Dovalue — Investor Presentation 2023

May 12, 2023

Q1 2023 results

May 12th, 2023

•Business Highlights

•Manuela Franchi Group CEO

Results in line with management expectations

Overperformance in a mixed operating environment

Resilient collections despite GBV trend and exogenous factors

doTransformation program already yielding results

Key Objectives Next Steps

• Hybrid centralization and integration model already in place to empower local capabilities
• Faster reaction to market conditions and customer needs
• Holistic approach followed for people, operating framework and IT tools Service Model

• Reduce complexity in terms of application landscape
• Homogenization and efficient processes
• Bring new capabilities that allow creation of new services based on market trends Applications

• & Security
• Fully centralized outsourced services • TCO reduction
• Upgrade of our capabilities
• Enhanced security capabilities Infrastructure

95% achieved

• Actively working on the regional integration (Operations) for the Hellenic region
• Fine tuning and acceleration of adoption of final model
• Q2-Q4 2023 will be focused on frontline areas optimization, capitalising upon innovation centre and digital journeys progress
• Creation of new efficiencies enabling decommissioning of RSLAs. So far, up to 15% of applications reduced
• 70% achieved
• Complete hybrid datacenter migration. Spain already migrated, Greece ongoing, Portugal about to start
• Upgrade the maturity level of the security services

EBITDA Margin uplift expected through optimization of Operations Operations costs decreasing from 10% to 7% of total OpEx (target for 2023)

Strong cost discipline expected to continue

• 20% reduction in OpEx achieved in the last 15 months
  • Particularly strong performance in Italy (-21%) and Iberia (-32%)
  • OpEx ex NRIs increased by 2% in the Hellenic Region due to higher personnel costs following Frontier onboarding
• 13% reduction achieved in the last 6 months (Q1 2023 vs Q4 2022)
• Further cost reduction expected for the reminder of 2023 in order to preserve adequate profitability

Leading the secondary NPL market in Greece

doValue projects	Country	GBV	Status		Transaction overview
Virgo	Greece	€450m	✓	Completed in Q4 2022	Secondary NPL sale from Frontier I (doValue retaining servicing mandate)
Frame	Greece	€550m	✓	Completed in Q4 2022	Portfolio sale by Bain Capital from Icon portfolio to APS
Souq	Greece	€630m	✓	Completed in Q1 2023	Secondary NPL sale from Cairo I and II through doLook (doValue retaining servicing mandate)
Heliopolis	Greece	€400m	In execution		Secondary NPL sale from Cairo I and II
Suez	Greece	€195m	In execution		Reperforming Loan portfolio sale from Cairo I and II
Gemini	Greece	€700m	In preparation		Secondary NPL sale from Frontier I
Re-performing loans sales	Greece	€230m	In preparation		Other reperforming Loan portfolio sale
> €3bn Total

Secondary NPL market very established in Greece with several sizeable transactions having taken place in the last six months (supporting HAPS performance as well as financial performance of doValue Greece¹)

A similar market is expected to develop also in Italy and in Spain (considering that the bulk of NPEs are today on investors' balance sheets)

•Note:

•1) doValue Greece books a collection / disposal fee upfront (upon sale of portfolio) and, in case it maintains the servicing contract post sale, keeps its ordinary collection activity on behalf of the new owner (charging customary fees)

A growing medium term pipeline

Continuing to push the boundaries of credit management

ESG Strategy

MSCI ESG Research

▪ MSCI ESG Research upgraded doValue from AA to AAA in Mar-23

Rating history

Group Sustainability Plan - Target 2023

doValue amongst best ESG performers in global diversified financials companies benchmark according to MSCI ESG Research doValue is constantly engaged in dialogue with its Stakeholders in order to identify the relevant ESG themes for the Group

•Davide Soffietti Deputy Group CFO

Financial highlights

Item	Q1 2022	Q1 2023	Delta	Comments
GBV	€153bn	€120bn	-21.2%	• Decrease in GBV mainly driven by disposals (mostly indemnified) and by
Collections	€1.3bn	€1.1bn	-17.6%	Sareb portfolio off-boarding in H2 2022 Resilient collections performance despite Sareb portfolio off-boarding, • general macro slowdown and exogenous factors
Collection Rate	4.2%	4.1%	-0.1 p.p.	• Collection Rate at 4.1%, stable Year on Year
Gross Revenues	€131.3m	€101.4m	-22.7%	• Decline in Gross Revenues mainly driven by Sareb portfolio off-boarding as well as weakness in NPL activity in Italy and Iberia
Net Revenues	€116.1m	€91.8m	-21.0%	• Strong performance across the board in the Hellenic Region and positive UTP performance in Italy
EBITDA ex NRIs	€39.3m	€30.1m	-23.4%	Decline in EBITDA ex NRIs mainly driven by decline in Gross Revenues •
EBITDA ex NRIs margin	30.0%	29.7%	-0.3 p.p.	partially compensated by reduction in OpEx • Decline in Attributable Net Income ex NRIs mostly driven by decline in EBITDA, increase in provisions for risk and charges, fair value
Attributable Net Income ex NRIs	€10.4m	€0.5m	n.m.	movements, partially compensated by lower taxes and lower minorities
Net Debt	€400.9m	€432.7m	+7.9%	Operating Cash Flow growing by 42% Year on Year •
Financial Leverage	2.0x	2.2x	+0.2x	Marginal increase in Net Debt driven by taxes paid in Q1 2023 • Financial Leverage in line with year end 2022 •

