Dovalue — Investor Presentation 2025

Nov 12, 2025

{0}------------------------------------------------

9M 2025 Financial Results

{1}------------------------------------------------

Executive summary

9M RESULTS CONTINUES TO DELIVER STRONG REVENUE GROWTH AND PROFITABILITY

• Non-NPL revenue continues to drive growth at Group level
• EBITDA ex NRI grew 43% YoY underpinned by acceleration of synergies and higher in percentage of full year results vs 2024
• New business already ahead of revised FY target with solid level of GBV at €138bn
• Operating Cash Flow more than doubled YoY on the back of cash conversion: 3x higher vs 9M24
• Expansion of BPER forward flow to a wider perimeter of assets including Sondrio
• Financing secured for coeo with closing expected by Q1 26 with longer tenor and lower cost

Non-NPL revenue 37%

EBITDA ex NRIs €137m

New Business 1 €12.4bn

Operating Cash Flow €101m

5 ⅜ % Fixed rate coupon

FY25 guidance reaffirmed now with 9M visibility

€210-220 million EBITDA ex NRI €60-70 million free cash flow

{2}------------------------------------------------

GBV from new business reached revised FY guidance three months ahead

COMMENTS

Positive commercial dynamics: €400 million new mandates since August largely driven by new mandates won in Spain from a leading banking institution and new UTP portfolios in Italy

Strong progress from Forward Flows which stood at €3.2 billion, covering once again ~85% of collections. This performance was mainly driven by solid contributions across countries with continued acceleration in flows from Santander in Spain (+46% YoY)

Estimated €45 billion mandates in the market in the next 18 months with strong contribution from both Italy and Greece while Spain continues to show opportunities especially in banking generated loans. Nonfinancial receivables continue to represent a large opportunity

Strong inflows in a context of very good asset quality demonstrate the sustainability of the traditional NPE business

{3}------------------------------------------------

Broadening of the strategic partnership with BPER Group

• doValue and BPER Group have agreed to broaden the operations of GBS to manage forward flows of UTPs and NPLs of the enlarged BPER+BPSO group
• The new combined franchise of BPER Group and BPSO has aggregated customer loans of approx. €126 billion (based on 3Q25 data), an increase of approx. +40% vis-à-vis BPER Group pre merger
• This confirms the trust in the innovative industrial partnership launched in January 2024 with a 10-year servicing contract

• doValue is acquiring from BPER Group a minority stake (5.1%) in Alba Leasing
• Italy's fourth-largest leasing operator with total asset of over €5 billion
• Other shareholders post transaction: Bper Group (47.7%). Banco BPM (39.2%), Credit Agricole (8.0%)
• Potential opportunity to manage NPE of Alba Leasing which currently are not in the scope of GBS (Gross NPE of €250m – NPE rato 4.8%)
• Mid-single digit outflow not affecting 2025 target leverage

doValue confirms is positioning as BPER Group's trusted partner for NPE credit servicing covering both UTPs and NPLs

{4}------------------------------------------------

Gardant integration on track to deliver on all the promised synergies

Expected up to €15m of annual pre-tax synergies (c.€10m already in 2025 on a run-rate basis)

INTEGRATION PLAN TO UNLOCK SYNERGIES INCLUDES 17 PROJECTS UNDER 8 WORKSTREAMS

Annual pre-tax synergies up to €15m

• Business model optimization to drive workforce efficiency
• Corporate functions models optimization through sharing of best practices in terms of efficiency and productivity
• Merger of Master Servicing businesses doNext and Master Gardant unlocking savings in back-office operations
• HR savings including savings in corporate functions, on new hires and lower exits from more stable workforce and reengineered outsourcing practices

Cost Synergies (c. 80%) Revenue Synergies (c. 20%)

• Cross-selling of services offered by doValue to Gardant customers, and vice-versa (eg. Master servicing, data services, legal services)
• Gardant Investor SGR capabilities to launch co-investment fund and expand beyond Italy

