Good morning, everyone. I'm Daniele Della Seta, Head of Investor Relations at doValue. I'm joined by Manuela Franchi, our Group CEO, and Davide Soffietti, our Group CFO, as we present doValue's Q2 2026 financial results. It is the first quarter to fully reflect the consolidation of coeo. This transformative transaction is already contributing to a stronger growth profile for the group. Manuela will begin with an overview of our performance and the key market dynamics. Davide will then provide a detailed review of the second quarter financial results, cash generation, and financial structure. We will conclude, as usual, with a Q&A session. Thank you for joining us today. I will now hand over to Manuela. Good morning, everyone. The first half of 2026 marks an important step in the evolution of doValue. The group is now more diversified across geographies, clients, and credit segments. Digital receivables have become a material part of our revenue and earning base. While our traditional servicing platform continues to provide scale, visible cash flows, and AI-insulated servicing capabilities. The half year delivered on the priorities we set out for this phase: growth in digital receivables, profitability, a stronger capital structure, and an established servicing platform. Let me highlight four key developments from the first half. First, digital receivables, the business of coeo, continue to deliver strong growth. Revenue increased by 25% year-on-year, supported by five million new files onboarded during the period. coeo client base continued to diversify beyond its historical anchor relationship, and growth remains ahead of the assumption in our original acquisition case. Second, pro forma group EBITDA, excluding non-recurring items, reached EUR 121 million. In the second quarter alone, EBITDA grew 21% year-on-year. Profitability benefits from coeo involves on AI automation, while the doValue business continue to implement disciplined cost actions. Third, we further strengthened our capital structure. The recent refinancing extended our debt maturities and is expected to generate approximately EUR 4 million of annual interest savings while reinforcing liquidity and financial flexibility. The picture of the first half is a group with a faster-growing engine, a more efficient cost base, a longer and cheaper debt structure, and a servicing platform that keeps replenishing itself. That is the base from which we run the second half. Let's now turn to page four and look more closely at digital receivables. This is the engine of the group next phase of growth, and in the first half it's accelerated. Revenue was up 25% year-on-year, and EBITDA reached EUR 46 million. The quality of that growth matters as much as the rate. Germany, which is by far our largest market for digital receivables, grew 21% year-on-year. This is scale compounding on an already large base, not a small base effect. It come with efficiency, not with headcount. Indeed, new files under the full-time employee were up 21% year-on-year, as automation absorb the additional volume. Second, diversification is accelerating. Collection revenue from clients other than coeo anchor customer was up 50% year-on-year. Behind that number, there is a concrete commercial pipeline. We signed 11 new contracts this year, worth more than EUR 10 million of incremental annualized revenue and around 350,000 new files per year across six different sectors: telcos, utilities, insurance, mobility, commerce, and financial services. This is the practical answer to the question of whether the platform can extend beyond its anchor relationship and beyond buy now, pay later. It already is. Third, a word on the owned portfolio, which is the part of this business that is least familiar to our investors. We own the receivable portfolio with an expected market value of EUR 120 million-EUR 140 million, with an estimated remaining collection value of EUR 170 million. Let me be clear on where this is going. The disposal process on this portfolio is progressing, and we expect to complete it by end of this year. At that point, the group will be fully asset light, a pure servicing and receivable management platform with no balance sheet exposure to the receivable we manage. Two points are worth making while that process is completed. First, this portfolio is limited in size relative to our balance sheet, and it turns into cash very quickly. EUR 61 million of collection in six months against EUR 120 million-EUR 140 million of market value speaks for itself. To give you a measure of how quickly this portfolio converts into cash, receivables purchased in the second Q have already returned 20% of the amount invested during the same quarter. Second, for as long as we own it, the group retains that cash generation. The time to completion is not a cost to us. It adds cash flow in the meanwhile. We will complete the sale on the right terms, and we still expect that to be within this year. Let's now turn to page five, which shows how that growth is actually produced, deepening automation in our core markets, and scale in the newer ones. Let's start with automation. Total automation in Germany reached 77% at the end of June, up from 69% in December, eight percentage points in six months. In practice, cAI, our proprietary AI platform, handled around 1.3 million interactions on a fully automated basis in the half, 400,000 more than in the second half of the year. More than one million files were closed with no human involvement at all. Up 23% from 854,000 a year ago. The reason we spend time on this number is that they translate directly into unit economics. Human-assisted contacts per file were down 24% versus the second half of 2025. The same file now requires materially less human effort, which is what lowers our cost to collect. The automation is moving up the complexity curve, not just handling simple cases. By June, 62% of cAI related emails were processed straight through, against 41 in January, 75% of documents against 49. This is deployed technology with measurable outputs in production environments, not a pilot. The second half of the page. Scale outside Germany. Revenue in the markets outside our core grew 28% to EUR 50.6 million. The newest platform are the fastest-growing. In the Nordics, revenue reached EUR 15.6 million, up 83%, with Sweden at EUR 11.6 million. Norway went from EUR 0.1 million to EUR 1.9 million, turned profitable in the second part of the year of operation. In DACH, outside Germany, revenue was EUR 12 million, up 52%, with Austria at EUR 7.6 million and Switzerland at EUR three million, delivering its first profitable half year. Finland has launched and is generating its first revenue. Denmark is next, which will bring the group to 14 countries. The partner here is what matters