DoValue S p A : Half yearly fcial & audit reports / ltd reviews

PRESS RELEASE

BOARD OF DIRECTORS APPROVES CONSOLIDATED HALF YEAR REPORT AS OF JUNE 30th, 2022

STRONGEST FIRST HALF RESULTS EVER IN TERMS OF GROSS REVENUES AND EBITDA

€271 MILLION OF GROSS REVENUES (+7%)

€84 MILLION OF EBITDA EXCLUDING NON-RECURRING ITEMS (+15%)

STRONG COLLECTION PERFORMANCE AT €2.8 BILLION (+4%)

NET INCOME EXCLUDING NON-RECURRING ITEMS AT €23 MILLION (+72%)

Income Statement

• Gross Revenues in H1 2022 at €271.2 million (+6.7% vs H1 2021)
• Net Revenues in H1 2022 at €237.9 million (+7.1% vs H1 2021)
• EBITDA excluding non-recurring items in H1 2022 at €83.8 million (+14.9% vs H1 2021)
• EBITDA margin excluding non-recurring items at 30.9% (vs 28.7% in H1 2021)
• Net Income excluding non-recurring items in H1 2022 equal to €23.3 million (+71.9% vs H1 2021)

Collections and Gross Book Value

• Collections in H1 2022 of €2.8 billion (+3.7% compared to H1 2021)
• Collection Rate for the last twelve months steady at 4.2% (compared 4.3% for FY 2021)
• No direct impact on operations and performance from the conflict in Ukraine and inflation
• Stable GBV at approximately €150 billion (vs €149 billion at the end of 2021)
• Macro headwinds and withdrawal of COVID-19 support measures likely leading to new NPEs generation

Balance Sheet

• Marginal increase in Leverage to 2.2x mainly driven by dividend paid in May (2.0x on March 31st, 2022)
• Net Debt of €461.2 million at the end of June 2022 (€401.8 million at the end of 2021)
• Strong cash position of €121.1 million and no refinancing needs before 2025

Other initiatives

• Spain turnaround accelerating with strong business origination activity
• doTransformation well on track: >40% of investments already committed and tangible savings locked in
• Fitch improved credit rating outlook to "Positive" and confirmed BB rating
• doValue shares admitted to trading on the STAR segment of Euronext Milan
• Sustainalytics improved ESG rating to "Low Risk"

Guidance for 2022

• Gross Revenues €555-565 million
• EBITDA excluding non-recurring items €190-195 million
• Net Income excluding non-recurring items €45-50 million
• Financial Leverage of approx. 2.2x at the end of 2022
• Dividend of €0.60 per share related to FY 2022, subject to corporate bodies approval
• Commitment to grow Dividend per Share by at least 20% per annum in 2021-2024

Rome, August 3rd, 2022 - The Board of Directors of doValue S.p.A. (the "Company", the "Group" or "doValue") has approved today the Consolidated Half Year Report as of June 30th, 2022.

Main Consolidated Results and KPIs
Income Statement and Other Data	H1 2022	H1 2021	Delta
Collections	€2,813m	€2,712m	+3.7%
Collection Rate	4.2%	3.7%	+0.5 p.p
Gross Revenues	€271.2m	€254.2m	+6.7%
Net Revenues	€237.9m	€222.1m	+7.1%
Operational Expenses	€155.5m	€149.2m	+4.2%
EBITDA including non-recurring items	€82.4m	€72.9m	+13.1%
EBITDA excluding non-recurring items	€83.7m	€72.9m	+14.9%
EBITDA margin excluding non-recurring items	30.9%	28.7%	+2.2 p.p.
Net Income including non-recurring items	€22.3m	€8.5m	+160.8%
Net Income excluding non-recurring items	€23.3m	€13.5m	+71.9%
Capex	€9.7m	€7.0m	€2.7m

Balance Sheet and Other Data	30-Jun-22	31-Dec-21	Delta
Gross Book Value	€149,902m	€149,487m	+0.3%
Net Debt	€461.2m	€401.8m	+14.8%
Financial Leverage (Net Debt / EBITDA LTM)	2.2x	2.0x	+0.2 p.p.

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Gross Book Value

During H1 2022, the Group has added to its Gross Book Value (GBV) approximately €8.5 billion, mainly related to the €5.7 billion Project Frontier in Greece (won in 2021 and onboarded in 2022), to €1.2 billion linked to two Italian GACS and €1.0 billion related to forward flow agreements in place with Santander, Eurobank and UniCredit.

