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146 208 80 89 143 123 78 124 123 184 203 202 143 206 183 76 162 46 122 167 120 191 191 191 217 217 217 242 242 242 195 226 211 1generalfinance.it Generalfinance Roadshow
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146 208 80 89 143 123 78 124 123 184 203 202 143 206 183 76 162 46 122 167 120 191 191 191 217 217 217 242 242 242 195 226 211 2generalfinance.it Disclaimer This presentation has been prepared by Generalfinance and contains certain information of a forward-looking nature, projections, targets, and estimates that reflect Generalfinance management's current views related to future events. Forward-looking information not represent historical facts. Such information includes financial projections and estimates as well as related assumptions, information referring to plans, objectives, and expectations regarding future operations, products, and services, and information regarding future financial results. By their very nature, forward-looking information involves a certain amount of risk, uncertainty and assumptions so that actual results could differ significantly from those expressed or implied in forward-looking information. These forward-looking statements have been developed from scenarios based on a set of economic assumptions related to a given competitive and regulatory environment. There are a variety of factors that may cause actual results and performance to be materially different from the explicit or implicit contents of any forward-looking statements and thus, such forward-looking statements are not a reliable indicator of futures performance. The Company undertakes no obligation to publicly update or revise any forward-looking statements whether as a result of new information, future events or otherwise expect as may be required by applicable law. The information and opinions contained in this Presentation are provided as at the date hereof and are subject to change without notice. Neither this Presentation nor any part of it nor the fact of its distribution may form the basis of, or be relied on or in connection with, any contract or investment decision. The information, statements and opinions contained in this Presentation are for information purposes only and do not constitute a public offer under any applicable legislation or an offer to sell or solicitation of an offer to purchase or subscribe for securities or financial instruments or any advise or recommendation with respect to such securities or other financial instruments. None of the securities referred to herein have been, or will be, registered under the U.S. Securities Act of 1933, as amended, or the securities laws of any State or other jurisdiction of the United States or in Australia, Canada or Japan or any jurisdiction where such an offer or solicitation would be unlawful (the "Other Countries"), and there will be no public offer of any such securities in the United States. This Presentation does not constitute or form apart of any offer or solicitation to purchase or subscribe for securities in the United States or the Other Countries. Pursuant the consolidated law on financial intermediation of 24 February 1998 (article 154-bis, paragraph 2) Ugo Colombo, in his capacity as manager responsible for the preparation of the Company's financial reports declares that the accounting information contained in this Presentation reflects the Generalfinance documented results, financial accounts and accounting records. Neither the Company nor any of its or their respective representatives, directors or employees accept any liability whatsoever in connection with this Presentation or any of its contents or in relation to any loss arising from its use or from any reliance placed upon it.
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146 208 80 89 143 123 78 124 123 184 203 202 143 206 183 76 162 46 122 167 120 191 191 191 217 217 217 242 242 242 195 226 211 3generalfinance.it Agenda Generalfinance: Overview and Results 2025 2025 Results: Balance Sheet, P&L, Funding and Capital Business Plan 2025-2027 Updates Digital, Low Risk Player Annex
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146 208 80 89 143 123 78 124 123 184 203 202 143 206 183 76 162 46 122 167 120 191 191 191 217 217 217 242 242 242 195 226 211 4generalfinance.it Generalfinance: Overview and Results 2025
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146 208 80 89 143 123 78 124 123 184 203 202 143 206 183 76 162 46 122 167 120 191 191 191 217 217 217 242 242 242 195 226 211 5generalfinance.it Generalfinance: a long and successful story Incorporation of the company Start of the factoring business PIONEER IN FACTORING RE-ORGANISATION BY M. GIANOLLI BUSINESS MODEL EVOLUTION TO BECOME THE LEADING PLAYER IN FACTORING FOR ITALIAN DISTRESSED COMPANIES 1982 1990 Entry of industrial partners in the share capital Entry in the UTP market 1995 2006 M. Gianolli becomes the controlling shareholder Incorporation of GGH s.r.l, parent company of Generalfinance 2009-10 2015 2017 2022 Strategic agreement with Cre.Val. that acquires 46.81% of share capital Listing on the STAR segment of Borsaitaliana Long-standing experience, specialization and unique positioning 2024 Opening of the first International branch in Spain Registration as financial intermediary pursuant to art. 106 TUB 2025 OPENING UP TO INTERNATIONAL MARKETS FY ended with approximately €4 bln in Turnover and €29 mln in net income
