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Dovalue Interim / Quarterly Report 2026
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Interim / Quarterly Report
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doValue
INTERIM FINANCIAL REPORT
AT MARCH 31, 2026
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doValue
Registered office: Viale del Commercio, 47 – 37135 Verona
Share capital €68,514,035.55 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. 15430061000
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CONTENTS
GOVERNING AND CONTROL BODIES 5
GROUP STRUCTURE 6
NOTE TO THE INTERIM FINANCIAL REPORT 8
DIRECTORS' INTERIM REPORT ON THE GROUP 12
CONSOLIDATED FINANCIAL STATEMENTS 41
ANNEXES 48
CERTIFICATIONS AND REPORTS 50
STATEMENT OF THE FINANCIAL REPORTING OFFICER
GOVERNING AND CONTROL BODIES
BOARD OF DIRECTORS
Chairperson
ALESSANDRO RIVERA
CEO
MANUELA FRANCHI
Directors
ELENA LIESKOVSKA(2)
FRANCESCO COLASANTI(2)
FRANCESCO PANSA
JAMES CORCORAN(1)
FOTINI IOANNOU(2)
CAMILLA CIONINI VISANI(3)
CRISTINA ALBA OCHOA(4)
ISABELLA DE MICHELIS DI SLONGHELLO(2)
GIUSEPPE PISANI(4)
ENRICO BUGGEA
MASSIMO RUGGIERI
BOARD OF STATUTORY AUDITORS
Chairperson
CHIARA MOLON(5)
Statutory Auditors
MASSIMO FULVIO CAMPANELLI(6)
PAOLO CARBONE(6)
Alternate Auditors
SONIA PERON
MAURIZIO DE MAGISTRIS
AUDIT FIRM
KPMG S.p.A.
Financial Reporting Officer
DAVIDE SOFFIETTI
At the date of approval of this document
(1) Chairperson of the Appointments and Remuneration Committee
(2) Member of the Appointments and Remuneration Committee
(3) Chairperson of the Risks, Related Party Transactions and Sustainability Committee
(4) Member of the Risks, Related Party Transactions and Sustainability Committee
(5) Chairperson of Supervisory Committee, pursuant to Italian Legislative Decree 231/2001
(6) Member of Supervisory Committee, pursuant to Italian Legislative Decree 231/2001
GROUP STRUCTURE
With over 20 years of experience and approximately €133 billion of assets under management, doValue Group is the leading independent operator in Europe in third-party credit management and recovery, with a presence in 13 European markets.
Following a path of growth, consolidation, and diversification developed over more than 20 years - both organically and through strategic acquisitions, most recently the acquisition of coeo, completed in April 2026 - the Group is now able to offer services across the entire credit value chain, from the management of large banking exposures to the recovery of small-ticket commercial receivables, serving a diversified client base of approximately 200 customers, including banks, institutional investors, and leading global corporates.
The shares of doValue Group have been listed on Euronext Milan since 2017. In 2022, doValue was also admitted to the STAR segment of Euronext Milan.
The Parent, doValue S.p.A., in addition to carrying out operational activities directly in Italy, coordinates the activities of the Group's companies.
The chart below provides a summary overview of the Group's structure as of March 31, 2026, reflecting the acquisition of the Gardant group at the end of 2024 and the subsequent internal merger transactions.
It should be noted that on April 16, 2026, doValue completed - through its subsidiary doValue Germany GmbH - the acquisition of the coeo group.
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doValue: a story of growth and diversification
2017
GBV €77 bn
Listing on Borsa Italiana (now Euronext Milan).
2018
GBV €82 bn
doBank enters the Greek servicing market and announces the acquisition of Altamira Asset Management, active in Spain, Portugal and Cyprus.
2019
GBV €132 bn
doBank renounces its banking license and take on the name doValue.
doValue completes the acquisition of Altamira (today doValue Spain) and becomes market leader in Southern Europe.
2020
GBV €158 bn
doValue completes the acquisition of FPS (today doValue Greece) and becomes market leader in Greece.
doValue completes its first bond issuance.
Bain Capital becomes a shareholder.
2021
GBV €150 bn
doValue completes the its second bond issuance.
2022
GBV €120 bn
doValue admitted to the STAR segment of Euronext Milan.
2023
GBV €116 bn
doValue completes the acquisition of Team 4 in Spain to boost its SMEs business unit.
New CEO appointed Manuela Franchi.
doValue upgraded from MSCI ESG Research and Moody's Analytics Respectively from "AA" to Leader "AAA" and from "Limited" to "Robust".
2024
GBV €136 bn
doValue divests its subsidiary, doValue Portugal, as part of a perimeter rationalization effort.
doValue acquires Gardant, further strengthening its leadership in the Italian credit servicing market. As part of the transaction, doValue successfully completes a rights issue and redeems the bonds issued in 2020.
Elliott becomes a shareholder upon completion of the Gardant acquisition.
2025
GBV €136 bn
doValue completes the issuance of new bonds to redeem the bonds issued in 2021.
doValue signs a binding agreement to acquire coeo, a Germany-based operator also active in seven other countries across Northern and Continental Europe, specializing in the management of non-financial receivables originated from high-growth verticals such as e-commerce and Buy Now, Pay Later.
doValue completes the issuance of a new bond loan that will be used to finance the acquisition of coeo.
doValue Greece secures a significant portion of the Alphabet portfolio.
MSCI ESG Ratings confirms, for the third consecutive year, doValue's ESG rating "AAA" – Leader.
2026
GBV €133 bn
doValue completes the acquisition of COEO, accelerating diversification, digitalization, and earnings growth.
NOTE TO THE INTERIM FINANCIAL REPORT
doValue Group -Interim Financial Report at March 31, 2026
Basis of preparation
The Interim Financial Report at March 31, 2026, has been prepared in accordance with the provisions of the Italian Stock Exchange Regulation (Borsa Italiana) for companies listed on the STAR segment (article 2.2.3, paragraph 3), which require the publication of the interim report within 45 days from the end of the first, third and fourth¹ quarter of the financial year, taking into account communication no. 7587 of April 21, 2016, from Borsa Italiana.
Therefore, as recalled in the aforementioned communication, the content of the Interim Financial Report has been prepared in accordance with the provisions set out in former paragraph 5 of article 154-ter of Legislative Decree no. 58/1998.
The Interim Financial Report at March 31, 2026 does not include all the information required for the preparation of the annual consolidated financial statements in accordance with International Financial Reporting Standards (IFRS). For this reason, it should be read together with the consolidated financial statements as of December 31, 2025. Additionally, the doValue Group applies the International Accounting Standard for interim financial reporting (IAS 34 - Interim Financial Reporting) to the half-yearly financial report, and not to the quarterly report, except for requirements related to the preparation of disclosure documents relating to extraordinary transactions.
The Interim Financial Report at March 31, 2026 has been prepared on a going concern basis in accordance with IAS 1, and on an accrual basis, in compliance with the principles of the relevance and materiality of accounting information as well as the prevalence of economic substance over legal form and with a view to ensuring consistency with future disclosures.
The reporting currency is the euro and the amounts presented are expressed in thousands of euros, unless otherwise indicated.
This Interim Financial Report is accompanied by the Certification of the Financial Reporting Officer pursuant to article 154-bis of Legislative Decree 58/1998.
¹ Issuers are exempt from publishing the fourth interim report if they make the annual financial report, together with the other documents referred to in Article 154-ter, paragraph 1, of the Consolidated Law on Finance (“Testo Unico della Finanza”), available to the public within 90 days of the end of the financial year.
doValue Group -Interim Financial Report at March 31, 2026
Scope and methods of consolidation
The fully consolidated subsidiaries within the scope of consolidation as at March 31, 2026, are set out in the table below:
| Company name | Headquarters and Registered Office | Country | Type of Relationship (1) | Owner relationship | Voting rights % (2) | ||
|---|---|---|---|---|---|---|---|
| Held by | Holding % | ||||||
| 1 | doValue S.p.A. | Verona | Italy | Holding | |||
| 2 | doNext S.p.A. | Rome | Italy | 1 | doValue S.p.A. | 100% | 100% |
| 3 | doData S.r.l. | Rome | Italy | 1 | doValue S.p.A. | 100% | 100% |
| 4 | doValue Spain Servicing S.A. | Madrid | Spain | 1 | doValue S.p.A. | 100% | 100% |
| 5 | doValue Cyprus Limited | Nicosia | Cyprus | 1 | doValue Spain Servicing S.A. | 100% | 100% |
| 6 | doValue Special Projects Cyprus Limited | Nicosia | Cyprus | 1 | doValue S.p.A. + doValue Spain Servicing S.A. | 94%+6% | 94%+6% |
| 7 | doValue Greece Loans and Credits Claim Management Société Anonyme | Moschato | Greece | 1 | doValue S.p.A. | 80% | 80% |
| 8 | doValue Greece Real Estate Services single member Société Anonyme | Moschato | Greece | 1 | doValue S.p.A. | 100% | 100% |
| 9 | TEAM 4 Collection and Consulting S.L.U. | Madrid | Spain | 1 | doValue Spain Servicing S.A. | 100% | 100% |
| 10 | doAdvise Advisory Services Single Member S.A. | Tavros | Greece | 1 | doValue S.p.A. | 100% | 100% |
| 11 | finThesis Financing Solutions Creators Single Member Société Anonyme | Tavros | Greece | 1 | doValue S.p.A. | 100% | 100% |
| 12 | Gardant Investor SGR S.p.A. | Rome | Italy | 1 | doValue S.p.A. | 100% | 100% |
| 13 | Gardant Liberty Servicing S.p.A. | Rome | Italy | 1 | doValue S.p.A. | 70% | 70% |
| 14 | Gardant Bridge S.p.A. | Rome | Italy | 1 | doValue S.p.A. | 96% | 96% |
| 15 | Gardant Bridge Servicing S.p.A. | Rome | Italy | 1 | Gardant Bridge S.p.A. | 70% | 70% |
| 16 | LeaseCo One S.r.l. | Rome | Italy | 1 | doNext S.p.A. | 100% | 100% |
| 17 | LeaseCo Europa S.r.l. | Rome | Italy | 1 | doNext S.p.A. | 100% | 100% |
| 18 | doServe Single Member S.A. | Moschato | Greece | 1 | doValue S.p.A. | 100% | 100% |
| 19 | doValue Germany GmbH | Hamburg | Germany | 1 | doValue S.p.A. | 100% | 100% |
| 20 | Omnitouch Cyprus Limited | Limassol | Cyprus | 1 | doValue Cyprus Limited | 51% | 51% |
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 = common control pursuant to Article 39, paragraph 1, of Legislative Decree 136/2015
6 = common control pursuant to Article 39, paragraph 2, of Legislative Decree 136/2015
(2) Voting rights available in Shareholders' meeting. The reported voting rights are considered effective
doValue Group -Interim Financial Report at March 31, 2026
During the first quarter of 2026, the merger of the subsidiaries Gardant S.p.A. and Special Gardant S.p.A. into doValue S.p.A. became effective, pursuant to the deed executed on December 10, 2025 and filed with the relevant Companies' Registers on December 15, 2025.
As a result of the merger, the incorporating company, doValue S.p.A., has succeeded, as of January 1, 2026, to all rights and obligations of Gardant S.p.A. and Special Gardant S.p.A. The accounting and tax effects of the merger also take effect from the same date.
The methods used for consolidating data from subsidiaries (line-by-line consolidation) remained unchanged compared to those adopted for the doValue Group's Annual Report 2025, to which reference is made.
The accounting data of the Parent and of the other entities used to prepare the Interim Financial Report refer to March 31, 2026. Where necessary, the accounting data of the consolidated companies, where prepared using different accounting standards, have been adjusted to comply with the Group's accounting principles.
Accounting policies
This Interim Financial Report at March 31, 2026, has been prepared on a consolidated basis, in accordance with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB), including the related interpretations of the International Financial Reporting Standards Interpretations Committee (IFRIC), as endorsed by the European Commission at the date of this report, pursuant to EC Regulation No. 1606 of July 19, 2002. This regulation was transposed into Italian law by Legislative Decree No. 38 of February 28, 2005.
The accounting policies applied in preparing this Interim Financial Report, with respect to the classification, recognition, measurement and derecognition of assets and liabilities and the recognition of revenues and costs, are unchanged compared to those applied in the preparation of the Consolidated Financial Statements as at December 31, 2025, to which reference should be made for a complete disclosure.
No departures were made to the application of IFRS.
