Slides
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doValue H1 2026 Financial Results AUGUST 6TH , 2026
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Titolo breaker slide H1 2026 Highlights Manuela Franchi Group CEO
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3 H1 2026 highlights +25% YoY Digital receivables revenue €121m Pro-forma Group EBITDA ex NRI €4m Annual savings on interest expenses Stable GBV Vs Q1 2026 €122m revenue in H1 2026 Through recent TAP on 2031 SSNs and term loan replacement As new business replenished collections and write-offs • Continued commercial momentum: 5m new files onboarded in H1 2026 • coeo’s client base continues to diversify beyond its historical anchor relationships • On track to exceed original acquisition targets growth • Q2 EBITDA ex grew 21% YoY • coeo continues to lower the cost to collect through its proprietary platform • The doValue business is delivering savings through continued disciplined cost management • c.€4 million savings on annual interest expenses • 2029 TL maturities and 2027 RCF extended both to 2031 • Reinforced the Group’s liquidity profile and financial flexibility • Ratings confirmed • GBV held broadly stable vs Q1 2026, as new business replenished collections and write offs • Evidence of the sustainability of the servicing business across the credit cycle Continued strong growth Profitability Longer, cheaper debt A resilient servicing platform Q2 CONFIRMS THE GREATER SCALE AND RESILIENCE OF THE ENLARGED GROUP, COMBINING STRONG DIGITAL GROWTH, RESILIENT PROFITABILITY AND AN ESTABLISHED SERVICING PLATFORM
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4 Digital receivables growth accelerating, commercial momentum broadening +25% YoY Revenue growth €46 m EBITDA ex NRI €120-140 m Portfolio market value1 ERC-120month €170m to be soldYoY growth in H1 2026 +21% YoY Revenue growth in Germany2 – the Group’s largest market for digital receivables +50% YoY Revenues from non-Klarna portfolio +21% YoY New files per FTE >10 million Incremental annualized revenue from 11 new contracts signed in 2026, adding c.350k new files p.a. across 6 sectors €61 million Cash collection from owned portfolio in H1 2026 Germany still compounding at scale Diversification beyond Klarna Growth scaling efficiency Broadening commercial momentum 1 Portfolio value including only principal, excluding expected future collection fees (company estimates); 2. German Gaap
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5 coeo: automation in Germany, scale outside it Total automation at 77% in the core market while revenue outside Germany grew 28.0% to €50.6m 77% Total automation from 69% at Dec'25 (24)% Lower Cost-to-collect assisted contacts per total files vs H2 2025 ~1.3m cAI interactions, fully automated +400k vs H2 2025 +23% No-human-touch closures > 1 million cases solved without human intervention Group ex-Germany (€50.6m, +28.0% YoY) DACH ex-Germany (€12.0m, +51.7% YoY) Nordics (€13.6m, +83.4% YoY) Western Europe (€26.8m, +5.7% YoY) • Revenue outside Germany up €11.1m YoY: the newest platforms are scaling fastest • Non-German markets now the main engine of Group growth • Austria €7.6m (+27.2%), EBITDA €1.6m (+50.1%) — more than double plan • Switzerland €3.0m (+149.6%) — first profitable half year • Sweden €11.6m (+58.1%), EBITDA €0.9m (+103.7%) • Norway €0.1m to €1.9m and profitable in year two; • Finland launched with first revenue • Denmark launch in 2026 • A deliberate consolidation year: extracting value from the 2025 portfolio vintages • cAI automation rollout under way • Netherlands responding: revenue +12.0%, EBITDA +27.6% doValue in coeo markets • Two contracts signed with banks in Germany and operational • €50 billion NPL in German banks’ balance sheets, up 67% since 20201 coeo in doValue markets • Contracts signed with payment and eCommerce operators in Spain and Italy • Greece in September • Italian call center active in Bari 1. EBA risk Dashboard, Q1 2026 vs Q1 2020. All financial figures in German Gaap Cross selling Outbound Inbound Countries
