Q2 2026 doValue SpA Earnings Call

August 6, 2026

Speaker #1: Welcome, and thank you for joining the Due Value 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.

Speaker #1: Should anyone need assistance during the conference call, they may signal an operator by pressing star and zero on their telephone. At this time, I would like to turn the conference over to Mr. Daniele Della Seta, Head of Investor Relations of Due Value.

Speaker #2: Can't go on saying the same thing. Babe, can't you see we've got everything going on and on and on? Every time you go away.

Operator 2: Every time you go away, you take a piece of me with you. Every time you go away, you take a piece of me with you. Take a piece of me. Every time you go away. Be careful. You take a piece of me with you. I'm leaving on you. Every time you go away. Every time you go. Every time you go. You take a piece of me with you. You take a piece of me. Every time you go away. Oh. You take a piece of me with you. Every time you go.

Speaker #1: Please go ahead, sir.

Speaker #2: Good morning, everyone. I'm Daniele Della Seta, Head of Investor Relations at Due Value. I'm joined by Manuela Franchi, our Group CEO, and Davide Soffietti, our Group CFO, as we present Due Value's Q2 2026 financial results.

Speaker #2: You take a piece of me with you, every time you go away. You take a piece of me with you. I can make a piece of every time you go away.

Speaker #2: It is the first quarter to fully reflect the consolidation of COEO, this transformative transaction is already contributing to a stronger growth profile for the group.

Speaker #2: Be careful. Take a piece of me with you, every time you go. Every time you go away, every time you go, you take a piece of me with you.

Speaker #2: Manuela will begin with an overview of our performance and the key market dynamics. Davide, we'll then provide a detailed review of the second quarter financial results.

Speaker #2: Cash generation and financial structure. We will conclude as usual with a Q&A session. Thank you for joining us today. I will now hand over to Manuela.

Speaker #2: You take a piece of me every time you go away. You take a piece of me with you, every time you go.

Speaker #3: Good morning, everyone. The first half of 2026 marks an important step in the evolution of Due Value. The group is now more diversified across geographies, clients, and credit segments.

Speaker #3: Digital receivables have become a material part of our revenue and earnings base. While our traditional servicing platform continues to provide scale, a visible cash flow and AI-insulated servicing capabilities.

Speaker #3: The half-year delivered on the priorities resets out for this phase. Growth in digital receivables, profitability, and stronger capital structure and an established servicing platform.

Speaker #3: Let me highlight four key developments from the first half. First, digital receivables, the business of COEO, continues to deliver strong growth. Revenue increased by Supported by 5 million new files onboarded during the period.

Speaker #3: COEO client base continues to diversify beyond its historical anchor relationship. And growth remains ahead of the assumption in our original acquisition case. Second, proforma group BDA excluding non-recurring items, reached 121 million.

Speaker #3: In the second quarter alone, EBITDA grew 21% year on year. Profitability benefits from COEO in growth on AI automation. While the Due Value business continues to implement disciplined cost actions.

Speaker #1: Good morning. This is the Coral School Conference Operator. Welcome and thank you for joining the doValue first half 2026 financial results presentation. As a reminder, all participants are in listen-only mode.

Operator: Good morning. This is the Chorus Call conference operator. Welcome, and thank you for joining the doValue H1 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 star 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 doValue. Please go ahead, sir.

Operator: Good morning. This is the Chorus Call conference operator. Welcome, and thank you for joining the doValue H1 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 star and zero on their telephone. At this time, I would like to turn the conference over to Mr. Daniele Della Seta, Head of Investor Relations of doValue. Please go ahead, sir.

Speaker #3: Third, we further strengthened our capital structure. The recent refinancing extended our debt maturities and is expected to generate approximately 4 million of annual interest savings, while reinforcing liquidity and financial flexibility.

Speaker #1: 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 star and zero on their telephone.

Speaker #1: At this time, I would like to turn the conference over to Mr. Daniele Della Sita, Head of Investor Relations at doValue. Please go ahead, sir.

Speaker #3: The picture of the first half is a group with the faster-growing engine, a more efficient cost base, a longer and cheaper debt structure, and a servicing platform that keeps replenishing itself.

Speaker #3: Good morning, everyone. I'm Daniele Della Sita, Head of Investor Relations at doValue. I'm joined by Manuela Franchi, our Group CEO, and Davide Soffietti, our Group CFO, as we present doValue's Q2 2026 financial results.

Daniele Della Seta: Good morning, everyone. I'm Daniele Della Seta, Head of Investor Relations at doValue. I'm joined by Manuela Franchi, our Group CEO, and Davide Soffietti, our Group CFO, as we present doValue's Q2 2026 financial results. It is the first quarter to fully reflect the consolidation of coeo. This transformative transaction is already contributing to a stronger growth profile for the group. Manuela will begin with an overview of our performance and the key market dynamics. Davide will then provide a detailed review of the Q2 financial results, cash generation, and financial structure. We will conclude, as usual, with a Q&A session. Thank you for joining us today. I will now hand over to Manuela.

Daniele Della Seta: Good morning, everyone. I'm Daniele Della Seta, Head of Investor Relations at doValue. I'm joined by Manuela Franchi, our Group CEO, and Davide Soffietti, our Group CFO, as we present doValue's Q2 2026 Financial Results. It is the first quarter to fully reflect the consolidation of coeo. This transformative transaction is already contributing to a stronger growth profile for the group. Manuela will begin with an overview of our performance and the key market dynamics. Davide will then provide a detailed review of the Q2 financial results, cash generation, and financial structure. We will conclude, as usual, with a Q&A session. Thank you for joining us today. I will now hand over to Manuela.

Speaker #3: That is the base from which we run the second half. Let's now turn to page 4, a look more closely at digital receivables. This is the engine of the group next phase of growth, and is the first half it's accelerated.

Speaker #3: It is the first quarter to fully reflect the consolidation of COEO. This transformative transaction is already contributing to a stronger growth profile for the group.

Speaker #3: Revenue was up 25% year on year, and EBITDA reached 46 million. The quality of that growth matters, as much as the rate. Germany, which is by far our largest market for digital receivables, grew 21% year on year.

Speaker #3: Manuela will begin with an overview of our performance and the key market dynamics. David will then provide a detailed review of the Q2 2026 financial results.

Speaker #3: Cash generation and financial structure. We will conclude, as usual, with a Q&A session. Thank you for joining us today. I will now hand over to Manuela.

Speaker #3: This is scale compounding on an already large base, not a small base effect. And it comes with efficiency, not with headcount. Indeed, new files entered per full-time employee, were up 21% year on year.

Speaker #4: Good morning, everyone. The first half of 2026 marks an important step in the evolution of doValue. The Group is now more diversified across geographies, clients, and credit segments.

Manuela Franchi: Good morning, everyone. The H1 2026 marks an important step in the evolution of doValue. The group is now more diversified across geographies, clients, and credit segments. Digital receivables have become a material part of our revenue and earning base, while our traditional servicing platform continues to provide scale, visible cash flows and AI-insulated servicing capabilities. The H1 delivered on the priorities we set out for this phase: growth in digital receivables, profitability, a stronger capital structure, and an established servicing platform. Let me highlight 4 key developments from the H1. First, digital receivables, the business of coeo, continue to deliver strong growth. Revenue increased by 25% year on year, supported by 5 million new files onboarded during the period. coeo's client base continued to diversify beyond its historical anchor relationship, and growth remains ahead of the assumption in our original acquisition case.

Manuela Franchi: Good morning, everyone. The H1 2026 marks an important step in the evolution of doValue. The group is now more diversified across geographies, clients, and credit segments. Digital receivables have become a material part of our revenue and earning base, while our traditional servicing platform continues to provide scale, visible cash flows and AI-insulated servicing capabilities. The H1 delivered on the priorities we set out for this phase: growth in digital receivables, profitability, a stronger capital structure, and an established servicing platform. Let me highlight four key developments from the H1. First, digital receivables, the business of coeo, continue to deliver strong growth. Revenue increased by 25% year-on-year, supported by 5 million new files onboarded during the period. coeo's client base continued to diversify beyond its historical anchor relationship, and growth remains ahead of the assumption in our original acquisition case.

Speaker #4: Digital receivables have become a material part of our revenue and earning base, while our traditional servicing platform continues to provide scale visible cash flows and AI-insulated servicing capabilities.

Speaker #3: As automation absorbed the additional volume. Second, diversification is accelerating. Collection revenue from clients other than COEO anchor customers was up 50% year on year.

Speaker #4: The half-year delivered on the priorities set out for this phase: growth in digital receivables, profitability, a stronger capital structure, and an established servicing platform.

Speaker #3: Behind that number, there is a concrete commercial pipeline. We signed 11 new contracts this year. Worth more than 10 million of incremental annualized revenue, and around 350,000 new files per year.

Speaker #4: Let me highlight four key developments from the first half. First, digital receivables, the business of COEO, continued to deliver strong growth. Revenue increased by 25% year on year.

Speaker #3: Across 6 different sectors, telcos, utilities, insurance, mobility, commerce, and financial services. This is the practical answer to the question of whatever the platform can extend beyond its anchor relationship and beyond buy-now-pay-later.

Speaker #4: Supported by 5 million new files onboarded during the period. The COEO client base continued to diversify beyond its historical anchor relationship, and growth remains ahead of the assumption in our original acquisition case.

Speaker #3: It already is. Third, a word on the own portfolio. Which is the part of this business that is least familiar to our investors. We hold the receivable portfolio with an expected market value of 120,140 million.

Speaker #4: Second, proforma group BDA excluding non-recurring items, reached $121 million. In the second quarter alone, EBITDA grew 21% year on year. Profitability benefits from COEO in growth on AI automation.

Manuela Franchi: Second, pro forma group EBITDA, excluding non-recurring items, reached EUR 121 million. In the Q2 alone, EBITDA grew 21% year on year. Profitability benefits from coeo inroads on AI automation while the doValue business continue to implement disciplined cost actions. Third, we further strengthened our capital structure. The recent refinancing extended our debt maturities and is expected to generate approximately EUR 4 million of annual interest savings while reinforcing liquidity and financial flexibility. The picture of the H1 is a group with a faster growing engine, a more efficient cost base, a longer and cheaper debt structure, and a servicing platform that keeps replenishing itself. That is the base from which we run the H2. Let's now turn to page 4 and look more closely at digital receivables. This is the engine of the group's next phase of growth and in the H1 it accelerated.

Manuela Franchi: Second, pro forma group EBITDA, excluding non-recurring items, reached EUR 121 million. In the Q2 alone, EBITDA grew 21% year-on-year. Profitability benefits from coeo inroads on AI automation while the doValue business continue to implement disciplined cost actions. Third, we further strengthened our capital structure. The recent refinancing extended our debt maturities and is expected to generate approximately EUR 4 million of annual interest savings while reinforcing liquidity and financial flexibility. The picture of the H1 is a group with a faster growing engine, a more efficient cost base, a longer and cheaper debt structure, and a servicing platform that keeps replenishing itself. That is the base from which we run the H2. Let's now turn to page four and look more closely at digital receivables. This is the engine of the group's next phase of growth and in the H1 it accelerated.

Speaker #3: With an estimated remaining collection value of 170 million. Let me clear on where this is going. The disposal process on this portfolio is progressing, and we expect to complete it by the end of this year.

Speaker #4: While the doValue business continued to implement disciplined cost actions. Third, we further strengthened our capital structure. The recent refinancing extended our debt maturities and is expected to generate approximately $4 million of annual interest savings, while reinforcing liquidity and financial flexibility.

Speaker #3: At that point, the group will be fully asset light. A pure servicing and receivable management platform with no balance sheet exposure to the receivable we manage.

Speaker #3: Two points are worth making while that process is completed. First, this portfolio is limited in size. Relative to our balance sheet. And it turns into cash very quickly.

Speaker #4: The picture of the first half is a group with a faster-growing engine, a more efficient cost base, a longer and cheaper debt structure, and a servicing platform that keeps replenishing itself.

Speaker #3: 61 million of collection in 6 months against 120,140 million of market value speaks for itself. To give you a measure of how quickly this portfolio converts into cash, receivable purchased in the second Q have already returned 20% of the amount invested during the same quarter.

Speaker #4: That is the base from which we run the second half. Let's now turn to page four and look more closely at digital receivables. This is the engine of the group's next phase of growth, and in the first half, it's accelerated.

Speaker #3: Second, for as long as we hold it, the group retains that cash generation. So the time to completion is not a cost to us.

Speaker #4: Revenue was up 25% year on year, and EBITDA reached €46 million. The quality of that growth matters as much as the rate. Germany, which is by far our largest market for digital receivables, grew 21% year on year.

Manuela Franchi: Revenue was up 25% year on year, and EBITDA reached EUR 46 million. The quality of that growth matters as much as the rate. Germany, which is by far our largest market for digital receivables, grew 21% year on year. This is scale compounding on an already large base, not a small base effect. It's come with efficiency, not with head count. Indeed, new files under the full-time employee were up 21% year on year as automation absorbed the additional volume. Second, diversification is accelerating. Collection revenue from clients other than coeo anchor customer was up 50% year on year. Behind that number, there is a concrete commercial pipeline. We signed 11 new contracts this year, worth more than EUR 10 million of incremental annualized revenue and around 350,000 new files per year across six different sectors: telcos, utilities, insurance, mobility, commerce, and financial services.

