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Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
How Dollar General built a small-box empire across rural America, scaling value and convenience into one of retail's most durable business models.
doValue
doValue (DOV) investor relations material
doValue Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary27 Feb, 2026
Executive summary
Achieved or exceeded all 2025 business plan targets for cash flow and EBITDA, delivering record EBITDA of €217 million with a 37% margin, and marking the second consecutive year of plan delivery.
Free cash flow reached €76 million, above guidance, with recurring FCF at €93 million.
New business intake was €14.5 billion, 1.8x the annual target, with cumulative new business in 2024-2025 above €24 billion and a robust pipeline supporting visibility into 2026.
Successfully executed two major M&A transactions: near-complete integration of Gardant and pending closing of the coeo acquisition, expected to further transform growth.
Expanded geographical footprint, strengthened AI capabilities, and diversified product scope, positioning for further growth.
Financial highlights
Gross revenue for 2025 was €580 million, up 21% year-over-year; net revenue reached €524 million.
EBITDA excluding non-recurring items hit €217 million, up 32% from 2024, with margin at 37%, a 3 percentage point increase.
Net income ex-NRI rose to €25 million, more than tripling from €7 million in 2024, despite higher financing costs.
Free cash flow was €76 million, above guidance, and €93 million on a recurring basis.
Net leverage at year-end was 2.0x, in line with guidance, down from 2.4x in 2024.
Outlook and guidance
2026 targets: consolidated revenue ~€800 million, EBITDA ex-NRI ~€300 million, leverage ~2.2x pre-dividends.
Pipeline for 2026 is strong, with €50 billion in diversified opportunities, including €4 billion from Italian tax receivables.
Guidance for 2026 free cash flow is €90 million, with expectations of continued positive working capital contributions.
Dividend payout is expected at the high end of the 50%-70% policy range; proposal consistent with group policy.
No significant seasonality expected in coeo's business; integration is operationally ready.
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Next doValue earnings date
Q1 202614 May, 2026
doValue
Next doValue earnings date
Q1 202614 May, 2026
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Frequently asked questions
doValue S.p.A. is an Italian company specializing in credit management and real estate services, primarily for financial institutions and investors. The company provides a range of services, including loan servicing, asset management, and advisory services, with a focus on non-performing loans (NPLs) and unlikely-to-pay (UTP) assets. Serving clients across Southern Europe, doValue helps manage and recover distressed credit portfolios while offering real estate asset disposal and valuation services. The company is headquartered in Verona, Italy, and its shares are listed on the Borsa Italiana.
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