Dovalue S.p.a. · MIL:DOV
Dovalue — Q1 2026 Earnings Presentation
24 slides from Dovalue's earnings presentation, May 15, 2026
Slide 1: Q1 2026 Financial Results
Q1 2026 Financial Results MAY 15TH, 2026
Slide 2: Executive summary
Executive summary New business at €1.6bn, in line with €8bn annual target, confirms EBITDA at €35m (before coeo), consistent with €300m pro-forma coeo for 1Q262 recorded revenue of €64m (up +26% YoY), and October 8 th commercial momentum continues combined FY26 target (historically EBITDA ex NRI of
Slide 3: coeo performance ahead of expectations
coeo performance ahead of expectations Strong commercial Continued focus on Continued Synergies initiated momentum automation and efficiency market expansion ahead of closing • Strong growth of files from • 345k cAI customer interaction • Ongoing growth in Nordics • Commercial synergies: 3 major exi
Slide 4: Coeo structural market expansion
Coeo structural market expansion 90% of coeo’s revenue comes from e-commerce and BNPL. Expanding within and beyond this segment can fuel significant organic growth in the future Core market expansion White Space 1 White Space 2 Markets are growing BNPL penetration of e-commerce Tapping into non-bank
Slide 5: Solid GBV inflows YTD evidence of the long-term sustainable business
Solid GBV inflows YTD evidence of the long-term sustainable business The solid level of new business achieved in a very benign macro-environment highlights the sustainability of doValue’s business across the business cycle 0.7bn 1.6bn Inflows 1.45x 0.9bn collection contributing to GBV stabilization
Slide 6: Supportive market backdrop
Supportive market backdrop Underpinning >€2bn addressable servicing revenues (2026–29) Addressable Market 2026-2029 — Core footprint view Spain Italy • €5-6bn annual NPE disposals from banks • €5-6bn annual NPE disposals from banks • €4bn annual NPE secondary disposals • €8bn annual NPE secondary di
Slide 7: Strategic execution on Business Plan
Strategic execution on Business Plan Q1 delivered integration milestones, regulatory tailwinds and client diversification Gardant Integration complete: • Integration closed: 7 workstreams completed; Integration platform fully consolidated Synergies entering delivered • Cost discipline: -7% staff cos
Slide 8: Financial Results
Financial Results Titolo breaker slide Davide Soffietti Group CFO
Slide 9: Q1 performance in line with management expectations
Q1 performance in line with management expectations COMMENTS Q1 Q1 ∆% 2026 2025 YoY • Gross revenue decline due to extraordinary timing of effects in Q1 2025 revenue (especially Italy and Greece) • Over 2 years, Gross Revenue grew +24% over Q1 2024, reflecting the Gross revenue 120 141 (14.9)% struc
Slide 10: Gross revenue dynamics reflect the extraordinary timing effects of Q1 '25
Gross revenue dynamics reflect the extraordinary timing effects of Q1 ‘25 COMMENTS GROUP • Gross Revenue down 15% • Non-NPL contribution to revenue in Q1 grew to 43% -15% 141 • Outsourcing costs at 11.3% of revenue 11 (8%) 120 HELLENIC REGION 12 (10%) • Slightly negative dynamic entirely explained b
Slide 11: Opex decreasing thanks to continued efficiencies across regions
Opex decreasing thanks to continued efficiencies across regions COMMENTS TOTAL OPERATING EXPENSES -7% 77 • Significant reduction of Opex driven by strong cost discipline across 11 72 countries and positive run-rate effect of Gardant synergies (14%) 10 (13%) HR 37 (48%) 36 (50%) • HR cost decreased b