Manuela Franchi: Revenue was up 25% year-on-year, and EBITDA reached EUR 46 million. The quality of that growth matters as much as the rate. Germany, which is by far our largest market for digital receivables, grew 21% year-on-year. This is scale compounding on an already large base, not a small base effect. It's come with efficiency, not with head count. Indeed, new files under the full-time employee were up 21% year-on-year as automation absorbed the additional volume. Second, diversification is accelerating. Collection revenue from clients other than coeo anchor customer was up 50% year-on-year. Behind that number, there is a concrete commercial pipeline. We signed 11 new contracts this year, worth more than EUR 10 million of incremental annualized revenue and around 350,000 new files per year across six different sectors: telcos, utilities, insurance, mobility, commerce, and financial services.

Speaker #3: It adds cash flow in the meanwhile. We will complete the sale on the right terms, and we still expect that to be within this year.

Speaker #3: Let's now turn to page 5, which shows how that growth is actually produced. Deepening automation in our core market and scale in the newer ones.

Speaker #4: This is scale compounding on an already large base, not a small base effect. And it comes with efficiency, not with headcount. Indeed, new files entered per full-time employee were up 21% year-on-year.

Speaker #3: Let's start with automation. Total automation in Germany reached 77% at the end of June, up from 69% in December. 8 percentage points in 6 months.

Speaker #4: As automation absorbs the additional volume. Second, diversification is accelerating. Collection revenue from clients other than COEO anchor customers was up 50% year on year.

Speaker #3: In practice, Kai, our profit and AI platform, handled around 1.3 million interactions on a fully automated basis in the half. 400,000 more than in the second half of the year.

Speaker #4: Behind that number, there is a concrete commercial pipeline. We signed 11 new contracts this year, worth more than $10 million of incremental annualized revenue and around 350,000 new files per year.

Speaker #3: And more than 1,000,000 files were closed with no human involvement at all. Up 23% from 854,000 a year ago. The reason we spend time on this number is that they translate directly into unit economics.

Speaker #4: Across six different sectors: telcos, utilities, insurance, mobility, commerce, and financial services. This is the practical answer to the question of whether the platform can extend beyond its anchor relationship and beyond Buy Now Pay Later.

Speaker #3: Human-assisted contacts per file were down 24% versus the second half of 25. The same file now requires materially less human effort, which is what lowers our cost to collect.

Manuela Franchi: This is the practical answer to the question of whether the platform can extend beyond its anchor relationship and beyond Buy Now, Pay Later. It already is. Third, a word on the own portfolio, which is the part of this business that is least familiar to our investors. We own the receivable portfolio with an expected market value of EUR 120 to 140 million, with an estimated remaining collection value of EUR 170 million. Let me be clear on where this is going. The disposal process on this portfolio is progressing, and we expect to complete it by end of this year. At that point, the group will be fully asset-light, a pure servicing and receivable management platform with no balance sheet exposure to the receivables we manage. Two points are worth making while that process is completed.

Speaker #4: It already is. Third, award on the own portfolio, which is the part of this business that is least familiar to our investors. We hold the receivable portfolio with an expected market value of $120.1 to $140 million.

Speaker #3: The automation is moving up the complexity curve. Not just handling simple cases. By June, 62% of Kai-related emails were processed straight through, against 41 in January, and 75% of documents against 49.

Speaker #4: With an estimated remaining collection value of $170 million. Let me be clear on where this is going. The disposal process on this portfolio is progressing, and we expect to complete it by the end of this year.

Speaker #3: This is deployed technology with measurable outputs in production environments, not a pilot. Now the second half of the page. Scale outside Germany. Revenue in the markets outside our core grew 28% to 50.6 million, and the newest platform are the fastest growing.

Speaker #4: At that point, the Group will be fully asset-light—a pure servicing and receivable management platform with no balance sheet exposure to the receivables we manage.

Speaker #3: In the Nordics, revenue reached 13.6 million, up 83% with Sweden at 11.6 million. Norway went from 0.1 million to 1.9 million, and turned profitable in the second part of the year of operation.

Speaker #4: Two points are worth making while that process is completed. First, this portfolio is limited in size relative to our balance sheet, and it turns into cash very quickly.

Manuela Franchi: First, this portfolio is limited in size relative to our balance sheet, and it turns into cash very quickly. EUR 61 million of collection in six months against EUR 120 to 140 million of market value speaks for itself. To give you a measure of how quickly this portfolio converts into cash, receivables purchased in Q2 have already returned 20% of the amount invested during the same quarter. Second, for as long as we own it, the group retains that cash generation, so the time to completion is not a cost to us. It adds cash flow in the meanwhile. We will complete the sale on the right terms, and we still expect that to be within this year. Let's now turn to page 5, which shows how that growth is actually produced, deepening automation in our core market and scale in the newer one. Let's start with automation.

Speaker #4: $61 million of collections in six months against $120–140 million of market value speaks for itself. To give you a measure of how quickly this portfolio converts into cash, receivables purchased in the second quarter have already returned 20% of the amount invested during the same quarter.

Speaker #3: In DACH outside Germany, revenue was 12 million, up 52% with Austria at 7.6 million and Switzerland at 3 million. Delivering its first profitable half year.

Speaker #3: Finland has launched and is generating its first revenue. And Denmark is next, which will bring the group to 14 countries. The partner year is what matters more than any single country.

Speaker #4: Second, for as long as we hold it, the group retains that cash generation. So the time to completion is not a cost to us.

Speaker #4: It adds cash flow in the meanwhile. We will complete the sale on the right terms, and we still expect that to be within this year.

Speaker #3: The greenfield playbook is repeatable. It requires very limited capital, and it reaches profitability quickly. Finally, the box at the bottom of the page. Which is the part I would draw your attention to, because it's new.

Speaker #4: Let's now turn to page five, which shows how that growth is actually produced: deepening automation in our core market, and scaling in the newer ones.

Speaker #3: Cross-selling between due value and COEO has moved from intentions to signed contracts. In both directions. Due value has signed and is already operational on two mandates with German banks.

Speaker #4: Let's start with automation. Total automation in Germany reached 77% at the end of June, up from 69% in December. 8 percentage points in six months.

Manuela Franchi: Total automation in Germany reached 77% at the end of June, up from 69% in December, 8 percentage points in six months. In practice, cAI, our proprietary AI platform, handled around 1.3 million interactions on a fully automated basis in H1, 400,000 more than in H2, and more than 1 million files were closed with no human involvement at all. Up 23% from 854,000 a year ago. The reason we spend time on this number is that they translate directly into unit economics. Human-assisted contacts per file were down 24% versus H2 2025. The same file now requires materially less human effort, which is what lowers our cost to collect. The automation is moving up the complexity curve, not just handling simple cases.

Speaker #3: Relevant because banks carry around 50 billion of non-performing loans. A stock up 67% since 2020. In a servicing market with no scaled incumbent. In the other direction, COEO has signed contracts with payment and e-commerce operators in Spain and Italy.

Speaker #4: In practice, KAI, our proprietary AI platform, managed around 1.3 million interactions on a fully automated basis in the half, 400,000 more than in the second half of the year.

Speaker #4: And more than $1,000,000 files were closed with no human involvement at all. Up 23% from $854,000 a year ago. The reason we spend time on this number is that they translate directly into unit economics.

Speaker #3: Where our barrier operation is now active and Greece follows in September. Also with the first deployment of the Kai voice agent in a due value market.

Speaker #3: Let's now turn to new business on page 6. Where I want to start with the single most important fact on this page. We have already delivered the new business target of our business plan.

Speaker #4: Human-assisted contacts per file were down 24% versus the second half of '25. The same file now requires materially less human effort, which is what lowers our cost to collect.

Speaker #3: Since the start of the plan, we have won 27 billion of new business against a 24-26 target of 24 billion. The target is achieved 6 months before the end of the plan, and in the first half alone we added 3.1 billion of GDV, made up of 1.5 billion of new mandates and 1.6 billion of forward flows.

Speaker #4: Automation is moving up the complexity curve, not just handling simple cases. By June, 62% of KAI-related emails were processed straight through, compared to 41% in January, and 75% of documents compared to 49%.

Manuela Franchi: By June, 62% of cAI-related emails were processed straight through, against 41 in January, and 75% of documents against 49. This is deployed technology with measurable outputs in production environments, not a pilot. The second half of the page. Scale outside Germany. Revenue in the markets outside our core grew 28% to EUR 50.6 million, and the newest platform are the fastest-growing. In the Nordics, revenue reached EUR 15.6 million, up 83%, with Sweden at EUR 11.6 million. Norway went from EUR 0.1 million to EUR 1.9 million, and turned profitable in the second part of the year of operation. In DACH, outside Germany, revenue was EUR 12 million, up 52%, with Austria at EUR 7.6 million and Switzerland at EUR three million, delivering its first profitable H1. Finland has launched and is generating its first revenue, and Denmark is next, which will bring the group to 14 countries.

Speaker #3: On top of that, secondary sales amounted to an overall 0.5 billion of which 0.2 being the first ever sale of a performing loans in Greece, occurring in the first quarter.

Speaker #4: This is deployed technology with measurable outputs in production environments, not at the PaaS. Scale outside Germany—revenue in the markets outside our core grew 28% to $50.6 million, and the newest platforms are the fastest growing.

Speaker #3: By region, the picture is uneven. Spain had a strong half, adding around 450 million of new business from two banking institutions. One new relationship, the other is the shifted contract perimeter with Santander.

Speaker #4: In the Nordics, revenue reached $13.6 million, up 83%, with Sweden at $11.6 million. Norway went from $0.1 million to $1.9 million and turned profitable in the second part of the year of operation.

Speaker #3: Italy signed around 200 million of new mandates. With forward flows from Banco BPM and BIPER growing 46%, mostly driven by the contribution of Banca Popolare di Sondrio, within the BIPER perimeter.

Speaker #4: In DACH outside Germany, revenue was $12 million, up 52%, with Austria at $7.6 million and Switzerland at $3 million, delivering its first profitable half year.

Speaker #3: In the LS region, activity was visibly softer in the second quarter. As market participants adopted a wait-and-see approach, while the cancelled framework evolves. Now a word on the quality of this new business, because volume alone would be a misleading way to read this page.

Speaker #4: Finland has launched and is generating its first revenue, and Denmark is next, which will bring the group to 14 countries. The partner year is what matters more than any single country.

Manuela Franchi: The partner here is what matters more than any single country. The greenfield playbook is repeatable. It requires very limited capital, and it reaches profitability quickly. Finally, the box at the bottom of the page, which is the part I would draw your attention to because it's new. Selling between doValue and coeo has moved from intentions to signed contracts in both directions. doValue has signed and is already operational on two mandates with German banks. Relevant because banks carry around EUR 50 billion of non-performing loans, a stock up 67% since 2020, in a servicing market with no scaled incumbent. In the other direction, coeo has signed contracts with payment and e-commerce operator in Spain and Italy, where our Bari operation is now active, and Greece follows in September, also with the first deployment of the cAI voice agent in a doValue market.

Speaker #4: The greenfield playbook is repeatable. It requires very limited capital, and it reaches profitability quickly. Finally, the box at the bottom of the page—which is the part I would draw your attention to, because it's new.

Speaker #3: The market is more complex, particularly in Italy, where collection had been softer and the flow of new business across the market has slowed in 2026.

Speaker #3: Looking at the second half, we expect several portfolios to come to market from secondary transactions in the coming months. For due value, although with a lower collection rate, this is genuine new business.

Speaker #4: Cross-selling between doValue and COEO has moved from intentions to signed contracts in both directions. doValue has signed and is already operational on two mandates with German banks.

Speaker #3: New mandates, new investor relationship, and incremental GDV under management. Before turning to guidance, let's look at the market backdrop on page 7. The European MP market has evolved into a new equilibrium underpinning more than 2 billion of addressable servicing revenue, across our core footprint, over 26-29 periods.

Speaker #4: Relevant because banks carry around $50 billion of non-performing loans. A stock up 67% since 2020. In a servicing market with no scaled incumbent. In the other direction, COEO has signed contracts with payment and e-commerce operators in Spain and Italy.

Speaker #3: This is not the same market we had 10 years ago. When banks were dealing with very large legacy stocks, at the peak of the MPL cycle.

Speaker #4: Our barrier operation is now active, and Greece will follow in September, also with the first deployment of the KAI voice agent in a doValue market.

Speaker #3: The market is smaller than the peak MPL market of the past, but more disciplined, more recurring, and more sustainable. And this is where the role of the servicer becomes systemic.

Speaker #4: Let's now turn to new business on page six. Where I want to start with the single most important fact on this page. We have already delivered the new business target of our business plan.