{5}------------------------------------------------

Successful new bond issuance proves established access to capital markets

• Successful issuance of new €350 million Senior Secured Notes due November 2031 to finance the acquisition of coeo
• Issuance upsized from €300 to €350 on the back of very strong demand
• Coupon rate 162.5 basis points lower than that of the SSN due 2030 issued last February, and below underwriting scenario and secondary market level for previous 5-years bond
• Elimination of any financing risk for coeo acquisition no need to use the bridge-to-bond leading to lower our financial costs
• Flexible capital structure without significant maturity walls in the medium term, sustained by solid cash generation
• Strong access to capital markets providing ample flexibility for future optimizations, such as early repayment of the term loan or refinancing of the 2030 bond at more attractive conditions (potential annual savings in the mid-to-high single-digit million range (1) if both refinanced at SSN 2031 coupon rate)

The successful issuance confirms the company's strong positioning and credibility in the capital markets, reinforcing investor confidence and enhancing financial optionality and strengthening difference vs peer group

{6}------------------------------------------------

Titolo breaker slide Financial Results

Davide Soffietti Group CFO

{7}------------------------------------------------

Financials at a glance

{8}------------------------------------------------

Gross revenue

Group

• Gross revenue up +28.9% YoY, in line with the full-year guidance, supported by continued strong contribution of Non-NPL revenue
• Non-NPL revenue in 9M 2025 amounted to 37% of gross revenue, in line with the first half
• Outsourcing costs as % of gross revenue remained stable YoY at 9.9%

Hellenic Region

• Revenue flat YoY as strong dynamics in VAS offset the lower disposals impacting NPL revenue year to date

Italy

• Overall revenue up +81% YoY, driven by Gardant contribution and very positive trends in recurring VAS, which drove growth even on a standalone basis

Spain

• Revenue flat in the quarter, leading to a slight improvement in YTD by €(1.7) million YoY due to lower REOs mitigated by continued improvement NPL

{9}------------------------------------------------

Operating Expenses

Total Operating expenses

• Effectively mitigated the expected rise in operating costs following Gardant's consolidation by maintaining strong cost discipline and delivering savings across functions and geographies, leading to a reduction of opex on gross revenue margin

HR

• HR cost increased less thank gross revenue (+25.1% YoY) thanks to costs containment in Italy above expectations because of the successful execution of Gardant's synergies and continued savings in Spain

IT, RE and SG&A

• Operating costs increased only by €5.4 million YoY thanks to cost reduction in Iberia and efficiencies in Greece, as well as accelerated synergies that were able to successfully mitigate the effect of Gardant's consolidation

Notes:

In 9M 2024 figures Portugal is included in non recurring items due to its sale in July 2024. Group costs fully allocated to Italy

{10}------------------------------------------------

EBITDA ex NRIs

Group

• EBITDA ex NRIs reached €137.2m in 9M 2025 up 43% vs 9M 2024
• Double digit growth also in the second quarter despite the lower disposals in Greece
• Variation mainly driven by the increase of Italy where continued strong performance revenue driven by VAS and rigorous cost management have contributed to an improvement in the EBITDA margin

Hellenic Region

• Hellenic EBITDA increase in the third quarter partly offset the first half decrease, driven by onboarding costs of new portfolios and lower disposals
• The region continues to drive profitability for the group, generating 54% of group EBITDA ex NRI
• EBITDA margin of 46.7% continues to boost group margin (33.9% Group level) despite the headwinds

Italy

• EBITDA up €46.2m excluding group costs thanks to and positive contribution of VAS to Gross Revenue and to effective cost discipline measures and initial synergies

Spain

• Slightly positive EBITDA thanks to continued cost efficiencies
• NRIs limited to €(4.4) million, related to the acquisition of coeo, with EBITDA reported at €132.8 million

Notes:

In 9M 2024 figures Portugal is included in non recurring items due to its sale in July 2024. Group costs fully allocated to Italy

