Slides
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1 Capital Markets Day 2026 Ready ꞏ Set ꞏ Scale 8 October
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2 What you will hear today Financial targets underpinned by disciplined execution How our strategy translates into sustainable earnings growth, stronger free cash flow and shareholder returns doValue today: a diversified Group ready to capture new opportunities How doValue has evolved into a broader, more resilient and financially stronger business, creating the foundation for future growth 01 The next phase of value creation: scaling the platform Two strategic priorities to capture new opportunities in an evolving landscape: scaling new growth engines and building a resilient AI-powered operating model 02 03
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3 Davide Soffietti Group CFO Francesco Benintende Group Chief Strategy Officer Elias Reitter coeo co-CEO Theodore Kalantonis Group Head of NPE and REO Manuela Franchi Group CEO Presenting team
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4 S E C T I O N 0 1 doValue today: a diversified Group ready to capture new opportunities 01 doValue today 02 Scaling the platform 03 Financial targets
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5 Our business: one platform, two asset-light collection models 1 AuM as of Jun 2026 2 Digital collection fee mechanism varies by market and contract NPE Complex, secured collections DIGITAL COLLECTIONS Automated unsecured consumer collections BANK / INVESTOR BORROWER Client / Credit owner 140+ clients 60+ clients CORPORATE CONSUMER €132bn AuM1 AuM-based ~10m new files File-based 01 doValue today Debtor€60,000 avg. ticket €120 avg. ticket RECOVERED AMOUNTS RECOVERED AMOUNTS Base fee + variable collection fee On assets managed + cash recovered • Judicial/amicable collections • Case by case recovery Long-term mandates Rolling mandates Fixed fee2 Per single file Digital channels RECURRING FEESNO DIRECT CREDIT EXPOSURE CAPITAL EFFICIENT primarily multinational
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6 The largest asset light servicer in Europe Local FEE-BASED REVENUES WITH LOW CAPITAL REQUIREMENTS BALANCE SHEET INVESTING • Large pool of clients • “No conflict of interest" on purchasing • Growth driven by commercial execution • Broad client base without competing for asset purchases • Exposure to interest rate volatility and cost of funding risk • High share of investment revenues • Capital at risk from underwriting errors • Growth driven by capital deployment EuropeFOOTPRINT North America Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Peer 10 Peer 11 Peer 12 Peer 13 Peer 14 Peer 15 Peer 16 AuM 01 doValue today Peer list includes: Axactor, Arrow Global Group, B2 Impact, Banca Ifis, Cerved, CRIF, Hoist Finance, Intrum, Kruk, Lowell, PRA Group, Prelios, Jefferson Capital, Encore Capital, Cepal, Hipoges; Assessment based on financial statement data, corporate presentations, and internal analyses
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7 1 By AuM for Italy, Grece and Cyprus. Related to coeo’s non-financial receivables in DACH 2 Excluding non-recurring items 29% 53% 18% 71% 29% €132bn AuM ~10m New files p.a. €769m Gross revenues €277m EBITDA2 €65m Free Cash Flow BB / Stable Credit rating by product by region Digital collections NPE VAS Southern Europe Central & Northern Europe #1 Market position1 in Italy, Greece, Cyprus and DACH doValue today 1H26 LTM coeo doValue 01 doValue today
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8 NET LEVERAGE 179 165 217 277 2023 2024 2025 1H26 LTM4 1 Excluding non-recurring items 2 Pro forma including 12 months of Gardant contribution 3 Post dividends 4 Last Twelve Months data as of Jun 2026. Pro Forma Recap of selected past Business Plan targets 2024-2026 targets vs. actual GROUP EBITDA1 (€m) 2.7x 2.0x 2.6x 2023 2024 2025 0.5x 30 Jun 26 2.4x2 3.1x3 NEW AuM ONBOARDED (€bn) NON-NPL REVENUES (%) What changed • Increased concentration and competitive pressure in NPE, with limited new NPE generation • Fragmented transactions How we responded • Secured NPE forward flows through the Gardant transaction and SAN renewal • Increased market share • Improved efficiency through strict cost discipline • Enhanced revenue quality through diversification into repeatable, file-based revenues • Focused capital allocation on free cash flow conversion 481 479 580 769Actual Target as per BP 24-26 53% 1H26 LTM 2026 Target 30-35% 27 24 30 Jun 26 2026 Target coeo back- book sale 185- 195 2.1x- 2.3x Higher earning quality and greater resilience mitigate shortfall vs initial plan Significant results achieved in a challenging market 480-490 480-490 GROSS REVENUES (€m) Target 01 doValue today +47% +27% ~0% +59%
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9 • Leverage reduced from 2.7x to 2.0x before rising to 3.1x following capital deployment • Portfolio disposal to reduce leverage by 0.5x Debt maturity profile THEN 20252026 Near-term maturities NOW 2030 2031 First maturity extended 2030 First maturity 2025 → 2030 Second maturity 2026 → 2031 Refinancing Completed 2.7x 2.0x 2.6x 0.5x 2023 2025 1H26 3.1x -0.7x COMMITTED · CMD 2024 DELIVERED · 1H26Capital returns resumed CMD 2024 commitment vs dividend paid in 1H26 €12m dividend on FY 2025 results Conditional on FY 2025 net leverage below 2.8x €17.5m dividend paid on FY 2025 results €5.5m above committment FY2025 net leverage of 2.0x below the 2.8x threshold 492 231 2023 30 Jun 26 Financial flexibility built and operationalized Financial flexibility supports value creation, with no debt maturities before 2030 and a clear deleveraging path NET LEVERAGE Z-SPREAD1 doValue BOND (bps) 01 doValue today Peers2 Avg 1 Bond spread over Bund with comparable maturities 2 European Peers, excluding Cerved. Data as of 30 Sep 2026
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10 What we said in August What has changed since How the range is built What has not changed Approximately €300m of pro-forma EBITDA, conditional on digital collections continuing in line with H1 and cost containment measures to preserve EBITDA Continued softness in Italian collections and new business intake led us to reduce the Q4 recovery assumed in previous outlook Lower end built from the H1 run rate, including only contracted business for NPE coeo continues to outperform expectations Hellenic region and Spain in line with expectations Gross revenues €770–790m EBITDA €270–290m Net leverage post dividend 2.4–2.6x 1H run rate supports the lower end of guidance while an acceleration of collection rate in Q4 underpins the upper end Note: Pro-forma 2026 guidance. The leverage guidance assumes the sale of the digital collections portfolio by year-end. The EBITDA guidance excludes non-recurring items and accounting impacts from the portfolio sale vs. ~2.3x previous target, mainly due to a lower EBITDA denominator vs. ca. €300m previous targetvs. ca. €800m previous target 01 doValue today 2026 guidance updated to reflect a slower recovery in Italy
