doValue (DOV) Q1 2026 earnings summary

Executive summary

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

• Net income excluding non-recurring items was €(1.1) million, with reported net loss at €10.2 million due to non-recurring items.

• coeo, acquired in April 2026, delivered strong standalone Q1 results: revenue up 26% year-on-year to ~€64 million and EBITDA ex NRIs at ~€26 million, with 70% of files digitally resolved.

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

• Gardant integration completed, delivering cost synergies and organizational efficiencies.

Financial highlights

• Gross revenue for Q1 2026 was €120.3 million, down 14.9% year-over-year, with net revenue at €106.7 million and EBITDA margin at 29%.

• Operating expenses decreased by 7% year-over-year to €71.7 million, reflecting cost discipline and post-merger synergies.

• Net financial interest (ex-NRI) improved by €3 million year-over-year; net financial position was €466.9 million, with net leverage at 2.3x.

• Free cash flow was negative in Q1 due to seasonal working capital absorption, expected to normalize over the year.

• Capex for the quarter was €3.9 million, reflecting investments in digital and AI capabilities.

Outlook and guidance

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

• coeo’s consolidation from Q2 is expected to accelerate growth, diversification, and synergies.

• Cash flow targets reaffirmed, with temporary Q1 working capital absorption expected to reverse.

• New business plan for the enlarged, AI-enabled group to be unveiled at Capital Markets Day in October.

• Shareholder remuneration policy remains pragmatic, with a dividend of €0.09 per share and potential buyback in H2 if cash performance meets expectations.