more than any single country. The greenfield playbook is repeatable. It requires very limited capital, and it reaches profitability quickly. Finally, the box at the bottom of the page, which is the part I would draw your attention to because it's new. Cross-selling between doValue and coeo has moved from intentions to signed contracts in both directions. doValue has signed and is already operational on two mandates with German banks. Relevant because banks carry around EUR 50 billion of non-performing loans, a stock up 67% since 2020, in a servicing market with no scaled incumbent. In the other direction, coeo has signed contracts with payment and e-commerce operator in Spain and Italy, where our Bari operation is now active, and Greece follows in September. Also with the first deployment of the cAI voice agent in a doValue market. Let's now turn to new business on page six, where I want to start with the single most important fact on this page. We have already delivered the new business target of our business plan. Since the start of the plan, we have won EUR 27 billion of new business against the EUR 24 billion-EUR 26 billion target of EUR 24 billion. The target is achieved six months before the end of the plan, and in the first half alone, we added EUR 3.1 billion of GBV, made up of EUR 1.5 billion of new mandates and EUR 1.6 billion of forward flows. On top of that, secondary sales amounted to an overall EUR 0.5 billion, of which EUR 0.2 being the first-ever sale of reperforming loans in Greece occurring in the first quarter. By region, the picture is uneven. Spain had a strong half, adding around EUR 450 million of new business from two banking institutions, one a new relationship, the other is the shifted contract perimeter with Santander. Italy signed around EUR 200 million of new mandates with forward flows from Banco BPM and BPER growing 46%, mostly driven by the contribution of Banca Popolare di Sondrio within the BPER perimeter. In the Hellenic Region, activity was visibly softer in the second quarter, as market participants adopted a wait-and-see approach while the Katseli framework evolves. Now, a word on the quality of this new business, because volume alone would be a misleading way to read this page. The market is more complex, particularly in Italy, where collection has been softer and the flow of new business across the market is low in 2026. Looking at the second half, we expect several portfolios to come to market from secondary transactions in the coming months. For doValue, although with a lower collection rate, this is genuine new business, new mandates, new investor relationships, and incremental GBV under management. Before turning to guidance, let's look at the market backdrop on page seven. The European NPL market has evolved into a new equilibrium, underpinning more than EUR 2 billion of addressable servicing revenue across our core footprint over 2026-2029 period. This is not the same market we had 10 years ago, when banks were dealing with very large legacy stocks at the peak of the NPL cycle. The market is smaller than the peak NPL market of the past, but more disciplined, more recurring, and more sustainable. The second message is equally important. The opportunity is no longer limited to banking NPLs. Technology and AI are making it economically viable to serve adjacent asset classes that were historically less profitable under a traditional human-heavy servicing market. This is exactly where the combination with coeo becomes strategically powerful. doValue brings scale, licenses, institutional relationships, and deep servicing expertise. coeo brings a highly automated, AI-enabled platform for small ticket, high volume receivables. Together, we can address both sides of the market, the new equilibrium in banking NPL, and the emerging opportunities in the adjacent credit and receivable segments. On the basis of this strategic backdrop, let me turn to what this means for our full year 2026 outlook. Across our markets, performance remains differentiated. Italy continues to face low primary NPL volume as banks' default ratio remains near historical lows. The aging stock of existing portfolios with lower than expected expansion of value-added services is adding to the challenge. Greece is performing well, although regular development may delay some secondary market transactions. Spain continues to progress, but as yet, not on optimal scale. Most importantly, coeo continues to deliver double-digit growth, ahead of expectation and structurally less exposed to the NPL cycle. Taking these three elements together, we believe our full year 2026 pro forma EBITDA guidance of approximately EUR 300 million remains within reach, assuming that coeo continues to perform broadly in line with the first half, and the group is able to adapt its cost base to the new market reality, both areas where management is strongly focused on and has delivered. On leverage, delivery remains dependent on two key drivers, completion of the coeo receivable portfolio sale, and the expected normalization of NPL working capital, with encouraging trends already visible in the second quarter. At the same time, the strategic direction of the group is clear. We are building a broader, more diversified, and more technology-enabled platform, with digital receivables providing an additional engine of growth, and the servicing franchise continues to generate scale and cash flow. This gives us confidence in the group's ability to navigate the current market environment and deliver shareholder value beyond 2026. You will hear more on this on the next 18th of October in our capital markets day. Now, I will hand over to Davide for a detailed financial overview of the quarter. Thank you, Manuela, and good morning, everyone. Let us start page nine, with the second quarter financial highlights. The second quarter results provide the first full reported view of the larger group, including coeo. Gross revenue increases by 30% year-over-year to EUR 181 million, primarily reflecting the first time contribution from coeo. Net revenue increased by 17% to EUR 148 million. The difference between gross and net revenue growth reflects the different operating model of coeo, where a large proportion of cost is recorded through outsourcing fees. Outsourcing fees therefore represented 18% of gross revenue in the quarter. EBITDA, excluding non-recurring items, increased by 21% to EUR 58 million, supported by coeo's contribution and resilient profitability in the Hellenic Region. The EBITDA margin remained broadly stable at 32%, compared with the 34% in the second quarter of last year. This reflects the contribution from coeo, resilient profitability, and operating flexibility in the Hellenic Region, partially offset by the weaker performance in