Dovalue

Investor Presentation • Feb 24, 2023

Preliminary financial results for FY 2022

February 24th, 2023

•Business Highlights

•Andrea Mangoni Group CEO

Key highlights

•Note:

•1) Adjusted figures reflect exclusion of Sareb portfolio in 2021 and 2022

•2) Excluding non-recurring items

Financial results vs guidance

Strong FY 2022 results ahead of guidance on EBITDA ex NRIs, Attributable Net Income ex NRIs and Financial Leverage

•Note:

•1) Dividend per Share for 2022 subject to Board of Directors approval as well as to Shareholders approval

Strong financial performance in 2022

•Note:

•1) Adjusted figures calculated excluding the Sareb portfolio in 2021 and 2022

Resilient collections despite GBV trend and macro headwinds

GBV intake in 2022

Regions	Projects	Country	GBV	Transaction overview
Hellenic Region	Neptune	Greece	€510m	Servicing mandate from Fortress
	Frontier II	Greece	€1.0bn	HAPS securitisation from NBG
	Souq	Greece	€630m	Secondary NPL sale from Cairo I and II through doLook (doValue retaining servicing mandate)
	Virgo	Greece	€450m	Secondary NPL sale from Frontier I (doValue retaining servicing mandate)
	Sky	Cyprus	€2.2bn	Portfolio sale by Alpha Bank to Cerberus
Italy	Itaca	Italy	€1.1bn	GACS securitisation by UniCredit
	Efesto (UTP)	Italy	€1.1bn	Including two large projects with two blue chip Italian banks worth €800m
	Iccrea GACS 6	Italy	€645m	GACS securitisation by Iccrea
	Nix	Spain	€230m	Servicing mandate from Fortress
Iberia	Secretariat	Spain	€200m	Servicing mandate from Fortress
Other portfolios		Various	€450m	Including a mix of small sized mandates in Italy, Greece and Spain
Forward flows		-	€3.8bn	More than €2bn of forward flows in Q4 2022 (vs €1.7bn in 9M 2022), +15% 2022 vs 2021
Total			~ €12bn	~ 90% of target

Sizeable medium term pipeline

Focus on Italy

•Source: EBA Risk Dashboard for Stage 2 loans, ABI-Cerved for default rates

Real estate: outlook and doValue's initiatives

Leading the evolution of the servicing industry

Sustainability achievements in 2022

Achieved Upgrade on both ESG ratings in 2021-2022 reaching best in class levels

13 Preliminary FY 2022 results

•Manuela Franchi General Manager of Corporate Functions and Group CFO

Financial highlights

Item	2021	2022	Delta	Delta (ex Sareb)	Comments
GBV	€149bn	€120bn	-19.4%	-5.1%	Decrease in GBV mainly driven by disposals (mostly • indemnified) and Sareb portfolio off-boarding
Collections	€5.7bn	€5.5bn	-4.3%	+6.3%	• Resilient Collections notwithstanding reduction in GBV • Stable Collection Rate YoY, 0.1 p.p. improvement in Italy,
Collection Rate	4.3%	4.1%	-0.2 p.p.	-	0.1 p.p. improvement in Hellenic Region and 2.6 p.p. improvement in Iberia
Gross Revenues	€572.1m	€558.2m	-2.4%	+1.5%	• Marginal decline in Gross Revenues mainly driven by €21bn Sareb portfolio offboarding (in H2 2022) and €8m Relais / Mexico capital gains positively affecting 2021
Net Revenues	€506.5m	€500.4m	-1.2%	+2.6%	performance Excluding Sareb Gross Revenues grew by 1.5% •
EBITDA ex NRIs	€200.9m	€201.7m	+0.4%	+11.5%	• EBITDA ex NRIs growth driven by effective cost control, more than offsetting Gross Revenues decline
EBITDA ex NRIs margin	35.1%	36.1%	+1.0 p.p.	-	Excluding Sareb, EBITDA ex NRIs grew by 11.5% • • Limited NRIs of c. €3.0m at EBITDA level • Broadly stable Attributable Net Income ex NRIs mostly
Attributable Net Income ex NRIs	€50.7m	€50.6m	-0.3%	-	driven by higher taxes (because of strong performance in Greece) which fully offset growth in EBITDA ex NRIs, lower D&A, lower provisions for risk charges
Net Debt	€401.8m	€429.9m	+7.0%	-	• Marginal increase in Financial Leverage mainly driven (1) increase in Capex vs 2021, (2) delta other assets and
Financial Leverage	2.0x	2.1x	+0.1x	-	liabilities, (3) higher taxes paid and (4) higher dividend paid

