Slides
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NOVEMBER 12TH, 2025 9M 2025 Financial Results
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2 • Non-NPL revenue continues to drive growth at Group level • EBITDA ex NRI grew 43% YoY underpinned by acceleration of synergies and higher in percentage of full year results vs 2024 • New business already ahead of revised FY target with solid level of GBV at €138bn • Operating Cash Flow more than doubled YoY on the back of cash conversion: 3x higher vs 9M24 • Expansion of BPER forward flow to a wider perimeter of assets including Sondrio • Financing secured for coeo with closing expected by Q1 26 with longer tenor and lower cost 9M RESULTS CONTINUES TO DELIVER STRONG REVENUE GROWTH AND PROFITABILITY Executive summary EBITDA ex NRIs €137m New Business1 €12.4bn Note: (1) Including committed mandates and excluding secondary deals on existing portfolios (secondary transactions) 5 ⅜ % Fixed rate coupon Non-NPL revenue 37% FY25 guidance reaffirmed now with 9M visibility €210-220 million EBITDA ex NRI €60-70 million free cash flow Operating Cash Flow €101m
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3 >100%% of updated 2025 FY target 9.2 12.4 3.2 New Mandates Forward flows Total new Business 28.5% Italy 53.7% Hellenic Region 17.8% Spain Strong inflows in a context of very good asset quality demonstrate the sustainability of the traditional NPE business GBV from new business reached revised FY guidance three months ahead €12.4bn 61.0% Italy 31.1%Hellenic Region 7.8% Spain €138.1bn 90.0% NPL 8.5% UTP 1.3% REO 0.4% EA €138.1bn Positive commercial dynamics: €400 million new mandates since August largely driven by new mandates won in Spain from a leading banking institution and new UTP portfolios in Italy Strong progress from Forward Flows which stood at €3.2 billion, covering once again ~85% of collections. This performance was mainly driven by solid contributions across countries with continued acceleration in flows from Santander in Spain (+46% YoY) Estimated €45 billion mandates in the market in the next 18 months with strong contribution from both Italy and Greece while Spain continues to show opportunities especially in banking generated loans. Non- financial receivables continue to represent a large opportunity NEW BUSINESS INFLOWS GBV BY REGION NEW BUSINESS BY REGION GBV BY PRODUCT TYPE COMMENTS
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4 Broadening of the strategic partnership with BPER Group • doValue and BPER Group have agreed to broaden the operations of GBS to manage forward flows of UTPs and NPLs of the enlarged BPER+BPSO group • The new combined franchise of BPER Group and BPSO has aggregated customer loans of approx. €126 billion (based on 3Q25 data), an increase of approx. +40% vis-à-vis BPER Group pre merger • This confirms the trust in the innovative industrial partnership launched in January 2024 with a 10-year servicing contract Current Stock Forward Flows Loans / Net NPE Ratio Duration €2.7 (GBV) 50% of new UTP 90% of new NPL €92bn / 1.2% Dec 2033 30% 70% 50% of new UTP 90% of new NPL €126bn / 1.2% Dec 2033 Following the voluntary tender offer, BPER currently owns ~80% of BPSO: merger between the two banks is expected to be completed by 1H2026 • doValue is acquiring from BPER Group a minority stake (5.1%) in Alba Leasing • Italy’s fourth-largest leasing operator with total asset of over €5 billion • Other shareholders post transaction: Bper Group (47.7%). Banco BPM (39.2%), Credit Agricole (8.0%) • Potential opportunity to manage NPE of Alba Leasing which currently are not in the scope of GBS (Gross NPE of €250m – NPE rato 4.8%) • Mid-single digit outflow not affecting 2025 target leverage doValue confirms is positioning as BPER Group’s trusted partner for NPE credit servicing covering both UTPs and NPLs
