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Dovalue Investor Presentation 2026
4145_rns_2026-02-27_0caaf187-dfcc-46bf-ac73-f8ba7fe3ef35.pdf
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doValue
Preliminary FY 2025 Financial Results
FEBRUARY 27TH, 2026
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CITY OF PORT ORANGE
Executive summary
STRONG AND SUSTAINABLE CASH FLOW GENERATION SUPPORT DIVIDEND DISTRIBUTION
Full delivery of 2025 Cash Flow & EBITDA guidance and BP targets
New business intake at 1.8x the annual BP target
Record EBITDA of €217 million and a 37% EBITDA margin (+3 p.p.). The Gardant integration is nearly complete
Free cash flow² at €76 (above guidance), or €93m on a recurring basis³
coeo grew organically by +23% in 2025⁵ with transaction expected to close soon with no issues
Solid financial structure with no refinancing needs before 2030
EBITDA ex NRIs €217m
New Business¹ ~€15bn
Free Cash Flow⁴ €76m
Net Leverage⁴ 2.0x
Liquidity Buffer €277m
TWO YEARS OF CONSISTENT DELIVERY, WITH KEY BUSINESS PLAN TARGETS ALREADY MET A YEAR EARLY
doValue
Note: 1. Excluding secondary transactions; 2 Free Cash Flow before debt repayment 3. Excluding M&A related outflows (Alba Leasing and doV Greece earn-out) 4. Includes the effect on both gross debt and cash of the €350 million bond issued in November currently kept in escrow until closing of the coeo acquisition. Excluding the effect of the bond, leverage remains 2.0x. 5. Growth in number of new files under management
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A growth engine for Europe's financial stability
CURRENT PORTFOLIO POTENTIAL
UNRIVALED SCALE IN MANAGING COMPLEX CREDIT EXPOSURES WITH ONE OF THE EUROPE'S MOST EXTENSIVE CREDIT-RECOVERY DATASET
doValue
Note: data does not include coe0's KPIs
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C
GBV from new business significantly above revised FY guidance
NEW BUSINESS INFLOWS
GBV BY REGION
NEW BUSINESS BY REGION
GBV BY PRODUCT TYPE
CUMULATIVE NEW BUSINESS IN 2024-2025 ABOVE €24 BILLION, REACHING THE ENTIRE BUSINESS PLAN GUIDANCE IN ONLY 2 YEARS
doValue
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18-month pipeline highly diversified from traditional NPL
€50bn
DOVALUE PIPELINE
INCLUDES €4BN TAX CREDITS
- 2026 Budget Law introduced new system to collect unpaid tax and property revenues from local authorities
- AMCO entrusted by the state to recover for local authorities
- Initial recoverable amount c. €20bn (€4bn in pipeline)
- In March a Decree is expected to define the operational details, including the outsourcing to licensed operators
COEO PIPELINE
>250M INCREMENTAL ANNUAL REVENUE POTENTIAL
Payments & e-commerce
Telcos
Other
COEO'S ADDRESSABLE MARKET IN SOUTHERN EUROPE SHOWS SIGNIFICANT POTENTIAL
Utilities & Telcos
Insurance
Commercial receivables
doValue
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Insolvencies and bankruptcies rose in the EU Area
2019-2025E NUMBER OF INSOLVENCIES
No. of insolvencies (k), selected EU countries
Comments
- Bankruptcy declarations continuously increased between 2021 and 2024, up 18% YoY in 2024 in all of the markets
- In 2025, seasonally adjusted bankruptcy declarations in the EU reached the highest level since 2019
- Greece - reported +20% average quarterly increase in bankruptcies across 2025
- Italy - expected to exceed its pre-pandemic insolvency cases
- Germany - increase started later than other countries but expected to continue
- Spain - most sectors are displaying a high number of insolvencies compared to the past 10 years
GERMANY, ITALY, SPAIN AND GREECE ALL EXPECTED TO EXCEED PRE-PANDEMIC YEARLY INSOLVENCY DECLARATIONS
doValue
Sources: Eurostat, Quarterly registrations of new businesses and declarations of bankruptcies – statistics, February 2026
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COE
coeo achieved outstanding results in 2025
2025 was another successful year for coeo, with new milestones achieved and strengths confirmed in service quality, geographical scope and KPIs, despite the demanding year focusing efforts on the M&A transaction
Financial Strength
Strong growth in portfolio investments underpins future revenue growth by laying the foundations for larger collections in the future
Strong Cash Flow dynamics allowed coeo to grow portfolio investments whilst maintaining net debt at negligible levels
After closing portfolio to be sold and cash generation to flow to the Group
€55-60m EBITDA in 2025¹
doValue 1. On IFRS basis, excluding the effect of portfolios
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COW
coeo closing process ongoing and closing soon
- Extended timeline exclusively due to documents collection for filing and examination process given the multiple parties involved
- Regulatory filing required include SRA and FCA in the UK, BaFin in Germany and AFM in the Netherlands. The BaFin assessment represents the final outstanding regulatory step before doValue can proceed to full closing of the transaction.
