Generalfinance (GF) investor relations material

Company history and positioning

• Established in 1982, evolved into a leader in factoring for distressed companies in Italy, with international expansion into Spain and Switzerland in recent years.

• Achieved €2 billion turnover in H1 2026 and closed FY2025 with €4 billion turnover and €29 million net income.

• Maintains a strong, long-term oriented shareholder base, with governance reinforced by MGH.

• Operates as an independent specialist in distressed factoring, with a unique business model focusing on high-risk sellers and investment-grade debtors.

Business model and risk management

• Focuses on clients in special situations, offering recourse and non-recourse factoring, with 76% of turnover insured.

• Maintains a high debtor/seller ratio (55 vs. market average of 6), ensuring portfolio diversification and risk mitigation.

• Risk is further reduced by legal protections, court oversight, and credit insurance partnerships.

• Conservative credit policies and robust digital platforms support operational efficiency and risk control.

Financial performance and profitability

• Turnover grew 9.1% YoY in H1 2026, outpacing the market's 2.2% growth.

• Net income adjusted for litigation charges was €10.7 million in H1 2026, down 13% from H1 2025's exceptional profitability.

• Cost/income ratio increased to 37% in H1 2026, mainly due to higher personnel costs from business expansion.

• ROE remains strong at 26.3%, well above peers, with a low gross NPE ratio of 1.7%.