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Investor Presentation • May 15, 2025

MAY 15TH, 2025

Q1 2025 Financial Results

• GBV €9.2 from new business in 2025 YTD surpassing the €8 billion full-year target
• Strong growth in Gross Revenues reaching €141m and EBITDA ex NRI up triple digit (+106% YoY)
• Leverage decreasing to 2.3x² despite seasonality and on track to reach 2.0x by the end of the year
• Non-NPL revenues up to 39% of Gross Revenues, on track to reach 40-45% target by 2026
• Strong cash conversion with significant improvement (+€48m YoY in FCF)

UPDATED TARGET FOR NEW BUSINESS FOR THE CURRENT YEAR €12+ BILLION GBV AND 2025 GUIDANCE CONFIRMED

Executive summary

EBITDA ex NRIs €51m

New Business €9.2bn

Financial Leverage 2.3x

Free Cash flow €32m

Non-NPL Revenues 39%

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Business plan projections based on a stable macro environment Deterioration could generate up to €30bn in additional GBV inflows, with controlled impact on collections

Economic downturn as a tailwind for GBV with impact on collections under control

Sources: 1. EUROSTAT, Business registration and bankruptcy index by NACE Rev.2 activity – seasonally adjusted quarterly data, May 2025; 2. CRIBIS, Report CRIBIS Fallimenti delle imprese 2024, April 2025 and 3. Report CRIBIS Fallimenti delle imprese Q1 2025, April 2025; 4. Cerved, Osservatorio procedure e liquidazioni, March 2025; 5. Solunion, April 2025; 6. Creditreform, May 2025;

Business Resilience in a Deteriorating Macroeconomic Scenario

• EU
• Seasonally adjusted bankruptcies remain near multi-year highs, up ~60% from 2021 levels, despite a minor QoQ dip in Q4 2024
• In Q4 2024, declarations were above 2019 levels across all sectors¹

Italy

• Filed judicial liquidations grew +19.7% YoY in 2024, nearing pre-COVID highs
• The stock of companies in judicial liquidation in Q4 2024 grew by +32.3% YoY (+70% vs 2022)²
• In Q1 2025, judicial liquidations rose by +11.3% YoY³
• Business insolvencies surged by +17.2% YoY in 2024 (+9.8% YoY in 2023)⁴

Spain

• Business insolvencies up +17.5% YoY in 2024 and +5.2% YoY in Q1 2025
• March 2025 showed a slight decline (-9% MoM), yet trend remains upward⁵

Greece

• +42.5% YoY increase in bankruptcies in 2024 due to new legal frameworks. Highest growth in Western Europe⁶

Cyprus

• +399.3% YoY in Q4 2024 in bankruptcy declarations¹

Upward trend of bankruptcies poses an opportunity for GBV inflows

• The portfolio is largely composed of secured loans, REOs and positions in advanced or judicial stages, which are less sensitive to macro conditions
• Legal processes and recovery strategies already underway reduce exposure to worsening borrower fundamentals
• A deteriorating environment is expected to accelerate NPL formation, expanding the servicing opportunity pipeline across all NPE spectrum
• Our infrastructure and expertise position us to capitalize on the next wave of NPL portfolios entering the market
• ~90% of AuM with vintage >5 years and >85% AuM in judicial proceeding stage or REO, both isolating collections performance from fluctuations of the macro environment

GBV FROM NEW BUSINESS IN 2025 YTD

GBV from new business surpassing 2025 target YTD

Strong commercial momentum: new mandates at €8.1 billion in Q1 2025, exceeding the €6bn annual target in the first three months of the year

Forward Flows at €1.1 billion, on track to reach annual target of €2bn

On top of transactions already announced:

• New NPL mandates in Spain from a leading banking institution for c.€300m, expanding the scope of products we service for them
• New mandates include €0.9bn from smaller/single tickets transactions

Thanks to the strong start of the year, we are Increasing 2025 target of new business to €12+ billion GBV