- Integration Plan already defined along 7 fully aligned workstreams and is proceeding to meet the next Business Plan phase
INTEGRATION WORKSTREAMS
doValue
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AL
AI: a booster, not a conundrum for our growth
Digital DNA injection with coeo
- Proprietary AI-driven platform for high-volume, digital-first servicing (E-commerce, BNPL)
- Shift from linear to scalable cost model
- Automated management of millions of small-ticket cases with minimal human intervention, boosting EBITDA margins
Regulatory moat: Compliance as a Barrier
- Regulation by ECB and National Central Banks
- Human oversight mandatory where AI cannot hold servicing licenses or take legal responsibility for AML/GDPR compliance
- doValue benefits from long-standing institutional trust and regulatory know-how, irreplicable for software-only models
Data moat: proprietary fuel for AI
- doValue owns the largest historical credit-recovery dataset in Southern Europe; coeo adds new geographies and verticals
- Pure-tech fintech players cannot match the training dataset required for accuracy
- Superior underwriting thanks to deeper data, enhancing accurate pricing, reduced risk, and competitive positioning
Operational efficiency: margin expansion & GenAI
- GenAI accelerates processing of unstructured data (judicial documents, notary acts, appraisals, predictive analytics, underwriting, onboardings)
- Automation reduces back-office and legal analysis workloads, lowering the cost-to-collect
- AI-driven reduction of legal expenses benefits both doValue and its clients.
Complexity vs. automation: the human edge
- Automation can't replicate corporate debt recovery complexity: navigating local courts, bespoke filings, and multi-party negotiations
- AI manages low-value, high-volume cases, while experts handle complex corporate restructuring, combining automation with human strategic judgment.
How Ai is beneficial to our business model
AI ELEVATES WHAT WE DO BEST
doValue
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CITY OF PORT ORANGE
Germany: a fragmented NPL servicing market with tangible opportunities
TOTAL GERMAN NPL MARKET = ☐ STOCK HELD BY BANKS + ☐ STOCK HELD BY INVESTORS, DEBT PURCHASERS, FINTECHS
doValue
HIGH SERVICER SPECIALIZATION & LOW MARKET CONSOLIDATION
Servicers are highly specialized, typically focus on specific client segments, and no significant market consolidation has been achieved
HIGH MARKET FRAGMENTATION & SCOPE FOR CONSOLIDATION
MARKET REGULATION
Since 2024 a CSI license is required to operate in the credit servicing space in Germany
RECEIVED LICENSE TO OPERATE IN THE COUNTRY
TANGIBLE STEPS IN EXPANSION IN GERMANY
- Established doValue Germany division
- Onboarded project staff and identified key hirings
- Completed market analysis
- Upgraded systems to run manage NPL workflows
- Onboarded first client
OPERATIONAL SINCE JANUARY 2026
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C
Delivering on targets outlined at the 2024 Capital Markets Day
| GBV | ENGINE 2 OF GROWTH | CAPITAL STRUCTURE | 2025 FINANCIALS | |
|---|---|---|---|---|
| 2024-2026 BP TARGETS | €8bn GBV from new business p.a. | Asset management, digital platform, mortgage brokerage, advisory unit Non-financial receivables | Refinancing of 2025 and 2026 bonds by summer 2025 | €135-140bn GBV €210-222m EBITDA €60-70m FCF(1) ~2.0x net leverage |
| 2025 STATUS | €24.4bn GBV from new business in 2024 and 2025 cumulatively achieving in only two years the entire Business Plan cumulative target | Asset Management Platform >€1bn AuM Digital platform live in all countries New NFR contracts with Utilities FinThesis brokered ~2k applications | 2025 & 2026 bonds refinanced New 2031 bond to finance coeo acquisition, at coupon lower by ~160bps vs 2030 issuance | €136bn GBV €217m EBITDA €76m FCF 2.0x net leverage |