Overall, since the beginning of 2022, the Group has been awarded approximately €5.8 billion of additional new mandates (partly not yet onboarded and made of approximately €1.3 billion in Italy, approximately €4.2 billion in the Hellenic Region and €300 million in Spain) which, together with the €1.0 billion related to forward flow agreements, represent more than 50% of the overall target of new GBV of €13-14 billion for 2022.

At the end of June 2022, Gross Book Value stood at €149.9 billion (still including the entire €21 billion Sareb portfolio), a growth of 0.3% compared to the level of €149.5 billion at the end of 2021. The level of Gross Book Value of €149.9 billion is the result of new GBV for €8.5 billion, collections for €2.8 billion, write offs for €1.9 billion and disposals from clients for €3.4 billion (compensated by indemnity fees).

The level of Gross Book Value at the end of June 2022, pro-forma for the mandates already secured but not yet onboarded, is €154.5 billion. The NPL portion of the Sareb portfolio (€10 billion) has been off-boarded on July 1st, 2022, and the REO portion of the Sareb portfolio (€11 billion) is expected to be off-boarded in October 2022, in any case before the end of 2022.

Income Statement

Collections in H1 2022 have been equal to €2.8 billion (growing by 3.7% compared to the €2.7 billion recorded in H1 2021). The stability of Collections, in the context of a lower GBV in the last twelve months, reflects a better GBV mix (with a higher component related to the Hellenic Region) as well as the progressive post-COVID recovery of court activities and the relaxation of the Government restrictions on foreclosures.

The Collection Rate is equal to 4.2% for the last twelve months ended in June 2022, broadly stable compared to the level of 4.3% recorded at the end of December 2021.

In H1 2022, doValue has recorded Gross Revenues for €271.2 million, an increase of 6.7% compared to the €254.2 million recorded in H1 2021. To be noted that Gross Revenues for H1 2021 included a €4.0 million capital gain related to the resale of the "Relais" note, normalising that effect Gross Revenues grew by 8.4%.

Servicing Revenues, equal to €246.4 million (€232.4 million in H1 2021), show an increase of 6.0%, mainly driven by the increase in NPE activity. More broadly, growth is also characterized by a better GBV due to a higher component related from the Hellenic Region.

Revenues from Co-investments are equal to €0.8 million (whilst were equal to €4.1 million in H1 2021 as primarily driven by the capital gain related to the resale of the Relais note).

The contribution of Revenues from Ancillary Products and Minor Activities is €24.0 million, a substantial increase compared to the €17.7 million level achieved in H1 2021. These revenues include various activities provided by the Group (data services, due diligence services, master and structuring services, legal activities, real estate letting and development services and advisory services).

Net Revenues, equal to €237.9 million, have increase by 7.1% compared to €222.1 million in H1 2021.

Outsourcing fees have marginally decreased as a percentage of Gross Revenues to 12.3% (compared to 12.6% in H1 2021).

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Operational Expenses, equal to €155.5 million have marginally decreased as a percentage of Gross Revenues to 57% (compared to 59% in H1 2021, when they stood at €149.2 million). Adjusted for the €4.0 million capital gain related to the Relais notes booked in H1 2021, Operational Expenses as a percentage of Gross Revenues have decreased even more, from 60% in H1 2021 to 57% in H1 2022. The increase in Operational Expenses in absolute terms of €6.3 million is mainly due to higher IT and SG&A expenses (mostly linked to the transformation plans, in particular in Iberia, but also in the Hellenic Region), whilst personnel expenses have remained relatively more stable (and marginally decreased as a percentage of Gross Revenues from 42% to 39%).

EBITDA excluding non-recurring items grew by 14.9% to €83.7 million (from €72.9 million in H1 2021), with an increase in EBITDA margin excluding non-recurring items of 220 bps, from 28.7% to 30.9%. Adjusting for the €4.0 million capital gain on the Relais portfolio booked in H1 2022 EBITDA excluding non-recurring items grew by 21.5% Year-on-Year (with an increase in margin from 27.5% to 30.9%). Including non-recurring items, EBITDA stood at €82.4 million, recording a growth of 13.1% compared to H1 2021, when it stood at €72.9 million. Non-recurring items above the EBITDA mainly include charges related to consultancy projects and stood at €1.3 million in H1 2022.

Net Income including non-recurring items stands at €22.3 million, compared to €8.5 million in H1 2021. The increase is primarily related to the growth in EBITDA, lower D&A and lower provisions for risks and charges, partially offset by higher taxes and higher minorities. Excluding non-recurring items, Net Income stands at €23.3 million, compared to €13.5 million in H1 2021. The non-recurring items included below the EBITDA for H1 2022 mainly refer to provisions for early retirement incentive plans and litigations which were partially compensated by an insurance payment.

