doValue (DOV) Q2 2025 earnings summary

Executive summary

• Gross revenue rose 32% year-on-year to EUR 281 million in H1 2025, with EBITDA up 47% to EUR 99 million and margin expansion driven by operational efficiencies and Gardant synergies.

• Gross Book Value (GBV) reached EUR 141 billion, the highest since 2022, with new business inflows nearing the revised full-year target of over EUR 12 billion.

• Free cash flow improved to EUR 50.5 million from negative EUR 1.6 million in H1 2024, with cash conversion exceeding 84%.

• Acquisition of coeo progressing, expected to close by January 2026, with no significant integration risk and anticipated value creation.

• Record new mandates and pipeline, especially in Spain and Italy, support robust commercial momentum and future growth.

Financial highlights

• Gross revenue for H1 2025 was EUR 281.2 million, up 31.6% year-on-year; net revenue at EUR 255 million, up 32.6%.

• EBITDA ex-NRI reached EUR 99.1 million (+47.2% YoY), with margin at 35.2% (up from 31.5%).

• Net income ex-NRI rose 72.4% to EUR 12 million, driven by EBITDA growth offsetting higher financial expenses and minorities.

• Free cash flow increased to EUR 50.5 million from -EUR 1.6 million in H1 2024, with cash flow from operations at EUR 81 million.

• Net debt at period end was EUR 484 million, down from EUR 514.4 million at end-2024, with a liquidity buffer of EUR 262 million.

Outlook and guidance

• Full-year 2025 guidance: gross revenue EUR 600–650 million, EBITDA EUR 210–220 million (excluding non-recurring items), free cash flow EUR 60–70 million, and net leverage at 2x.

• 2026 business plan (including coeo): gross revenue ~EUR 800 million, EBITDA ~EUR 300 million, net leverage 2.2x, and non-NPL revenue ~55% of total.

• Dividend policy confirmed at 50–70% of net income (excluding NRIs) to be distributed from 2026.

• 2025 new business target revised upward to over EUR 12 billion GBV, already at EUR 11 billion by mid-year.