ENGINE 2 OF GROWTH TO BE ENTIRELY TRANSFORMED BY COEO
doValue
(1) FCF defined as net cash flow before debt repayment
三
Financial Results
Davide Soffietti
Group CFO
doValue
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Solid FY25 performance with strong profitability and earnings growth
| FY 2025 | FY 2024 | Δ% YoY | COMMENTS | |
|---|---|---|---|---|
| Gross revenue | 580 | 479 | +21.1% | • Double digit growth despite some delays in the collection ramp-up of new portfolios in Greece |
| • Strong VAS, especially in Italy | ||||
| Net revenue | 524 | 433 | +21.1% | • Stable Impact of outsourcing costs |
| EBITDA ex NRIs | 217 | 165 | +31.8% | • Cost savings across regions |
| • Successful release of synergies in Italy | ||||
| EBITDA ex NRIs margin | 37% | 34% | +3.0p.p. | • Strong improvement in EBITDA margin thanks to efficiency and better business mix |
| Net Income ex NRIs | 25 | 7 | ~3.8x | • Net Income ex NRI more than tripled despite the higher financing costs, supported by strong EBITDA |
doValue
Note: in 2024 figures Portugal is included in non recurring items due to its sale in July 2024
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Consistent gross revenue growth supported by mix improvement
COMMENTS
GROUP
- Gross Revenue up 21%; full impact of new portfolios from 2026
- Non-NPL contribution to revenue in 2025 grew +110bps to 36%
- Outsourcing costs stable YoY at 9.6% of revenue
HELLENIC REGION
- Positive dynamics in Non-NPL products mitigated minor delays in the ramp-up of collection of new portfolios
ITALY
- +61% Revenue growth driven by Gardant and strong contribution of UTP
SPAIN
- REO weakness mitigated by growth in other categories
doValue
Note: in 2024 figures Portugal is included in non recurring items due to its sale in July 2024
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Synergies and efficiencies driving Opex ratio improvement
% of Gross revenue
COMMENTS
TOTAL OPERATING EXPENSES
- Significant reduction of Opex on revenue margin, despite the inclusion of the cost base of Gardant, thanks to strong cost discipline
HR
- HR cost increase incidence on revenue decreased by more than 130bps, thanks to cost efficiencies across regions and synergies from Gardant in Italy
IT, RE and SG&A
- Operating cost incidence on revenue decreased by 170bps thanks to cost reduction across regions, and accelerated synergies in Italy
doValue
Notes:
In 2024 figures Portugal is included in non recurring items due to its sale in July 2024. Group costs fully allocated to Italy
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EBITDA ex NRI at upper end of guidance with improved profitability
EBITDA ex NRIs margin %
COMMENTS
GROUP
- EBITDA ex NRIs in line with upper-range of the FY guidance, up 32% YoY
HELLENIC REGION
- Increase in Q4 mitigated the decrease in H1, from the effect of portfolio onboardings
- The region continues to drive profitability for the group with 56% margin
ITALY
- EBITDA up €64m thanks to Gardant contribution and synergies as well as cost discipline in original perimeter
SPAIN
- Positive EBITDA as cost savings offset the negative trends in REO
- NRIs at €(8) million, mainly related to costs of Gardant synergies and the acquisition of coeo
doValue
Notes:
In 2024 figures Portugal is included in non recurring items due to its sale in July 2024.
Group costs fully allocated to Italy amounted to €14.5 million.