Manuela Franchi: Let's now turn to new business on page six, where I want to start with the single most important fact on this page. We have already delivered the new business target of our business plan. Since the start of the plan, we have won EUR 27 billion of new business against the 2024, 2026 target of EUR 24 billion. The target is achieved six months before the end of the plan, and in the H1 alone, we added EUR 3.1 billion of GDV, made up of EUR 1.5 billion of new mandates and EUR 1.6 billion of forward flows. On top of that, secondary sales amounted to an overall EUR 0.5 billion, of which EUR 0.2 billion being the first-ever sale of a performing loans increase occurring in the Q1. By region, the picture is uneven. Spain had a strong half, adding around EUR 450 million of new business from two banking institutions.

Speaker #3: The second message is equally important. The opportunity is no longer limited to banking MPs. Technology and AI are making it economically viable to serve ADIAS and asset classes, that were historically less profitable, under a traditional human-heavy servicing market.

Speaker #4: Since the start of the plan, we have won €27 billion of new business against a target of €24–26 billion. The target has been achieved six months before the end of the plan, and in the first half alone, we added €3.1 billion of GDP, made up of €1.5 billion of new mandates and €1.6 billion of forward flows.

Speaker #3: This is exactly where the combination with COEO becomes strategically powerful. Due value brings scale, licenses, institutional relationships, and deep servicing expertise. COEO brings a highly automated, AI-enabled platform for small ticket, high-volume receivables.

Speaker #4: On top of that, secondary sales amounted to an overall $0.5 billion, of which $0.2 billion was the first ever sale of a performing loans increase, occurring in the first quarter.

Speaker #3: Together, we can address both sides of the market. The new equilibrium in banking MP and the emerging opportunities in the ADIAS and credit and receivables segments.

Speaker #4: By region, the picture is uneven. Spain had a strong half, adding around €450 million of new business from two banking institutions—one from a new relationship, the other from the shifted contract perimeter with Santander.

Manuela Franchi: One, a new relationship, the other is the shifted contract perimeter with Santander. Italy signed around EUR 200 million of new mandates with forward flows from Banco BPM, and BPER growing 46%, mostly driven by the contribution of Banca Popolare di Sondrio within the BPER perimeter. In the Hellenic region, activity was visibly softer in the Q2, as market participants adopted a wait-and-see approach while the Castelli framework evolves. A word on the quality of this new business, because volume alone would be a misleading way to read this page. The market is more complex, particularly in Italy, where collection has been softer and the flow of new business above the market is low in 2026. Looking at the H2, we expect several portfolios to come to market from secondary transactions in the coming months.

Speaker #3: On the basis of this strategic backdrop, let me turn to what this means for our full year 2026 outlook. Across our markets, performance remained differentiated.

Speaker #4: Italy signed around €200 million of new mandates, with forward flows from Banco BPM and BIPER growing 46%, mostly driven by the contribution of Banca Popolare di Sondrio within the BIPER perimeter.

Speaker #3: Italy continues to face low primary MP volume, as banks with fault ratio remain near historical lows. The aging stock of existing portfolio and slower-than-expected expansion of value-added services are adding to the challenge.

Speaker #4: In the Hellenic region, activity was visibly softer in the second quarter, as market participants adopted a wait-and-see approach while the CATSELIC framework evolves. Now, a word on the quality of this new business.

Speaker #3: Greece is performing well, although regular development may delay some secondary market transactions, while Spain continues to progress but has yet not an optimal scale.

Speaker #4: Because volume alone would be a misleading way to read this page. The market is more complex, particularly in Italy, where collections have been softer and the flow of new business across the market has slowed in Q2 2026.

Speaker #3: Most importantly, COEO continues to deliver double-digit growth. Ahead of expectations and structurally less exposed to the MP cycle. Taking these three elements together, we believe our full year 2026 proforma with that guidance of approximately 300 million remains within reach.

Speaker #4: Looking at the second half, we expect several portfolios to come to market from secondary transactions in the coming months. For doValue, although with a lower collection rate, this is genuine new business.

Manuela Franchi: For doValue, although with a lower collection rate, this is genuine new business, new mandates, new investor relationship, and incremental GDV under management. Before turning to guidance, let's look at the market backdrop on page seven. The European NP market has evolved into a new equilibrium, underpinning more than EUR 2 billion of addressable servicing revenue across our core footprint over 2026, 2029 period. This is not the same market we had 10 years ago, when banks were dealing with very large legacy stocks at the peak of the NPL cycle. The market is smaller than the peak NPL market of the past, but more disciplined, more recurring, and more sustainable. This is where the role of the servicer becomes systemic. The second message is equally important. The opportunity is no longer limited to banking NPs.

Speaker #3: Assuming that COEO continues to perform broadly in line with the first half, and the group is able to adapt its cost base to the new market reality, both areas were management is strongly focused on, and has delivered.

Speaker #4: New mandates, new investor relationships, and incremental GDV under management. Before turning to guidance, let’s look at the market backdrop on page seven. The European NPL market has evolved into a new equilibrium, underpinning more than $2 billion of addressable servicing revenue across our core footprint over 2026-2029 periods.

Speaker #3: On leverage, delivery remains dependent on two key drivers. Completion of the COEO receivable portfolio sale, and the expected normalization of MPL working capital, with encouraging trends to already visible in the second quarter.

Speaker #4: This is not the same market we had ten years ago, when banks were dealing with very large legacy stocks at the peak of the MPL cycle.

Speaker #3: At the same time, the strategic direction of the group is clear. We are building a broader, more diversified, and more technology-enabled platform, with digital receivables providing an additional engine of growth, and the servicing franchise continue to generate scale and cash flow.

Speaker #4: The market is smaller than the peak MPL market of the past, but more disciplined, more recurring, and more sustainable. And this is where the role of the servicer becomes systemic.

Speaker #3: This gives us confidence in the group ability to navigate the current market environment and deliver shareholder value beyond 2026. You will hear more on this on the next 18 of October in our Capital Markets Day.

Speaker #4: The second message is equally important. The opportunity is no longer limited to banking NPLs. Technology and AI are making it economically viable to serve SMEs and asset classes that were historically less profitable under a traditionally human-heavy servicing model.

Manuela Franchi: Technology and AI are making it economically viable to serve adjacent asset classes that were historically less profitable under a traditional human-heavy servicing market. This is exactly where the combination with coeo becomes strategically powerful. doValue brings scale, licenses, institutional relationships, and deep servicing expertise. coeo brings a highly automated AI-enabled platform for small ticket, high volume receivables. Together, we can address both sides of the market, the new equilibrium in banking NPs, and the emerging opportunities in the adjacent credits and receivables segments. On the basis of this strategic backdrop, let me turn to what this means for our full year 2026 outlook. Across our markets, performance remain differentiated. Italy continues to face low primary NP volume as benefit ratio remain near historical lows. The aging stock of existing portfolio with lower than expected expansion of value-added services are adding to the challenge.

Speaker #3: Now I will hand over to Davide for a detailed financial overview of the quarter.

Speaker #4: This is exactly where the combination with COEO becomes strategically powerful. doValue brings scale, licenses, institutional relationships, and deep servicing expertise. COEO brings a highly automated, AI-enabled platform for small-ticket, high-volume receivables.

Speaker #1: Thank you, Manuela. And good morning, everyone. Let's start page 9, with the second quarter financial highlights. The second quarter results provide the first fully quarter view of the enlarged group, including COEO.

Speaker #4: Together, we can address both sides of the market: the new equilibrium in banking MP, and the emerging opportunities in the ADIES and credit and receivables segments.

Speaker #1: Gross revenue increases by 30% year on year to 181 million primarily affecting the first-time contribution from COEO. Net revenue increases by 70% to 148 million the difference between gross and net revenue growth reflects the different operating model of COEO, where a large proportion of costs is recorded through outsourcing fees.

Speaker #4: On the basis of this strategic backdrop, let me turn to what this means for our full-year 2026 outlook. Across our markets, performance remained differentiated.

Speaker #4: Italy continues to face low primary MP volume, as banks’ default ratio remained near historical lows. The aging stock of the existing portfolio, along with the slower-than-expected expansion of value-added services, are adding to the challenge.

Speaker #1: Outsourcing fees therefore represented 18% of gross revenue in the quarter. EBITDA excluding non-recurring items increases by 21% to 58 million, supported by COEO's contribution and resident profitability in the Lennick region.

Speaker #4: Greece is performing well, although regular development may delay some secondary market transactions, while Spain continues to progress but is not yet at an optimal scale.

Manuela Franchi: Greece is performing well, although regular development may delay some secondary market transactions. While Spain continues to progress, but as yet, not on optimal scale. Most importantly, coeo continues to deliver double-digit growth, ahead of expectation and structurally less exposed to the NP cycle. Taking these three elements together, we believe our full year 2026 pro forma EBITDA guidance of approximately EUR 300 million remains within reach, assuming that coeo continues to perform broadly in line with the H1, and the group is able to adapt its cost base to the new market reality, both areas where management is strongly focused on and has delivered. On leverage, delivery remains dependent on two key drivers: completion of the coeo receivable portfolio sale, and the expected normalization of NPL working capital, with encouraging trends already visible in the Q2. At the same time, the strategic direction of the group is clear.

Speaker #1: The EBITDA margin remained broadly stable at 32% compared with 34% in the second quarter of last year. This reflects the contribution from COEO, resident profitability, and operating flexibility in the Lennick region.

Speaker #4: Most importantly, COEO continues to deliver double-digit growth, ahead of expectations and structurally less exposed to the MP cycle. Taking these three elements together, we believe our full-year 2026 pro forma guidance of approximately €300 million remains within reach.

Speaker #1: Partly offset by the weaker performance in Italy. Below EBITDA, net income excluding non-recurring items was 3 million, broadly reflected year on year. Higher EBITDA, more than offset the effect from the negative items arising from the consideration of COEO, including TTM utilization and the interest expense associated with the bond issued to finance the acquisition.

Speaker #4: Assuming that COEO continues to perform broadly in line with the first half, and the Group is able to adapt its cost base to the new market reality—both areas where management is strongly focused and has delivered.

Speaker #1: On completeness, on first half proforma basis, assuming COEO had been consolidated from the beginning of the year, EBITDA excluding non-recurring items would have reached 121 million, while group net income excluding non-recurring items would have remained positive at 16 million.

Speaker #4: On leverage, delivery remains dependent on two key drivers. Completion of the COEO receivable portfolio sale and the expected normalization of MPL working capital, with encouraging trends to already visible in the second quarter.

Speaker #1: Both distributes are relevant because they are coherent with guidance figures. Finally, COEO's own portfolio generated a 31 million of cash collection in the quarter, and 61 million the first 6 months.

Speaker #4: At the same time, the strategic direction of the group is clear. We are building a broader, more diversified, and more technology-enabled platform, with digital receivables providing an additional engine of growth, and servicing franchise continue to generate scale and cash flow.

Manuela Franchi: We are building a broader, more diversified, and more technology-enabled platform, with digital receivables providing an additional engine of growth, and the servicing franchise continue to generate scale and cash flow. This give us confidence in the group ability to navigate the current market environment and deliver shareholder value beyond 2026. You will hear more on this on the 18 October in our Capital Markets Day. I will hand over to Davide for a detailed financial overview of the quarter.

Speaker #1: This collections relate to principal and are therefore outside EBITDA. While the related collection fees are recognized in the gross revenue. We do not think cash EBITDA is the most appropriate metric to assess due values operating performance, as our model remains fundamentally servicing lead.

Speaker #4: This gives us confidence in the group's ability to navigate the current market environment and deliver shareholder value beyond 2026. You will hear more on this on the next 18 of October in our Capital Markets Day.

Speaker #4: Now, I will hand over to Davide for a detailed financial overview of the quarter.

Speaker #1: However, while the portfolio is still on balance sheet, if you want to look at the EBITDA on a more comparable basis with debt purchasers, the information provided on portfolio cash collection, portfolio investment, and related accounting treatment gives you the lens to do so.

Speaker #1: Thank you, Manuela. And good morning, everyone. Let's start on page nine, with the second quarter financial highlights. The second quarter results provide the first full quarter view of the enlarged group, including COEO.

Davide Soffietti: Thank you, Manuela, and good morning, everyone. Let us start page nine, with the Q2 financial highlights. The Q2 results provide the first full post-review of the largest group, including coeo. Gross revenue increases by 30% year-on-year to EUR 181 million, primarily reflecting the first-time contribution from coeo. Net revenue increased by 17% to EUR 148 million. The difference between gross and net revenue growth reflects the different operating model of coeo, where a large proportion of cost is recorded through outsourcing fees. Outsourcing fees therefore represented 18% of gross revenue in the quarter. EBITDA, excluding non-recurring items, increased by 21% to EUR 58 million, supported by coeo's contribution and resilient profitability in the Hellenic region. The EBITDA margin remained broadly stable at 32%, compared with 34% in Q2 of last year.

Speaker #1: Overall, the second quarter showed a stronger scale, a broader earnings base of the enlarged group. It also shows that this provides a meaningful buffer, although not yet entirely offsetting the softer dynamics affecting parts of the traditional servicing business.