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11 2 M&A accelerated diversification and strengthened the financial profile 3 (Over)delivering on cost control is in our DNA 4 Ready for AI opportunities 5 doValue is well positioned for the ongoing structural shift in the servicing industry In a tighter-than-expected market, doValue has executed its repositioning strategy, proactively adapting its business model ahead of the broader and now visible market evolution, building a more diversified, integrated and efficient business 1 Diversification was the right strategic choice Today we are a larger, stronger and more resilient Group 01 doValue today Five convictions underlying our stronger value proposition versus 2024
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12 Evolving from a traditional Southern-European NPE servicer, to a wider and diversified Group Scale Products Countries • Broader top line base with potential to unlock further revenue synergies • Preserved EBITDA margin >35% • Multi-product platform, with more balanced and resilient revenue mix and reduced concentration • Broadened geographic footprint into Central and Northern Europe, diversifying across legal frameworks and market cycles GROSS REVENUES AND EBITDA1 (€m) REVENUE MIX (%) Digital collections VASNPE 75% 25% 2023 29% 53% 18% 1H26 LTM 1. DIVERSIFICATION 481 179 769 277 Gross Revenues EBITDA +60% +55% 2023 1H26 LTM 01 doValue today 1 Excluding non-recurring items
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13 2. M&A M&A strengthened earnings quality and financial profile 1 Total consideration 2 Not including €40m earnout 3 Enterprise Value net of Portfolio value 4 Pre-Acquisition = FY 2023; Post-acquisition = 1H24 5 Pre-Acquisition = FY 2024; Post-acquisition = 1H26 LTM with Coeo Strengthening market leadership in Italy • Consolidated leadership of the Italian servicing market, strengthening positioning with institutional clients • Deepened penetration of key servicing flows following the end of Unicredit contract • Expanded capabilities along the full credit lifecycle • €15m synergies achieved Accelerating product & geographic diversification • Extended into digital receivables management and adjacent asset classes, with more “repeatable” revenues • Entry into Germany and Continental Europe • Access to attractive multi-countries blue-chip client relationships • AI-driven business model • Revenue synergies potential 16% 24% Pre-acquisition4 Post-acquisition4 ITALIAN MARKET SHARE (%) 26% 47% Pre-acquisition5 Post-acquisition5 GROUP SHARE OF NON-NPE REVENUES (%) EV/ LTM EBITDA Acquisition multiple 4.3x Enterprise Value €250 1 m EV/ LTM EBITDA Acquisition multiple 5.1 3 x Enterprise Value €350 2 m Both transactions demonstrate disciplined M&A execution, increase diversification and strengthen the Group’s financial profile 01 doValue today
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14 314 Implied Guidance Actual 310-315 363 Implied Guidance Actual 390-395 • Met or exceeded guidance for two consecutive years • Industry-leading efficiency as a starting point • Continuous improvement across key cost areas to strengthen results and de-risk profitability 2024 2025 165 Guidance Actual 155-165 217 Guidance Actual 210-220 1 Excluding non-recurring items 2 Total cost = gross revenues less EBITDA excluding non-recurring items 3 Includes Coeo’s revenues and FTEs 141 172 189 2024 2025 1H26 LTM3 +34% Well positioned to capture the next wave of AI-enabled opportunities TOTAL COST BASE2 (€m) EBITDA1 (€m) REVENUES / FTEs (€k) 3. EFFICIENCY DELIVERED01 doValue today (Over)delivering on efficiency is in our DNA
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15 4. READY FOR AI We are ready to capture the unprecedented potential of agentic AI AWARENESS OF AGENTIC AI OPPORTUNITIES AND RISKS… …WITH KEY MILESTONES ALREADY ACHIEVED Unparalleled opportunity +40% Productivity upside potential for servicing on most promising use cases Deployed agents in selected domains to test effectiveness and operational readiness, including voice, email and call wrap-up Quick to deploy Day 1 Faster impact at first releases (~1/3 of efficiency gains available at launch) and faster time to market. Cycles now measured in quarters, not years Owns an AI factory with specialist AI talents and capabilities operating since 2022 Uneven value capture 1 in 4 Only 25% of companies have captured benefits vs 90% investing. Discipline and focus are key vs “uncontrolled” AI Developed AI-based products as Value Added Services (e.g. cAI quality sentinel) Complementary to expertise 20-30% Human expertise remains mandatory Human capabilities required to maximize impact from AI on expertise centric tasks Built AI roadmap and launched program to “agentify” doValue NPE operating model Source: Analysis on research reports, including McKinsey report “The future is agentic: AI’s role in the end-to-end corporate credit process”, KPMG “Global Tech Report 2026” Capgemini Research Institute “World Cloud Report in Financial Services 2026”, BCG “AI at Work 2025”. Experts interviews 01 doValue today
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16 4. READY FOR AI 80% AUTOMATION RATE 62% DOCUMENT PROCESSING Relevant interactions automated by Aug 26 Letters processed straight-through in Aug 26 +39pp since January; e-mail STP reached 61% 1.8m cAI INTERACTIONS AUTOMATED 5.6m CASES WITH NO-HUMAN-TOUCH Jan–Aug 26 end-to-end workflows +184% YoY Jan–Aug 26 including portal and self-service +55% YoY ~35% COST SAVING Outbound call wrap-up execution Material productivity gains from AI-enabled operations 75+% AUTOMATED INVOICES Automatically recognized and processed No human intervention required cAI embedded in Germany’s core operations, enabling straight-through processing and reducing human touch First AI capabilities deployed in doValue will be scaled up and accelerated exploiting synergies with cAI 01 doValue today From AI adoption to AI impact
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17 Market snapshot
