Slide 1: Preliminary FY 2025 Financial Results
Preliminary FY 2025 Financial Results FEBRUARY 27TH, 2026
Slide 2: Executive summary
Executive summary STRONG AND SUSTAINABLE CASH FLOW GENERATION SUPPORT DIVIDEND DISTRIBUTION EBITDA ex NRIs Full delivery of 2025 Cash Flow & EBITDA guidance and BP targets €217m New business intake at 1.8x the annual BP target New Business1 ⁓€15bn Record EBITDA of €217 million and a 37% EBITDA margi
Slide 3: A growth engine for Europe's financial stability
A growth engine for Europe’s financial stability CURRENT PORTFOLIO POTENTIAL BACK TO TOTAL CLAIM 4.3M MANAGED CLAIMS UTP POSITIONS PERFORMING TICKETS >€50K 3.2M 1.1M 1M 400K 88% MOST OF THE CLAIMS ARE 2025 IMPACT HIGHLY COMPLEX AND REQUIRE HYBRID APPROACH 38K 21K 12K 3K BY SPECIALIZED PROFESSIONALS
Slide 4: GBV from new business significantly above revised FY guidance
GBV from new business significantly above revised FY guidance NEW BUSINESS INFLOWS NEW BUSINESS BY REGION % of updated 2025 FY target >120% 4.3 14.5 Hellenic Region Italy 10.2 30.8% 1.2 48.5% €14.5 bn 1.2 Q4 0.9 20.7% New Mandates Forward flows Total new Secondary Business sales Spain GBV BY REGION
Slide 5: 18-month pipeline highly diversified from traditional NPL
18-month pipeline highly diversified from traditional NPL DOVALUE PIPELINE COEO PIPELINE €50bn 3% REO >250M INCREMENTAL ANNUAL REVENUE NPL POTENTIAL 23% Payments & e-commerce Telcos Other 11bn 34% 4% 34% 29% Insurance 52% 22% NFR 21bn UTP (incl. tax, COEO’S ADDRESSABLE MARKET IN SOURHTERN Government
Slide 6: Insolvencies and bankruptcies rose in the EU Area
Insolvencies and bankruptcies rose in the EU Area 2019-2025E NUMBER OF INSOLVENCIES Comments No. of insolvencies (k), selected EU countries Forecast Germany Italy • Bankruptcy declarations continuously increased between Spain 2021 and 2024, up 18% YoY in 2024 in all of the markets Greece (rebased x1
Slide 7: coeo achieved outstanding results in 2025
coeo achieved outstanding results in 2025 Operational achievements Financial Strength Awarded in +23% YoY Ecovadis July 2025 9.6m New Files Silver Under management Sustainability rating +35% Negligible level of Portfolio >52k Net Debt Organic expansion Client-driven expansion customer investments 4.
Slide 8: coeo closing process ongoing and closing soon
coeo closing process ongoing and closing soon Closing & July 2025 Today integration Signing kick-off SRA FCA AFM BaFin clearance clearance clearance clearance • Extended timeline exclusively due to documents collection for filing and examination process given the multiple parties involved • Regulato
Slide 9: AI: a booster, not a conundrum for our growth
AI: a booster, not a conundrum for our growth Regulatory moat: Data moat: Digital DNA injection with coeo Compliance as a Barrier proprietary fuel for AI • Proprietary AI-driven platform for high-volume, • Regulation by ECB and National Central Banks • doValue owns the largest historical digital-fir
Slide 10: Germany: a fragmented NPL servicing market with tangible opportunities
Germany: a fragmented NPL servicing market with tangible opportunities HIGH SERVICER SPECIALIZATION & LOW MARKET CONSOLIDATION Investors Servicers are highly specialized, typically focus on specific client segments, and no significant market consolidation has been achieved Investment & advisory firm
Slide 11: Delivering on targets outlined at the 2024 Capital Markets Day
Delivering on targets outlined at the 2024 Capital Markets Day ENGINE 2 2025 GBV CAPITAL STRUCTURE OF GROWTH FINANCIALS Asset management, 2024-2026 digital platform, €135-140bn GBV BP mortgage brokerage, €210-222m EBITDA TARGETS €8bn GBV advisory unit Refinancing of 2025 and €60-70m FCF(1) from new
Slide 12: Financial Results
Financial Results Titolo breaker slide Davide Soffietti Group CFO
Slide 13: Solid FY25 performance with strong profitability and earnings growth
