Generalfinance (GF) Q1 2025 earnings summary

Executive summary

• Net profit for Q1 2025 reached €5.3 million, up 8% year-over-year, with turnover at €819 million (+32%).

• Net interest and other banking income rose 37% to €14.4 million, while operating costs increased 39%.

• The company remains focused on its core business and international expansion, notably opening a branch in Spain.

• The acquisition of Workinvoice S.r.l. was discontinued, but 2027 Business Plan targets remain confirmed.

Financial highlights

• Net interest income: €3.3 million (+27% YoY); net fee and commission income: €11.1 million (+39% YoY).

• Operating costs: €4.6 million (+39% YoY); cost/income ratio: 32% (vs. 31% in Q1 2024).

• ROE: 26% (down from 29% YoY); shareholders’ equity: €85.4 million (+7% from Dec 2024).

• Net loans to customers: €533.4 million (–13% from Dec 2024); total assets: €679.4 million (–12%).

• Gross NPE ratio: 1.74%; net NPE ratio: 1.37%; NPE coverage: 36%.

Outlook and guidance

• 2025 net profit guidance is approximately €24 million, in line with the budget.

• 2025–2027 plan targets: turnover ~€13 billion, cumulative net profit >€84 million, 2027 net profit ~€32 million, ROE ~34%, total capital ratio ~13%.

• Dividend payout over 2025–2027 expected to exceed €42 million.