doValue (DOV) Q3 2025 earnings summary

Executive summary

• Strong revenue and profitability growth in the first nine months of 2025, with non-NPL revenue reaching 37% of gross revenue and significant contributions from Gardant integration and new mandates.

• EBITDA excluding non-recurring items rose 43% year-over-year to €137 million, with net income ex-NRI more than doubling to €12 million.

• New business intake reached €12.4 billion, surpassing the revised full-year target, with expectations to close the year at around €14 billion and GBV at €138 billion.

• Operating cash flow and free cash flow more than doubled year-on-year, with cash conversion and liquidity significantly improved.

• Expansion of strategic partnerships, successful €350 million bond issuance, and major acquisitions (Gardant, coeo) reinforce market leadership and diversification.

Financial highlights

• Gross revenue for the first nine months of 2025 was €404.4 million, up 28.9% year-on-year, with net revenue at €364.5 million (+28.9% YoY).

• EBITDA ex-NRI reached €137.2 million (+43.2% YoY), with margin improving to 33.9%–34%.

• Net income ex-NRI more than doubled to €12 million, with earnings per share ex-NRI at €0.061.

• Free cash flow for the period was €41.5 million, a significant improvement from -€15.5 million in the prior year.

• Net debt decreased to €492.8 million from €514.4 million at year-end 2024; net leverage improved to 2.3x.

Outlook and guidance

• FY 2025 guidance confirmed: EBITDA ex-NRI €210–220 million, free cash flow €60–70 million, and net leverage 2.0x.

• New business pipeline for the next 18 months estimated at €45 billion, with significant opportunities in Italy, Greece, and Spain.

• 2026 targets: revenue ~€800 million, EBITDA (excl. non-recurring) ~€300 million, leverage ~2.2x, and non-NPL revenue to reach 55% of total.

• Dividend payout of 50–70% of net income ex-NRI confirmed for FY25.

• Acquisition of coeo progressing as planned, with closing expected January 2026.