Dovalue — Interim / Quarterly Report 2025

Aug 7, 2025

AUGUST 7TH, 2025

H1 2025 Financial Results

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• GBV at €141 billion, highest since 2022, with new business already close to FY €12+ billion target for full year
• Gross revenue, up 32% to €281 million, with recurring Non-NPL driving revenue growth
• EBITDA at €99 million (+47%), with growing margins thanks to focus on Gardant synergies and overall efficiencies across regions
• Achieved over ca. 85% cash conversion on operating leverage, leading to financial leverage stability, in line with deleveraging target
• coeo acquisition proceeding toward closing by Jan 26. BB (stable) rating confirmed by S&P and Fitch

H1 RESULTS ABOVE YoY EXPECTATIONS, FULLY ON TRACK TO DELIVER ON 2025 GUIDANCE

Executive summary

EBITDA ex NRIs €99m

New Business 1 €11bn

Note: (1) Including committed mandates and excluding secondary deals on existing portfolios; (2) On a pro forma basis

Financial Leverage 2.3x

BB stable outlook

Non-NPL revenue 37%

STRONG NEW BUSINESS INFLOWS MARKS THE 4th CONSECUTIVE QUARTER OF GROWING GBV

GBV from new business at all time high approaching the revised 2025 target

Continued commercial momentum: €800 million new mandates since May, largely driven by new mandates won in Spain from a leading banking institution and by new UTP mandates in Italy

Strong progress from Forward Flows which stood at €2.1 billion well over our initial annual target of €2.0 billion. This performance was mainly driven by solid flows from Santander in Spain (+42% YoY), and of the significant contribution of BPER and Banco BPM

Maintained servicing on €1.1 billion portfolios following secondary sales in Greece, evidence of the high quality of doValue's servicing

1.1

New business from locked-in contracts replenished ~85% of collections in H1 2025, contributing to GBV stabilization

18-month pipeline increases to all-time high

• 18-month pipeline includes ~€49bn GBV, net of the GBV already assigned YTD and excluding forward flows
• ~25% success rate on 18-month pipeline as of 31 December 2024 in the first 7 months
• Pipeline increasing by €14 billion vs. 31 December 2024 despite €7 billion won mandates exiting the pipeline in H1
• Tangible prospects in Spain, with NPE deals primarily from banking and institutional clients
• coeo's advanced digital platform to accelerate and expand doValue's ability to manage large volumes of non-financial receivables in an automated manner, enhancing profitability
  • coeo's target clients pipeline not included

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Value Added Services (VAS) initiatives

New New initiatives related to 24-26 Business Plan

Material progress and solid growth during Business Plan horizon

OUR NEXT GROWTH HORIZON: The 2026-2028 industrial plan will define our new ambitions and opportunities for the future

Mid 2026

The new Business Plan will have sound foundations starting from a stronger business profile, de-levered and cashgenerative doValue

Gross Revenue

Titolo breaker slide Financial Results Davide Soffietti Group CFO

Financials at a glance

∆% YoY
	• Continued double-digit growth in gross revenue vs. prior year • Non-NPL revenue drove more growth than NPL in H1 25 • Continued strong momentum in VAS, with revenue increased double digit
	• Higher net revenue driven by a contained impact of consolidation on outsourcing costs which decreased as % of gross revenue YoY
	• Double-digit growth in EBITDA continued in 2Q • Growth supported by cost savings in Iberia and the successful release of synergies in Italy
	• Strong improvement in EBITDA margin YoY in 2Q, thanks to continued cost discipline alongside the expansion of higher margin business
	• Strong double-digit growth in Net Income ex NRIs (+80%) thanks to the positive trend in EBITDA ex NRIs and despite higher financial interest and minorities

Note: in H1 2024 figures Portugal is included in non recurring items due to its sale in July 2024

Gross revenue (€m) COMMENTS

Gross revenue

• Group

• Gross revenue up +31.6% YoY, in line with the full-year guidance, supported by Gardant contribution, initial synergies, as well as continued strong contribution of Non-NPL revenue
• Non-NPL revenue in H1 2025 amounted to 37% of gross revenue
• Outsourcing costs as % of gross revenue decreased YoY at 9.5% vs. 10.2% in H1 2024

• Hellenic Region

• Revenue flat YoY as strong dynamics in VAS and REOs offset the lower disposals impacting NPL revenue in 2Q

