Dovalue S.p.a. · MIL:DOV
Dovalue — Merger or Acquisition (July 2025)
20 slides from Dovalue's merger presentation, Jul 18, 2025
Slide 1: Leap to Next Generation
Leap to Next Generation 18 July 2025
Slide 2: Disclaimer
DISCLAIMER IMPORTANT: You must read the following before continuing. The following applies to this document, the oral presentation of the information in this document by doValue S.p.A., its subsidiaries and affiliates (“doValue” or the “Company”) or any person on behalf of the Company, and any quest
Slide 3: 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 4: 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 5: 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 6: 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 7: 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 8: 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 9: 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 10: 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 11: Business diversification: client base
1 Business diversification: client base Opportunity to serve global clients in doValue’s core markets in Southern Europe and support them in new markets with scale and additional revenue growth Market Growth (CAGR)(2) Santander Billink Clearpay N26 Qliro Payment solutions & e-commerce Zilch Douglas
Slide 12: 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 13: Credit management is being transformed by technology
2 Credit management is being transformed by technology coeo is pioneering AI-based process and is one of the fastest growing technology-based BPO in Europe Overview of Digitalized Debt Servicing Process Amicable Phase • Automated and transparent debt servicing process for maximized user experience w
Slide 14: 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 coeo’s Gen AI Emails without Attachment Documents & Attachments “All-in-One • >500,000 emails processed • 36,000 invoices automatically platform” • >50,000
Slide 15: 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 16: Combined projected key financials
Combined projected key financials 2026E 2026E Acquisition Latest Guidance + Gain • Strong growth in gross revenue of ~30% in comparison to latest guidance for Gross doValue. coeo contributes double digit Revenues €605-625m c.€800m c.30% growth to both revenue and EBITDA • EBITDA is expected to incre
Slide 17: 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 18: Transaction timeline
Transaction timeline Q3 2025 Q4 2025 January 2026 COMMENTS ▪ Acquisition announcement on 18 July 2025 ▪ Filing of authorization requests expected by September 2025 AUTHORIZATION ACQUISITION CLOSING OF ▪ Regulatory approval process to REQUESTS REGULATORY APPROVAL PROCESS ANNOUNCEMENT ACQUISITION star
Slide 19: Sustainable long-term growth + diversification + AI & digital capabilities
Sustainable long-term growth + diversification + AI & digital capabilities Key building block for next strategic Business Plan of doValue and long-term growth prospects • Adding sustainable long-term high growth to doValue via an at-scale acquisition Transformative • Accelerating diversification in
Slide 20: 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, “doValue” or the “Company”) or any person on behalf of the Company, and any question and answer sessi