Dovalue S.p.a. · MIL:DOV
Dovalue — Investor Presentation (May 2025)
41 slides from Dovalue's investor presentation, May 2025
Slide 1: Corporate Presentation May 2025
Corporate Presentation May 2025
Slide 2: Agenda
AGENDA Business Overview Q1 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 Southern Europe Well diversified AuM across countries and clients Dec-24 GBV by region Dec-24 GBV by client #1 in Southern Europe1 by AuM Complete product offering across the entire credit Spain Other 3 #1in Italy, Greece and Cyp
Slide 5: doValue: the Asset-Light Credit Management Leader in Southern Europe
doValue: the Asset-Light Credit Management Leader in Southern Europe Uniquely positioned as asset-light Credit Management Leader in the Leader in Southern most attractive European geographies Europe, Hellenic region and Italy Long-term industrial relationships with shareholders who are among the lar
Slide 6: 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 by Fortress (BidX1, Quero Quitar) Acquisition 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Integration with doValue Spain doValue Greece Further busi
Slide 7: 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 8: Consolidating doValue's Leadership in Southern Europe's Largest Markets
Consolidating doValue’s Leadership in Southern Europe’s Largest 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 La
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: 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 11: Strategic pillars to drive sustainable growth thanks also to Gardant acquisition
Strategic pillars to drive sustainable growth thanks also to Gardant acquisition Strategic pillars Acceleration due to Gardant acquisition Increase contribution of ex-NPL Revenues, particularly UTPs 1 Client-oriented approach Younger GBV leading to a higher Collection Rate 2 Growth and diversificati
Slide 12: Gardant is a Prominent Italian Credit Management Platform
Gardant is a Prominent Italian Credit Management Platform Business Description Group Structure before the acquisition Gardant features a comprehensive credit management offering across the entire value chain, including performing 100% Asset Management Company loans, UTPs and NPLs, master & special s
Slide 13: 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 14: Consolidated diversification across geographies, taking advantage of different market phases
Consolidated diversification across geographies, taking advantage of different market phases DISTRIBUTION OF LOAN PORTFOLIO TRANSACTIONS1 (%) DOVALUE PROFITABILITY Cumulated transactions’ EBITDA MARGIN (%) 2021 2022 2023 20242 volume (€bn) GREECE FAVOURABLE 125 MARKET 64% HELLENIC 55% 59% 57% 54% 50
Slide 15: 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 €136bn #1 in Hellenic Solid financial structure, doValue Independent & 140+ clients #1 in Italy best YTM among competitive capital ligh
Slide 16: Beyond servicing: target products to expand
Beyond servicing: target products to expand 2024 – 2026 NEW BUSINESS TO TARGET PRODUCT STRATEGY PRIORITIES Expand 1 credit collection to new segments and industries Asset management co- Mortgage Advisory investment fund brokerage JV unit 2 New solutions beyond servicing in adjacent sectors M&A in ne
Slide 17: 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 18: Technology, Innovation & Transformation to Improve Efficiency and Profitability
Technology, Innovation & Transformation to Improve Efficiency and Profitability Technology and Innovation Initiatives New technology applications to enable Strengthened tech and analytics Extract value from data minimum human touch capabilities • Analytics& GenAI solutions : segmentation • Next wave
Slide 19: Resilient through a perfect storm that is almost over
Resilient through a “perfect storm” that is almost over and well positioned to take advantage of expected tangible tailwinds ”Perfect storm” almost behind doValue resilience Tangible market tailwinds 2024 vs 2021 ex-Sareb: GBV +24% Banks achieving record results CAGR, EBITDA (3)% or +5% CAGR Expecte
Slide 20: 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 21: Recap of our mission, vision and core values
Recap of our mission, vision and core values Our values lead our way of working and day-to-day behaviors OUR VALUES Create value for our clients CO Focus on SS LL Create an and shareholders by offering NE Goal Communication AB high-standard financial innovative E oriented and inclusive strategy tran
Slide 22: Our aspiration translates into tangible ambitions by 2026
Our aspiration translates into tangible ambitions by 2026 (including Gardant) AMBITION 2026 20% Leader in providing financial solutions in Southern Europe Market share1 €8bn in 2026. Keeping leadership in a stable market GBV inflows 40-45% A more diversified group with solid growth path Non NPL reve
Slide 23: 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 ✓ Dividend policy • No dividend payment in 2025 (based on 2024 results) 2 •
Slide 24: Seasonality: an historical overview
Seasonality: an historical overview Gross Revenues (€m) 35% % of FY 33% • The servicing business is highly affected by seasonal 31% Gross Revenues 28% 26% factors impacting on collection capability: mainly 24% 25% 24% 22% 22% 23% 186 24% 22% closure of courts and debtors’ overall decisions and 21% 2
Slide 25: Q1 2025 Results
Q1 2025 Results 24
Slide 26: 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 27: 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 28: 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 29: 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 30: 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 31: 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 32: EBITDA ex NRIs
EBITDA ex NRIs EBITDA ex NRIs (€m) COMMENTS • Group EBITDA ex • EBITDA ex NRIs reached €51m in Q1 2025 more than twice the EBITDA NRIs 25.7% 36.4% of Q1 2024 margin • Variation mainly driven by the increase of Italy and by strong performance of UTP and VAS driving revenues • EBITDA margin increased
Slide 33: 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 (0.5) 0.0 (0.5) products and markets EBITDA 50.9 24.9 26.0 • Write-downs on PP&E, intangibles, loans and equity Net write-down of PP&E, intangible
Slide 34: 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% Capex (2.2) (1.8) (0.4) from 16% in Q1 2024 Change in NWC and accruals on share-based pa
Slide 35: 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 repai 514 504 • So
Slide 36: 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 37: 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 38: 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 39: 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 40: 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 41: doValue
oValue