doValue (DOV) Q1 2025 earnings summary

Executive summary

• Q1 2025 delivered strong operational momentum, with gross revenues up 46% year-over-year to €141.4 million and EBITDA ex-NRI more than doubling to €51.4 million, driven by the successful Gardant integration and robust growth in Italy and the Hellenic Region.

• Net income ex-NRI turned positive at €9.1 million, reversing a loss in Q1 2024, and free cash flow improved to €31.5 million.

• New business GBV intake reached €9.2 billion YTD, surpassing the original full-year target and prompting an increase in the 2025 target to over €12 billion.

• Non-NPL revenues grew to 39% of gross revenues, nearing the 2026 target of 40–45%, with value-added services and diversification strategies advancing.

• Cash generation and leverage improved, with net leverage down to 2.3x and cash conversion at 93%, supporting a deleveraging path toward a 2.0x year-end target.

Financial highlights

• Gross revenues: €141.4 million (+45.6% YoY); net revenues: €128.2 million (+48.5% YoY).

• EBITDA ex-NRI: €51.4 million (+106% YoY), margin at 36.4% (+10.7 p.p. YoY).

• Net income ex-NRI: €9.1 million (vs. -€2.4 million Q1 2024); EPS ex-NRI: €0.048.

• Free cash flow: €31.5 million (up €48.2 million YoY); cash conversion at 93% (vs. 16% Q1 2024).

• Net debt: €504.1 million (down from €514.4 million at end-2024); liquidity buffer of €273 million.

Outlook and guidance

• 2025 guidance confirmed: gross revenues €600–650 million, EBITDA ex-NRI €210–220 million, net leverage target 2.0x by year-end, and new business GBV target raised to over €12 billion.

• Revenue diversification target of 40–45% non-NPL by 2026 remains on track.

• Management reaffirms 2026 targets, citing a strong pipeline and market expansion, especially in non-NPL servicing.