Generalfinance (GF) investor relations material

Executive summary

• Turnover grew 9% year-over-year in H1/6M26 to €1,999 million, outperforming the factoring industry average of 2.2%, though below internal expectations; a strong recovery is anticipated in H2 2026.

• Adjusted net profit for H1/6M26 was €10.7 million, down 13% year-over-year due to the absence of prior year one-offs and a litigation charge; reported net profit was €9.6 million.

• The business model remains robust, with a diversified client base, reduced dependence on top clients, and continued expansion in Spain and upcoming launch in Switzerland; digital finance initiatives underway.

• High credit portfolio quality maintained, with a gross NPE ratio of 1.7% and strong capital ratios.

• ROE at 26.3%, down from 35.4% in H1 2025, but well above cost of capital.

Financial highlights

• Net banking income rose 4% year-over-year to €31.4 million, aligned with a 3.8% increase in disbursed loans; net commission income rose 5.6% to €24.3 million.

• Operating efficiency remained strong with a cost/income ratio at 37%, up from 32% the previous year.

• Receivables increased 10% year-over-year to €680 million.

• Liquidity stood at €100 million, with total funding available at €1.2 billion and counterbalancing capacity over €500 million.

• Shareholders' equity stood at €91.0 million as of June 30, 2026.

Outlook and guidance

• Guidance revised conservatively due to lower-than-expected turnover in Spain and delayed Swiss operations; projected year-end turnover is €4.45 billion.

• Adjusted net profit guidance for 2026 is €29–31 million, down from the original €32 million+ due to the legal settlement.

• NII and commissions expected to recover from Q3, with NII projected to rise 15% quarter-on-quarter and commissions to increase by 20% in Q4.

• No signs of domestic business slowdown; international expansion expected to contribute more in 2027.

• Commercial performance in H1 2026 was positive but did not fully meet budget and business plan targets.