Speaker #1: Gross revenue increases by 30% year-on-year to $181 million, primarily reflecting the first-time contribution from COEO. Net revenue increases by 70% to $148 million. The difference between gross and net revenue growth reflects the different operating model of COEO, where a large proportion of costs is recorded through outsourcing fees.

Speaker #1: Let us now move to page 10, where we show how significantly the group's revenue mix has evolved over the past 12 months. Digital collection already represents 31% of group revenue, compared with the 43% from MPL servicing.

Speaker #1: Outsourcing fees, therefore, represented 18% of gross revenue in the quarter. EBITDA, excluding non-recurring items, increased by 21% to $58 million, supported by COEO's contribution and resilient profitability in the Lennik region.

Speaker #1: One year ago, MPL servicing accounted for 64% of group revenue, and value-added services for 17%. Today, the enlarged group has significantly more balanced mix, 43% in MPL servicing, 31% digital collection, 12% non-MPL servicing, and 14% value-added services.

Speaker #1: The EBITDA margin remained broadly stable at 32%, compared with 34% last year. This reflects the contribution from COEO, resilient profitability, and operating flexibility in the Lennik region.

Davide Soffietti: This reflects the contribution from coeo, resilient profitability, and operating flexibility in the Hellenic region, partially offset by the weaker performance in Italy. The lower EBITDA net income excluding non-recurring items was EUR 3 million, broadly flat year-on-year. Higher EBITDA more than offset the effect from the negative items arising from the consolidation of coeo, including PPA amortization and the interest expense associated with the bond issued to finance the acquisition. For completeness, on H1 pro forma basis, assuming coeo had been consolidated from the beginning of the year, EBITDA excluding non-recurring items would have reached EUR 121 million. While group net income, excluding non-recurring items, would have remained EUR +16 million. Both these figures are relevant because they are coherent with guidance figures. Finally, coeo's own portfolio generated EUR 31 million of cash collection in the quarter, and EUR 61 million in the H1.

Speaker #1: This is more than a perimeter effect. It represents a structural change in the composition of the group. Digital collections provide the group with meaningful exposure to structurally growing markets, supported by the continued expansion of consumer credit, digital commerce, and recurring outsourced receivables management across financial and non-financial clients.

Speaker #1: Partly offset by the weaker performance in Italy. Below EBITDA, net income excluding non-recurring items was $3 million, broadly flat year-on-year. Higher EBITDA more than offset the effects from the negative items arising from the consolidation of COEO, including PTA amortization and the interest expense associated with the bond issued to finance the acquisition.

Speaker #1: They also significantly expand our presence within central and urban Europe. At the same time, specialist servicing remains a sizable and highly relevant franchise, MPL servicing is still the largest component of group revenue, and it continues to provide scale, specialist case management capabilities, and cash generation across southern Europe.

Speaker #1: On completeness, on a first-half pro forma basis, assuming COEO had been consolidated from the beginning of the year, EBITDA excluding non-recurring items would have reached $121 million, while group net income excluding non-recurring items would have remained positive at $16 million.

Speaker #1: Both these figures are relevant because they are coherent with guidance figures. Finally, COEO's own portfolio generated $31 million of cash collections in the quarter, and $61 million in the first six months.

Speaker #1: The strategic value of the enlarged group comes from combining these two platforms. We retain our leadership and expertise in complex client servicing, while adding a digital collection business with a broader exposure across geographies, clients, and sectors.

Speaker #1: These collections relate to principal and are, therefore, outside EBITDA, while the related collection fees are recognized in gross revenue. We do not think cash EBITDA is the most appropriate metric to assess doValue's operating performance, as our model remains fundamentally servicing-led.

Davide Soffietti: These collections relate to principal and are therefore outside EBITDA, while the related collection fees are recognized in the gross revenue. We do not think cash EBITDA is the most appropriate metric to assess doValue's operating performance, as our model remains fundamentally servicing lead. However, while the portfolio is still on managed sheet, if you want to look at EBITDA on a more comparable basis with debt purchasers, the information provided on portfolio cash collection, portfolio investment, and related accounting treatment give you the elements to do so. Overall, the Q2 showed a stronger scale and broader earnings base of the large group. It also shows that this diversification in the growing market provides a meaningful buffer, although not yet entirely offsetting the softer dynamic affecting parts of the traditional servicing business.

Speaker #1: The more balanced revenue mix reduces the group's exposure to individual MPL market dynamics, while retaining a sizable and resilient servicing franchise. This is particularly important in the current market environment, where traditional servicing trends remain different across countries.

Speaker #1: Such terms do not remove the near-term impact of the softer dynamics currently affecting Italy. However, the contribution from digital collection is already mitigating part of that pressure, and over time, should make the group structurally less dependent on any single geography or trading cycle.

Speaker #1: Overall, the second quarter showed the strongest scale, and a broader earnings base for the enlarged group. It also shows that this diversification into a growing market provides a meaningful buffer, although not yet entirely offsetting the softer dynamics affecting parts of the traditional servicing business.

Speaker #1: Overall, the slide shows the group that is materially more diversified than 12 months ago, still anchored in specialist servicing, but now complemented by digital collection platforms that already represent almost one-third of revenues, and provides an additional engine for future growth and earnings resilience.

Davide Soffietti: Let us now move to page 10, where we show how significantly the group's revenue mix has evolved over the past 12 months. Digital collection already represented 1% of group revenue, compared with 43% from NPL servicing. One year ago, NPL servicing accounted for 64% of group revenue, and value-added services for 17%. Today, the enlarged group has a significantly more balanced mix, 43% in NPL servicing, 31% digital collection, 12% non-NPL servicing, and 14% value-added services. This is more than a perimeter effect. It represents a structural change in the composition of the group. Digital collections provide the group with a meaningful exposure to structurally growing markets, supported by the continued expansion of consumer credit, digital commerce, and the recurring outsourced receivables management across financial and non-financial clients. They also significantly expand our presence within Central and Northern Europe.

Speaker #1: Moving to page 11, we can see how the broader revenue space translated in EBITDA. EBITDA excluding non-recurring items increased by 21% year on year, from 48 million to 58 million.

Speaker #1: One year ago, MPL servicing accounted for 64% of group revenue, and value-added services for 17%. Today, the enlarged group has a significantly more balanced mix: 43% in MPL servicing, 31% in digital collection, 12% in non-MPL servicing, and 14% in value-added services.

Speaker #1: Primarily reflecting the first-time contribution from COEO and the resilient profitability of the Lennick region. The EBITDA margin remained broadly stable at 32%, compared with 34% in the second quarter of last year.

Speaker #1: This demonstrates the resilience of the enlarged group. Despite the pressure affecting parts of the traditional servicing business. On first half proforma basis, assuming that COEO had been consolidated from the beginning of the year, EBITDA excluding non-recurring items reached 121 million.

Speaker #1: This is more than a perimeter effect. It represents a structural change in the composition of the group. Digital collections provide the group with meaningful markets, supported by the continued expansion of consumer credit, digital commerce, and recurring, outsourced receivables management across financial and non-financial clients.

Speaker #1: Up 23%, compared with the first half of 2025. With the margin of 33%. The first margin is therefore scaled. The enlarged group is now operating from a materially broader earnings base, acute EBITDA increased to 58 million, and first half proforma EBITDA to 120 million.

Speaker #1: They also significantly expand our presence within central and urban Europe. At the same time, specialist, highly relevant franchise MPL Servicing is still the largest component of group revenues, and it continues to provide scale, long-standing client relationships, specialist case management capabilities, and cash generation across urban Europe.

Davide Soffietti: At the same time, specialist servicing remains a sizable and highly relevant franchise. NPL servicing is still the largest component of group revenue, and it continues to provide scale, long-standing client relationships, specialist case management capabilities, and cash generation across Southern Europe. The strategic value of the larger group comes from combining these two platforms. We retain our leadership and expertise in complex field servicing while adding a digital collection business with a broader exposure across geographies, clients, and sectors. The more balanced revenue mix reduces the group's exposure to individual NPL market dynamics while retaining a sizable and resilient servicing franchise. This is particularly important in the current market environment, where traditional servicing trends remain different across countries. Such trends do not remove the near-term impact of the softer dynamics currently affecting Italy.

Speaker #1: The second message is margin resilience. EBITDA margin was 32% in Q2, a 33% on first half proforma basis. This reflects the contribution from COEO's growing and increasingly automated platform, together with the operating flexibility of the servicing business.

Speaker #1: The strategic value of the enlarged group comes from combining these two platforms. We retain our leadership and expertise in complex client servicing, while adding a digital collection business with broader exposure across geographies, clients, and sectors.

Speaker #1: At the same time, we are not ignoring the trend impact of the traditional servicing business. Italy remains affected by softer collection, lower primary MPL volumes, and a slower contribution from value-added services.

Speaker #1: The more balanced revenue mix reduces the group's exposure to individual MPL market dynamics while retaining a sizable and resilient servicing franchise. This is particularly important in the current market environment, where traditional servicing trends remain different across countries.

Speaker #1: Proactive cost mitigation measures are already underway to align the cost base with the current volume trends. Pain and the Lennick region continue to provide important support to the group's profitability.

Speaker #1: In particular, the Lennick region remains a resilient despite softer market activity. While pain continues to benefit from cost discipline as the business progresses towards optimal scale.

Speaker #1: Such terms do not remove the near-term impact of the softer dynamics currently affecting Italy. However, the contribution from digital collection is already mitigating part of that pressure and, over time, should make the Group structurally less dependent on any single geography or trading cycle.

Davide Soffietti: The contribution from digital collection is already mitigating parts of that pressure, and over time, should make the group structurally less dependent on any single geography or payment cycle. Overall, the slide shows a group that is materially more diversified than 12 months ago, still anchored in specialist servicing, but now complemented by digital collection platform that already represents almost 1/3 of revenues and provides an additional engine for future growth and earnings resilience. Moving to page 11, we can see how the broader revenue base translated in EBITDA. EBITDA, excluding non-recurring items, increased by 21% year on year from EUR 48 million to EUR 58 million, primarily reflecting the first-time contribution from coeo and the resilient profitability of the Atlantic region. The EBITDA margin remained broadly stable at 32%, compared with 34% in Q2 of last year.

Davide Soffietti: The contribution from digital collection is already mitigating parts of that pressure, and over time, should make the group structurally less dependent on any single geography or payment cycle. Overall, the slide shows a group that is materially more diversified than 12 months ago, still anchored in specialist servicing, but now complemented by digital collection platform that already represents almost 1/3 of revenues and provides an additional engine for future growth and earnings resilience. Moving to page 11, we can see how the broader revenue base translated in EBITDA. EBITDA, excluding non-recurring items, increased by 21% year-on-year from EUR 48 million to EUR 58 million, primarily reflecting the first-time contribution from coeo and the resilient profitability of the Atlantic region. The EBITDA margin remained broadly stable at 32%, compared with 34% in Q2 of last year.

Speaker #1: Moving on to page 12, I would like to spend a moment on COEO's own portfolio, which is an important component of both the cash generation profile of the business and our transition towards an asset-light model.

Speaker #1: Overall, the slide shows the group is materially more diversified than 12 months ago, still anchored in specialist servicing, but now complemented by digital collection platforms that already represent almost one-third of revenues and provide an additional engine for future growth and earnings resilience.

Speaker #1: The first point is that this is a fast-turning and cash-generative portfolio. At the end of June, the portfolio had an estimated market value of approximately 120 to 140 million, and estimated remaining collection of approximately 170 million, over 120 months.

Speaker #1: Moving to page 11, we can see how the broader revenue space translated into EBITDA. EBITDA, excluding non-recurring items, increased by 21% year-on-year, from $48 million to $58 million. This was primarily due to the first-time contribution from COEO and the resilient profitability of the Lennick region.

Speaker #1: This figure refers to expected principal collection, and therefore excludes the collection fees generated by the platform. The portfolio comprises approximately 8 million files and generated 60 million of principal cash collection in the first half of 2026.

Speaker #1: The EBITDA margin remained broadly stable at 32%, compared with 34% in the second quarter of last year. This demonstrates the resilience of the enlarged group.

Speaker #1: This collection was recorded for the benefit of the value balance sheet, and demonstrates the speed at which the portfolio converts into cash. The rapid conversion is also visible in the most recent investments.

Davide Soffietti: This demonstrates the resilience of the larger group, despite the pressure affecting parts of the traditional servicing business. On a H1 pro forma basis, assuming that coeo had been consolidated from the beginning of the year, EBITDA excluding non-recurring items reached EUR 121 million, up 27% compared with H1 of 2025, with a margin of 33%. The first margin is therefore scale. The larger group is now operating from a materially broader earnings base, Q2 EBITDA increases to EUR 68 million, and H1 pro forma EBITDA to EUR 120 million. The second message is margin resilience. EBITDA margin was 32% in Q2, and 33% on a H1 pro forma basis. This reflects the contribution from coeo growing an increasingly automated platform together with the operating flexibility of the servicing business. At the same time, we are not ignoring the trends in parts of the traditional servicing business.