Gross Book Value

• Forward flows: €3.8bn (more than €2bn of forward flows in Q4 2022 vs €1.7bn in 9M 2022, with particularly positive contribution from Spain, +15% vs 2021)
• New mandates (onboarded in 2022): €9.2bn (mainly related to Project Frontier in Greece, two GACS in Italy and Marina portfolio in Cyprus)
• Collections / Sales: €5.5bn with Collection Rate of 4.1%
• Net write-offs: €8.7bn (split c. 39% collection / c. 61% write-off)
• Disposals: €7.1bn (mainly related to Italian and Spanish portfolios. For most disposals, indemnity fee received)
• Sareb €20.7bn portfolio fully off-boarded in H2 2022
• Mandates secured and not yet onboarded as of Dec-22: €4.5bn
  • Mainly €1.0bn Frontier II in Greece, €2.2bn in Cyprus from Cerberus (Project Sky) and €800m in Italy (UTP contributions into the Efesto Fund)

Gross Revenues

•Note:

•1) Adjusted figures calculated excluding the Sareb portfolio in 2021 and 2022

Operating Expenses

• Stable Real Estate costs as % of Gross Revenues (at 1%)

doTransformation plan update

Text Mining Case Study

EBITDA

•Note:

•1) Adjusted figures calculated excluding the Sareb portfolio in 2021 and 2022

Regional Performance (2022)

	doValue Group	Italy	Hellenic Region	Iberia
Gross Book Value	€120bn	€72bn	€37bn	€12bn
Collections	€5.5bn	€1.7bn (31% of tot)	€1.8bn (33% of tot)	€2.0bn (36% of tot)
Collection Rate	4.1%	2.5%	6.1%	9.2%
Gross Revenues	€558m	€183m (33% of total)	€253m (45% of total)	€123m (22% of total)
EBITDA ex NRIs1	€202m	€48m (24% of total)	€149m (74% of total)	€4m (2% of total)
EBITDA margin ex NRIs	36%	26%	59%	4%

•Note:

•1) Italy P&L data include Group costs for €12m for 2022

Net Income

• •2) Disclosed at the time of the acquisition of an 80% stake in Eurobank-FPS (now doValue Greece). As of December 31st, 2021, doValue already accounted in its balance sheet this item for €5.6m
• 22 Preliminary FY 2022 results

2022 2021 EBITDA €198.7m €199.3m Capex €(30.8)m €(29.6)m Adj. for accrual on share based payments €5.6m €1.0m Delta NWC €2.9m €(9.3)m Delta other assets and liabilities €(92.7)m €(21.3)m Taxes €(44.0)m €(12.8)m Financial charges €(27.1)m €(31.2)m Financial assets divestments / (investments) €3.7m €(26.5)m Tax Claim in Spain - €(33.0)m Share buy back (LTI) - €(4.6)m Dividends paid to minorities €(5.0)m €(2.5)m Dividends paid to doValue shareholders €(39.1)m €(20.7)m Net Cash Flow €(28.1)m €8.8m

Cash Flow (€m)

• Positive cash flow of €11.1m (pre-dividend to shareholders of doValue)
• Capex of €30.8m
• Positive cash release from Net Working Capital of €2.9m

• Delta in other asset & liabilities of €92.7m¹

• Various items, mainly related to portfolio sales indemnities vs 2021, redundancies, leasing, Eurobank fee scheme, and MBOs

• Taxes paid for €44.0m

• Reflecting higher profit made in 2021 vs 2020
• Taxes mostly paid after fiscal year close

• Dividend payment to shareholders of €39.1m

• Almost double the amount of dividend paid in 2021
• €0.50 dividend per share paid in 2022 translates into €39.5m total dividend
• €0.4m dividend yet to be claimed by shareholders

•Note:

