Generalfinance (GF) Q1 2025 earnings summary

Executive summary

• Net profit for Q1/3M25 reached €5.3 million, up 8% year-over-year, with turnover at €819 million (+32%).

• Business model leverages factoring for clients in special situations, focusing on risk mitigation and digital innovation, with expansion into Spain and Switzerland underway.

• The acquisition of Workinvoice S.r.l. was cancelled in April 2025, but business plan targets to 2027 remain confirmed.

• ROE stood at 26.4% for 3M25, down from 29.4% in 3M24, but well above the cost of capital.

• Core business growth and profitability trends align with the 2025-2027 Business Plan.

Financial highlights

• Net banking income rose 36.5% year-over-year to €14.4 million; net commission income up 39% to €11.1 million.

• Net interest income increased by 27% to €3.3 million; operating costs rose 39% to €4.6 million.

• Cost/income ratio at 32% in 3M25/Q1 2025, slightly higher than 31% in 3M24/Q1 2024.

• Net loans to customers at €533.4 million, down 13% from year-end 2024; shareholders’ equity at €85.4 million, up 7%.

• Gross NPE ratio at 1.7% for Q1 2025; NPE coverage at 36%.

Outlook and guidance

• 2025 net income guidance set at approximately €24 million, with business plan targets to 2027 fully confirmed.

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

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

• Expansion in Spain and Switzerland, and rollout of standardized factoring for small retail clients.