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Good morning, this is the Coral School Conference Operator. Welcome and thank you for joining the Do-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. 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.

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 second quarter 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.

Good morning, everyone. The first half of 2026 marks an important step in the evolution of the value. The group is now more diversified than gross 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 ASEER 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 first half. First, digital receivables, the business of Coel, continued to deliver strong growth. Revenue increased by 25% year-on-year, supported by 5 million new files onboarded during the period. Coeo Prime Base continue to diversify beyond its historical anchor relationship, and growth remains ahead of the assumption in our original acquisition case. Second, pro forma group BDA, excluding non-retiring items, reached 121 million. In the second quarter alone, EBITDA grew 21% year on year. Profitability benefits from Coeo in growth on AI automation. while the do-value business continue to implement disciplined cost actions. Third, we further strengthened our capital structure. The recent refinancing extended our best maturities and is expected to generate approximately 4 million of annual interest savings while reinforcing liquidity and financial flexibility. The picture of the first alpha 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 second half. Let's now turn to page four and look more closely at digital receivables. This is the engine of the group next stage of growth and is the first half it's accelerated. 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. This is scale compounding on an already large base, not a small base effect. And it comes with efficiency, not with ad count. Indeed, new files entered per 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 customers was up 50% year-on-year. Behind that number, there is a complete 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 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. 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 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 end of this year. At that point, the group will be fully asset-line. a pure service in a receivable management platform with no balance sheet exposure to the receivable we manage. 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. 61 million of collection 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 Q have already returned 20% of the amount invested during the same quarter. 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. 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 five, 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. Total automation in Germany reached 77% at the end of June, up from 69% in December, eight percentage points in six months. In practice, CHI, our proprietary 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, and more than 1.5 million were closed with no human involvement at all, up 23% from 854,000 a year ago. The reason we spend time on these numbers is that they translate directly into unit economics. human-assisted contacts per file were down 24% versus the second half of 25. The same file now requires materially less human efforts, which is what lowers our cost to collect. The automation is moving up the complexity curve, not just handling simple cases. 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. 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. In the Nordics, revenue reached 15.6 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. In that 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. 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. 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. So selling between Duvalier and Coeo has moved from intentions to signed contracts in both directions. Duvalier signed and is already operational on two mandates with German banks, relevant because banks carry around 50 billion of non-performing loans, a stock up 67% since 2020, in a servicing market with no scaled incumbents. In the other direction, co-authored contracts with payment and e-commerce operators in Spain and Italy, where our body operation is now active, and Greece follows in September, also with the first deployment of the CAI voice agency in a do-value market. 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 27 billion of new business against a 24-26 target of 24 billion. The target is 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. On top of that, secondary sales amounted to an overall 0.5 billion, of which 0.2 being the first ever sale of re-performing loans in Greece occurring in the first quarter. By region, the picture is uneven. Spain has a strong gulf, adding around 450 million of new business from two banking institutions. One a new relationship, the other is the shifted contract perimeter with Santander. 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. In the Hellenes region, activity was visibly softer in the second quarter as market participants adopted a wait-and-see approach while the Cazzelli framework evolves. Now, 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 collections have been softer and the flow of new businesses across the market has slowed in 2026. Looking at the second half, we expect several portfolios to come to market from secondary transactions in the coming months. For Duvalio, though, with a lower collection rate, this is genuine new business. New Mandates, New Investor Relationships, and Incremental GBV Under Management. Before turning to guidance, let's look at the market backdrop on page 7. The European MPE market has evolved into new equilibrium, underpinning more than 2 billion of addressable servicing revenue across our core footprint over 26-29 periods. 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. And this is where the role of the servicer becomes systemic. 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 others and other 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 MPE and the emerging opportunities in the adjacent credit and receivable 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 MPE volume, has built a full ratio remain near historical low. The aging stock of existing portfolios is lower than expected expansion of value-added services are adding to the challenge. Grease is performing well, although regular development may delay some secondary market transactions. While its pay 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 MPE Cycle. Taking these three elements together, we believe our full year 2026 pro forma bid-dad guidance of approximately 300 million remains within reach. Assuming that COEAO 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 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 second quarter. 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 service in 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 next 18th of October in our Capital Markets Day. Now, I will hand over to Davide for a detailed financial overview of the quarter.