Dovalue S.p.a. · MIL:DOV
Dovalue — Investor Presentation (September 2025)
45 slides from Dovalue's investor presentation, September 2025
Slide 1: Corporate Presentation
Corporate Presentation September 2025
Slide 2: Agenda
AGENDA Business Overview coeo acquisition H1 25 Results 1
Slide 3: Business Overview
Business Overview 2
Slide 4: doValue at a glance
doValue at a glance Leading independent financial services provider in Europe Well diversified revenues across countries and clients Aggregated 2024 revenue Complete product offering (doValue + coeo) #1 in Southern Europe1 by AuM across the entire credit by region by client #1in Italy, Greece and Cy
Slide 5: doValue: the asset-light credit management leader in Europe
doValue: the asset-light credit management leader in Europe Uniquely positioned as asset-light Credit Management Leader in the Leader in, Hellenic most attractive European geographies (11 countries) region, Italy, DACH Highly efficient platform with best-in-class technology, digital and AI powered s
Slide 6: Full set of products & capabilities
Full set of products & capabilities doValue is well-equipped to provide Asset Originators and Investors a wide range of essential services for the long term A highly attractive business model Asset Originators Banks & Disposals / Real Estate Non-Financial Investors Financial Securitisations1 asset o
Slide 7: Leader in NPE management across Southern European markets
Leader in NPE management across Southern European markets #1 Player in Italy, Greece and Cyprus and with a relevant position in Spain by GBV, with market share benefitting from long-standing relationships with banks and investors Italian NPE Landscape Greek NPE Landscape Spanish NPE Landscape doValu
Slide 8: doValue history: the creation of a European strategic financial services provider
doValue history: the creation of a European strategic financial services provider UCCMB acquisition IPO Debanking Investments in Fintechs Gardant coeo acquisition by Fortress (BidX1, Quero Quitar) Acquisition (closing by Jan ’26) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Integration wit
Slide 9: More than 80% of revenues for next years are locked in by existing contracts
More than 80% of revenues for next years are locked In by existing contracts Contract Type Client GBV Estimated Client Shareholding Key Considerations 2025 2026 Beyond Type (‘24A, €bn) expiry3 GACS • Mix of stock and forward flow SECURITISATIONS1 Stock Agreement Securitisation 34 2042 agreements pro
Slide 10: GBV from new business at all time high approaching the revised 2025 target
GBV from new business at all time high approaching the revised 2025 target STRONG NEW BUSINESS INFLOWS MARKS THE 4th CONSECUTIVE QUARTER OF GROWING GBV % of updated FY target >90% Continued commercial momentum: €800 million new mandates since May, largely driven by new mandates won in 2.1 Spain from
Slide 11: 18-month pipeline increases to all-time high
18-month pipeline increases to all-time high 49bn 8bn • 18-month pipeline includes ~€49bn GBV, net of the GBV already assigned YTD and excluding forward flows • ~25% success rate on 18-month pipeline as of 31 December 2024 in the first 7 months 21bn • Pipeline increasing by €14 billion vs. 31 Decemb
Slide 12: Business Plan 24-26: beyond servicing, investing to unlock new frontiers
Business Plan 24-26: beyond servicing, investing to unlock new frontiers Strengthen doValue’s position as leading independent financial services provider GBV of €141bn #1 in Hellenic Solid financial structure, doValue Independent & 140+ clients #1 in Italy best YTM among competitive capital light 15
Slide 13: With diversification opportunities beyond servicing contracts
With diversification opportunities beyond servicing contracts Opportunity to expand the activity beyond NPLs, setting sights on highly growing businesses, still not explored as of today Global AuM (€ trn) 21.7 2.7 Private assets are expected Outlook 12.2 9.9 to grow at 12.2% in the next 1.4 5 years
Slide 14: Value added services (VAS) initiatives
Value added services (VAS) initiatives New initiatives related to New 24-26 Business Plan New Digital channel for debt collection to drive efficiencies, Digital enhance portfolio management and attract new asset Platform classes (e.g Small tickets, non-financial receivables) Data intelligence, analy
Slide 15: Targeted strategies adapted to different markets
Targeted strategies adapted to different markets to consolidate our presence in all countries CORE ENGINE 1 ENGINE 2 OF GROWTH PERFORMING GRANULAR NON BANKS NON-PERFORMING LOANS UNLIKELY TO PAY EARLY ARREARS LOANS UNSECURED STAGE 2 • LT agreements • Already managed for ERB • Already managed for ERB