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6 Commercial momentum sustained across the Group €27 billion new business won since the start of the business plan H1 2026 new business highlights Italy New mandates of c. €200m. Forward flows from existing customers grew 46% Hellenic Region Market activity was softer in Q2 as market participants adopted a wait-and-see approach amid the evolving Katseli framework Spain A strong quarter, with c. €450m of new business added from two Spanish banking institutions: one new relationship and the other being Santander’s shifted contract perimeter Digital Receivables Management coeo continues to scale at pace: H1 revenue of €122m (+25% YoY), with Germany still compounding at scale despite being the Group’s largest market. Diversification is accelerating beyond the anchor client, and 11 new contracts signed in 2026 across six sectors add over €10m of annualized revenue New Mandates 1.6 Forward Flows New business H1 2026 0.5 Secondary sales 1.5 3.1 24 27 2024-26 BP Target Aggregated 2024-H126 GBV from new business in H1 2026 2024-2026 Business Plan Target Achieved
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7 Outlook for FY26: market dynamics to financial guidance CHALLENGING NPL MARKET BACKDROP Italy Low primary volumes (banks at historical minimum default ratios), ageing stock book, VAS still in upward trajectory Greece Performing well but potential delays in secondary sales due to regulatory tailwinds Spain Performing well though still below optimal scale coeo Double-digit growth, above expectations and structurally decoupled from NPE cyclicality Path to FY 2026 ~€300m Pro-Forma EBITDA ex NRI Overperformance in the Digital Collections perimeter Coeo’s outperformance offsets the NPL servicing shortfall Headwinds on the NPL servicing business and VAS Cost-containment measures to preserve EBITDA Cash flow and leverage Cash generation dependent on favorable working capital dynamics and proceeds from the Coeo portfolio sale.
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Titolo breaker slide Financial Results Davide Soffietti Group CFO
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9 Gross revenue Net revenue EBITDA ex NRIs EBITDA ex NRIs margin Net Income ex NRIs Q2 growth reflects the enlarged Group, with broadly stable profitability ∆% YoY • Gross revenue increased by 30% to €181m, primarily reflecting the first-time contribution from coeo. • Outsourcing fees at 18% mainly reflecting coeo’s different cost structure, with a larger portion of costs expressed through the outsourcing component • EBITDA excluding NRIs increased by 21% to €58m (€121m H1 on pro-forma basis), supported by coeo’s contribution and resilient profitability in the Hellenic Region • The EBITDA margin remained at 32%, compared with 34% in Q2 2025. • Net income ex NRIs was €3m, flat YoY, as higher EBITDA more than offsets the effects from the consolidation of coeo, including PPA amortization, and interest on the bond issued to finance the acquisition Q2 2025Q2 2026 Q2 results reflect the significant expansion and diversification of the Group following the consolidation of coeo. Revenue and EBITDA increased strongly, with a broadly stable EBITDA margin. At the same time, softer collections and less supportive market dynamics in the traditional servicing business, particularly in Italy. • Cash collections on own portfolio, only on principal, hence excluding collection fee which are partially accounted for in gross revenue Cash collections on own portfolio – outside EBITDA 181 140 +29.7% 148 126 +17.2% 58 48 +20.7% 32% 34% (2.4) p.p. 3 31 3 -