18-month pipeline expanded thanks to our diversification strategy

• 18-month pipeline includes ~€47bn GBV, net of the GBV already assigned YTD

• Non-Financial Receivables significantly expanding our addressable market as the investment in the diversification strategy and digital platform pays off

• Tangible prospects in Spain, with NPE deals primarily from banking clients

doValue expanded its pipeline significantly through the entrance in the non financial receivables space (i.e. Tax Receivables, Telcos, Utilities) thanks to the successful implementation of the diversification strategy outlined in the business plan and the launch of the digital platform

All main diversification activities targeted in 2024 either completed or started

monetization

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Gardant Integration Update

Gardant integration progressing well and remains on track to deliver planned synergies

Titolo breaker slide Financial Results Davide Soffietti Group CFO

Financials at a glance

∆% YoY
	• Strong double-digit growth in gross revenues vs. prior year • Revenues up YoY even excluding Gardant contribution • VAS revenues more than doubled YoY continuing the positive momentum seen in the past quarters
	• Higher net revenues driven by a contained impact of consolidation on outsourcing costs which decreased as % of gross revenues by c.2% vs. Q1 2024
	• EBITDA more than doubled vs prior year • EBITDA up double digit even excluding Gardant contribution • Increase in costs linked to Gardant's cost base mitigated by initial synergies
	• Strong improvement in EBITDA margin YoY despite the low seasonality quarter thanks to the accretive impact of Gardant
	• Increase in Net Income ex NRIs thanks to the positive trend in EBITDA ex NRIs and despite higher financial interest and minorities

Gross Revenues (€m) COMMENTS

Gross Revenues

• Group

• Gross revenues up +46% YoY, supported by Gardant contribution, initial synergies, as well as continued strong contribution of Value Added Services
• Gross revenues grew also on a stand-alone basis
• Non-NPL revenues in Q1 2025 amounted to 39% of gross revenues
• Outsourcing costs as % of gross revenues decreased YoY at 9.3% vs. 11.1% in Q1 2024

• Hellenic Region

• Revenues up 8% YoY mainly driven by UTP and Value Added Services
• NPL revenues were also up YoY in the first quarter

• Italy

• Overall revenues up +111% YoY, driven by Gardant contribution
• Very positive trends also on a standalone basis with double digit growth driven by UTP and Value Added Services

• Spain

• Revenues only slightly down by €(0.7) million YoY due to declining REOs mitigated by improvement in all other categories

Operating Expenses

• Total Operating expenses

• Successfully contained the natural increase in operating costs from the consolidation of Gardant thanks to continued cost discipline across functions

• HR

• Higher HR cost (+27.7% YoY) linked to the effect of Gardant consolidation and to the increase in variable compensation following better-than-expected performance of the business
• HR costs increased in Greece due to the onboarding of new large portfolios

Operating Expenses ex NRIs (€m) COMMENTS

• IT, RE and SG&A

• Operating costs increased only by €2.4 million YoY thanks to initial synergies that were able to successfully mitigate the effect of Gardant's consolidation

EBITDA ex NRIs

• Group

• EBITDA ex NRIs reached €51m in Q1 2025 more than twice the EBITDA of Q1 2024
• Variation mainly driven by the increase of Italy and by strong performance of UTP and VAS driving revenues
• EBITDA margin increased significantly thanks to the accretive impact of Gardant

• Hellenic Region

• Hellenic EBITDA increased 7.7% driven by positive trends in UTPs and VAS
• EBITDA margin of 44.7% continues to drive group margins (36.4% Group level) despite some onboarding costs of new portfolios in Greece

• Italy

• EBITDA up €24.1 million thanks to Gardant as well as to positive contribution of UTP and VAS to Gross Revenues
• Effective cost discipline measures and initial synergies mitigated the impact of the consolidation of Gardant's cost base

• Spain

• Slightly negative EBITDA in a low seasonality quarter, with lower cost base and on track to deliver positive EBITDA at year-end