• Italy

• Overall revenue up +86% YoY, driven by Gardant contribution and very positive trends in recurring VAS

• Spain

• Revenue only slightly down by €(1.8) million YoY due to lower REOs mitigated by continued improvement in all other categories

Note: in H1 2024 figures Portugal is included in non recurring items due to its sale in July 2024

Operating Expenses

• Total Operating expenses

• Successfully contained the natural increase in operating costs from the consolidation of Gardant thanks to continued cost discipline unlocking savings across functions and markets
• Cost containment remains a key focus for doValue despite the ongoing expansion of the business

• HR

• Higher HR cost (+29.1% YoY) linked to the effect of Gardant consolidation and the increase in variable compensation following better-than-expected performance of the business
• HR costs containment in Italy above expectations thanks to the successful execution of Gardant's synergies
• HR costs increase in Greece from the onboarding of new large portfolios mitigated by savings in Spain

• IT, RE and SG&A

• Operating costs increased only by €3.9 million YoY thanks to efficiencies in Iberia and Greece, as well as initial synergies that were able to successfully mitigate the effect of Gardant's consolidation

Notes:

In H1 2024 figures Portugal is included in non recurring items due to its sale in July 2024. Group costs fully allocated to Italy

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EBITDA ex NRIs

• Group

• EBITDA ex NRIs reached €99m in H1 2025 up 47% vs H1 2024
• Double digit growth also in the second quarter despite the lower disposals in Greece
• Variation mainly driven by the increase of Italy and by continued strong performance in VAS driving revenue while rigorous cost management has contributed to an improvement in the EBITDA margin
• EBITDA margin increased significantly thanks to the accretive impact of Gardant

• Hellenic Region

• Hellenic EBITDA decreased 7.3% as onboarding costs of new portfolios and lower disposals impacted the region's profitability in 2Q
• EBITDA margin of 45.6% continues to boost group margin (35.2% Group level) despite the headwinds

• Italy

• EBITDA up €36.6 million excluding group costs thanks to Gardant as well as to continued positive contribution of VAS to Gross Revenue
• Effective cost discipline measures and initial synergies mitigated the impact of the consolidation of Gardant's cost base

• Spain

• Slightly positive EBITDA thanks to continued cost efficiencies
• NRIs limited to €(2.6) million with EBITDA reported at €96.5 million

Notes:

In H1 2024 figures Portugal is included in non recurring items due to its sale in July 2024. Group costs fully allocated to Italy

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Net Income

€m	H1 2025	H1 2024	Delta	COMMENTS
EBITDA ex NRIs	99.1	67.4	31.8	• Higher EBITDA ex NRIs driven by positive momentum across products and markets
Non-Recurring Items	(2.6)	(2.3)	(0.3)	• Write-downs on PP&E, intangibles, loans and equity investments in line with collection curves, includes also Gardant's portfolios • Higher financial interest and commission driven by the impact of the new bond (€8.4 million interest and amortized costs), the new term loan (€14.8 million interest and amortized costs) and the €7.3 million one-off costs related to the refinancing of the old 2026 bond
EBITDA	96.5	65.0	31.4
Net write-down of PP&E, intangibles, loans and equity investments	(46.3)	(42.1)	(4.2)
EBIT	50.2	23.0	27.3
Net financial interest and commission	(33.6)	(11.8)	(21.8)	• Income tax for the period increased on the back of a higher EBITDA as well as the consolidation of Gardant's. In 2024 the line was positively impacted by the tax claim gain in Spain
Net result of financial assets at fair value	1.1	(0.3)	1.4
EBT	17.6	10.9	6.8	• Minorities increased due to Gardant's partnerships with Banco
Income tax	(13.2)	8.7	(21.8)	BPM and BPER
Minorities	(8.5)	(4.0)	(4.5)	• Non recurring items included €7.3 million costs related to the refinancing of the new bond as well as €7.3 million redundancy costs, largely in Italy to unlock synergies from Gardant
Group Net Income reported	(4.1)	15.5	(19.5)
Non Recurring Items	(16.0)	8.6	(24.6)	• Net income ex NRI up >70% vs prior year despite the c. €22 million increase in financial interest linked to the recent refinancing activities
Group Net Income ex NRIs	11.9	6.9	5.0	• Net income reported slightly improved YoY despite the higher NRIs, once excluded the effect of the €20m tax claim in 1H24

Note: in H1 2024 figures Portugal is included in non recurring items due to its sale in July 2024

