thank to Gardant contribution in December
• Variation mainly driven by lower disposals and unfavorable comparison base linked to the release of provisions for former CEO MBO

• Hellenic Region

• Hellenic EBITDA impacted by lower Net Revenues (€(8.2)m YoY), and higher HR costs, with marginality improving in Q4 in line with the seasonality pattern of collections
• EBITDA margin of 53.7% (vs. 34.4% Group level) driven by the higher base and collection fees in the highly consolidated market and by lower workforce cost vs other countries

• Italy

• EBITDA flattish as the positive gross revenue dynamics derives from an acceleration in collections in Q4 offset by the increased outsourcing and HR costs from Gardant
• Effective cost discipline measures mitigated the wage inflation, the delay of planned exits, as well as the one-off effect from former CEO's MBO

• Spain

• EBITDA positive as the continued efforts in achieving a highly flexible cost structure fully offset the decline in REOs

Note: FY 2024 EBITDA for Italy including Group costs, worth €11.5m

Italy ex. Group costs

Net Income

€m	FY 2024	FY 2023	Delta (%)
EBITDA ex NRIs	164.8	178.7	(7.8)%
Non-Recurring Items	(10.8)	(3.4)	221.7%
EBITDA	154.0	175.3	(12.1)%
Net write-down of PP&E, intangibles, loans and equity investments	(94.6)	(109.4)	(13.5)%
EBIT	59.4	66.0	(9.9)%
Net financial interest and commission	(29.6)	(29.5)	0.2%
Net result of financial assets at fair value	(3.6)	(8.2)	(55.5)%
EBT	26.2	28.3	(7.2)%
Income tax	(32.2)	(41.9)	(23.1)%
Tax claim	20.0	-	-
Minorities	(12.1)	(4.2)	189.2%
Group Net Income	1.9	(17.8)	-

Delta (%)	COMMENTS
	• Lower EBITDA ex NRIs driven by lower disposals and unfavorable comparison base linked to the release of provisions for former CEO MBO (€5.9m)
	• Increase in NRIs mainly due to the Gardant transaction costs
	• Lower write-downs on PP&E, intangibles, loans and equity investments in line
	with collection curves, supported also by the lower impairment partly offset by the reversal of the previous year's provision related to Sareb and the valuation at disposal of doValue Portugal in July following its sale
	• Financial interest and commission slightly higher driven by the new term loan
	for the Gardant Acquisition and the refinancing of the SSNs 2025. Includes €2.7 million component of the tax claim
	• Income tax for the period positively impacted by the favorable comparison base linked to the write-off of DTAs in 2023
	• Tax Claim of €22.7 million, non-recurring outcome related to the arbitration in (€20m) Spain, is split in a tax component and an interest component
	(€2.7m)
	• Minorities mainly related to doValue Greece, increase driven by one-off effect from a change in consolidation perimeter (Spain 100% vs. 85% ownership in 2023)

Cash Flow

COMMENTS
• Cash flow from operations, equal to €83.7m, in 2024, +6% higher than LY
(€79.2m) with a much higher cash conversion (54% vs. 44%)
• Moderate increase in Capex (+€2.4m YoY), in line with investment in the digital platform envisaged in the 2024-2026 industrial plan • Notable reduction in NWC thanks to improving control of invoicing
cycle with SPVs and positive advance payments dynamic • Lease payments slightly increase compared to prior year
• Cash out for redundancies lower than expected, thanks to the redeployment of doValue's FTEs to service Gardant's GBV • Other changes in other assets and liabilities mainly related to
payments from provisioned funds linked to personnel and risks & charges, and a tail of IFRS 15 effect
• Free cash flow of €28.2 million, in line with prior year despite the lower EBITDA and the increase in financial charges related to the new term loan
and the redemption of the 2025 senior secured notes
• Equity & financial assets investments equal to €(3.4)m include the acquisition of Team4 in Spain in 2023, the disposal of doValue Portugal and the share buy-back, as well as financial assets
• Gardant Transaction cash impact equal to €(63.6)m and includes the net
cash consideration paid, the rights issue and the related transaction costs