Italy. The lower EBITDA net income excluding non-recurring items was EUR 3 million, broadly flat year-on-year. Higher EBITDA more than offset the effect from the negative items arising from the consolidation of coeo, including PPA amortization and the interest expense associated with the bond issued to finance the acquisition. For completeness, on first half pro forma basis, assuming coeo had been consolidated from the beginning of the year, EBITDA excluding non-recurring items would have reached EUR 121 million, while group net income excluding non-recurring items would have remained positive at EUR 16 million. Both these figures are relevant because they are coherent with guidance figures. Finally, coeo's own portfolio generated EUR 31 million of cash collection in the quarter, and EUR 61 million the first six months. These collections relate to principal and are therefore outside EBITDA, while the related collection fees are recognized in the gross revenue. We do not think cash EBITDA is the most appropriate metric to assess doValue's operating performance, as our model remains fundamentally servicing-led. However, while the portfolio is still on the balance sheet, if you want to look at the EBITDA on a more comparable basis with debt purchasers, the information provided on portfolio cash collection, portfolio investment, and related accounting treatment gives you the ability to do so. Overall, the second quarter showed a stronger scale and broader earnings base of the enlarged group. It also shows that this diversification in the growing market provides a meaningful buffer, although not yet entirely offsetting the softer dynamics affecting parts of the traditional servicing business. Let us now move to page 10, where we show how significantly the group's revenue mix has evolved over the past 12 months. Digital collection already represented 1% of group revenue, compared with the 43% from NPL servicing. One year ago, NPL servicing accounted for 64% of group revenue and value-added services for 17%. Today, the enlarged group has a significantly more balanced mix, 43% in NPL servicing, 31% digital collection, 12% non-NPL servicing, and 14% value-added services. This is more than a perimeter effect. It represents a structural change in the composition of the group. Digital collections provide the group with meaningful exposure to structurally growing markets, supported by the continued expansion of consumer credit, digital commerce, and the recurring outsourced receivables management across financial and non-financial clients. They also significantly expand our presence in Central and Northern Europe. At the same time, specialist servicing remains a sizable and highly relevant franchise. NPL servicing is still the largest component of group revenues, and it continues to provide scale, longstanding client relationships, specialist case management capabilities, and cash generation across Southern Europe. The strategic value in the larger group comes from combining these two platforms. We retain our leadership and expertise in complex field servicing while adding a digital collection business with a broader exposure across geographies, clients, and sectors. The more balanced revenue mix reduces the group's exposure to individual NPL market dynamics while retaining a sizable and resilient servicing franchise. This is particularly important in the current market environment, where traditional servicing trends remain different across countries. Such trends do not remove the near-term impact of the softer dynamics currently affecting Italy. However, the contribution from digital collection is already mitigating part of that pressure, and over time should make the group structurally less dependent on any single geography or credit cycle. Overall, the slide shows a group that is materially more diversified than 12 months ago, still anchored in specialist servicing, but now complemented by digital collection platform that already represents almost 1/3 of revenues and provides an additional engine for future growth and earnings resilience. Moving to page 11, we can see how the broader revenue base translated in EBITDA. EBITDA excluding non-recurring items increased by 21% year-on-year from EUR 48 million to EUR 58 million, primarily reflecting the first-time contribution from coeo and the resilient profitability of the Hellenic Region. The EBITDA margin remained broadly stable at 32%, compared with 34% in the second quarter of last year. This demonstrates the resilience of the larger group, despite the pressure affecting parts of the traditional servicing business. On a first half pro forma basis, assuming that coeo had been consolidated from the beginning of the year, EBITDA excluding non-recurring items reached EUR 121 million, up 23% compared with the first half of 2025, with a margin of 33%. The first message is therefore scale. The larger group is now operating from a materially broader earnings base. Q2 EBITDA increased to EUR 58 million, and first half pro forma EBITDA to EUR 120 million. The second message is margin resilience. EBITDA margin was 32% in Q2 and 33% on a first-half pro forma basis. This reflects the contribution from coeo's growing and increasingly automated platform, together with the operating efficiency of the servicing business. At the same time, we are not ignoring the trends in parts of the traditional servicing business. Italy remains affected by softer collection, lower primary NPL volumes, and has lower contribution from value-added services. Proactive cost mitigation measures are already underway to align the cost base with the current volume trends. Spain and the Hellenic Region continue to provide important support to the group's profitability. In particular, the Hellenic Region remains resilient despite softer market activity, while Spain continued to benefit from cost discipline as the business progresses towards optimal scale. Moving on, page 12. I would like to spend a moment on coeo's own portfolio, which is an important component of both the cash generation profile of the business and our transition towards an asset-light model. The first point is that this is a fast earning and cash generative portfolio. At the end of June, the portfolio had an estimated market value of approximately EUR 120 million-EUR 140 million, and estimated the remaining collection of approximately EUR 170 million over 120 months. These figures refer to expected principal collection and therefore exclude the collection fees generated by the platform. The portfolio comprises approximately 8.5 million and generated EUR 60 million of principal cash collection in the first half of 2026. These collections were recorded for the benefit of doValue balance sheet and demonstrate the speed at which the portfolio converts into