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18 NPE • The stock of NPEs under servicing remains significant, despite limited primary transactions, with several supporting trends: – Growth in non-traditional segments (e.g. unsecured loans and UTP) and markets such as Germany partly offsets shrinking bank portfolios. Several competitors’ LTA contracts expire over the next three years – Secondary sales are expected to remain active, with approximately €60bn in 2027–2029, although transactions remain fragmented • New assignments offset the decline in NPE stocks, as newer portfolios generate higher collections per euro managed than legacy books • Large servicing revenue pool of approximately €4bn per annum until 2029 across diverse industries and segments, including BNPL, e- commerce, utilities, insurance and corporates • Continued BNPL growth of 7–12% CAGR, supported by expanding e-commerce and increasing adoption • Fragmented market offering (e.g., on Utilities) creates opportunities to scale and consolidate, including direct collections in Italy • Significant untapped opportunities, including tax collections, depending on government implementation timelines DIGITAL COLLECTIONS Source: analysis based on market reports, banks’ financial statements, company disclosures, Banca d’Italia and Bank of Greece data, Banca Ifis NPL Market Watch, EBA, regulatory disclosures, market research, and expert interviews 01 Market snapshot NPE servicing remains sizeable despite market pressure digital collections offer significant untapped growth potential
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19 • Banks NPE ratio stable at historical low (2.4% for Southern Europe), with Banks still leveraging on servicers but more selectively • NPE volumes decline in the base case, partly offset by new “fresher” assignments • No contribution from a potential deterioration in macroeconomic conditions is assumed in the base case • Servicing revenues stabilize over time, supported by the higher monetization of new assignments and portfolio sales NPE PORTFOLIOS ASSIGNED TO SERVICERS NPE MARKET1 SERVICING REVENUES Assigned pre-2025 Assigned post-2025 SOUTHERN EUROPE (€bn) (10-20%) (5-10%) Source: analysis based on market reports, banks’ financial statements, company disclosures, Banca d’Italia and Bank of Greece data, Banca Ifis NPL Market Watch, EBA, regulatory disclosures, market research, and expert interviews NPE 2026 90-120 Outflows 50-70 Inflows 2029 380-400 330-360 >100% 1.8 2026 2029 1.7-1.8 SOUTHERN EUROPE (€bn) 01 Market snapshot Southern European NPE servicing revenues remain resilient as portfolio volumes decline
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20 MARKET BANKING NPE STOCK EVOLUTION NPE SERVICING PENETRATION 17 16 -24 Rising NPE stocks in Germany and France create servicing opportunities NPE 70% 80% 20% 30% 20% 80% NPE RATIO % 1.6% 2.1% 2.4% Externally serviced Internally managed Significant scope for greater adoption of external servicing Source: analysis based on market reports, banks’ financial statements, company disclosures, Banca d’Italia and Bank of Greece data, Banca Ifis NPL Market Watch, EBA, regulatory disclosures, market research, and expert interviews CHANGE BETWEEN 2022 AND 2025 (€bn) NPE STOCK SPLIT BY SOURCING OF SERVICING (%) 01 Market snapshot New markets offer growth opportunities for NPE servicing
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21 A strong foundation: most AuM secured and >80% of 2029 NPE revenues protected KEY MANDATES WITH POTENTIAL RE-TENDER OPPORTUNITIES Several large LTAs expire by 2029. Potential contract wins with new banks not included in base case At least 6 large mandates expire by 2029 NPE NPE STOCK1 ASSOCIATED WITH EXPIRING SERVICING MANDATES AS OF JUNE 2026 (€bn) 1 Gross Non Performing Exposure as of 30 June 2026 as per financial statements and Pillar III disclosures. Santander: Spain segment; Intesa San Paolo: Italy segment; Piraeus: Group; Unicredit: Italy segment; Sabadell: group 6.9 6.2 4.5 3.2 1.0 Upcoming LTA renewals create re-tender opportunities Next step: increase focus to capture upcoming opportunities 2027 with potential to further extend 01 Market snapshot
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22 doValue Group First 6 coeo-doValue joint mandates 4-6% REVENUES CAGR 26-29 (%) 5-7% 3-5% ~3% 1.6 4.1 2.1 0.4 600 DIGITAL COLLECTIONS1 AVG ANNUAL REVENUES UNTIL 2029 (€bn) DIGITAL COLLECTIONS o/w 20% BNPL, rapidly expanding Of which €0.4bn relate to BNPL growing with a CAGR of 15-20% 1 Including Utilities, Telco, Commercial Receivables and BNPL 2 Except in France Existing platform2 Digital collections: a large and growing pool of servicing revenues DACH & NORDICS Of 30% in France with 5% CAGR WESTERN EUROPE SOUTHERN EUROPE SUBTOTAL USA 01 Market snapshot
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23 9% 11% 8% 10% e-commerce avg CAGR BNPL 24-29 CAGR (%) E-COMMERCE MARKET (€bn) 214 BNPL SHARE ON E-COMM (%) 21% 6% 9%4% DIGITAL COLLECTIONS • 2026 trends confirm healthy underlying BNPL market dynamics, particularly in DACH & Nordics • Growth has normalized from peak levels, but transaction activity continues to increase and DACH & Nordics remains the most developed BNPL ecosystem across the reference regions • Short-term fluctuations in origination volumes do not alter the structural growth trajectory of BNPL adoption which is dependent on secular shift from traditional consuming channels to e-commerce with BNPL payment solutions Source: PayNXT360 Report for BNPL market volumes; Statista for e-commerce data for Germany; Worldpay, Global Payments Report 2025 for E-commerce volumes and BNPL penetration for Italy and Spain; International Trade Administration and expert interviews, desktop research for Greece, US Census and United State s Buy Now Pay Later Business and Investment Opportunities Databook 2024 for USA, FEVAD – Bilan du e-commerce en France en 2024 and France Buy Now Pay Later Business and Investment Opportunities D atabook 2024 for France BNPL market with significant further growth potential Rising BNPL e-commerce penetration and robust growth rates highlight a sizeable opportunity to scale further within our existing focus markets DACH & NORDICS WESTERN EUROPE SOUTHERN EUROPE USA 539 181 >2.000 01 Market snapshot
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24 S E C T I O N 0 2 The next phase of value creation: Scaling the platform 01 doValue today 02 Scaling the platform 03 Financial targets
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25 Ready ꞏ Set ꞏ Scale Created the Group’s operating backbone • Established a scalable operating model • Developed shared technology and infrastructure • Strengthened governance and accountability Built a broader, more resilient platform • Strengthened market leadership • Diversified the businesses and expanded capabilities • Modernized IT and data infrastructure Compounding growth, cash flows and returns • Expand value creation in non-NPE collections in Europe and beyond • Selectively continue to diversify • AI-first operating model to strengthen resilience NPE as primary cash-generative franchise More than NPE, with new growth engines Balanced growth and resilient operating model INTEGRATE DIVERSIFY SCALE 2022 2024 2026 2029 02 Scaling the platform