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Strong earnings momentum with improved profitability
| €m | 2025 | 2024 | Delta |
|---|---|---|---|
| EBITDA ex NRIs | 217.2 | 164.8 | 52.3 |
| Non-Recurring Items | (7.7) | (10.8) | 3.1 |
| EBITDA | 209.5 | 154.0 | 55.4 |
| Depreciation, amortization and net impairment on PPE & intangibles | (107.1) | (73.5) | (33.6) |
| Net provisions for risks & charges and net adjustments to loans | (21.7) | (18.1) | (3.6) |
| EBIT | 80.7 | 59.4 | 21.2 |
| Net financial interest, commission and net gains (loss) on financial assets at FV | (45.9) | (20.0) | (25.9) |
| EBT | 34.8 | 26.2 | 8.5 |
| Income tax | (24.9) | (12.2) | (12.7) |
| Minorities | (18.1) | (12.1) | (6.0) |
| Group Net Income reported | (8.2) | 1.9 | (10.1) |
| Non Recurring Items | (33.6) | (4.8) | (28.7) |
| Group Net Income ex NRIs | 25.3 | 6.7 | 18.6 |
COMMENTS
- Depreciation, amortization and net impairment up YoY mainly due to the impact of Gardant PPA and adjustments to cost of capital assumptions assigned to the Spanish CGU
- Higher financial interest and commission due to the new term loan, 2030 bond and marginally the 2031 bond issued to finance the coeo acquisition
- Income tax decreased on a recurring basis, while reported tax increased due to the adverse comparison effect related to an extraordinary positive income linked to a tax claim won in Spain in 2024
- Minorities up €6m due to Gardant's minorities
- Non recurring items at €34m up €29 million mainly due to the 2024 positive €20m effect from the tax claim in Spain, and to the 2026 bond refinancing
- Net income ex NRI up ~€19m, paving the way for dividend payout
doValue
Note: in 2024 figures Portugal is included in non recurring items due to its sale in July 2024
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Improved and solid cash flow generation
| €m | 2025 | 2024 | Delta |
|---|---|---|---|
| EBITDA | 209.5 | 154.0 | 55.4 |
| Capex | (35.1) | (23.8) | (11.3) |
| Change in NWC and accruals on share-based payments | 32.4 | (4.7) | 37.1 |
| IFRS 16 | (17.4) | (15.6) | (1.8) |
| Redundancies | (11.5) | (12.1) | 0.6 |
| Other changes in other assets & liabilities | 3.4 | (15.4) | 18.8 |
| Cash Flow from Operations | 181.4 | 82.5 | 98.9 |
| Taxes | (34.9) | (25.7) | (9.2) |
| Financial charges | (45.5) | (29.8) | (15.7) |
| Free Cash Flow | 101.0 | 27.1 | 73.9 |
| Minorities | (7.7) | 0.0 | (7.7) |
| Investments in equity & financial assets | (17.6) | (69.0) | 51.4 |
| Cash flow before debt repayment | 75.7 | (41.9) | 117.7 |
COMMENTS
- Cash flow from operations €99m higher than LY
- Capex up €11m, due to Al driven automation initiatives, data strategy, cybersecurity and Gardant integration
- NWC released €32m mainly thanks to constant and improving control of invoicing cycle across quarters in Greece
- Lease payments of €17m, including Gardant perimeter
- Redundancies at €11m in 2025, slightly down YoY
- Other Changes in A&L reflect the expected reversal of the MBO effect
-
Within NWC and other changes in A&L there is c. €5m temporary positive impact from due transaction costs related to coeo, which will reverse in 2026
-
Free cash flow at €101 million, up ca. €74 million
- Minorities of €8 million unchanged vs the 9M
- Equity & financial assets investments at €(18)m linked to non-recurring payments for the earnout in Greece and the investment in Alba Leasing and Greek platform
- Free Cash Flow before debt repayment at €76 million, above guidance
doValue