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146 208 80 89 143 123 78 124 123 184 203 202 143 206 183 76 162 46 122 167 120 191 191 191 217 217 217 242 242 242 195 226 211 6generalfinance.it 2024A2024BP 21.121.5 Net Income €mn In 2024, ~98% of the target net income was achieved 2024A2024BP 3.03.4 Turnover €bn In 2024, ~90% of the target turnover was achieved Management team with strong delivery capabilities Actual 2024 vs Business Plan 2024 results ROE % Cost Income % 30% 33%36% 36% 2024BP 2024A 2024BP 2024A The management team showed great executions skills in achieving financial targets and driving value creation for shareholders and stakeholders. Data 2024 BP: Business Plan 2022 - 2024
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146 208 80 89 143 123 78 124 123 184 203 202 143 206 183 76 162 46 122 167 120 191 191 191 217 217 217 242 242 242 195 226 211 7generalfinance.it 1991 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 A Sound and Long-Term Oriented Business Model Sustainability of financial results over >30 years With almost €4 bn in turnover in 2025, total factored receivables since the start of the factoring operations (1991) are approximately €18 bn ~18 CAGR 91’ - 10’ +95% CAGR 10’ - 20’ +15% CAGR 20’ - 25’ +30% Cumulative Turnover €bn ~1 ~5 ~18 2020 20101991 2025
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146 208 80 89 143 123 78 124 123 184 203 202 143 206 183 76 162 46 122 167 120 191 191 191 217 217 217 242 242 242 195 226 211 8generalfinance.it -100% -50% 0% 50% 100% 150% 200% 250% 300% Stock price trend during the period 29.06.2022 - 13.02.2026; TSR: Total Shareholder Return. Illimity Bank data up to 18.09.2025 Peers include Banca Sistema, BFF, Banca Ifis, Illimity Bank Source: Teleborsa Peers: average of the stock performance during the period 29.06.2022 – 13.02.2026 Value creation for shareholders well above the peers Peers – Stock Price & TSR June 2022 – February 2026 Peers – Stock Price Performance June 2022 – February 2026 +257% TSR (Total Shareholder Return) +283% +123% -7% -58% +83% -62% Peer 1 Peer 2 Peer 3 Peer 4 June 22’ February 26’ Peers 100 357 117 Stock Performance +10% +1% -34%
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146 208 80 89 143 123 78 124 123 184 203 202 143 206 183 76 162 46 122 167 120 191 191 191 217 217 217 242 242 242 195 226 211 9generalfinance.it Strong and long-term oriented shareholder base Shareholding structure – updates on voting rights Situation as January 2026; (*) considering the enhanced multiple voting rights Gianolli Riccardo: Usufruct MGH – M. Gianolli Holding S.r.l. SMT Holding S.r.l. Gianolli Riccardo GGH - Gruppo General Holding S.r.l. Investment Club S.r.l. BFF S.p.a. First4Progress1 S.r.l. Banca del Ceresio SA Market Generalfinance S.p.A. % voting rights * 41.37% 83.16% 11.62% 5.22% 57.71% 9.55% 11.21% 8.02% 3.73% 4.91% 6.84% 4.77% 5.92% 31.37% 14.58% % share capital
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146 208 80 89 143 123 78 124 123 184 203 202 143 206 183 76 162 46 122 167 120 191 191 191 217 217 217 242 242 242 195 226 211 10generalfinance.it 2.009 2.559 3.030 3.871 2022 2023 2024 2025 Turnover witnessing a strong growth story… Consistent year-over-year growth of turnover vis-a-vis 18.6% CAGR over the business plan horizon Growth in Turnover Volume (€Mln) VAR. YOY ‘24-’25 +28% VIS-À-VIS- BUSINESS PLAN CAGR 2024-2027E +18.6% CAGR ‘22-’25 +24% Note: Turnover includes Future receivables Initial Guidance (BP) 3.660
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146 208 80 89 143 123 78 124 123 184 203 202 143 206 183 76 162 46 122 167 120 191 191 191 217 217 217 242 242 242 195 226 211 11generalfinance.it 28% -1% 59 6 …Associated with high diversification at portfolio level HIGHER NUMBER OF DEBTORS PER SELLER TURNOVER - % CHANGE FROM PREVIOUS YEAR Generalfinance's Turnover data refers to FY 2025 Assifact's Turnover data refers to September 30, 2025. The percentage variation in turnover includes the volumes generated by tax credit purchases Generalfinance reports an average of 59 debtors per seller, significantly above the industry average of 6. This highlights a more granular and diversified operating model, allowing for better risk diversification compared to the system. Generalfinance delivered 28% YoY turnover growth, versus a 1% contraction for the industry. The result underscores strong commercial momentum and the ability to scale volumes despite a weak market. Generalfinance: data refers to FY 2025; turnover includes Future receivables Assifact: data refers to September 30, 2025. Household debtors have been excluded