Certain amendments to existing standards, endorsed by the European Commission, are effective for the first time as from January 1, 2026. None of these are considered to have a material impact on the Group. See details below:
- Annual Improvements Volume 11 (issued on 18 July 2024);
- Contracts Referencing Nature-dependent Electricity - Amendments to IFRS 9 and IFRS 7 (issued on 18 December 2024);
- Amendments to the Classification and Measurement of Financial Instruments - Amendments to IFRS 9 and IFRS 7 (issued on 30 May 2024).
DIRECTORS' INTERIM REPORT ON THE GROUP
The summary results and financial indicators are based on accounting data, and are used in management reporting to article management to monitor performance.
They are also consistent with the most commonly used theory for the relevant sector, ensuring the comparability of the figures presented.
doValue Group -Interim Financial Report at March 31, 2026
Group Business Activities
The Group operates in 13 European markets on behalf of approximately 200 clients, managing around €133 billion of banking and real estate exposures and, following the acquisition of the coeo group completed on April 16, 2026, more than 9 million debtor positions related to commercial receivables on an annual basis. The Group's business is primarily based on a third-party servicing model, under which revenue is generated from management and performance fees, with limited capital absorption. It should be noted that the financial data presented in this Interim Financial Report at March 31, 2026 do not include the contribution of the coeo group, whose consolidation will commence in the second quarter of 2026.
doValue's activities are remunerated through fee structures that vary depending on the type of service and client. In the context of traditional credit servicing activities for banks and institutional investors, remuneration is generally based on long-term contracts typically providing for a fixed fee, linked to the gross book value of assets under management, and a variable fee linked to servicing performance, such as recoveries from non-performing loans or proceeds from the sale of real estate assets owned by clients.
Following the acquisition of coeo group GmbH, the Group has expanded its remuneration model in the segment of small-ticket receivables originated by non-financial companies. In this area, coeo operates under credit management agreements typically structured as annual contracts with automatic renewal, serving global clients in the e-commerce, digital payments, mobility, and utilities sectors. coeo's fee structure mainly consists of a fixed collection fee, regulated in most jurisdictions, which is collected together with the payment of the receivable due to the client.
The Group also offers an increasing range of value-added services that complement and expand the traditional credit servicing offering, contributing to revenue diversification and reducing dependence on non-performing loan volumes. The remuneration for these services depends on the specific type of service provided.
| NPL Servicing | The administration, management and recovery of loans using judicial and out-of-court recovery processes on behalf of third parties for portfolios mainly consisting of non-performing loans. Within its NPL Servicing operations, doValue focuses on corporate banking exposures of medium-large size and a high proportion of real estate collateral |
|---|---|
| UTP Servicing | Administration, management, and restructuring of “unlikely-to-pay” exposures, on behalf of and under mandate from third parties, with the objective of supporting their transition to “performing” status |
| 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 |
| 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 |
| Digital Claims Management | Management and recovery of small-ticket commercial receivables (average amount below €200), originated through digital channels, characterized by high volumes, short collection cycles, and a high degree of automation |
| Value Added Services | Various services are offered, including: (1) Data Services (doData), which comprise data intelligence, analytics - including machine learning and AI solutions - and business information services that, through asset and counterparty intelligence solutions, aim to enrich the information base available to a broad range of clients, including banks, investors, and financial institutions. (2) Master Servicing, consisting of support services for securitization vehicles with multiple investors, including loan administration, accounting, treasury management, reporting, and oversight activities. (3) Master Legal, which provides legal support for the management of complex credit recovery cases through an extensive network of legal professionals specialized by subject matter and jurisdiction, and also includes administrative services related to the accounting and payment of legal expenses. (4) Advisory Services (doAdvise), aimed at supporting the development of the secondary credit market, with a particular focus on Greece, including, among other activities, the structuring and management of credit portfolio sales, underwriting, due diligence, and business planning. (5) Mortgage Brokerage (FinThesis), consisting of credit intermediation services delivered through strategic partnerships |
doValue Group -Interim Financial Report at March 31, 2026
with leading banks and launched in Greece in 2025, aimed at facilitating the application, assessment, and subsequent origination of mortgage loans, primarily through digital channels. (6) Alternative Asset Management, involving investment activities in credit and alternative assets through dedicated funds, with the objective of generating synergies with underlying servicing mandates, with funds raised exceeding €1 billion, currently active in Italy with prospects for international expansion. (7) Digital Platform, a digital solution for the management and recovery of small-ticket receivables, designed to enhance operational efficiency, improve portfolio management, and attract new asset classes, such as non-financial receivables
In its capacity as special servicer, doValue has received the following ratings: "RSS1- / CSS1-" by Fitch Ratings (confirmed in January 2025) and "Strong" by Standard & Poor's (confirmed in March 2026). These represent the highest servicer ratings among Italian operators in the sector and have been assigned since 2008, before any other industry player in Italy. In its role as Master Servicer, doNext had its MS2+ rating from Fitch Ratings confirmed in December 2023 and has also assumed the "Above average" rating from Standard & Poor's Global Ratings previously assigned to Gardant; these ratings are indicative of strong performance in overall master servicing capabilities.
In July 2020, doValue received a corporate credit rating of BB with a "Stable" outlook from both Standard & Poor's and Fitch Ratings. This rating was confirmed with a "Stable" outlook by Fitch Ratings in its annual review in April 2026 and by Standard & Poor's in July, following the announcement of the binding agreement for the acquisition of coeo.
doValue Group -Interim Financial Report at March 31, 2026
Group Highlights
The tables below show the main economic and financial data of the Group based on the reclassified consolidated Financial Statements, which are presented further in the section on the Group Results.
| (€/000) | ||||
|---|---|---|---|---|
| Reclassified consolidated statement of profit or loss highlights | 1st Quarter 2026 | 1st Quarter 2025 | Change € | Change % |
| Gross Revenue | 120,294 | 141,436 | (21,142) | (14.9)% |
| Net Revenue | 106,681 | 128,247 | (21,566) | (16.8)% |
| Operating expenses | (71,827) | (77,367) | 5,540 | (7.2)% |
| EBITDA | 34,854 | 50,880 | (16,026) | (31.5)% |
| EBITDA margin | 29.0% | 36.0% | (7.0)% | (19.4)% |
| Non-recurring items included in EBITDA | (145) | (540) | 395 | (73.1)% |
| EBITDA excluding non-recurring items | 34,999 | 51,420 | (16,421) | (31.9)% |
| EBITDA margin excluding non-recurring items | 29.1% | 36.4% | (7.3)% | (20.0)% |
| EBT | (3,506) | 10,946 | (14,452) | (132.0)% |
| EBT margin | (2.9%) | 7.7% | (10.7%) | (137.7)% |
| Profit (Loss) for the period attributable to the owners of the Parent | (10,217) | (946) | (9,271) | n.s. |
| Profit (Loss) for the period attributable to the owners of the Parent excluding non-recurring items | (1,110) | 9,130 | (10,240) | (112.2)% |
| (€/000) | ||||
| --- | --- | --- | --- | --- |
| Reclassified consolidated financial position highlights | 3/31/2026 | 12/31/2025 | Change € | Change % |
| Cash and liquid securities | 471,931 | 143,991 | 327,940 | n.s. |
| Intangible assets | 624,061 | 634,054 | (9,993) | (1.6%) |
| Financial assets | 71,410 | 423,625 | (352,215) | (83.1%) |
| Trade receivables | 203,672 | 210,265 | (6,593) | (3.1%) |
| Tax assets | 89,518 | 89,200 | 318 | 0.4% |
| Financial liabilities | 1,021,745 | 1,020,789 | 956 | 0.1% |
| Trade payables | 83,154 | 117,217 | (34,063) | (29.1%) |
| Tax liabilities | 95,933 | 95,123 | 810 | 0.9% |
| Other liabilities | 69,295 | 66,444 | 2,851 | 4.3% |
| Provisions for risks and charges | 23,007 | 23,559 | (552) | (2.3%) |
| Equity attributable to the owners of the Parent | 184,649 | 194,293 | (9,644) | (5.0%) |
In order to facilitate an understanding of doValue Group's performance and financial position, a number of alternative performance measures ("Key Performance Indicators" or "KPIs") have been selected by the Group, in compliance with the guidelines issued by ESMA dated October 5, 2015 (ESMA Guidelines /2015/1415) and CONSOB Communication No. 0092543 dated December 3, 2015, and subsequent updates. These KPIs are summarised in the table below. Please refer to the "Annexes" attached hereto for an explanation of these indicators.
doValue Group -Interim Financial Report at March 31, 2026
(€/000)
| KEY PERFORMANCE INDICATORS | 1st Quarter 2026 | 1st Quarter 2025 | FY 2025 |
|---|---|---|---|
| Gross Book Value (EoP) - Group | 132,522,555 | 141,107,926 | 135,887,480 |
| Collections of the period - Group | 1,061,970 | 1,097,509 | 5,501,106 |
| LTM Collections / GBV EoP - Group - Stock | 4.0% | 4.3% | 4.2% |
| Gross Book Value (EoP) - Italy | 82,145,789 | 87,306,866 | 82,422,805 |
| Collections of the period - Italy | 497,456 | 545,232 | 2,765,506 |
| LTM Collections / GBV EoP - Italy - Stock | 3.3% | 3.3% | 3.4% |
| Gross Book Value (EoP) -Spain | 8,559,341 | 11,176,829 | 10,476,858 |
| Collections of the period - Spain | 143,555 | 159,060 | 701,634 |
| LTM Collections / GBV EoP - Spain - Stock | 7.7% | 8.9% | 6.7% |
| Gross Book Value (EoP) - Hellenic Region | 41,817,425 | 42,624,231 | 42,987,817 |
| Collections of the period - Hellenic Region | 420,959 | 393,217 | 2,033,966 |
| LTM Collections / GBV EoP - Hellenic Region - Stock | 4.8% | 5.4% | 5.3% |
| Staff FTE / Total FTE Group | 39.2% | 39.1% | 40.5% |
| EBITDA | 34,854 | 50,880 | 209,486 |
| Non-recurring items (NRIs) included in EBITDA | (145) | (540) | (7,687) |
| EBITDA excluding non-recurring items | 34,999 | 51,420 | 217,173 |
| EBITDA margin | 29.0% | 36.0% | 36.1% |
| EBITDA margin excluding non-recurring items | 29.1% | 36.4% | 37.4% |
| Profit (Loss) for the period attributable to the owners of the Parent | (10,217) | (946) | (8,215) |
| Non-recurring items included in Profit (loss) for the period attributable to the owners of the Parent | (9,107) | (10,076) | (33,563) |
| Profit (Loss) for the period attributable to the owners of the Parent excluding non-recurring items | (1,110) | 9,130 | 25,347 |
| Earnings (Loss) per share (Euro) | (0.054) | (0.005) | (0.040) |
| Earnings (Loss) per share excluding non-recurring items (Euro) | (0.006) | 0.048 | 0.130 |
| Capex | 3,925 | 2,248 | 35,069 |
| EBITDA - Capex | 30,929 | 48,632 | 174,417 |
| Net Working Capital | 120,518 | 139,071 | 93,048 |
| Net Financial Position | (466,908) | (504,054) | (438,616) |
| Leverage (Net Financial Position / EBITDA excluding non-recurring items LTM) | 2.3x | 2.3x | 2.0x |
doValue Group -Interim Financial Report at March 31, 2026
Group Results
The operating results for the period are reported on the following pages, together with details on the performance of the portfolio under management.
Portfolio under management
As of March 31, 2026, total Gross Book Value (GBV) amounted to €132.5 billion, decrease by €3.4 billion from €135.9 billion at year-end 2025.
In the first quarter of 2026, doValue was adversely impacted by the current macroeconomic environment, characterized by historically low levels of NPEs. During the period, €1.2 billion of new portfolios were acquired; however, these did not offset the ongoing reduction in GBV resulting from servicing activities (collections, write-offs, and disposals). In particular, during the quarter, GBV was adversely impacted by the derecognition of one of the Santander portfolios in Spain following the related contractual renegotiation.
The following chart presents the geographical breakdown of the GBV.
The evolution of the portfolio under management, which includes only onboarded portfolios, during the first quarter of 2026 was characterized by new contracts totaling €0.5 billion, of which approximately €0.1 billion in Italy, around €0.3 billion in the Hellenic Region and around €0.1 billion in Spain.
In addition to the above flows, a further €0.7 billion comes from locked-in forward flows, of which €0.3 billion in Italy, €0.2 billion in the Hellenic Region and €0.2 billion in Spain.
doValue Group -Interim Financial Report at March 31, 2026
Moreover, as of the reference date, the portfolio under management would show an increase of an additional €0.4 billion due to portfolios in the onboarding phase in Italy.