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5 Gardant integration on track to deliver on all the promised synergies Expected up to €15m of annual pre-tax synergies (c.€10m already in 2025 on a run-rate basis) Cost Synergies (c. 80%) Revenue Synergies (c. 20%) Business model optimization to drive workforce efficiency Gardant Investor SGR capabilities to launch co-investment fund and expand beyond Italy Merger of Master Servicing businesses doNext and Master Gardant unlocking savings in back-office operations HR savings including savings in corporate functions, on new hires and lower exits from more stable workforce and reengineered outsourcing practices Cross-selling of services offered by doValue to Gardant customers, and vice-versa (eg. Master servicing, data services, legal services) Annual pre-tax synergies up to €15m Corporate functions models optimization through sharing of best practices in terms of efficiency and productivity INTEGRATION PLAN TO UNLOCK SYNERGIES INCLUDES 17 PROJECTS UNDER 8 WORKSTREAMS
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6 53 53 53 140 300 300 2026 2027 2028 2029 2030 2031 Term Loan 2029 Bond 2030 Bond 2031 Successful new bond issuance proves established access to capital markets • Successful issuance of new €350 million Senior Secured Notes due November 2031 to finance the acquisition of coeo • Issuance upsized from €300 to €350 on the back of very strong demand • Coupon rate 162.5 basis points lower than that of the SSN due 2030 issued last February, and below underwriting scenario and secondary market level for previous 5-years bond • Elimination of any financing risk for coeo acquisition – no need to use the bridge-to-bond leading to lower our financial costs • Flexible capital structure without significant maturity walls in the medium term, sustained by solid cash generation • Strong access to capital markets providing ample flexibility for future optimizations, such as early repayment of the term loan or refinancing of the 2030 bond at more attractive conditions (potential annual savings in the mid-to-high single-digit million range(1) if both refinanced at SSN 2031 coupon rate) Debt maturity profile (€m) Coupon rate (%) Notes: (1) For term loan, calculation based on current outstanding amount and current Euribor and spread. (2) Based on 2.0370% and 4.25% spread Term Loan 2029 Bond 2030 Bond 2031 6.287% 7.000% 5.375% -162.5 bps The successful issuance confirms the company’s strong positioning and credibility in the capital markets, reinforcing investor confidence and enhancing financial optionality and strengthening difference vs peer group
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Titolo breaker slide Financial Results Davide Soffietti Group CFO
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8 Gross revenue Net revenue EBITDA ex NRIs EBITDA ex NRIs margin Net Income ex NRIs Financials at a glance 9M 2024 ∆% YoY 9M 2025 • Continued double-digit growth in gross revenue vs. prior year • Once again non-NPL revenue drove more growth than NPL • Continued strong momentum in VAS, especially in Italy • Net revenue growth in line with gross revenue as outsourcing costs were stable year-on-year • Double-digit growth in EBITDA supported by cost savings in Iberia and the successful release of synergies in Italy • Strong improvement in EBITDA margin YoY thanks to continued cost discipline alongside Gardant synergies release • Net Income ex NRIs more than doubles to €12 million in the first 9 months despite higher financial interest and minorities Note: in 9M 2024 figures Portugal is included in non recurring items due to its sale in July 2024 404 314 28.9% 364 283 28.9% 137 96 43.2% 34% 31% 3.4p.p. 12 5 140.3% COMMENTS
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9 COMMENTSGross revenue (€m) Gross revenue Group • Gross revenue up +28.9% YoY, in line with the full-year guidance, supported by continued strong contribution of Non-NPL revenue • Non-NPL revenue in 9M 2025 amounted to 37% of gross revenue, in line with the first half • Outsourcing costs as % of gross revenue remained stable YoY at 9.9% Hellenic Region • Revenue flat YoY as strong dynamics in VAS offset the lower disposals impacting NPL revenue year to date Italy • Overall revenue up +81% YoY, driven by Gardant contribution and very positive trends in recurring VAS, which drove growth even on a stand- alone basis Spain • Revenue flat in the quarter, leading to a slight improvement in YTD by €(1.7) million YoY due to lower REOs mitigated by continued improvement NPL 12 (12%)36 (36%) 52 (52%) Q3 2024 12 (10%) 60 (49%) 51 (41%) Q3 2025 38 (12%) 115 (37%) 161 (51%) 9M 2024 36 (9%) 209 (52%) 160 (39%) 9M 2025 100 123 314 404 +23% +29% Spain Italy Hellenic Region Note: in 9M 2024 figures Portugal is included in non recurring items due to its sale in July 2024