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146 208 80 89 143 123 78 124 123 184 203 202 143 206 183 76 162 46 122 167 120 191 191 191 217 217 217 242 242 242 195 226 211 12generalfinance.it 10.9 15.1 21.1 28.8 2022 2023 2024 2025 Net Income: high profitability from the operations Profitability level very strong, growth rate of net income (+36%) significantly above the CAGR (15.5%) over the business plan horizon Growth in net income (€Mln) CAGR ‘22-’25 +38% VAR. YOY ‘24-’25 +36% VIS-À-VIS- BUSINESS PLAN CAGR 2024-2027E +15.5% Initial Guidance (BP) 24.0
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146 208 80 89 143 123 78 124 123 184 203 202 143 206 183 76 162 46 122 167 120 191 191 191 217 217 217 242 242 242 195 226 211 13generalfinance.it 8.2% 10.8% 11.5% 13.8% 15.5% 18.1% 41.3% 63.3% 53.6% 52.4% 51.8% 50.0% 47.5% 30.5% COST INCOME % Peer Comparison – KPI 2025 Peers: Banca Sistema, Banca Ifis, BFF, BPER Banca, Banco BPM and Monte dei Paschi (data December 31, 2025) ROE% Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer: BPER Banca, Banco BPM and Monte dei Paschi
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146 208 80 89 143 123 78 124 123 184 203 202 143 206 183 76 162 46 122 167 120 191 191 191 217 217 217 242 242 242 195 226 211 14generalfinance.it 14.0% 15.3% 17.3% 18.1% 18.4% 18.5% 19.2% 18.7% 18.2% 16.3% 2.4% 2.2% 2.1% 1.1% GROSS NPE RATIO (%) Peer Comparison – KPI 2025 TOTAL CAPITAL (%) Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peers: Banca Sistema, Banca Ifis, BFF, BPER Banca, Banco BPM and Monte dei Paschi (data December 31, 2025) Peer: BPER Banca, Banco BPM and Monte dei Paschi
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146 208 80 89 143 123 78 124 123 184 203 202 143 206 183 76 162 46 122 167 120 191 191 191 217 217 217 242 242 242 195 226 211 15generalfinance.it 16% 16% 23% 37% 40% 44% 73% 81 88 201 293 318 468 768 NET COMMISSION / NET BANKING INCOME (%) Peer Comparison – KPI 2025 NET BANKING INCOME PER EMPLOYEE €/K Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peers: Banca Sistema, Banca Ifis, BFF, BPER Banca, Banco BPM and Monte dei Paschi (data December 31, 2025) Peer: BPER Banca, Banco BPM and Monte dei Paschi
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146 208 80 89 143 123 78 124 123 184 203 202 143 206 183 76 162 46 122 167 120 191 191 191 217 217 217 242 242 242 195 226 211 16generalfinance.it 2025 Results: Balance Sheet, P&L, Funding and Capital
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146 208 80 89 143 123 78 124 123 184 203 202 143 206 183 76 162 46 122 167 120 191 191 191 217 217 217 242 242 242 195 226 211 17generalfinance.it Income Statement (€Mln) 2022 2023 2024 2025 YoY% CAGR '22-'25 Interest Margin 7.3 9.0 12.4 18.0 45.8% 35.4% Net Commission 23.6 27.2 36.4 48.7 33.8% 27.3% Net Banking Income 30.9 36.2 48.8 66.8 36.9% 29.4% Net value adj/write-backs for credit risk (1.2) (1.3) (1.2) (2.9) 152.7% 34.7% Operating Costs (13.2) (12.9) (16.0) (20.4) 27.1% 15.6% Net Profit 10.9 15.1 21.1 28.8 36.3% 38.2% (€Mln) 2022 2023 2024 2025 YoY% CAGR '22-'25 Turnover 2,009.4 2,559.3 3,029.5 3,870.5 27.8% 24.4% Disbursed Amount 1,674.0 2,161.4 2,393.6 3,012.7 25.9% 21.6% LTV 83.3% 84.5% 79.0% 77.8% (1.5%) (2.2%) LTV Pro-solvendo 81.6% 79.7% 75.9% 75.2% (1.0%) (2.7%) Net Banking Income / Average Loan (%) 8.7% 8.5% 9.1% 10.4% 14.9% 6.0% Interest Margin / Net Banking Income (%) 23.5% 24.8% 25.4% 27.0% 6.5% 4.7% Cost Income Ratio 42.7% 35.7% 32.9% 30.5% (7.2%) (10.6%) ROE (%) 23.7% 29.3% 35.8% 41.3% 15.5% 20.3% Balance Sheet (€Mln) 2022 2023 2024 2025 YoY% CAGR '22-'25 Cash & Cash Equivalents 43.7 21.7 122.4 122.6 0.2% 41.0% Financial Assets 385.4 462.4 614.9 668.9 8.8% 20.2% Other Assets 14.7 15.9 32.3 50.6 56.7% 50.8% Total Assets 443.8 500.0 769.6 842.1 9.4% 23.8% Financial Liabilities 368.4 409.4 635.2 673.1 6.0% 22.3% Other Liabilities 18.6 24.2 54.3 70.6 30.0% 56.1% Total Liabilities 387.0 433.6 689.5 743.7 7.9% 24.3% Shareholder's Equity 56.8 66.4 80.1 98.4 22.8% 20.1% A low volatility P&L, based on fees and commissions (1) Note: Turnover includes future receivables ROE = Net Profit / (Equity - Net Profit ) Cost Income Ratio: Operating Costs / Net Banking Income