Group Collections amounted to €1.1 billion (of which €0.5 billion in Italy, €0.4 billion in the Hellenic Region, and €0.2 billion in Spain), substantially in line with the first quarter of 2025 (€36 million).
doValue Group -Interim Financial Report at March 31, 2026
Performance
The statement of profit or loss figures have been reclassified from a management perspective³, in line with the representation of the reclassified statement of financial position.
(€/000)
| Reclassified Statement of Profit or Loss | 1st Quarter 2026 | 1st Quarter 2025 restated* | Change € | Change % |
|---|---|---|---|---|
| NPL Servicing revenue | 68,275 | 84,901 | (16,626) | (19.6)% |
| Non-NPL Servicing revenue | 22,071 | 23,674 | (1,603) | (6.8)% |
| Value added services | 29,948 | 32,861 | (2,913) | (8.9)% |
| Gross revenue | 120,294 | 141,436 | (21,142) | (14.9)% |
| NPE Outsourcing fees | (4,933) | (4,901) | (32) | 0.7% |
| REO Outsourcing fees | (1,843) | (1,836) | (7) | 0.4% |
| Value added services outsourcing fees | (6,837) | (6,452) | (385) | 6.0% |
| Net revenue | 106,681 | 128,247 | (21,566) | (16.8)% |
| Staff expenses | (55,528) | (59,890) | 4,362 | (7.3)% |
| Administrative expenses | (16,299) | (17,477) | 1,178 | (6.7)% |
| of which IT | (7,285) | (7,520) | 235 | (3.1)% |
| of which Real Estate | (1,121) | (1,942) | 821 | (42.3)% |
| of which SG&A | (7,893) | (8,015) | 122 | (1.5)% |
| Operating expenses | (71,827) | (77,367) | 5,540 | (7.2)% |
| EBITDA | 34,854 | 50,880 | (16,026) | (31.5)% |
| EBITDA margin | 29.0% | 36.0% | -7.0% | (19.4)% |
| Non-recurring items included in EBITDA | (145) | (540) | 395 | (73.1)% |
| EBITDA excluding non-recurring items | 34,999 | 51,420 | (16,421) | (31.9)% |
| EBITDA margin excluding non-recurring items | 29.1% | 36.4% | (7.3)% | (20.0)% |
| Depreciation, amortization and net impairment losses on property, plant and equipment and intangible assets | (17,803) | (18,191) | 388 | (2.1)% |
| Net provisions for risks and charges | (5,186) | (2,503) | (2,683) | 107.2% |
| Net reversals of impairment losses (impairment losses) on loans | 405 | (34) | 439 | n.s. |
| EBIT | 12,270 | 30,152 | (17,882) | (59.3)% |
| Net gains (losses) on financial assets and liabilities measured at fair value through profit or loss | (657) | 893 | (1,550) | n.s. |
| Net financial interest and commissions | (15,119) | (20,099) | 4,980 | (24.8)% |
| EBT | (3,506) | 10,946 | (14,452) | (132.0)% |
| Non-recurring items included in EBT | (9,472) | (10,470) | 998 | (9.5)% |
| EBT excluding non-recurring items | 5,966 | 21,417 | (15,451) | (72.1)% |
| Income tax | (4,485) | (5,896) | 1,411 | (23.9)% |
| Profit (Loss) for the period | (7,991) | 5,050 | (13,041) | n.s. |
| Profit (Loss) for the period attributable to non-controlling interests | (2,226) | (5,996) | 3,770 | (62.9)% |
| Profit (Loss) for the period attributable to the owners of the Parent | (10,217) | (946) | (9,271) | n.s. |
| Non-recurring items included in Profit (Loss) for the period | (9,220) | (10,088) | 868 | (8.6)% |
| of which Non-recurring items included in Profit (Loss) for the period attributable to non-controlling interests | (113) | (12) | (101) | n.s. |
| Profit (Loss) for the period attributable to the owners of the Parent excluding non-recurring items | (1,110) | 9,130 | (10,240) | (112.2)% |
| Profit (Loss) for the period attributable to non-controlling interests excluding non-recurring items | 2,339 | 6,008 | (3,669) | (61.1)% |
| Earnings (Loss) per share (in Euro) | (0.054) | (0.005) | (0.049) | n.s. |
| Earnings (Loss) per share excluding non-recurring items (Euro) | (0.006) | 0.048 | (0.054) | (112.5)% |
(*) Restated data (reclassification within the line items comprising "gross revenue") to ensure comparability with the current presentation.
³ At the end of this Directors' Interim Report on the Group, a reconciliation schedule is provided between the reclassified statement of profit or loss and the statement of profit or loss provided in the section including the consolidated Financial Statements.
doValue Group -Interim Financial Report at March 31, 2026
(€/000)
| 1st Quarter 2026 | 1st Quarter 2025 restated* | Change € | Change % | |
|---|---|---|---|---|
| NPL Servicing revenue | 68,275 | 84,901 | (16,626) | (19.6)% |
| Non-NPL Servicing revenue | 22,071 | 23,674 | (1,603) | (6.8)% |
| Value added services | 29,948 | 32,861 | (2,913) | (8.9)% |
| Gross revenue | 120,294 | 141,436 | (21,142) | (14.9)% |
| NPE Outsourcing fees | (4,933) | (4,901) | (32) | 0.7% |
| REO Outsourcing fees | (1,843) | (1,836) | (7) | 0.4% |
| Value added services Outsourcing fees | (6,837) | (6,452) | (385) | 6.0% |
| Net revenue | 106,681 | 128,247 | (21,566) | (16.8)% |
During the first quarter of 2026, the Group reported gross revenue of €120.3 million, representing a decrease of $15\%$ compared to €141.4 million in the same period of 2025. With reference to the latter, it should be noted that, for comparability purposes, following the carve-out of the Special Servicing business - completed on January 1, 2026 - from doNext S.p.A. to the Parent doValue S.p.A., €1.7 million relating to master servicing activities were reclassified to "Value-added services", with a corresponding decrease in "NPL Servicing revenue" (-€0.7 million) and "Non-NPL Servicing revenue" (-€1.0 million).
In detail, NPL Servicing revenue amounted to €68.3 million compared to €84.9 million in the comparative quarter, reflecting a decrease of $20\%$ , primarily driven by significant fees recorded only in the first quarter of 2025, which are typically concentrated in the latter part of the year.
The contribution of this line item to total revenue decreased from $60\%$ in the comparative period to $57\%$ .
Non-NPL Servicing revenue, amounting to €22.1 million compared to €23.7 million in the comparative period, also declined by $7\%$ .
Value-added services, amounting to €29.9 million (€32.9 million in the first quarter of 2025), mainly relate to data processing and data supply services, as well as other services such as due diligence, master and structuring services, legal services, and revenue from diversified Advisory activities, consulting and real estate brokerage services.
This line item also includes co-investment revenue of €0.4 million, mainly relating to income from ABS securities of NPE securitisations in which doValue holds, on average, a stake equal to or below $5\%$ .
Value-added services accounted for $25\%$ of total gross revenue in the current quarter (23% in the comparative quarter), confirming their role as a solid source of revenue for the Group.
Net revenue amounted to €106.7 million, down $17\%$ compared to €128.2 million in the first quarter of 2025.
NPE, REO and value-added services outsourcing fees totaled €13.6 million (€13.2 million in the comparative quarter), showing overall stability versus the prior period. As a result, their incidence on gross revenue increased (11% compared to 9%) due to the decline in revenue.
(€/000)
| 1st Quarter 2026 | 1st Quarter 2025 | Change € | Change % | |
|---|---|---|---|---|
| Staff expenses | (55,528) | (59,890) | 4,362 | (7.3)% |
| Administrative expenses | (16,299) | (17,477) | 1,178 | (6.7)% |
| of which IT | (7,285) | (7,520) | 235 | (3.1)% |
| of which Real Estate | (1,121) | (1,942) | 821 | (42.3)% |
| of which SG&A | (7,893) | (8,015) | 122 | (1.5)% |
| Operating expenses | (71,827) | (77,367) | 5,540 | (7.2)% |
| EBITDA | 34,854 | 50,880 | (16,026) | (31.5)% |
| of which Non-recurring items included in EBITDA | (145) | (540) | 395 | (73.1)% |
| EBITDA excluding non-recurring items | 34,999 | 51,420 | (16,421) | (31.9)% |
| EBITDA margin excluding non-recurring items | 29.1% | 36.4% | (7.3)% | (20.0)% |
Operating expenses amounted to €71.8 million, representing a decrease of $7\%$ compared to the same period of the previous year, supported by synergies achieved and overall cost containment measures.
More specifically, staff expenses amounted to €55.5 million, down $7\%$ compared to the first quarter of 2025 (€59.9 million). The reduction in this line item in absolute terms was mainly concentrated in Italy and Spain, following voluntary redundancy programs implemented in both countries. In particular, in Italy this was driven by post-integration synergies with the Gardant group, while in Spain it reflects the structural downsizing associated with the new contract with Santander. Additionally, the variable component accrued
doValue Group -Interim Financial Report at March 31, 2026
in the first quarter of 2026 is lower than in the same period of the previous year, as a result of the lower revenue recorded.
The table below shows the number of FTEs (Full-Time Equivalents) at the end of the period by geographical area:
| FTEs BY REGION | 3/31/2026 | 12/31/2025 | Change | Change % |
|---|---|---|---|---|
| Italy | 1,252 | 1,347 | (95) | (7.1)% |
| Spain | 468 | 539 | (71) | (13.2)% |
| Hellenic Region | 1,560 | 1,570 | (10) | (0.6)% |
| Total | 3,280 | 3,456 | (176) | (5.1)% |
Administrative expenses amounted to €16.3 million compared to €17.5 million in the first quarter of 2025 (-7%). Administrative expenses as a percentage of gross revenue also increased in this case, due to the decline in the gross revenue base, reaching 14% compared to 12% in the comparative period.
As a result of the dynamics described above, EBITDA amounted to €34.9 million, down 32% compared to €50.9 million in the first quarter of 2025, with a margin on gross revenue declining by 7 percentage points to 29% from 36% in the comparative period.
As shown in the table above, non-recurring items included in EBITDA were not significant (€145 thousand in the current period and €540 thousand in the prior period) and mainly relate to strategic and legal advisory costs associated with extraordinary transactions.
Since these costs are not related to the Group's core business, it is considered that underlying ability to generate operating profit is better expressed by the adjusted EBITDA, excluding such expenses. Accordingly, EBITDA excluding non-recurring items amounted to €35.0 million, compared to €51.4 million reported in the prior period.
(€/000)
| 1st Quarter 2026 | 1st Quarter 2025 | Change € | Change % | |
|---|---|---|---|---|
| EBITDA | 34,854 | 50,880 | (16,026) | (31.5)% |
| Depreciation, amortization and net impairment losses on property, plant and equipment and intangible assets | (17,803) | (18,191) | 388 | (2.1)% |
| Net provisions for risks and charges | (5,186) | (2,503) | (2,683) | 107.2% |
| Net reversals of impairment losses (impairment losses) on loans | 405 | (34) | 439 | n.s. |
| EBIT | 12,270 | 30,152 | (17,882) | (59.3)% |
| Net gains (losses) on financial assets and liabilities measured at fair value through profit or loss | (657) | 893 | (1,550) | n.s. |
| Net financial interest and commissions | (15,119) | (20,099) | 4,980 | (24.8)% |
| EBT | (3,506) | 10,946 | (14,452) | (132.0)% |
Depreciation, amortization and net impairment losses on property, plant and equipment and intangible assets amounted to €17.8 million (€18.2 million in the prior quarter), of which €6.7 million relates to amortisation, mainly of servicing contracts and brands arising from the acquisitions of doValue Spain, doValue Greece and the Gardant group.
The line item also includes depreciation of right-of-use assets arising from the accounting treatment of lease contracts under IFRS 16, amounting to €3.8 million. The remaining portion of the line mainly includes amortisation of €7.3 million, primarily relating to software licences associated with the Group's technology investments.
Net provisions for risks and charges amounted to €5.2 million, an increase compared to €2.5 million recorded in the first quarter of 2025, and mainly relate to provisions for workforce restructuring measures and legal disputes.
As a result, the Group's EBIT amounted to €12.3 million, down 59% compared to €30.2 million in the comparative period.
Net gain (loss) on financial assets and liabilities measured at fair value amounted to -€0.7 million and primarily includes the fair value change related to minority co-investments in securitization vehicles where Group companies act as Servicer, as well as financial costs associated with the Earn-out recognized following the acquisition transaction in Greece.
doValue Group -Interim Financial Report at March 31, 2026
Net financial interest and commissions amounted to €15.1 million compared to €20.1 million in the first quarter of 2025. This line item mainly reflects interest expense on the bond issuances completed in February and November 2025, as well as interest expenses related to the Senior Facility Agreement ("SFA"). Additionally, the line also includes finance costs arising from the accounting treatment of lease liabilities under IFRS 16.
