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Investing.com -- doValue reported third-quarter results largely in line with analyst estimates, with gross revenues reaching €123 million, representing a 23% year-over-year increase but approximately 1% below forecasts.
The company’s adjusted EBITDA hit €38 million, up 33% compared to the same period last year and fully matching expectations. This performance was supported by slightly lower operating costs, with the cost-to-income ratio at 67%, which was 40 basis points below estimates.
doValue shares rose 7% following the announcement.
Cash flow generation was seasonally soft as anticipated, though working capital dynamics delivered a positive surprise with another quarter of cash release of approximately €2 million. Despite this, higher cash tax outflows resulted in slightly higher net debt of €493 million, about 1% above estimates.
The company has secured new mandates totaling €12.4 billion year-to-date, already exceeding its full-year 2025 guidance of €12 billion, which had been previously revised upward from an initial €8 billion target. Additionally, doValue recently expanded its Forward Flow Agreement with BPER to include BPSO.
Management reaffirmed its guidance, projecting adjusted EBITDA between €210-220 million, free cash flow of €60-70 million, and a net debt to adjusted EBITDA ratio of 2.0x.
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