• NRIs limited to €(0.5) million with EBITDA reported at €50.9 million

Note: Q1 2025 EBITDA includes group costs in Italy worth €3.1m. In Q1 2024 figures Portugal is included in non recurring items due to its sale in July 2024

Net Income

€m	Q1 2025	Q1 2024	Delta
EBITDA ex NRIs	51.4	25.0	26.5
Non-Recurring Items	(0.5)	0.0	(0.5)
EBITDA	50.9	24.9	26.0
Net write-down of PP&E, intangibles, loans and equity investments	(20.7)	(19.0)	(1.8)
EBIT	30.2	5.9	24.2
Net financial interest and commission	(20.1)	(7.4)	(12.7)
Net result of financial assets at fair value	0.9	0.4	0.5
EBT	10.9	(1.1)	12.0
Income tax	(5.9)	(4.7)	(1.2)
Minorities	(6.0)	(1.3)	(4.7)
Group Net Income reported	(0.9)	(7.1)	6.1
Non Recurring Items	(10.1)	(4.6)	(5.5)
Group Net Income ex NRIs	9.1	(2.4)	11.6

Delta	COMMENTS
	• Higher EBITDA ex NRIs driven by positive momentum across products and markets
	• Write-downs on PP&E, intangibles, loans and equity investments
	in line with collection curves
	• Higher financial interest and commission driven by the impact of the new bond (€2.8 million interest and amortized costs), the new
	term loan (€7.7 million interest and amortized costs), and the residual interest on the 2026 SSN (€1.3 million). The line also
	includes €7.3 million one-off costs related to the refinancing of the 2026 bond.
	• Income tax for the period increased on the back of a higher EBITDA as well as the consolidation of Gardant's profit-making
(4.7)	legal entities
	• Minorities increased due to Gardant's partnerships with Banco BPM and BPER

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Cash Flow

€m	Q1 2025	Q1 2024	Delta (€m)
EBITDA	50.9	24.9	26.0
Capex	(2.2)	(1.8)	(0.4)
Change in NWC and accruals on share-based payments	11.5	(11.3)	22.7
IFRS 16	(6.0)	(6.9)	0.9
Redundancies	(2.4)	(4.2)	1.8
Other changes in other assets & liabilities	(4.3)	3.3	(7.6)
Cash Flow from Operations	47.3	3.9	43.4
Taxes	(7.0)	(9.1)	2.1
Financial charges	(8.9)	(11.6)	2.7
Free Cash Flow	31.5	(16.7)	48.2
Investments in equity & financial assets	(12.1)	(24.7)	12.6
Cash flow before dividend & financial debt	19.4	(41.4)	60.8

• Cash flow from operations, equal to €47.3m, in 2024, +€43.4 million higher than LY (€3.9m) with a much higher cash conversion reaching 93% from 16% in Q1 2024
  • Moderate increase in Capex (+€0.4m YoY), mainly driven by Gardant
  • Remarkable reduction in NWC (+€22.7m YoY) thanks to improving control of invoicing cycle with SPVs and positive advance payments dynamics
  • Lease payments slightly decreased compared to prior year despite Gardant's offices and thanks to real estate efficiencies carried out throughout 2024. More will be realized over 2025
  • Redundancies at €2.4 million in Q1 2025, €1.8 million lower than Q1 24
  • Other changes in other assets and liabilities mainly related to payments from provisioned funds
• Free cash flow of €31.5 million, up by a remarkable €48.2 million YoY driven by the higher CFO which more than offset the increase in financial charges related to the final interest payment and early redemption of the 2026 senior secured loan and interest on the new term loan
• Equity & financial assets investments equal to €(12.1)m mainly related to the payment of the earnout for doValue Greece, as well as financial assets