(€/000)
| 1st Quarter 2026 | 1st Quarter 2025 | Change € | Change % | |
|---|---|---|---|---|
| EBT | (3,506) | 10,946 | (14,452) | (132.0)% |
| Non-recurring items included in EBT | (9,472) | (10,470) | 998 | (9.5)% |
| EBT excluding non-recurring items | 5,966 | 21,417 | (15,451) | (72.1)% |
| Income tax for the period | (4,485) | (5,896) | 1,411 | (23.9)% |
| Profit (Loss) for the period | (7,991) | 5,050 | (13,041) | n.s. |
| Profit (loss) for the period attributable to non-controlling interests | (2,226) | (5,996) | 3,770 | (62.9)% |
| Profit (Loss) for the period attributable to the owners of the Parent | (10,217) | (946) | (9,271) | n.s. |
| Non-recurring items included in Profit (Loss) for the period | (9,220) | (10,088) | 868 | (8.6)% |
| of which Non-recurring items included in Profit (Loss) for the period attributable to non-controlling interests | (113) | (12) | (101) | n.s. |
| Profit (Loss) for the period attributable to the owners of the Parent excluding non-recurring items | (1,110) | 9,130 | (10,240) | (112.2)% |
| Earnings (Loss) per share (in Euro) | (0.054) | (0.005) | (0.049) | n.s. |
| Earnings per share excluding non-recurring items (Euro) | (0.006) | 0.048 | (0.054) | (112.5)% |
EBT was therefore negative at €3.5 million, compared to a positive €10.9 million recorded in the comparative period.
EBT includes additional non-recurring items totaling -€9.5 million (-€10.5 million in the first quarter of 2025), mainly relating to financing of business combination transactions carried out through bond issuances. In particular, these relate to finance costs on the 2025-2031 bond linked to the acquisition of coe, which in the first quarter of 2026 does not yet reflect any contribution from consolidation, as the transaction was completed after the end of the reporting period (April 16, 2026). The line item also includes costs related to workforce restructuring measures, largely in connection with the business combination with the Gardant group.
Income tax for the period amounted to -€4.5 million compared to -€5.9 million in the first quarter of 2025.
Loss for the period attributable to the owners of the Parent excluding non-recurring items, amounted to €1.1 million, compared to a profit of €9.1 million in the first quarter of 2025. Including non-recurring items, loss for the period attributable to the owners of the Parent amounted to €10.2 million, compared to a loss of €0.9 million in the comparative quarter.
doValue Group -Interim Financial Report at March 31, 2026
Segment Reporting
The international expansion of doValue into the broad Southern European market through the acquisition of doValue Spain, followed by doValue Greece, has led management to consider it appropriate to assess and analyze the business with a geographical segmentation approach.
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 are: Italy, Hellenic Region and Spain. It should be noted that the Italy segment includes €3.0 million related to the cost of resources allocated to the Group.
Based on these criteria, the following table reports the values of the Reclassified statement of Profit or Loss through EBITDA (excluding non-recurring items), for the business segments indicated.
Gross revenue recorded in the first quarter of 2026 amounted to €120.3 million, with EBITDA excluding non-recurring items totaling €35.0 million (€51.2 million in the first quarter of 2025). The Italy segment accounted for 49% of the Group's gross revenue, the Hellenic Region for 41%, and Spain for 10%.
The EBITDA margin excluding non-recurring items was 18% for the Italy segment (which would rise to 23% excluding the aforementioned €3.0 million), 47% in the Hellenic Region, and 14% in Spain.
(€/000)
| 1st Quarter 2026 | ||||
|---|---|---|---|---|
| Reclassified Statement of Profit or Loss (excluding non-recurring items) | Italy | Hellenic Region | Spain | Total |
| NPL Servicing revenue | 27,728 | 31,204 | 9,343 | 68,275 |
| Non-NPL Servicing revenue | 8,236 | 11,324 | 2,511 | 22,071 |
| Value added services | 23,485 | 6,047 | 416 | 29,948 |
| Gross Revenue | 59,449 | 48,575 | 12,270 | 120,294 |
| NPE Outsourcing fees | (3,080) | (1,304) | (549) | (4,933) |
| REO Outsourcing fees | - | (1,497) | (346) | (1,843) |
| Value added services Outsourcing fees | (6,647) | (142) | (48) | (6,837) |
| Net revenue | 49,722 | 45,632 | 11,327 | 106,681 |
| Staff expenses | (30,940) | (17,912) | (6,676) | (55,528) |
| Administrative expenses | (8,180) | (5,000) | (2,974) | (16,154) |
| o/w IT | (3,337) | (2,391) | (1,557) | (7,285) |
| o/w Real Estate | (446) | (542) | (133) | (1,121) |
| o/w SG&A | (4,397) | (2,067) | (1,284) | (7,748) |
| Operating expenses | (39,120) | (22,912) | (9,650) | (71,682) |
| EBITDA excluding non-recurring items | 10,602 | 22,720 | 1,677 | 34,999 |
| EBITDA margin excluding non-recurring items | 17.8% | 46.8% | 13.7% | 29.1% |
| Segment contribution to EBITDA excluding non-recurring items | 30.3% | 64.9% | 4.8% | 100.0% |
doValue Group -Interim Financial Report at March 31, 2026
(€/000)
1st Quarter 2026 vs 2025 restated*
| Reclassified Statement of Profit or Loss (excluding non-recurring items) | Italy | Hellenic Region | Spain | Total |
|---|---|---|---|---|
| NPL Servicing revenue | ||||
| 1st Quarter 2026 | 27,728 | 31,204 | 9,343 | 68,275 |
| 1st Quarter 2025 | 43,602 | 34,138 | 7,161 | 84,901 |
| Change | (15,874) | (2,934) | 2,182 | (16,626) |
| Non-NPL Servicing revenue | ||||
| 1st Quarter 2026 | 8,236 | 11,324 | 2,511 | 22,071 |
| 1st Quarter 2025 | 8,068 | 12,627 | 2,979 | 23,674 |
| Change | 168 | (1,303) | (468) | (1,603) |
| Value added services | ||||
| 1st Quarter 2026 | 23,485 | 6,047 | 416 | 29,948 |
| 1st Quarter 2025 | 26,282 | 5,382 | 1,197 | 32,861 |
| Change | (2,797) | 665 | (781) | (2,913) |
| Outsourcing fees | ||||
| 1st Quarter 2026 | (9,727) | (2,943) | (943) | (13,613) |
| 1st Quarter 2025 | (9,444) | (2,540) | (1,205) | (13,189) |
| Change | (283) | (403) | 262 | (424) |
| Staff expenses | ||||
| 1st Quarter 2026 | (30,940) | (17,912) | (6,676) | (55,528) |
| 1st Quarter 2025 | (31,614) | (20,807) | (7,469) | (59,890) |
| Change | 674 | 2,895 | 793 | 4,362 |
| Administrative expenses | ||||
| 1st Quarter 2026 | (8,180) | (5,000) | (2,974) | (16,154) |
| 1st Quarter 2025 | (8,045) | (5,468) | (3,424) | (16,937) |
| Change | (135) | 468 | 450 | 783 |
| EBITDA excluding non-recurring items | ||||
| 1st Quarter 2026 | 10,602 | 22,720 | 1,677 | 34,999 |
| 1st Quarter 2025 | 28,849 | 23,332 | (761) | 51,420 |
| Change | (18,247) | (612) | 2,438 | (16,421) |
| EBITDA margin excluding non-recurring items | ||||
| 1st Quarter 2026 | 17.8% | 46.8% | 13.7% | 29.1% |
| 1st Quarter 2025 | 37.0% | 44.7% | (6.7)% | 36.4% |
| Change | (19)p.p. | 2p.p. | 20p.p. | (7)p.p. |
(*) Restated data (reclassification within the line items comprising "gross revenue") to ensure comparability with the current presentation.
doValue Group -Interim Financial Report at March 31, 2026
Group Financial Position
The statement of financial position figures have been reclassified from a management perspective⁴, in line with the representation of the Reclassified Statement of Profit or Loss and the net financial position of the Group.
(€/000)
| Reclassified Statement of Financial Position | 3/31/2026 | 12/31/2025 | Change € | Change % |
|---|---|---|---|---|
| Cash and liquid securities | 471,931 | 143,991 | 327,940 | n.s. |
| Financial assets | 71,410 | 423,625 | (352,215) | (83.1)% |
| Equity investments | 12 | 12 | - | n.s. |
| Property, plant and equipment | 50,706 | 54,602 | (3,896) | (7.1)% |
| Intangible assets | 624,061 | 634,054 | (9,993) | (1.6)% |
| Tax assets | 89,518 | 89,200 | 318 | 0.4% |
| Trade receivables | 203,672 | 210,265 | (6,593) | (3.1)% |
| Assets held for sale | - | 10 | (10) | (100.0)% |
| Other assets | 96,549 | 90,145 | 6,404 | 7.1% |
| Total Assets | 1,607,859 | 1,645,904 | (38,045) | (2.3)% |
| Financial liabilities to banks and bondholders | 938,839 | 933,506 | 5,333 | 0.6% |
| Other financial liabilities | 82,906 | 87,283 | (4,377) | (5.0)% |
| Trade payables | 83,154 | 117,217 | (34,063) | (29.1)% |
| Tax liabilities | 95,933 | 95,123 | 810 | 0.9% |
| Employee benefits | 8,000 | 8,629 | (629) | (7.3)% |
| Provisions for risks and charges | 23,007 | 23,559 | (552) | (2.3)% |
| Other liabilities | 69,295 | 66,444 | 2,851 | 4.3% |
| Total Liabilities | 1,301,134 | 1,331,761 | (30,627) | (2.3)% |
| Share capital | 68,614 | 68,614 | - | n.s. |
| Share premium | 58,633 | 58,633 | - | n.s. |
| Reserves | 75,837 | 83,479 | (7,642) | (9.2)% |
| Treasury shares | (8,218) | (8,218) | - | n.s. |
| Profit (Loss) for the period attributable to the owners of the Parent | (10,217) | (8,215) | (2,002) | 24.4% |
| Equity attributable to the owners of the Parent | 184,649 | 194,293 | (9,644) | (5.0)% |
| Total Liabilities and Equity attributable to the owners of the Parent | 1,485,783 | 1,526,054 | (40,271) | (2.6)% |
| Equity attributable to non-controlling Interests | 122,076 | 119,850 | 2,226 | 1.9% |
| Total Liabilities and Equity | 1,607,859 | 1,645,904 | (38,045) | (2.3)% |
Cash and liquid securities amounted to €471.9 million, compared to €144.0 million at the end of the previous year. The line item includes €352.7 million of cash held in a restricted escrow account following the bond issuance in November 2025, in connection with the acquisition of coeo group GmbH, which was completed on April 16, 2026. Excluding this amount from the first quarter of 2026 balance, cash decreased by €24.8 million compared to the comparative figure. The cash flow dynamics for the period are further described below in the section on Net Financial Position.
Financial assets amounted to €71.4 million, compared to €423.6 million as of December 31, 2025. The significant decrease in this line item is mainly attributable to the reclassification of the above-mentioned escrow account (€350.9 million as of December 31, 2025), which was included in financial assets in the comparative period and reclassified to "cash and liquid securities" in the first quarter of 2026.
The item is broken down in the following table.
⁴ At the end of this Directors' Interim Report on the Group, a reconciliation schedule is provided between the Reclassified Statement of Financial Position and the statement of financial position reported in the section including the consolidated Financial Statements.
doValue Group -Interim Financial Report at March 31, 2026
(€/000)
| Financial assets | 3/31/2026 | 12/31/2025 | Change € | Change % |
|---|---|---|---|---|
| At fair value through profit or loss | 69,521 | 70,834 | (1,313) | (1.9)% |
| Debt securities | 36,439 | 36,874 | (435) | (1.2)% |
| CIUs | 24,932 | 25,810 | (878) | (3.4)% |
| Equity instruments | 8,150 | 8,150 | - | n.s. |
| At fair value through OCI | 1,506 | 1,506 | - | n.s. |
| Equity instruments | 1,506 | 1,506 | - | n.s. |
| At amortized cost | 383 | 351,285 | (350,902) | (99.9)% |
| L&R with banks other than current accounts and demand deposits | 14 | 350,913 | (350,899) | (100.0)% |
| L&R with customers | 369 | 372 | (3) | (0.8)% |
| Total | 71,410 | 423,625 | (352,215) | (83.1)% |
Financial assets "at fair value through profit or loss" decreased overall by €1.3 million. In detail, the change relating to debt securities is primarily attributable to fair value changes, while for the CIUs, and in particular the restricted alternative securities investment fund Italian Recovery Fund (formerly Atlante II), distribution of units and cancellation of €0.9 million were recorded, bringing the value of this fund to €11.8 million at the end of the first quarter of 2026. Conversely, the value of the reserved closed-end alternative investment fund Italian Distressed Debt & Special Situations Fund 2 (hereinafter also "IDDSS2") remained unchanged compared to December 31, 2025, at €13.1 million.
