CONTENTS

INTRODUCTION

GOVERNING AND CONTROL BODIES

GROUP STRUCTURE

REPORTS AND CONSOLIDATED FINANCIAL STATEMENTS 2024

DIRECTORS’ REPORT ON THE GROUP

THE GROUP’S BUSINESS

MACROECONOMIC ENVIRONMENT

GROUP HIGHLIGHTS

GROUP RESULTS

GROUP FINANCIAL POSITION

SIGNIFICANT EVENTS OCCURRED DURING THE YEAR

SIGNIFICANT EVENTS OCCURRED AFTER THE END OF THE YEAR

OUTLOOK FOR OPERATIONS

MAIN RISKS AND UNCERTAINTIES

DOVALUE SHARES

OTHER INFORMATION

RECONCILIATION SCHEDULES

SUSTAINABILITY REPORT

CONSOLIDATED FINANCIAL STATEMENTS

FINANCIAL STATEMENTS

ILLUSTRATIVE NOTES

ANNEXES

CERTIFICATIONS AND REPORTS

REPORTS AND FINANCIAL STATEMENTS 2024

DIRECTORS’ REPORT OF DOVALUE S.P.A.

DOVALUE S.P.A. FINANCIAL STATEMENTS

FINANCIAL STATEMENTS

ILLUSTRATIVE NOTES

ANNEXES

PROPOSED ALLOCATION OF RESULT FOR THE YEAR

CERTIFICATIONS AND REPORTS

220

221

228

333

335

352

356

382

383

389

457

459

461

Dear Shareholders,

The 2024 Annual Report reflects, in a year marked by profound transformations and significant

challenges, your company’s ability not only to adapt to a constantly evolving economic landscape,

but also to translate such dynamics into strategic opportunities.

Over the year, doValue successfully executed two major transactions: the complete refinancing of

its capital structure and the acquisition of Gardant, a strategically significant and highly complex

transaction, expected to generate long-term economic benefits. It is particularly noteworthy that,

despite a still cautious sentiment towards the sector, both transactions were successfully completed

through access to capital markets and bank financing, reflecting the continued confidence doValue

enjoys amongst investors, financial institutions, and the banking system.

The year 2024 also marks the launch of the new business plan presented in March, entitled

“Unlocking New Frontiers”. The company’s entire management is deeply committed to the execution

of a strategy that clearly outlines a sustainable growth path, based on operational excellence and

organic development, with business diversification playing a key role in the plan. In this context,

the Gardant acquisition represents a strategic milestone perfectly in line with the outlined vision,

accelerating its execution and further strengthening doValue’s ability to generate long term value.

Over the past year, the company recorded an inflow of new assets under management for a total

Gross Book Value of €10 billion, significantly exceeding the €8 billion target outlined in the business

plan. This extraordinary result confirms the effectiveness of the Group’s strategy, based on a

customer-centred approach. Performance has been strong across all key markets, with significant

market share expansion and the further consolidation of the Group’s leadership position in Italy,

Greece and Cyprus.

As part of the diversification strategy outlined in the 2024-2026 Business Plan, your company has

resolutely pursued the expansion of its scope beyond the NPL segment. In 2024 approximately 35%

of new primary GBV inflows – excluding forward flows and secondary transactions – were generated

by non-NPL loans, confirming this ongoing strategic shift. This transformation is reflected in the

award of new UTP and Stage 2 mandates in Italy, as well as in the management of granular asset

classes and early arrears in Spain, strengthening the company’s presence in diversified segments.

Furthermore, the Group established a mortgage brokerage entity and a new advisory business in

Greece, both of which are already operational and generating business.

Finally, our alternative asset management project has gained significant momentum thanks to the

Gardant acquisition, which contributed to the Group an asset management company with €715

million AUM, creating a solid foundation for future growth, and expanding its capabilities in the

alternative asset management segment.

Letter

to Shareholders