doValue (DOV) Q4 2025 earnings summary

Executive summary

• Achieved or exceeded all 2025 business plan targets, with EBITDA ex-NRI reaching €217 million (32% YoY growth, 37% margin), and net income ex-NRI more than tripling to €25 million.

• Free cash flow was €76 million, above guidance, with recurring FCF at €93 million and net leverage improved to 2.0x.

• New business intake reached €14.5 billion (1.8x target), with cumulative new business in 2024-2025 above €24 billion and a robust pipeline supporting visibility into 2026.

• Major M&A transactions included near-complete Gardant integration and pending coeo acquisition, both expected to reshape growth and digital transformation.

• Solid financial structure with no refinancing needs before 2030 and a liquidity buffer of €277 million.

Financial highlights

• Gross revenue grew 21% YoY to €580 million; net revenue also up 21% to €524 million.

• EBITDA ex-NRI margin improved to 37% (up 3 p.p. YoY); operating expenses ex-NRI rose 14.6% to €307 million.

• Net income ex-NRI increased to €25 million from €7 million YoY, despite higher financing costs.

• Free cash flow before debt repayment was €76 million, up €118 million YoY; recurring FCF at €93 million.

• Net leverage at 2.0x, down from 2.4x YoY, in line with guidance.

Outlook and guidance

• 2026 targets: consolidated revenue ~€800 million, EBITDA ex-NRI ~€300 million, leverage ~2.2x pre-dividends.

• Free cash flow target of €90 million for 2026, with positive working capital contribution expected.

• 18-month commercial pipeline of ~€50 billion, diversified across geographies and asset classes.

• Dividend payout to be proposed at the high end of the 50%-70% range, consistent with group policy.

• Focus on coeo integration, digital platform rollout, and accelerated AI adoption.