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26 CONSOLIDATE Stable revenue contributors with additional upside potential EXPAND The growth engine across new products and geographies STABILIZE Strengthen long-term resilience through an AI-first operating model 01 DIGITAL COLLECTIONS 02 NPE 03 VAS 2025 PF 2029 STRATEGIC ENABLERS Talent Centricity Modernized IT & Data Disciplined Execution EBITDA PROGRESSION 02 Scaling the platform Three value engines, one solid foundation
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27 REPEATABLE REVENUES AI-FIRST OPERATING MODEL • Rolling files-based income reducing reliance on AuM-based revenues • Growing markets/ segments for digital collections • AI agents embedded in end-to-end workflows • Human experts focused on value-added decisions, oversight and exception handling REVENUE MIX1 (%) 27% 73% 2024 35% 65% 1H26 LTM 45% 55% 2029 Non-AuM based AuM based REVENUES / EMPLOYEE (€k) 141 189 240 2024 1H26 LTM 2029 +27% Stronger, more sustainable value creation 1 AuM-based revenues: transaction-value linked revenues. Non-AuM-based revenues: revenues not dependent on transaction volumes (e.g., digital collections and selected VAS) 02 Scaling the platform Higher revenue quality supported by efficiency gains
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28 DIGITAL COLLECTIONS 1 Growth opportunities with higher uncertainty (e.g. tax collections, new countries) have not been included in base case and represent optionality for further upside Ambition REVENUES OF DIGITAL COLLECTIONS (€m) Strategic objectives Scale coeo digital collections platform • Strengthen coeo’s presence in Central and Northern Europe, broadening the client base and asset classes • Selectively pursue international expansion in other attractive markets, not included in base case Leverage digital receivables in Southern Europe • Roll out digital collection solutions in markets where doValue currently operates mainly in NPE servicing • Leverage existing client relationships to capture new digital collections opportunities EBITDA MARGIN (%) 28% 47% 2025 2029 ~190 320-340 Grow with tailwind from mega-trends in digital collections 02 Scaling the platform Scale digital collections platform as a key growth engine
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29 Annual market revenues1 ~€4bn DIGITAL COLLECTIONS 1 Annual estimated servicing revenues in Europe until 2029 Source: Analysis based on market reports, banks’ financial statements, company disclosures, market research and expert interviews Digital collections is a growing market with significant untapped potential 1. BNPL/ Consumer Finance and e-commerce 100% digital; small, short-term credits; worldwide 2. Utilities, parking, insurance & telco Often served by traditional collection agencies A large, rapidly expanding, diversified opportunity, not yet captured at scale 4. B2B Digital invoicing 3. Tax receivables Outsourcing grade today small 02 Scaling the platform doValue is well positioned to bring scale and efficiency to a large, fragmented collections market through its digital platform and local execution capabilities
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30 DIGITAL COLLECTIONS • Strong management team with average 15-20 years experience in FinTech and collection • Increasingly diversifying client portfolio • International expansion underway • Highly stable “repeating” revenue profile, enabled by strong client relationships • Leadership in AI driven collections • Client integrations that deepen relationships Key success factors c.90% +11 ~1% Clients Repeated annual business from established clients Churn close to zero across the client base +11 contracts signed in 2026 02 Scaling the platform A proven growth engine in place
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31 Customer-centric collections protect both recovery and lifetime value Treating every payer as a customer to retain, not a debtor to pressure The collection journey must protect the merchant relationship while resolving the outstanding balance. EXPERIENCE KPI Customer experience is measured as rigorously as recovery performance DIGITAL COLLECTIONS Protect lifetime value Respectful outreach protects future value that can exceed the amount recovered Deliver a purchase-grade experience Repayment as easy as checkout: fast, flexible, on the customer’s preferred channel COEO TOOLKIT Digital convenience and continuous quality control turn the principle into practice TOP-RATED MOBILE PORTAL 24/7 AI AGENT 100% AI-MONITORED CALLS Human-centered outcomes, enabled by zero-friction tools and AI-driven quality assurance 4.6 / 5 60,000+ ratings 02 Scaling the platform Unique team… …diversifies client portfolio internationally …adopts youngest AI-technologies early …with growing repeatable revenues …and increases operational efficiency
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32 DIGITAL COLLECTIONS 2026 Achievements 2027-2029 – Growth levers • Order entry +20% • 11 new client contracts secured • Built foundations in doValue markets (already exported clients in Spain, Greece and Italy) DACH & Nordics Deepening penetration in the core market Onboard new blue chip clients, diversify into new verticals, grow within new countries Western Europe Expanding relationships with existing blue-chip clients Cross sell on international clients and leverage relationships to intermediary partners Southern Europe Replicating the model in core doValue markets Replicate digital collections in core doValue markets to existing clients New Markets (e.g. USA, France) Options to broaden footprint, pursue cost synergies / new niches 02 Scaling the platform The next phase of growth is already visible