Balance Sheet and Cash Flow Generation

Net Debt at the end of June 2022 stood at €461.2 million, compared to the €401.8 million as the end of 2021. Financial Leverage (represented by the ratio between Net Debt and EBITDA) increased in H1 2022 and stands at the end of June 2022 at 2.2x (vs 2.0x at the end of 2021 as well as the end of March 2022) mainly due to the dividend paid in May 2022.

Guidance for 2022

Considering the results achieved in H1 2022 and of the visibility on the evolution of the business since the beginning of the year, the management of doValue anticipates reaching for 2022 Gross Revenues in the range of €555-565 million, EBITDA excluding non-recurring items in the range of €190-195 million, Net Income excluding non-recurring items €45-50 million whilst reaching a Financial Leverage of approximately 2.2x at the end of 2022. In addition, in line with the dividend policy approved in the context of the Business Plan 2022-2024, doValue expects to distribute a Dividend Per Share of €0.60 for 2022 (subject to the approval of the Board of Directors of and Shareholders), representing a growth of 20% over the 2021 Dividend Per Share of €0.50. The guidance will be updated during the course of 2022 to take into account the evolution of the business and of the market environment.

Dividend for 2021

On April 28th, 2022, the Annual General Meeting of doValue approved the dividend related to the fiscal year 2021 of €0.50 per share. The dividend was paid on May 4th, 2022 (with ex-dividend date on May 2nd, 2022, and record date on May 3rd, 2022).

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Project Frontier II

On July 29th, 2022, doValue, through its subsidiary doValue Greece, has signed an agreement with National Bank of Greece (NBG) in relation to the management of a Greek portfolio consisting of mostly secured non-performing loans (NPL) for a Gross Book Value of approximately €1.0 billion (Project Frontier II). The agreement is subject to the completion of the securitisation process of such portfolio by NBG under the Hellenic Asset Protection Scheme (HAPS) which is expected to be finalised in Η2 2022. NBG awarded Project Frontier II to doValue on the basis of the trust and track record built during the Project Frontier I process. Project Frontier II is another important step for the Group in the execution of its Business Plan 2022-2024 and it is also another milestone for doValue in its objective of establishing itself as a leading independent servicer in Greece.

Project Sky

During the month of May 2022, doValue has signed of a memorandum of understanding (MoU) with an affiliate of Cerberus Capital Management (Cerberus), a global leader in alternative investing, for the exclusive management of a portfolio of non-performing loans originated in Cyprus with a Gross Book Value of approximately €2.2 billion (Project Sky). The MoU has been executed by doValue's subsidiary Altamira Asset Management Cyprus.

The portfolio related to Project Sky was originated by Alpha Bank Cyprus and is comprised of secured Corporate, SME and Retail loans related to more than 7,000 debtors. In the first part of 2021, Alpha Bank decided to sell the portfolio, and in February 2022 it reached an agreement with Cerberus for the disposal (with closing expected by end of 2022, subject to regulatory approvals). doValue will assume the servicing of the portfolio from closing until the portfolio run-off, whilst assisting with the interim management of the portfolio until closing. With Project Sky, doValue further diversifies its business, by bringing onboard Cerberus as a new client.

GACS securitisations by Iccrea and UniCredit

During the month of May 2022, BCC Banca Iccrea completed a securitisation of non-performing loans assisted by GACS guarantee for a value of €650 million. The transaction saw the participation of 71 banks, of which 68 belonging to the BCC Iccrea Group plus Banca Valsabbina, Banca di Credito Popolare and Cassa di Risparmio di Asti. doValue has assumed the role of master servicer and special servicer of the portfolio being disposed.

During the month of June 2022, UniCredit completed a securitisation of non-performing loans assisted by GACS guarantee for a value of €1.1 billion (of which €500 million new GBV for doValue). doValue and doNext have assumed the respective roles of special servicer and master servicer of the portfolio.

Project Neptune

In April 2022, doValue, through its subsidiary doValue Greece, has been awarded a new servicing mandate representing additional Gross Book Value for approximately €500 million (Project Neptune). As background, in 2020, an entity affiliated with funds managed by Fortress Investment Group acquired a portfolio from Alpha Bank with a Gross Book Value of approximately €1.1 billion and assigned the transitional servicing mandate to Greek servicer CEPAL. With Project Neptune, doValue will assume as long-term servicer the management of approximately 50% of the initial €1.1 billion portfolio upon onboarding, which was completed at the end of April 2022. The portfolio comprises of non-performing loans granted to Corporate & Small Medium Enterprises secured by real estate assets in Greece.

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