- GBV remained solid at €136 billion as of December 31st, 2025, broadly stable versus 2024 despite strong collection activity. Portfolio quality further improved as new mandates replaced older, lower-yielding vintages.
- New business intake reached €14.5 billion GBV, surpassing the updated guidance of €12+ billion. This result, comprising €10.2 billion from newly awarded mandates and €4.3 billion from forward flows from existing clients, highlights the Group's commercial strength. 3-years plan guidance 24-26E of €24bn already achieved one year in advance.
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Collections totalled €5.5 billion, up 15% YoY as the positive contribution of Gardant's younger
vintages kicks in.
Income Statement3 Gross Revenue grew by 21% at €580 million, despite temporary headwinds on the onboarding of new Greek portfolios, reflecting an improved revenue mix and strong operative performance.
EBITDA ex NRIs up 32% YoY to €217 million, underscoring operational excellence and continued margin expansion thanks to delivery of synergies and cost discipline
Net Income ex-NRI more than tripled to €25 million despite the higher financing costs, supported by strong EBITDA
1Including, forward flows from existing clients and excluding secondary deals on existing portfolios
2 Cash flow only before debt repayment
3In 2024 numbers Portugal is considered as NRI due to its disposal, hence excluded from revenues and from recurring figures to allow comparison across periods.
Cash Flow and Balance SheetRemarkable increase in Cash flow from operations up €99 million to €181 million, more than double the €82 million delivered in 2024 reflecting strong underlying cash conversion stemming from working capital discipline
Significant deleverage achieved as the Group reached guidance target of 2.0x (vs 2.4x in December 2024) while absorbing the investment in Alba Leasing
Robust liquidity position and capital structure with €145 million cash on balance sheet4, c. €132 million of undrawn credit lines, and no maturities to be refinanced until 2030, ensuring financial and strategic flexibility.
Rome, February 26th, 2026 - doValue S.p.A. (the "Company", the "Group" or "doValue" - Euronext Milan DOV.MI), leading strategic financial services provider in Southern Europe, has approved the preliminary financial results as of December 31st, 2025. Please note that the approval by the Board of Directors of the separate financial statements and the consolidated financial statements as of December 31st, 2025, is scheduled for March 18th, 2026.
Main Consolidated Results and KPIs
Statement of Profit & Loss and KPIs5
2025
2024
Delta
Collections
€5,501m
€4,803m
+14.5%
Annual Collection Rate
4.2%
4.3%
-0.1 p.p.
Gross Revenue
€580.4m
€479.2m
+21.1%
Net Revenue
€524.4m
€433.1m
+21.1%
Operating Expenses excluding non-recurring items
€307.3m
€268.2m
+14.6%
EBITDA excluding non-recurring items
€217.2m
€164.8m
+31.8%
EBITDA including non-recurring items
EBITDA margin excluding non-recurring items
€209.5m
37.4%
€154.0m
34.4%
+36.0%
+3.0 p.p.
Profit (Loss) including non-recurring items
€(8.2)m
€1.9m
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Profit (Loss) excluding non-recurring items
€25.3m
€6.7m
>100%
Statement of Financial Position and GBV
31-Dec-25
31-Dec-24
Delta
Gross Book Value
€135,887m
€135,626m
+0.2%
Net Debt
€438.6m
€514.4m
-14.7%
Financial Leverage (Net Debt / EBITDA LTM
ex NRIs)
2.0x
2.4x
-0.4x
4 Not including proceeds of €350 million from latest bond issuance held in escrow until coeo's closing
5In 2024 numbers Portugal is considered as NRI due to its disposal, hence excluded from revenues and from recurring figures to allow comparison across periods.
Gross Book ValueAs of December 31st, 2025, the total Gross Book Value remained high at €136 billion, up €0.3 billion from
year-end 2024.
In 2025, doValue delivered exceptional commercial performance, operating in a macro environment characterized by a very resilient economy and historically low NPE ratios. During the year, doValue achieved €14.5 billion in new business GBV, confirming the strength of its commercial franchise. This performance includes €10.2 billion from newly awarded mandates and €4.3 billion from locked-in forward flows. Since the latest quarterly results release, new business won amounts to €2.1 billion, largely driven by locked-in contracts and new portfolios in Spain and Italy. In addition, doValue completed secondary transactions worth €1.2 billion which, while not increasing GBV, contribute to revenue generation and further strengthen the Group's commercial reach. Over 2024 and 2025 doValue has passed already the Business Plan target of €24 billion of new contracts which were expected for the period 2024-2026.