cash. The rapid conversion is also visible in the most recent investments. Of the EUR 48 million reinvested in portfolio purchases during the second quarter, 20% had already been collected by the end of June. This is the defining feature of coeo's portfolio model. Capital is deployed into granular receivables that start converting to cash very quickly. The second point is strategic. Our objective is not to maintain a permanently capital-intensive portfolio business. As announced at the time of the acquisition, our strategy is to divest the full investment portfolio and maintain the group as an asset-light, servicing lead platform. We continue to target completion of the disposal within 2026, preserving coeo servicing and technology capabilities while removing the balance sheet intensity associated with the portfolio ownership. Until the disposal is completed, the portfolio remains a temporary but meaningful source of cash generation. The final point is how investors should think about the portfolio while it remains on our balance sheet. From an operating perspective, this is not a strategic departure from doValue servicing lead model. It is a portfolio that come with coeo. It generates significant cash while we own it, and it is expected to be sold as part of our transition to the full asset-light structure. At the same time, as we discussed earlier, the related cash collection and reinvestment are important for understanding cash generation and comparability with debt purchasers. We do not intend to manage the group around the purchasing metric, but we are providing the information needed to bridge that view if analysts choose to do so. The key message is therefore straightforward. The portfolio is fast earning, cash generative, and on track for disposal, while the strategic destination of the group remain an asset-light servicing and receivable management platform. Let us now move to page 13, where we take you through the main items between EBITDA and group net income. EBITDA excluding recurring items was EUR 57.6 million in second quarter compared to EUR 47.7 million entire year. Non-recurring items within EBITDA amounted to EUR 7.4 million, mainly linked to the acquisition of coeo. After these items, reported EBITDA was EUR 50 million, up EUR 5.5 million year-on-year. Below EBITDA, depreciation, amortization, net write-downs, provision and adjustments amounted to EUR 32.6 million, an increase of EUR 7.1 million year-on-year. They mainly reflect the consolidation of coeo and the related preliminary purchase price allocation. As a result, EBIT was EUR 17.5 million, compared with EUR 20.1 million in Q2 2025. Net financial expenses and net gain and losses on financial assets amounted to EUR 16 million, increasing by EUR 2.6 million year-on-year. This reflects the cost of the bond and SSNs used to finance temporary holding of coeo receivable portfolio. This results in EBT of EUR 1.5 million. Income taxes amounted to EUR 9.3 million, slightly higher than the period, reflecting the contribution from profitable entities across the group, including coeo. Minority interest amounted to EUR 3.7 million, increasing by approximately EUR 1.1 million year-on-year, and relate to the group's partnership with BPER and Banco BPM and Eurobank. Group net income, excluding non-recurring items, was positive at EUR 3.3 million, compared with EUR 2.8 million of Q2 2025. On a first half pro forma basis, assuming coeo had been consolidated from the beginning of the year, EBITDA excluding items would have been EUR 120 million, while ordinary net income would have been EUR 16 million. The main takeaway, net income, excluding non-recurring, is growing just after the first quarter of full consolidation of coeo, providing the EPS accretive nature for the transaction. Moving to page 14, the key message is the significant improvement in cash generation during the second quarter, and importantly, the full reversal of the working capital absorption recorded in Q1. Starting from the reported EBITDA, the quarter also includes a EUR 2.4 million non-cash IFRS 9 item related to the coeo receivable portfolio and EUR 31.4 million of principal cash collection from coeo's own portfolio, recorded for the benefit of doValue balance sheet. Net working capital contributed EUR 38.9 million in second quarter, fully recovering the absorption recorded in Q1, in line with our expectations. This compares with the positive working capital contribution of EUR 3.4 million for the first half, confirmed the first quarter absorption was temporary and fully reversed in Q2, and that the Q1 absorption was driven by timing rather than a structural generation in the group's cash conversion. Other assets and liabilities absorbed EUR 39.2 million. This includes recurring cash items such as IFRS 16 payments and redundancy costs, as well as specific temporary and non-recurring effects. In particular, the quarter includes an approximately EUR 8 million delayed cash impact related to the VAT dispute in Greece with the Greek tax authority. Following the positive ruling, we expect this amount to be fully recovered, making it only a shift in timing. The line also includes EUR 12 million cash mismatch, the 100% payment over the 2025 management incentive plan versus the six-month accrual for 2026. After this movement and EUR 7 million of CapEx, cash flow from operation reached EUR 76 million, compared with EUR 33 million in the second quarter of the last year. Adjusting for transaction costs and temporary VAT effect increase, recurring operating cash flow was EUR 90 million. After taxes and financial charge of EUR 20.9 million, recurring free cash flow amounted to EUR 68 million in the quarter. This demonstrates the strong cash generation capacity of the larger group, once temporary and transaction related items are separated from the underlying performance. Reported free cash flow was EUR 54.1 million, compared with EUR 19 million in Q2 2025. Below free cash flow, the reported cash flow before debt repayment was significantly affected by two clearly identifiable items. The first was the EUR 368.5 million net cash impact from the coeo acquisition. The second was EUR 48.2 million investment in coeo's customer receivables, reflecting strong filing dates and supporting future collection revenue. As discussed in the period page, this portfolio investment had rapid cash conversion profile, near 20% with the amount invested during the quarter had already been collected by the end of June. The reported cash flow before debt repayment was therefore negative by EUR 370.8 million. This figure is not representative of the group's underlying cash generation, as it includes the acquisition consideration for coeo and the portfolio investment. The key takeaway from this page that the recurring cash generation