Dovalue S.p.a. · MIL:DOV
Dovalue — Q1 2025 Earnings Presentation
25 slides from Dovalue's earnings presentation, May 15, 2025
Slide 1: Q1 2025 Financial Results
Q1 2025 Financial Results MAY 15TH, 2025
Slide 2: Executive summary
Executive summary New Business1 • GBV €9.2 from new business in 2025 YTD surpassing the €8 billion full-year target €9.2bn EBITDA ex NRIs • Strong growth in Gross Revenues reaching €141m and EBITDA ex NRI up triple digit (+106% YoY) €51m Financial Leverage • Leverage decreasing to 2.3x2 despite seas
Slide 3: Economic downturn as a tailwind for GBV with impact on collections under control
Economic downturn as a tailwind for GBV with impact on collections under control Upward trend of bankruptcies poses an opportunity for GBV inflows Quarterly bankruptcy declarations in the EU, 2018-2024 COVID 2021=100 EU 170 impact • Seasonally adjusted bankruptcies remain near multi-year highs, up ~
Slide 4: GBV from new business surpassing 2025 target YTD
GBV from new business surpassing 2025 target YTD GBV FROM NEW BUSINESS IN 2025 YTD % of FY target >130% ~55% ~115% Strong commercial momentum: new mandates at €8.1 billion in Q1 2025, exceeding the €6bn annual target in the first three 1.1 months of the year Forward Flows at €1.1 billion, on track t
Slide 5: 18-month pipeline expanded thanks to our diversification strategy
18-month pipeline expanded thanks to our diversification strategy 47bn BY ASSET CLASS 5bn 4% doValue expanded its pipeline significantly through the entrance in the NFR non financial receivables space (i.e. Tax 13bn 34% Receivables, Telcos, Utilities) thanks to the 62% NPL successful implementation
Slide 6: All main diversification activities targeted in 2024 either completed or started
All main diversification activities targeted in 2024 either completed or started 39% NON-NPL REVENUES IN Q1 Completed Ongoing RESULTS I ENGINE 2 TO DATE OF GROWTH Digital Platform, 2024-2026 Mortgage Digital platform Stage II predictive brokerage JV, live in Greece, CMD FinThesis live and doAdvise l
Slide 7: Gardant Integration Update
Gardant Integration Update MAIN ACHIEVEMENTS Integration Program Kick-off ▪ Revenue synergies (Dec 24) activated ahead of schedule ▪ Reallocation of doValue FTEs to Gardant AUM ▪ HR cost savings under way ▪ Merger between doNext and Master Gardant and Finalization of Union BankIT filing for 1st Migr
Slide 8: Financial Results
Financial Results Titolo breaker slide Davide Soffietti Group CFO
Slide 9: Financials at a glance
Financials at a glance Q1 Q1 ∆% 2025 2024 YoY • Strong double-digit growth in gross revenues vs. prior year • Revenues up YoY even excluding Gardant contribution Gross Revenues 141 97 45.6% • VAS revenues more than doubled YoY continuing the positive momentum seen in the past quarters • Higher net r
Slide 10: Gross Revenues
Gross Revenues Gross Revenues (€m) COMMENTS • Group • Gross revenues up +46% YoY, supported by Gardant contribution, +46% initial synergies, as well as continued strong contribution of Value 141 Added Services 8% • Gross revenues grew also on a stand-alone basis • Non-NPL revenues in Q1 2025 amounte
Slide 11: Operating Expenses
Operating Expenses Operating Expenses ex NRIs (€m) COMMENTS % of Gross 63% 54% Revenues • Total Operating expenses • Successfully contained the natural increase in operating costs from +25% the consolidation of Gardant thanks to continued cost discipline 77 across functions 14% • HR 61 • Higher HR c
