doValue (DOV) Q4 2025 earnings summary

Executive summary

• Achieved or exceeded all 2025 business plan targets for cash flow and EBITDA, delivering record EBITDA of €217 million with a 37% margin, and marking the second consecutive year of plan delivery.

• Free cash flow reached €76 million, above guidance, with recurring FCF at €93 million.

• New business intake was €14.5 billion, 1.8x the annual target, with cumulative new business in 2024-2025 above €24 billion and a robust pipeline supporting visibility into 2026.

• Successfully executed two major M&A transactions: near-complete integration of Gardant and pending closing of the coeo acquisition, expected to further transform growth.

• Expanded geographical footprint, strengthened AI capabilities, and diversified product scope, positioning for further growth.

Financial highlights

• Gross revenue for 2025 was €580 million, up 21% year-over-year; net revenue reached €524 million.

• EBITDA excluding non-recurring items hit €217 million, up 32% from 2024, with margin at 37%, a 3 percentage point increase.

• Net income ex-NRI rose to €25 million, more than tripling from €7 million in 2024, despite higher financing costs.

• Free cash flow was €76 million, above guidance, and €93 million on a recurring basis.

• Net leverage at year-end was 2.0x, in line with guidance, down from 2.4x in 2024.

Outlook and guidance

• 2026 targets: consolidated revenue ~€800 million, EBITDA ex-NRI ~€300 million, leverage ~2.2x pre-dividends.

• Pipeline for 2026 is strong, with €50 billion in diversified opportunities, including €4 billion from Italian tax receivables.

• Guidance for 2026 free cash flow is €90 million, with expectations of continued positive working capital contributions.

• Dividend payout is expected at the high end of the 50%-70% policy range; proposal consistent with group policy.

• No significant seasonality expected in coeo's business; integration is operationally ready.