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146 208 80 89 143 123 78 124 123 184 203 202 143 206 183 76 162 46 122 167 120 191 191 191 217 217 217 242 242 242 195 226 211 18generalfinance.it Income Statement (€Mln) 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 4Q25/ 3Q25% 4Q25/ 4Q24% Interest Margin 2.6 2.3 3.0 4.4 3.3 3.9 6.0 4.9 -19.2% 10.0% Net Commission 8.0 8.1 8.9 11.4 11.1 11.9 13.0 12.7 -2.4% 11.1% Net Banking Income 10.6 10.4 11.9 15.9 14.4 15.8 19.0 17.6 -7.3% 10.5% Net value adj/write-backs for credit risk 0.0 -1.4 0.1 0.1 -1.9 -0.1 -1.2 0.3 -121.9% 193.1% Operating Costs -3.3 -4.1 -3.6 -5.0 -4.6 -5.0 -4.7 -6.0 26.5% 20.2% Net Profit 4.9 3.1 5.6 7.5 5.3 7.0 8.7 7.8 -10.3% 3.4% (€Mln) 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 4Q25/ 3Q25% 4Q25/ 4Q24% Turnover 621.6 747.8 728.2 931.9 818.9 1011.7 974.8 1065.7 9.3% 14.4% Disbursed Amount 481.7 563.3 582.9 765.6 643.9 792.7 746.4 829.6 11.1% 8.4% LTV 77.5% 75.3% 80.0% 82.2% 78.6% 78.4% 76.6% 77.8% 1.7% -5.3% Net Banking Income / Average Loan (%) 10.1% 10.3% 10.9% 12.0% 10.1% 11.0% 12.5% 11.1% -11.1% -7.5% Interest Margin / Net Banking Income (%) 24.8% 22.5% 25.2% 27.7% 23.0% 24.5% 31.6% 27.6% -12.8% -0.5% Cost Income Ratio 31.4% 39.5% 30.5% 31.3% 32.0% 31.9% 24.9% 34.0% 36.5% 8.7% ROE (%) 29.4% 19.4% 33.4% 41.5% 26.4% 37.5% 42.3% 34.3% -18.8% -17.2% Balance Sheet (€Mln) 3M24 6M24 9M24 12M24 3M25 6M25 9M25 12M25 12M25/ 9M25% 12M25/ 12M24% Cash & Cash Equivalents 106.3 83.5 118.9 122.4 113.5 95.3 144.7 122.6 -15.2% 0.2% Financial Assets 372.3 432.7 445.4 614.9 533.4 616.8 598.7 668.9 11.7% 8.8% Other Assets 16.5 16.3 17.5 32.4 32.5 30.5 40.7 50.6 24.1% 56.2% Total Assets 495.1 532.5 581.8 769.7 679.4 742.6 784.1 842.1 7.4% 9.4% Financial Liabilities 393.4 410.6 445.5 635.2 540.9 597.4 617.1 673.1 9.1% 6.0% Other Liabilities 30.4 54.7 63.7 54.4 53.1 63.2 76.4 70.6 -7.6% 29.8% Shareholder's Equity 71.3 67.2 72.6 80.1 85.4 82.0 90.6 98.4 8.6% 22.8% Total Liabilities 495.1 532.5 581.8 769.7 679.4 742.6 784.1 842.1 7.4% 9.4% A low volatility P&L, based on fees and commissions (2) Note: Turnover includes Future receivables ROE = Net Profit / (Equity - Net Profit ) Cost Income Ratio: Operating Costs / Net Banking Income
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146 208 80 89 143 123 78 124 123 184 203 202 143 206 183 76 162 46 122 167 120 191 191 191 217 217 217 242 242 242 195 226 211 19generalfinance.it 8.0 8.0 5.7 10.5 2024 2025 Minimum Buffer 4.5 4.5 8.2 8.6 2024 2025 Minimum Buffer 67.9 79.573.4 112.5 2024 2025 CET1 € Mln TC € Mln 673 15 53 2 1 98 842 123 8 669 10 11 22 842 12.7 A very simple balance sheet with a strong capital position… RWA Density: RWA / Total Asset Note: CET1 Ratio and Total Capital Ratio calculated taking into account net profit of the 12M25, net of total dividends to be distributed (payout 60% of net profit) Other Assets: include €0.7 million of hedging derivatives Other Liabilities: include €0.3 million of hedging derivates RWA € mln 607536 Capital Buffer 13.7 72% RWA Density % 70% 2025 ASSETS BREAKDOWN €MLN 2025 LIABILITIES BREAKDOWN €MLN CET1 RATIO (%) TOTAL CAPITAL RATIO (%)CAPITAL AND RWA Cash & Cash equivalents Financial Assets AC Tangilble / Intangible Assets Fiscal Asstets Other Assets Total Assets Financial LIabilities Fiscal Liabilities Provision for Employees Provisions Shareholders' Equity Total Liabilities and Equity Other Liabilities 13.1 18.5 Capital Buffer Financial Assets FVTPL Issued a new Tier 2 bond in 2025 for €30 mln
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146 208 80 89 143 123 78 124 123 184 203 202 143 206 183 76 162 46 122 167 120 191 191 191 217 217 217 242 242 242 195 226 211 20generalfinance.it 202 159 261 261 72 59 64 27 13 127 17 376 3 Other Banking Facility Bond Commercial Paper Factoring Facility RCF Securitization 260 43 295 123 345 27 1,093 749 109 452 …coupled with a robust funding and liquidity position 2025 – TOTAL AVAILABLE FINANCING AMOUNT (€MLN) 77 617 Cost of funding calculated as (interest expense – right of use) / average financial liabilities, including refactoring (Last 12 months) Average Euribor 3 months (Last 12 months) Funding Spread: Cost of funding – Average Euribor 3 months; variable funding: including commercial papers RCF Banking Facility & Other Factoring Facility Bond Securitization Commercial Paper Available Funding Use of Funding Liquidity Position Counterbalancing Capacity Liquidity Position: excluding pledge accounts amounting to 13.9 €Mln Use of Funding: sum of financial liabilities (red) and off-balance refactoring non-recourse transactions (orange) Securitization: included only for an amount equal to the credit lines approved by banks Banking Facility & Other: “Banking Facility” amounting to 21.8 €Mln and “Other” amounting to 21.6 €Mln 2024 – 2025 FUNDING AND COST OF FUNDING (€MLN, %) 2025 FUNDING BREAKDOWN Cost of funding Var YTD% +6% Average Euribor 3 months 2.1%3.5% 2024 2025 4.0%5.4% Funding spread 1.9%1.9% 635 673 Fixed rate 4.8% Variable (Eur1M) 23.8% Variable (Eur3M) 67.7% Variable (Eur6M) 3.6%
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146 208 80 89 143 123 78 124 123 184 203 202 143 206 183 76 162 46 122 167 120 191 191 191 217 217 217 242 242 242 195 226 211 21generalfinance.it 0.07% 0.06% 0.05% 0.10% 2022 2023 2024 2025 0.35% 0.61% 0.90% 1.10% 2022 2023 2024 2025 A low risk model with best in class asset quality Generalfinance has lower non- performing exposure compared to the market thanks to its unique and effective business model enabling a high quality of debtors and constant mitigation of credit risk Gross NPE Ratio Benchmarking -405 bps COST OF RISK (%) GROSS NPE RATIO (%) Cost of Risk has been computed as Credit Risk Adjustments / Annual Disbursed Loans; Gross NPE («Non-Performing Exposure») Ratio has been computed as Gross NPE / Gross Loans to Customers; Assifact data including PA sector 5.15% 1.10% 9M25 2025