{11}------------------------------------------------

Net Income

€m	9M2025	9M2024	Delta
EBITDA ex NRIs	137.2	95.8	41.4
Non-Recurring Items	(4.4)	(3.6)	(0.8)
EBITDA	132.8	92.2	40.7
Net write-down of PP&E, intangibles,loans and equity investments	(67.4)	(56.6)	(10.9)
EBIT	65.4	32.6	32.8
Net financial interest, commission andfinancial assets at FV	(43.7)	(20.0)	(23.6)
EBT	21.7	12.6	9.1
Income tax	(17.5)	3.8	(21.3)
Minorities	(11.9)	(6.1)	(5.8)
Group Net Income reported	(7.7)	10.3	(18.0)
Non RecurringItems	(19.3)	5.5	(24.8)
Group Net Income ex NRIs	11.6	4.8	6.8

COMMENTS

• Higher EBITDA ex NRIs driven by positive momentum across products and markets
• Write-downs on PP&E, intangibles, loans and equity investments in line with collection curves, includes also Gardant's portfolios
• Higher financial interest and commission driven by the impact of the new bond (€14.7 million interest and amortized costs), the new term loan (€20.7 million interest and amortized costs) and the €7.3 million one-off costs related to the refinancing of the old 2026 bond
• Income tax for the period increased on the back of a higher EBITDA as well as the consolidation of Gardant's. In 2024 the line was positively impacted by the tax claim gain in Spain
• Minorities increased due to Gardant's partnerships with Banco BPM and BPER
• Non recurring items included €7.3 million costs related to the refinancing of the new bond as well as €8.8 million redundancy costs, largely in Italy to unlock synergies from Gardant
• Net income ex NRI more than doubled vs prior year despite the c. €24 million increase in financial interest linked to the recent refinancing activities
• Dividend payout of 50-70% net income ex NRI confirmed for FY25

{12}------------------------------------------------

Cash Flow

€m	9M2025	9M2024	Delta
EBITDA	132.8	92.2	40.7
Capex	(15.5)	(12.3)	(3.1)
Change in NWC and accruals on share-based payments	24.4	(18.7)	43.1
IFRS 16	(14.2)	(12.7)	(1.5)
Redundancies	(8.0)	(10.0)	2.0
Other changes in other assets & liabilities	(18.0)	(14.7)	(3.3)
Cash Flow from Operations	101.4	23.7	77.8
Taxes	(25.2)	(14.8)	(10.4)
Financial charges	(34.8)	(24.3)	(10.5)
Free Cash Flow	41.5	(15.5)	57.0
Minorities	(7.7)	0.0	(7.7)
Investments in equity & financial assets	(12.2)	(3.4)	(8.9)
Cash flow before dividend & financial debt	21.5	(18.9)	40.4

COMMENTS

• Cash flow from operations, equal to €101.4m in the nine months, +€77.8 million higher than LY (€23.7m) with a 3x increase in cash conversion vs 9M 2024
  • Moderate increase in Capex (€3.1m YoY), moving towards the ~€28 million level guided for the full year
  • Continues the remarkable reduction in NWC (+€43.1m YoY) thanks to improving control of invoicing cycle with SPVs in Greece, progressing well towards our guidance for the full year
  • Lease payments up €1.5 million YoY due to Gardant's perimeter
  • Redundancies at €(8.0) million in 9M 2025, slightly down YoY
  • Other changes in other assets & liabilities slightly higher YoY, mainly linked to payments for legal cases in the third quarter and the 2025 MBO, expected to reverse by year end
• Free cash flow of €41.5 million, up by a remarkable €57.0 million YoY driven by the higher cash flow from operations which more than offset the increase in financial charges and the higher tax payments linked to Gardant
• Minorities of €7.7 million unchanged vs H1. No further significant payments expected in 2025.
• Equity & financial assets investments equal to €(12.2)m mainly related to the payment of the earnout for doValue Greece in 1Q25

CONFIRMING THE 2025 GUIDANCE OF €60-70 MILLION FREE CASH FLOW BEFORE PAYMENT OF DIVIDEND AND DEBT

{13}------------------------------------------------

Financial Structure

COMMENTS

• Net leverage at 2.3x(1), continuing its deleverage path towards FY guidance (2.0x) including the extraordinary cash out of €11 million earn-out related to doValue Greece paid in Q1 and the €8 million minorities paid in Q2
• Solid liquidity buffer of €257m, including €135m undrawn RCF lines(3) (o/w €80m 3-year facilities), despite the payment of the first tranche of term loan amortization in June, decreasing gross debt by €26.3m, and of the 2030 SSN coupon payment in August
• Stable corporate rating (BB/Stable Outlook), confirmed in July in the context of the announcement of the binding agreement signed for the acquisition of coeo, and BB rating assigned to the most recent issuance in October 2025
• Current bonds are trading at at ~5% yield to maturity, one of the lowest in the industry
• Average cost of debt sets at 6.21%