Flows from locked-in contracts have further boosted performance, benefiting from solid contributions across countries and a strong ⁓60% increase in flows in Spain with a contract that was just renewed signalling strong relationship with banking partners. Flows from locked-in contracts alone replenished nearly €80% of collections in 2025, contributing to the stabilization of GBV. Following the recent expansion of our strategic partnership with BPER Group-including future NPE generation from Banca Popolare di Sondrio perimeter- forward flows are expected to remain a strategic focus in the coming years.
Statement of Profit or Loss6The preliminary operational and financial results for 2025 were delivered at the upper end of the guidance across profitability, cash generation and deleverage, confirming solid performance on all key metrics.
Collections rose to €5.5 billion, up +14.5% YoY driven primarily by the strong collections of Gardant's younger-vintage portfolio and broad-based growth across all markets: €2.8 billion in Italy, €2.0 billion in the Hellenic Region, and €0.7 billion in Spain. The Annual Collection Rate of 4.2% (vs. 4.3% 2024) reflected some temporary delays in the ramp-up and onboarding of new portfolios in Greece.
Gross Revenue increased to €580.4 million, up by +21.1% boosted by robust and recurring non-NPL revenue, which now represents 36% of gross revenue, fully aligned with the Group's strategic shift toward higher-growth, lower-volatility segments - an area set to expand further following the completion of the coeo acquisition.
Operating Expenses excluding non-recurring items were tightly managed, rising 14.6% (6.6 p.p. less than revenue) to €307.3 million. The addition of the cost base from the Gardant Group consolidation was successfully counterbalanced by accelerated release of synergies and continued cost containment.
EBITDA ex NRI soared by +31.8% YoY to €217.2 million, toward the higher end of the €210-€220 million guidance. The strong result was achieved also thanks to the accelerated release of synergies driven by the successful integration of Gardant, and the continued strength of margin-accretive non-NPL products.
Reported Profit or Loss was €(8.2) million and was affected primarily by extraordinary items such as bond issuance costs, M&A transaction costs for coeo, and redundancy costs linked to Gardant synergies.
Ordinary Profit or Loss (excluding NRI) more than tripled compared to 2024, reaching €25.3 million. This strong profitability was achieved despite higher D&A related to the Gardant perimeter and higher interest expenses from the term loan and new bonds issued over the year, underscoring the Group's financial resilience and the accretive nature of the our M&A strategy. In light of these results, dividend distribution
6In 2024 numbers Portugal is considered as NRI due to its disposal, hence excluded from revenues and from recurring figures to allow comparison across periods.
proposal to be approved at the next board of directors meeting is expected to be consistent with the dividend policy.
Cash Flow and Statement of Financial PositionIn 2025 doValue delivered very strong cash flow, above the guided €60-70 million range.
Cash flow from operations surged to €181.4 million, more than double that of 2024, reflecting the stronger operating result as well as proactive and impactful initiatives to enhance working capital management.
Free cash flow surged to €101.0 million, up by a remarkable €73.9 million YoY, after higher tax payments linked to Gardant and the higher financial costs linked to the refinancing of the senior secured notes due 2026 and to the new term loan.
Cash flow before dividend and debt repayments set at €76 million, above the €60-70 million guidance. The same metric on a recurring basis, excluding M&A related cash-out, would have been €93 million.
As of December 31st, 2025, net debt decreased to €438.6 million down from €514.4 at December 31st, 2024 with net leverage down from 2.4x at December 2024 to 2.0x, demonstrating the Group's ability to deleverage through disciplined cash management driving robust underlying cash flow dynamics.
Update on business activitydoValue continues to be active on several fronts. Below is a summary of the most recent key initiatives.
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Bond issuance
On October 29th, 2025, doValue priced new €350 million senior secured notes due November 2031 at a fixed interest rate of 5.375% per annum and an issue price of 100%. The proceeds of the offering of the notes, together with cash on hand at the Company, will be used to acquire the entire share capital of coeo Group and to pay fees and expenses in connection with the offering and the acquisition. The issuance was upsized from an initial Offering size of €300 million on the back of strong investor demand (over three times the initial offered amount), confirming the Company's established access to the capital markets. The coupon rate of the notes is 162.5 basis points lower than that of the senior secured notes issued by the Company in February 2025, while the tenor is one year longer, reflecting improved market conditions and investor confidence in the strengthened operating profile resulting from the acquisition of coeo.
