Generalfinance (GF) investor relations material

Company history and business model

• Founded in 1982, evolved into a leading Italian factoring player, especially for distressed companies, with international expansion into Spain and Switzerland by 2025-2026.

• Business model focuses on factoring for companies in special situations, leveraging high-quality debtors and a proprietary digital platform.

• Maintains a diversified portfolio with 59 debtors per seller, far above the industry average, supporting risk mitigation.

• Majority of turnover comes from recourse factoring (76%), with 72% of turnover covered by insurance.

• Operates with a strong, long-term oriented shareholder base and robust governance.

Financial performance and growth

• Achieved €3.87bn turnover and €28.8m net income in 2025, with 28% YoY turnover growth and 36% YoY net income growth.

• Outperformed industry peers in stock price and total shareholder return, with a 280% TSR from June 2022 to March 2026.

• ROE reached 41.3% in 2025, significantly higher than peers, and cost/income ratio improved to 30.5%.

• Net banking income per employee and net commission income as a share of banking income are both industry-leading.

• Business plan targets cumulative turnover of €14bn and net income of €52m for 2025-2027, with a 20.8% CAGR in net profit.

Risk management and asset quality

• Maintains a low risk profile with a cost of risk at 0.05% and a gross NPE ratio of 1.1% in 2025, well below industry averages.

• High protection of risk through insurance (Allianz Trade, SACE) and personal guarantees, with only €241m net financial assets exposed.

• Factoring contracts are at variable rates, hedging NII against interest rate volatility.

• Collection performance is strong, with 81% of portfolio having no payment delays and DSO consistently below market average.

• Conservative credit stance and robust internal scoring systems for both distressed and performing clients.