No changes were recorded in equity instruments, both those classified as "at fair value through profit or loss", including €8.0 million relating to a 5.1% stake in Alba Leasing S.p.A. (a financial intermediary registered under Article 106 of the Italian Consolidated Banking Act), and those classified as "at fair value through OCI", which include minority investments in the Brazilian fintech company QueroQuitar S.A. (9.31%) and the Irish proptech company BidX1 (2.1%), the latter fully impaired.
Property, plant and equipment, amounting to €50.7 million, decreased by €3.9 million compared to December 31, 2025, mainly due to the combined effect of depreciation for the period (€4.4 million) and new purchases of €0.5 million.
Intangible assets decreased from €634.1 million to €624.1 million, reflecting a reduction of €10.0 million. The movement during the period was primarily driven by amortisation of €13.5 million and purchases of €3.9 million relating to software, including amounts classified as assets under development and payments on account.
The following is a breakdown of intangible assets:
(€/000)
| Intangible assets | 3/31/2026 | 12/31/2025 | Change € | Change % |
|---|---|---|---|---|
| Software | 61,013 | 64,137 | (3,124) | (4.9)% |
| Brands | 4,455 | 5,115 | (660) | (12.9)% |
| Assets under development and payments on account | 10,856 | 10,907 | (51) | (0.5)% |
| Goodwill | 317,395 | 317,395 | - | n.s. |
| Long-term servicing contracts and customer relationships | 230,342 | 236,500 | (6,158) | (2.6)% |
| Total | 624,061 | 634,054 | (9,993) | (1.6)% |
In particular, the most significant portion of intangible assets stems from the Group's acquisitions, specifically related to the acquisition of doValue Spain and its subsidiaries at the end of June 2019, the business combination with doValue Greece completed in June 2020, and, most recently, the business combination with the Gardant group completed in 2024.
doValue Group -Interim Financial Report at March 31, 2026
(€/000)
| Intangible assets | 3/31/2026 | |||
|---|---|---|---|---|
| Gardant Business Combination | doValue Spain Business Combination | doValue Greece Business Combination | Total | |
| Software and relative assets under development | 3,539 | 7,779 | 44,256 | 55,574 |
| Brands | - | 4,398 | - | 4,398 |
| Long-term servicing contracts | 97,632 | 8,018 | 122,742 | 228,392 |
| Customer Relationships | 1,950 | - | - | 1,950 |
| Goodwill | 114,588 | 89,893 | 112,391 | 316,872 |
| Total | 217,709 | 110,088 | 279,389 | 607,186 |
| Intangible assets | 12/31/2025 | |||
| --- | --- | --- | --- | --- |
| Gardant Business Combination | doValue Spain Business Combination | doValue Greece Business Combination | Total | |
| Software and relative assets under development | 4,855 | 8,719 | 45,682 | 59,256 |
| Brands | - | 5,057 | - | 5,057 |
| Long-term servicing contracts | 99,938 | 8,846 | 125,723 | 234,507 |
| Customer Relationships | 1,993 | - | - | 1,993 |
| Goodwill | 114,588 | 89,893 | 112,391 | 316,872 |
| Total | 221,374 | 112,515 | 283,796 | 617,685 |
Tax assets, detailed below, amounted to €89.5 million at the end of the quarter, substantially in line with €89.2 million as of December 31, 2025.
(€/000)
| Tax assets | 3/31/2026 | 12/31/2025 | Change € | Change % |
|---|---|---|---|---|
| Current tax assets | 6,306 | 6,519 | (213) | (3.3)% |
| Paid in advance | - | 3,725 | (3,725) | (100.0)% |
| Tax credits | 6,306 | 2,794 | 3,512 | 125.7% |
| Deferred tax assets | 46,314 | 48,379 | (2,065) | (4.3)% |
| Impairment losses on loans | 17,188 | 17,224 | (36) | (0.2)% |
| Tax losses carried forward | 5,342 | 5,342 | - | n.s. |
| Property, plant and equipment / Intangible assets | 18,330 | 18,737 | (407) | (2.2)% |
| Other assets / liabilities | 1,463 | 3,090 | (1,627) | (52.7)% |
| Provisions | 3,991 | 3,986 | 5 | 0.1% |
| Other tax assets | 36,898 | 34,302 | 2,596 | 7.6% |
| Total | 89,518 | 89,200 | 318 | 0.4% |
Other assets amounted to €96.5 million compared to €90.1 million at year-end 2025, representing an increase of €6.4 million. This increase is mainly driven by higher receivables relating to advances to clients in the Hellenic Republic, particularly as a result of the ongoing impact of initiatives aimed at strengthening legal recovery activities.
Tax liabilities, as detailed below, amounted to €95.9 million, broadly in line with the balance of €95.1 million as at year-end 2025.
(€/000)
| Tax liabilities | 3/31/2026 | 12/31/2025 | Change € | Change % |
|---|---|---|---|---|
| Tax liability for the period | 11,194 | 11,324 | (130) | (1.1)% |
| Deferred tax liabilities | 62,889 | 65,197 | (2,308) | (3.5)% |
| Other tax liabilities | 21,850 | 18,602 | 3,248 | 17.5% |
| Total | 95,933 | 95,123 | 810 | 0.9% |
As of March 31, 2026, financial liabilities to banks and bondholders increased from €933.5 million to €938.8 million, as detailed below.
(€/000)
doValue Group -Interim Financial Report at March 31, 2026
| Financial liabilities to banks and bondholders | 3/31/2026 | 12/31/2025 | Change € | Change % |
|---|---|---|---|---|
| Bank loans and borrowings | 295,233 | 290,023 | 5,210 | 1.8% |
| Senior Facility Agreement ("SFA") | 294,836 | 289,450 | 5,386 | 1.9% |
| Revolving credit line | 336 | 333 | 3 | 0.9% |
| Other credit lines | 61 | 240 | (179) | (74.6)% |
| Bonds 2025-2030 | 294,841 | 299,665 | (4,824) | (1.6)% |
| Bonds 2025-2031 | 348,765 | 343,818 | 4,947 | 1.4% |
| Total | 938,839 | 933,506 | 5,333 | 0.6% |
The outstanding balance of the SFA increased from €289.5 million as of December 31, 2025 to €294.8 million as of March 31, 2026, mainly reflecting the accrual of interest for the period.
During the quarter, the movements also included the payment of the semi-annual coupon on the 2025-2030 bonds, as well as the accrual of interest on both outstanding bonds.
Bank borrowings also include a revolving credit facility linked to the SFA, as well as other credit lines in Italy.
Other financial liabilities are detailed below:
(€/000)
| Other financial liabilities | 3/31/2026 | 12/31/2025 | Change € | Change % |
|---|---|---|---|---|
| Lease liabilities | 43,690 | 47,928 | (4,238) | (8.8)% |
| Earn-out | 24,749 | 24,491 | 258 | 1.1% |
| Put option on Non-controlling interests | 106 | 106 | - | n.s. |
| Other financial liabilities | 14,361 | 14,758 | (397) | (2.7)% |
| Total | 82,906 | 87,283 | (4,377) | (5.0)% |
The "Lease liabilities" represent the present value of future lease payments, in accordance with the provisions of IFRS 16.
The "Earn-out" liability includes only the amount related to the acquisition of doValue Greece, amounting to €24.7 million, which is tied to achieving certain EBITDA targets over a ten-year horizon.
The "Put option on Non-controlling interests" is related to the Cypriot company Omnitouch Cyprus Limited, which specializes in call center activities.
"Other financial liabilities" include €3.2 million related to the deferred portion of the cost for obtaining a long-term servicing contract in the Hellenic Region, which is capitalized under other intangible assets, €2.0 million relating to the deferred portion of the purchase price for the acquisition of the 5.1% stake in Alba Leasing, €9.1 million representing the liability for certain financial-related fees that will be paid to counterparties upon the closing of the coeo transaction, and €0.1 thousand of borrowings from entities other than credit institutions.
Provisions for risks and charges amounted to €23.0 million, representing a decrease of €552 thousand compared to the balance as of year-end 2025, which amounted to €23.6 million. The composition of this line item is detailed below.
(€/000)
| Provisions for risks and charges | 3/31/2026 | 12/31/2025 | Change € | Change % |
|---|---|---|---|---|
| Legal and Tax disputes | 15,180 | 15,572 | (392) | (2.5)% |
| Staff expenses | 725 | 729 | (4) | (0.5)% |
| Other | 7,102 | 7,258 | (156) | (2.1)% |
| Total | 23,007 | 23,559 | (552) | (2.3)% |
Other liabilities increased from €66.4 million at year-end 2025 to €69.3 million, representing an increase of €2.9 million. This increase is attributable to the combined effect of an increase in employee payables - mainly due to the accrual of compensation to be settled in the following months - and other residual items, partly offset by the progressive release of deferred income related to the upfront payment of servicing fees from the Hellenic Region.
This line item includes employee-related liabilities amounting to €43.2 million, as well as deferred income and other liabilities totaling €26.1 million.
Equity attributable to the owners of the Parent amounted to €184.6 million (€194.3 million as of December 31, 2025).
doValue Group -Interim Financial Report at March 31, 2026
RECONCILIATION OF EQUITY AND LOSS FOR THE PERIOD OF THE PARENT WITH THE CONSOLIDATED FINANCIAL STATEMENTS
In application of Consob Communication no. DEM/6064293 dated July 28, 2006, the Parent's equity and loss for the period are reconciled below with the related consolidated amounts.
(€/000)
| 1st Quarter 2026 | 1st Quarter 2025 | |||
|---|---|---|---|---|
| Equity | Profit (Loss) for the period | Equity | Profit (Loss) for the period | |
| Financial statements of the Parent doValue S.p.A. | 162,128 | (17,780) | 207,639 | (15,985) |
| - difference arising from the investments' carrying amounts and the relative subsidiaries' Equity | 32,281 | - | (5,996) | - |
| - Profits (Losses) of the subsidiaries, net of Non-controlling interests | - | 12,257 | - | 17,819 |
| Other consolidation entries | 457 | (4,694) | 562 | (2,780) |
| Consolidated financial statements attributable to the owners of the Parent | 194,866 | (10,217) | 202,205 | (946) |
doValue Group -Interim Financial Report at March 31, 2026
Net Working Capital
(€/000)
| Net Working Capital | 3/31/2026 | 12/31/2025 | 3/31/2025 |
|---|---|---|---|
| Trade receivables | 203,672 | 225,682 | 210,265 |
| Trade payables | (83,154) | (86,611) | (117,217) |
| Total | 120,518 | 139,071 | 93,048 |
As of March 31, 2026, the balance amounted to €120.5 million, down 13% compared to the same period of the previous year, representing an improvement, while increasing by 30% compared to €93.0 million at year-end 2025.
Net Financial Position
(€/000)
| Net Financial Position | 3/31/2026 | 12/31/2025 | 3/31/2025 | |
|---|---|---|---|---|
| A | Cash | 471,931 | 142,961 | 143,991 |
| B | Current financial assets | - | - | 350,899 |
| C | Liquidity | 471,931 | 142,961 | 494,890 |
| D | Current bank loans and borrowings | (55,045) | (58,576) | (50,393) |
| E | Bonds issued - current | (9,078) | (2,625) | (9,508) |
| F | Transaction costs | - | (3,990) | - |
| G | Net current financial position | 407,808 | 77,770 | 434,989 |
| H | Non-current bank loans and borrowings | (240,188) | (290,089) | (239,630) |
| I | Bonds issued - non-current | (634,528) | (291,735) | (633,975) |
| J | Net financial position | (466,908) | (504,054) | (438,616) |
The net financial position as of March 31, 2026 amounted to €466.9 million, increasing compared to €438.6 million at year-end 2025.
The quarter was mainly characterized by the payment of the coupon on the 2025-2030 bonds, as well as by the payment of transaction costs related to the coeo acquisition amounting to €3.1 million, and tax payments of €5.7 million.