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10 COMMENTSOperating Expenses ex NRIs (€m) Operating Expenses Total Operating expenses • Effectively mitigated the expected rise in operating costs following Gardant’s consolidation by maintaining strong cost discipline and delivering savings across functions and geographies, leading to a reduction of opex on gross revenue margin HR • HR cost increased less thank gross revenue (+25.1% YoY) thanks to costs containment in Italy above expectations because of the successful execution of Gardant’s synergies and continued savings in Spain IT, RE and SG&A • Operating costs increased only by €5.4 million YoY thanks to cost reduction in Iberia and efficiencies in Greece, as well as accelerated synergies that were able to successfully mitigate the effect of Gardant’s consolidation 3 (4%) Q3 2025 34 (18%) 70 (37%) 75 (40%) 8 (4%) 11 (17%) 31 (14%) 111 (49%) 76 (33%) 10 (4%) 24 (38%) 9M 2025 25 (40%) 3 (4%) Q3 2024 10 (14%) 37 (51%) 22 (31%) 62 72 187 227 9M 2024 +15% +22% % of Gross revenue 62% 58% Notes: In 9M 2024 figures Portugal is included in non recurring items due to its sale in July 2024. Group costs fully allocated to Italy Spain Italy Hellenic Region Group Costs 60% 56%
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11 COMMENTSEBITDA ex NRIs (€m) EBITDA ex NRIs margin % EBITDA ex NRIs Group • EBITDA ex NRIs reached €137.2m in 9M 2025 up 43% vs 9M 2024 • Double digit growth also in the second quarter despite the lower disposals in Greece • Variation mainly driven by the increase of Italy where continued strong performance revenue driven by VAS and rigorous cost management have contributed to an improvement in the EBITDA margin Hellenic Region • Hellenic EBITDA increase in the third quarter partly offset the first half decrease, driven by onboarding costs of new portfolios and lower disposals • The region continues to drive profitability for the group, generating 54% of group EBITDA ex NRI • EBITDA margin of 46.7% continues to boost group margin (33.9% Group level) despite the headwinds Italy • EBITDA up €46.2m excluding group costs thanks to and positive contribution of VAS to Gross Revenue and to effective cost discipline measures and initial synergies Spain • Slightly positive EBITDA thanks to continued cost efficiencies • NRIs limited to €(4.4) million, related to the acquisition of coeo, with EBITDA reported at €132.8 million Q3 2025 0 (0%) 25 (26%) 79 (82%) (8) (-8%) (3) (-10%) 1 (1%) 1 (3%) 71 (52%) 75 (54%) (10) (-7%) 5 (19%) 9M 2025 25 (88%) Q3 2024 1 (2%)15 (39%) 25 (66%) 9M 2024 28 38 96 137 (3) (-7%) +34% +43% 34%31% Notes: In 9M 2024 figures Portugal is included in non recurring items due to its sale in July 2024. Group costs fully allocated to Italy Italy Hellenic Region Spain Group Costs 31%28%
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12 Net Income EBITDA ex NRIs Net write-down of PP&E, intangibles, loans and equity investments EBIT Net financial interest, commission and financial assets at FV Income tax Minorities 9M 2025 9M 2024€m Group Net Income reported Delta EBT • Higher EBITDA ex NRIs driven by positive momentum across products and markets • Write-downs on PP&E, intangibles, loans and equity investments in line with collection curves, includes also Gardant’s portfolios • Higher financial interest and commission driven by the impact of the new bond (€14.7 million interest and amortized costs), the new term loan (€20.7 million interest and amortized costs) and the €7.3 million one-off costs related to the refinancing of the old 2026 bond • Income tax for the period increased on the back of a higher EBITDA as well as the consolidation of Gardant’s. In 2024 the line was positively impacted by the tax claim gain in Spain • Minorities increased due to Gardant’s partnerships with Banco BPM and BPER • Non recurring items included €7.3 million costs related to the refinancing of the new bond as well as €8.8 million redundancy costs, largely in Italy to unlock synergies from Gardant • Net income ex NRI more than doubled vs prior year despite the c. €24 million increase in financial interest linked to the recent refinancing activities • Dividend payout of 50-70% net income ex NRI confirmed for FY25 COMMENTS Non-Recurring Items EBITDA 137.2 95.8 41.4 (4.4) (3.6) (0.8) 132.8 92.2 40.7 (67.4) (56.6) (10.9) 65.4 32.6 32.8 (43.7) (20.0) (23.6) 21.7 12.6 9.1 (17.5) 3.8 (21.3) (11.9) (6.1) (5.8) (7.7) 10.3 (18.0) Group Net Income ex NRIs (19.3) 5.5 (24.8) Note: in 9M 2024 figures Portugal is included in non recurring items due to its sale in July 2024 Non Recurring Items 11.6 4.8 6.8
