Dovalue — Investor Presentation 2026

May 15, 2026

doValue

Q1 2026 Financial Results

MAY 15TH, 2026

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Executive summary

New business at €1.6bn, in line with €8bn annual target, confirms commercial momentum continues

EBITDA at €35m (before coeo), consistent with €300m pro-forma combined FY26 target (historically Q1 is between 15% and 20% of FY EBITDA)

coeo for 1Q26² recorded revenue of €64m (up +26% YoY), and EBITDA ex NRI of ~€26m (30% above management expectations)

October 8th

Capital Markets Day

€1.6bn

New Business¹

Cross-region commercial synergies activated and revenue already from 3Q26

Net leverage³ 2.3x heading to 2.2x⁴ by year-end; BB rating reaffirmed by Fitch in April

AI deployment in coeo at scale: 70% digitally resolved files

2.3x

Net Leverage³

+26%

coeo revenue²

Q1 in line with management expectations

From Q2, doValue a broader, faster growing, AI-enabled Group with coeo

New business plan to be unveiled at the Capital Markets Day in October

70%

Digitally resolved cases

doValue

Note: 1. Excluding secondary transactions; 2. German GAAP, excluding any impact from the portfolio purchased 3. 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 2.3x; 4. Pre- dividend & M&A

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coeo performance ahead of expectations

Strong commercial momentum	Continued focus on automation and efficiency	Continued market expansion	Synergies initiated ahead of closing
• Strong growth of files from existing clients
• New clients won in Germany, Netherlands and Sweden
• Important contract renewals across existing markets	• 345k cAI customer interaction processed, up +26%
• Revenue per FTE +24% YoY
• 70% digitally resolved files	• Ongoing growth in Nordics (Sweden growing +77% YoY with €6m revenue in the first quarter)
• Confirmed expansion in Denmark
• Expansion in Italy and Spain leveraging collaboration with doValue	• Commercial synergies: 3 major clients signed in Italy and Spain
• Operational synergies: Delivery of cAI voice Agent and CRM to doValue
• Cross-selling pipeline: coeo Continental Europe footprint opens banking market opportunities to doValue
Revenue run rate already ahead of acquisition model	Digitalization driving EBITDA margin expansion	Expansion in 4 markets since signing	Integration plan delivering synergies ahead of closing
+26%
revenues growth YoY	+40%
File intake YoY growth	+34%
Klarna file intake YoY growth	>60%
Non-Klarna files
---	---	---	---

doValue

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Coeo structural market expansion

90% of coeo's revenue comes from e-commerce and BNPL. Expanding within and beyond this segment can fuel significant organic growth in the future

| Core market expansion
Markets are growing | | | White Space 1
BNPL penetration of e-commerce | | | White Space 2
Tapping into non-banking servicing | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| e-commerce and BNPL continue expanding at 7-12% CAGR through 2029 in coeo's core markets | | | BNPL penetration of e-commerce remains low (3-21%), leaving significant upside within our current focus. | | | BNPL is only 1-41% of non-banking servicing. The rest grows at 3-7% CAGR and is largely untapped. | | |
| REGION | E-COMMERCE CAGR ('24-29) | BNPL CAGR ('24-29) | Most transactions are still paid via traditional methods | | | Expanding beyond BNPL unlocks a much larger addressable market. | | |
| DACH | +7% | +9% | DACH | Not yet BNPL | E-COMMERCE MARKET | DACH | Not yet non-banking BNPL | Non-banking revenue CAGR '24-29 |
| Nordics | +8% | +10% | NORDICS | 79% | €157bn | NORDICS | 59% | 6% |
| UK | +8% | +12% | UK | 79% | €57bn | NORDICS | 91% | 7% |
| Italy | +7% | +10% | ITALY | 94% | €311bn | UK | 98% | 4% |
| Greece | +8% | +8% | GREECE | 95% | €55bn | ITALY | 99% | 5% |
| Spain | +7% | +7% | SPAIN | 95% | €27bn | GREECE | 97% | 3% |
| Structural growth in e-commerce across geographies to support organic growth | | | Even in our strongest markets more than 3/4 of e-commerce spend has not yet migrated to BNPL | | | Total Non-Banking Servicing in the above markets at €2.0bn (2024) → 2.7bn (2029E) | | |

doValue

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Solid GBV inflows YTD evidence of the long-term sustainable business