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10 Revenue: diversification gains across the enlarged footprint • The Group’s revenue profile has changed significantly over the past twelve months, reflecting the broader and more diversified footprint of the enlarged Group • NPL servicing now represents 43% of Group revenue, compared with 64% in 1H25 • Digital collections contribute 31% of Group revenue • Digital collections provide the Group with meaningful exposure to structurally growing markets, supported by the continued expansion of consumer credit, digital commerce and recurring outsourced receivables management. The more balanced revenue mix reduces the Group’s exposure to individual NPL market dynamics, while retaining a sizeable and resilient servicing franchise 64% 19% 17% NPL servicing Non-NPL servicing VAS 43% 12% 31% 14% NPL servicing Non-NPL servicing Digital collections VAS Q2 2026 Gross RevenueQ2 2025 Gross Revenue
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11 EBITDA growth supported by the enlarged perimeter and operating flexibility Q2 2025 Q2 2026 1H25 1H 26 PF 2025 1H26 PF LTM1 48 58 99 121 217 277 +21% +22% EBITDA ex NRI margin % 34% 32% 35% 33% H1 pro-forma EBITDA increased by 25% with a resilient 33% margin, demonstrating the greater earnings scale and diversification of the enlarged Group. 37% 1 coeo LTM calculated by doubling the EBITDA from the first six month of 2026, for pure illustrative purposes
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12 The portfolio: fast-turning, cash-generative, and on track for a 2026 exit €120-140m Portfolio market value1 H1 2026 €170m ERC-120months estimated remaining collections 8m Files under management €61m Cash collected in H1 for the benefit of doValue’s balance sheet reflecting the portfolio's fast turnover On track to sell the full portfolio within 2026. In the meanwhile a temporary cash-generative business • A fast-turning, cash-generative business The portfolio carries an estimated market value of €120-140m against €170m of estimated remaining collections over 120month — the total cash coeo expects to collect over the life of the assets just as principal and excluding collection fees It generated €61m of cash collections in H1 alone (principal alone, not including collection fees) Of the €48m re-invested in portfolio purchases during Q2, nearly 20% has already been collected, demonstrating the portfolio’s rapid cash conversion • Maintain an asset-light model doValue’s strategy is to divest the full investment portfolio and maintain the Group with an asset-light servicing model. Until disposal, the portfolio continues to generate substantial cash flows 1 Portfolio value including only principal, excluding expected future collection fees (company estimates)
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13 Net income reflects acquisition-related effects EBITDA ex NRIs D&A, net write downs, provisions and adjustments EBIT Income tax Minorities Q2 2026 Q2 2025€m Group Net Income reported Change EBT • Non-recurring items within EBITDA at €7 million, mainly linked to the acquisition of coeo • Depreciation, amortization and net impairment increased by €7m, mainly reflecting the consolidation of coeo and the related preliminary PPA • Net financial expenses increased slightly €17.3m, reflecting the cost of the bond and the RCFs used to finance the coeo’s receivables portfolio • Income tax increased slightly YoY, reflecting the positive contribution from Coeo • Minorities up €1m relating to the Group’s partnerships with BPER, Banco BPM and Eurobank • Non recurring items increased €9m mainly due to the NRIs within EBITDA, redundancy costs and the financial interest relative to the new bond issued to finance coeo • Net income ex NRI at €3m, compared with €(1)m in Q1, as higher EBITDA more than offset the higher provisions, taxes, and acquisition effects • On a H1 PF basis, EBITDA ex NRI would be €121 and ordinary net income €16 million Non-Recurring Items EBITDA Group Net Income ex NRIs Non Recurring Items Net financial interest, and net gains (loss) on financial assets 57.6 47.7 9.9 (7.4) (2.1) (5.3) 50.1 45.6 4.5 (32.6) (25.5) (7.1) 17.5 20.1 (2.6) (16.0) (13.4) (2.6) 1.5 6.7 (5.2) (9.3) (7.3) (2.0) (3.7) (2.5) (1.1) (11.4) (3.1) (8.3) (14.7) (5.9) (8.8) 3.3 2.8 0.4