Speaker #1: Despite the pressure affecting parts of the traditional servicing business, on a first-half pro forma basis—assuming that COEO had been consolidated from the beginning of the year—EBITDA, excluding non-recurring items, reached $121 million.

Speaker #1: Of the 48 million reinvested in portfolio purchases during the second quarter, 20% had already been collected by the end of June. This is the funny feature of COEO's portfolio model.

Speaker #1: Up 23% compared with the first half of 2025, with a margin of 33%. The first margin is, therefore, scalable. The enlarged group is now operating from a materially broader earnings base. Adjusted EBITDA increased to $58 million, and first-half pro forma EBITDA to $120 million.

Speaker #1: Capital is deployed into granular receivables that start converting to cash very quickly. The second point is strategic. Our objective is not to maintain a permanently capital-intensive portfolio business.

Speaker #1: As announced at the time of the acquisition, our strategy is to diversify the full investment portfolio and maintain the group as an asset-light, servicing lead platform.

Speaker #1: The second message is margin resilience. EBITDA margin was 32% in Q2, and 33% on a first-half pro forma basis. This reflects the contribution from COEO's growing and increasingly automated platforms, together with the operating flexibility of a servicing business.

Speaker #1: We continue to target completion of the disposal within 2026, preserving COEO's servicing and technology capabilities, while removing the balance sheet intensity associated with the portfolio ownership.

Speaker #1: At the same time, we are not ignoring the trend impact of the traditional servicing business. Italy remains affected by softer collections, lower primary MPL volumes, and a slower contribution from value-added services.

Davide Soffietti: Italy remains affected by softer collection, lower primary NPL volumes, and has lower contribution from value-added services. Proactive cost mitigation measures are already underway to align the cost base with the current volume trends. Spain and the Atlantic region continue to provide important support to the group's profitability. In particular, the Atlantic region remains resilient despite softer market activity, while Spain continued to benefit from cost discipline as the business progresses towards optimal scale. Moving on, page 12. I would like to spend a moment on coeo's own portfolio, which is an important component of both the cash generation profile of the business and our transition towards an asset-light model. The first point is that this is a fast starting and cash generative portfolio.

Speaker #1: Until the disposal is completed, the portfolio remains a temporary but meaningful source of cash generation. The final point is how investors should think about the portfolio while it remains on our balance sheet.

Speaker #1: Proactive cost mitigation measures are already underway to align the cost base with the current volume trends. Spain and the Hellenic region continue to provide important support to the group's profitability.

Speaker #1: From an operating perspective, this is not a strategic departure from the value servicing lead model. It is a portfolio that comes with COEO. It generates significant cash while we own it, and it is expected to be sold as part of our transition to the full asset-light structure.

Speaker #1: In particular, the Lennick region remains resilient despite softer market activity, while Spain continues to benefit from cost discipline as the business progresses towards optimal scale.

Speaker #1: At the same time, as we discussed earlier, the related cash collection and reinvestment are important for understanding cash generation and comparability with that purchaser, we do not intend to manage the group around that purchasing metric, but we are providing information needed to bridge the few if analysts choose to do so.

Speaker #1: The first point is that this is a fast-turning and cash-generative portfolio. At the end of June, the portfolio had an estimated market value of approximately $120 million to $140 million, and estimated remaining collections of approximately $170 million over 120 months.

Speaker #1: The key message is therefore straightforward. The portfolio is fast-turning. Cash generative and on track for disposal. While the strategic definition of the group remains an asset-light servicing and receivable management platform.

Davide Soffietti: At the end of June, the portfolio had an estimated market value of approximately EUR 120 to 140 million, and estimated remaining collection of approximately EUR 170 million over 120 months. These figures refer to expected principal collection, and therefore exclude the collection fees generated by the platform. The portfolio comprises approximately EUR 8.5 million, and generated EUR 60 million of principal cash collection in H1 2026. These collections were recorded for the benefit of doValue's balance sheet and demonstrate the speed at which the portfolio converts into cash. The rapid conversion is also visible in the most recent investment. Of the EUR 48 million reinvested in portfolio purchases during Q2, 20% had already been collected by the end of June. This is the defining feature of coeo's portfolio model. Capital is deployed into granular receivables that start converting to cash very quickly. The second point is strategic.

Speaker #1: Let's ask now move to page 13. Where we'll take you through the main items between EBITDA and group net income. EBITDA excluding non-recurring items was 57.6 million in the second quarter, compared to 47.7 million in the prior year.

Speaker #1: This figure refers to expected principal collection and therefore excludes the collection fees generated by the platform. The portfolio comprises approximately $8.5 million and generated $60 million of principal cash collections in the first half of 2026.

Speaker #1: Non-recurring items within EBITDA amounted to 7.4 million, mainly linked to the acquisition of COEO. After these items, reported EBITDA was 50 million, up 4.5 million year on year.

Speaker #1: Below EBITDA, depreciation amortization net breakdowns provision and adjustments amounted to 32.6 million. An increase of 7.1 million year on year. The mainly reflects the consolidation of COEO and the related preliminary purchase price allocation.

Speaker #1: Of the $48 million reinvested in portfolio purchases during the second quarter, 20% had already been collected by the end of June. This is the unique feature of COEO's portfolio model.

Speaker #1: As a result, EBIT was 17.5 million, compared with 20.1 million in Q2 2025. Net financial expenses and net gain and losses on financial assets amounted to 16 million, increasing by 2.6 million year on year.

Davide Soffietti: Our objective is not to maintain a permanently capital-intensive portfolio business. As announced at the time of the acquisition, our strategy is to divest the full investment portfolio and maintain the group as an asset-light, servicing lead platform. We continue to target completion of the disposal within 2026, preserving coeo servicing and technology capabilities while removing the balance sheet intensity associated with the portfolio ownership. Until the disposal is completed, the portfolio remains a temporary but meaningful source of cash generation. The final point is how investors should think about the portfolio while it remains on our balance sheet. From an operating perspective, this is not a strategic departure from doValue's servicing lead model. It is a portfolio that comes with coeo. It generates significant cash while we own it, and it is expected to be sold as part of our transition to the full asset-light structure.

Speaker #1: As announced at the time of the acquisition, our strategy is to diversify the full investment portfolio and maintain the group as an asset-light, servicing-led platform.

Speaker #1: This reflects the cost of the bond and FCF used to finance temporary holding of COEO receivable portfolio. This results in EBITDA of 1.5 million, income taxes amounted to 9.3 million, slightly higher than the prior period, reflecting the contribution from profitable entities across the group, including COEO.

Speaker #1: We continue to target completion of the disposal within 2026, preserving COEO's servicing and technology capabilities while removing the balance sheet intensity associated with the portfolio ownership.

Speaker #1: Minority interest amounted to 3.7 million, increasing by approximately 1.1 million year on year, and related to the group's partnership with BIPER and Banco BPM and the Eurobank.

Speaker #1: Group net income excluding non-recurring items was positive at 3.3 million, compared with 2.8 million of Q2 2025. On the first half pro forma basis, assuming COEO had been consolidated from the beginning of the year, EBITDA excluding non-recurring items would have been 120 million, while ordinary net income would have been 16 million.

Speaker #1: At the same time, as we discussed earlier, the related cash collection and reinvestment are important for understanding cash generation and comparability with debt purchasers. We do not intend to manage the Group around debt purchasing metrics, but we are providing the information needed to bridge the two if analysts choose to do so.

Davide Soffietti: At the same time, as we discussed earlier, the related cash collection and reinvestment are important for understanding cash generation and comparability with debt purchasers. We do not intend to manage the group around the purchasing metric, but we are providing the information needed to bridge that view if analysts choose to do so. The key message is therefore straightforward: the portfolio is fast earning, cash generative, and on track for disposal, while the strategic destination of the group remains an asset-light servicing and receivable management platform. Let us now move to page 13, where we take you through the main items between EBITDA and group net income. EBITDA excluding non-recurring items was EUR 67.6 million in Q2, compared to EUR 47.7 million the entire year. Non-recurring items within EBITDA amounted to EUR 7.4 million, mainly linked to the acquisition of coeo.

Speaker #1: The main takeaway: net income excluding non-recurring is growing just after the first quarter of full consolidation of COEO, providing the EPS accrued in nature for the transaction.

Speaker #1: Moving to page 14, the key message is the significant improvement in cash generation during the second quarter, and, importantly, the full reversal of the working capital absorption recorded in Q1.

Speaker #1: The key message is, therefore, straightforward. The portfolio is fast-turning, cash-generative, and on track for disposal, while the strategic destination of the group remains an asset-light servicing and receivable management platform.

Speaker #1: Starting from the reported EBITDA, the quarter also includes a 2.4 million non-cash IFRS 9 item related to the COEO receivable portfolio, and 331.4 million principal cash collection from COEO on the portfolio.

Speaker #1: Let us now move to page 13, where I will take you through the main items between EBITDA and group net income. EBITDA excluding non-recurring items was $57.6 million in the second quarter, compared to $47.7 million in the entire year.

Speaker #1: Recorded for the benefit of the value balance sheet. Networking capital contributed 38.9 million in the second quarter, fully recovering the absorption recorded in Q1, in line with our expectations.

Speaker #1: Non-recurring items within EBITDA amounted to $7.4 million, mainly linked to the acquisition of COEO. After these items, reported EBITDA was $50 million, up $4.5 million year on year.

Speaker #1: This, compared with the positive working capital contribution of 3.4 million for the first half, confirms the first quarter absorption was temporary and fully reversed in Q2.

Davide Soffietti: After these items, reported EBITDA was EUR 50 million, up EUR 5.5 million year on year. Below EBITDA, depreciation, amortization, net write-downs, provision, and adjustments amounted to EUR 32.6 million, an increase of EUR 7.1 million year on year, which mainly reflects the consolidation of coeo and the related preliminary purchase price allocation. As a result, EBIT was EUR 17.5 million, compared with EUR 20.1 million in Q2 2025. Net financial expenses and net gains and losses on financial assets amounted to EUR 16 million, increasing by EUR 2.6 million year on year. This reflects the cost of the bond and RCF used to finance the temporary holding of coeo's receivable portfolio. This results in an EBITA of EUR 1.5 million. Income taxes amounted to EUR 9.3 million, slightly higher than the period, reflecting the contribution from profitable entities across the group, including coeo.

Davide Soffietti: After these items, reported EBITDA was EUR 50 million, up EUR 5.5 million year-on-year. Below EBITDA, depreciation, amortization, net write-downs, provision, and adjustments amounted to EUR 32.6 million, an increase of EUR 7.1 million year-on-year, which mainly reflects the consolidation of coeo and the related preliminary purchase price allocation. As a result, EBIT was EUR 17.5 million, compared with EUR 20.1 million in Q2 2025. Net financial expenses and net gains and losses on financial assets amounted to EUR 16 million, increasing by EUR 2.6 million year-on-year. This reflects the cost of the bond and RCF used to finance the temporary holding of coeo's receivable portfolio. This results in an EBITA of EUR 1.5 million. Income taxes amounted to EUR 9.3 million, slightly higher than the period, reflecting the contribution from profitable entities across the group, including coeo.

Speaker #1: Below EBITDA, depreciation, amortization, net breakdowns, provisions, and adjustments amounted to $32.6 million, an increase of $7.1 million year on year. This mainly reflects the consolidation of COEO and the related preliminary purchase price allocation.

Speaker #1: And at the Q1 absorption was driven by timing rather than a structured duration in the group's cash conversion. Other asset liabilities absorbed 39.2 million, these include recurring cash items such as IFRS 16 payments and the redundancy cost, as well as specific temporary and non-recurring effects.

Speaker #1: As a result, EBIT was $17.5 million, compared with $20.1 million in Q2 2025. Net financial expenses and net gains and losses on financial assets amounted to $16 million, increasing by $2.6 million year on year.

Speaker #1: In particular, the quarter includes an approximately 8 million delayed cash impact related to the VAT dispute increase, with the Greek tax authority. Following the positive ruling, we expect this amount to be fully recovered, making it only a shift in timing.

Speaker #1: This reflects the cost of the bond and FCS used to finance temporary holding of the COEO receivable portfolio. This results in EBITDA of $1.5 million. Income taxes amounted to $9.3 million, slightly higher than the prior period, reflecting the contribution from profitable entities across the group, including COEO.

Speaker #1: The line also includes 12 million cash mismatch, the 100% payment over the 2025 management incentive plan versus the six-month actual for 2026. After these movements, and 7 million of capex cash flow from operation reached 76 million, compared with 33 million in the second quarter of the last year.

Speaker #1: Minority interest amounted to $3.7 million, increasing by approximately $1.1 million year on year, and related to the group's partnerships with BIPER, Banco BPM, and Eurobank.

