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doValue (DOV) investor relations material
doValue Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary12 Nov, 2025
Executive summary
Strong revenue and profitability growth in the first nine months of 2025, with non-NPL revenue reaching 37% of gross revenue and significant contributions from Gardant integration and new mandates.
EBITDA excluding non-recurring items rose 43% year-over-year to €137 million, with net income ex-NRI more than doubling to €12 million.
New business intake reached €12.4 billion, surpassing the revised full-year target, with expectations to close the year at around €14 billion and GBV at €138 billion.
Operating cash flow and free cash flow more than doubled year-on-year, with cash conversion and liquidity significantly improved.
Expansion of strategic partnerships, successful €350 million bond issuance, and major acquisitions (Gardant, coeo) reinforce market leadership and diversification.
Financial highlights
Gross revenue for the first nine months of 2025 was €404.4 million, up 28.9% year-on-year, with net revenue at €364.5 million (+28.9% YoY).
EBITDA ex-NRI reached €137.2 million (+43.2% YoY), with margin improving to 33.9%–34%.
Net income ex-NRI more than doubled to €12 million, with earnings per share ex-NRI at €0.061.
Free cash flow for the period was €41.5 million, a significant improvement from -€15.5 million in the prior year.
Net debt decreased to €492.8 million from €514.4 million at year-end 2024; net leverage improved to 2.3x.
Outlook and guidance
FY 2025 guidance confirmed: EBITDA ex-NRI €210–220 million, free cash flow €60–70 million, and net leverage 2.0x.
New business pipeline for the next 18 months estimated at €45 billion, with significant opportunities in Italy, Greece, and Spain.
2026 targets: revenue ~€800 million, EBITDA (excl. non-recurring) ~€300 million, leverage ~2.2x, and non-NPL revenue to reach 55% of total.
Dividend payout of 50–70% of net income ex-NRI confirmed for FY25.
Acquisition of coeo progressing as planned, with closing expected January 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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