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Cash Flow

€m	H1 2025	H1 2024	Delta (€m)
EBITDA	96.5	65.0	31.4
Capex	(8.0)	(6.6)	(1.3)
Change in NWC and accruals on share based payments	22.5	(10.7)	33.2
IFRS 16	(10.1)	(6.9)	(3.2)
Redundancies	(5.7)	(4.2)	(1.5)
Other changes in other assets & liabilities	(14.6)	(16.9)	2.3
Cash Flow from Operations	80.6	19.6	61.0
Taxes	(7.0)	(9.1)	2.1
Financial charges	(23.1)	(12.3)	(10.8)
Free Cash Flow	50.5	(1.8)	52.3
Minorities	(7.7)	0.0	(7.7)
Investments in equity & financial assets	(12.4)	(1.9)	(10.5)
Cash flow before dividend & financial debt	30.4	(3.7)	34.1

COMMENTS
• Cash flow from operations, equal to €80.6m, in 2024, +€61.0 million higher than LY (€19.6m) with a much higher cash conversion reaching 84% from 30% in H1 2024
• Moderate decrease in Capex (€(1.3)m YoY), mainly driven by Gardant • Continues the remarkable reduction in NWC (+€33.2m YoY) thanks to improving control of invoicing cycle with SPVs in Greece • Lease payments up €3.2 million YoY due to Gardant's perimeter • Redundancies at €5.7 million in H1 2025, slightly up YoY • Other changes in other assets & liabilities stable YoY, with increase vs
Q1 25 mainly linked to the 2024 MBO with no effects in H2
• Free cash flow of €50.5 million, up by a remarkable €52.3 million YoY driven by the higher cash flow from operations which more than offset the increase in financial charges related to the refinancing of the 2026 senior
secured bond and interest on the new term loan
• Minorities of €7.7 million related to the partnerships with BPER and Banco BPM. No further significant payments expected in 2025.
• Equity & financial assets investments equal to €(12.4)m mainly related to
the payment of the earnout for doValue Greece

Financial Structure

Net Debt (€m)

	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, and the €8 million minorities paid in Q2
Other liabilities TL (2) Maturity 10/2029	• Solid liquidity buffer of €262m, including €130m undrawn RCF lines (o/w €80m 3-year facilities), despite the payment of the first tranche of term loan amortization in June, decreasing gross debt by €26.3m • Stable corporate rating (BB/Stable Outlook), confirmed in July in the context of the announcement of the binding agreement signed for the acquisition of coeo
€300m SSN Maturity 02/2030 7.000% coupon (2)	• Our bond trades at one of the lowest yields in the sector, with a YTM ~5%, mirroring lower perceived credit risk and investor confidence and unaffected by acquisition announcement
Cash on BS	• Average cost of debt at 6.21%

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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Confident on delivery the 2025 guidance before closing the coeo acquisition

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

2026 Business Plan targets including coeo show significant growth vs. 2024

Leverage kept well within sustainable levels

• Targets do not currently include any potential synergies, on which more details will be given at the next Capital Markets Day around mid 2026

• Upside offered by the conservative stance of the Business Plan targets including coeo, currently based on low-end doValue target and coeo buyer case

• doValue will reach its standalone leverage target of 2.0x in 2025, in 2026 leverage is expected to rise only moderately to 2.2x with fast deleveraging to 1.7x in 2027

• Portfolio key features:

• o Very short duration of c.1 year
• o Annual portfolio purchases of c.€100m (to be deconsolidated in the context of 3rd party financing arrangement by closing) to ensure asset-light business model in line with doValue's strategy

• Very limited increase in net debt post acquisition, with leverage expected at 2.2x at the end of 2026.

• o Interest on new bond for ~€20 million
• o coeo cash conversion of ~40-50%, including the expected cost of portfolio deconsolidation / financing

2026 Business Plan targets including coeo

Titolo breaker slide coeo Daniele della Seta Head of IR and M&A

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Deep Dive coeo vs. Competitors

Communications & Setting up payment plans

Combination of doValue's and coeo's digital capabilities

coeo's AI ecosystem to transform doValue's digital platform

Strengthen doValue's digital platform and improve its ability to expand into non-financial receivables segment:

