doValue (DOV) Q1 2026 earnings summary

Executive summary

• Q1 2026 gross revenue was €120.3 million, down 14.9–15% year-over-year due to timing effects, with EBITDA excluding non-recurring items at €35 million and margin at 29%, aligning with full-year guidance and typical seasonality patterns.

• Net income excluding non-recurring items was approximately €(1.1) million, while reported net income was €(10.2) million, impacted by €9 million in non-recurring items.

• coeo, acquired in April 2026, delivered Q1 revenue up 26% year-on-year to ~€64 million and EBITDA ex NRIs at ~€26 million, with 70% of files digitally resolved; full consolidation starts Q2.

• Commercial momentum remains robust, with €1.6 billion in new business intake in Q1, supporting the €8 billion annual target and ongoing diversification, especially in non-NPL asset classes.

• Gardant integration completed, delivering cost synergies and operational efficiencies, with staff costs down 7% year-over-year.

Financial highlights

• Net revenues were €106.7–107 million, with EBITDA margin at 29.0–29.1%, and operating expenses down 6.7–7.2% year-over-year due to cost discipline and synergies.

• Group collections totaled €1.1 billion, stable year-over-year, with Greece up 14%.

• Net financial interest (ex-NRI) improved by €3 million year-over-year; net financial position was €466.9–467 million, up from €438.6–439 million at year-end 2025.

• Free cash flow was negative in Q1, reflecting seasonal working capital absorption and temporary invoicing misalignments.

• Capex for the quarter was €3.9 million, focused on digital and AI investments.

Outlook and guidance

• Full-year 2026 guidance for revenue, EBITDA (~€300 million), and CapEx confirmed, with leverage expected to decrease from 2.3x to 2.2x by year-end.

• Working capital absorption in Q1 is expected to normalize and contribute positively by year-end.

• Dividend of €0.09 per share approved, with potential for share buyback in H2 if cash performance meets expectations.

• Capital Markets Day rescheduled to October 8, 2026, to present an integrated business plan post-coeo acquisition.