Achieved stable leverage in a traditionally low seasonality quarter due to concentrated cash outflows On track to reach net leverage expectations on organic basis

{14}------------------------------------------------

Titolo breaker slide Appendix

{15}------------------------------------------------

Regional Performance

9M 2025 Combined Group Hellenic Region GBV Collections ACR Italy Spain Gross revenue EBITDA ex NRIs (1) EBITDA ex NRIs margin (1) €138bn €43bn €84bn €11bn 4.5% 5.2% 3.8% 7.6% €404m €160m €209m €36m €137m €75m €71m €1.2m 33.9% 46.7% 34.1% 3.3% €3.8bn €1.3bn €1.9bn €0.5bn

{16}------------------------------------------------

Very positive GBV dynamics in the first nine months

GBV remains high whilst reflecting strong collections as natural GBV reduction is fully offset by strong inflows from existing clients and new business

Inflows from new clients: intakes by region worth €2.1bn from Italy, €6.1bn from the Hellenic Region, and €1.1bn from Spain

{17}------------------------------------------------

Reclassified Income Statement

Reclassified Income Statement	First Nine Months	First Nine Months	Change €	Change %
(€/000)	2025	2024
NPL Servicing revenue	254,877	212,991	41,886	19.7%
Non-NPL Servicing revenue	74,258	59,802	14,456	24.2%
Value added services	75,297	43,911	31,386	71.5%
Gross revenue	404,432	316,704	87,728	27.7%
NPE Outsourcing fees	(16,024)	(8,421)	(7,603)	90.3%
REO Outsourcing fees	(6,169)	(6,648)	479	(7.2)%
Value added services Outsourcing fees	(17,763)	(16,850)	(913)	5.4%
Net revenue	364,476	284,785	79,691	28.0%
Staff expenses	(173,831)	(140,777)	(33,054)	23.5%
Administrative expenses	(57,837)	(51,856)	(5,981)	11.5%
o.w. IT	(23,231)	(20,415)	(2,816)	13.8%
o.w. Real Estate	(4,653)	(3,707)	(946)	25.5%
o.w. SG&A	(29,953)	(27,734)	(2,219)	8.0%
Operating expenses	(231,668)	(192,633)	(39,035)	20.3%
EBITDA	132,808	92,152	40,656	44.1%
EBITDA margin	32.8%	29.1%	3.7%	12.7%
Non-recurring items included in EBITDA	(4,392)	(3,635)	(757)	20.8%
EBITDA excluding non-recurring items	137,200	95,787	41,413	43.2%
EBITDA margin excluding non-recurring items	33.9%	30.5%	3.4%	11.1%
Net write-downs on property, plant, equipment and intangibles	(57,715)	(42,834)	(14,881)	34.7%
Net provisions for risks and charges	(9,633)	(13,869)	4,236	(30.5)%
Net write-downs of loans	(95)	121	(216)	n.s.
Profit (Loss) from equity investments	-	(2,959)	2,959	(100.0)%
Profit (Loss) from equity investments	-	(2,959)	2,959	(100.0)%
EBIT	65,365	32,611	32,754	100.4%
Net income (loss) on financial assets and liabilities measured at fair value	2,528	(1,405)	3,933	n.s.
Net financial interest and commissions	(46,183)	(18,619)	(27,564)	148.0%
EBT	21,710	12,587	9,123	72.5%
Non-recurring items included in EBT	(20,433)	(14,850)	(5,583)	37.6%
EBT excluding non-recurring items	42,143	27,437	14,706	53.6%
Income tax	(17,465)	3,848	(21,313)	n.s.
Profit (Loss) for the period	4,245	16,435	(12,190)	(74.2)%
Profit (loss) for the period attributable to Non-controlling interests	(11,920)	(6,094)	(5,826)	95.6%
Profit (Loss) for the period attributable to the Shareholders of the Parent Company	(7,675)	10,341	(18,016)	n.s.
Non-recurring items included in Profit (loss) for the period	(19,302)	5,369	(24,671)	n.s.
O.w. Non-recurring items included in Profit (loss) for the period attributable to Non-controlling interest	(46)	(153)	107	(69.9)%
Profit (loss) for the period attributable to the Shareholders of the Parent Company excluding non-recurring items	11,581	4,819	6,762	140.3%
Profit (loss) for the period attributable to Non-controlling interests excluding non-recurring items	11,966	6,247	5,719	91.5%
Earnings per share (in Euro)	(0.040)	0.669	(0.709)	(106.0)%
Earnings per share excluding non-recurring items (Euro)	0.061	0.312	(0.251)	(80.4)%