€m	Q4 2024	Q4 2023	FY 2024	FY 2023
EBITDA	61.9	60.0	154.0	175.3
Capex	(11.4)	(12.2)	(23.8)	(21.4)
Change in NWC and accruals on share-based payments	14.0	(1.5)	(4.7)	(16.5)
IFRS 16	(2.8)	(2.0)	(15.6)	(13.0)
Redundancies	(2.1)	(3.4)	(12.1)	(13.4)
Other changes in other assets & liabilities	0.5	0.3	(14.2)	(31.9)
Cash Flow from Operations	60.0	41.2	83.7	79.2
Taxes	(10.8)	(7.6)	(25.7)	(27.6)
Financial charges	(5.5)	-	(29.8)	(23.3)
Free Cash Flow	43.7	33.6	28.2	28.2
Dividends paid	-	(0.4)	-	(53.0)
Investments in equity & financial assets	-	(23.4)	(3.4)	(21.0)
Gardant transaction	(63.6)	-	(63.6)	-
Net cash Flow	(19.9)	9.8	(38.7)	(45.8)

Financial Structure

Notes: (1) Pro forma including Gardant | (2) Including payables for Gardant transaction costs | (3) Including accrued interests and fin. Assets measured at amortized cost (4) Calculated on 2025 capital structure after bond refinancing

Higher FCF generation than planned resulted in lower leverage than guidance (2.6x vs 2.4x)

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Streamlined capital structure

Debt maturity profile (€m)

Note: (1) Leverage target excluding M&A and dividends

• Very successful issuance of new SSNs for €300m with strong demand from the market (6x oversubscribed)
• Cost of debt among the lowest in the sector and consistent with assumptions for 2026 guidance
• Limited refinancing risk with no meaningful maturities until 2029
• Balanced duration with floating rates (amortizing and unhedged) for ca. €350m and fixed rate for €300m
• High level of liquidity with €136m cash in addition to €130 undrawn RCF

COMMENTS

Strong access to debt markets enhances financial flexibility, ensuring strategic growth and resilience

2025 Guidance

Note: (1) Free cash flow after interest, to serve dividend and principal repayment (2) Leverage target before dividend payment

• Positive cash generation will support deleverage by 2026

• Slight increase in GBV YoY as solid inflows are offset by increasing collection rate • ~€8bn p.a. new business (€6bn new mandates, €2bn future flows)

• Includes synergies in line with business plan (€5m in 2025 and €15m in 2026)

	2025
Gross revenues	€600-615m
Gross Book Value	€130-135bn
EBITDA ex NRIs	€210-220m
		assumptions:
FCF(1)	€60-70m
Financial leverage	2.0x(2)

COMMENTS

• Free cash flow to serve dividend and principal repayment. Includes the following

• higher use of DTAs becoming available in 2025

• interest expenses of €45m in 2025

• €5m extraordinary capex in 2025 for IT synergies linked to Gardant

• €10-15m exit costs in 2025-26 primarily linked to Gardant synergies

• €12m earn-out for doValue Greece in 2025 shift from 2024

• Non-NPL revenues to ~ 40-45% in 2026 from 35% in 2024

2026 business plan targets confirmed

Titolo breaker slide Appendix

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Seasonality: an historical overview

COMMENTS

EBITDA ex NRIs (€m)

• The servicing business is highly affected by seasonal factors impacting on collection capability: mainly closure of courts and debtors' overall decisions and behaviors
• This leads to structural volatility in collections, and therefore profitability and margins on a quarterly basis
• Collections and therefore revenues are generally higher in the 2 nd and 4 th quarters due mainly to holiday bonus payments and closure of courts in the summer
• In addition, revenues may undergo upsides from indemnity and/or disposal fees, normally during the 4 th quarter
• On the other hand, margins are generally lower in the 1 st and 3 rd quarters due debtors' recovery from holidays spending, discretionary spending during summer, court closures and legal proceedings slowdown
• Quarterly volatility in the topline is partially smoothed by cost discipline, with many expenses spread out over the year

Quarterly Financials at a glance

Gross Revenues

Net Revenues

EBITDA ex NRIs

EBITDA ex NRIs margin

Net Income ex NRIs

Net Income

Regional Performance

Notes: (1) Excluding Portugal, which is considered as NRI due to its disposal (2) EBITDA for Italy excluding Group costs worth €11.5m

