doValue (DOV) Q2 2026 earnings summary

Executive summary

• Q2 2026 marked the first full quarter of coeo consolidation, driving diversification across geographies, clients, and credit segments, with digital receivables now a significant revenue contributor.

• H1 2026 gross revenue reached €301.6 million (+7% YoY), with digital collections accounting for 31% of group revenue and coeo's integration significantly expanding scale and resilience.

• Group EBITDA excluding non-recurring items was €121 million for H1 2026, with Q2 EBITDA up 21% YoY to €58 million, reflecting coeo's contribution and disciplined cost actions.

• The group achieved its new business target six months ahead of plan, adding €27 billion of new business since the start of the plan.

• Commercial momentum continued with 5 million new files onboarded and 11 new contracts signed in 2026, adding over €10 million annualized revenue.

Financial highlights

• Q2 2026 gross revenue rose 30% YoY to €181 million; H1 gross revenue was €301.6 million (+7% YoY), with net revenue up 17% to €148 million, mainly due to coeo's first-time contribution.

• Q2 EBITDA excluding non-recurring items was €58 million (margin 32%), and H1 EBITDA ex NRI was €92.6 million (margin 30.7%).

• Group net income excluding non-recurring items was €3.3 million in Q2, stable YoY; H1 net income ex NRI was €2.2 million.

• Free cash flow reached €54.1 million in Q2, up from €19 million in Q2 2025; recurring free cash flow was €68 million.

• Net debt at June 2026 was €855-865 million, with net leverage at 3.1x; pro forma leverage post-portfolio sale would be 2.6x.

Outlook and guidance

• Full-year 2026 EBITDA guidance of approximately €300 million is confirmed, contingent on continued digital segment growth, coeo performance, and cost adaptation.

• €90 million free cash flow guidance for 2026 is confirmed, with the planned coeo portfolio sale expected to support deleveraging.

• Management expects secondary sales to materialize in H2, with a conservative approach in guidance.

• Achievement of leverage target depends on completion of the planned coeo portfolio sale and positive NPL working capital dynamics.