doValue S.p.A.

Q2 2026 gross revenue increased 3% year on year to EUR 181 million; net revenue increased 17% to EUR 148 million; EBITDA excluding nonrecurring items increased 21% to EUR 58 million; EBITDA margin was 32% versus 34% in Q2 2025. Q2 reported EBITDA was EUR 50 million, and net income excluding nonrecurring items was EUR 3 million. On a first-half pro forma basis assuming coeo had been consolidated from the start of the year, EBITDA excluding nonrecurring items was EUR 121 million and ordinary net income was EUR 16 million. Management kept full-year 2026 pro forma EBITDA guidance at approximately EUR 300 million, assuming coeo performs broadly in line with H1 and the cost base adapts to market conditions. The company also confirmed EUR 90 million of free cash flow guidance for the doValue perimeter, while noting that the coeo portfolio and its eventual sale are important to leverage progression.

Manuela Franchi framed the first half as an inflection point: doValue is now more diversified across geographies, clients, and credit segments, with digital receivables becoming a material earnings driver. Her tone was constructive but conditional: she emphasized growth in automation, new contract wins, and diversification beyond the historical anchor client, while also acknowledging softer Italy volumes and a more challenging market backdrop. She repeatedly pointed to the strategic end-state of an asset-light, technology-enabled servicing platform.

Davide Soffietti focused on the financial bridge from consolidation to cash and leverage improvement. He said Q2 EBITDA excluding nonrecurring items was EUR 58 million, reported EBITDA was EUR 50 million, and the EBITDA margin was 32%; he also highlighted recurring operating cash flow of EUR 90 million in the quarter and recurring free cash flow of EUR 68 million after taxes and financial charges. He noted net debt of EUR 855 million at June, reported leverage of 3.1x, and said pro forma net debt excluding the coeo receivable back book would have been about EUR 722 million, or 2.6x leverage. On the balance sheet, he said the refinancing created a blended cost of debt of about 5.9%, with about EUR 4 million of annual interest savings and no material refinancing wall before 2030.

Analysts pressed management on weak Italy collections, the bridge to full-year EBITDA guidance, coeo’s quarter-to-quarter margin volatility, and the treatment and timing of the coeo receivable portfolio sale. Management said Italy’s weaker EBITDA was mainly due to lower collection activity and the absence of about EUR 10 million to EUR 11 million of secondary sales seen in H1 2025, while cost actions should show more in H2. On coeo, management said Q1 is seasonally stronger and that full-year margin should average about 35%, with the portfolio disposal still targeted within 2026 and discussions focused on maximizing price. They also said the EUR 90 million free cash flow guidance excludes temporary timing items like the Greece VAT recovery, which they expect to collect during the year.