Slide 12: EBITDA ex NRI reflect gross revenue dynamics, mitigated by cost discipline
EBITDA ex NRI reflect gross revenue dynamics, mitigated by cost discipline EBITDA ex NRIs 36% 29% COMMENTS margin % GROUP • EBITDA ex NRIs decline from lower Gross Revenue mitigated by -32% strong cost discipline 51 HELLENIC REGION 32 • Nearly flat performance in Greece as lower disposals due to the
Slide 13: Net income supported by positive under-EBITDA dynamics
Net income supported by positive under-EBITDA dynamics Q1 Q1 €m 2026 2025 Delta COMMENTS EBITDA ex NRIs 35.0 51.4 (16.4) • Depreciation, amortization and net impairment in line with prior year Non-Recurring Items (0.1) (0.5) 0.4 • Lower financial interest and commission following the refinancing cos
Slide 14: Q1 cash flow follows historical seasonal pattern; FY26 trajectory on track
Q1 cash flow follows historical seasonal pattern; FY26 trajectory on track Q1 Q1 €m Delta COMMENTS 2026 2025 EBITDA 34.9 50.9 (16.0) • Q1 historically the lowest cash quarter. Q4 contributes c. 72% of annual FCF (FY25: Q4 €54m vs FY €76m) Capex (3.9) (2.2) (1.7) • Cash flow from operations at €(13)m
Slide 15: Sustainable financial structure
Sustainable financial structure NET DEBT (€M) COMMENTS • Net leverage at 2.3x, reflecting the quarterly seasonality Leverage 2.3x1 2.3x1 2.3x1 2.0x 2.3x • Solid liquidity buffer of €269m, including €147m undrawn 504 RCF lines 5 484 493 1 0.4 4393 4673 0.2 0.4 Other liabilities • BB Rating with Stabl
Slide 16: Appendix
Appendix Titolo breaker slide
Slide 17: Regional performance
Regional performance Q1 2026 Hellenic Combined Group Region Italy Spain GBV €133bn €42bn €82bn €9bn Collections €1.1bn €0.4bn €0.5bn €0.1bn ACR 4.0% 4.8% 3.3% 7.7% Gross revenue €120m €49m €59m €12m EBITDA ex NRIs €35m €23m €11m €1.7m EBITDA ex NRIs margin 29.1% 46.8% 17.8% 13.7% Note: EBITDA ex NRI
Slide 18: Solid GBV dynamics despite planned portfolio exits
Solid GBV dynamics despite planned portfolio exits GBV evolution 135.9 0.7 0.5 (1.1) (2.6) (0.9) 132.5 0.4 132.9 EoP 2025 Inflows from Inflows from Collections / Sales Net write-off Disposals EoP ACT Q1 2026 Inflows from new YTD ACT existing clients new clients clients (committed) (onboarded) Inflow
Slide 19: Reclassified Statement of Profit or Loss
Reclassified Statement of Profit or Loss Reclassified Statement of Profit or Loss 1st Quarter 2026 1st Quarter 2025 restated* Change € Change % NPL Servicing revenue 68,275 84,901 (16,626) (19.6)% Non-NPL Servicing revenue 22,071 23,674 (1,603) (6.8)% Value added services 29,948 32,861 (2,913) (8.9)
Slide 20: Reclassified Statement of Financial Position
Reclassified Statement of Financial Position Reclassified Statement of Financial Position 3/31/2026 12/31/2025 Change € Change % (€/000) Cash and liquid securities 471,931 143,991 327,940 n.s. Financial assets 71,410 423,625 (352,215) (83.1)% Equity investments 12 12 - n.s. Property, plant and equip
Slide 21: Condensed Cash Flow
Condensed Cash Flow Cash flow 1st Quarter 2026 1st Quarter 2025 FY 2025 EBITDA 34,854 50,880 209,486 Capex (3,925) (2,248) (35,069) EBITDA-Capex 30,929 48,632 174,417 as % of EBITDA 89% 96% 83% Changes in Net Working Capital (NWC) (35,431) 2,339 32,398 Changes in other assets/liabilities (8,260) (12
Slide 22: 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 23: 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 24: doValue
oValue