Slide 16: Financial policy
Financial policy Financial threshold commitment for the business plan period Leverage target • Net leverage cap of 3.0x Net Debt / EBITDA 1 • Target between 1.5-1.8x1 in the medium term, as per Business Plan 2024-2026 target, to be reached in 2027 despite the ✓ acquisition of coeo Dividend policy •
Slide 17: Material progress and solid growth during Business Plan horizon
Material progress and solid growth during Business Plan horizon Gross Revenue EBITDA ex NRI +66.3% +67.6% ~800 ~300 OUR NEXT GROWTH 600-615 210-220 481 479 179 HORIZON: 165 The 2026-2028 industrial plan will 2023 2024 2025 guidance BP 2026 with coeo 2023 2024 2025 guidance BP 2026 with coeo define o
Slide 18: coeo acquisition
coeo acquisition 17
Slide 19: coeo redefines our edge and ignites our long-term sustainable growth and profitability
coeo redefines our edge and ignites our long-term sustainable growth and profitability Leadership position in asset classes with large underlying markets and significant Leader in e-commerce, growth in Germany (and in other 7 countries in Europe) Buy-now-Pay-later and E- mobility Complementary set o
Slide 20: doValue to acquire coeo
doValue to acquire coeo Transformational acquisition supporting the shift to a digitally advanced and a long-term, high growth doValue with increasing diversification Key Transaction Terms Highly Value Accretive Transaction Financing • Acquisition in cash of 100% of coeo • coeo to accelerate doValue
Slide 21: coeo – the leading tech-driven credit management platform
coeo – the leading tech-driven credit management platform Leading tech-driven European debt platform with best-in-class AI and digitalization capabilities Business Description Geographical Overview Norway Finland • coeo is a well-established tech-powered servicing platform, highly Recent entry into
Slide 22: coeo redefines client relationships in the credit management business
coeo redefines client relationships in the credit management business coeo has transformed credit management into a customer loyalty engine, a radical shift from traditional NPL servicing Success defined by value and speed of recovery Traditional NPL No customer view and no room for recurring transa
Slide 23: coeo's business model
coeo‘s business model coeo’s file-driven business model is structurally complementary and additive to doValue’s GBV-driven model Objective: Maximize recovery value for each Objective: Efficiently manage high volume of cases individual case through bespoke recovery strategies with very stable recover
Slide 24: Compelling strategic rationale for the Acquisition
Compelling strategic rationale for the Acquisition Why coeo? • Entering high-growth BNPL and e-commerce markets: attractive markets with strong fundamentals and sustainable long-term 1 revenue growth prospects, de-correlated from the macro cycle, NPE primary and secondary volumes • Business diversif
Slide 25: Entering attractive native digital receivables and e-commerce segments
1 Entering attractive native digital receivables and e-commerce segments Adding a sustainable fast-growing business which has a high-velocity and self-funded business model Secular change in spending habits driving long-term e-commerce Revenue Development in Europe ($bn) growth in BNPL and e-commerc
Slide 26: Business diversification: asset class, segment and geography
1 Business diversification: asset class, segment and geography Entering high-growth end-markets (BNPL/e-commerce) which contributes to top-line expansion but also to end-market diversification Combined 35% <10% non-NPL 12% Asset Class 17% NPL NPL 49% 18% Digital Claim Non-NPL Servicing 39% 65% Manag
Slide 27: Business diversification: client base and opportunity
1 Business diversification: client base and opportunity CLIENT BASE OPPORTUNITY Payment Market Growth solutions (CAGR)(2) Opportunity to & e-commerce serve global Adding new large 9% BNPL Europe (’24-28E) clients in e-commerce Parking doValue’s core solutions & mobility clients with global 11% marke
Slide 28: Extending traditional credit management activity in coeo's core markets
1 Extending traditional credit management activity in coeo’s core markets Expansion of doValue’s servicing in DACH, Belgium, Netherlands and Nordics Banking NPL stock (€bn) doValue / coeo ranking Top 6 Top 4 #1 • Acquisition will help doValue to establish traditional credit management activity in co
Slide 29: Automation and digital platform driving efficiency
2 Automation and digital platform driving efficiency Reinforcing ability of doValue‘s digital platform to serve new business segments Text Flow Digital coeo’s Gen AI Emails without Attachment Documents & Attachments Platform “All-in-One platform” Goal 2025: • >500,000 emails processed 70% automation
