Dovalue S.p.a. · MIL:DOV
Dovalue — H1 2025 Earnings Presentation
28 slides from Dovalue's earnings presentation, Aug 7, 2025
Slide 1: H1 2025 Financial Results
H1 2025 Financial Results AUGUST 7TH, 2025
Slide 2: Executive summary
Executive summary H1 RESULTS ABOVE YoY EXPECTATIONS, FULLY ON TRACK TO DELIVER ON 2025 GUIDANCE • GBV at €141 billion, highest since 2022, with new business already close to FY €12+ billion New Business1 target for full year €11bn • Gross revenue, up 32% to €281 million, with recurring Non-NPL drivi
Slide 3: 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 4: 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 5: 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 6: 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 7: Financial Results
Financial Results Titolo breaker slide Davide Soffietti Group CFO
Slide 8: 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 9: 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 10: 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 11: 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 12: 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 13: Cash Flow
Cash Flow €m H1 2025 H1 2024 Delta (€m) COMMENTS EBITDA 96.5 65.0 31.4 Capex • Cash flow from operations, equal to €80.6m, in 2024, +€61.0 million higher (8.0) (6.6) (1.3) than LY (€19.6m) with a much higher cash conversion reaching 84% from Change in NWC and accruals on share- 30% in H1 2024 based
Slide 14: 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 15: 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 16: 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 ~800 ~ 800 ~ 300 coeo 195 coeo 60 Non NPL 55% • Targets do not currently include any potential synergies, on which more details will be given at the next Capital Markets Day around mi
Slide 17: coeo
coeo Titolo breaker slide Daniele della Seta Head of IR and M&A
Slide 18: Deep Dive coeo vs. Competitors
Deep Dive coeo vs. Competitors Communications & Setting up payment plans Combination of doValue’s and coeo’s digital capabilities 65 minutes Digital Platform Day 1 Day 1 Day 1 11:27 12:10 12:35 Gen AI “All-in-One platform” in debt collection Competitors 5 Days +1,203 minutes coeo’s AI ecosystem to t
Slide 19: 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 20: Appendix
Appendix Titolo breaker slide
Slide 21: Regional Performance
Regional Performance H1 2025 Hellenic Combined Group Region Italy Spain GBV €141bn €44bn €86bn €11bn Collections €2.6bn €0.9bn €1.3bn €0.3bn ACR 4.4% 5.6% 3.4% 8.2% Gross revenue €281m €109m €149m €24m EBITDA ex NRIs (1) €99m €50m €63m €0.4m EBITDA ex NRIs margin (1) 35.2% 45.6% 42.5% 1.6% Note: EBI
Slide 22: Very positive GBV dynamics in the first quarter
Very positive GBV dynamics in the first quarter GBV evolution (2.6) 8.6 (2.4) 140.7 141.0 (0.6) 0.3 135.6 2.1 EoP 2024 Inflows from Inflows from Collections / Sales Net write-off Disposals EoP ACT H1 2025 Inflows from EoP ACT H1 2025 existing clients new clients new clients (onboarded) (committed) G
Slide 23: Reclassified Income Statement
Reclassified Income Statement Reclassified Income Statement 1st Half 1st Half Change € Change % (€/000) 2025 2024 NPL Servicing revenue 175,880 143,552 32,328 22.5% Non-NPL Servicing revenue 50,620 40,776 9,844 24.1% Value added services 54,740 32,223 22,517 69.9% Gross revenue 281,240 216,551 64,68
Slide 24: Reclassified Statement of Financial Position
Reclassified Statement of Financial Position Reclassified Statement of Financial Position 6/30/2025 12/31/2024 Change € Change % (€/000) Cash and liquid securities 131,685 232,169 (100,484) (43.3)% Financial assets 48,807 49,293 (486) (1.0)% Equity investments 12 12 - n.s. Property, plant and equipm
Slide 25: Cash Flow
Cash Flow Cash flow 3/31/2025 3/31/2024 12/31/2024 (€/000) EBITDA 96,488 65,043 154,045 Capex (7,983) (6,647) (23,769) EBITDA-Capex 88,505 58,396 130,276 as % of EBITDA 92% 90% 85% Changes in Net Working Capital (NWC) 22,512 (10,730) (4,719) Changes in other assets/liabilities (30,404) (28,038) (41,
Slide 26: 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 27: 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 28: doValue
oValue