doValue (DOV) Q1 2025 earnings summary

Executive summary

• Q1 2025 delivered strong operational momentum, with gross revenues up 46% year-on-year to €141.4 million, EBITDA ex-NRI more than doubling to €51.4 million, and net income ex-NRI turning positive at €9.1 million, reflecting successful Gardant integration and commercial progress.

• New business GBV reached €9.2 billion YTD, surpassing the original full-year target and prompting an increase in the 2025 target to over €12 billion.

• Non-NPL revenues grew 70.3% YoY to €55.8 million, now 39% of gross revenues, progressing toward the 40–45% 2026 target.

• Cash generation and leverage improved, with free cash flow at €31.5 million, cash conversion at 93%, and net leverage down to 2.3x, on track for a 2.0x year-end goal.

• 2025 guidance was raised for new business and reaffirmed for revenues and EBITDA, with strong commercial momentum and integration synergies.

Financial highlights

• Gross revenues: €141.4 million (+46% YoY); net revenues: €128.2 million (+48.5% YoY).

• EBITDA ex-NRI: €51.4 million (+106% YoY), margin at 36.4% (+10.7 p.p. YoY).

• Net income ex-NRI: €9.1 million (vs. -€2.4 million Q1 2024); EPS ex-NRI: €0.048 (vs. -€0.157 Q1 2024).

• Free cash flow: €31.5 million (up €48.2 million YoY); cash conversion at 93% (vs. 16% Q1 2024).

• Net debt at €504.1 million, down from €514.4 million at end-2024; liquidity buffer of €273 million.

Outlook and guidance

• 2025 guidance: gross revenues €600–650 million, EBITDA ex-NRI €210–220 million, FCF €60–70 million, net leverage at 2.2x.

• GBV end-of-year target raised to €135–140 billion, with new business target increased to over €12 billion.

• Non-NPL revenue diversification target of 40–45% by 2026 remains on track.

• Positive cash generation to support further deleveraging, with a leverage target of 2.0x by year-end.