Slide 30: Attractive financial profile – highly EPS accretive, swift deleveraging
3 Attractive financial profile – highly EPS accretive, swift deleveraging Superior growth and earnings accretion Sizeable Growth Business coeo Revenue Contribution (€m) coeo Revenue Growth(1) (€m) • coeo with strong top-line growth of 26% p.a. over the last 2 years driven by 26% exposure to high-gro
Slide 31: coeo's strategic benefits range far beyond its digital capabilities
coeo‘s strategic benefits range far beyond its digital capabilities Contracts & Client Relationships Revenue Growth(1) – Historical and vs Budget (€m) Growth YoY 6% above Long lasting and stable client base: Seller Plan 20% • • Most of clients’ relationships are longer than 5 years • Clients churn r
Slide 32: 2026 Business Plan targets including coeo show significant growth vs. 2024
2026 Business Plan targets including coeo show significant growth vs. 2024 2026 Business Plan targets including coeo Transaction leads to a much higher long-term growth potential (~5% Group LT growth) ~800 ~ 800 ~ 300 • Strong growth in gross revenue of ~30% in comparison to latest guidance for doVa
Slide 33: Robust capital structure post acquisition
Robust capital structure post acquisition Ample and well-diversified liquidity position post closing Debt Maturity Profile (€m) 325 300 130-150 140 53 53 53 75-95 Available Liquidity 2026 2027 2028 2029 2030 2033 Remaining Cash Balance 2025E Cash from Back-Book Sale 1 Term Loan (Ending in 2029) SSN
Slide 34: H1 2025 Results
H1 2025 Results 33
Slide 35: Financials at a glance
Financials at a glance H1 H1 ∆% 2025 2024 YoY • Continued double-digit growth in gross revenue vs. prior year • Non-NPL revenue drove more growth than NPL in H1 25 Gross revenue 281 214 31.6% • Continued strong momentum in VAS, with revenue increased double digit • Higher net revenue driven by a con
Slide 36: Gross revenue
Gross revenue Gross revenue (€m) COMMENTS +32% 281 24 (8%) • Group • Gross revenue up +31.6% YoY, in line with the full-year guidance, supported by Gardant contribution, initial synergies, as well as continued strong contribution of Non-NPL revenue 214 25 • Non-NPL revenue in H1 2025 amounted to 37%
Slide 37: Operating expenses
Operating expenses Operating Expenses ex NRIs (€m) COMMENTS % of Gross 58% 55% revenue • Total Operating expenses +25% • Successfully contained the natural increase in operating costs from 155 the consolidation of Gardant thanks to continued cost discipline 21 unlocking savings across functions and
Slide 38: EBITDA ex NRIs
EBITDA ex NRIs EBITDA ex NRIs (€m) COMMENTS EBITDA ex 32% 35% • Group NRIs margin • EBITDA ex NRIs reached €99m in H1 2025 up 47% vs H1 2024 • Double digit growth also in the second quarter despite the lower disposals +47% in Greece 99 • Variation mainly driven by the increase of Italy and by contin
Slide 39: Net income
Net income H1 H1 COMMENTS €m Delta 2025 2024 • Higher EBITDA ex NRIs driven by positive momentum across EBITDA ex NRIs 99.1 67.4 31.8 products and markets Non-Recurring Items (2.6) (2.3) (0.3) • Write-downs on PP&E, intangibles, loans and equity investments in line with collection curves, includes a
Slide 40: Cash flow
Cash flow €m H1 2025 H1 2024 Delta (€m) COMMENTS EBITDA 96.5 65.0 31.4 Capex (8.0) (6.6) (1.3) • Cash flow from operations, equal to €80.6m, in 2024, +€61.0 million higher than LY (€19.6m) with a much higher cash conversion reaching 84% from Change in NWC and accruals on share- 30% in H1 2024 22.5 (
Slide 41: Financial structure
Financial structure Net Debt (€m) COMMENTS Leverage • Net leverage at 2.3x(2), continuing its deleverage path towards FY guidance (2.0x) even including the extraordinary cash out of €11 2.9x(3) 2.9x 3.1x 2.4x(1) 2.3x 2.3x million earn-out related to doValue Greece paid in Q1, and the €8 million mino
Slide 42: Confident on delivery the 2025 guidance before closing the coeo acquisition
Confident on delivery the 2025 guidance before closing the coeo acquisition 2025 YoY Growth Gross revenue €600-615m + 25-30% H1 2025 EBITDA Gross Book Value €135-140bn Stable contribution to FY in line with full year guidance of €210-220 EBITDA ex NRI EBITDA ex NRIs €210-220m + 27-35% FCF(1) €60-70m
Slide 43: Glossary
Glossary Early Arrears Loans that are up to 90 days past due 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 Forward Flows commercial banks FTE Full Time Equivalent, i.e
Slide 44: Disclaimer
Disclaimer 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 (collectively, the “Company”) or any person on behalf of the Company, and any question and answer session that follo
Slide 45: oValue
oValue