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doValue (DOV) investor relations material

doValue Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary7 Aug, 2025

Executive summary

  • Delivered strong H1 2025 results with 32% revenue growth, 47% higher EBITDA, and 72% net income increase, maintaining momentum and on track to meet full-year guidance.

  • Gross Book Value reached €141bn, the highest since 2022, with €11bn in new business already near the revised full-year target of €12+bn.

  • Significant progress in executing the 2024–2026 strategic plan, with robust commercial penetration and successful integration of recent acquisitions.

  • Acquisition of coeo set to close by January 2026, expected to accelerate diversification, digital capabilities, and long-term growth.

  • Free cash flow improved to €50.5M from negative €1.8M in 2024, supporting deleveraging and stable financial leverage.

Financial highlights

  • Gross revenue grew 32% year-over-year to €281M, driven by non-NPL products and value-added services.

  • EBITDA ex-NRI reached €99M, up 47% versus H1 2024, with margin expansion from operational efficiencies and Gardant synergies.

  • Net income ex-NRI increased 72.4% year-over-year to €12M, offsetting higher financial expenses and minority interests.

  • Free cash flow improved to €50.5M from negative €1.8M in 2024, with cash conversion at 84% versus 30% last year.

  • Net debt reduced to €484M, with net leverage at 2.3x, down from 2.9x in June 2024.

Outlook and guidance

  • Full-year 2025 guidance confirmed: gross revenue €600–650M, EBITDA ex-NRI €210–220M, net leverage at 2x.

  • 2026 business plan targets (including coeo): revenue €800M+, EBITDA ex-NRI €300M, net leverage 2.2x.

  • Dividend policy of 50–70% of net income (ex-NRI) to be distributed from 2026.

  • 2025 new business target revised upward to over €12bn GBV, already at €11bn by mid-year.

  • 2025 free cash flow guidance of €60–70M reaffirmed; leverage target of 2.0x by year-end remains.

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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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