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Sustainable financial structure
NET DEBT (€M)
COMMENTS
- Net leverage at 2.0x in line with Guidance
- Solid liquidity buffer of €277m, including €132m undrawn RCF lines(3) (o/w €20m facility agreed in January '26), despite the repayment of €53 million term loan
- Stable corporate rating of BB/Stable Outlook
- Current bonds trade below 5% yield to maturity, one of the lowest in the industry. Average cost of debt sets at 6.24%
- €350m SSN due 2031 were issued in October 2025 to finance the coeo acquisition and are currently held in escrow until closing of the acquisition or coeo
SOLID DELEVERAGE PATH TO BE FURTHER SUPPORTED BY OPPORTUNITY TO FURTHER OPTIMIZE FINANCIAL COSTS
doValue
Notes: (1) Pro forma including 12 months of Gardant contribution; (2) Including accrued interests and fin. Assets measured at amortized cost; (3) At present; (4) including SSN notes due in 2031 and related escrow accounted as cash
DOVal
Appendix
doValue
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Regional performance
| FY
2025 | doValue
Combined Group | Hellenic
Region | Italy | Spain |
| --- | --- | --- | --- | --- |
| GBV | €136bn | €43bn | €82bn | €10bn |
| Collections | €5.5bn | €2.0bn | €2.8bn | €0.7bn |
| ACR | 4.2% | 5.3% | 3.4% | 6.7% |
| Gross revenue | €580m | €237m | €295m | €49m |
| EBITDA ex NRIs | €217m | €121m | €106m | €4.0m |
| EBITDA ex NRIs margin | 37.4% | 51.2% | 36.1% | 8.3% |
doValue
Note: EBITDA ex NRI for Italy excluding Group costs worth €14.5m
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Positive GBV dynamics in the last twelve 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 €2.5bn from Italy, €6.3bn from the Hellenic Region, and €1.4bn from Spain
doValue
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CITY OF ROME
Greece: impact of rumoured rulings on Katseli Law
Law no. 3869/2010
- The Katseli Law is a Greek legislative framework designed in 2010 to help over-indebted, non-merchant individuals manage debt and protect their primary residence.
- It allows for debt restructuring, interest rate reductions, or partial cancellation of debts
- The law has been central to managing debt during the economic crisis, though primary residence protection, which was extended, has faced challenges with increasing auctions.
- The law recently saw a significant Supreme Court ruling ensuring interest is calculated on individual installments rather than the total principal.
- A February 2026 Supreme Court decision ruled that interest under this law must be calculated on each individual installment rather than on the total restructured principal.
- This would reduce the total debt burden for borrowers.
New interest definition limited impact: possible restrictive interpretation of interests concerns a well-defined portion of positions already characterized by vulnerability profiles
Mitigation buffers in place: HAPS portfolios and the securitizations have over time accumulated significant credit-enhancement buffers, a structural mitigating factor even in scenarios where recoveries are lower than initially expected.
Stakeholders' activism: the regulator, the Ministry of Finance, and market participants are jointly assessing the effects of the decision, thereby reducing the risk of inconsistent applications.
doValue's expertise as guarantee for adaptation: for specialized servicers, operational capacity and experience in managing complex portfolios constitute a competitive advantage, including the ability to quickly adapt processes and strategies.
