Q2 2026 Dovalue SpA Earnings Call Transcript
Key Points
- Digital receivables revenue grew 25% year-on-year, driven by 5 million new files onboarded and strong performance in Germany (up 21%), demonstrating the success of the Coeo acquisition.
- Pro forma group EBITDA reached $121 million in H1 2026, with Q2 EBITDA up 21% year-on-year, supported by Coeo's AI automation and disciplined cost actions.
- The company signed 11 new contracts worth over $10 million in incremental annualized revenue, diversifying its client base beyond Klarna and expanding into new sectors.
- The refinancing extended debt maturities to 2031 and is expected to generate approximately $4 million in annual interest savings, strengthening the capital structure.
- The Coeo own portfolio is highly cash-generative, collecting $61 million in H1 2026, with 20% of Q2 investments already recouped, and the disposal process is on track for completion by year-end.
- New business intake reached $3.1 billion in H1, surpassing the full business plan target of $24 billion six months early, with strong contributions from Spain and Italy.
- Italy's performance remains weak due to low primary and secondary market volumes, softer collections (down 21% in Q2), and slower-than-expected expansion of value-added services.
- The traditional NPL servicing business faces a challenging market backdrop, with the European market smaller than the peak and regulatory uncertainty (e.g., Castelli framework) delaying secondary transactions.
- EBITDA margin slightly declined to 32% in Q2 from 34% in the prior year, reflecting the dilutive impact of Coeo's different operating model and weaker Italy performance.
- Reported net debt increased to $855 million (3.1x leverage) due to the acquisition and dividend payments, though pro forma leverage is lower at 2.6x.
- The Coeo own portfolio requires ongoing capital investment ($48 million in Q2) and creates temporary balance sheet intensity, with cash absorption until the planned disposal is completed.
- The group faces execution risks in achieving full-year guidance, relying on H2 cost actions and continued Coeo outperformance to offset Italy's softness.
Every time you go away Every time you go away Take a piece of meat when you lose.
You take a piece of me with you You take a piece of me Every time you go away You take a piece of me with you.
Good morning, this is the Coruscal Conference operator. Welcome and thank you for joining the DuValue First Half 2026 Financial Results presentation. As a reminder, all participants are in listen-only mode. After the presentation, there will be an opportunity to ask questions. Should anyone need assistance during the conference call, they may signal an operator by pressing and 0 on their telephone. At this time, I would like to turn the conference over to Mr. Daniele della Seta, Head of Investor Relations of DeValue. Please go ahead, sir.
Good morning, everyone. I'm Daniele della Seta, Head of Investor Relations at Duvalio. I'm joined by Manuela Franchi, our Group CEO and Davide Soccietti, our Group CFO, as we present Duvalio's Q2 2026 financial results.
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