remained strong, while the working capital concern visible at the end of Q1 was fully reversed during the second quarter. This cash generation capacity, together with the planned portfolio disposal, remains an important support for the group's deleveraging trajectory. Let us now move to page 16 and look at the group financial structure and the leveraging trajectory. The key message on this page is that the reported leverage at the end of June reflects the completion of the coeo acquisition, the related financing, and dividend payments made during the first half. Reported net debt was EUR 865 million as to June 2026, corresponding to reported net leverage of 3.1x. This includes the acquisition debt, the cash impact of the transaction, and the dividend payments, which were not included in the leverage guidance. The slide also shows a pro forma view excluding the Quell receivable back book. On that basis, net debt would have been approximately EUR 722 million and leverage approximately 2.6x, comparable to the 2.2x guidance per dividend, or 2.3x post 2025 dividend paid in May 2026. The credit remains solid. The group had approximately EUR 168 million of cash on balance sheet at June 2026. After the effect of the financing action completed after quarter and further strengthened the maturity profile and financial flexibility. Our outstanding bonds are currently trading at around 5% yield to maturity, among the lowest levels in the sector, while the average cost of debt is now approximately 5.9% following the recent refinancing. Importantly, both Fitch and Standard & Poor's have confirmed the group's double- B rating with stable outlook, reflecting the stronger business profile and expectation that the leverage remains a clear management priority. The path to deleverage is supported by three elements, recurring cash generation, the planned sale of the Quell portfolio receivables, and lower financial costs following the refinancing. We have also completed important action on the liability side of the balance sheet. As you can see on page 16, in July, we put in place EUR 350 million of new bank facility comprising of EUR 250 million term loan and EUR 80 million revolving credit facility, replacing the previous facilities. The refinancing followed the EUR 61 million tap of our 2031 Senior Secured Notes. The proceeds were primarily used to prepay EUR 50 million of existing term loan. The new financing package delivers three clear benefits. First, it reduces our financing costs. The new blended cost of debt is approximately 5.9%, broadly in line with the trading level of our 2031 Senior Secured Notes. We expect the refinancing to generate approximately EUR 4 million of annual interest saving, providing direct support to cash generation. Second, it materially improves our maturity profile. The maturity of the term loan has been extended from October 2029 to July 2031, while the revolving credit facility has been extended from October 2027 to July 2031. The term loan will bring amortizing from the second year, with approximately 40% remaining as a book balance at the final maturity. The group, therefore, has no material refinancing wall before 2030. Third, the new facilities provide greater covenant flexibility and additional financial headroom while maintaining a diversified funding structure across bank financing and capital market instruments. Following this transaction, our funding structure comprises EUR 350 million of bank facilities, EUR 410 million of Senior Secured Notes due in 2031, and EUR 300 million of notes due in 2030. These actions do not change our focus on deleveraging. They make the path more efficient by reducing interest costs, extending maturities, and strengthening financial flexibility. The group therefore enters the second half with a broader earning base, a stronger funding structure, and clear financial priorities, delivering recurring cash generation, complete portfolio disposals, and continued deleveraging. This concludes our presentation. Thank you for your attention. We'll now be happy to take your questions. Thank you. This is the Chorus Call conference operator. We will now begin the question- and- answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. To remove yourself from the question queue, please press star and two. Please pick up the receiver when asking questions. Anyone who has a question may press star and one at this time. The first question is from Tommaso Nieddu, Kepler Cheuvreux. Hello. Thank you a lot for taking my questions. I have two. The first one is on Italy's region. Can you unpack the drivers behind the Italy EBITDA decline in more detail? How much is lower collection activity, market conditions versus phasing or one-off items? Also, what gives you confidence these reserves in H2 rather than representing a new run rate? The second question is on guidance. Given that H1 results were quite soft on the standalone business. Can you walk us through the bridge to the EUR 300 million full-year EBITDA guidance, and how much of the required H2 step-up is Italy normalization versus continued coeo's outperformance versus Hellenic and Spain region? Also, on your guidance now, there is a new exclusion, which is the impact of the portfolio sales. Can you quantify of what magnitude are we talking about? Thank you. Thank you, Tommaso. On Italy, the EBITDA of the first half of last year had around EUR 10 million-EUR 11 million of sales disposals, which were related to portfolio of our clients, which were sold, which didn't happen in this part of the year. Basically, taking out that element, the remaining difference is mostly driven by the collection trend in this part of the year that will be picking up in the second part, together with the cost action, should stabilize the EBITDA to levels which are net of the EUR 10 million-EUR 11 million of extraordinary of the first half of 2025 to the new level for the EBITDA of this year versus last year numbers. A stabilization, taking out these effects. Regarding the other businesses, as you have seen, the Greek business is improving in terms of collection. This is driving the upward trend on the NPL revenues. On the other side, clearly in the first half of last year, we had some sales that did not happen in this part. This is due to now the regulatory environment, which has stopped investors from taking decision before the court came out on the Katseli Law. It was clear now what they could recover or not, so that they can put a plan in place for the second part, which they did for the secondary sales. Regarding the other two markets, the dynamic is positive, although they are minor in size. The whole restructuring of the Spanish business is bringing now the company, which is growing EBITDA, but also below EBITDA, has no losses and i t will