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33 Sustaining long-term value creation in NPE through operational excellence and commercial discipline Stabilize NPE platform, preserving leadership in new business and deploying an AI-first operating model to achieve highest efficiency EBITDA1 ON NPE BUSINESS (€m) COSTS OF NPE BUSINESS (€m) 205-215 Leadership in NPE new business capture • Further strengthen commercial actions and discipline in pipeline management to increase market share on new volumes • Selective expansion of NPE activities across coeo markets, starting from Germany “Agentified” NPE operations • Leverage agentic AI across all business and operational domains to deliver unprecedented efficiencies and shift collection costs from fixed to variable 1 Excluding non-recurring items Note: growth opportunities with higher uncertainty (e.g., potential deterioration in macroeconomic conditions, contract wins on expiring long term mandates of competitors) have not been included in base case and represent optionality for further upside 2025 Portfolio evolution, inflation & other +65-70 Actions 2029 ~170 NPE Efficiency 240-250 ~10% of total NPE cost is variable and linked to performance, providing additional flexibility across the plan period 02 Scaling the platform New Business Ambition Strategic objectives
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34 Already underway Financial institutions are looking for new servicing models: more digital, customer flexible and adaptable Operating model shift embedded now in customer value propositions Levers Key Initiatives Strengthen new business opportunities • Proactive client coverage extended also to mid-sized institutions, supported by AI • Proactive advisory to support new business origination • Structured and disciplined pipeline management Expand in UTP and Early Arrears • Increase market share on UTP strengthening further commercial activity on new flows • Exploit selective ad hoc opportunities on Early Arrears AI-first Operating Model • “Agentified” direct collections for faster contact and recovery • AI agent assistants for Asset Managers, removing middle and back-office actions from daily pipeline • Teams of experts AI agents on business support & enablement functions (e.g. document management, strategy, reporting) • Leaner, AI-enabled, support & control functions Where NPE are already managed, move up the value chain AI agents live on call wrap-up, inbound calls and debtor requests Dedicated technology and AI leadership team Growing in-house AI capabilities Structured framework to measure AI impact AI already live in our operations, now scaling across the platform by 2029 02 Scaling the platform NPE Ambition of “digital revolution” in NPE operating model: AI-driven efficiency to offset revenue trends, while stepping up new business capture
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35 Total NPE business Spain 7% Market share Germany ~€15m target revenues Italy 24% Market share Hellenic 34% Market share 50% Market share Core NPE markets Growth markets (coeo) NPE REVENUES (€m) 02 Scaling the platform NPE 2025 2029 ~435 2025 2029 ~35 2025 2029 ~220 2025 2029 ~180 Core NPE businesses stabilizing with Germany as next opportunity
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36 ANNUAL COLLECTION RATE (%) Older legacy portfolio New flows New flows • Early Recovery stage • Some cases relatively simpler to collect in the portfolios • More reliable data NPL UTP MANDATES1TYPE DRIVERS OF DIFFERENCE IN VALUE • Mature recovery cycle • More complex residual cases 1 Sample portfolios. Each bar represents a single portfolio reflecting the different characteristics presented We prioritize quality over volume: a smaller, younger book can generate greater value 02 Scaling the platform 1% 13% 20% NPE Not all portfolios are equal: vintage and mix drive values per euro
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37 Long-term NPE servicing revenues have a structural floor 36 118 136 84 32 22 26 2005- 2007 2008- 2010 2011- 2013 2014- 2016 2017- 2019 2020- 2022 2023- 2025 2026- 2029 12.2% 10.0% 2.3% 0% 5% 10% 15% 2005 2010 2015 2020 2025 3.0% 4.8% 3.2% …along with new NPE formation NPE ratio1 reached a floor… 1 Estimate on EBA data SOUTHERN EUROPE Lowest in History NPE RATIO1, 3Y avg (%) NEW NPE FLOW, 3Y avg (€bn) Servicing revenues expected to persist in long term sustained by new NPE formation and structural factors Legacy stock is not a driver of long term revenues Base case (BP) Worsening • Penetration of servicing: room for growth is some areas (e.g. Germany) • New asset classes: reliance on servicing expanding from secured loans to broader unsecured exposures like utilities or taxes • Unit fees: stable as pressure by banks offset by market consolidations OTHER FACTORS AFFECTING SERVICING REVENUES 02 Scaling the platform NPE
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38 Continue to be leader in the new business capture Historical leadership in winning new business DOVALUE WIN RATE ON NEW BUSINESS IN 24-25 (%) MARKET SHARE OF STOCK AS OF 2024 (%) (based on latest available market data) YEARLY MARKET VOLUMES OF NEW BUSINESS1 (€bn) ~2-4 ~4-7~10-15 New Business Stock • Undisputed leadership in new business capture • Preserving key relationships while expanding into smaller institutions • Leverage digital capabilities (e.g. Digital Platform now fully completed) 1 Estimate total pool of primary and secondary market transactions excluding transactions with no change of servicers, contribution funds, purchases by servicers with own platforms 25% 60% 15%24% 34% 7% ~€12bn expected cumulative new business1 (2027-29) 02 Scaling the platform NPE
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39 €65-70m value from operating model “agentification”, defining a new cost structure to support the stabilization of the NPE platform OPERATING COSTS OF NPE BUSINESS (€m) Flexible, depending on progressive results • Rightsizing on stable collections • “Agentified” direct collections • AI in middle & back-office and support functions • Progressive delivery reducing one-off risks • Further buffers available (cost of growth linked to results, variable pay) 2025 Inflation & other increases Costs to sustain growth Operating model "Agentification" 2029 OPEX HR 240-250 20-25 10-15 (65-70) 205-215 (10-15%) ~40% efficiency improvement on direct FTE absorbed by NPE business enabled by AI deployment & operating model transformation of which ~€15-20m secured in 2026 Largest efficiency transformation in the industry to achieve sustainable value for all internal & external stakeholders 02 Scaling the platform NPE
