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2025
ANNUAL REPORT
Registered office: Viale del Commercio, 47 – 37135 Verona
Share capital €68,614,035.50 fully paid-up
Parent Company of the doValue Group
Registered in the Company Register of Verona, Tax I.D. no.
00390840239 and VAT registration no. 15430061000
www.dovalue.it
CONTENTS
INTRODUCTION
GOVERNING AND CONTROL BODIES
GROUP STRUCTURE
REPORTS AND CONSOLIDATED FINANCIAL STATEMENTS 2025
DIRECTORS’ REPORT ON THE GROUP
GROUP BUSINESS ACTIVITIES
MACROECONOMIC ENVIRONMENT
GROUP HIGHLIGHTS
GROUP RESULTS
GROUP FINANCIAL POSITION
SIGNIFICANT EVENTS OCCURRED DURING THE YEAR
SIGNIFICANT EVENTS OCCURRED AFTER THE YEAR
OUTLOOK
MAIN RISKS AND UNCERTAINTIES
DOVALUE SHARES
OTHER INFORMATION
RECONCILIATION SCHEDULES
CONSOLIDATED SUSTAINABILITY REPORTING
CONSOLIDATED FINANCIAL STATEMENTS
FINANCIAL STATEMENTS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
ANNEXES
STATEMENTS AND REPORTS
REPORTS AND FINANCIAL STATEMENTS FOR DOVALUE S.P.A. 2025
DIRECTORS’ REPORT OF DOVALUE S.P.A.
COMPANY FINANCIAL STATEMENTS
FINANCIAL STATEMENTS
NOTES
ANNEXES
PROPOSED ALLOCATION OF RESULT FOR THE YEAR
STATEMENTS AND REPORTS
3 | ANNUAL REPORT
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4 | A NEW STRATEGIC CYCLE: 2025 LETTER TO SHAREHOLDERS
Dear Shareholders,
our 2025 annual report is not merely a disclosure of figures and targets, but it also stands as tangible proof of
how the strategic vision and foundations laid in 2024 have significantly strengthened our Company and its market
positioning. We have not limited ourselves to consolidating our leadership in the credit management market,
where we already held a first-class position. Instead, we have looked beyond. We anticipated change, designing
and implementing an efficient strategy aimed at, courageously, defining a next-generation operating model. This
evolution has been met with enthusiasm by the market and investors who believed in our choices, despite a complex
macroeconomic landscape characterised by intrinsic volatility.
Integration and development: creating value with precision
The year just ended was a true testing ground for us, as we demonstrated our ability to generate value by combining
organic growth with targeted M&A transactions, managed with unprecedented integration speed. I refer, first and
foremost, to the acquisition of Gardant, a strategic milestone in doValue’s journey in Italy. This operation has already
generated immediate synergies in 2025, exceeding all our expectations and bringing structural benefits to the
Group’s financial sustainability and efficiency. Furthermore, we can highlight a new catalyst for growth expected
in the near future: the acquisition of coeo. This transaction will follow the same rapid integration path aimed at
unlocking immediate value for the Group, in full alignment with the objectives of the 2024-2026 Business Plan.
Finally, I wish to emphasise an essential aspect related to the choice of coeo, namely the
impact of artificial
intelligence on our reference market. The coeo transaction marks a fundamental turning point. In an era where AI is
rewriting the rules of business, doValue once again chooses not to merely undergo evolution but to act as a driver of
change, leading the technological evolution of the entire sector.
Market confidence: solidity and performance
The capital markets have successfully rewarded and welcomed the validity of our strategy. The bond issues (€350
million maturing in 2031 and €300 million maturing in 2030) saw demand significantly exceeding supply.
This radical transformation journey found immediate reflection in our share price. There were three pillars to
doValue’s 2025 performance in this regard. First: share performance. doValue closed the year with growth exceeding
100%, significantly outperforming sector indices and the national market. Second: attaining period highs, driven by
the integration of Gardant and the acquisition of coeo, the share price exceeded €3 per share. Finally, I would like to
mention analyst sentiment. Interest from institutional investors reached its peak in 2025, supported by an average
analyst target price in the region of €3.4.
Expansion of Assets and Strategic Diversification
Thanks to an increasingly strong commercial positioning, we recorded a record flow of new assets under management
(Gross Book Value) amounting to €14.5 billion, hitting the revised annual target of over €12 billion three months
ahead of schedule. doValue’s metamorphosis into a diversified business is now a consolidated reality. The Company
is no longer focused solely on the NPL sector: approximately 37% of revenues now derive from non-NPL activities
and value-added services.
Furthermore, during the year, we strengthened our partnerships of excellence. In Italy, we expanded our strategic
link with the BPER Group, extending it to the flows of Banca Popolare di Sondrio. In Spain, a new strategic servicing
agreement was announced with Banco Santander for the management of new NPL flows, an agreement that further
strengthens doValue’s position in the Spanish market.
A new strategic cycle: 2025 letter to Shareholders
Finally, I would like to mention the Group’s investments in digital innovation: we are developing and implementing
advanced platforms that will allow clients to monitor and manage their positions, as well as make payments
independently, thereby optimising the Group’s operational processes.
Financial excellence and capital discipline
The 2025 results confirm full alignment with the targets outlined in the 2024-2026 Business Plan: doValue recorded
an EBITDA of €217 million (excluding non-recurring items) and robust cash generation exceeding €70 million.
This performance has allowed us to lay the groundwork for returning to shareholder remuneration, with a dividend
distribution in 2026 based on the 2025 financial year.
Our solidity is certified by the improvement in financial leverage, which fell to 2.0x (compared to 2.4x the previous
year), hitting plan targets ahead of schedule thanks to rigorous management and synergies with Gardant. This
stability was confirmed by ratings from Fitch and Standard & Poor’s, positioning doValue among the players with the
lowest cost of debt on the public market.
Sustainability: an integrated value
For doValue, sustainability represents a central pillar of its business strategy. A long journey, begun almost 10 years
ago, has led to the integration of ESG (Environmental, Social, and Governance) themes into decision-making and
operational processes, contributing to long-term value creation. This commitment translates daily into concrete
actions across three areas: the first concerns the contribution to the stability of the financial system through a
business model based on integrity, transparency, and fairness in relations with all Stakeholders, while promoting
financial inclusion. The second area is represented by our people. In a competitive and ever-changing context,
investing in the development of skills and the professional growth of our employees is not only a value-based choice
but a fundamental strategic lever to ensure innovation and long-term sustainability. This path has led all Group
geographies to obtain the Great Place to Work certification. Finally, we work with constant oversight of governance,
an essential element to ensure solidity and transparency over time. This commitment has also been recognised by
the leading ESG rating agencies.
Towards a new strategic cycle
During the current year, we will aim to achieve the targets outlined in the Business Plan that have guided our strategy
over this three-year period. Furthermore, the Company is beginning to contemplate a new strategic path, focused on
new challenges and ambitious goals, reflecting our new DNA following the acquisition of coeo. The value we have
created so far is our starting point.
Today, doValue is a stronger, more international and more resilient company. The 2025 results, characterised by
strong growth in net profit and EBITDA, allow us to look to the future with the ambition and energy of those destined to
lead the market. A new path of growth that we want to follow together, with transparency and ambition, to transform
today’s challenges into tomorrow’s opportunities.
Chairman of the Board of Directors
Alessandro Rivera
5 | A NEW STRATEGIC CYCLE: 2025 LETTER TO SHAREHOLDERS