Gross Book Value

Gross Book Value (€bn)

• Forward flows: €0.9bn (strong contribution of Hellenic Region vs Italy and Iberia, +17% YoY)
• New mandates (onboarded in Q1 2023): €1.4bn (mainly related to Project Souq in Greece, Efesto UTP mandates in Italy and another mandate in Spain)
• Collections / Sales: €1.1bn with Collection Rate of 4.1%
• Net write-offs: €0.8bn (split c. 56% collection / c. 44% write-off)
• Disposals: €0.7bn (mainly related to Project Souq in Greece)
• Mandates secured and not yet onboarded as of Mar-23: €3.9bn
  • Mainly €1.0bn Frontier II in Greece, €2.2bn in Cyprus from Cerberus (Project Sky) and €300m in Italy (UTP contributions into the Efesto Fund)

Gross Revenues

• Group

• Key driver of the decline is the Sareb off-boarding
• Italy
  • Decline in NPL revenues & ancillary activities
  • Growth in UTP revenues

• Hellenic Region

• Growth in NPL, REO, and ancillary activities
• Strong UTP activity (Q1 2022 characterised by positive one-off item)
• Revenues in Cyprus in Q1 2022 supported by one-off positive item

• Iberia

• Decline mainly driven by Sareb off-boarding
• NPL activity affected by lower Santander NPL GBV (disposals in 2022)
• Limited new business activity in the last months
• Reduction in outsourcing fees
  • Partly driven by insourcing in Italy in order to exploit personnel free capacity
  • Exit of Sareb contract which implied meaningful outsourcing

Operating Expenses

EBITDA

Italy Hellenic Region Iberia

• Group

• Reduction in OpEx / Outsourcing fees not fully offsetting reduction in Gross Revenues

• Italy

• Reduction in OpEx not fully offsetting reduction in Gross Revenues

• Hellenic Region

• Marginal reduction Gross Revenues compounded by increase in OpEx

• Iberia

• Exit of the Sareb contract not yet fully compensated by cost reduction
• Limited new business activity in the last months

Regional Performance (Q1 2023)

	doValue Group	Italy	Hellenic Region	Iberia
Gross Book Value	€120bn	€72bn	€36bn	€12bn
Collections	€1.1bn	€0.4bn (35% of tot)	€0.4bn (40% of tot)	€0.3bn (25% of tot)
Collection Rate	4.1%	2.4%	6.4%	8.7%
Gross Revenues	€101m	€34m (34% of total)	€51m (51% of total)	€16m (15% of total)
EBITDA ex NRIs1	€30m	€9m	€26m	€(4)m
EBITDA margin ex NRIs	30%	25%	50%	n.a.

Net Income

Cash Flow (€m)

• Positive Cash Flow from Operations of €22.1m (+42% vs Q1 2022)
  • Capex of €1.4m reflect seasonality and doTransformation plan
  • Better management of working capital with limited cash absorption
  • Lower impact from delta other assets and liabilities vs Q1 2022 - Mainly reflecting redundancy payments and leases

• Cash taxes paid for €13.2m

• Reflecting schedule of tax payments (in particular in Greece)

	Q1 2023	Q1 2022
EBITDA	€30.1m	€38.9m
Capex	€(1.4)m	€(5.1)m
Adj. for accrual on share based payments	€0.7m	€1.1m
Delta NWC	€(1.2)m	€(9.2)m
Delta other assets and liabilities	€(6.0)m	€(10.1)m
Cash Flow from Operations	€22.1m	€15.6m
Taxes	€(13.2)m	€(3.8)m
Financial charges	€(11.7)m	€(11.9)m
Financial assets divestments / (investments)	€0.5m	€1.1m
Dividends paid to minorities	€(0.5)m	-
Net Cash Flow	€(2.8)m	€0.9m