produce cash, will be positive contributor to cash flow of the group. Clearly, on the coeo side, we are only assuming a trend which is similar to the first half, not additional upsides. Although you have seen that the business has been benefiting from not only the underlying market trends, which are positive for e-commerce and buy now, pay later, but also from the higher penetration into new clients, which is driving down the contribution of the main client, Klarna, from 50% to 40% of files intake, which is a very important step, taking into account that Klarna itself continues to grow by more than 20% year-on-year. The other positive aspects that you will see in the dynamic of the EBITDA, it's the contribution of the other countries, because obviously the revenue growth trajectory, with stable cost base, because of the dynamics on the automation of the processes there, will have a full effect on EBITDA. Beyond also the diversification that the business is doing to the other, in doValue countries. The contribution of coeo to the doValue countries obviously is netted off in intercompany. You see it on the doValue side, you will not see it on the coeo side, but coeo is contributing to the growth also of the other countries, and this will be evident in the second part of the year. On the overall guidance, obviously, we are very keen not only on revenue and EBITDA, but also on the leverage. There, I think the two drivers are very clear, no? Is the disposal of the portfolio, where the timing we are taking is to optimize the price, not because it's a question of selling. The more we hold on into it, the more cash we have from the portfolio. It's a very profitable one, as you have seen from the statistics that Davide has provided. We are not including cash metrics as not that purchasers do, because our business will be soon asset light, but gives you a metric that explains also the high turning of the purchase price of the portfolios into real cash. On the bridge of guidance, Davide will provide more details. Yes, [Millie], on coeo, your question is about coeo. We always communicate to the market a clear target to coeo. We start with the EUR 16 million when we acquired, clarifying that those EUR 16 million would have roughly 45%-50% of a cash conversion. This lower cash conversion is mainly because the cash will include the assets of the portfolio. What we are saying, that our target is coherent with the target we will give to the market when we acquire a company. We will have EBITDA target with the continued work is roughly 45%-50% of cash conversion that will include the effect of the portfolio. Maybe another data point we should highlight on the guidance of the year-end. Last year, we had EUR 99 million of EBITDA out of a full year result of EUR 217 million. Today, we have EUR 121 million of EBITDA pro forma, versus a guidance of approximately EUR 300 million. You can do the proportion there. Obviously, we are adding a business which has not the seasonality as the traditional business, and that's why we are assuming a stable contribution, despite the dynamics that we have explained about the new business intake at coeo. Sorry, just a follow-up. About these secondary sales that didn't materialize in H1. Regarding that, should we expect them to materialize in H2, or you don't have any kind of visibility on that? We have a pipeline of secondary sales for the Q2. In our guidance, we are more conservative on the full year on that. If all were to materialize, obviously it would be better. The sales are in the pipeline for the Q2. Second half, sorry. Okay. Yes. Perfect. Thank you. The next question is from Antonio Gianfrancesco, Intermonte. Yes, good morning, and thank you for taking my question. I have two questions. The first one is on coeo, because you reported EUR 66 million revenues and EUR 18 million EBITDA in the second quarter, this implying a margin of around 31%. But if I look at what you reported in the first quarter, coeo was indicated at EUR 64 million revenue and EUR 26 million EBITDA, so something like 41% EBITDA margin. Maybe I misunderstood something, but I wanted to better understand why revenues and EBITDA are down quarter-on-quarter, and what you consider the clean underlying margin of the business. Which integration, onboarding, and commercial costs we should expect in the second half, a nd what revenue and EBITDA contribution is now embedded in your full-year guidance for coeo? The second question is on new business, because the new business intake reached EUR 3.1 billion in the first half, and the GBV remained broadly stable, let's say, b ut traditional service revenues continue to decline. I want to understand if the new mandates are entering at comparable fees and margin levels, and if or let's say, how quickly this commercial intake should translate into revenue and EBITDA contribution. Thank you. I will take your first question, coeo. We expected that the average margins in between the two, now we expect between 35%-37%. The first half is 37%, making the average, we expect 35% because as we have already discussed during the first quarter call, coeo is seasonally pretty strong in the first quarter rather than the last one or in the second one. The first quarter is always stronger quarter, so we have also the benefit to have higher margin. But on average, we look full year, we expect a 35% margin. Also where we'll have, again, third quarter a little bit lower than the first quarter will be a little bit higher. On average, we expect 35%. On the new business intake, as you have seen from Greece last year, the EUR 7 billion are now producing the collection uptake, and we expect a similar lagging period for this business. The positive part of this contribution of the EUR 3.1 billion is that half of it comes from forward flow. From fresh vintages, especially on the Greek and the bigger contracts, which have the UTP component embedded. To this business, we are adding separately other opportunities which are related to the digital collection business, to the NFC business, which are not valued on a GBV basis only. That's why we added new metrics which are related to file intake and the likes, which are more similar to the multi-gate business of coeo, to give you an order of magnitude of how that trajectory is moving up. Obviously, the last component is on the VAS side. To give you an order of magnitude on Italy, last year, the VAS plus non-NPL revenue were 41%. In the first half this year, at 51%. More we grow this component, lower will be the contribution of the NPL, and every type of cost initiatives we make will allow to exploit the maximum cash contribution from the traditional NPL, while benefiting from the growth of the second half. This is what our new business plan is primarily about. This shift organic