{18}------------------------------------------------

Reclassified Statement of Financial Position

Reclassified Statement of Financial Position(€/000)	9/30/2025	12/31/2024	Change€	Change%
Cash and liquid securities	121,995	232,169	(110,174)	(47.5)%
Financial assets	49,651	49,293	358	0.7%
Equity investments	12	12	-	n.s.
Property, plant and equipment	59,749	52,305	7,444	14.2%
Intangible assets	660,386	682,684	(22,298)	(3.3)%
Tax assets	87,638	105,200	(17,562)	(16.7)%
Trade receivables	192,853	263,961	(71,108)	(26.9)%
Assets held for sale	10	10	-	n.s.
Other assets	88,729	64,231	24,498	38.1%
Total Assets	1,261,023	1,449,865	(188,842)	(13.0)%
Financial liabilities: due to banks/bondholders	614,819	733,419	(118,600)	(16.2)%
Other financial liabilities	79,070	76,675	2,395	3.1%
Trade payables	78,237	110,738	(32,501)	(29.3)%
Tax liabilities	88,848	108,989	(20,141)	(18.5)%
Employee termination benefits	10,167	11,913	(1,746)	(14.7)%
Provisions for risks and charges	21,302	23,034	(1,732)	(7.5)%
Other liabilities	60,115	73,046	(12,931)	(17.7)%
Total Liabilities	952,558	1,137,814	(185,256)	(16.3)%
Share capital	68,614	68,614	-	n.s.
Share premium	58,633	128,800	(70,167)	(54.5)%
Reserves	83,367	12,493	70,874	n.s.
Treasury shares	(8,218)	(9,348)	1,130	(12.1)%
Profit (loss) for the period attributable to the Shareholders of the Parent Company	(7,675)	1,900	(9,575)	n.s.
Net Equity attributable to the Shareholders of the Parent Company	194,721	202,459	(7,738)	(3.8)%
Total Liabilities and Net Equity attributable to the Shareholders of the Parent Company	1,147,279	1,340,273	(192,994)	(14.4)%
Net Equity attributable to Non-Controlling Interests	113,744	109,592	4,152	3.8%
Total Liabilities and Net Equity	1,261,023	1,449,865	(188,842)	(13.0)%

{19}------------------------------------------------

Cash Flow

Cash flow(€/000)	First Nine Months2025	First Nine Months2024	FY 2024
EBITDA	132,808	92,152	154,045
Capex	(15,459)	(12,332)	(23,769)
EBITDA-Capex	117,349	79,820	130,276
as % of EBITDA	88%	87%	85%
Changes in Net Working Capital (NWC)	24,392	(18,712)	(4,719)
Changes in other assets/liabilities	(40,296)	(37,450)	(41,885)
Operating Cash Flow	101,445	23,658	83,672
Corporate Income Tax paid	(25,201)	(14,820)	(25,656)
Financial charges	(34,761)	(24,310)	(29,777)
Free Cash Flow	41,483	(15,472)	28,239
(Investments)/divestments in financial assets	1,992	2,832	2,848
Equity and IFRS 15 contracts (investments)/divestments	(3,438)	(3,194)	(196,800)
Earn-out and Tax claim payment	(10,800)	400	400
Treasury shares buy-back	-	(3,421)	(3,421)
Transaction costs	-	-	(13,114)
Right Issue	-	-	143,138
Dividends paid to minority shareholders	(7,697)	-	-
Net Cash Flow of the period	21,540	(18,855)	(38,710)
Net financial Position-Beginning of period	(514,364)	(475,654)	(475,654)
Net financial Position-End of period	(492,824)	(494,509)	(514,364)
Change in Net Financial Position	21,540	(18,855)	(38,710)