Davide Soffietti: Minority interest amounted to EUR 3.7 million, increasing by approximately EUR 1.1 million year on year, relate to the group's partnership with BPER and Banco BPM, and Eurobank. Group net income, excluding non-recurring items, was positive at EUR 3.3 million, compared with EUR 2.8 million of Q2 2025. On a H1 pro forma basis, assuming coeo had been consolidated from the beginning of the year, EBITDA excluding non-recurring items would have been EUR 120 million, while ordinary net income would have been EUR 16 million. The main takeaway, net income excluding all non-recurring is growing just after the first quarter of full consolidation of coeo, providing the EPS accretive nature of the transaction. Moving to page 14, the key message is the significant improvement in cash generation during the Q2, importantly, the full reversal of the working capital absorption recorded in Q1.

Davide Soffietti: Minority interest amounted to EUR 3.7 million, increasing by approximately EUR 1.1 million year-on-year, relate to the group's partnership with BPER and Banco BPM, and Eurobank. Group net income, excluding non-recurring items, was positive at EUR 3.3 million, compared with EUR 2.8 million of Q2 2025. On a H1 pro forma basis, assuming coeo had been consolidated from the beginning of the year, EBITDA excluding non-recurring items would have been EUR 120 million, while ordinary net income would have been EUR 16 million. The main takeaway, net income excluding all non-recurring is growing just after the first quarter of full consolidation of coeo, providing the EPS accretive nature of the transaction. Moving to page 14, the key message is the significant improvement in cash generation during the Q2, importantly, the full reversal of the working capital absorption recorded in Q1.

Speaker #1: Adjusting for transaction cost and temporary VAT effect increase, recurring operating cash flow was 90 million. After taxes and financial charge of 20.9 million, recurring free cash flow amounted to 68 million in the quarter.

Speaker #1: Group net income, excluding non-recurring items, was positive at €3.3 million compared with €2.8 million in Q2 2025. On a first half pro forma basis, assuming COEO had been consolidated from the beginning of the year, EBITDA excluding items would have been €120 million, while ordinary net income would have been €16 million.

Speaker #1: This demonstrates the strong cash generation capacity of the larger group, once temporary and transaction-related items are separated from the underlying performance. Reported free cash flow was 54.1 million, compared with 19 million in Q2 2025.

Speaker #1: The main takeaway: net income excluding non-recurring items is growing just after the first quarter of full consolidation of COEO, providing the EPS accretion expected from the transaction.

Speaker #1: Below free cash flow, the reported cash flow before debt repayment was significantly affected by two clearly identifiable items. The first was the 368.5 million net cash impact from the COEO acquisition.

Speaker #1: Moving to page 14, the key message is the significant improvement in cash generation during the second quarter and, importantly, the full reversal of the working capital absorption recorded in Q1.

Speaker #1: The second was 48.2 million in investment in COEO's customer receivables. Reflecting strong filing pace, a supporting future collection revenue. As discussed in the previous page, this portfolio investment had rapid cash conversion profile, near 20%, with the amount invested during the quarter had already been collected by the end of June.

Speaker #1: Starting from the reported EBITDA, the quarter also includes a €2.4 million non-cash IFRS 9 item related to the COEO receivable portfolio, and €31.4 million receivable cash collection from COEO on the portfolio.

Davide Soffietti: Starting from the reported EBITDA, the quarter also includes a EUR 2.4 million non-cash IFRS 9 item related to the coeo receivable portfolio and EUR 331.4 million of fiscal cash collection from coeo's own portfolio, recorded for the benefit of doValue's balance sheet. Net working capital contributed EUR 38.9 million in the Q2, fully recovering the absorption recorded in Q1, in line with our expectations. This compares with a positive working capital contribution of EUR 3.4 million for the H1, confirming that the Q1 absorption was temporary and fully reversed in Q2, the Q1 absorption was driven by timing rather than a structural deterioration in the group's cash conversion. Other assets and liabilities absorbed EUR 39.3 million. This includes non-recurring cash items such as IFRS 16 payments and redundancy costs, as well as specific temporary and non-recurring effects.

Speaker #1: Recorded for the benefit of the value balance sheet. Networking capital contributed $38.9 million in the second quarter, fully recovering the absorption recorded in Q1, in line with our expectations.

Speaker #1: The reported cash flow before debt repayment was therefore negative by 770.8 million, but this figure is not representative of the group's underlying cash generation.

Speaker #1: This, compared with the positive working capital contribution of $3.4 million for the first half, confirms that the first quarter absorption was temporary and fully reversed in Q2.

Speaker #1: As it includes the acquisition, consideration for COEO, and the portfolio investment. The key takeaway from this page is that debt recurring cash generation remained strong, while the working capital concern, receivable at the end of Q1, was fully reversed during the second quarter.

Speaker #1: And at Q1, absorption was driven by timing rather than a structured duration in the group's cash conversion. Other asset liabilities absorbed €39.8 million; these include recurring cash items such as IFRS 16 payments and redundancy costs, as well as specific temporary and non-recurring effects.

Speaker #1: This cash generation capacity, together with the planned portfolio disposal, remains an important support for the group's delivery trajectory. Let us now move to page 15 and look at the group financial structure at the leveraging trajectory.

Speaker #1: In particular, the quarter includes an approximately $8 million delayed cash impact related to an increase with the Greek tax authorities. Following the positive ruling, we expect this amount to be fully recovered, making it only a shift in timing.

Davide Soffietti: The quarter includes an approximately EUR 8 million delayed cash impact related to the VAT dispute in Greece with the Independent Authority for Public Revenue. Following the positive ruling, we expect this amount to be fully recovered, making it only a shift in timing. The line also includes EUR 12 million cash mismatch, the 100% payment of the 2025 management incentive plan versus the 6-month accrual for 2026. After this movement and EUR 7 million of CapEx, cash flow from operation reached EUR 76 million, compared with EUR 33 million in the Q2 of the last year. Adjusting for transaction costs and temporary VAT effect increase, recurring operating cash flow was EUR 90 million. After taxes and financial charge of EUR 20.9 million, recurring free cash flow amounted to EUR 68 million in the quarter. This demonstrates the strong cash generation capacity of the larger group, once temporary and transaction-related items are separated from the underlying performance.

Speaker #1: The key message on this page is that the reported leverage at the end of June reflects the completion of the COEO acquisition, the related financing, and dividend payments made during the first half.

Speaker #1: The line also includes a $12 million cash mismatch, the 100% payment over the 2025 management incentive plan versus the six-month accrual for 2026. After these movements, and $7 million of capex, cash flow from operations reached $76 million, compared with $33 million in the second quarter of last year.

Speaker #1: Reported net debt was 855 million, as June 2026, corresponding to reported net leverage of 3.1 times. This includes the acquisition debt, the cash impact of the transaction, and the dividend payments, which were not included in the leverage guidance.

Speaker #1: The slide also shows a pro forma view, excluding the COEO receivable backbook. On that basis, net debt would have been approximately 722 million, and the leverage approximately 2.6 times, comparable to the 2.2 times guidance per dividend or 2.3 times cost 25 dividends paid in May 2026.

Speaker #1: Adjusting for transaction costs and temporary VAT effect increase, recurring operating cash flow was $90 million. After taxes and a financial charge of $20.9 million, recurring free cash flow amounted to $68 million in the quarter.

Speaker #1: Liquidity remained solid. The group had approximately 168 million of cash on balance sheet at June 2026, after the effect of the financier action completed after quarter and further strengthened the maturity profile and financial flexibility.

Davide Soffietti: Reported free cash flow was EUR 54.1 million, compared with EUR 19 million in Q2 2025. Below free cash flow, the reported cash flow before debt repayment was significantly affected by two clearly identifiable items. The first was the EUR 368.5 million net cash impact from the coeo acquisition. The second was EUR 48.2 million investment in coeo's customer receivables, reflecting strong filing pace supporting future collection revenue. As discussed in the period page, this portfolio investment has rapid cash conversion profile. Near 20% of the amount invested during the quarter had already been collected by the end of June. The reported cash flow before debt repayment was therefore negative by EUR 370.8 million. This figure is not representative of the group's underlying cash generation, as it includes the acquisition consideration for coeo and the portfolio investment.

Speaker #1: Below free cash flow, the reported cash flow before debt repayment was significantly affected by two clearly identifiable items. The first was the $368.5 million net cash impact from the COEO acquisition.

Speaker #1: Our outstanding bonds are currently trading at around 5% yield to maturity. Among the lowest levers in the sector. While the average cost of debt is now approximately 5.9%, following the recent refinancing.

Speaker #1: The second was a $48.2 million investment in COEO's customers' receivables, reflecting a strong filing pace and supporting future collection revenue. As discussed on the previous page, this portfolio investment had a rapid cash conversion profile—nearly 20% of the amount invested during the quarter had already been collected by the end of June.

Speaker #1: Importantly, both Fitch and Standard & Poor's have confirmed the group's BB rating with stable outlook. Reflecting the stronger business profile and expectation that the leverage remains a clear management priority.

Speaker #1: The path to the leverage is supported by three elements: recurring cash generation, the planned sale of the COEO portfolio receivables, and the lower financial cost following the refinancing.

Speaker #1: The reported cash flow before debt repayment was therefore negative by $370.8 million, but this figure is not representative of the group's underlying cash generation.

Speaker #1: We have also completed important action on liability side of the balance sheet. As you can see on page 16, in July, we put in place 330 million of new bank facility comprising of 250 million term loan, and 80 million revolving credit facility, replacing the previous facilities.

Speaker #1: As it includes the acquisition, consideration for COEO, and the portfolio investments. The key takeaway from this page is that debt recurring cash generation remained strong, while the working capital concern—receivables at the end of Q1—was fully reversed during the second quarter.

Davide Soffietti: The key takeaway from this page that the recurring cash generation remains strong, while the working capital concern receivable at the end of Q1 was fully reversed during Q2. This cash generation capacity, together with the planned portfolio disposal, remains an important support for the group's deleveraging trajectory. Let us now move to page 16 and look at the group financial structure and deleveraging trajectory. The key message on this page is that the reported leverage at the end of June reflects the completion of the coeo acquisition, the related financing, and dividend payments made during H1. Reported net debt was EUR 855 million as of June 2026, corresponding to reported net leverage of 3.1 times. This includes the acquisition debt, the cash impact for the transaction, and the dividend payments, which were not included in the leverage guidance.

Speaker #1: The refinancing followed a 61 million cap of our 2031 senior security notes. The proceeds were primarily used to prepay 50 million of existing term loan.

Speaker #1: The new financing package delivers three clear benefits. First, it reduces our financial financing cost. The new blended cost of debt is approximately 5.9%, brought in line with the trading level of our 2031 senior security notes.

Speaker #1: We expect the refinancing to generate approximately 4 million of annual interest saving, providing direct support to cash generation. Second, it materially improves our maturity profile.

Speaker #1: Reported net debt was $855 million as of June 2026, corresponding to reported net leverage of 3.1 times. This includes the acquisition debt, the cash impact of the transaction, and the dividend payments, which were not included in the leverage guidance.

Speaker #1: The maturity of the term loan has been extended from October 2029 to July 2031, while the revolving credit facility has been extended from October 2027 to July 2031.

Speaker #1: The slide also shows a pro forma view excluding the COEO receivable backbook. On that basis, net debt would have been approximately $722 million, and the leverage approximately 2.6 times, comparable to the 2.2 times guidance per dividend or 2.3 times post-25 dividends paid in May 2026.

Davide Soffietti: The slide also shows a pro forma view excluding the coeo receivable book debt book. On that basis, net debt would have been approximately EUR 722 million, and the leverage approximately 2.6 times, comparable to the 2.2 times guidance per dividend or 2.3 times post 2025 dividends paid in May 2026. The credit remains solid. The group had approximately EUR 168 million of cash on the balance sheet at June 2026. After the effect of the financing action completed after quarter, and further strengthened the maturity profile and financial flexibility. Our outstanding bonds are currently trading at around 5% yield to maturity, among the lowest levels in the sector, while the average cost of debt is now approximately 5.9% following the recent refinancing.

Speaker #1: The term loan will bring amortizing from the second year, with approximately 40% remaining as a balance at the final maturity. The group therefore has no material refinancing wall before 2030.

Speaker #1: Third, the new facilities provide greater covenant flexibility and additional financial headroom, while maintaining a diversified funding structure across bank financing and capital market instruments.

Speaker #1: Liquidity remained solid. The group had approximately $168 million of cash on the balance sheet at June 2026, after the effect of the financier action completed after the quarter, and further strengthened the maturity profile and financial flexibility.

Speaker #1: Following this transaction, our funding structure comprises 330 million of bank facilities, 410 million of senior security notes due in 2031, and 300 million of notes due in 2030.

Speaker #1: Our outstanding bonds are currently trading at around 5% yield to maturity, among the lowest levels in the sector, while the average cost of debt is now approximately 5.9%, following the recent refinancing.

Speaker #1: This action does not change our focus on the leveraging. They make the path more efficient by reducing interest cost, extending maturities, and strengthening financial flexibility.

Speaker #1: Importantly, both Fitch and Standard & Poor's have confirmed the group's BB rating with a stable outlook, reflecting the stronger business profile and the expectation that leverage remains a clear management priority.