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14 EBITDA Reported Capex NWC & share-based payments Other assets & liabilities Cash Flow from Operations Taxes Financial charges Free Cash Flow Minorities, equity investments & financial assets €m Recurring cash generation improves as Q1 NWC absorption is fully reversed Cash flow before dividend & debt repayment Q2 2026 Q2 2025 • NWC fully recovered the absorption from the first quarter, in line with expectations • Other assets & liabilities • IFRS16 €5 million, Redundancy €4 million • Other changes in other assets and liabilities include a temporary €8m effect from a VAT dispute in Greece, expected to be recovered thanks to positive ruling, and temporary effect of 2025 MBO payment (€12 million impact). Closed favourably any tax liabilities vs Italian tax authority • coeo portfolio investment reflects the strong growth in file intake, fueling future revenue growth. Operating cash flow increased vs Q2 2025, netting out Coeo portfolio inflows Change coeo portfolio investments – Q2 coeo cash collections coeo acquisition Operating CF 14 Transactions costs & Temporary VAT effect in Greece Recurring Operating CF (22) Taxes and financial charges Recurring FCF 76 90 68 Q2 Recurring Cash Flow Bridge Non-cash IFRS9 adjustment1 50.1 45.6 4.5 2.4 2.4 31.4 -0 31.4 (7.0) (5.7) (1.3) 38.9 11.1 27.8 (39.8) (17.7) (22.1) 76.0 33.3 42.7 (4.8) (0.0) (4.8) (17.1) (14.3) (2.8) 54.1 19.0 35.2 (8.2) (8.0) (0.2) (48.2) -0 (48.2) (368.5) -0 (368.5) (370.8) 10.9 (381.7) 1 Non-cash adjustment derived from the IFRS 9 application (POCI) to coeo's receivables portfolio (the impact of this item is expected to be limited once the disposal of the portfolio is executed: i.e. higher accounting EBITDA
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15 Financial structure: focus on deleveraging following the coeo acquisition NET DEBT (€M) Leverage • Reported net leverage at 3.1x, at June 2026, reflecting the coeo acquisition, related financing and the dividend payments • Planned portfolio disposal targeted by year-end, supporting the deleveraging trajectory • Leverage of c.2.6x assuming the planned coeo portfolio disposal had been completed at June 2026 • Current bonds trade at c.5% yield to maturity, the lowest in the industry. The average cost of debt sets at 5.9% following the refinancing of the term loan and RCF • BB Rating with Stable outlook confirmed by Fitch in April and S&P in July 2026 • Solid liquidity and extended debt maturities, following the recent €60m tap issuance, the €250m new Term Loan and €80m RCF, replacing the existing facilities with 5 years maturities extending the previous ones • Deleveraging remains a financial priority Cash on BS €300m SSN Maturity 02/2030 7.000% coupon2 TL Maturity 10/20292 Other liabilities and RCFs4 Cash generation, the planned portfolio disposal and lower financing costs support the deleveraging path 2.3x1 2.3x1 2.0x 2.3x 2.6x 314 320 290 295 240 300 294 300 295 300 403 80 (168) (168) 1 (132) Jun-25 0 (122) Sep-25 0.2 (145) Dec-25 0.4 (122) Mar-26 Jun-26 post Dividends net of coeo back-book Jun-26 post Dividends 484 493 4393 4673 722 855 €350m SSN Maturity 11/2031 5.375% coupon2 Notes: 1. Pro forma including 12 months of Gardant contribution; 2. Including accrued interests and fin. Assets measured at amortized cost; 3. including SSN notes due in 2031 and related escrow accounted as cash until closing of coeo acquisition, occurred on April 16th; 4. Minor bank loans and - as for June 2026 - drew-down RCF in Q2 2026, of which €25m repaid in July; 5. Breakdown after the recent TAP transaction 3.1x (5)