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GBV dynamics

Condensed Income Statement

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Condensed Income Statement	12/31/2024	12/31/2023 Restated (*)	Change €	Change %
Servicing Revenues:	397,150	419,890	(22,740)	(5.4)%
o/w: NPE revenues	353,325	366,697	(13,372)	(3.6)%
o/w: REO revenues	43,825	53,193	(9,368)	(17.6)%
Co -investment revenues	950	1,290	(340)	(26.4)%
Ancillary and other revenues	84,022	64,551	19,471	30.2%
Gross revenues	482,122	485,731	(3,609)	(0.7)%
NPE Outsourcing fees	(13,002)	(14,365)	1,363	(9.5)%
REO Outsourcing fees	(9,327)	(9,684)	357	(3.7)%
Ancillary Outsourcing fees	(24,648)	(18,525)	(6,123)	33.1%
Net revenues	435,145	443,157	(8,012)	(1.8)%
Staff expenses	(203,424)	(196,312)	(7,112)	3.6%
Administrative expenses	(77,676)	(71,500)	(6,176)	8.6%
o.w. IT	(27,619)	(30,662)	3,043	(9.9)%
o.w. Real Estate	(5,169)	(5,084)	(85)	1.7%
o.w. SG&A	(44,888)	(35,754)	(9,134)	25.5%
Operating expenses	(281,100)	(267,812)	(13,288)	5.0%
EBITDA	154,045	175,345	(21,300)	(12.1)%
EBITDA margin	32.0%	36.1%	(4.1)%	(11.5)%
Non -recurring items included in EBITDA	(10,791)	(3,355)	(7,436)	n.s.
EBITDA excluding non -recurring items	164,836	178,700	(13,864)	(7.8)%
EBITDA margin excluding non -recurring items	34.4%	37.2%	(2.8)%	(7.4)%
Net write -downs on property, plant, equipment and intangibles	(73,514)	(91,920)	18,406	(20.0)%
Net provisions for risks and charges	(18,239)	(16,555)	(1,684)	10.2%
Net write -downs of loans	110	(906)	1,016	(112.1)%
Profit (loss) from equity investments	(2,954)	-	(2,954)	n.s.
EBIT	59,448	65,964	(6,516)	(9.9)%
Net income (loss) on financial assets and liabilities measured at fair value	(3,637)	(8,180)	4,543	(55.5)%
Net financial interest and commissions	(29,593)	(30,033)	440	(1.5)%
EBT	26,218	27,751	(1,533)	(5.5)%
Non -recurring items included in EBT	(25,644)	(19,674)	(5,970)	30.3%
EBT excluding non -recurring items	51,862	47,924	3,938	8.2%
Income tax	(12,206)	(41,891)	29,685	(70.9)%
Profit (Loss) for the year	14,012	(14,140)	28,152	n.s.
Profit (loss) for the year attributable to Non -controlling interests	(12,112)	(4,189)	(7,923)	n.s.
Profit (Loss) for the year attributable to the Shareholders of the Parent Company	1,900	(18,329)	20,229	(110.4)%
Non -recurring items included in Profit (loss) for the year	(5,173)	(21,420)	16,247	(75.8)%
O.w. Non -recurring items included in Profit (loss) for the year attributable to Non -controlling
interest	(327)	(1,755)	1,428	(81.4)%
Profit (loss) for the year attributable to the Shareholders of the Parent Company excluding non - recurring items	6,746	1,336	5,410	n.s.
Profit (loss) for the year attributable to Non -controlling interests excluding non -recurring items	12,439	5,944	6,495	109.3%
Earnings per share (in Euro)	0.08	(1.16)	1.23	(106.5)%
Earnings per share excluding non -recurring items (Euro)	0.27	0.08	0.18	n.s.