Davide Soffietti: Importantly, both Fitch and Standard & Poor's have confirmed the group's double-B rating with stable outlook, reflecting the stronger business profile and expectation that the deleverage remains a clear management priority. The path to deleverage is supported by three elements: recurring cash generation, the planned sale of the coeo portfolio receivables, and lower financial costs following the refinancing. We have also completed important action on the RBT side of the balance sheet. As you can see on page 16, in July, we put in place EUR 350 million of new bank facility comprising of EUR 250 million term loan and EUR 80 million revolving credit facility, replacing the previous facilities. The refinancing followed a EUR 61 million tap of our 2031 senior secured notes. The proceeds were primarily used to prepay EUR 15 million of existing term loans. The new financing package delivers three clear benefits. First, it reduces our financial financing costs.

Speaker #1: The group therefore enters the second half with a broader earning base and stronger funding structure, and a clear financial priorities. Delivery, recurring cash generation, complete the portfolio disposal, and continue the leveraging.

Speaker #1: The path to deleveraging is supported by three elements: recurring cash generation, the planned sale of the COEO portfolio receivables, and lower financial costs following the refinancing.

Speaker #1: This concludes our presentation. Thank you for your attention. We will now be happy to take your questions. Thank you. This is the Coruscal Conference operator.

Speaker #1: We have also completed important action on the liability side of the balance sheet. As you can see on page 16, in July, we put in place a $330 million new bank facility, comprising a $150 million term loan and an $80 million revolving credit facility, replacing the previous facilities.

Speaker #1: We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchstone telephone.

Speaker #1: To remove your staff from the question queue, please press star and two. Please pick up the receiver when asking questions. Anyone who has a question may press star and one at this time.

Speaker #1: The first question is from Tomaso Niedu, Kepler Chevreux.

Speaker #1: The refinancing followed a $61 million cap of our 2031 senior secured notes. The proceeds were primarily used to prepay a $50 million existing term loan.

Speaker #2: Hello, and thank you a lot for taking my questions. I have two. The first one is on Italy's region. So can you unpack the drivers behind the Italy EBITDA decline in more detail?

Speaker #1: The new financing package delivers three clear benefits. First, it reduces our financing costs. The new blended cost of debt is approximately 5.9%, broadly in line with the trading level of our 2031 senior secured notes.

Speaker #2: How much is slower collection activity, market conditions, versus phasing or one-off items? And also, what gives you confidence these results in H2 rather than representing a new run rate?

Davide Soffietti: The new blended cost of debt is approximately 5.9%, broadly in line with the trading level of our 2031 senior secured notes. We expect the refinancing to generate approximately EUR 4 million of annual interest saving, providing direct support to cash generation. Second, it materially improves our maturity profile. The maturity of the term loan has been extended from October 2029 to July 2031. While the revolving credit facility has been extended from October 2027 to July 2031. The term loan will bring amortizing from the second year, with approximately 40% remaining as a book value at the final maturity. The group, therefore, has no material refinancing wall before 2030. Third, the new facilities provide greater covenant flexibility and additional financial headroom while maintaining a diversified funding structure across bank financing and capital market instruments.

Speaker #1: We expect the refinancing to generate approximately $4 million of annual interest savings, providing direct support to cash generation. Second, it materially improves our maturity profile: the maturity of the term loan has been extended from October 2029 to July 2031, while the revolving credit facility has been extended from October 2027 to July 2031.

Speaker #2: The second question is on guidance. Given that H1 results were quite soft on the standalone business, so can you walk us through the bridge to the 300 million euro full-year EBITDA guidance, and how much of the required H2 step-up is Italy normalization versus continued COEO's outperformance versus Hellenic and Spain region?

Speaker #1: The term loan will begin amortizing from the second year, with approximately 40% remaining as a book balance at final maturity. The group, therefore, has no material refinancing wall before 2030.

Speaker #2: Also, on your guidance now, there is a new exclusion, which is the impact of the portfolio sale. So can you quantify of what magnitude are we talking about?

Speaker #2: Thank you.

Speaker #3: Thank you, Tomaso. Now, on the on Italy, the EBITDA of the first half of last year had around 10, 11 million of sales disposals, which were related to portfolio of our clients, which were sold, which didn't happen in this part of the year.

Speaker #1: Following this transaction, our funding structure comprises $330 million of bank facilities, $410 million of senior secured notes due in 2031, and $300 million of notes due in 2030.

Davide Soffietti: Following this transaction, our funding structure comprises EUR 350 million of bank facilities, EUR 410 million of senior secured notes due in 2031, and EUR 300 million of notes due in 2030. This action does not change our focus on deleveraging. They make the path more efficient by reducing interest costs, extending maturities, and strengthening financial flexibility. The group therefore enters the H2 with a broader earning base, a stronger funding structure, and clear financial priorities. Delivering recurring cash generation, complete portfolio disposal, and continue deleveraging. This concludes our presentation. Thank you for your attention. We will now be happy to take your questions.

Speaker #1: This action does not change our focus on deleveraging. They make the path more efficient by reducing interest costs, extending maturities, and strengthening financial flexibility.

Speaker #3: So basically, taking out that element, the remaining difference is mostly driven by the collection trend in this part of the year that will be picking up in the second part.

Speaker #1: The group, therefore, enters the second half with a broader earnings base, a stronger funding structure, and clear financial priorities: delivery, recurring cash generation, completing the portfolio disposal, and continuing deleveraging.

Speaker #3: Together with the cost action should stabilize the EBITDA to levels which are net of the 10, 11 million of extraordinary of the first half of 2025 to the new level for the EBITDA of this year, versus last year, numbers.

Speaker #1: This concludes our presentation. Thank you for your attention. We will now be happy to take your questions. Thank you. This is the Coruscal Conference operator.

Operator: Thank you. This is the Chorus Call conference operator. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. To remove yourself from the question queue, please press star and two. Please pick up the receiver when asking questions. Anyone who has a question may press star and one at this time. The first question is from Tommaso Nieddu, Kepler Cheuvreux.

Speaker #1: We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone.

Speaker #3: So stabilization taking out these effects. Regarding the other businesses, as you have seen, the Greek business is improving in terms of collection, and this is driving the upward trend on the MP revenues.

Speaker #1: The first question is from Tomaso Niedu, Kepler Cheuvreux.

Speaker #3: On the other side, clearly in the first half of last year, we had some sales that did not happen in this part. And this is due to not the regulatory environment, which has stopped investor from taking decision before the court came out on the Cazzelli law, and it was clear not what they could recover or not.

Speaker #2: Hello, and thank you very much for taking my questions. I have two. The first one is on Italy's region. Could you unpack the drivers behind the Italy EBITDA decline in more detail?

Tommaso Nieddu: Hello. Thank you a lot for taking my questions. I have two. The first one is on Italy region. Can you unpack the drivers behind the Italy EBITDA decline in more detail? How much is lower collection activity, market conditions versus phasing or one-off items? Also, what gives you confidence these reserves in H2 rather than representing a new run rate? The second question is on guidance. Given the H1 results were quite soft on the standalone business, can you walk us through the bridge to the EUR 300 million full-year EBITDA guidance, and how much of the required H2 step up is Italy normalization versus continued coeo's outperformance versus Hellenic and Spain region? Also, on your guidance now there is a new exclusion, which is the impact of the portfolio sale. Can you quantify of what magnitude are we talking about? Thank you.

Speaker #2: How much is slower collection activity, market conditions, versus phasing or one-off items? And also, what gives you confidence these reserves in H2 rather than representing a new run rate?

Speaker #3: So that they can put plan in place for the second part, which they did for the secondary sales. Regarding the other two markets, the dynamic is positive, although they are minor in size.

Speaker #2: The second question is on guidance. Given that H1 results were quite soft on the standalone business, can you walk us through the bridge to the $300 million full-year EBITDA guidance, and how much of the required H2 step-up is Italy normalization versus continued COEO outperformance versus the Hellenic and Spain region?

Speaker #3: And the old restructuring of the Spanish business is bringing out a company which is growing EBITDA, but also below EBITDA as no losses and is will produce cash would be positive contributor to cash flow of the group.

Speaker #3: Clearly, on the COEO side, we are only assuming a trend which is similar to the first half, not additional upsides. Although you have seen that the business has been benefiting from not only the underlying market trends, which are positive for e-commerce and buy now pay later, but also from the higher penetration the higher penetration into new clients, which is driving down the contribution of the main client, Klarna, from 50 to 40 percent of files intake.

Speaker #2: Also, in your guidance now, there is a new exclusion, which is the impact of the portfolio sale. So, can you quantify what magnitude we're talking about?

Speaker #2: Thank you.

Manuela Franchi: Thank you, Tommaso. On Italy, the EBITDA for the H1 of last year had around EUR 10, 11 million of sales disposals, which were related to portfolio of our clients, which were sold, which didn't happen in this part of the year. Basically, taking out that element, the remaining difference is

Speaker #3: Which is a very important step taking into account that Klarna itself continues to grow by more than 20 percent year on year. The other positive aspects that you will see in the dynamic of the EBITDA of it's the contribution of the other countries, because obviously the revenue growth trajectory, which stable cost base because of the dynamics on the automation of the processes there, will have a full effect on EBITDA.

Speaker #3: Beyond also the diversification that the business is doing, to the other do value countries. The contribution of COEO to the do value countries obviously is netted off in intercompany.

Speaker #3: So you see it on the do value side, you will not see it on the COEO side, but COEO is contributing to the growth also of the other countries.

Speaker #3: And this is will be evident in the second part of the year. On the overall guidance, obviously we are very keen not only on revenue and EBITDA, but also on the leverage.

Speaker #3: And there I think the two drivers are very clear, no? Is the disposal of the portfolio where the timing we are taking is to optimize the price not because it's a question of selling and the more we hold on into it, more cash we have from the portfolio.

Speaker #3: It's a very profitable one, as you have seen from the statistics that David has provided. We are not including cash metrics as not that purchaser do, because our business will be soon asset light.

Speaker #3: But gives you a metrics that explains also the high turning of the purchase price of the portfolio into real cash. Now, on the bridge of guidance, David, I will provide more details.

Speaker #2: Yes, and mainly on COEO. Your question is about COEO. We always communicate to the market a clear target of COEO knowledge. We start with a 16 million when we acquired, clarifying that those 16 years would have roughly 45, 50, 50 percent of a cash conversion.

Speaker #2: So this lower cash conversion is mainly because the cash will include the aspects of the portfolio. So what we are saying that our target is coherent with the target we will give to the market when we acquire the company.

Speaker #2: So we will have EBITDA target with the continue to have these roughly 45, 50 percent cash conversion that will include the effect of the portfolio.

Speaker #3: Maybe another data point we should highlight on the guidance of the year-end. Last year, we had 99 million of EBITDA out of a full year result of 217 million.

Speaker #3: Today, we have 121 million of EBITDA pro forma versus a guidance of approximately 300 million. So you can do the proportion there. Obviously, we are adding a business which has not a seasonality as the traditional business, and that's why we are assuming a stable contribution despite the dynamics that we have explained about the new business intake at COEO.

Speaker #2: Yes. Sorry, just a follow-up. So about this secondary sales that didn't materialize in H1, regarding that, should we expect them to materialize in H2 or you don't have any kind of visibility on that?

Speaker #3: Yeah, we have a pipeline of secondary sales for the second Q. In our guidance, we are more conservative on the full year on that.

Speaker #3: So if all were to materialize, obviously it would be better. But we are the sales are in the pipeline for the second Q. Second half, sorry.

Speaker #2: Okay. Yes. Perfect. Thank you.

Speaker #1: The next question is from Antonio Gianfrancesco, o, Intermonte.

Speaker #2: Yes, good morning. And thank you for taking my question. Two questions. The first one is on COEO. Because you reported 56 million revenues and 80 million EBITDA in the second quarter.

Speaker #2: This implying a margin of around 31 percent. But if I look at what you reported in the first quarter, COEO was indicated at 64 million revenue and 26 EBITDA.

Speaker #2: So something like 41 percent EBITDA margin. Maybe I misunderstood something, but I wanted to better understand why revenues and EBITDA are down quarter on quarter, and what you consider the clean underlying margin of the business.

Speaker #2: Which integration onboarding on commercial cost we should expect in the second half? And what revenue and EBITDA contribution is now embedded in your full year guidance for COEO?

Speaker #2: The second question is on new business, because the new business intake reached 3.1 billion in the first half, and the GBV remained broadly stable, let's say.

Speaker #2: But traditional service revenues continue to decline. So I want to understand if the new mandates are entering at comparable fees and margin levels, and if, or let's say, how quickly these commercial intake should translate into revenue and EBITDA contribution.

Speaker #2: Thank you.

Speaker #4: I will take your first question, COEO. Now, we expected that the average margins in between the two, now we expect between 35, 37. First half is 37, making the average.

Speaker #4: We expect 35 because as we have already discussed during the first quarter, call COEO as a seasonality is strong in the first quarter rather than the last one, or in the second one.