Even in advance of the comprehensive text of the Supreme court ruling, the Group assessed the potential impact:
€1bn on Greece's GBV (~2% GBV in the region)
<€2m impact on Gross Revenue (~2% Gross Revenue in the region)
doValue
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2014
Reclassified Statement of Profit or Loss
| Reclassified Statement of Profit or Loss (€/000) | FY 2025 | FY 2024 | Change € | Change % |
|---|---|---|---|---|
| NPL Servicing revenue | 370,449 | 311,821 | 58,628 | 18.8% |
| Non-NPL Servicing revenue | 107,308 | 85,329 | 21,979 | 25.8% |
| Value added services | 102,614 | 84,972 | 17,642 | 20.8% |
| Gross revenue | 580,371 | 482,122 | 98,249 | 20.4% |
| NPE Outsourcing fees | (22,867) | (13,002) | (9,865) | 75.9% |
| REO Outsourcing fees | (8,202) | (9,327) | 1,125 | (12.1)% |
| Value added services Outsourcing fees | (24,854) | (24,648) | (206) | 0.8% |
| Net revenue | 524,448 | 435,145 | 89,303 | 20.5% |
| Staff expenses | (236,369) | (203,424) | (32,945) | 16.2% |
| Administrative expenses | (78,593) | (77,676) | (917) | 1.2% |
| o.w. IT | (31,133) | (27,619) | (3,514) | 12.7% |
| o.w. Real Estate | (6,310) | (5,169) | (1,141) | 22.1% |
| o.w. SG&A | (41,150) | (44,888) | 3,738 | (8.3)% |
| Operating expenses | (314,962) | (281,100) | (33,862) | 12.0% |
| EBITDA | 209,486 | 154,045 | 55,441 | 36.0% |
| EBITDA margin | 36.1% | 32.0% | 4.1% | 12.8% |
| Non-recurring items included in EBITDA | (7,687) | (10,791) | 3,104 | (28.8)% |
| EBITDA excluding non-recurring items | 217,173 | 164,836 | 52,337 | 31.8% |
| EBITDA margin excluding non-recurring items | 37.4% | 34.4% | 3.0% | 8.7% |
| Depreciation, amortization and net impairment losses on property, plant and equipment and intangible assets | (107,140) | (73,514) | (33,626) | 45.7% |
| Net provisions for risks and charges | (20,331) | (18,239) | (2,092) | 11.5% |
| Net adjustments to loans | (1,351) | 110 | (1,461) | n.s. |
| Profit (Loss) from equity investments | (2,954) | 2,954 | (100.0)% | |
| EBIT | 80,664 | 59,448 | 21,216 | 35.7% |
| Net gain (loss) on financial assets and liabilities measured at fair value | 17,854 | (3,637) | 21,491 | n.s. |
| Net financial interest and commissions | (63,759) | (29,593) | (34,166) | 115.5% |
| EBT | 34,759 | 26,218 | 8,541 | 32.6% |
| Non-recurring items included in EBT | (36,074) | (25,644) | (10,430) | 40.7% |
| EBT excluding non-recurring items | 70,833 | 51,862 | 18,971 | 36.6% |
| Income tax | (24,898) | (12,206) | (12,692) | 104.0% |
| Profit (Loss) for the year | 9,861 | 14,012 | (4,151) | (29.6)% |
| Profit (Loss) for the year attributable to non-controlling interests | (18,076) | (12,112) | (5,964) | 49.2% |
| Profit (Loss) for the year attributable to the owners of the Parent | (8,215) | 1,900 | (10,115) | n.s. |
| Non-recurring items included in Profit (Loss) for the year | (33,857) | (5,173) | (28,684) | n.s. |
| o.w. Non-recurring items included in Profit (Loss) for the year attributable to non-controlling interest | (294) | (327) | 33 | (10.1)% |
| Profit (Loss) for the year attributable to the owners of the Parent excluding non-recurring items | 25,347 | 6,746 | 18,601 | n.s. |
| Profit (Loss) for the year attributable to non-controlling interests excluding non-recurring items | 18,371 | 12,439 | 5,932 | 47.7% |
| Earnings (Loss) per share (in Euro) | (0.043) | 0.076 | (0.119) | n.s. |
| Earnings per share excluding non-recurring items (Euro) | 0.134 | 0.268 | (0.134) | (50.0)% |
doValue
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25
Reclassified Statement of Financial Position
| Reclassified Statement of Financial Position
(€/000) | 12/31/2025 | 12/31/2024
restated* | Change € | Change % |
| --- | --- | --- | --- | --- |
| Cash and liquid securities | 494,891 | 232,169 | 262,722 | 113.2% |
| Financial assets | 72,726 | 49,293 | 23,433 | 47.5% |
| Equity investments | 12 | 12 | - | n.s. |
| Property, plant and equipment | 54,602 | 52,305 | 2,297 | 4.4% |
| Intangible assets | 634,054 | 681,509 | (47,455) | (7.0)% |
| Tax assets | 90,789 | 105,200 | (14,411) | (13.7)% |
