CONTENTS

INTRODUCTION

GOVERNING AND CONTROL BODIES

GROUP STRUCTURE

DIRECTORS’ REPORT ON THE GROUP

CONSOLIDATED FINANCIAL STATEMENTS AT DECEMBER 31, 2023

1. FINANCIAL STATEMENTS

ILLUSTRATIVE NOTES

2. ACCOUNTING POLICIES

3. INFORMATION ON THE CONSOLIDATED BALANCE SHEET

4. INFORMATION ON THE CONSOLIDATED INCOME STATEMENT

5. INFORMATION ON RISKS AND RISK MANAGEMENT POLICIES

6. SEGMENT REPORTING

7. BUSINESS COMBINATIONS

8. RELATED-PARTY TRANSACTIONS

9. ANNEXES

10. CERTIFICATIONS AND REPORTS

CERTIFICATION OF THE FINANCIAL REPORTING OFFICER

AUDIT REPORT

CONSOLIDATED FINANCIAL STATEMENTS AS AT DECEMBRER 31, 2023

DIRECTORS’ REPORT

ON THE GROUP

INTRODUCTION

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Letter

to Shareholders

Dear Shareholders and Stakeholders,

the 2023 Financial Statement we present showcases doValue’s resilience and adaptability in

the face of a particularly challenging economic environment for the credit servicing sector. Your

company has navigated these adversities while maintaining solid profitability and a balanced

financial structure. This was achieved even with a contraction in the volume of non-performing

loan transactions and less favorable recovery performance, direct effects of a climate marked

by high interest rates and sustained inflation.

Since the beginning of 2023, doValue has maintained its market leadership in Italy, Greece, and

Cyprus, while in Spain, it completed a complex restructuring process that allowed its Spanish

subsidiary to return to profitability and lay the foundation for sustainable growth in the medium

to long term.

The effectiveness of the business model and the diversification strategy (in terms of countries,

products, and clients) have enabled the doValue Group to record Gross Revenues of €486

million and an EBITDA excluding non-recurring items of €178 million. In terms of new assets

under management, in 2023 the Company secured approximately €9.7 billion in new Gross Book

Value, a level that, although lower than the previous year, allowed doValue to maintain stable

market shares despite aggressive stance from competitors.

Throughout 2023, we maintained a contained leverage ratio of 2.7 times, perfectly aligning with

the objectives outlined in our Industrial Plan and corporate financial strategy. We observe with

satisfaction that, between June and July, both Fitch and Standard & Poor’s reaffirmed the BB

rating. This recognition is particularly important in a period where financial sustainability plays

a crucial role for investors. It positions us favorably in the business landscape, distinguishing us

as one of the operators with the most contained level of indebtedness and among the highest

credit ratings.

Our attention to all Stakeholders, as well as the adoption of ethical and professional standards in

line with the best market practices, characterize our business model. In line with our principles,

doValue has defined the Charter of Values and updated the Code of Ethics for the External

Network following the high qualitative standards set in the Group’s Ethical Code.

doValue’s operational excellence is also confirmed by the Servicer Ratings assigned by the

international agencies S&P and Fitch Ratings: as a Special Servicer, Fitch Ratings confirmed

the rating “RSS1-/CSS1-” and Standard & Poor’s “Strong”, the highest Servicer Ratings among

those assigned to Italian operators in the sector.

Over the year, in consideration of the role played by doValue in the sustainable development

of the financial system, the Group has defined its mission: to contribute to maintaining the

balance of the economic system, promoting financial inclusion. doValue, in fact, in managing

credits favors the use of out-of-court solutions, which are quicker, more flexible, and less costly