Q1 2025 Dovalue SpA Earnings Call Transcript
Key Points
- Dovalue SpA (FRA:1DB0) exceeded its full-year target for new business, generating EUR9.2 billion GDD, and raised its target to over EUR12 billion for 2025.
- Gross revenue and EBITDA ex-NRI more than doubled compared to the previous year, with gross revenue reaching EUR141 million and EBITDA ex-NRI at EUR51 million.
- Leverage decreased to 2.3 times in March 2025 from 2.4 at year-end, supported by strong cash flow and financial discipline.
- Non-NPL revenue rose to nearly 40% of gross revenues, moving towards the 2026 target of 40-45%.
- Cash conversion improved significantly, achieving over 90% compared to 16% in Q1 2024, with free cash flow rising to EUR32 million.
- The macroeconomic environment is deteriorating, with an upward trend in bankruptcies across Europe, which could impact future performance.
- Despite strong results, the company remains cautious and has not increased other targets besides new business, reflecting a conservative stance.
- Integration costs related to the Garden acquisition are ongoing, with significant expenses expected in the coming quarters.
- Spain's revenue declined slightly year-on-year, indicating challenges in maintaining growth in that region.
- The company faces potential uncertainties with contract renewals, such as the UniCredit and Santander contracts, which could impact future revenue streams.
Good morning. This is the Corrus, call conference operator. Welcome and thank you for joining the Dovalue SpA first quarter 2025 financial results conference call. (Operator Instructions)
At this time, I would like to turn the conference over to Mr. : Daniele Della Seta Investor relations of Daniele. Please go ahead, sir.
Thank you, operator.
Of relations of Dovalue. Today I'm pleased to be joined by Manuela Franchi, our group CEO, and Davide Soffietti, our group CFO. We are glad to share with you our quarterly results. As usual, Manuela, we start by providing an overview of our results together with insights into the latest market and business trends. After that, David will give a detailed review of our financial performance for the period. At the end of our presentation, we will be happy to answer any questions you may have.
Thank you for joining us today. I will now hand over to Manuela to begin.
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