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146 208 80 89 143 123 78 124 123 184 203 202 143 206 183 76 162 46 122 167 120 191 191 191 217 217 217 242 242 242 195 226 211 22generalfinance.it High protection of risk due to conservative credit stance Financial Assets Credit & SACE Insurance Outstanding not advanced Personal Guarantees Net Financial Assets 241 669 93 148 187 Insurance: Allianz Trade (Credit Insurance) cap equal to 50x annual premiums for total €55 Mln; Sace Guarantees for total €38 Mln Personal guarantees: calculated by summing the lower value between "Guarantee" and “Exposure" for each factoring relationship between Generalfinance and the seller The Net Financial Assets borne by Generalfinance on total financial assets as at December 31, 2025 was €241 Mln. Breakdown on Financial Assets (€Mln, 12M2025)
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146 208 80 89 143 123 78 124 123 184 203 202 143 206 183 76 162 46 122 167 120 191 191 191 217 217 217 242 242 242 195 226 211 23generalfinance.it NII «hedged» against interest rates volatility 1.9% 1.9% 2022 2023 2024 2.1% 2.1% Commercial Spread % Net Interest Margin % (1) (Interest income + delayed payment Interest )/ average loans including refactoring (Last 12 months) (2) Spread: average interest rate on seller – average cost of funding (3) Calculated as (interest expense, net of right of use costs) / average financial liabilities, including refactoring (Last 12 months) (4) Calculated as Net Interest income/ average loans (current and previous year) (1) Average cost of funding Spread (2) (4) 3.8% Average interest rate on seller (3) 2025 1.8% 2.3% 2.8% Net Interest Income (NII) ~27% of the Net Banking Income. Almost all funding available at variable rates (Euribor 1M, 3M and 6M). All factoring contracts with Sellers at variable rates (based on Euribor 3M). 2022 2023 2024 2025 6.9% 1.7% 5.2% 1.8% 5.4% 7.2% 6.4% 2.4% 4.0%
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146 208 80 89 143 123 78 124 123 184 203 202 143 206 183 76 162 46 122 167 120 191 191 191 217 217 217 242 242 242 195 226 211 24generalfinance.it Net commission income, the primary source of profitability 1.4% 1.3% 1.4% 1.2% 0.2% 0.2% 0.2% Evolution of Commission Income / Turnover % (1) Commission Income / Turnover : ((Commission Expense / Turnover) + (Net Commission Income / Turnover)) Commission Expense / Turnover Net Commission Income / Turnover (1) 1.1% 1.5% 0.2% 1.3% 2022 2023 2024 Net Commission Income ~73% of the Net Banking Income. Commission Income / Turnover improving YoY Stable commission expense rate over time thanks to optimization of insurance costs and banking fees 2025 1.2%
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146 208 80 89 143 123 78 124 123 184 203 202 143 206 183 76 162 46 122 167 120 191 191 191 217 217 217 242 242 242 195 226 211 25generalfinance.it 0 50 100 150 Human capital as a strategic factor to drive growth 63 71 77 Workforce growth #87 FTE as of 2025 #Cost income remaining at excellent levels due to the high efficiency of the operating machine and the economy of scale (IT proprietary platform) 2022 2023 2024 2025 87 YoY% +27%Personnel Expenses Other Expenses Depreciation & Amortization Other income & Expenses 2025 Personnel Expenses Other Expenses Depreciation & Amortization Other income & Expenses, Risk Provisions2024 -1.8 +1.6 +7.1 +9.1 -1.6 +1.9 +9.2 +10.9 +2.1 +1.8 +0.2+0.3 16.0 20.4 Data €Mln Operating Costs 0 Cost income ratio % 43% 36% 33% 31% +20% YoY +30% YoY +17% YoY -9% YoY MAIN ITEM: - Tax credit DD and transaction costs - Strategic projects - Bond issuance (legal costs) - Marketing expenses ~ 1.2 €Mln VAR. YOY ‘24-’25 +13% CAGR ‘22-’25 +11% Other income and expenses: Net other income and provisions to the risk and charges fund
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146 208 80 89 143 123 78 124 123 184 203 202 143 206 183 76 162 46 122 167 120 191 191 191 217 217 217 242 242 242 195 226 211 26generalfinance.it Digital, Low Risk Player
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146 208 80 89 143 123 78 124 123 184 203 202 143 206 183 76 162 46 122 167 120 191 191 191 217 217 217 242 242 242 195 226 211 27generalfinance.it What is Factoring? (1/2) Source: Management Supplier Customer Invoice Payment Seller Invoice Payment Notification Invoice factoring ORIGINAL TRANSACTION FACTORING Debtor Source: Management