into the new revenue dynamic and extracting as much cash profit from an EBITDA margin perspective and from a cash flow perspective from the core traditional NPL business. Very clear. Thank you. The next question is from Simonetta Chiriotti, Mediobanca. Hello, good morning. Thank you for taking my questions. I have a few. The first is on Italy, specifically on the trend in collections that were down 21% in the second quarter, 16% in the first half. Could you help us to understand what is happening on that side and in particular, what changed with respect to your original expectations when you acquired Gardant? Also, actually, VAS revenues declined year-on-year in the first half, so if it is possible to explain also this trend. On the cost side, cost remained flat. How is the cost structure? Is it completely fixed, so no correlation with the revenue trend? On a different issue, could you give us a quick update on the tax receivable project in Italy? Another couple of questions, if possible. You gave the ERC of coeo over 120 months. It looks a very long period. Is the collection profile so long for coeo? Finally, if you could provide the details of the EUR 40 million other asset liability cash absorption in the first half. Thank you. On your first question, Simonetta, thanks for the question. On your first question on Italy, yes, the collection were down. Basically, we experienced a lower new business intake from newer vintages. As the amount of GBV of older vintages was weighting more, the collection rates decreased, and hence the overall collection from the business were down. Answering to your question of what changed the original expectation of guidance, I would say that it also comes to market condition in Italy. We have lower volumes from primary deals and hence lower collection from precious vintages. On the other hand, this trend was partially compensated from higher volumes from forward flow from existing partners of Gardant. But of course, this wasn't enough to compensate the shortfall on the primary transaction in the market. On the cost side, we have run the last efficiency measures in the first half. The exits are happening between June and July, and therefore you will see the impact on the cost in the second half. But this is regarding projects, so it will continue over the next few years, as the more as we introduce technology, we make efficient the cost base, higher are the reduction of the cost. The composition of the cost in Italy is quite evident that 70% is personnel, and the remaining is 15%-18% IT cost, and the rest is general cost. On the tax receivable projects, you have seen three days ago, there was the final decree, which defined the perimeter into which AMCO will play. Also, the condition under which AMCO will have to be given by the local authorities the file to manage. They're obliged to move to AMCO if the recoveries are not at a certain level. It's quite actual effect. There will be a continuous flow to AMCO, and the redistribution to the other services. Now AMCO is set to run with public tender in the end of the year. I think they are already set for that, and we will participate to that tender. On the question about the other asset liabilities, I will give you the breakdown. Roughly EUR 10 million IFRS 16, to pay the rent on the office we operate, including coeo. We have roughly EUR 8 million of redundancy costs as part of our plan. We have also the MBO impact described before. It is roughly EUR 13 million, EUR 12.3 million, that is expected to be paid fully the MBO for 2025, but we need to accrue fully the MBO 2026. This will be absorbed during the year as happened also last year. We have the delay on the recovery on the VAT in Greece, which is approximately EUR 8.5 million. We have also paid the transaction costs that are not in the working capital or roughly EUR 7 million. This is how we get to the total change. About the collection in coeo, as we said before, it is very fast earning portfolio. On average, the recovery of the price paid is in 18 months. We show the recovery curve of 120 months because most of the collection coming in the first three years, we have detailed that we continue to generate cash. This reflects the very important data, which is the 20% that we already recovered as principal on the portfolio investment made in the second Q. You see the very fast turnover nature of this portfolio only looking at this data. Thank you. The next question is from Davide Rimini, Intesa Sanpaolo. Good morning. Thank you for taking my question. I have also a few. The first is on guidance, is on free cash flow guidance, whether you might confirm the EUR 90 million free cash flow, before dividend and debt repayment for this year, and whether these include I do notice that on the slide, there is the reference on some one-off, and you put sort of a reference on recurring cash flows, so whether these include or not those items. Still related to that, I do understand that you signaled how cash flow generative is the coeo portfolio, and at the same time, you highlight the commitment to exit before the year-end. I just wonder whether within the guidance, you might clarify what's the contribution of coeo portfolio. Partly related to that, initially, what has been sort of the reasoning behind in keeping in a way longer, rather than initially signaled to the market? The second question is instead on the outlook. On slide [Stefano], you provided us with an outlook which suggests a challenging NPL market backdrop, and linked the guidance to an execution in terms of cost efficiency measures. I was just wondering whether out of the outlook that you provided in Italy and Greece, that there is anything that we should be aware of in terms of additional cost cutting measures. I noticed that you put the reference that this is recurring activity. I just wonder whether there is anything more out of the synergies out of Gardant in Italy, for example, that you might share today. Thank you. On the cash generation, we confirm the guidance for the EUR 90 million free cash flow for the doValue perimeter. We have the cash flow coming from coeo for the EUR 30 million minus the financial charge on the bond were roughly EUR 19 million. We completely confirm the free cash flow generation, and the impact to the portfolio sales that will last. In terms of the portfolio, we highlighted that the value today is including the range between EUR 120 million- EUR 140 million. We are working to try to extrapolate the maximum value of the portfolio sale. This is why we have included now in our simulation on the portfolio sales, the value in the middle is EUR 130 million. The fact that we continue to own the portfolio, it helps only the cash production, obviously, as soon as we continue to hold on the balance, we collect cash