COMMENTS

Financial Structure

	COMMENTS
	(2) • Net leverage at 2.3x , continuing its deleverage path towards FY guidance (2.0x) even including the extraordinary cash out of €11 million earn-out related to doValue Greece paid in Q1
Other liabilities	• Solid liquidity buffer of €273m, including €130m undrawn RCF lines (o/w €80m 3-year facilities)
TL (2) Maturity 10/2029	• Stable corporate rating (BB/Stable Outlook), confirmed amidst deteriorated credit profiles of debt purchasers and servicers, praising our asset-light business model
SSN Maturity 02/2030 7.000% coupon (2)	• Our bond trades at one of the lowest yields in the sector, with a YTM ~6%, mirroring lower perceived credit risk and investor confidence
	• Average cost of debt at 6.64%

Cash on BS

Notes: (1) Pro forma including Gardant (2) Including accrued interests and fin. Assets measured at amortized cost (3) Pro forma including the collection by doValue Spain of an Earn Out of

€22.7 million occurred in April 2024, as illustrated in Q1 2024 results release

Solid deleverage path supported by strong improvement in cash flow dynamic on track to reach net leverage expectations on organic basis

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2025 Guidance confirmed

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

• Positive cash generation will support further deleverage by 2026

• Increasing the guidance on the back of strong new business dynamics

• +€12bn new business in 2025 as target was raised on the back of strong new business YTD

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

	2025
Gross revenues	€600-615m
Gross Book Value	€135-140bn
EBITDA ex NRIs	€210-220m
FCF(1)	€60-70m	assumptions:
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

• €11m earn-out for doValue Greece in 2025 paid in Q1 2025

• Non-NPL revenues to ~ 40-45% in 2026 from 39% in Q1 2025

2026 business plan targets confirmed

Titolo breaker slide Appendix

Regional Performance

Notes: EBITDA for Italy excluding Group costs worth €3.1m

	Hellenic Region	Italy	Spain
€141bn	€43bn	€87bn	€11bn
€1.1bn	€0.4bn	€0.5bn	€0.2bn
4.3%	5.4%	3.3%	8.9%
€141m	€52m	€78m	€11m
€51m	€23m	€32m	€(0.8)m
36.4%	44.7%	41.0%	(6.7)%

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Very positive GBV dynamics in the first quarter

Improvement in GBV dynamic: natural GBV reduction being offset by solid inflows from existing clients and strong new business

Inflows from new clients: intakes by region worth €1.9bn from Italy, €6.6bn from the Hellenic Region, mainly NPLs, and €0.7bn from Spain