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16 Lower cost of debt • Follows the €60m tap on the 5.375% 2031 SSNs (July 2026); proceeds prepaid €50m of the Term Loan doValue strengthens its capital structure: new €330m facilities at a lower cost €330m New Term Loan + RCF ~€4m Annual interest savings ~5.9% New blended cost of debt +5 years Maturity extension €250m Term Loan + €80m RCF, replacing the existing facilities Cost of debt now broadly in line with 2031 SSN trading levels Term Loan, SSN 2031 & Bond 2030 To July 2031, from Oct 2029 (TL) and Oct 2027 (RCF) 38 38 38 300 410 38 100 2026 2027 2028 2029 2030 2031 338 510Term Loan SSN 2031 SSN 2030 Maturity Profile Stronger liquidity profile • Greater covenant flexibility, providing strategic headroom to support doValue's growth initiatives Laddered maturity profile • €250m Term Loan amortising from year 2, with c.40% remaining as a bullet at final maturity in 2031 • €80m RCF extended from 2027 to 2031 • No material refinancing wall before 2030 Diversified funding strategy • Balanced combination of bank financing (€330m TL+RCF) and capital markets instruments (€410m 2031 SSN, €300m 2030 bond)
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Titolo breaker slide Appendix
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18 Gross revenue Net revenue EBITDA ex NRIs EBITDA ex NRIs margin Net Income ex NRIs H1 financials reflect the impact of temporary phasing in Q1 ∆% YoYH1 2025H1 2026 Cash collections on own portfolio – outside EBITDA ∆% YoYH1 2026 pro forma 61 302 281 +7.2% 255 255 +0.1% 93 99 (6.6)% 31% 35% (4.6) p.p. 2 12 (82.0)% 368 +30.8% 300 +18.0% 121 +21.8% 33% (2.4) p.p. 16 +34.5%
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19 H1 Net Income & Cash Flow EBITDA ex NRIs D&A, net write downs, provisions and adjustments EBIT Income tax Minorities H1 2026 H1 2025Net Income (€m) Group Net Income reported Change EBT Non-Recurring Items EBITDA Group Net Income ex NRIs Non Recurring Items Net financial interest, and net gains (loss) on financial assets 99.1 (7.6) (2.6) (4.9) 89.6 96.5 (6.9) (54.2) (46.3) (7.9) 35.4 50.2 (14.8) (41.2) (32.6) (8.6) (5.8) 17.6 (23.4) (13.5) (13.2) (0.3) (5.8) (8.5) 2.7 (25.1) (4.1) (21.0) (21.9) (16.0) (5.9) (3.2) 11.9 (15.1) EBITDA Reported Capex NWC & share-based payments Other asseta & liabilities Cash Flow from Operations Taxes Financial charges Free Cash Flow Minorities, equity investments & financial assets Cash Flow (€m) Cash flow before debt repayment coeo portfolio investments – Q2 coeo cash collections coeo acquisition H1 2026 H1 2025 Change 92.6 (6.6) Non-cash IFRS9 adjustment1 85.0 96.5 (11.5) 2.4 2.4 31.4 -0 31.4 (10.9) (8.0) (2.9) 3.4 22.5 (19.1) (48.0) (30.4) (17.6) 63.3 80.6 (17.4) (10.5) (7.0) (3.5) (27.4) (23.1) (4.3) 25.3 50.5 (25.1) (7.7) (20.1) 12.4 (48.2) -0 (48.2) (368.5) -0 (368.5) (399.1) 30.4 (429.4)
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20 H1 2026 Combined Group1 Hellenic Region GBV Collections ACR Italy Spain Gross revenue EBITDA ex NRIs and Portfolio FV movements EBITDA ex NRIs margin Regional performance 1.: EBITDA ex NRI and its margin include Group costs worth €6.5m # Files under management/ coeo €132bn €41bn €82bn €9bn 3.9% 4.9% 3.0% 7.3% €302m €102m €120m €23m €93m €52m €27m €2m 30.7% 51.0% 22.3% 10.3% €2.4bn €1.0bn €1.1bn €0.3bn 8m files - - €56m €18m 31.4%
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21 GBV evolution Solid GBV dynamics despite planned portfolio exits Inflows from new clients: intakes by region worth €0.7bn from Italy, €0.3bn from the Hellenic Region, and €0.6bn from Spain Write off occurred mainly in Spain due to revaluation of the new contract which focuses on new quarterly inflows of new formations of NPL and Italy Disposals in H1 originated in the Hellenic Region and include a contract with Greek banks agreed upon before the acquisition of doValue Greece which reached the expiry 135.9 132.2 1.6 1.5 EoP 2025 Inflows from existing clients Inflows from new clients (onboarded) (2.4) Collections / Sales (3.0) Net write-off (1.4) Disposals EoP ACT H1 2026