Note: (*) Restated following the final alocation of Team4 purchase price

Condensed Balance Sheet

Condensed Balance Sheet 12/31/2024

Condensed Balance Sheet	12/31/2024	12/31/2023 Restated (*)	Change €	Change %
Cash and liquid securities	232,169	112,376	119,793	106.6%
Financial assets	49,293	46,167	3,126	6.8%
Property, plant and equipment	52,305	48,678	3,627	7.5%
Intangible assets	682,684	473,784	208,900	44.1%
Tax assets	105,200	99,483	5,717	5.7%
Trade receivables	263,961	199,345	64,616	32.4%
Assets held for sale	10	16	(6)	(37.5)%
Other assets	64,231	51,216	13,015	25.4%
Total Assets	1,449,865	1,031,065	418,800	40.6%
Financial liabilities: due to banks/bondholders	733,419	588,030	145,389	24.7%
Other financial liabilities	76,675	96,540	(19,865)	(20.6)%
Trade payables	110,738	85,383	25,355	29.7%
Tax liabilities	108,989	65,096	43,893	67.4%
Employee termination benefits	11,913	8,412	3,501	41.6%
Provisions for risks and charges	23,034	26,356	(3,322)	(12.6)%
Other liabilities	73,046	57,056	15,990	28.0%
Total Liabilities	1,137,814	926,873	210,941	22.8%
Share capital	68,614	41,280	27,334	66.2%
Share premium	128,800	-	128,800	n.s.
Reserves	12,493	35,676	(23,183)	(65.0)%
Treasury shares	(9,348)	(6,095)	(3,253)	53.4%
Profit (loss) for the year attributable to the Shareholders of the Parent Company	1,900	(18,329)	20,229	(110.4)%
Net Equity attributable to the Shareholders of the Parent Company	202,459	52,532	149,927	n.s.
Total Liabilities and Net Equity attributable to the Shareholders of the Parent Company	1,340,273	979,405	360,868	36.8%
Net Equity attributable to Non-Controlling Interests	109,592	51,660	57,932	112.1%
Total Liabilities and Net Equity	1,449,865	1,031,065	418,800	40.6%

Note: (*) Restated following the final alocation of Team4 purchase price

Condensed Cash Flow

Adjustment for accrual on share
Tax claim payment	400
Treasury shares buy
Transaction costs	(13,114)
Right Issue	143,138
Dividends paid to minority shareholders
Dividends paid to Group shareholders

Condensed Cash flow	12/31/2024	12/31/2023
EBITDA	154,045	175,345
Capex	(23,769)	(21,361)
EBITDA-Capex	130,276	153,984
as % of EBITDA	85%	88%
Adjustment for accrual on share -based incentive system payments	1,176	(5,853)
Changes in Net Working Capital (NWC)	(5,895)	(10,673)
Changes in other assets/liabilities	(41,885)	(58,301)
Operating Cash Flow	83,672	79,157
Corporate Income Tax paid	(25,656)	(27,595)
Financial charges	(29,777)	(23,329)
Free Cash Flow	28,239	28,233
(Investments)/divestments in financial assets	2,848	2,599
Equity (investments)/divestments	(196,800)	(21,520)
Tax claim payment	400	-
Treasury shares buy -back	(3,421)	(2,115)
Transaction costs	(13,114)	-
Right Issue	143,138	-
Dividends paid to minority shareholders	-	(5,000)
Dividends paid to Group shareholders	-	(47,992)
Net Cash Flow of the year	(38,710)	(45,795)
Net financial Position - Beginning of year	(475,654)	(429,859)
Net financial Position - End of year	(514,364)	(475,654)
Change in Net Financial Position	(38,710)	(45,795)

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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

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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You should not place undue reliance on any such forward-looking statements and or guidance, which speak only as of the date of this Presentation. The inclusion of the projections herein should not be regarded as an indication that the doValue considers the latter to be a reliable prediction of future events and the projections should not be relied upon as such. Use of different methods for preparing, calculating or presenting information may lead to different results and such differences may be material. It should be noted that past performance is not a guide to future performance. Please also note that interim results are not necessarily indicative of full-year results.

By reviewing the Presentation, you acknowledge that you are knowledgeable and experienced with respect to its financial and business aspects and that you will conduct your own independent investigations with respect to the accuracy, completeness and suitability of the matters referred to in the Presentation should you choose to use or rely on it, at your own risk, for any purpose.

No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the Information or the opinions contained therein.

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