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40 FROM TO BUILDING THE CASE • Collection of information across legacy systems with need to re-do when case is re-assigned • Some information stored in unstructured manner • Decision-ready dossier on file opening • Exposure, collateral, litigation, red flags pre-assembled CHOOSING STRATEGY • Mostly experience-driven on relevant cases • Standardization primarily on simple cases • Parallel path of judicial and amicable • Model based ranked strategy with expected recovery, timing, cost-to-serve for managers to validate, complement and/or override • Every override retrains a model INTERACTING WITH DEBTOR • Human outbound, low contact rates • Some usage of handwritten notes • Agent handles first contact and standard negotiation, Manager stays on complex cases • Automatic notes tacking and structuring EXECUTION • Legal instructions and memos drafted from scratch • Some rework loops across teams/ actors (e.g., lawyers, credit) with structurally idle queuing • Pre-scored proposals, first drafts ready to review, adjust and sign • Tasks managed by orchestrators, with live view on blockers and hand-offs • Turnaround in days as handoffs are reduced MONITORING & CONTROL • Sample-based • Varying reporting frequency, often manual • Continuous check on every file • Portfolio view on demand • Manager works exceptions, not averages Capacity decoupled from HC & working hours with >30+% productivity gain per domain targeted. Sensitive tasks (e.g., negotiation, restructuring, relationships) and accountability stay human 02 Scaling the platform NPE VALUE CHAIN A re-imagined operating model for Asset Managers and their ecosystems
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41 Legal factory generator AM full assistant (info flow, communications, actions) Portfolio analyzer and onboarding handler Agentification program use cases 1. Case intake & onboarding 2. Case management (Asset management) 3. Case management (Outbound collection) 4. Restructuring & credit 5. Loan admin & operations 6. Legal ops & support 7. Documentation & compliance Cross functional support Outbound voice assistant (info and negotiation) Affordability assessor and approval recommender File controller and process checker Portfolio strategies optimizer Reporting manager and optimizer Workflow automator / Legacy «interfacer» Agent orchestrators and profilers Document reader and info flow manager Ad hoc controllers Legal actions handler and reconciler Inbound call and complaint handler File controller and process checker Highlights Up to >30%+ productivity gain on each domain targeted Strong commitment: >€20m of dedicated funding already allocated to accelerate deployment Discipline: focused adoption (and costs) with tight control on AI consumptions Already ongoing: roadmap built and implementation started 02 Scaling the platform NPE Several use cases identified to deliver value on the entire chain
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42 LOW HIGH CURRENT LINK OV VAS WITH SERVICING MANDATES 1 On 2025 FY Pro Forma, including coeo ~€140m VAS revenue, 2025 19% of Group gross revenues1 Alternative asset management Over €1bn of assets under management on a dedicated platform, run for third-party investors Stage 2 predictive model Sold to banks on performing books, to identify borrowers likely to default before they do Mortgage brokerage Mortgage brokerage on new lending, with around 2,000 applications completed Advisory Due diligence, underwriting and advisory on portfolio transactions, for clients and third parties Data Management Asset, counterparty and data quality services, across owned and third-party portfolios Real Estate Services Management and sale of properties, within our portfolios and for third-party owners Legal Services Judicial and legal actions Master Servicing Administration, cash mana- gement and reporting for the securitization vehicles CURRENT LINK OF VAS WITH SERVICING MANDATES 2024 – 2026 VAS Repeatable revenues: most value added services revenues do not decline with the legacy book 02 Scaling the platform Sold to banks, investors and corporates using data, licenses and expertise the servicing business already has VAS: ~€140m revenues from services businesses
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43 Priorities by 2029 Grow Asset Management Increase AuM through new investment products, including a dedicated European NPE fund Accelerate Data Services Launch new captive and third-party products across doValue markets Expand Legal Services Increase scale, integration and service coverage, including selective inorganic initiatives Widen Master Servicing Explore opportunity to provide master servicing beyond current geographical perimeter Strategic rationale Capture alternative credit investment opportunities by scaling our proprietary platform and leveraging coeo’s client relationships to originate new portfolios (from €715m to €1.3bn done, now €2.5bn) Growing market for data services. Significant potential for data monetization services Large and fragmented legal debt recovery market in some countries (e.g. Spain) to maximize value; already developed in Italy Limited penetration of service abroad with fragmented offering and significant benefits of scale Expand value proposition (e.g., cash management, data aggregation, regulatory reporting, and sub-servicer oversight) to new markets/ asset classes (e.g. RPL) Prudent growth assumptions reflect the challenges of entering new markets and client platforms 02 Scaling the platform VAS Prudent targets to consolidate and selectively grow priority VAS
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44 Discipline Value converted, consistently Unified Group governance of AI program with ring-fenced resources Simplified accountability “one goal, one lead” Focus few priorities with high impacts Performance Tighter monitoring based on operational KPIs with interim targets People A great place to work, across every geography Innovation culture Renewed culture centered around innovation and customer focus New roles Injections of new skills and expertise to enable the transformation Re-skilling & AI Upskilling to adapt to a re-imagined operating model and exploit AI potential Technology Fast business enablement with centrality of AI Internalization AI capabilities and development hub on core assets “Simplification+” of legacies in synergy with AI roadmap Data-centric Group data model, unified Data Strategy AI foundations Orchestration layer and other supporting assets ENABLERS02 Scaling the platform The foundations that enable scale
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45 Tech Value Creation Pillars ENABLERS Internalization Modernization 2025 2029 4x INTERNAL DEVELOPERS 25-26 27-29 AI Data Revenue Legacy IT INVESTMENT MIX Optimized Tech model • Internalization via development hub strengthening • IT4IT cost optimization (e.g. via AI enabled benefits, FinOps) • Strengthened foundations (e.g. cybersecurity, integration capabilities, Data and self-service solutions for innovation) New business Tech-driven • Best-of-breed technology stack to support digital collections in doValue countries • Build and run technology to achieve data monetization NPE re-imagined with Tech • Enablement of the NPE operating model “agentification”, developing agentic capabilities and foundational components • Optimized IT expenses to support business processes, including applications rationalization and consolidation Transformation investment of ~€45m1 in 3 year 02 Scaling the platform 1 doValue perimeter A technologically enabled transformation