As a result of the main dynamics described above, cash at the end of the quarter amounted to €471.9 million, compared to €494.9 million at year-end 2025. In both periods, this includes cash held in a restricted escrow account following the bond issuance in November 2025 for the acquisition of coeo group GmbH, completed on April 16, 2026 (€352.7 million as of March 31, 2026 included under "Cash" and €350.9 million as at December 31, 2025 included under "Current financial assets").
In addition to current cash levels, the Group has €147.0 million of undrawn credit facilities.
The net current financial position was positive at €407.8 million (€435.0 million at year-end 2025), as most of the debt arising from the existing financing structure is non-current in nature.
doValue Group -Interim Financial Report at March 31, 2026
Cash Flow
(€/000)
| Cash flow | 1st Quarter 2026 | 1st Quarter 2025 | FY 2025 |
|---|---|---|---|
| EBITDA | 34,854 | 50,880 | 209,486 |
| Capex | (3,925) | (2,248) | (35,069) |
| EBITDA-Capex | 30,929 | 48,632 | 174,417 |
| as % of EBITDA | 89% | 96% | 83% |
| Changes in Net Working Capital (NWC) | (35,431) | 2,339 | 32,398 |
| Changes in other assets/liabilities | (8,260) | (12,752) | (25,453) |
| Operating Cash Flow | (12,762) | 38,219 | 181,362 |
| Corporate Income Tax paid | (5,660) | (6,954) | (34,884) |
| Financial charges | (10,383) | (8,873) | (45,471) |
| Free Cash Flow | (28,805) | 22,392 | 101,007 |
| (Investments)/divestments in financial assets | 913 | 1,355 | (2,924) |
| Equity and IFRS 15 contracts (investments)/divestments | (400) | (2,637) | (3,838) |
| Earn-out and Tax claim payment | - | (10,800) | (10,800) |
| Dividends paid to non-controlling investors | - | - | (7,697) |
| Net Cash Flow of the period | (28,292) | 10,310 | 75,748 |
| Opening Net Financial Position | (438,616) | (514,364) | (514,364) |
| Closing Net Financial Position | (466,908) | (504,054) | (438,616) |
| Change in Net Financial Position | (28,292) | 10,310 | 75,748 |
It should be noted that, for the sole purpose of better representing the dynamics involving the net working capital, a reclassification was made of the movements related to the "Advance to Suppliers" and to the "Contractual Advance from Eurobank" from item "Changes in other assets/liabilities" to item "Changes in Net Working Capital (NWC)" for a total of €8.6 for the first quarter of 2026 (€12.4m for the first quarter of 2025 and €29.6m for FY 2025). It is also noted that the item "Changes in Net Working Capital (NWC)" includes the adjustment component related to accruals for the share-based incentive plan, which amounts to +€0.7m for the first quarter of 2026 (+€0.6m for the first quarter of 2025 and +€1.8m for the full year 2025).
The Operating Cash Flow for the period was negative at €12.8 million (compared to €181.4 million in 2025 and €38.2 million in the first quarter of 2025), with EBITDA of €34.9 million and capital expenditures of €3.9 million. Cash conversion relative to EBITDA was 89%, an increase compared to 83% at year-end 2025.
"Changes in net working capital (NWC)" amounted to €(35.4) million (compared to a positive change of €32.4 million in December 2025).
"Changes in other assets/liabilities", amounting to €(8.3) million, mainly relate to payments associated with personnel exits (redundancy), items related to lease payments accounted for under IFRS 16, as well as cash outflows for legal and out-of-court settlements and movements related to MBO payments compared to the respective accruals.
"Corporate Income Tax paid" amounted to €5.7 million and mainly relate to taxes paid within the Hellenic Region.
"Financial charges" paid during the period amounted to €10.4 million and relate to the payment of the coupon on the 2025-2030 bonds.
As a result of the above dynamics, Free Cash Flow amounted to -€28.8 million.
The "(Investments)/divestments in financial assets" were positive at €0.9 million, mainly reflecting proceeds from investment fund units (CIUs).
"Equity and IFRS 15 contracts (investments)/divestments" amounted to €(0.4) million, mainly related to deferred consideration payments for the acquisition of a servicing contract in the Hellenic Region ("Alphabet").
Net Cash Flow of the period was therefore negative at €28.3 million.
doValue Group -Interim Financial Report at March 31, 2026
Significant events occurred during the period
MERGER OF GARDANT S.P.A. AND SPECIAL GARDANT S.P.A. INTO DOVALUE S.P.A.
On December 15, 2025, the deed of merger of the subsidiaries Gardant S.p.A. and Special Gardant S.p.A. into doValue S.p.A. was filed with the relevant Companies' Registers.
As a result of the merger, effective January 1, 2026, doValue S.p.A. succeeded to all rights and obligations, whether assets or liabilities, of Gardant S.p.A. and Special Gardant S.p.A. The accounting and tax effects also take effect from January 1, 2026.
The completion of these mergers will enable further integration between the two groups and support the realization of the synergies expected from the acquisition.
DOVALUE'S ALTERNATIVE ASSET MANAGEMENT ARM, GARDANT INVESTOR SGR, SURPASSES €1 BILLION IN ASSETS UNDER MANAGEMENT
doValue, through its subsidiary Gardant Investor SGR, successfully launched "MiRo," a new closed ended multi-compartment reserved alternative investment fund dedicated to selected leading international investors. The initial closing provides for subscriptions of up to €150 million for the first compartment, focused on real estate private-debt instruments, and potential for further compartments in the future up to €250 million in total. The SGR has already identified potential deployment opportunities for the MiRo Fund.
With the addition of MiRo and following the launch of the Lounge Rises fund in December 2025, the Group's alternative asset management platform surpasses €1 billion in capital raised, with approximately 80% already deployed, confirming the platform's solidity, scalability and investor confidence.
NEW SERVICING MANDATES IN GREECE AND CYPRUS FOR €250 MILLION
doValue has been awarded new servicing mandates in the Hellenic Region relating to two portfolios with a total Gross Book Value (GBV) of €250 million, for which doValue will act as the sole and exclusive servicer. Approximately €100 million was originated by the National Bank of Greece and transferred to specialized investors; it includes non-performing exposures relating to around 2,200 debtors, secured by high-quality collateral, primarily residential real estate. The remaining €150 million portfolio comprises non-performing exposures originated by Cypriot banks in respect of approximately 1,300 debtors and has been awarded to doValue by a leading credit investor.
This new mandate adds to the strong track record of doValue Cyprus, which over the past twelve months has secured approximately €1 billion of new NPL servicing mandates from investors, effectively awarded the full set of mandates available in the country during the period under review.
Significant events occurred after the period
Below are listed the significant events that occurred after the end of the first quarter of 2026 that the doValue Group considers non-adjusting events in accordance with IAS 10.
COMPLETION OF THE ACQUISITION OF COEO
On April 16, 2026, doValue completed the acquisition of 100% of the share capital of coe group GmbH through the newly established entity doValue Germany GmbH, following the binding agreement announced on July 18, 2025. The transaction, financed through available liquidity - including the release from the escrow account of the proceeds related to the €350 million Senior Secured Notes due November 2031 issued by doValue at the end of 2025 - accelerates doValue's strategic repositioning toward technologically advanced segments of the credit value chain with high growth potential.
doValue Group -Interim Financial Report at March 31, 2026
FIRST-EVER SALE OF RE-PERFORMING LOANS (RPL) IN GREECE
On May 5, 2026 doValue announced the first-ever sale of re-performing loans (RPLs) in Greece to institutional investors specialized in credit.
The portfolio, comprising approximately 3,400 loans relating to around 1,800 primary borrowers, with a Gross Book Value (GBV) of approximately €230 million, was originally included in the Cairo securitization and achieved re-performing status through active management carried out by doValue Greece in its capacity as servicer.
This demonstrates how disciplined, borrower-focused servicing can transform distressed assets into performing exposures, creating value for all stakeholders involved, from the investors to the borrowers themselves, who have successfully restored their financial positions and have now been sold as performing exposures.
NEW SERVICING MANDATES IN ITALY FOR A TOTAL VALUE OF €430 MILLION
On May 12, 2026, doValue announced new servicing mandates in Italy for a total value of €430 million.
As part of the transaction, doValue supported a major international institutional investor in the acquisition of a loan portfolio from a leading Italian bank, contributing to the structuring of three securitization transactions.
The securitized portfolio consists of approximately 2,800 mortgage loans with a mixed composition: approximately half of the loans are classified as performing, with the remainder consisting of UTP and NPL positions.
In addition to its role as Special Servicer, doValue Group assumed the roles of Primary/Master Servicer, Corporate Servicer and Calculation Agent through its subsidiary doNext S.p.A.
doValue Group -Interim Financial Report at March 31, 2026
Outlook
Looking ahead to 2026, the Group enters the year with strengthened scale, heightened operating leverage and clear visibility on the expected contribution of coeo. Following the agreement for the coeo transaction, doValue updated its 2026 targets projecting an EBITDA (excluding non-recurring items) of approximately €300 million on a pro-forma basis, with an expected aggregate financial leverage of approximately 2.2x in 2026 before dividends.
Operationally, the Group will focus on the accelerated adoption of data, analytics and AI-driven collection models, supported by cAI, coeo's dedicated AI factory.
doValue remains structurally well-positioned in an industry where AI enhances – rather than disrupts – servicing activities. The Group's business is anchored in high-complexity credit workflows, deep regulatory and legal processes, and proprietary datasets built over decades across multiple jurisdictions. These characteristics make the domain inherently human-in-the-loop, where AI significantly boosts productivity, predictability and turnaround times, but cannot replace the specialized servicing expertise and data history required to manage non-performing exposures. The integration of AI therefore represents a clear competitive advantage, not a threat.
The Group expects to present a new business plan for the 2026-2029 period during the year and will continue to execute its strategy, with a particular focus on diversifying revenue sources and expanding its activity beyond the traditional NPL segment.
Main risks and uncertainties
The doValue Group's financial position is appropriately sized to its needs, taking into account the nature of its business activities and performance. The financial policy pursued prioritizes the Group's stability and does not currently or prospectively seek speculative objectives in its investment activities.
The main risks and uncertainties, considering the Group's business model, are essentially linked to European and global macroeconomic conditions, which are affected by the international environment characterized by high volatility due to various factors, including significant geopolitical tensions. These have been further exacerbated by a new wave of tensions in the Middle East since late February 2026, increasing uncertainty across global markets. Such developments could have a particularly significant impact on future inflation dynamics. The consequences of the current crisis, further aggravated by the blockade of the Strait of Hormuz, remain largely uncertain, and the risk of a prolonged conflict in the Middle East is very real. In particular, this situation could weaken export-oriented economies, such as those in which the Group operates, placing additional pressure on debtors and impairing their ability to meet financial obligations.
These geopolitical tensions may also affect financial markets and the broader economy, including in Europe, impacting debtors' disposable income and the value of collateral, potentially leading to higher default rates and reduced collections, with possible materially adverse effects on the Group's business, operating results, financial condition, or prospects.
At present, central banks have opted to keep interest rates unchanged, adopting a cautious approach while assessing the initial impact of the conflict on the global economy. In particular, they will closely monitor any signals indicating that rising energy costs could intensify inflationary pressures. Should more restrictive monetary conditions emerge, they would negatively affect both debtor performance and investor demand for securitization transactions or portfolio trades.
Moreover, a deterioration in market liquidity or investor sentiment could significantly and adversely affect the Group's business model, which relies on a continuous flow of new credit portfolios to be serviced.
Going concern
In order to assess the going concern assumption upon which this Interim Financial Report at March 31, 2026, is based, the Group has analysed its funding needs stemming from investing activities, working capital management, and the repayment of debt at its respective maturities.
The Group believes it will meet its aforementioned funding needs through the liquidity generated from the capital increase and the bank financing package (the "Senior Facilities Agreement" - SFA) obtained during the last quarter of 2024 in connection with the acquisition of the Gardant group. This is further supported by the liquidity raised for the acquisition of coeo group GmbH, completed in April 2026, through the senior secured bonds issued in November 2025, maturing in 2031, for a total nominal amount of €350 million at an annual interest rate of 5.375%.
doValue Group -Interim Financial Report at March 31, 2026
The Group also has in place an additional senior secured bonds issued in February 2026 for a nominal amount of €300.0 million, bearing a fixed annual interest rate of 7% and maturing in 2030, which was used to refinance, in the same month, the bond maturing in 2026. This transaction also enabled the Group to repay a portion of the credit facilities under the SFA amounting to €96 million, as these were no longer required.
Finally, the Group has access to undrawn credit lines, as well as liquidity that will be generated from its operating and financing activities.
