doValue (DOV) Corporate Presentation summary

Key highlights of the business plan

• Market leader in NPL collections in Southern Europe with €116bn GBV across four countries and a 15-year average contract life.

• Diversified portfolio with 33% of revenues from non-NPL services and over 80% of revenues secured for the next three years.

• EBITDA margin at 37% and operating cash flow of €88m, with a net debt/EBITDA ratio of 2.7x.

• Strategic focus on asset-light credit management, long-term client relationships, and high revenue visibility.

• Three anchor shareholders (Fortress, Elliott, Bain Capital) committed to supporting growth and M&A.

Gardant transaction

• Acquisition of Gardant, a leading Italian credit management platform, for €230m cash and 20% ownership in the combined entity.

• Gardant brings €22bn GBV, €135m gross revenues, and €50m EBITDA, with 40% of revenues from non-NPL services.

• Transaction expected to generate up to €15m annual pre-tax synergies, mainly from cost savings and cross-selling.

• Financing includes a €500m package and €150m rights issue, with strong backing from anchor shareholders.

• Combined group to achieve over €130bn GBV, enhanced client diversification, and improved leverage (1.3-1.5x by 2026E).

Business plan assumptions and strategy

• 2024-2026 strategy targets 20% market share, €9bn annual GBV inflows, and 35-40% non-NPL revenues by 2026.

• Focus on expanding core credit collection, launching new solutions beyond servicing, and pursuing M&A for growth.

• Regional strategies tailored to market maturity: leadership in Greece, specialization in Italy, and new business in Spain.

• Transformation initiatives to deliver €50m cost savings (2022-2026), including 500 net FTE reductions and process automation.

• Financial policy aims for maximum leverage of 3.0x, with dividend resumption in 2025 subject to leverage targets.