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46 S E C T I O N 0 3 Financial targets underpinned by disciplined execution 01 doValue today 02 Scaling the platform 03 Financial targets
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47 EBITDA1 2029 NORMALISED FREE CASH FLOW 2029 NET LEVERAGE MINIMUM CUMULATIVE CASH AVAILABLE FOR SHAREHOLDERS OR M&A, 27-29s €330–350m €100-120m 2.0–2.5x €150m A sustainable annual run-rate, once one-off costs are behind us The adequate range after payment of dividends Over the plan period, through ordinary dividends and share buy-backs and M&A Mid-single digit CAGR versus 2025 pro-forma Up to 40% EBITDA margin TARGET TARGET FINANCIAL POLICY FINANCIAL POLICY 03 Financial targets 2029 Targets 1 EBITDA excluding non-recurring items and accounting impacts from the portfolio sale
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48 How we monitor delivery Legacy portfolio evolution Track volume decay of contracted NPE business with no new contracts Efficiencies Realized efficiencies stemming from AI deployment and the resizing of the asset manager base in line with lower managed volumes New business Growth of coeo, VAS and NPE business (net of additional costs) Inflation & other Contractual wage raise for current workforce and SG&A price increases throughout the BP period A clear path to €330-350m, with defined drivers and quantified downside 272 EBITDA 2025 PF Digital collections & VAS Legacy portfolio evolution Inflation & other Efficiencies New business NPE EBITDA 2029 105-110 (115-125) (25-30) 75-80 40-45 330-350 03 Financial targets GROUP EBITDA1 (€m) Already realised at 1H26 Of which €15-20m already secured. The remaining based on ~€12bn of cumulated new business 2029 EBITDA: clear drivers with risks identified and closely monitored 1 EBITDA excluding non-recurring items and accounting impacts from the portfolio sale
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49 Digital collections driving Group earnings in the future 38% 24%ILLUSTRATIVE — VALUES ARE DUMMY GROSS REVENUES COMPOSITION (%) EBITDA1 COMPOSITION (%) Secular growth trends lift the digital collections share of revenue, while AI and automation drive operating leverage for the segment 03 Financial targets 25% 39% 57% 43% 19% 18% 2025 PF 2029 20% 45% 62% 36% 18% 18% 2025 PF 2029 NPE VASDigital collections 1 Excluding non-recurring items
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50 A balanced European earnings base Earnings are no longer tied to the cycle of any one market GROSS REVENUES COMPOSITION (%) EBITDA1 COMPOSITION (%) 03 Financial targets 31% 25% 38% 30% 25% 38% 2025 PF 2029 45% 32% 34% 18% 20% 47% 2025 PF 2029 Hellenic region Central and Northern Europe Italy Spain 6% 7% 1% 3% 1 Excluding non-recurring items
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51 Efficiencies in NPE fund the growth in digital collections NPE Efficiencies delivered DIGITAL COLLECTIONS Capacity added to serve more files Volume growth is absorbed without additional HR and operating costs at Group level, with the mix shifting towards the segment that scales 79% 21% 74% 26% 75% 72% 28% Despite strong file growth, HR costs rise less than proportionally as Coeo further leverages its already high level of automation c. -€30m c. +€25m Staff costs fall via AI and redesigned workflows Opex ~-5% via shared platforms and one infrastructure Staff costs ~+10%, all in digital collections AI and tech investment ring- fenced, absorbed by shared platforms Volume growth is absorbed without additional HR and operating costs, with the mix shifting towards the segment that scales AI-driven productivity and targeted downsizing lower the cost base despite salary inflation, preserving specialist focus on complex recoveries -€65-70m before inflation, wage & other increases 03 Financial targets 79% 21% 2025 PF 74% 26% 2029 74% 26% 2025 PF 73% 27% 2029 HR costs Opex HR costs Opex
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52 coeo’s portfolios function as short term investment; back-book sale accelerates deleveraging HOW THE COEO PORTFOLIO PURCHASE & SALE WORK Fast collections Price recovered within 12-18 months Self-funded Collections fund the next purchase COLLECTIONS ON PORTFOLIO OWNED BY CLIENT COLLECTIONS ON PURCHASED PORTFOLIO ~4 months 12-18 months COEO MODEL IS MORE FLEXIBLE THAN TRADITIONAL DEBT PURCHASING Pre-agreed PURCHASE at pre-set prices SALE at discount to get immediate cash Small and recurring tickets Pre-agreed forward flows Historically self-funded Fast cash-recycling TRADITIONAL DEBT PURCHASER Large, one-offs Competitive auctions Acquisition debt Long holding period immediate deleveraging €165m Expected recoverable cash (ERC) on the current back-book as of Jun 26 FINANCIALS Additional fees from collections on future forward flows €(140)m Cash flow impact from supporting recurring portfolios’ transfers to third party investors Today Business Plan + 03 Financial targets 1 2
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53 2029 Invested Available to capital providers and M&A EBITDA Odinary capex Delta NWC & others Portfolio effect IFRS 16 Tax Financial charges Mino- rities Ordinary FCF Extra ordinary investments FCF 330-350 100-120 100-120 Cash flow impact of ~€140m over 2027-2029 from recurring sales of coeo’s receivables portfolios. After this impact, digital collections maintain around 50% cash conversion Cumulated ordinary FCF ~1401 Extra ordinary investments 150-170 Cumulated FCF 290-310 EBITDA TO NORMALISED FREE CASH FLOW, ANNUAL (€m) 2027-2029 CUMULATIVE CASH FLOW (€m) ~1.6x 2029 leverage pre-dividends ~€320m 2029 cash position after all debt obligations, pre-dividends 1 ~€75m restructuring costs, ~€15m transformation capex, €52m Earnout (€40m coeo earnout, €12m doValue Greece) Transparent assumptions and disclosed one-offs provide a credible path from EBITDA to distributable cash 03 Financial targets From EBITDA to distributable cash, with clear assumptions