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Condensed Income Statement

Condensed Income Statement	3/31/2025	3/31/2024	Change €	Change %
NPL Servicing revenues	85,603	64,685	20,918	32.3%
Non -NPL Servicing revenues	24,672	19,231	5,441	28.3%
Value added services	31,161	15,126	16,035	106.0%
Gross revenues	141,436	99,042	42,394	42.8%
NPE Outsourcing fees	(4,901)	(2,923)	(1,978)	67.7%
REO Outsourcing fees	(1,836)	(2,351)	515	(21.9)%
Value added services Outsourcing fees	(6,452)	(6,000)	(452)	7.5%
Net revenues	128,247	87,768	40,479	46.1%
Staff expenses	(59,890)	(47,865)	(12,025)	25.1%
Administrative expenses	(17,477)	(14,986)	(2,491)	16.6%
o.w. IT	(7,520)	(6,200)	(1,320)	21.3%
o.w. Real Estate	(1,942)	(1,150)	(792)	68.9%
o.w. SG&A	(8,015)	(7,636)	(379)	5.0%
Operating expenses	(77,367)	(62,851)	(14,516)	23.1%
EBITDA	50,880	24,917	25,963	104.2%
EBITDA margin	36.0%	25.2%	10.8%	43.0%
Non -recurring items included in EBITDA	(540)	(35)	(505)	n.s.
EBITDA excluding non -recurring items	51,420	24,952	26,468	106.1%
EBITDA margin excluding non -recurring items	36.4%	25.7%	10.7%	41.5%
Net write -downs on property, plant, equipment and intangibles	(18,191)	(13,673)	(4,518)	33.0%
Net provisions for risks and charges	(2,503)	(5,300)	2,797	(52.8)%
Net write -downs of loans	(34)	2	(36)	n.s.
EBIT	30,152	5,946	24,206	n.s.
Net income (loss) on financial assets and liabilities measured at fair value	893	362	531	146.7%
Net financial interest and commissions	(20,099)	(7,393)	(12,706)	n.s.
EBT	10,946	(1,085)	12,031	n.s.
Non -recurring items included in EBT	(10,470)	(4,656)	(5,814)	124.9%
EBT excluding non -recurring items	21,417	3,571	17,846	n.s.
Income tax	(5,896)	(4,721)	(1,175)	24.9%
Profit (Loss) for the period	5,050	(5,806)	10,856	n.s.
Profit (loss) for the period attributable to Non -controlling interests	(5,996)	(1,251)	(4,745)	n.s.
Profit (Loss) for the period attributable to the Shareholders of the Parent Company	(946)	(7,057)	6,111	(86.6)%
Non -recurring items included in Profit (loss) for the period	(10,088)	(4,641)	(5,447)	117.4%
O.w. Non -recurring items included in Profit (loss) for the period attributable to Non -controlling interest	(12)	(18)	6	(33.3)%
Profit (loss) for the period attributable to the Shareholders of the Parent Company excluding non -recurring items	9,130	(2,434)	11,564	n.s.
Profit (loss) for the period attributable to Non -controlling interests excluding non -recurring items	6,008	1,269	4,739	n.s.
Earnings per share (in Euro)	(0.005)	(0.455)	0.450	(98.9)%
Earnings per share excluding non -recurring items (Euro)	0.048	(0.157)	0.205	(130.7)%

Earnings per share excluding non

Condensed Balance Sheet

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-

-

-

-

-

-

-

-

Condensed Balance Sheet	3/31/2025	12/31/2024	Change €	Change %
Cash and liquid securities	142,961	232,169	(89,208)	(38.4)%
Financial assets	49,001	49,293	(292)	(0.6)%
Equity investments	12	12	-	n.s.
Property, plant and equipment	52,703	52,305	398	0.8%
Intangible assets	679,028	682,684	(3,656)	(0.5)%
Tax assets	101,385	105,200	(3,815)	(3.6)%
Trade receivables	225,682	263,961	(38,279)	(14.5)%
Assets held for sale	10	10	-	n.s.
Other assets	77,233	64,231	13,002	20.2%
Total Assets	1,328,015	1,449,865	(121,850)	(8.4)%
Financial liabilities: due to banks/bondholders	643,025	733,419	(90,394)	(12.3)%
Other financial liabilities	70,623	76,675	(6,052)	(7.9)%
Trade payables	86,611	110,738	(24,127)	(21.8)%
Tax liabilities	109,276	108,989	287	0.3%
Employee termination benefits	11,658	11,913	(255)	(2.1)%
Provisions for risks and charges	21,472	23,034	(1,562)	(6.8)%
Other liabilities	68,547	73,046	(4,499)	(6.2)%
Total Liabilities	1,011,212	1,137,814	(126,602)	(11.1)%
Share capital	68,614	68,614	-	n.s.
Share premium	128,800	128,800	-	n.s.
Reserves	14,139	12,493	1,646	13.2%
Treasury shares	(9,348)	(9,348)	-	n.s.
Profit (loss) for the period attributable to the Shareholders of the Parent Company	(946)	1,900	(2,846)	(149.8)%
Net Equity attributable to the Shareholders of the Parent Company	201,259	202,459	(1,200)	(0.6)%
Total Liabilities and Net Equity attributable to the Shareholders of the Parent Company	1,212,471	1,340,273	(127,802)	(9.5)%
Net Equity attributable to Non -Controlling Interests	115,544	109,592	5,952	5.4%
Total Liabilities and Net Equity	1,328,015	1,449,865	(121,850)	(8.4)%