•1) Including c. €24m normalisation of extra cash flow generation in 2021 related to portfolio sales and indemnities, c. €13m related to redundancies (of which €8.0m related to Sareb reorganisation), c. €12m related to leasing payments (below EBITDA as per IFRS 16), c. €19m related to the Eurobank fee scheme, c. €8m related to price adjustment of doValue Greece, c. €6m related to the 2021 MBO (paid in 2022)

Capex

Capex (€m) Comments

• Capex plan on track with business plan presented in Jan-22
• Overall expenditure for 2022-2023 marginally reduced by €6m
  • Savings through negotiations with suppliers
  • Overall rationalisation of capex plan
  • Absence of Sareb contract (implying lower IT investment requirements)

• Run rate €25-30m in savings per annum from 2024 on target

• Already locked in > €4m of savings to date

Financial Structure

•Andrea Mangoni Group CEO

Closing remarks

Market themes

Macro environment	Tangible pipeline of servicing mandates totalling c. €36bn in Southern Europe plus c. €18bn of secondaries expected • • NPE ratios at historical lows, Stage 2 loans remain elevated • Higher inflation and increase in interest rates exacerbate distressed situations • Expectation of new wave of NPEs, but higher relevance of UTP asset class (vs NPL) Governments looking for systemic solution for the management of government guaranteed loans •
Regulation and outsourcing	Regulation on banks remains stringent • • Strong pressure on banks to NPE ratios low • Higher need to efficiently manage UTP, early arrears and Stage 2 loans • Proven efficiency of external credit management services and further outsourcing expected • Flight-to-quality towards best performing servicers Regulatory uncertainty in Greece now fully resolved (positively outcome for the servicers) •
Consolidation of servicers	• Potentially an important theme in Spain and in Italy for 2023

•Appendix

Management income statement

Condensed Income Statement (€ '000)	2022	2021	Change €	Change %
Servicing Revenues:	510,164	528,626	(18,462)	(3)%
o/w: NPE revenues	433,538	446,097	(12,559)	(3)%
o/w: REO revenues	76,626	82,529	(5,903)	(7)%
Co-investment revenues	1,507	8,846	(7,339)	(83)%
Ancillary and other revenues	46,578	34,579	11,999	35%
Gross revenues	558,249	572,051	(13,802)	(2)%
NPE Outsourcing fees	(20,913)	(29,998)	9,085	(30)%
REO Outsourcing fees	(22,631)	(24,217)	1,586	(7)%
Ancillary Outsourcing fees	(14,285)	(11,369)	(2,916)	26%
Net revenues	500,420	506,467	(6,047)	(1)%
Staff expenses	(212,395)	(215,851)	3,456	(2)%
Administrative expenses	(89,317)	(91,269)	1,952	(2)%
Total "o.w. IT"	(33,034)	(30,183)	(2,851)	9%
Total "o.w. Real Estate"	(5,586)	(6,159)	573	(9)%
Total "o.w. SG&A"	(50,697)	(54,927)	4,230	(8)%
Operating expenses	(301,712)	(307,120)	5,408	(2)%
EBITDA	198,708	199,347	(639)	(0)%
EBITDA margin	36%	35%	1%	2%
Non-recurring items included in EBITDA	(2,979)	(1,572)	(1,407)	90%
EBITDA excluding non-recurring items	201,687	200,919	768	0%
EBITDA margin excluding non-recurring items	36%	35%	1%	3%
Net write-downs on property, plant, equipment and intangibles	(71,021)	(94,371)	23,350	(25)%
Net provisions for risks and charges	(13,963)	(25,547)	11,584	(45)%
Net write-downs of loans	493	545	(52)	(10)%
Profit (loss) from equity investments	-	83	(83)	(100)%
EBIT	114,217	80,057	34,160	43%
Net income (loss) on financial assets and liabilities measured at fair value	(22,520)	1,071	(23,591)	n.s.
Net financial interest and commissions	(28,868)	(32,839)	3,971	(12)%
EBT	62,829	48,289	14,540	30%
Non-recurring items included in EBT	(35,901)	(33,350)	(2,551)	8%
EBT excluding non-recurring items	98,730	81,639	17,091	21%
Income tax for the period	(36,354)	(15,116)	(21,238)	141%
Profit (Loss) for the period	26,475	33,173	(6,698)	(20)%
Profit (loss) for the period attributable to Non-controlling interests	(9,973)	(9,429)	(544)	6%
Profit (Loss) for the period attributable to the Shareholders of the Parent Company	16,502	23,744	(7,242)	(31)%
Non-recurring items included in Profit (loss) for the period	(35,494)	(29,481)	(6,013)	20%
O.w. Non-recurring items included in Profit (loss) for the period attributable to Non-controlling interest	(1,433)	(2,504)	1,071	(43)%
Profit (loss) for the period attributable to the Shareholders of the Parent Company excluding non-recurring
items	50,563	50,721	(158)	(0)%
Profit (loss) for the period attributable to Non-controlling interests excluding non-recurring items
	11,406	11,933	(527)	(4)%
Earnings per share (in Euro)	0.21	0.30	(0.09)	(30)%
Earnings per share excluding non-recurring items (Euro)	0.64	0.64	(0.00)	(0)%