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22 Reclassified Statement of Profit or Loss Note: (*) Restated data (reclassification within the line items comprising “gross revenue”) to ensure comparability with the current presentation. Reclassified Statement of Profit or Loss 1st Half 2026 1st Half 2025 restated* Change € Change % NPL Servicing revenue 146,748 174,434 (27,686) (15.9)% Digital & Other Collections 100,220 49,821 50,399 101.2% Value added services 54,611 56,985 (2,374) (4.2)% Gross revenue 301,579 281,240 20,339 7.2% Outsourcing fees (46,815) (26,647) (20,168) 75.7% Net revenue 254,764 254,593 171 0.1% Staff expenses (122,446) (119,478) (2,968) 2.5% Administrative expenses (47,335) (38,627) (8,708) 22.5% of which IT (16,044) (16,031) (13) 0.1% of which Real Estate (2,691) (3,197) 506 (15.8)% of which SG&A (28,600) (19,399) (9,201) 47.4% Operating expenses (169,781) (158,105) (11,676) 7.4% EBITDA 84,983 96,488 (11,505) (11.9)% EBITDA margin 28.2% 34.3% -6.1% (17.8)% Non-recurring items included in EBITDA (7,588) (2,644) (4,944) n.s. EBITDA excluding non-recurring items 92,571 99,132 (6,561) (6.6)% EBITDA margin excluding non-recurring items 30.7% 35.2% (4.5)% (12.9)% Depreciation, amortization and net impairment losses on property, plant and equipment and intangible assets (39,922) (38,410) (1,512) 3.9% Net provisions for risks and charges (15,840) (7,775) (8,065) 103.7% Net reversals of impairment losses (impairment losses) on loans 553 (88) 641 n.s. EBIT 29,774 50,215 (20,441) (40.7)% Net gains (losses) on financial assets and liabilities measured at fair value through profit or loss 851 1,057 (206) (19.5)% Net financial interest and commissions (32,604) (33,622) 1,018 (3.0)% EBT (1,979) 17,650 (19,629) (111.2)% Non-recurring items included in EBT (26,002) (17,253) (8,749) 50.7% EBT excluding non-recurring items 24,023 34,903 (10,880) (31.2)% Income tax (13,785) (13,190) (595) 4.5% Profit (Loss) for the period (15,764) 4,460 (20,224) n.s. Profit (Loss) for the period attributable to non-controlling interests (5,882) (8,513) 2,631 (30.9)% Profit (Loss) for the period attributable to the owners of the Parent (21,646) (4,053) (17,593) n.s. Non-recurring items included in Profit (Loss) for the period (24,006) (16,024) (7,982) 49.8% of which Non-recurring items included in Profit (Loss) for the period attributable to non-controlling interests (203) (21) (182) n.s. Profit (Loss) for the period attributable to the owners of the Parent excluding non-recurring items 2,157 11,950 (9,793) (81.9)% Profit (Loss) for the period attributable to non-controlling interests excluding non-recurring items 6,085 8,534 (2,449) (28.7)% Earnings (Loss) per share (in Euro) (0.114) (0.021) (0.093) n.s. Earnings per share excluding non-recurring items (Euro) 0.011 0.063 (0.052) (82.5)%
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23 Reclassified Statement of Financial Position Reclassified Statement of Financial Position 6/30/2026 12/31/2025 Change € Change % Cash and liquid securities 158,302 143,991 14,311 9.9% Financial assets 238,902 423,625 (184,723) (43.6)% Equity investments 12 12 - n.s. Property, plant and equipment 56,482 54,602 1,880 3.4% Intangible assets 937,402 634,054 303,348 47.8% Tax assets 94,493 89,200 5,293 5.9% Trade receivables 198,808 210,265 (11,457) (5.4)% Assets held for sale - 10 (10) (100.0)% Other assets 69,538 90,145 (20,607) (22.9)% Total Assets 1,753,939 1,645,904 108,035 6.6% Financial liabilities to banks and bondholders 1,013,498 933,506 79,992 8.6% Other financial liabilities 121,606 87,283 34,323 39.3% Trade payables 93,634 117,217 (23,583) (20.1)% Tax liabilities 124,797 95,123 29,674 31.2% Employee benefits 7,953 8,629 (676) (7.8)% Provisions for risks and charges 26,259 23,559 2,700 11.5% Other liabilities 89,985 66,444 23,541 35.4% Total Liabilities 1,477,732 1,331,761 145,971 11.0% Share capital 68,614 68,614 - n.s. Share premium 11,993 58,633 (46,640) (79.5)% Reserves 99,853 83,479 16,374 19.6% Treasury shares (6,921) (8,218) 1,297 (15.8)% Profit (Loss) for the period attributable to the owners of the Parent (21,646) (8,215) (13,431) n.s. Equity attributable to the owners of the Parent 151,893 194,293 (42,400) (21.8)% Total Liabilities and Equity attributable to the owners of the Parent 1,629,625 1,526,054 103,571 6.8% Equity attributable to non-controlling Interests 124,314 119,850 4,464 3.7% Total Liabilities and Equity 1,753,939 1,645,904 108,035 6.6%