The solid level of new business achieved in a very benign macro-environment highlights the sustainability of doValue's business across the business cycle

YTD new business highlights
Italy	New servicing mandates for €560 million. Non-NPL asset classes (performing and UTPS) account for ~70% of new Italian mandates, accelerating progress diversification target
Hellenic Region	New servicing mandates for €270 million, with approximately equal contribution from Cyprus and Greece
Forward Flow	Forward flow inflows of €680M in the quarter, with BPER contract flows up +20% YoY despite BPSO entering the perimeter only in the second quarter, and other servicing contracts in growth, mitigating the planned roll-off of UniCredit's contract following the 2025 transaction
Secondary Mandates	First ever sale of re-performing loans in Greece, signal that the NPL resolution cycle in Greece is evolving, and that re-performing loans are emerging as a recognised and investable asset class. doValue will retain the servicing of the portfolio
Inflow consistent with €8bn annual target given pipeline and seasonality

doValue

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Supportive market backdrop

Underpinning >£2bn addressable servicing revenues (2026–29)

Addressable Market 2026-2029 — Core footprint view

Spain

• €5-6bn annual NPE disposals from banks
• €4bn annual NPE secondary disposals
• €0.3n annual REO primary disposals
• Spain NPE ratio ranking fourth-highest among European countries in 2025
• Industry signal: market in regulatory transition (EU NPL Directive); peer technology platforms going live

Italy

• €5-6bn annual NPE disposals from banks
• €8bn annual NPE secondary disposals
• NPE ratio: 3.5% (2025) → 2.5% by 2029
• Investor-owned NPE share: 82% (vs 1% in 2010)
• Tax receivables annual inflows: ~€15bn
• Utilities/Telco/Commercial annual inflows: ~€11bn
• Industry signal: Italy #1 destination for European NPL capital allocation in 2026

Greece

• €1-2bn annual NPE disposals from banks
• €3-4bn annual NPE secondary disposals
• State receivables stock:
• €100bn+;
• €18–20bn vintage <6 years addressable
• Social insurance debt: €40–50bn stock; €20bn potentially outsourced
• Macro tailwind: GDP CAGR +6.5% (2021–25); default rate 1.5% and expected to grow

Germany

coeo’s largest market

• German bank NPE stock on the rise: €49bn (+62% vs 2019)
• German NPE market is highly fragmented with no structured servicing industry
• Corporate insolvencies in Germany up +27% since 2019

>£30bn of annual serviceable market volumes across doValue + coeo footprint — in a market backdrop of stable pricing, reaffirmed peer guidance and accelerating technology deployment

doValue

Sources: internal analysis based on Banca d'Italia, Bank of Greece, EBA, third-party market reports and proprietary research. Cumulative revenue ranges refer to estimated total servicing revenues 2026-2029.

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Strategic execution on Business Plan

Q1 delivered integration milestones, regulatory tailwinds and client diversification

| Gardant Integration delivered | • Integration closed: 7 workstreams completed; platform fully consolidated
• Cost discipline: -7% staff costs YoY at Group level | Integration complete: Synergies entering full run-rate |
| --- | --- | --- |
| Tax credit legislation advancing in Italy | • Italy's 2026 Budget Law positions AMCO as central procurement platform for recovery of local tax receivables
• Implementing decree (and any subsequent EU framework) expected to define volumes and operating rules, turning this into an institutional, transparent market rather than an ad-hoc opportunity
• doValue actively preparing for market access through a flexible operating model | >€250m incremental annual revenue potential for the group |
| New top-tier institutional client | • New servicing mandate from a leading global asset manager
• Strengthens position with institutional capital and secondary transactions
• First-ever Greek RPL sale supports RPL as an investable asset class
• Non-NPL revenues at 43% in Q1 — on track for the 40–45% FY26 target | New logo + Evolving asset classes = Structural diversification |

After Gardant Integration achievement, doValue looks forward: Towards incremental revenue opportunities and asset class diversification

doValue

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Financial Results

Davide Soffietti
Group CFO

doValue

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Q1 performance in line with management expectations