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13 EBITDA Capex Change in NWC and accruals on share- based payments Other changes in other assets & liabilities Cash Flow from Operations Taxes Financial charges Free Cash Flow Minorities €m Cash Flow Cash flow before dividend & financial debt 9M 2025 9M 2024 • Cash flow from operations, equal to €101.4m in the nine months, +€77.8 million higher than LY (€23.7m) with a 3x increase in cash conversion vs 9M 2024 • Moderate increase in Capex (€3.1m YoY), moving towards the ~€28 million level guided for the full year • Continues the remarkable reduction in NWC (+€43.1m YoY) thanks to improving control of invoicing cycle with SPVs in Greece, progressing well towards our guidance for the full year • Lease payments up €1.5 million YoY due to Gardant’s perimeter • Redundancies at €(8.0) million in 9M 2025, slightly down YoY • Other changes in other assets & liabilities slightly higher YoY, mainly linked to payments for legal cases in the third quarter and the 2025 MBO, expected to reverse by year end • Free cash flow of €41.5 million, up by a remarkable €57.0 million YoY driven by the higher cash flow from operations which more than offset the increase in financial charges and the higher tax payments linked to Gardant • Minorities of €7.7 million unchanged vs H1. No further significant payments expected in 2025. • Equity & financial assets investments equal to €(12.2)m mainly related to the payment of the earnout for doValue Greece in 1Q25 CONFIRMING THE 2025 GUIDANCE OF €60-70 MILLION FREE CASH FLOW BEFORE PAYMENT OF DIVIDEND AND DEBT IFRS 16 Redundancies 24.4 (18.7) (14.2) (12.7) (8.0) (10.0) 132.8 92.2 (15.5) (12.3) Delta 40.7 (3.1) 43.1 (1.5) 2.0 COMMENTS Investments in equity & financial assets (25.2) (14.8) (34.8) (24.3) 41.5 (15.5) (18.0) (14.7) 101.4 23.7 (3.3) 77.8 (10.4) (10.5) 57.0 (7.7) 0.0 (7.7) (12.2) (3.4) (8.9) 21.5 (18.9) 40.4
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14 Financial Structure COMMENTSNet Debt (€m) Leverage 2.9x RCF (doValue Greece) • Net leverage at 2.3x(1), continuing its deleverage path towards FY guidance (2.0x) including the extraordinary cash out of €11 million earn-out related to doValue Greece paid in Q1 and the €8 million minorities paid in Q2 • Solid liquidity buffer of €257m, including €135m undrawn RCF lines(3) (o/w €80m 3-year facilities), despite the payment of the first tranche of term loan amortization in June, decreasing gross debt by €26.3m, and of the 2030 SSN coupon payment in August • Stable corporate rating (BB/Stable Outlook), confirmed in July in the context of the announcement of the binding agreement signed for the acquisition of coeo, and BB rating assigned to the most recent issuance in October 2025 • Current bonds are trading at at ~5% yield to maturity, one of the lowest in the industry • Average cost of debt sets at 6.21% 3.1x 2.4x(1) SSN Maturity 08/2025 5.000% coupon Cash on BS Fully repaid Notes: (1) Pro forma including 12 months of Gardant contribution (2) Including accrued interests and fin. Assets measured at amortized cost (3) at present €300m SSN Maturity 02/2030 7.000% coupon (2) TL Maturity 10/2029 (2) Other liabilities Achieved stable leverage in a traditionally low seasonality quarter due to concentrated cash outflows On track to reach net leverage expectations on organic basis 298 296 298 294 300 294 266 264 338 348 314 320 25 25 14 5 1 -91 -136 -143 -132 -122-110 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 0.4 Sep-25 479 495 514 504 484 493 2.3x SSN Maturity 07/2026 3.375% coupon (2) 2.3x 2.3x(1)
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Titolo breaker slide Appendix
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16 9M 2025 Combined Group Hellenic Region GBV Collections ACR Italy Spain Gross revenue EBITDA ex NRIs (1) EBITDA ex NRIs margin (1) Regional Performance Note: EBITDA ex NRI for Italy excluding Group costs worth €9.7m €138bn €43bn €84bn €11bn 4.5% 5.2% 3.8% 7.6% €404m €160m €209m €36m €137m €75m €71m €1.2m 33.9% 46.7% 34.1% 3.3% €3.8bn €1.3bn €1.9bn €0.5bn