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146 208 80 89 143 123 78 124 123 184 203 202 143 206 183 76 162 46 122 167 120 191 191 191 217 217 217 242 242 242 195 226 211 28generalfinance.it What is Factoring? (2/2) In the working capital financing service, the Factor differs from a bank since it analyses the assigned receivables/debtors in addition to performing the usual creditworthiness assessments In the credit insurance service, the Factor analyses the specific features of the assigned receivables and can issue a solvency guarantee Credit management (debtor management and payment collection) is the core business of a factoring company and allows the creditor to outsource activities that are usually carried out in-house, thus achieving: ➢ Greater effectiveness (credit management is the core business of a Factor) ➢ Greater efficiency (a Factor can leverage on economies of scale) 3 21 FINANCING CREDIT INSURANCE CREDIT MANAGEMENT1 2 3 FURTHER KEY TAKEAWAYS ON FACTORING ❑ Factoring is a flexible tool for the management of working capital, offering a wide range of services to release, manage and successfully deliver trade receivables; ❑ The legal instrument underpinning factoring is the assignment of receivables in accordance with Law no. 52 of 21 February 1991 (Law on the assignment of receivables). Source: Management
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146 208 80 89 143 123 78 124 123 184 203 202 143 206 183 76 162 46 122 167 120 191 191 191 217 217 217 242 242 242 195 226 211 29generalfinance.it A strategic asset: our proprietary digital platform Seller (362, +18 QoQ) Accounting System TOR (back end) Legacy GENERALWEB (front end) Web Portal Debtors (21,446, +375 QoQ) Infoprovider DataLake B.I. & Data Analytics Factoring and Banking Facility Revolving Credit Facility Securitization (General SPV) Treasury # Automatic Disposal 16,489 # Automatic Disbursement 18,575 #Automatic settlement 11,054 # Invoices 476,650 # Installments 525,131 # Automated notifications # 163,565 («PEC» 89%, «Raccomandata» 11%) Regulatory Reporting Automatic disposal Intelligent data matching Open banking provider Total transactions # 734,814 Data LTM, as of December 2025 Total transactions: sum of Automaric Disponsal, Automatic Disbursement, Automatic settlement, Installments and Automated notifications
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146 208 80 89 143 123 78 124 123 184 203 202 143 206 183 76 162 46 122 167 120 191 191 191 217 217 217 242 242 242 195 226 211 30generalfinance.it An organization oriented to risk control and business Organizational chart as of February 2026 Chief Financial Officer (CFO) Board of Directors Chief Lending Officer (CLO) ICT Development Data Analytics ICT System Co-Head of Business Development Co-Head of Business Development Chief Operating Officer (COO) Chief Executive Officer (CEO) Cyber Security Chief Information Officer (CIO) Facility Business Development Spanish Branch People and Culture Officer Chief Marketing Officer (CMO) Legal Credit Management Sellers Underwriting Debtors Underwriting Portfolio Monitoring Debtors Management Collection Back Office Business Development Origination Administration and Accounting Planning and Control Supervisory Reporting Treasury Internal Audit CEO’s Staff Risk Management AML & Compliance HR Department (CHRO) Legal and Corporate Affairs Department Chief Commercial Officer (CCO) Organization Know Your Customer Chief Integration and Trasformation Officer (CITO)
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146 208 80 89 143 123 78 124 123 184 203 202 143 206 183 76 162 46 122 167 120 191 191 191 217 217 217 242 242 242 195 226 211 31generalfinance.it 43.1%52.3% 4.5% Distressed Bonis (High risk) NewCo 54.3% 27.9% 13.5% 4.3% 65.9% 29.6% 3.6% 0.9% A unique business model, leveraging factoring features 1) Generalfinance data refers to December 31, 2025 (LTM); Assifact data refers to September 30, 2025; 2) Assifact data net of household debtors; 3) NewCo: New Company after the definition of the turnaraund plan The peculiarity of Generalfinance's business model is the choice of Seller–Debtor, where clients (Sellers) typically have a low credit rating (“Special situation”) while the Debtors underlying customer loans refer to a high credit rating (normally investment grade) GENERALLY WITH «INVESTMENT GRADE» RATING GF SCORE CREDIT UPGRADE PRODUCTS ✓ Pro-solvendo factoring (c. 76% of turnover; vs 17% Assifact1) ✓ Pro-soluto factoring (c. 24% of turnover; vs 83% Assifact 1) ✓ Reverse factoring ✓ C. 72% of turnover covered by insurance with Allianz Trade ✓ 75% LTV Pro solvendo in 12M 2025, adjustable according to credit risk ✓ High ratio Debtor/Seller (59 vs 6 of Assifact average2) ✓ Average Seller retention about 6.7 years HIGHLIGHTS FOR GENERALFINANCE1 AAA AA+ AA AA- A+ A A- BBB+ BBB BBB- BB+ BB BB- B+ B B- CCC+ CCC CCC- CC C D 1.00 1.75 2.50 3.25 4.00 CUSTOMERS (special situations) DEBTOR TYPICALLY IN TURNAROUND / RESTRUCTURING PROCEDURE SELLER Margin Cost of Risk 3 Green score equal to 54% Turnover 2025 – per Debtor Green score equal to 30% Turnover 2025 – per Seller