Solid FY25 performance with strong profitability and earnings growth FY FY ∆% COMMENTS 2025 2024 YoY • Double digit growth despite some delays in the collection Gross revenue 580 479 +21.1% ramp-up of new portfolios in Greece • Strong VAS, especially in Italy Net revenue 524 433 +21.1% • Stable Impa
Slide 14: Consistent gross revenue growth supported by mix improvement
Consistent gross revenue growth supported by mix improvement +21% COMMENTS 580 49 GROUP (8%) 479 • Gross Revenue up 21%; full impact of new portfolios from 2026 53 (11%) • Non-NPL contribution to revenue in 2025 grew +110bps to 36% • Outsourcing costs stable YoY at 9.6% of revenue 295 (51%) 183 HELL
Slide 15: Synergies and efficiencies driving Opex ratio improvement
Synergies and efficiencies driving Opex ratio improvement % of Gross revenue 49% 45% 56% 53% COMMENTS +15% 307 TOTAL OPERATING EXPENSES 41 268 (13%) • Significant reduction of Opex on revenue margin, despite the inclusion of the cost base of Gardant, thanks to strong cost discipline 45 (17%) HR 151
Slide 16: EBITDA ex NRI at upper end of guidance with improved profitability
EBITDA ex NRI at upper end of guidance with improved profitability EBITDA ex NRIs margin % 42% 45% 34% 37% COMMENTS GROUP • EBITDA ex NRIs in line with upper-range of the FY guidance, up 32% +32% YoY 217 4 HELLENIC REGION (2%) • Increase in Q4 mitigated the decrease in H1, from the effect of 165 3 1
Slide 17: Strong earnings momentum with improved profitability
Strong earnings momentum with improved profitability €m 2025 2024 Delta COMMENTS EBITDA ex NRIs 217.2 164.8 52.3 • Depreciation, amortization and net impairment up YoY mainly due to the Non-Recurring Items (7.7) (10.8) 3.1 impact of Gardant PPA and adjustments to cost of capital assumptions assigned
Slide 18: Improved and solid cash flow generation
Improved and solid cash flow generation €m 2025 2024 Delta COMMENTS EBITDA 209.5 154.0 55.4 • Cash flow from operations €99m higher than LY • Capex up €11m, due to AI driven automation initiatives, data strategy, Capex (35.1) (23.8) (11.3) cybersecurity and Gardant integration Change in NWC and accr
Slide 19: Sustainable financial structure
Sustainable financial structure NET DEBT (€M) COMMENTS • Net leverage at 2.0x in line with Guidance Leverage 2.4x(1) 2.3x 2.3x 2.3x(1) 2.0x • Solid liquidity buffer of €277m, including €132m undrawn 514 RCF lines(3) (o/w €20m facility agreed in January ‘26), 504 14 5 484 492 despite the repayment of
Slide 20: Appendix
Appendix Titolo breaker slide
Slide 21: Regional performance
Regional performance FY 2025 Hellenic Combined Group 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% Note: EBITDA e
Slide 22: Positive GBV dynamics in the last twelve months
Positive GBV dynamics in the last twelve months GBV evolution (5.5) 10.2 (8.7) 4.3 (0.1) 135.9 135.6 EoP 2024 Inflows from Inflows from new clients Collections / Sales Net write-off Disposals EoP ACT FY 2025 existing clients (onboarded) GBV remains high whilst reflecting strong collections as natura
Slide 23: Greece: impact of rumoured rulings on Katseli Law
Greece: impact of rumoured rulings on Katseli Law • 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
Slide 24: Reclassified Statement of Profit or Loss
Reclassified Statement of Profit or Loss Reclassified Statement of Profit or Loss FY 2025 FY 2024 Change € Change % (€/000) 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
Slide 25: Reclassified Statement of Financial Position
Reclassified Statement of Financial Position Reclassified Statement of Financial Position 12/31/2024 12/31/2025 Change € Change % (€/000) restated* 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 an
Slide 26: Condensed Cash Flow
Condensed Cash Flow Cash flow FY 2024 FY 2025 (€/000) 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,
Slide 27: 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 28: 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 29: doValue
oValue