	Q1 2026	Q1 2025	Δ% YoY	COMMENTS
Gross revenue	120	141	(14.9)%	• Gross revenue decline due to extraordinary timing of effects in Q1 2025 revenue (especially Italy and Greece)
• Over 2 years, Gross Revenue grew +24% over Q1 2024, reflecting the structural step-up of the platform post-Gardant
• Non-NPL revenue stand strong at 43% of revenue pre coe
Net revenue	107	128	(16.8)%	• Outsourcing fees at 11% reflect pass-through to delivery partners, not margin pressure
EBITDA ex NRIs	35	51	(31.9)%	• Continued cost savings across regions
• Q1 historically accounts for ~15-20% of FY EBITDA (2021-24); Q1 2026 €35m consistent with FY26 internal phasing
EBITDA ex NRIs margin	29%	36%	(7.3) p.p.	• 29% margin remains above Q1 2024 (26%); Q1 2025 36% reflected extraordinary timing effects in a structurally low-seasonality quarter
Net Income ex NRIs	(1)	9	-	• Net financial interest improved by €3m YoY (€-10m vs €-13m)
Reported Net Income at €(10)m vs €(1)m ex-NRI: ~€9m of below-EBITDA non-recurring items (mainly financing-related costs and provisions)

doValue

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Gross revenue dynamics reflect the extraordinary timing effects of Q1 '25

COMMENTS

GROUP

• Gross Revenue down 15%
• Non-NPL contribution to revenue in Q1 grew to 43%
• Outsourcing costs at 11.3% of revenue

HELLENIC REGION

• Slightly negative dynamic entirely explained by the phasing of disposals to Q1 2025 impacting the comparison base.
• Collection improvement in Greece already visible YoY (+14% in Q1)

ITALY

• Positive performance in Non-NPL servicing was more than offset by the negative comparison effect from non-traditional timing in both VAS and NPE revenue realized in 2025

SPAIN

• Increase in gross revenue as NPL Servicing offset the exit from the REO space with Santander

doValue

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Opex decreasing thanks to continued efficiencies across regions

COMMENTS

TOTAL OPERATING EXPENSES

• Significant reduction of Opex driven by strong cost discipline across countries and positive run-rate effect of Gardant synergies

HR

• HR cost decreased by €4m as all markets contributed through continued efficiencies

IT, RE and SG&A

• Operating cost decreased 5% thanks to cost reduction across regions, and accelerated synergies in Italy

doValue
Notes: Group costs, fully allocated to Italy, amounted to €3 million.

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EBITDA ex NRI reflect gross revenue dynamics, mitigated by cost discipline

COMMENTS

GROUP

• EBITDA ex NRIs decline from lower Gross Revenue mitigated by strong cost discipline

HELLENIC REGION

• Nearly flat performance in Greece as lower disposals due to the phasing of secondary sales to Q1 25 were offset by continued cost efficiencies.
• The region continues to drive profitability for the group with 47% margin

ITALY

• EBITDA decreased over the period due to the negative comparison effect from non-traditional timing both in VAS and NPE revenue realized in 2025

SPAIN

• Positive EBITDA, more than doubled as growth in NPL revenue was compounded by cost efficiencies
• NRIs at €(0.1)m, in a low seasonality quarter

doValue
Notes: Group costs, fully allocated to Italy, amounted to €3 million.

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Net income supported by positive under-EBITDA dynamics

€m	Q1 2026	Q1 2025	Delta
EBITDA ex NRIs	35.0	51.4	(16.4)
Non-Recurring Items	(0.1)	(0.5)	0.4
EBITDA	34.9	50.9	(16.0)
Depreciation, amortization and net impairment on PPE & intangibles	(17.8)	(18.2)	0.4
Net provisions for risks & charges and net adjustments to loans	(4.8)	(2.5)	(2.2)
EBIT	12.3	30.2	(17.9)
Net financial interest, commission and net gains (loss) on financial assets at FV	(15.8)	(19.2)	3.4
EBT	(3.5)	10.9	(14.5)
Income tax	(4.5)	(5.9)	1.4
Minorities	(2.2)	(6.0)	3.8
Group Net Income reported	(10.2)	(0.9)	(9.3)
Non Recurring Items	(9.1)	(10.1)	1.0
Group Net Income ex NRIs	(1.1)	9.1	(10.2)