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54 Deleveraging with headroom for value-accretive investments 1 Net leverage, after payment of dividends and bolt-on M&A 2 After dividend payment Headroom we can deploy Operate within a sustainable range of 2.0-2.5x Landing below the range by 2029 leaves up to ~€300m of capacity for shareholder distributions, bolt on M&A, further gross debt reduction or a combination of the three 2.0x 2.5x 3.0x SUSTAINABLE RANGE BELOW RANGE CEILING €150-300m unused capacity Shareholder distributions, bolt-on M&A FINANCIAL POLICY1 MATURITY PROFILE (€m) CASH & CASH EQUIVALENTS2 (€m) Deleveraging is not the end of the plan. It is what funds the next phase of growth and shareholder returns 03 Financial targets 30 30 30 300 410 100 2026 2027 2028 2029 30 2030 2031 330 510Term Loan SSN 2030 SSn 2031 181 254 2025 PF 2029 2026 E 2029 Pre-dividends 2.4x – 2.6x 1.6x
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55 Capital allocation: shareholder returns and disciplined bolt-on M&A Distributions and bolt-on M&A are both funded within the 2.0-2.5x sustainable leverage range Shareholder distributions Up to 80% of ordinary net income distributed through ordinary dividends and share buybacks M&A Part of the ordinary value creation toolkit: selective acquisitions and deferred consideration on transactions already completed Bolt-on M&A: investment priorities Investment criteria • Client-led geographic expansion in digital collections • Market consolidation across segments • Local licences, teams and capabilities to accelerate market entry • Technology, client access and selected opportunities in adjacent credit management business • Limited execution and integration risk • Disciplined valuations and accretive returns • Funded within the sustainable leverage range 03 Financial targets
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56 SHAREHOLDER DISTRIBUTION & CAPITAL ALLOCATION How three revenue engines translate into shareholder returns NPE servicing efficiency, digital collections growth and a stable services base drive earnings, free cash flows and shareholder distributions THE THREE ENGINES 2029 EBITDA1 €50-60m €155-165m DIGITAL COLLECTIONS The growth engine, up ~30% EBITDA CAGR over the plan €120-130m NPE Efficiencies protect earnings: costs down ~25-30% on a gross basis Value added services Stable and recurring, up mid-single digit PROFITABILITY CASH CONVERSION 03 Financial targets Up to 80% of ordinary net income Subject to leverage of 2.0–2.5x €330–350m 2029 EBITDA1 Margin expansion up to 40%, supported by continuous cost efficiencies €100–120m 2029 Normalized FCF A sustainable annual run-rate, after capex, working capital, taxes and cash interest Three value engines, a broadly flat cost base and a cash conversion that funds distributions while keeping leverage within the target range 1 EBITDA excluding non-recurring items and accounting impacts from the portfolio sale
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57 Backing our plan with a €10m share buyback SHARE BUYBACK PROGRAMME €10m c.3% of share capital IMPACT ON LEVERAGE <0.1x on net leverage Leverage remains well inside the 2.0-2.5x target range, with full covenant headroom and liquidity managed at holding level DISTRIBUTION POLICY Up to 80% of ordinary net income The buyback sits within the new dividend policy: any further 2027 distribution will be decided under the same policy, based on liquidity and leverage WHY NOW 1 Valuation gap The cash flows we present today are not reflected in the share price 2 Conviction in the plan Buying our own shares at these levels is the best use of incremental cash 3 Accelerated shareholder returns Bringing forward part of the distributions planned over the business plan period Anticipating shareholder return on a robust three-year cash generation plan 03 Financial targets
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58 Q U E S T I O N S & A N S W E R S
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59 Appendix
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60 THREE ROUTES TO A MANDATE The bank outsources An existing stock of defaulted loans, or every future default under a forward flow agreement. The loans stay on the bank’s balance sheet. An investor buys and appoints us The portfolio changes owner. The servicing mandate is awarded separately — and frequently stays with the servicer already managing the book. A securitization vehicle appoints us In GACS and HAPS structures the servicer was a required role, governed by contract and by the rating agencies, with defined performance triggers. How a specialist credit NPE mandate actually works 1 2 3 1 The mandate Whichever route it takes, the loans stay on their owner’s balance sheet. Only the management passes to us. 2 Onboarding Files are loaded onto our platform, segmented and assigned. Gross book value under management goes up and the fee clock starts. 3 Recovery Amicable negotiation, restructuring, legal and judicial action, real-estate enforcement. Complex secured cases sit with specialist teams. 4 Collection Cash is recovered and passed in full to the owner of the loan. 5 Our revenue A base fee on gross book value of assets managed, plus a collection fee on every euro collected (no hurdle rate). A disposal changes who owns the credit, not who manages it. Either the mandate follows the portfolio, or early termination without a service-level breach triggers an indemnity for the revenue foregone and the teams assigned. Long recovery cycles and precise collection curves make our revenue unusually visible: a base fee on the stock we already manage, and a collection fee we can forecast with confidence. Appendix From the moment a loan is assigned to the moment we are paid
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61 How digital collections work A high-frequency, fee-per-file model in which the balance sheet sits with a third-party funding partner, not with the Group We are paid per file recovered, in cash, as the customer pays — and the principal sits with the funding partner. 1 THE CLIENT An e-commerce, BNPL, utility or telecom platform. The end customer is one they want back, not a defaulted borrower. 2 THE TRIGGER A payment is missed. From 0–15 days past due the file transfers automatically to our platform, monthly and on a rolling basis. 3 SERVICING, MONTHS 0–4 Dunning and amicable collection on the client’s behalf. The client remains the legal and economic owner throughout. 4 WE ARE PAID A fee per recovered file, largely set by local regulation, collected directly alongside the customer’s repayment. Cash arrives with the collection. 5 AFTER MONTH 4 Claims still open are purchased at preset prices. On this portfolio we earn both servicing fees and principal recovered. Most of that price is recovered within twelve months thanks to the fast turning nature of the portfolio. THE FEES IN MONTHS 0–4 ALREADY FUND A SIGNIFICANT PART OF THE PRICE PAID FOR THE REMAINING FILES Appendix