doValue (DOV) Q4 2024 earnings summary

Executive summary

• Achieved €10 billion in new business GBV in 2024, surpassing the €8 billion target and reaching 70% of the 2025 goal within the first two months, driven by strong commercial performance and the Gardant/Garant acquisition.

• EBITDA excluding non-recurring items was €165 million, at the high end of guidance, with net leverage at 2.4x, outperforming forecasts.

• Integration of Gardant/Garant is progressing well, with 20% of planned synergies already realized and expectations to reach 40% by year-end 2025, delivering revenue synergies and cost savings.

• All 2024 financial and operational targets were met, with strong cash flow and a robust capital structure.

• Maintained leadership in key markets, notably Greece (>70% market share), Italy (>25%), and Spain (>20%), and expanded market share in Spain.

Financial highlights

• Gross revenues for 2024 were €479 million, stable year-over-year, with EBITDA ex-NRI at €165 million, down 7.8% from 2023.

• Net income ex-NRI was €7 million, up from €2 million in 2023, mainly due to lower D&A, tax benefits, and lower write-downs.

• Cash flow from operations increased to €84 million, with cash conversion rising to 54% from 44% in 2023.

• Net debt at year-end was €514 million, with a pro forma leverage ratio of 2.4x, better than the guided 2.6x.

• Free cash flow was €28 million, stable year-over-year despite higher finance charges.

Outlook and guidance

• 2025 guidance: gross book value €130-135 billion, gross revenues €600-615 million, EBITDA ex-NRI €210-220 million, and free cash flow €60-70 million.

• Non-NPL revenues expected to rise to 40-45% by 2026 from 35% in 2024.

• Continued focus on synergies, operational efficiency, and deleveraging, with a leverage target of 2.0x by 2026.

• Business plan targets for 2026 reaffirmed, supported by a €35 billion new business pipeline.