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24 Condensed Cash Flow Cash flow 1st Half 2026 1st Half 2025 FY 2025 EBITDA 84,983 96,488 209,486 FV Portfolios 2,401 - - Capex (10,926) (7,983) (35,069) EBITDA-Capex 76,458 88,505 174,417 as % of EBITDA 90% 92% 83% Changes in Net Working Capital (NWC) 3,445 22,512 32,398 Changes in other assets/liabilities (48,016) (30,404) (25,453) Operating Cash Flow 31,887 80,613 181,362 Corporate Income Tax paid (10,478) (6,993) (34,884) Financial charges (27,448) (23,144) (45,471) Free Cash Flow (6,039) 50,476 101,007 (Investments)/divestments in financial assets 1,113 1,018 (2,924) Equity and IFRS 15 contracts (investments)/divestments (1,800) (2,637) (3,838) Earn-out and Tax claim payment - (10,800) (10,800) Treasury shares buy-back - - - coeo cash on-balance at the acquisition date 34,892 - - Net change in coeo's clients fund 2,714 - - coeo collections on purchased loans 31,375 - - coeo debt purchasing capex (48,210) - - Dividends paid to non-controlling investors (7,042) (7,696) (7,697) Dividends paid to owners of the Parent (17,500) - - Net Cash Flow of the period before M&A (10,497) 30,361 75,748 Coeo acquisition price (355,231) - - Reimbursement of Financing coeo (25,028) - - Reimbursement of Earnout coeo (30,344) - - coeo management investment 4,520 - - Net Cash Flow of the period (416,580) 30,361 75,748 Dividends paid to owners of the Parent 17,500 - - Total Cash excluding dividends to owners of the Parent (399,080) 30,361 75,748 Cash in portfolios coeo 132,876 - - Total Cash Flow post portfolio sale (266,204) 30,361 75,748 Opening Net Financial Position (438,616) (514,364) (514,364) Closing Net Financial Position (855,196) (484,003) (438,616) Change in Net Financial Position (416,580) 30,361 75,748
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25 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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26 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 communication by any person presenting on behalf of doValue S.p.A. and its affiliates (“doValue”), and any question and answer session that follows the formal presentation (collectively, the “Information”). In accessing the Information, you agree to be bound by the following terms and conditions. The Information may not be redistributed, published or passed on to any other person, directly or indirectly, in whole or in part, for any purpose. This presentation and any materials distributed in connection herewith, taken together with any such verbal or written comments, including the contents thereof and the Information (together, the “Presentation”) is not intended for potential investors and do not constitute or form a part of, and should not be construed as, an offer for sale or subscription of or solicitation of any offer to purchase or subscribe any securities, and neither this Presentation nor anything contained herein shall form the basis of, or be relied upon in connection with, or act as an inducement to enter into, any contract or commitment whatsoever. Any such offer would only be made by means of formal offering documents, the terms of which shall govern in all respects. You are cautioned against using this information as the basis for making a decision to purchase any security or to otherwise engage in an investment advisory relationship with doValue S.p.A. and its affiliates. The distribution of this Presentation in other jurisdictions may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restriction. Any failure to comply with these restrictions may constitute a violation of the laws of any such other jurisdiction. This Presentation has been prepared based on the information currently available to management and is based on certain key underlying assumptions. The information contained in this Presentation has not been independently verified and no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness, reasonableness or correctness of the information or opinions contained herein. 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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. Estimates 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