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17 GBV evolution Very positive GBV dynamics in the first nine months GBV remains high whilst reflecting strong collections as natural GBV reduction is fully offset by strong inflows from existing clients and new business Inflows from new clients: intakes by region worth €2.1bn from Italy, €6.1bn from the Hellenic Region, and €1.1bn from Spain 135.6 138.1 138.4 3.2 8.9 EoP 2024 Inflows from existing clients Inflows from new clients (onboarded) (3.8) Collections / Sales (5.1) Net write-off (0.8) Disposals EoP ACT 9M 2025 Inflows from new clients (committed) EoP ACT 0.3
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18 Reclassified Income Statement Reclassified Income Statement (€/000) First Nine Months 2025 First Nine Months 2024 Change € Change % NPL Servicing revenue 254,877 212,991 41,886 19.7% Non-NPL Servicing revenue 74,258 59,802 14,456 24.2% Value added services 75,297 43,911 31,386 71.5% Gross revenue 404,432 316,704 87,728 27.7% NPE Outsourcing fees (16,024) (8,421) (7,603) 90.3% REO Outsourcing fees (6,169) (6,648) 479 (7.2)% Value added services Outsourcing fees (17,763) (16,850) (913) 5.4% Net revenue 364,476 284,785 79,691 28.0% Staff expenses (173,831) (140,777) (33,054) 23.5% Administrative expenses (57,837) (51,856) (5,981) 11.5% o.w. IT (23,231) (20,415) (2,816) 13.8% o.w. Real Estate (4,653) (3,707) (946) 25.5% o.w. SG&A (29,953) (27,734) (2,219) 8.0% Operating expenses (231,668) (192,633) (39,035) 20.3% EBITDA 132,808 92,152 40,656 44.1% EBITDA margin 32.8% 29.1% 3.7% 12.7% Non-recurring items included in EBITDA (4,392) (3,635) (757) 20.8% EBITDA excluding non-recurring items 137,200 95,787 41,413 43.2% EBITDA margin excluding non-recurring items 33.9% 30.5% 3.4% 11.1% Net write-downs on property, plant, equipment and intangibles (57,715) (42,834) (14,881) 34.7% Net provisions for risks and charges (9,633) (13,869) 4,236 (30.5)% Net write-downs of loans (95) 121 (216) n.s. Profit (Loss) from equity investments - (2,959) 2,959 (100.0)% Profit (Loss) from equity investments - (2,959) 2,959 (100.0)% EBIT 65,365 32,611 32,754 100.4% Net income (loss) on financial assets and liabilities measured at fair value 2,528 (1,405) 3,933 n.s. Net financial interest and commissions (46,183) (18,619) (27,564) 148.0% EBT 21,710 12,587 9,123 72.5% Non-recurring items included in EBT (20,433) (14,850) (5,583) 37.6% EBT excluding non-recurring items 42,143 27,437 14,706 53.6% Income tax (17,465) 3,848 (21,313) n.s. Profit (Loss) for the period 4,245 16,435 (12,190) (74.2)% Profit (loss) for the period attributable to Non-controlling interests (11,920) (6,094) (5,826) 95.6% Profit (Loss) for the period attributable to the Shareholders of the Parent Company (7,675) 10,341 (18,016) n.s. Non-recurring items included in Profit (loss) for the period (19,302) 5,369 (24,671) n.s. O.w. Non-recurring items included in Profit (loss) for the period attributable to Non-controlling interest (46) (153) 107 (69.9)% Profit (loss) for the period attributable to the Shareholders of the Parent Company excluding non-recurring items 11,581 4,819 6,762 140.3% Profit (loss) for the period attributable to Non-controlling interests excluding non-recurring items 11,966 6,247 5,719 91.5% Earnings per share (in Euro) (0.040) 0.669 (0.709) (106.0)% Earnings per share excluding non-recurring items (Euro) 0.061 0.312 (0.251) (80.4)%
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19 Reclassified Statement of Financial Position Reclassified Statement of Financial Position (€/000) 9/30/2025 12/31/2024 Change € Change % Cash and liquid securities 121,995 232,169 (110,174) (47.5)% Financial assets 49,651 49,293 358 0.7% Equity investments 12 12 - n.s. Property, plant and equipment 59,749 52,305 7,444 14.2% Intangible assets 660,386 682,684 (22,298) (3.3)% Tax assets 87,638 105,200 (17,562) (16.7)% Trade receivables 192,853 263,961 (71,108) (26.9)% Assets held for sale 10 10 - n.s. Other assets 88,729 64,231 24,498 38.1% Total Assets 1,261,023 1,449,865 (188,842) (13.0)% Financial liabilities: due to banks/bondholders 614,819 733,419 (118,600) (16.2)% Other financial liabilities 79,070 76,675 2,395 3.1% Trade payables 78,237 110,738 (32,501) (29.3)% Tax liabilities 88,848 108,989 (20,141) (18.5)% Employee termination benefits 10,167 11,913 (1,746) (14.7)% Provisions for risks and charges 21,302 23,034 (1,732) (7.5)% Other liabilities 60,115 73,046 (12,931) (17.7)% Total Liabilities 952,558 1,137,814 (185,256) (16.3)% Share capital 68,614 68,614 - n.s. Share premium 58,633 128,800 (70,167) (54.5)% Reserves 83,367 12,493 70,874 n.s. Treasury shares (8,218) (9,348) 1,130 (12.1)% Profit (loss) for the period attributable to the Shareholders of the Parent Company (7,675) 1,900 (9,575) n.s. Net Equity attributable to the Shareholders of the Parent Company 194,721 202,459 (7,738) (3.8)% Total Liabilities and Net Equity attributable to the Shareholders of the Parent Company 1,147,279 1,340,273 (192,994) (14.4)% Net Equity attributable to Non-Controlling Interests 113,744 109,592 4,152 3.8% Total Liabilities and Net Equity 1,261,023 1,449,865 (188,842) (13.0)%
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20 Cash Flow Cash flow (€/000) First Nine Months 2025 First Nine Months 2024 FY 2024 EBITDA 132,808 92,152 154,045 Capex (15,459) (12,332) (23,769) EBITDA-Capex 117,349 79,820 130,276 as % of EBITDA 88% 87% 85% Changes in Net Working Capital (NWC) 24,392 (18,712) (4,719) Changes in other assets/liabilities (40,296) (37,450) (41,885) Operating Cash Flow 101,445 23,658 83,672 Corporate Income Tax paid (25,201) (14,820) (25,656) Financial charges (34,761) (24,310) (29,777) Free Cash Flow 41,483 (15,472) 28,239 (Investments)/divestments in financial assets 1,992 2,832 2,848 Equity and IFRS 15 contracts (investments)/divestments (3,438) (3,194) (196,800) Earn-out and Tax claim payment (10,800) 400 400 Treasury shares buy-back - (3,421) (3,421) Transaction costs - - (13,114) Right Issue - - 143,138 Dividends paid to minority shareholders (7,697) - - Net Cash Flow of the period 21,540 (18,855) (38,710) Net financial Position - Beginning of period (514,364) (475,654) (475,654) Net financial Position - End of period (492,824) (494,509) (514,364) Change in Net Financial Position 21,540 (18,855) (38,710)
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21 Glossary Early Arrears Forward Flows FTE GACS GBV NPE NPL NRI Performing Loans REO Loans that are up to 90 days past due Agreement with commercial bank related to the management of all future NPL generation by the bank for number of years, customary feature of credit servicing platforms spun off by commercial banks Full Time Equivalent, i.e. a unit that indicates the workload of an employed person in a way that makes workloads comparable across various contexts Garanzia Cartolarizzazione Sofferenze, i.e. the State Guarantee scheme put together by the Italian Government in 2016 which favoured the creation of a more liquidNPL market in Italy and allowed banks to more easily deconsolidate NPL portfolios through securitisations Gross Book Value, i.e. nominal value of assets under management by doValue, represents the maximum / nominal claim by banks / investors to borrowers on their portfolios Non-Performing Exposure, i.e. the aggregate od NPL, UTP and Early Arrears Non-Performing Loan, i.e. loans which are more than 180 days past due and have been denounced Non-Recurring Items, i.e. costs or revenue which are non-recurring by nature (typically encountered in M&A or refinancing transactions) Loans which do not present problematic features in terms of principal / interest repayment by borrowers Real Estate Owned, i.e. real estate assets owned by a bank / investor as part of a repossession act Stage 2 Loans Subperforming loans – albeit not NP - that have seen a significant increase in credit risk, resulting in “investment grade” credit quality UTP Unlikely to Pay, i.e. loans that are between 90-180 days past due and denounced or more than 180 past due and not denounced