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Expansion of strategic partnership with Gruppo BPER
On November 6th, 2025, doValue announced the broadening of the strategic partnership with BPER Group, which has recently completed the acquisition of Banca Popolare di Sondrio. The existing partnership, structured via a joint-venture, 70% owned by doValue and 30% by BPER Group, currently manages c.€2.7 billion of NPEs, and is endowed with the right to manage over the life of its long-term servicing contract 50% of the new inflows to UTPs and 90% of the new inflows to NPL generated every year by BPER and Banco di Sardegna. doValue and BPER Group have agreed to broaden the operations of the joint venture which - upon completion of the recently announced merger of BPSO with BPER - will continue to have the right to manage over the residual time horizon of the existing contracts (Dec-2033) 50% of the new inflows to UTPs and 90% of the new inflows to NPL generated by the enlarged BPER Group. As a further testament to the deepening partnership, doValue acquired from BPER Group a minority stake (5.1%) in Alba Leasing, Italy's fourth-largest leasing operator with total asset of over €5 billion, in which Banco BPM, another strategic banking partner of doValue, is also a relevant shareholder. This investment is designed to align with BPER Group's strategic objectives and foster new opportunities for collaboration with Alba Leasing.
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Signing of a new strategic service level agreement with Banco Santander in Spain
On December 3rd, doValue announced a new strategic agreement with Banco Santander for the management of new NPL inflows in Spain, effective from January 1st, 2026. The agreement replaces the previous contract expiring in December 2025 and ensures a stable and predictable flow of new mandates, with an initial duration of two years and the possibility of further extensions in the future. The streamlining of the current model enables more efficient operations, higher productivity, and a more cost-effective structure, also thanks to the focus on high-quality, more recently originated NPLs.
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Launch of the first contribution fund focused on State-guaranteed loans
On December 23rd, doValue announced the launch of Lounge, a new contribution-based fund focused on loans guaranteed by the MCC Guarantee Fund, created through a partnership between Gardant Investor SGR-the Group company active in alternative asset management-and three Italian banks. The initial contribution amounts to approximately €200 million GBV of non-performing exposures, with potential for further expansion in the future thanks to the significant volume of outstanding loans backed by the MCC Guarantee Fund in the Italian market, as well as the competitive structure of the contribution-based fund, which positions it as an efficient tool for optimizing risk-weighted assets for the contributing banks.
doValue will act both as special servicer and master servicer for the assets managed by the fund.
- Surpassing of €1 billion AuM with its alternative asset management arm Gardant Investor SGR
On February 13th, doValue announced to have successfully launched "MiRo", the new closed-end, multi-compartment and reserved alternative investment fund dedicated to a group of leading international investors through its subsidiary Gardant Investor SGR. The fund has an initial closing of up to €150 million for its first compartment, focused on private-debt instruments backed by real-estate collateral, with the possibility to expand in the future to additional compartments for a total amount of up to €250 million. The SGR has already identified potential investment opportunities for the MiRo Fund.
With the addition of MiRo, and following the launch of the Lounge fund in December 2025, doValue Group's alternative asset-management platform exceeds €1 billion of capital raised, approximately 80% of which is already invested, confirming the platform's solidity, scalability, and the confidence placed in it by investors.
coeo acquisitiondoValue Group has secured required clearances to complete the acquisition of coeo Group in every jurisdiction except Germany, where the final approval remains pending while file submission is complete and currently under review. This assessment represents the final outstanding regulatory step before doValue can proceed to full closing of the transaction. The extended timeline has no impact on the structure, rationale or feasibility of the acquisition. doValue and the seller remain fully committed to completing the transaction.
coeo represents a uniquely strong platform in the fast-growing digital and AI-enabled receivables management segment, with a diversified client base, operations across nine European countries and a scalable technology infrastructure. The acquisition is expected to transform doValue's growth trajectory and accelerate the Group's diversification into high-growth verticals, broaden its geographical reach and strengthen its long-term revenue mix.
Pending closing, the management teams of doValue and coeo have worked closely together to define the integration roadmap and align on key operational priorities, in accordance with best practices. This joint preparation ensures that, once the final approval is obtained, the combined platform will be ready to move forward immediately with a structured, coordinated and execution-ready integration plan.