¹⁾ Non-recurring items in Operating expenses include the costs of consultancies related to business development projects

²⁾ Non-recurring items included below EBITDA refer mainly to (i) termination incentive plans, to (ii) charges for an ongoing arbitration, (iii) insurance reimbursements, with (iv) related tax effects

Management balance sheet

Management cash flow

Condensed Cash flow (€ '000)	2022	2021
EBITDA	198,708	199,347
Capex	(30,833)	(29,640)
EBITDA-Capex	167,875	169,707
as % of EBITDA	84%	85%
Adjustment for accrual on share-based incentive system payments	5,557	1,027
Changes in NWC (Net Working Capital)	2,854	(9,285)
Changes in other assets/liabilities	(92,688)	(21,340)
Operating Cash Flow	83,598	140,109
Corporate Income Tax paid	(44,042)	(12,827)
Financial charges	(27,146)	(31,220)
Free Cash Flow	12,410	96,062
(Investments)/divestments in financial assets	3,664	(26,489)
Tax claim payment	-	(32,981)
Treasury shares buy-back	-	(4,603)
Dividends paid to minority shareholders	(5,002)	(2,502)
Dividends paid to Group shareholders	(39,140)	(20,722)
Net Cash Flow of the period	(28,068)	8,765
Net financial Position - Beginning of period	(401,791)	(410,556)
Net financial Position - End of period	(429,859)	(401,791)
Change in Net Financial Position	(28,068)	8,765

32 Preliminary FY 2022 results

Condensed Income Statement (excluding non-recurring items) (€ '000)	Year 2022
	Italy	Hellenic Region	Iberia	Total
Servicing revenues	145,093	249,394	115,677	510,164
o/w NPE Revenues	145,094	229,892	58,552	433,538
o/w REO Revenues	(1)	19,502	57,125	76,626
UTP Servicing	-	-	-	-
Co-investment revenues	1,507	-	-	1,507
Ancillary and other revenues	35,910	3,854	6,814	46,578
Gross Revenues	182,510	253,248	122,491	558,249
NPE Outsourcing fees	(7,673)	(4,428)	(8,812)	(20,913)
REO Outsourcing fees	-	(3,819)	(18,812)	(22,631)
Ancillary Outsourcing fees	(12,816)	-	(1,469)	(14,285)
Net revenues	162,021	245,001	93,398	500,420
Staff expenses	(84,610)	(73,073)	(54,712)	(212,395)
Administrative expenses	(29,333)	(22,745)	(34,260)	(86,338)
o/w IT	(14,955)	(8,756)	(9,323)	(33,034)
o/w Real Estate	(1,594)	(2,689)	(1,303)	(5,586)
o/w SG&A	(12,784)	(11,300)	(23,634)	(47,718)
Operating expenses	(113,943)	(95,818)	(88,972)	(298,733)
EBITDA excluding non-recurring items	48,078	149,183	4,426	201,687
EBITDA margin excluding non-recurring items	26%	59%	4%	36%
Contribution to EBITDA excluding non-recurring items	24%	74%	2%	100%

Segment reporting

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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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.

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•Leading the evolution of the servicing industry