doValue (DOV) CMD 2026 summary

Delivery since the 2024 plan

• March 2024 targets of €480m–€490m revenue and €185m–€190m EBITDA were exceeded; LTM June 2026 revenue reached €769m and EBITDA €277m.

• Since 2023, gross revenue rose 60% and EBITDA 55%; non-NPE revenue reached 53%, versus 25% in 2023 and 30%–35% targeted in the prior plan.

• Two major acquisitions expanded the platform from four countries to 14; leverage was 3.1x LTM, with a 0.5x reduction linked to a portfolio sale committed for year-end.

• Debt maturities shifted to 2030 and 2031 from 2025 and 2026; spreads declined to 231 bps at June 2026 from 492 bps previously.

• The €12m 2025 dividend target was exceeded, with €17.5m paid as leverage finished below 2.8x.

Business platform and 2026 outlook

• Asset-light platform combines complex secured NPE servicing and digital, file-based collections; manages €132bn of loan GBV, serves 140+ clients and handles ~10m new digital collection files annually, with no direct credit exposure.

• LTM June 2026 revenue was €769m, EBITDA €277m excluding non-recurring items and free cash flow €65m; revenue mix was 53% NPE, 29% digital collections and 18% VAS.

• 2026 pro forma guidance was revised to €770m–€790m revenue and €270m–€290m EBITDA, from previous guidance of ~€800m and ~€300m; post-dividend net leverage is forecast at 2.4x–2.6x.

• Revised guidance reflects softer Italian collections and new business intake; coeo continues to outperform, while the Hellenic region and Spain remain in line with expectations.

• Guidance assumes the year-end digital collections portfolio sale; EBITDA excludes non-recurring items and portfolio-sale accounting impacts.

Market outlook and expansion

• Southern European NPE AUM is estimated at €380bn–€400bn; AUM is forecast to decline ~5% annually through 2029, versus ~2% annual NPE revenue decline as newer NPL and UTP flows collect more than legacy portfolios.

• Southern European NPE servicing revenue is projected to stabilize at €1.7bn–€1.8bn in 2029 from €1.8bn in 2026; assumptions exclude recession, rate shock or material default deterioration.

• The plan assumes €4bn of new NPE mandates annually, or €12bn over 2027–2029, while holding market share; more than 80% of 2029 NPE revenue is protected, with at least six large mandates expiring by 2029.

• Digital collections offer a €4bn annual Southern European opportunity through 2029; the European revenue pool is estimated at €4.1bn, while BNPL growth forecasts range from 7%–12% to 15%–20% CAGR across cited assessments.

• Expansion priorities include existing coeo markets and clients, Southern Europe and selective bolt-ons; France and the US are outside the base plan.