flow. This helps in some way, the leverage, but not impacting our results in terms of EBITDA, because the component of portfolio is impacting our results are the fees we get from those portfolios. Maybe to go back to your specific question, the keeping or not, it's a question of maximizing value versus the income we get from holding on it. It's not blurring the free cash flow, but I think free cash flow generation, which remains separate from the portfolio contribution, still the one which we have portrayed before. In terms of the indication that we gave here, we are obviously weighing in our guidance, the weaker points about the market as well as the other initiatives we are doing. There are plus and minuses, but still guiding to our final results. We wanted to make you aware, obviously, of what is the market backdrop, but it's our job as managers to obviously weigh these effects to get to the final targets which we have announced. In terms of the cost measures, they are not going to change the free cash flow generation that we have indicated. It's still consistent with the numbers and any other measure we are planning to execute. Thank you. If I may, just to sort of a follow-up, since I know it's the EUR 40 million one-off in the cash flow sort of picture on slide 14, and where sort of these, since you introduced this concept of recurring, I just wonder whether sort of out of the EUR 90 million guidance is included or not this EUR 14 million. This is all just, it's a one-off. It's a more temporary effect on the cash flow. We will say that the VAT has been delayed, we would assume to collect this VAT now in the first half because of the dispute with the tax authority that went well. We need to wait a few months more to get this cash, on an ongoing basis, it will become recurring. It's a one-off only for this period, not on a recurring basis. We need to include this cash in roll forward. The same happens for the temporary cash out, it will be completely absorbed by the end of the year. The one-off are mainly related always to our transaction cost that has been paid and the redundancy cost that we have. The plan will be to execute, the following year will be lower than the one we have had this year, the previous year. At least on the VAT, shall I expect sort of to be reversed in the second half? Yeah, we'll collect during the year, so it help us to respect our guidance. This has been only a timing effect. It's not a structural change. Thank you. The next question is from Davide Giuliano, Equita. Hi, good morning. Thank you for taking my question. I have three. The first one is on revenue evolution. What dynamics do you expect in second half on the ex-coeo perimeter, and so doValue standalone? Is there anything impacting the comparison base which we should take into account, for instance, in terms of secondary sales fee last year? The second one on coeo, we saw gross revenues growth of +26% year-on-year in Q1 and +25% year-on-year in first half 2026. The growth rate was essentially confirmed in Q2 as well. Just one clarification. Does the growth rate refer only to the servicing business and exclude the, let's say, NPL investing business? Also in Q2, you previously said Klarna is down from 50% to around 40% of processed files, if I'm not mistaken. Can you also provide an indication of Klarna's contribution to revenues in the first half? The very last one on coeo back book, can you give us an indication of how discussions are progressing regarding the structuring of the disposal of the back book and the related forward flow agreement? Looking at Q2, it seems to me that keeping the back book generates a cash absorption on a run rate basis, given that you invest EUR 48 million and collected EUR 31 million. Am I missing something, or this is something we should also expect in the coming quarters? Thank you. On the portfolio for the group, I'd say that the group is only considering the servicing revenues and not the portfolio. On the transaction, we have three investors who give us a binding offer. We are negotiating to improve the price. We are structuring also the vehicle that will securitize the portfolio and the fund, the Luxembourg fund that will buy the notes, and then we will send those notes to the investor we have identified. In terms of cash absorption, you're right. coeo is growing, so the volumes are growing, so the clients have transferred to coeo on more receivables. This means that after the four months, coeo has the option to buy higher volumes. As you have seen in this quarter, we bought EUR 48 million, we collected EUR 31 million. This is why also with the selling the portfolio, we'll trust the timing of those growth to the third-party investors that will benefit from the servicing fees. If the portfolio remains on our balance sheet, it will be a structure future. The same way we are growing the company, we are getting more cash. One other point you raised was on the growth of coeo. We confirmed that it's without the portfolio, so it's coherent only on the servicing side. Around the Klarna contribution in terms of revenue of coeo was around 60%, now moving down to around 50%, and in terms of group contribution, was around 10%, moving down to around 9%. I think we have addressed the other question, Davide. Yes, maybe I missed the one on the comparison base on second half 2025, if we should take into account some secondary sales fee when making our estimates for second half 2026. I don't know, probably I missed it before. As always, we consider that what we have experienced last year in the first quarter, most of the higher volumes will come the last part of the year. This means we increase, we expect the secondary sales that will grow mostly in the last part of the year, also because of the Katseli Law. In Italy, we also expect few transaction details that will grow the secondary sales in Italy, but we do not expect to recover fully the debt in Italy. This is why we have said that the overperformance coeo will offset this lower performance in Italy. We said that in the first half of last year, Italy had around EUR 10 million, EUR 11 million of secondary sales. This is because the banks had some back book that wanted to dismiss. Now these amounts have reduced, so they will still do in the second part, but less than half of this amount. Thank you. As a reminder, if you wish to register for a question, please press star and one on your telephone. For any further questions, please press star and one on your telephone. Gentlemen, there are no more questions registered at this time. I turn the conference back to you for any closing remarks. That will be all for today. Thank you for joining. Thank you. Ladies and gentlemen, thank you for joining. The conference is now over and you may disconnect your telephones.