Moreover, the Group also considered:
- forecasts regarding macroeconomic scenarios impacted by a combination of inflation, high interest rates, geopolitical tensions and economic downturn, as exogenous values to be considered among the assumptions of the 2026 budget, as well as in sensitivity analyses related to impairment tests of intangible assets as of March 31, 2026;
- in assessing the sustainability of asset values as of March 31, 2026, factors such as the Group's capital base, financial position, and cash flow generation capacity, as reflected in the 2026 budget, as well as the characteristics of doValue's specific business model, which demonstrates flexibility to respond to different phases of the economic cycle;
- profitability, primarily dependent on managed assets, as well as the contribution of new portfolio management contracts recorded in the first quarter of 2026 and the resulting collections;
- the rating agencies' assessments relating to the outstanding bonds and market prices observed for such instruments.
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.
doValue Group -Interim Financial Report at March 31, 2026
Other information
MANAGEMENT AND COORDINATION
As of March 31, 2026, 20.55% of the shares of the Parent doValue are held by its largest shareholder, INPL Investment Holdings Fund, an Irish-registered company whose capital is indirectly owned by FIG Buyer GP, LLC. The latter is the General Partner of Foundation Holdco LP, which is associated with affiliates of Mubadala Investment Company PJSC and certain members of the management of Fortress Investment Group LLC and entities controlled by them.
An additional 2.64% of doValue shares are held by other investors similarly connected with FIG Buyer GP, LLC and other entities affiliated with Foundation Holdco LP, with an overall stake of 23.19%.
Furthermore, 18.20% of the shares are held by Tiber Investment S.à.r.l. – shareholder linked to Mr. Paul Singer, also on behalf of subsidiaries Elliott Investment Management GP LLC, Elliott Investment Management LP, Elliott International LP, and Bucktorn International Limited – while 11.14% is held by Sankaty European Investments S.à r.l., a shareholder linked to Bain Capital Credit Member LLC.
As of March 31, 2026, the residual 47.21% of the shares is held by the market and 0.26% consisted of 488,291 treasury shares, measured at cost, for a total of €8.2 million held by the Parent.
No shareholder exercises any management and coordination power 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 any shareholder.
The Parent doValue exercises its management and coordination powers over its subsidiaries as provided for in the legislation referred to above.
TRANSACTIONS IN TREASURY SHARES
As of March 31, 2026, doValue held 488,291 treasury shares, equal to 0.26% of the total share capital. Their carrying amount is €8.2 million, and they are recognized as a direct reduction of Equity under "Treasury shares" pursuant to article 2357-ter of the Italian Civil Code.
At the Ordinary Shareholders' Meeting held on April 28, 2026, the authorization for the purchase and disposal of treasury shares, previously granted by the same Meeting to the Board of Directors on April 29, 2025, was revoked. At the same time, the Shareholders' Meeting granted the Board of Directors a new authorization to purchase, including in multiple tranches, up to a maximum of 19,014,035 ordinary shares of the Company, representing 10% of the total share capital, for a period not exceeding 18 months, in compliance with applicable regulations.
RESEARCH AND DEVELOPMENT
During the first quarter of 2026 the Group continued to invest in several 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 positive working environment.
As of March 31, 2026, the number of Group employees was 3,302 compared to 3,387 at the end of 2025.
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 February 26, 2026.
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:
doValue Group -Interim Financial Report at March 31, 2026
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., during the first quarter of 2026, no material transactions were carried out;
B. during the first quarter of 2026, 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. during the first quarter of 2026, there have been no changes or developments to individual transactions with related parties already described in the most recent annual 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 2026 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 period) can give rise to doubts as to the accuracy/completeness of the information in the consolidated financial statements, conflicts of interest, the safeguarding of company assets and the protection of minority shareholders.
DISCLOSURE ON THE OPT-OUT OPTION
It should be noted 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.
doValue Group -Interim Financial Report at March 31, 2026
Reconciliation schedules
RECONCILIATION OF THE RECLASSIFIED FINANCIAL STATEMENTS USED IN THE DIRECTOR'S INTERIM REPORT ON THE GROUP WITH THE MANDATORY IFRS STATEMENTS
In accordance with the guidelines in ESMA/2015/1415, reconciliations of the Reclassified Statement of Profit or Loss and Reclassified Statement of Financial Position with the related mandatory IFRS Statement of Profit or Loss and Statement of Financial Position are shown below.
STATEMENT OF PROFIT OR LOSS
| (€/000) | 1st Quarter 2026 | 1st Quarter 2025 restated* |
|---|---|---|
| NPL Servicing revenue | 68,275 | 84,901 |
| of which Revenue from contracts with customers | 68,081 | 84,901 |
| of which Other revenue | 194 | - |
| Non-NPL Servicing revenue | 22,071 | 23,674 |
| of which Revenue from contracts with customers | 22,071 | 23,674 |
| Value added services | 29,948 | 32,861 |
| of which Net financial income (expense) | 452 | 275 |
| of which Revenue from contracts with customers | 6,769 | 7,576 |
| of which Other revenue | 22,025 | 21,221 |
| of which Other operating (expense)/income, net | 702 | 3,789 |
| Gross revenue | 120,294 | 141,436 |
| NPE Outsourcing fees | (4,933) | (4,901) |
| of which Costs for services rendered | (4,924) | (4,823) |
| of which Administrative expenses | (9) | (99) |
| of which Other revenue | - | 21 |
| REO Outsourcing fees | (1,843) | (1,836) |
| of which Costs for services rendered | (1,843) | (1,836) |
| Value added services Outsourcing fees | (6,837) | (6,452) |
| of which Costs for services rendered | (105) | (246) |
| of which Personnel expenses | (51) | - |
| of which Administrative expenses | (6,676) | (6,206) |
| of which Other operating (expense)/income, net | (5) | - |
| Net revenue | 106,681 | 128,247 |
| Staff expenses | (55,528) | (59,890) |
| of which Personnel expenses | (55,692) | (60,221) |
| of which Other revenue | 164 | 331 |
| Administrative expenses | (16,299) | (17,477) |
| of which Personnel expenses | (583) | (558) |
| of which Administrative expenses - of which SG&A | (583) | (558) |
| of which Administrative expenses | (15,923) | (17,317) |
| of which Administrative expenses - of which IT | (7,361) | (7,596) |
| of which Administrative expenses - of which Real Estate | (1,153) | (1,954) |
| of which Administrative expenses - of which SG&A | (7,409) | (7,767) |
| of which Other operating (expense) | (140) | (28) |
| of which Other operating (expense)/income, net - of which Real Estate | 32 | (24) |
| of which Other operating (expense)/income, net - of which SG&A | (172) | (4) |
| of which Other revenue | 347 | 426 |
| of which Other revenue - of which IT | 76 | 76 |
| of which Other revenue - of which Real Estate | - | 36 |
| of which Other revenue - of which SG&A | 271 | 314 |
| Total "of which IT" | (7,285) | (7,520) |
| Total "of which Real Estate" | (1,121) | (1,942) |
| Total "of which SG&A" | (7,893) | (8,015) |
doValue Group -Interim Financial Report at March 31, 2026
| Operating expenses | (71,827) | (77,367) |
|---|---|---|
| EBITDA | 34,854 | 50,880 |
| EBITDA margin | 29.0% | 36.0% |
| Non-recurring items included in EBITDA | (145) | (540) |
| EBITDA excluding non-recurring items | 34,999 | 51,420 |
| EBITDA margin excluding non-recurring items | 29.1% | 36.4% |
| Depreciation, amortization and net impairment losses on property, plant and equipment and intangible assets | (17,803) | (18,191) |
| of which Depreciation, amortization and impairment losses | (17,863) | (18,280) |
| of which Other operating (expense)/income, net | 60 | 89 |
| Net Provisions for risks and charges | (5,186) | (2,503) |
| of which Personnel expenses | (4,494) | (2,746) |
| of which Provisions for risks and charges | (705) | 255 |
| of which Other operating (expense)/income, net | 47 | 46 |
| of which Depreciation, amortization and impairment losses | (34) | (58) |
| Net reversals of impairment losses (impairment losses) on loans | 405 | (34) |
| of which Depreciation, amortization and impairment losses | 1 | (34) |
| of which Other revenue | 404 | - |
| EBIT | 12,270 | 30,152 |
| Net gains (losses) on financial assets and liabilities measured at fair value through profit or loss | (657) | 893 |
| of which Net financial income (expense) | (657) | 893 |
| Financial interest and commissions | (15,119) | (20,099) |
| of which Net financial income (expense) | (15,119) | (20,099) |
| EBT | (3,506) | 10,946 |
| Non-recurring items included in EBT | (9,472) | (10,470) |
| EBT excluding non-recurring items | 5,966 | 21,417 |
| Income tax | (4,485) | (5,896) |
| of which Administrative expenses | (335) | (478) |
| of which Income tax | (4,150) | (5,418) |
| Profit (Loss) for the period | (7,991) | 5,050 |
| Profit (Loss) for the period attributable to non-controlling interests | (2,226) | (5,996) |
| Profit (Loss) for the period attributable to the owners of the Parent | (10,217) | (946) |
| Non-recurring items included in Profit (Loss) for the period | (9,220) | (10,088) |
| Of which Non-recurring items included in Profit (Loss) for the period attributable to non-controlling interests | (113) | (12) |
| Profit (Loss) for the period attributable to the owners of the Parent excluding non-recurring items | (1,110) | 9,130 |
| Profit (Loss) for the period attributable to non-controlling interests excluding non-recurring items | 2,339 | 6,008 |
| Earnings (Loss) per share (in Euro) | (0.054) | (0.005) |
| Earnings (Loss) per share excluding non-recurring items (Euro) | (0.006) | 0.048 |
(*) Restated data (reclassification within the line items comprising "gross revenue") to ensure comparability with the current presentation.