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146 208 80 89 143 123 78 124 123 184 203 202 143 206 183 76 162 46 122 167 120 191 191 191 217 217 217 242 242 242 195 226 211 32generalfinance.it Key Business Generation Channels and Target Customers Small/Medium and Large corporates • growth-oriented businesses seeking working capital to scale operations. Corporates facing liquidity constraints • companies experiencing cash flow challenges due to delayed receivables or seasonal demands. • distressed start-ups. Startups and emerging businesses • high-potential firms needing short-term financing to support rapid growth. Distressed companies • firms in turnaround situations, looking for immediate and flexible financing. Special situations • all types of companies undergoing a unique or challenging phase in their lifecycle. BUSINESS GENERATION CHANNELS TARGET CLIENTS Direct sales force: • experienced relationship managers engaging directly with SMEs and corporates. Referrals from banks, financial intermediaries, and institutions: • collaborations with banks that refer clients requiring factoring or alternative financing solutions. • co-operation with International investment funds specializing in special situations and services managing UTP portfolios. Partnerships with business consultants and industry associations: • network of trusted advisors—including financial, tax, and legal consultants—who recommend Generalfinance's services to their clients. Corporate networking and events • participation in trade fairs, industry conferences, and local business events.
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146 208 80 89 143 123 78 124 123 184 203 202 143 206 183 76 162 46 122 167 120 191 191 191 217 217 217 242 242 242 195 226 211 33generalfinance.it 75% 25% 48% 52% 8% 25% 37% 24% 6% 6% 11% 16% 53% 14% Turnover breakdown vs system average 1/3 Generalfinance's Turnover data refers to December 31, 2025 Assifact's Turnover data refers to September 30, 2025 SELLERS’ DIVERSIFICATION BY DIMENSION 70% up to 250M Small size (<10M€) Medium size (10-50M€) Corporate (50-200M€) Large Corporate (250M€+) Not classified 33% up to 250M Notification Not Notification FACTORING BY NOTIFICATION STATUS
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146 208 80 89 143 123 78 124 123 184 203 202 143 206 183 76 162 46 122 167 120 191 191 191 217 217 217 242 242 242 195 226 211 34generalfinance.it 76% 24% 75% 25% 74% 26% Turnover breakdown vs system average 2/3 Italy RoW NATIONAL VS INTERNATIONAL TURNOVER TURNOVER BY PRODUCT Pro Solvendo Pro Soluto Generalfinance's Turnover data refers to December 31, 2025 Assifact's Turnover data refers to September 30, 2025 17% 83%
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146 208 80 89 143 123 78 124 123 184 203 202 143 206 183 76 162 46 122 167 120 191 191 191 217 217 217 242 242 242 195 226 211 35generalfinance.it 47% 23% 5% 26% 67% 25% 8% 58% 17% 4% 3% 8% 10% 27% 12% 17% 4% 4%4%17% 11% Turnover breakdown vs system average 3/3 SELLERS’ DIVERSIFICATION BY SECTOR GEOGRAPHY SELLERS’ DIVERSIFICATION GEOGRAPHY Manufacturing Trade Services Transportation Construction Others Foreign Not classified Nothern Italy Central Italy Southern Italy International Generalfinance's Turnover data refers to December 31, 2025 Assifact's Turnover data refers to September 30, 2025
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146 208 80 89 143 123 78 124 123 184 203 202 143 206 183 76 162 46 122 167 120 191 191 191 217 217 217 242 242 242 195 226 211 36generalfinance.it “Revolving" relationship (LIR1 at 24 months) in a predominantly "notification" mode and, where applicable, "acceptance" of the debt Value proposition Generalfinance offers its customers (mostly companies under financial stress) rapid and customized interventions for the financing of the working capital and trade receivables, covering the entire supply chain finance Factoring Pro-Solvendo Factoring Pro-Soluto 1 Value proposition, distinctive features and value chain Credit assessment Completion of the sale Ordinary management MonitoringOrigination Credit Underwriting Distinctive skills o Consolidated expertise throughout the entire process o End-to-end in-house valuation process, tailored to customer specifications o Strong risk reduction and diversification mechanisms o In-house-developed proprietary factoring platform to support business specifications o Fast operational processes and capability to provide bridge financing within turnaround processes 2 Generalfinance masters all the crossroads of the value chain o All operational steps and core activities are carried out internally by Generalfinance's dedicated structures o Generalfinance does not relies on external consultants to assess the creditworthiness of sellers and debtors but owns all the skills o The process is reinforced by credit insurance policies provided by Allianz Trade insurance company which, during the risk acquisition phase, performs an independent assessment of the assigned debtors, providing Generalfinance a feedback on the results of their assessment 3
