Dovalue S.p.a. · MIL:DOV
Dovalue — Investor Presentation (April 2026)
40 slides from Dovalue's investor presentation, April 2026
Slide 1: Corporate Presentation
Corporate Presentation April 2026
Slide 2: Agenda
AGENDA Business overview coeo acquisition deep dive FY ‘25 results 1
Slide 3: Business overview
Business overview 2
Slide 4: doValue Group: A leading European asset-light financial services provider
doValue Group: A leading European asset-light financial services provider Leading independent financial services provider in Europe Revenue breakdown Aggregated 2024 revenue(4) #1 in Italy, Greece and Cyprus(1) (doValue + coeo) Complete product offering across by region #1 in DACH(2) the entire cred
Slide 5: Six pillars that set us apart
Six pillars that set us apart Leadership Best-in-class Business Revenue Profitability and Solid capital positioning technology diversification visibility cash conversion structure Uniquely positioned as Highly efficient Comprehensive High revenue visibility High EBITDA margin Solid and flexible asse
Slide 6: A decade of disciplined growth through M&A and diversification
A decade of disciplined growth through M&A and diversification UCCMB acquisition IPO Debanking Gardant by Fortress Acquisition 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Integration with doValue Spain doValue Greece Further business diversification coeo acquisition doNext acquisition acq
Slide 7: Market leader in the most attractive geographies
Market leader in the most attractive geographies #1 player in Italy, Greece and Cyprus; #2 in Germany and improving position in Spain. Market positioning improvement driven by strong business development efforts German Debt Collection Italian NPE Landscape(2) Greek NPE Landscape(3) Spanish NPE Lands
Slide 8: A comprehensive product suite covering the full credit value chain
A comprehensive product suite covering the full credit value chain 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 Non-financial Banks & financial Real estate asset Disposals
Slide 9: Long-term contracts ensure revenue visibility and resilience
Long-term contracts ensure revenue visibility and resilience CLIENT 2026 2027 2028 EXPIRY PRODUCT TYPE CONTRACT SPECIFICATIONS • Service Level Agreements (SLAs) with a bank involving the management of certain (i) 2034 NPL- UTP - EA existing NPEs (stock); and (ii) future NPEs formation during the ter
Slide 10: Strong commercial momentum: new business already above BP targets
Strong commercial momentum: new business already above BP targets 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 REG
Slide 11: All 2024 Capital Markets Day targets on track to be met or exceeded
All 2024 Capital Markets Day targets on track to be met or exceeded 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
Slide 12: Delivering strong progress and growth during Business Plan horizon
Delivering strong progress and growth during Business Plan horizon Gross Revenue EBITDA ex NRI +66.3% +67.6% ~800 ~300 OUR NEXT GROWTH 580 217 HORIZON: 481 479 179 165 The 2026-2029 industrial plan will define our new 2023 2024 2025 2026 BP 2023 2024 2025 2026 BP with coeo Non-NPL Revenue (%) with c
Slide 13: 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 14: coeo: our gateway to Germany and digital-first servicing
coeo: our gateway to Germany and digital-first servicing Operational achievements Financial Strength Awarded in +23% YoY Ecovadis July 2025 9.6m New Files Silver Under management Sustainability rating +35% Negligible level Portfolio Client- >52k of Net Debt Organic expansion driven customer investme
Slide 15: AI amplifies our competitive moats, not threatens them
AI amplifies our competitive moats, not threatens them 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 • doValue owns the largest historical digital-
Slide 16: coeo acquisition deep dive
coeo acquisition deep dive 15
Slide 17: coeo: the leading tech-driven credit management platform
coeo: the leading tech-driven credit management platform Business overview Geographical presence Norway Finland • coeo is a well-established tech-powered servicing platform, highly Recent entry into market digitalized and focused on global clients providing high-volume flows of small tickets origina
Slide 18: coeo acquisition key terms
coeo acquisition key terms 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 doVa
Slide 19: coeo redefines our edge and ignites 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 20: coeo's unique position in Germany a clear competitive advantage
coeo’s unique position in Germany a clear competitive advantage Large traditional incumbents Receivables management market in Germany Comprehensive operators with an extensive product offering: they serve multiple industries and markets in a traditional manner, leveraging scale and established proce
Slide 21: 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 22: 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 23: Unlocking attractive native digital receivables and e-commerce segments
1 Unlocking 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 e-commerce revenue development in Europe ($bn) long-term growth in BNPL and e-commer
Slide 24: 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 25: 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 26: 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 Digital coeo’s Gen AI Emails without Attachment Documents & Attachments Platform “All-in-One platform” Goal 2025: • >500,000 emails processed 70% automation
Slide 27: coeo's internal AI development centre to become the Group's tech hub
2 coeo’s internal AI development centre to become the Group’s tech hub 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
Slide 28: 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 182 26% exposure to high
Slide 29: Robust capital structure post coeo acquisition
Robust capital structure post coeo acquisition Ample and well-diversified liquidity position post closing Debt Maturity Profile (€m) Recent issuance to finance coeo. Coupon >160bps lower than 2030 SSN 350 300 130-150 140 53 53 53 75-95 Available Liquidity 2026 2027 2028 2029 2030 2031 Remaining Cash
Slide 30: FY '25 results
FY ‘25 results 29
Slide 31: 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 32: 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 • Non-NPL contribution to revenue in 2025 grew +110bps to 36% (11%) • Outsourcing costs stable YoY at 9.6% of revenue 295 (51%) 183 HELL
Slide 33: 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 34: 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 35: 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 36: 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 37: 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 514 undrawn RCF lines(3) (o/w €20m facility agreed in January 504 14 5 484 492 ‘26), despite the repayment of
Slide 38: 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 39: 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 40: doValue
oValue