| Trade receivables | 210,265 | 263,961 | (53,696) | (20.3)% |
| Assets held for sale | 10 | 10 | - | n.s. |
| Other assets | 90,119 | 65,406 | 24,713 | 37.8% |
| Total Assets | 1,647,468 | 1,449,865 | 197,603 | 13.6% |
| Financial liabilities to banks and bondholders | 933,506 | 733,419 | 200,087 | 27.3% |
| Other financial liabilities | 87,283 | 76,675 | 10,608 | 13.8% |
| Trade payables | 117,217 | 110,738 | 6,479 | 5.9% |
| Tax liabilities | 96,687 | 108,989 | (12,302) | (11.3)% |
| Employee benefits | 8,629 | 11,913 | (3,284) | (27.6)% |
| Provisions for risks and charges | 23,559 | 23,034 | 525 | 2.3% |
| Other liabilities | 66,444 | 73,046 | (6,602) | (9.0)% |
| Total Liabilities | 1,333,325 | 1,137,814 | 195,511 | 17.2% |
| Share capital | 68,614 | 68,614 | - | n.s. |
| Share premium | 58,633 | 128,800 | (70,167) | (54.5)% |
| Reserves | 83,479 | 12,493 | 70,986 | n.s. |
| Treasury shares | (8,218) | (9,348) | 1,130 | (12.1)% |
| Profit (Loss) for the year attributable to the owners of the Parent | (8,215) | 1,900 | (10,115) | n.s. |
| Equity attributable to the owners of the Parent | 194,293 | 202,459 | (8,166) | (4.0)% |
| Total Liabilities and Equity attributable to the owners of the Parent | 1,527,618 | 1,340,273 | 187,345 | 14.0% |
| Equity attributable to non-controlling Interests | 119,850 | 109,592 | 10,258 | 9.4% |
| Total Liabilities and Equity | 1,647,468 | 1,449,865 | 197,603 | 13.6% |
doValue (*) Restated data following the final allocation of the Gardant group purchase price
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Condensed Cash Flow
| Cash flow
(€/000) | FY 2025 | FY 2024
restated* |
| --- | --- | --- |
| EBITDA | 209,486 | 154,045 |
| Capex | (35,069) | (23,769) |
| EBITDA-Capex | 174,417 | 130,276 |
| as % of EBITDA | 83% | 85% |
| Changes in Net Working Capital (NWC) | 32,398 | (4,719) |
| Changes in other assets/liabilities | (25,452) | (43,060) |
| Operating Cash Flow | 181,363 | 82,497 |
| Corporate Income Tax paid | (34,884) | (25,656) |
| Financial charges | (45,471) | (29,777) |
| Free Cash Flow | 101,008 | 27,064 |
| (Investments)/divestments in financial assets | (2,924) | 2,848 |
| Equity and IFRS 15 contracts (investments)/divestments | (3,838) | (195,625) |
| Earn-out and Tax claim payment | (10,800) | 400 |
| Treasury shares buy-back | - | (3,421) |
| Transaction costs | - | (13,114) |
| Rights Issue | - | 143,138 |
| Dividends paid to non-controlling investors | (7,697) | - |
| Net Cash Flow of the year | 75,749 | (38,710) |
| Net financial Position - Beginning of year | (514,364) | (475,654) |
| Net financial Position - End of year | (438,615) | (514,364) |
| Change in Net Financial Position | 75,749 | (38,710) |
doValue (*) Restated data following the final allocation of the Gardant group purchase price
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C
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, 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 |
| NPE | Non-Performing Exposure, i.e. the aggregate od NPL, UTP and Early Arrears |
| NPL | Non-Performing Loan, i.e. loans which are more than 180 days past due and have been denounced |
| NRI | Non-Recurring Items, i.e. costs or revenue which are non-recurring by nature (typically encountered in M&A or refinancing transactions) |
| Performing Loans | Loans which do not present problematic features in terms of principal / interest repayment by borrowers |
| REO | Real Estate Owned, i.e. real estate assets owned by a bank / investor as part of a repossession act |
| Stage 2 Loans | Subperforming loans – albeit not NP - that have seen a significant increase in credit risk, resulting in "investment grade" credit quality |
| UTP | Unlikely to Pay, i.e. loans that are between 90-180 days past due and denounced or more than 180 past due and not denounced |
doValue
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DOY
Disclaimer
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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
[email protected]
doValue
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