Generalfinance (GF) Q2 2025 earnings summary

Executive summary

• Net profit for H1 2025 reached €12.3 million, up 54% year-over-year, with turnover rising 34% to €1,833 million, both exceeding business plan targets and reflecting strong growth in factoring, especially in distressed and SME segments.

• ROE stood at 35%, and the cost/income ratio improved to 32%, both significantly better than the previous year.

• Growth was driven by strong client acquisition, with 100 more rolling clients and 39 new sellers quarter-on-quarter, and continued expansion into Spain and Switzerland.

• Business model remains highly diversified, with 60 assigned debtors per seller versus the market average of six, and a focus on Italian SMEs and manufacturing.

• Maintained robust asset quality and reinforced risk management practices.

Financial highlights

• Turnover for 6M25 reached €1,832.6 million, up 34% year-over-year; net income rose 54% to €12.3 million.

• Net banking income increased 44% year-over-year to €30.2 million; net interest income grew 45% to €7.2 million; net fee and commission income rose 44% to €23.0 million.

• Cost/income ratio improved to 32%, reflecting better operating leverage.

• ROE reached 35% (up from 27% in H1 2024); disbursed amount grew 37% year-over-year to €1,437 million.

• Shareholders’ equity stood at €82.0 million; CET1 ratio at 14%, total capital ratio at 14.8%-15%.

Outlook and guidance

• Full-year 2025 net profit is expected to be around €24 million, with business plan KPIs and NPE ratio targets for 2027 confirmed.

• Expansion into Spain and Switzerland is underway, with international turnover expected to reach €580 million by 2027.

• Growth in client numbers and turnover continues to be robust, with no major customer attrition.

• Funding diversification and digital innovation are strategic priorities, supporting sustainable growth and ESG integration.