Speaker #4: So the first quarter is always stronger quarter. So we have also the benefit to have higher margin. But on average, if we look fully year, we expect 35 percent margin.

Speaker #4: So also COEO will have again third quarter a little bit lower than the first quarter will be, a little bit higher. So on average, we expect 35 percent.

Speaker #3: On the new business intake, as you have seen from Greece last year, the 7 billion are now producing the collection of tick. And we expect a similar lagging period for this business.

Speaker #3: The positive part of this contribution of the 3.1 billion is that half of it comes from forward flow. So from fresh vintages, especially on the Greek and beaver contracts which have the UDP component embedded.

Speaker #3: To this business, we are adding separately other opportunities which are related to the digital collection business, to the NFC business, which are not now valued on GBV basis only.

Speaker #3: That's why we added new metrics which are related to file intake and the like, which are more similar to the small ticket business of COEO, to give you an order of magnitude of how that trajectory is moving up.

Speaker #3: Obviously, the last component is on the vast side, to give you an order of magnitude on Italy. Last year, the vast plus non-MPL revenue were 41 percent in the first half, this year are 51 percent.

Speaker #3: So more we grow this component, higher with the lower with bidder contribution of the MPL, and every type of cost initiative we make will allow to exploit the maximum cash contribution from the traditional MPL, while benefits from the growth of the second part.

Speaker #3: And this is what our new business plan is primarily about, this ship organic into the new revenue dynamic and extracting as much cash profit from an EBITDA margin perspective and from a cash flow perspective from the core traditional MPL business.

Speaker #2: Very clear. Thank you.

Speaker #1: The next question is from Simonetta Chiriotti, Mediobanca.

Speaker #5: Hello, good morning. Thank you for taking my question. I have a few. The first is on Italy. And specifically on the trend in collections, that were down 21 percent in the second quarter, 16 percent in the first half, so could you help us to understand what is happening on that side and in particular, what changed with respect to your original expectations when you acquired Guardant?

Speaker #5: And also, actually, vast revenues declined. Year on year, in the first half, so if it's possible to explain also this trend. And on the cost side, cost remained flat, so how is the cost structure?

Speaker #5: Is it completely fixed? So no correlation with the revenue trend. On a different issue, could you give us a quick update on the tax receivable project in Italy?

Speaker #5: And another couple of questions, if possible. You gave the ERC of COEO over 1,220 months. It looks a very long period. Is the collection profile so long?

Speaker #5: For COEO and finally, if you could provide the details of the 40 million other asset liability cash absorption in the first half. Thank you.

Speaker #2: Yeah. On your first question, Simonetta, thanks for the question. On your fourth question in Italy, yes, the collection were down basically we experienced a lower new business intake from newer vintages.

Speaker #2: And as the amount of GBV of older vintages was waiting more, the collection rate decreased and hence the overall collection from the business were down.

Speaker #2: So answering to your question on what's changed with the original expectation of Guardant, I would say that it also comes to market condition in Italy.

Speaker #2: We have lower volumes from primary deals. And hence, lower collection from fresher vintages. On the other hand, this trend was partially compensated from higher volumes from forward flow from existing partners of Guardant.

Speaker #2: But of course, this wasn't enough to compensate the shortfall on the primary transaction in the market.

Speaker #3: On the cost side, we have run the last efficiency measures in the first half. So the exit are happening between June and July and therefore you will see the impact on the cost in the second half.

Speaker #3: But this is regarding projects so it will not it will continue over the next few years. As more as we introduce technology, we make efficient the cost base, higher are the reduction of the cost.

Speaker #3: So the composition of the cost in Italy is quite evident that 70 percent is personnel and the remaining is 15 percent 15, 18 percent IT cost and the rest is general cost.

Speaker #3: On the tax receivable projects, you have seen three days ago there was the final decree which defined the perimeter into which AMCO will play.

Speaker #3: And also the condition under which AMCO will have to will have to be given by the local authorities the files to manage. So they are obliged to move to AMCO if the recoveries are not at a certain level.

Speaker #3: So it's quite actual effect. So there will be a continuous flow to AMCO and there is distribution to the other services. So now AMCO is set to run with public tender between in the end of the year, I think they are already set for that.

Speaker #3: And we will participate to that tender.

Speaker #2: Yeah. On the question about the other asset liabilities, I will give you the breakdown. Roughly 10 million are IFRS 16, so to pay the rent and the office we operate, including COEO, then we have roughly 8 million of redundancy costs as part of our plan.

Speaker #2: We have also the MBO impact described before that is roughly 13 million, 12.3 million, that is expected to be paid fully the MBO for 25, but we need still to accrue fully the MBO 26.

Speaker #2: So we have this will be absorbed during the year as up and also last year. Then we have the delay on the recovery on the VAT increase that is approximately 8.5 million.

Speaker #2: And we have also paid the transaction cost that are not in the working capital or roughly 7 million. This is how we get to the total change.

Speaker #2: About the collection, as we said before, it is very fast running portfolio. On average, the recovery of the price paid is in 18 months.

Speaker #2: Then we show that recovery curve of 120 months because most of the collection coming in the first two years, but then we have detailed that we continue to generate cash.

Speaker #4: Yeah. On this, we flagged a very important data, which is the 20 percent that we already recovered as principal on portfolio investment made in the second Q.

Speaker #4: So you see the very fast turnover nature of this portfolio. Only looking at this data.

Speaker #5: Thank you. The next question is from David Rimini, Intesa Sanpaolo.

Speaker #6: Good morning. And thank you for taking my question. I will also ask you. The first is on guidance and is on free cash flow guidance, whether you might confirm the 90 million free cash flow before dividend and debt repayment for this year.

Speaker #6: And whether sort of this include I do notice that in the slide there is the reference on some one-off and you put sort of a reference on recurring cash flow.

Speaker #6: So whether sort of these include or not those items. And still related to that, I do understand that you signaled how cash flow generative is the COEO portfolio and at the same time you highlight the commitment to exit before the year end.

Speaker #6: I just wonder whether sort of within the guidance you might clarify what the contribution of COEO portfolio and partly related to that, whether sort of initially what has been sort of the reasoning behind in keeping in a way longer rather than initially signal to the market.

Speaker #6: The second question is sort of on the outlook. On slide seven, you provided sort of an outlook which suggests the challenge in NTL market backdrop and linked the guidance to an execution in terms of cost efficiency measures.

Speaker #6: I was just wondering whether out of the outlook that you provided in Italy and Greece, there is anything that we should be aware of in terms of additional cost-cutting measures.

Speaker #6: I noticed that you put the reference that this is recurring activity I just wonder whether there is anything more out of the synergies out of garden in Italy for example that we might share today.

Speaker #6: Thank you.

Speaker #2: Yeah. On the cash generation, we do confirm the guidance for the 90 million free cash flow for the two value perimeter. Then we have the cash flow coming from COEO or it was 30 million minus the financial charge on the bond roughly 19 million.

Speaker #2: So we completely confirm the free cash flow generation. And the impact to the portfolio sales that will last. In terms of the portfolio, we highlighted that the value today is including a range between 120, 140.

Speaker #2: We are working to try to extrapolate the maximum value of the portfolio sale. This is why we have included now in our simulation on the portfolio sales the value in the middle is 130 million.

Speaker #2: The fact that we continue to own the portfolio itself only the cash production. Because as soon as we continue to hold on the balance, we will collect cash flow.

Speaker #2: So this helps in some way the leverage and but not impacting our results in terms of EBITDA because the component of portfolio is impacting our results are the fees we get on those portfolios.

Speaker #3: So maybe to go back to your specific question. The keeping or not its a question of maximizing value versus the income we get from holding on it.

Speaker #3: It's not blurring the free cash flow operating free cash flow generation which remains separate from the portfolio contribution still the one which we have portrayed before.

Speaker #3: Now, in terms of the indication that we gave here, it's we are obviously waiting in our guidance the weaker points about the markets as well as the other initiatives we are doing.

Speaker #3: So there are plus or minuses but still guiding to our final results. We wanted to make you aware obviously of what is the market backdrop but it's our job as managers to obviously weight these effects to get to the final targets which we have announced.

Speaker #3: In terms of the cost measures, they are not going to change the free cash flow generation that we have indicated. So it's still consistent with the numbers.

Speaker #3: Any other measure we may want we are planning to execute.

Speaker #6: Thank you. If I may, just a sort of a follow-up. Since I know it's the 40 million one-off in the cash flow sort of picture on slide 14, whether sort of these since you introduced these concept of recurring, I just wonder whether sort of out of the 90 million guidance is included or not this 14 million.

Speaker #2: This is also it's a one-off. It's a more temporary effect on the cash flow. Also, we will say that the VAT has been a delay.

Speaker #2: So we would assume to collect this VAT now in the first half because of the dispute with the tax authority that went well. We need to wait a few months more to get this cash.

Speaker #2: But on a going basis, we can recover it. So it's a one-off only for this period, not on a recurring basis. So we need to include this cash in forward.

Speaker #2: The same happened for the NDO that is temporary cash out. We completely absorbed it by the end of the year. So the one-off are mainly related always to the to our transaction cost that has been paid and the redundancy cost that we have the plan.

Speaker #2: We need to exit but the following will be lower than the one we have have this year with the previous year.

Speaker #6: So at least on the VAT, shall I expect sort of to be reversed in the second half?

Speaker #2: Yeah. We will collect during the year. So we will help us to respect our guidance. So this has been only a timing effect. It's not a structural change.

Speaker #6: Thank you.

Speaker #1: The next question is from Davide Giuliano, Equita.

Speaker #6: Hi. Good morning and thank you for taking my question. I have three. The first one is on revenue evolution. What dynamics do you expect in second half on the ex-COEO perimeter?

Speaker #6: And so the value standalone, is there anything impacting the comparison base which we should take into account for instance in terms of secondary sales fee last year?

Speaker #6: The second one on COEO, we saw gross revenues growth of plus 26% year on year in Q1 and plus 25% year on year in first half 2026.

Speaker #6: So the growth rate was essentially confirmed in Q2 as well. Just one clarification. Does the growth rate refer only to the servicing business and exclude the, let's say, NPL investing business?

Speaker #6: Also in Q2. And you previously said Klarna is down from 50% to around 40% of processed files. If I'm not mistaken, can you also provide an indication of Klarna's contribution to revenues in first half?

Speaker #6: And the very last one on COEO backbook. Can you give us an indication of how discussions are progressing regarding the structuring of the disposal of the backbook and the related forward flow agreement?

Speaker #6: And looking at Q2, it seems to me that keeping the backbook generates a cash absorption on a run rate basis given that you invest 48 million and collected 31 million.

Speaker #6: Am I missing something or this is something we should also expect in the coming quarters? Thank you.

Speaker #2: On the portfolio or the growth, I assume that the growth is only considering the servicing revenues and not the portfolio. On the transaction, we are we have structured the transaction.

Speaker #2: We have three investors that give us a binding offer. We are negotiating to improve the price. We are structuring also the vehicle that will securitize the portfolio and the fund, luxury fund that will buy the notes and then we will send those notes to the investor we have identified.

Speaker #2: In terms of cash absorption, you're right. COEO is growing. So the volumes are growing. So the clients are transferred to COEO on more receivables.

Speaker #2: This means that after the four months, COEO has the option to buy higher volume. So as you have seen, this quarter about 48 million we collect 31.

Speaker #2: This is why also with the selling the portfolio, we'll trust the funding of those growth to the third-party investors. We will benefit from the servicing fees.

Speaker #2: So if the portfolio remain on our balance sheet, it will be a structure future. But in the same way, we are improving the company.

Speaker #2: We are getting more cash.

Speaker #3: One other point you raised was on the growth of COEO. We confirmed that is without the portfolio. So it's coherent only on the servicing side.

Speaker #3: Around Klarna contribution in terms of revenue of COEO was around 60 now moving down to around 50. And in terms of group contribution was around 10% moving down to around 9%.

Speaker #3: I think we have addressed the other question, Davide.

Speaker #6: Yes. Maybe I missed the one on the comparison base on second half 2025. If we should take into account some secondary sales fee when making our estimates for second half 2026.

Speaker #6: I don't know. Probably I missed it before.

Speaker #2: No, no. As always, we confirm that what we have experienced last year in the first quarter most of the higher volumes will come in the last part of the year.

Speaker #2: This means increased we expect the secondary sales that will grow mostly in the last part of the year. Also because of the Castelli law.

Speaker #2: In Italy, we also expect few transaction results to grow the secondary sales in Italy. But we are not trying to recover it fully. The debt in Italy.

Speaker #2: This is why we have said that the overperformance COEO will offset this lower performance in Italy.

Speaker #3: We said that in the first half of last year, Italy had around 11, 10, 11 million of secondary sales. This is because the bank said some backbook that wanted to dismiss.

Speaker #3: Now this amount has reduced. So there will still do in the second part. But less than half of this amount.

Speaker #6: Thank you.

Speaker #1: Gentlemen, there are no more questions registered at this time. I turn the conference back to you for any closing remarks.