Financial Structure

•Manuela Franchi Group CEO

Key drivers supporting our 2023 performance

•Appendix

Condensed income statement

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

Condensed balance sheet

Condensed Balance Sheet (€'000)	3/31/2023	12/31/2022	Change €	Change %
Cash and liquid securities	126,345	134,264	(7,919)	(5.9)%
Financial assets	52,395	57,984	(5,589)	(9.6)%
Property, plant and equipment	55,174	59,191	(4,017)	(6.8)%
Intangible assets	517,734	526,888	(9,154)	(1.7)%
Tax assets	116,871	118,226	(1,355)	(1.1)%
Trade receivables	189,882	200,143	(10,261)	(5.1)%
Assets held for sale	13	13	-	n.s.
Other assets	66,364	29,889	36,475	122.0%
Total Assets	1,124,778	1,126,598	(1,820)	(0.2)%
Financial liabilities: due to banks/bondholders	559,024	564,123	(5,099)	(0.9)%
Other financial liabilities	113,900	120,861	(6,961)	(5.8)%
Trade payables	58,878	70,381	(11,503)	(16.3)%
Tax liabilities	72,073	67,797	4,276	6.3%
Employee termination benefits	9,123	9,107	16	0.2%
Provisions for risks and charges	37,532	37,655	(123)	(0.3)%
Other liabilities	101,549	75,754	25,795	34.1%
Total Liabilities	952,079	945,678	6,401	0.7%
Share capital	41,280	41,280	-	n.s.
Reserves	92,502	83,109	9,393	11.3%
Treasury shares	(4,332)	(4,332)	-	n.s.
Profit (loss) for the period attributable to the Shareholders of the Parent Company	(2,744)	16,502	(19,246)	(116.6)%
Net Equity attributable to the Shareholders of the Parent Company	126,706	136,559	(9,853)	(7.2)%
Total Liabilities and Net Equity attributable to the Shareholders of the Parent Company	1,078,785	1,082,237	(3,452)	(0.3)%
Net Equity attributable to Non-Controlling Interests	45,993	44,361	1,632	3.7%
Total Liabilities and Net Equity	1,124,778	1,126,598	(1,820)	(0.2)%

Condensed cash flow

Condensed Cash Flow (€ '000)	Q1 2023	Q1 2022	2022
EBITDA	30,117	38,919	198,708
Capex	(1,449)	(5,064)	(30,833)
EBITDA-Capex	28,668	33,855	167,875
as % of EBITDA	95%	87%	84%
Adjustment for accrual on share-based incentive system payments	678	1,056	5,557
Changes in Net Working Capital (NWC)	(1,242)	(9,247)	2,854
Changes in other assets/liabilities	(6,039)	(10,080)	(92,688)
Operating Cash Flow	22,065	15,584	83,598
Corporate Income Tax paid	(13,225)	(3,809)	(44,042)
Financial charges	(11,688)	(11,940)	(27,146)
Free Cash Flow	(2,848)	(165)	12,410
(Investments)/divestments in financial assets	520	1,063	3,664
Equity (investments)/divestments	-	-	-
Tax claim payment	-	-	-
Treasury shares buy-back	-	-	-
Dividends paid to minority shareholders	-	-	(5,002)
Dividends paid to Group shareholders	(492)	-	(39,140)
Net Cash Flow of the period	(2,820)	898	(28,068)
Net financial Position - Beginning of period	(429,859)	(401,791)	(401,791)
Net financial Position - End of period	(432,679)	(400,893)	(429,859)
Change in Net Financial Position	(2,820)	898	(28,068)

Gross Book Value and Gross Revenues (1 of 2)

•Note: •1) Gross Revenues including Servicing Revenues only

Gross Book Value and Gross Revenues (2 of 2)

Collections resilience through cycles

Glossary

BPO	Business Process Outsourcing, i.e. the outsourcing of non-strategic support activities by banks
Early Arrears	Loans that are up to 90 days past due
Forward Flows	Agreement with commercial bank related to the management of all future NPL generation by the bank for number of years, customary feature of credit servicing platforms spun off by commercial banks
FTE	Full Time Equivalent, i.e. a unit that indicates the workload of an employed person in a way that makes workloads comparable across various contexts
GACS	Garanzia Cartolarizzazione Sofferenze, i.e. the State Guarantee scheme put together by the Italian Government in 2016 which favoured the creation of a more liquid NPL market in Italy and allowed banks to more easily deconsolidate NPL portfolios through securitisations
GBV	Gross Book Value, i.e. nominal value of assets under management by doValue, represents the maximum / nominal claim by banks / investors to borrowers on their portfolios
HAPS	Hercules Asset Protection Scheme, i.e. the State Guarantee scheme put together by the Greek Government in 2019 with the aim of favouring the creation of a more liquid NPL market in Greece and to allow banks to more easily deconsolidate NPL portfolios through securitisations
NPE	Non-Performing Exposure, i.e. the aggregate od NPL, UTP and Early Arrears
NPL	Non-Performing Loan, i.e. loans which are more than 180 days past due and have been denounced
NRI	Non-Recurring Items, i.e. costs or revenues which are non-recurring by nature (typically encountered in M&A or refinancing transactions)
Performing Loans	Loans which do not present problematic features in terms of principal / interest repayment by borrowers
REO	Real Estate Owned, i.e. real estate assets owned by a bank / investor as part of a repossession act
UTP	Unlikely to Pay, i.e. loans that are between 90-180 days past due and denounced or more than 180 past due and not denounced

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

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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 this document, is consistent with the data in the supporting documents and the Group's books of accounts and other accounting records.

Investor Relations Contacts

Name: Alberto Goretti (Head of Investor Relations) Tel: +39 02 83460127 E-mail: investorrelations@dovalue.it

•Leading the evolution of the servicing industry