{20}------------------------------------------------

Glossary

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, customaryfeature of credit servicing platforms spun off bycommercial 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	GaranziaCartolarizzazioneSofferenze, i.e. the State Guarantee scheme put together by the Italian Government in 2016 which favoured the creation of a more liquidNPL market in Italyand 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
NPE	Non-Performing Exposure, i.e. the aggregate od NPL, UTP and Early Arrears
NPL	Non-Performing Loan, i.e. loans which are more than 180 days past due and have been denounced
NRI	Non-Recurring Items, i.e. costs or revenue which are non-recurring by nature (typically encountered in M&A or refinancing transactions)
Performing Loans	Loans which do not present problematic features in terms of principal / interest repayment by borrowers
REO	Real Estate Owned, i.e. real estate assets owned by a bank / investor as part of a repossession act
Stage 2 Loans	Subperformingloans –albeit not NP -that have seen a significant increase in credit risk, resulting in "investment grade" credit quality
UTP	Unlikely to Pay, i.e. loans that are between 90-180 days past due and denounced or more than 180 past due and not denounced

{21}------------------------------------------------

Disclaimer

This presentation is not a prospectus and not an offer of securities for sale to U.S. persons or in any jurisdiction, including in or into the United States, Canada, Japan or Australia.

This disclaimer applies to all documents and information provided herein and to any verbal or written comments of person presenting them by doValue S.pA. and its affiliates ("doValue"). or any person on behalf of doValue, and any question and answer session that follows the oral presentation (collectively, the "Information"). in accessing the Information, you agree to be bound by the following terms and conditions. The Information may not be reproduces redistributed, published or passed on to any other person, directly or indirectly, in whole or In part, for any purpose.

This presentation and any materials distributed in connection herewith, taken together with any such verbal or written comments, including the contents thereof and the Information (together, the "Presentation") is not intended for potential investors and do not constitute or form a part of, and should not be construed as, an offer for sale or subscription of or solicitation of any offer to purchase or subscribe any securities, and neither this Presentation nor anything contained herein shall form the basis of, or be relied upon in connection with, or act as an inducement to enter into, any contract or commitment whatsoever. Any such offer would only be made by means of formal offering documents, the terms of which shall govern in all respects.

You are cautioned against using this information as the basis for making a decision to purchase any security or to otherwise engage in an investment advisory relationship with doValue S.p.A. and its affiliates. The distribution of this Presentation in other jurisdictions may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restriction. Any failure to comply with these restrictions may constitute a violation of the laws of any such other jurisdiction.

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

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

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

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

By reviewing the Presentation, you acknowledge that you are knowledgeable and experienced with respect to its financial and business aspects and that you will conduct your own independent investigations with respect to the accuracy, completeness and suitability of the matters referred to in the Presentation should you choose to use or rely on it, at your own risk, for any purpose.

No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the Information or the opinions contained therein.

The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to the Information, including any financial data or forward-looking statements, and will not publicly release any revisions it may make to the Information that may result from any change in the Company's expectations, any change in events, conditions or circumstances on which these forward-looking statements are based, or other events or circumstances arising after the date of this document. Market data used in the Information not attributed to a specific source are estimates of the Company and have not been independently verified.

Davide Soffietti, in his position as manager responsible for the preparation of financial reports, certifies pursuant to paragraph 2, article 154-bis of the Legislative Decree n. 58/1998, that data and accounting information disclosures herewith set forth correspond to the company's evidence and accounting books and entries.

Investor Relations Contacts

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

{22}------------------------------------------------