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Condensed Cash Flow

Condensed Cash flow	3/31/2025	3/31/2024	12/31/2024
EBITDA	50,880	24,917	154,045
Capex	(2,248)	(1,816)	(23,769)
EBITDA-Capex	48,632	23,101	130,276
as % of EBITDA	96%	93%	85%
Adjustment for accrual on share -based incentive system payments	618	(1,061)	1,176
Changes in Net Working Capital (NWC)	10,843	(10,205)	(5,895)
Changes in other assets/liabilities	(12,752)	(7,896)	(41,885)
Operating Cash Flow	47,341	3,939	83,672
Corporate Income Tax paid	(6,954)	(9,060)	(25,656)
Financial charges	(8,873)	(11,598)	(29,777)
Free Cash Flow	31,514	(16,719)	28,239
(Investments)/divestments in financial assets	1,355	1,440	2,848
Equity (investments)/divestments	(2,637)	(373)	(196,800)
Tax claim payment	(10,800)	(22,300)	400
Treasury shares buy -back	-	(3,421)	(3,421)
Transaction costs	-	-	(13,114)
Right Issue	-	-	143,138
Cash Flow before dividends and financial debt repayment	19,432	(41,373)	(38,710)
Financial Debt repayment	(9,122)	-	-
Net Cash Flow of the period	10,310	(41,373)	(38,710)
Net financial Position - Beginning of period	(514,364)	(475,654)	(475,654)
Net financial Position - End of period	(504,054)	(517,027)	(514,364)
Change in Net Financial Position	10,310	(41,373)	(38,710)

Adjustment for accrual on share
Treasury shares buy -back
Transaction costs	-
Right Issue	-
Financial Debt repayment	(9,122)
Net financial Position
Net financial Position

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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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This Presentation has been prepared based on the information currently available to us and is based on certain key underlying assumptions. The information contained in this Presentation has not been independently verified and no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness, reasonableness or correctness of the information or opinions contained herein. None of doValue its subsidiaries or any of their respective employees, advisers, representatives or affiliates shall have any liability whatsoever (in negligence or otherwise) for any loss however arising from any use of this document or its contents or otherwise arising in connection with this Presentation. The information contained in this Presentation is provided as at the date of this Presentation and is subject to change without notice.

Statements made in this Presentation may include forward-looking statements. These statements may be identified by the fact that they use words such as "anticipate", "estimate", "should", "expect", "guidance", "project", "intend", "plan", "believe", and/or other words and terms of similar meaning in connection with, among other things, any discussion of results of operations, financial condition, liquidity, prospects, growth, strategies or developments in the industry in which we operate. Such statements, including specifically any guidance or projection, are based on management's current intentions, expectations or beliefs and involve inherent risks, assumptions and uncertainties, including factors that could delay, divert or change any of them.

Forward-looking statements contained in this Presentation and, in particular, in any relevant guidance, regarding trends or current activities are not guarantees of future performance and are subject to risks, uncertainties, and assumptions that are difficult to predict because they relate to events and depend on circumstances that may may/will occur in the future therefore should not be taken as a representation that such trends or activities will continue in the future. Actual outcomes, results and other future events may differ materially from those expressed or implied by the statements and guidance contained herein. Such differences may adversely affect the outcome and financial effects of the plans and events described herein and may result from, among other things, changes in economic, business, competitive, technological, strategic or regulatory factors and other factors affecting the business and operations of the company. Estimated and assumptions are inherently uncertain and are subject to risks that are outside of the company's control. Any guidance and statement refers to events and depend upon circumstances that may or may not verify in the future and refer only as of the date hereof. Therefore the Company's actual results may differ materially and adversely from those expressed or implied in any forward-looking statements. Neither doValue S.p.A. nor any of its affiliates is under any obligation, and each such entity expressly disclaims any such obligation, to update, revise or amend any forward-looking statements, whether as a result of new information, future events or otherwise.

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.

Disclaimer

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