doValue (DOV) Q2 2025 earnings summary

Executive summary

• Gross revenue rose 32% year-over-year to €281 million in H1 2025, driven by non-NPL products, Gardant acquisition, and new mandates, with EBITDA excluding non-recurring items up 47% to €99 million and margin expansion from operational efficiencies and Gardant synergies.

• Gross Book Value (GBV) reached €141 billion, the highest since 2022, with €11 billion in new business inflows nearing the revised full-year target of over €12 billion.

• Free cash flow improved to €50.5 million from negative €1.6 million in H1 2024, with cash conversion rate at 84% and net leverage reduced to 2.3x, on track for 2.0x by year-end.

• Net income ex-NRI reached €12 million, up 72% year-over-year, while reported net income was -€4.1 million due to non-recurring items.

• Acquisition of coeo progressing, expected to close by January 2026, with anticipated value creation and digital expansion.

Financial highlights

• Gross revenue for H1 2025 was €281.2 million, up 31.6% year-over-year; net revenue at €254.6 million, up 32.6%.

• EBITDA ex-NRI reached €99.1 million (+47.2% YoY), with margin at 35.2% (up from 31.5%).

• Net income ex-NRI was €12 million, up 72.4% YoY, despite higher financial interest and minority costs.

• Free cash flow increased to €50.5 million, with cash conversion at 84% in H1 2025, up from 30% in H1 2024.

• Net debt at period end was €484 million, down from €514.4 million at end-2024, with a solid cash position of €132 million.

Outlook and guidance

• Full-year 2025 guidance: gross revenue €600–650 million, EBITDA €210–220 million (excluding non-recurring items), free cash flow €60–70 million, and net leverage at 2x.

• 2026 business plan targets (including coeo): gross revenue ~€800 million, EBITDA ~€300 million, net leverage ~2.2x, and non-NPL revenue ~55% of total.

• Dividend policy confirmed at 50–70% of net income (excluding NRIs) to be distributed from 2026.