• Improving efficiency and increasing margins for high-volume, small size unsecured portfolios (telecom, utilities, tax receivables)
• Becoming a leader in a very fragmented market dominated by small local servicers

coeo's strategic benefits range far beyond its digital capabilities

Contracts & Client Relationships

• Commercial pipeline includes 30 potential clients in payments, telecom, insurance and other sectors in 2025-2026

• Smooth earnings accretion – no seasonality (maximum monthly deviation from average of +/-7%(2)) and no link to credit cycle

coeo's EBITDA(1) – 2024, monthly seasonality Stable monthly EBITDA contribution (8-9% per month) 0% 2% 4% 6% 8% 10%

• coeo's management will own c.3% of the new entity – minority interest will have a minimal impact on doValue's financials

• Long lasting and stable client base:
  • Most of clients' relationships are longer than 5 years
• Clients churn rate is close to 0
• coeo is operationally entwined with clients' businesses and follows them as they expand in new countries

• Business model based on number of files processed not on collection rate

Titolo breaker slide Appendix

Regional Performance

Note: EBITDA ex NRI for Italy excluding Group costs worth €7.0m

	Hellenic Region	Italy	Spain
€141bn	€44bn	€86bn	€11bn
€2.6bn	€0.9bn	€1.3bn	€0.3bn
4.4%	5.6%	3.4%	8.2%
€281m	€109m	€149m	€24m
€99m	€50m	€63m	€0.4m
35.2%	45.6%	42.5%	1.6%

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Very positive GBV dynamics in the first quarter

GBV remains stable at highest level since 2022as natural GBV reduction is fully offset by strong inflows from existing clients and new business

Inflows from new clients: intakes by region worth €1.9bn from Italy, €6.1bn from the Hellenic Region, mainly NPLs, and €0.9bn from Spain

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Reclassified Income Statement

Reclassified Income Statement

(€/000)

EBITDA margin excluding non

Reclassified Income Statement	st Half 1	st Half 1
(€/000)	2025	2024	Change €	Change %
NPL Servicing revenue	175,880	143,552	32,328	22.5%
Non -NPL Servicing revenue	50,620	40,776	9,844	24.1%
Value added services	54,740	32,223	22,517	69.9%
Gross revenue	281,240	216,551	64,689	29.9%
NPE Outsourcing fees	(10,130)	(5,781)	(4,349)	75.2%
REO Outsourcing fees	(3,938)	(4,944)	1,006	(20.3)%
Value added services Outsourcing fees	(12,579)	(11,858)	(721)	6.1%
Net revenue	254,593	193,968	60,625	31.3%
Staff expenses	(119,478)	(94,380)	(25,098)	26.6%
Administrative expenses	(38,627)	(34,545)	(4,082)	11.8%
o.w. IT	(16,031)	(13,347)	(2,684)	20.1%
o.w. Real Estate	(3,197)	(2,293)	(904)	39.4%
o.w. SG&A	(19,399)	(18,905)	(494)	2.6%
Operating expenses	(158,105)	(128,925)	(29,180)	22.6%
EBITDA	96,488	65,043	31,445	48.3%
EBITDA margin	34.3%	30.0%	4.3%	14.2%
Non -recurring items included in EBITDA	(2,644)	(2,317)	(327)	14.1%
EBITDA excluding non -recurring items	99,132	67,360	31,772	47.2%
EBITDA margin excluding non -recurring items	35.3%	31.5%	3.8%	11.9%
Net write -downs on property, plant, equipment and intangibles	(38,410)	(29,835)	(8,575)	28.7%
Net provisions for risks and charges	(7,775)	(12,267)	4,492	(36.6)%
Net write -downs of loans	(88)	17	(105)	n.s.
EBIT	50,215	22,958	27,257	118.7%
Net income (loss) on financial assets and liabilities measured at fair value	1,057	(296)	1,353	n.s.
Net financial interest and commissions	(33,622)	(11,806)	(21,816)	n.s.
EBT	17,650	10,856	6,794	62.6%
Non -recurring items included in EBT	(17,253)	(11,639)	(5,614)	48.2%
EBT excluding non -recurring items	34,903	22,495	12,408	55.2%
Income tax	(13,190)	8,649	(21,839)	n.s.
Profit (Loss) for the period	4,460	19,505	(15,045)	(77.1)%
Profit (loss) for the period attributable to Non -controlling interests	(8,513)	(4,011)	(4,502)	112.2%
Profit (Loss) for the period attributable to the Shareholders of the Parent Company	(4,053)	15,494	(19,547)	(126.2)%
Non -recurring items included in Profit (loss) for the period	(16,024)	8,480	(24,504)	n.s.
O.w. Non -recurring items included in Profit (loss) for the period attributable to Non -controlling interest	(21)	(82)	61	(74.4)%
Profit (loss) for the period attributable to the Shareholders of the Parent Company excluding non -recurring items	11,950	6,932	5,018	72.4%
Profit (loss) for the period attributable to Non -controlling interests excluding non -recurring items	8,534	4,093	4,441	108.5%
Earnings per share (in Euro)	(0.021)	1.001	(1.023)	(102.1)%
Earnings per share excluding non -recurring items (Euro)	0.063	0.448	(0.385)	(85.9)%