Slide 12: EBITDA ex NRIs
EBITDA ex NRIs EBITDA ex NRIs (€m) COMMENTS • Group • EBITDA ex NRIs reached €51m in Q1 2025 more than twice the EBITDA ex 25.7% 36.4% EBITDA of Q1 2024 NRIs margin • Variation mainly driven by the increase of Italy and by strong performance of UTP and VAS driving revenues • EBITDA margin increased
Slide 13: Net Income
Net Income Q1 Q1 €m Delta 2025 2024 COMMENTS EBITDA ex NRIs 51.4 25.0 26.5 • Higher EBITDA ex NRIs driven by positive momentum across Non-Recurring Items products and markets (0.5) 0.0 (0.5) EBITDA 50.9 24.9 26.0 • Write-downs on PP&E, intangibles, loans and equity investments Net write-down of PP&E
Slide 14: Cash Flow
Cash Flow €m Q1 2025 Q1 2024 Delta (€m) COMMENTS EBITDA 50.9 24.9 26.0 • Cash flow from operations, equal to €47.3m, in 2024, +€43.4 million higher than LY (€3.9m) with a much higher cash conversion reaching 93% from Capex (2.2) (1.8) (0.4) 16% in Q1 2024 Change in NWC and accruals on share-based pa
Slide 15: 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 2.7x 2.9x(3) 2.9x 3.1x 2.4x(1) 2.3x million earn-out related to doValue Greece paid in Q1 Fully repaid 514 504 • S
Slide 16: 2025 Guidance confirmed
2025 Guidance confirmed 2025 COMMENTS Gross revenues €600-615m • Non-NPL revenues to ~ 40-45% in 2026 from 39% in Q1 2025 • Increasing the guidance on the back of strong new business dynamics Gross Book Value €135-140bn • +€12bn new business in 2025 as target was raised on the back of strong new bus
Slide 17: Appendix
Appendix Titolo breaker slide
Slide 18: Regional Performance
Regional Performance Q1 2025 Hellenic Combined Group Region Italy Spain GBV €141bn €43bn €87bn €11bn Collections €1.1bn €0.4bn €0.5bn €0.2bn ACR 4.3% 5.4% 3.3% 8.9% Gross Revenues (1) €141m €52m €78m €11m EBITDA ex NRIs (1) €51m €23m €32m €(0.8)m EBITDA ex NRIs margin (1) 36.4% 44.7% 41.0% (6.7)% No
Slide 19: Very positive GBV dynamics in the first quarter
Very positive GBV dynamics in the first quarter GBV evolution +5.2% 142.7 (1.1) 141.1 (1.0) 0.0 1.6 6.5 135.6 1.1 EoP 2024 Inflows from Inflows from Collections / Sales Net write-off Disposals EoP ACT 1Q 2025 GBV already EoP ACT 1Q 2025 existing clients new clients committed Improvement in GBV dynam
Slide 20: Condensed Income Statement
Condensed Income Statement Condensed Income Statement 3/31/2025 3/31/2024 Change € Change % NPL Servicing revenues 85,603 64,685 20,918 32.3% Non-NPL Servicing revenues 24,672 19,231 5,441 28.3% Value added services 31,161 15,126 16,035 106.0% Gross revenues 141,436 99,042 42,394 42.8% NPE Outsourci
Slide 21: Condensed Balance Sheet
Condensed Balance Sheet Condensed Balance Sheet 3/31/2025 12/31/2024 Change € Change % Cash and liquid securities 142,961 232,169 (89,208) (38.4)% Financial assets 49,001 49,293 (292) (0.6)% Equity investments 12 12 - n.s. Property, plant and equipment 52,703 52,305 398 0.8% Intangible assets 679,02
Slide 22: Condensed Cash Flow
Condensed Cash Flow Condensed Cash flow 3/31/2025 3/31/2024 12/31/2024 EBITDA 50,880 24,917 154,045 Capex (2,248) (1,816) (23,769) EBITDA-Capex 48,632 23,101 130,276 as % of EBITDA 96% 93% 85% Adjustment for accrual on share-based incentive system payments 618 (1,061) 1,176 Changes in Net Working Ca
Slide 23: 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 24: Disclaimer
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 c
Slide 25: doValue
oValue