COMMENTS

• Depreciation, amortization and net impairment in line with prior year
• Lower financial interest and commission following the refinancing costs incurred in Q1 2025 linked to the early redemption of the 2026 SSNs
• Income tax decreased reflecting the lower PBT
• Minorities down €4m reflecting the quarterly performance
• Non recurring items at €9m mainly due to redundancy costs and the financial interest relative to the new bond issued to finance coeo, classified as NRI until the closing of the acquisition
• Net income ex NRI to ~€(1)m, reflecting the EBITDA trends

doValue

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Q1 cash flow follows historical seasonal pattern; FY26 trajectory on track

€m	Q1 2026	Q1 2025	Delta
EBITDA	34.9	50.9	(16.0)
Capex	(3.9)	(2.2)	(1.7)
Change in NWC and accruals on share-based payments	(35.4)	11.5	(47)
IFRS 16	(4.9)	(6.0)	1
Redundancies	(3.9)	(2.4)	(1)
Other changes in other assets & liabilities	0.5	(4.3)	5
Cash Flow from Operations	(12.8)	47.3	(60)
Taxes	(5.7)	(7.0)	1
Financial charges	(10.4)	(8.9)	(2)
Free Cash Flow	(28.8)	31.5	(60)
Minorities	0.0	0.0	0
Investments in equity & financial assets	0.5	(12.1)	13
Cash flow before debt repayment	(28.3)	19.4	(48)

COMMENTS

• Q1 historically the lowest cash quarter. Q4 contributes c. 72% of annual FCF (FY25: Q4 €54m vs FY €76m)
• Cash flow from operations at €(13) million impacted by the lower EBITDA and temporary headwinds in NWC dynamics
• NWC EoP in line with Q1 2024 baseline. Absorption of €35m reflects seasonal increase from a Q4 2025 base of €93m, and temporary misalignment in invoicing cycle of legal expenses in Greece, not a structural deterioration
• NWC/Revenue ratio at 1.0x, in line with Q1 2025
• Receivables collection cycle expected to normalize from Q2 onwards; Q4 historically generates positive NWC contribution
• Capex at €3.9m, up €1.7m YoY reflecting front-loaded investments in digital platform and AI capabilities; FY26 capex envelope confirmed in line with internal plan

doValue

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Sustainable financial structure

COMMENTS

• Net leverage at 2.3x, reflecting the quarterly seasonality
• Solid liquidity buffer of €269m, including €147m undrawn RCF lines
• BB Rating with Stable outlook confirmed by Fitch in April 2026 after the closing of coeo
• Current bonds trade at ca. 5% yield to maturity, the lowest in the industry. Average cost of debt sets at 6.32%
• €350m SSN due 2031 were issued in November 2025 to finance the coeo acquisition and the funds were released from the escrow account upon closing of the acquisition on April 16th

DELEVERAGE PATH 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. including SSN notes due in 2031 and related escrow accounted as cash until closing of coeo acquisition, occurred on April 16th

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Appendix

doValue

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Regional performance

| Q1
2026 | | Combined Group | Hellenic Region | Italy | Spain |
| --- | --- | --- | --- | --- | --- |
| GBV | €133bn | €42bn | €82bn | €9bn | |
| Collections | €1.1bn | €0.4bn | €0.5bn | €0.1bn | |
| ACR | 4.0% | 4.8% | 3.3% | 7.7% | |
| Gross revenue | €120m | €49m | €59m | €12m | |
| EBITDA ex NRIs | €35m | €23m | €11m | €1.7m | |
| EBITDA ex NRIs margin | 29.1% | 46.8% | 17.8% | 13.7% | |

doValue

Note: EBITDA ex NRI and its margin for Italy excluding Group costs worth €3m

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Solid GBV dynamics despite planned portfolio exits

Inflows from new clients: intakes by region worth €0.6bn from Italy, €0.3bn from the Hellenic Region, and €0.1bn from Spain

Write off reflect mainly the exit of the previous Santander book, in line with the new contract which focuses on new quarterly inflows of new formations of NPL

Disposals include a contract with Greek banks agreed upon before the acquisition of doValue Greece which reached the expiry

doValue

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Reclassified Statement of Profit or Loss

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)%

doValue

Note: (*) Restated data (reclassification within the line items comprising "gross revenue") to ensure comparability with the current presentation.

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Reclassified Statement of Financial Position

| Reclassified Statement of Financial Position
(€/000) | 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 year 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)% |

doValue

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Condensed Cash Flow

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

doValue

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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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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.

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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

doValue

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doValue