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22 This presentation is not a prospectus and not an offer of securities for sale to U.S. persons or in any jurisdiction, including in or into the United States, Canada, Japan or Australia. This disclaimer applies to all documents and information provided herein and to any verbal or written comments of person presenting them by doValue S.pA. and its affiliates (“doValue”). or any person on behalf of doValue, and any question and answer session that follows the oral presentation (collectively, the “Information”). in accessing the Information, you agree to be bound by the following terms and conditions. The Information may not be reproduces redistributed, published or passed on to any other person, directly or indirectly, in whole or In part, for any purpose. 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Such statements, including specifically any guidance or projection, are based on management’s current intentions, expectations or beliefs and involve inherent risks, assumptions and uncertainties, including factors that could delay, divert or change any of them. Forward-looking statements contained in this Presentation and, in particular, in any relevant guidance, regarding trends or current activities are not guarantees of future performance and are subject to risks, uncertainties, and assumptions that are difficult to predict because they relate to events and depend on circumstances that may may/will occur in the future therefore should not be taken as a representation that such trends or activities will continue in the future. Actual outcomes, results and other future events may differ materially from those expressed or implied by the statements and guidance contained herein. Such differences may adversely affect the outcome and financial effects of the plans and events described herein and may result from, among other things, changes in economic, business, competitive, technological, strategic or regulatory factors and other factors affecting the business and operations of the company. Estimated and assumptions are inherently uncertain and are subject to risks that are outside of the company’s control. Any guidance and statement refers to events and depend upon circumstances that may or may not verify in the future and refer only as of the date hereof. Therefore the Company’s actual results may differ materially and adversely from those expressed or implied in any forward-looking statements. Neither doValue S.p.A. nor any of its affiliates is under any obligation, and each such entity expressly disclaims any such obligation, to update, revise or amend any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on any such forward-looking statements and or guidance, which speak only as of the date of this Presentation. The inclusion of the projections herein should not be regarded as an indication that the doValue considers the latter to be a reliable prediction of future events and the projections should not be relied upon as such. Use of different methods for preparing, calculating or presenting information may lead to different results and such differences may be material. It should be noted that past performance is not a guide to future performance. Please also note that interim results are not necessarily indicative of full-year results. By reviewing the Presentation, you acknowledge that you are knowledgeable and experienced with respect to its financial and business aspects and that you will conduct your own independent investigations with respect to the accuracy, completeness and suitability of the matters referred to in the Presentation should you choose to use or rely on it, at your own risk, for any purpose. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the Information or the opinions contained therein. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to the Information, including any financial data or forward-looking statements, and will not publicly release any revisions it may make to the Information that may result from any change in the Company’s expectations, any change in events, conditions or circumstances on which these forward-looking statements are based, or other events or circumstances arising after the date of this document. Market data used in the Information not attributed to a specific source are estimates of the Company and have not been independently verified. Davide Soffietti, in his position as manager responsible for the preparation of financial reports, certifies pursuant to paragraph 2, article 154-bis of the Legislative Decree n. 58/1998, that data and accounting information disclosures herewith set forth correspond to the company’s evidence and accounting books and entries. Disclaimer Investor Relations Contacts Daniele Della Seta Head of Group M&A, Strategic Finance and Investor Relations investorrelations@dovalue.it