doValue Group -Interim Financial Report at March 31, 2026
STATEMENT OF FINANCIAL POSITION
| (€/000) | 3/31/2026 | 12/31/2025 |
|---|---|---|
| Cash and liquid securities | 471,931 | 143,991 |
| Cash and cash equivalents | 471,931 | 143,991 |
| Financial assets | 71,410 | 423,625 |
| Non-current financial assets | 71,410 | 72,726 |
| Current financial assets | - | 350,899 |
| Equity investments | 12 | 12 |
| Investments | 12 | 12 |
| Property, plant and equipment | 50,706 | 54,602 |
| Property, plant and equipment | 50,705 | 54,601 |
| Inventories | 1 | 1 |
| Intangible assets | 624,061 | 634,054 |
| Intangible assets and goodwill | 624,061 | 634,054 |
| Tax assets | 89,518 | 89,200 |
| Deferred tax assets | 46,314 | 48,379 |
| Other current assets | 36,898 | 34,302 |
| Tax assets | 6,306 | 6,519 |
| Trade receivables | 203,672 | 210,265 |
| Trade receivables and contract assets | 203,672 | 210,265 |
| Assets held for sale | - | 10 |
| Assets held for sale | - | 10 |
| Other assets | 96,549 | 90,145 |
| Other current assets | 90,699 | 83,734 |
| Other non-current assets | 5,850 | 6,411 |
| Total Assets | 1,607,859 | 1,645,904 |
| Financial liabilities to banks and bondholders | 938,839 | 933,506 |
| Non-current loans and other financing | 874,716 | 873,605 |
| Current loans and other financing | 64,123 | 59,901 |
| Other financial liabilities | 82,906 | 87,283 |
| Non-current loans and other financing | 102 | 101 |
| Other non-current financial liabilities | 41,457 | 48,097 |
| Other current financial liabilities | 41,347 | 39,085 |
| Trade payables | 83,154 | 117,217 |
| Trade payables | 83,154 | 117,217 |
| Tax Liabilities | 95,933 | 95,123 |
| Tax liabilities | 11,194 | 11,324 |
| Deferred tax liabilities | 62,889 | 65,197 |
| Other current liabilities | 21,850 | 18,602 |
| Employee Benefits | 8,000 | 8,629 |
| Employee benefits | 8,000 | 8,629 |
| Provision for risks and charges | 23,007 | 23,559 |
| Provisions for risks and charges | 23,007 | 23,559 |
| Other liabilities | 69,295 | 66,444 |
| Other current liabilities | 59,688 | 56,862 |
| Other non-current liabilities | 9,607 | 9,582 |
| Total Liabilities | 1,301,134 | 1,331,761 |
| Share capital | 68,614 | 68,614 |
| Share capital | 68,614 | 68,614 |
| Share premium | 58,633 | 58,633 |
| Share premium | 58,633 | 58,633 |
| Reserves | 75,837 | 83,479 |
| Valuation reserve | (9,319) | (9,319) |
| Other reserves | 85,156 | 92,798 |
| Treasury shares | (8,218) | (8,218) |
| Treasury shares | (8,218) | (8,218) |
| Profit (Loss) for the period attributable to the owners of the Parent | (10,217) | (8,215) |
| Profit (Loss) for the period attributable to the owners of the Parent | (10,217) | (8,215) |
| Equity attributable to the owners of the Parent | 184,649 | 194,293 |
| Total Liabilities and Equity attributable to the owners of the Parent | 1,485,783 | 1,526,054 |
| Equity attributable to non-controlling interests | 122,076 | 119,850 |
| Equity attributable to non-controlling interests | 122,076 | 119,850 |
| Total Liabilities and Equity | 1,607,859 | 1,645,904 |
CONSOLIDATED FINANCIAL STATEMENTS
doValue Group - Consolidated Financial Statements
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(€/000)
| 3/31/2026 | 12/31/2025 | |
|---|---|---|
| Non-current assets | ||
| Intangible assets and goodwill | 624,061 | 634,054 |
| Property, plant and equipment | 50,705 | 54,601 |
| Equity investments | 12 | 12 |
| Non-current financial assets | 71,410 | 72,726 |
| Deferred tax assets | 46,314 | 48,379 |
| Other non-current assets | 5,850 | 6,411 |
| Total non-current assets | 798,352 | 816,183 |
| Current assets | ||
| Inventories | 1 | 1 |
| Current financial assets | - | 350,899 |
| Trade receivables and contract assets | 203,672 | 210,265 |
| Tax assets | 6,306 | 6,519 |
| Other current assets | 127,597 | 118,036 |
| Cash and cash equivalents | 471,931 | 143,991 |
| Total current assets | 809,507 | 829,711 |
| Assets held for sale | - | 10 |
| Total assets | 1,607,859 | 1,645,904 |
| Equity | ||
| Share capital | 68,614 | 68,614 |
| Share premium | 58,633 | 58,633 |
| Valuation reserve | (9,319) | (9,319) |
| Other reserves | 85,156 | 92,798 |
| Treasury shares | (8,218) | (8,218) |
| Profit (Loss) for the period attributable to the owners of the Parent | (10,217) | (8,215) |
| Equity attributable to the owners of the Parent | 184,649 | 194,293 |
| Equity attributable to non-controlling interests | 122,076 | 119,850 |
| Total Equity | 306,725 | 314,143 |
| Non-current liabilities | ||
| Loans and other financing | 874,818 | 873,706 |
| Other non-current financial liabilities | 41,457 | 48,097 |
| Employee benefits | 8,000 | 8,629 |
| Provisions for risks and charges | 23,007 | 23,559 |
| Deferred tax liabilities | 62,889 | 65,197 |
| Other non-current liabilities | 9,607 | 9,582 |
| Total non-current liabilities | 1,019,778 | 1,028,770 |
| Current liabilities | ||
| Loans and other financing | 64,123 | 59,901 |
| Other current financial liabilities | 41,347 | 39,085 |
| Trade payables | 83,154 | 117,217 |
| Tax liabilities | 11,194 | 11,324 |
| Other current liabilities | 81,538 | 75,464 |
| Total current liabilities | 281,356 | 302,991 |
| Total liabilities | 1,301,134 | 1,331,761 |
| Total Equity and liabilities | 1,607,859 | 1,645,904 |
doValue Group - Consolidated Financial Statements
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
(€/000)
| 1st Quarter 2026 | 1st Quarter 2025 | |
|---|---|---|
| Revenue from contracts with customers | 96,921 | 116,151 |
| Other revenue | 23,133 | 21,999 |
| Total revenue | 120,054 | 138,150 |
| Costs for services rendered | (6,872) | (6,906) |
| Personnel expenses | (60,820) | (63,525) |
| Administrative expenses | (22,943) | (24,100) |
| Other operating (expense)/income, net | 664 | 3,896 |
| Depreciation, amortization and impairment losses | (17,896) | (18,372) |
| Accruals to provisions for risks and charges | (705) | 255 |
| Total costs | (108,572) | (108,752) |
| Operating profit | 11,482 | 29,398 |
| Net financial income (expense) | (15,323) | (18,930) |
| Profit (Loss) before tax | (3,841) | 10,468 |
| Income tax | (4,150) | (5,418) |
| Profit (Loss) from continuing operations | (7,991) | 5,050 |
| Profit (Loss) for the period | (7,991) | 5,050 |
| of which Profit (Loss) for the period attributable to the owners of the Parent | (10,217) | (946) |
| of which Profit (Loss) for the period attributable to non-controlling interests | 2,226 | 5,996 |
| Earnings (Loss) per share | ||
| basic | (0.054) | (0.005) |
| diluted | (0.054) | (0.005) |
doValue Group - Consolidated Financial Statements
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(€/000)
| 1st Quarter 2026 | 1st Quarter 2025 | |
|---|---|---|
| Profit (Loss) for the period | (7,991) | 5,050 |
| Other comprehensive income after tax that will not be reclassified to profit or loss | ||
| Equity instruments designated at fair value through other comprehensive income | - | (347) |
| Defined benefit plans | - | 1 |
| Other comprehensive income after tax that will be reclassified to profit or loss | ||
| Financial assets (other than equity instruments) measured at fair value through other comprehensive income | - | 19 |
| Total other comprehensive income (expense) after tax | - | (327) |
| Comprehensive income | (7,991) | 4,723 |
| of which Comprehensive income attributable to the owners of the Parent | (10,217) | (1,273) |
| of which Comprehensive income attributable to non-controlling interests | 2,226 | 5,996 |
doValue Group - Consolidated Financial Statements
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FIRST QUARTER 2026
(€/000)
| Other reserves | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Share capital | Share premium | Valuation reserve | Income-related reserves and/or reserves taxable on distribution | Other | Treasury shares | Profit (Loss) for the period | Equity attributable to owners of the Parent | Equity attributable to non-controlling interests | Total Equity | |
| Opening balance | 68,614 | 58,633 | (9,319) | 23,756 | 69,042 | (8,218) | (8,215) | 194,293 | 119,850 | 314,143 |
| Allocation of the previous year profit to reserves | - | - | - | (46,640) | 38,425 | - | 8,215 | - | - | - |
| Changes in reserves | - | - | - | - | (79) | - | - | (79) | - | (79) |
| Stock options | - | - | - | - | 652 | - | - | 652 | - | 652 |
| Comprehensive income for the period | - | - | - | - | - | - | (10,217) | (10,217) | 2,226 | (7,991) |
| Closing balance | 68,614 | 58,633 | (9,319) | (22,884) | 108,040 | (8,218) | (10,217) | 184,649 | 122,076 | 306,725 |
2025
(€/000)
| Other reserves | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Share capital | Share premium | Valuation reserve | Income-related reserves and/or reserves taxable on distribution | Other | Treasury shares | Profit (Loss) for the year | Equity attributable to owners of the Parent | Equity attributable to non-controlling interests | Total Equity | |
| Opening balance | 68,614 | 128,800 | (8,366) | 26,096 | (5,237) | (9,348) | 1,900 | 202,459 | 109,592 | 312,051 |
| Allocation of the previous year profit to reserves | - | (70,167) | - | - | 72,067 | - | (1,900) | - | - | - |
| Dividends and other payouts | - | - | - | - | - | - | - | - | (7,697) | (7,697) |
| Changes in reserves | - | - | - | (2,329) | 1,540 | - | - | (789) | (151) | (940) |
| Stock options | - | - | - | (11) | 672 | 1,130 | - | 1,791 | - | 1,791 |
| Comprehensive income for the year | - | - | (953) | - | - | - | (8,215) | (9,168) | 18,106 | 8,938 |
| Closing balance | 68,614 | 58,633 | (9,319) | 23,756 | 69,042 | (8,218) | (8,215) | 194,293 | 119,850 | 314,143 |
doValue Group - Consolidated Financial Statements
FIRST QUARTER 2025
(€/000)
| Other reserves | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Share capital | Share premium | Valuation reserve | Income-related reserves and/or reserves taxable on distribution | Other | Treasury shares | Profit (Loss) for the period | Equity attributable to owners of the Parent | Equity attributable to non-controlling interests | Total Equity | |
| Opening balance | 68,614 | 128,800 | (8,366) | 26,096 | (5,237) | (9,348) | 1,900 | 202,459 | 109,592 | 312,051 |
| Allocation of the previous year profit to reserves | - | - | - | (70,168) | 72,068 | - | (1,900) | - | - | - |
| Changes in reserves | - | - | - | - | (545) | - | - | (545) | (44) | (589) |
| Stock options | - | - | - | - | 618 | - | - | 618 | - | 618 |
| Comprehensive income for the period | - | - | (327) | - | - | - | (946) | (1,273) | 5,996 | 4,723 |
| Closing balance | 68,614 | 128,800 | (8,693) | (44,072) | 66,904 | (9,348) | (946) | 201,259 | 115,544 | 316,803 |
doValue Group - Consolidated Financial Statements
(C/000)
CONSOLIDATED STATEMENT OF CASH FLOWS - INDIRECT METHOD -
| 1st Quarter 2026 | 1st Quarter 2025 | |
|---|---|---|
| Operating activities | ||
| Profit (loss) for the period before tax | (3,841) | 10,468 |
| Adjustments to reconcile the profit (loss) before tax with the net cash flows: | 34,587 | 37,035 |
| Gains/losses on financial assets/liabilities held for trading and on financial assets/liabilities measured at fair value through profit or loss (+/-) | 400 | (1,425) |
| Depreciation, amortization and impairment | 17,896 | 18,372 |
| Change in net provisions for risks and charges | 705 | (256) |
| Financial (expense)/income | 14,934 | 19,726 |
| Costs for share-based payments | 652 | 618 |
| Change in working capital | (27,505) | 14,094 |
| Change in trade receivables and contract assets | 6,558 | 38,221 |
| Change in trade payables | (34,063) | (24,127) |
| Change in financial assets and liabilities | 353,761 | (3,036) |
| Financial assets measured at fair value through other comprehensive income | - | (4,981) |
| Other assets mandatorily measured at fair value | 1,041 | 1,498 |
| Financial assets measured at amortized cost | 352,720 | 447 |
| Other changes: | (19,855) | (37,134) |
| Interest paid | (10,385) | (8,873) |
| Payment of income taxes | (5,101) | (6,954) |
| Other changes in other assets/other liabilities | (4,369) | (21,307) |
| Cash flows generated by operating activities | 337,147 | 21,427 |
| Investing activities | ||
| Purchases of equity investments | - | (10,800) |
| Purchases of property, plant and equipment | (90) | (109) |
| Purchases of intangible assets | (3,855) | (4,910) |
| Net cash flows used in investing activities | (3,945) | (15,819) |
| Financing activities | ||
| Loans obtained | - | 298,419 |
| Repayment of loans | (176) | (392,211) |
| Payment of principal portion of lease liabilities | (5,086) | (6,005) |
| Net cash flows generated by financing activities | (5,262) | (99,797) |
| Net cash flows for the period | 327,940 | (94,189) |
| Reconciliation | ||
| Opening cash and cash equivalents | 143,991 | 232,169 |
| Net cash flows for the period | 327,940 | (94,189) |
| Closing cash and cash equivalents | 471,931 | 137,980 |
ANNEXES
doValue Group - Consolidated Financial Statements
KEY
Gross Book Value EoP: indicates the carrying amount of the exposures under management at the end of the reference period for the entire scope of the Group, gross of any potential impairment losses due to expected loan losses.
Collections for period: used to calculate fees for the purpose of determining revenue 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 owners of the Parent: 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 owners of the Parent 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 Revenue.
EBITDA Margin excluding non-recurring items: obtained by dividing EBITDA excluding non-recurring items by Gross revenue.
Earnings (Loss) per share: calculated as the ratio between profit for the period and the number of outstanding shares at the end of the period.
Earnings (Loss) per share excluding non-recurring items: the calculation is the same as that for earnings per share, but the numerator differs from Profit (Loss) for the period excluding non-recurring items net of the associated tax effects.
Capex: investments in property, plant, equipment and intangible assets.
EBITDA - Capex: calculated as EBITDA net of investments in property, plant and equipment and intangible assets. 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 (Debt): 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 (Debt) 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.
CERTIFICATIONS AND REPORTS
doValue – Interim financial report as at March 31, 2026
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 ‘Interim financial report as at March 31, 2026’, is consistent with the data in the supporting documents and the Group’s books of accounts and other accounting records.
Rome, May 14, 2026
Davide Soffietti