EBT excluding non

Reclassified Statement of Financial Position

Reclassified Statement of Financial Position

-

Reclassified Statement of Financial Position	6/30/2025	12/31/2024	Change €	Change %
(€/000)
Cash and liquid securities	131,685	232,169	(100,484)	(43.3)%
Financial assets	48,807	49,293	(486)	(1.0)%
Equity investments	12	12	-	n.s.
Property, plant and equipment	56,890	52,305	4,585	8.8%
Intangible assets	667,843	682,684	(14,841)	(2.2)%
Tax assets	92,521	105,200	(12,679)	(12.1)%
Trade receivables	214,942	263,961	(49,019)	(18.6)%
Assets held for sale	10	10	-	n.s.
Other assets	81,415	64,231	17,184	26.8%
Total Assets	1,294,125	1,449,865	(155,740)	(10.7)%
Financial liabilities: due to banks/bondholders	614,920	733,419	(118,499)	(16.2)%
Other financial liabilities	74,900	76,675	(1,775)	(2.3)%
Trade payables	92,416	110,738	(18,322)	(16.5)%
Tax liabilities	108,002	108,989	(987)	(0.9)%
Employee termination benefits	11,458	11,913	(455)	(3.8)%
Provisions for risks and charges	21,235	23,034	(1,799)	(7.8)%
Other liabilities	63,062	73,046	(9,984)	(13.7)%
Total Liabilities	985,993	1,137,814	(151,821)	(13.3)%
Share capital	68,614	68,614	-	n.s.
Share premium	58,633	128,800	(70,167)	(54.5)%
Reserves	82,820	12,493	70,327	n.s.
Treasury shares	(8,216)	(9,348)	1,132	(12.1)%
Profit (loss) for the period attributable to the Shareholders of the Parent Company	(4,053)	1,900	(5,953)	n.s.
Net Equity attributable to the Shareholders of the Parent Company	197,798	202,459	(4,661)	(2.3)%
Total Liabilities and Net Equity attributable to the Shareholders of the Parent Company	1,183,791	1,340,273	(156,482)	(11.7)%
Net Equity attributable to Non-Controlling Interests	110,334	109,592	742	0.7%
Total Liabilities and Net Equity	1,294,125	1,449,865	(155,740)	(10.7)%

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Cash Flow

EBITDA Capex EBITDA-Capex as % of EBITDA Changes in Net Working Capital (NWC)	96,488 (7,983)	65,043
			154,045
		(6,647)	(23,769)
	88,505	58,396	130,276
	92%	90%	85%
	22,512	(10,730)	(4,719)
Changes in other assets/liabilities	(30,404)	(28,038)	(41,885)
Operating Cash Flow	80,613	19,628	83,672
Corporate Income Tax paid	(6,993)	(9,060)	(25,656)
Financial charges	(23,144)	(12,350)	(29,777)
Free Cash Flow	50,476	(1,782)	28,239
(Investments)/divestments in financial assets	1,018	1,445	2,848
Equity and IFRS 15 contracts (investments)/divestments	(2,637)	(373)	(196,800)
Earn -out and Tax claim payment	(10,800)	400	400
Treasury shares buy -back	-	(3,421)	(3,421)
Transaction costs	-	-	(13,114)
Right Issue	-	-	143,138
Dividends paid to minority shareholders	(7,696)	-	-
Net Cash Flow of the period	30,361	(3,731)	(38,710)
Net financial Position - Beginning of period	(514,364)	(475,654)	(475,654)
Net financial Position - End of period	(484,003)	(479,385)	(514,364)
Change in Net Financial Position	30,361	(3,731)	(38,710)

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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
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 revenue 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

ctly prohibited

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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.

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