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146 208 80 89 143 123 78 124 123 184 203 202 143 206 183 76 162 46 122 167 120 191 191 191 217 217 217 242 242 242 195 226 211 37generalfinance.it Valuation Framework DISTRESSED SELLER SCORING DEBTOR SCORING/ SELLER’S PORTFOLIO OPERATIONS’S FINAL SCORING ▪ Distressed Seller’s quantitative score (green, yellow, red) ▪ Debtor’s score ▪ Seller’s portfolio score ▪ Overall valuation (Seller + Debtor) Scoring Components Output Grant To be evaluated Reject PERFORMING SELLER SCORING DEBTOR SCORING/ SELLER’S PORTFOLIO OPERATIONS’S FINAL SCORING ▪ Performing Seller’s quantitative score ▪ Debtor’s score ▪ Seller’s portfolio score ▪ Overall valuation (Seller + Debtor) Scoring Components Output Grant To be evaluated Reject Distressed Client Performing Client ▪ Industrial market position and client portfolio ▪ Recovery plan credibility and sustainability of the repayment plan of the previous debt position ▪ Standing and profile of the Seller’s legal/financial advisors ▪ Feasibility of the financial measures and presence of legal protections ▪ Presence of financial support (Equity/Debt) from investors/shareholders Key Factors for Valuation ▪ Economic and financial analysis of the Balance Sheet/P&L/Cash Flow Statement ▪ Positioning in the sector ▪ Sustainability of the debt position (Debt-Service Coverage Ratio) ▪ Credibility of the management Key Factors for Valuation
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146 208 80 89 143 123 78 124 123 184 203 202 143 206 183 76 162 46 122 167 120 191 191 191 217 217 217 242 242 242 195 226 211 38generalfinance.it Debtor Scoring Macro score Financial score Payments score Credit insurability score Credit insurance Indicator BRI CGS Rating Score Failure Score Delinquency Score Payline Paydex DRA Grade Allianz Trade Insurance Assessment details ▪ Counterparty summary assessment considering the economic and financial aspects, the history of the company, the shareholders structure, etc. ▪ Company probability of default over the next 12 months ▪ Probability of late payments over the next 12 months ▪ Counterparty summary assessment considering the economic and financial aspects, the history of the company, the shareholders structure, etc. ▪ Counterparty summary assessment considering the economic and financial aspects, the history of the company, the shareholders structure, etc. ▪ Score on the counterparty’s payment performance ▪ Score on the counterparty’s payment performance ▪ Degree of credit insurability ▪ Degree of credit insurability ▪ Coface– in progress ▪ Insurance partnership with Allianz Trade to insure up to 95% of the credit cross, starting from amounts above 75k 1 2 3 4
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146 208 80 89 143 123 78 124 123 184 203 202 143 206 183 76 162 46 122 167 120 191 191 191 217 217 217 242 242 242 195 226 211 39generalfinance.it Risk reduction in Distressed Factoring Given that the majority of Generalfinance’s turnover is realized towards distressed Sellers, the Company can benefit from a reduction in risk, because of 3 main factors Lower Credit Risk o Effects of insolvency proceedings on financial position (ex. credit write-offs) o Recovery and relaunch plan o Possible change in the Governance o Possible capital injection or new financing o Predeductibility (i.e., superpriority) of receivables arising from loans disbursed in execution of the plan and loans disbursed prior to the submission of the composition with creditors plan, respectively, if the conditions provided by the regulations are met Lower Operating Risk o Court approval (arrangement with creditors, restructuring agreement) o Supervision by the court commissioner (arrangement with creditors) o Presence of high standing Financial Advisors and Legal Counsels o Management change Lower Risk of Clawback Action o Financial assistance for the implementation of the agreement / plan / arrangement with creditors with exemptions from clawback actions o Authorization for bridge financing (in these cases, the risk of clawback actions is excluded on a de facto basis) o Factoring law and related protections (clawback actions regarding collections from assigned debtors) Source: Management
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146 208 80 89 143 123 78 124 123 184 203 202 143 206 183 76 162 46 122 167 120 191 191 191 217 217 217 242 242 242 195 226 211 40generalfinance.it 81% 32% 12% 56% 5% 4% 7% 2% 1% Generalfinance Market 0 1-30 31-60 61-90 91-120 121+ 2% 2% 29% 18% 29% 26% 40% 54% Generalfinance Market 0 1-30 31-60 61-90 91-120 121+ Collection performance: a strategic delivery to our Customers Source: iTrade data as of December 2025 Only 40% of Generalfinance’s portfolio has payment conditions exceeding 120 days (vs 54% of the market) Generalfinance boasts a portfolio quality, both in terms of Payment Conditions and Payment Delays, better than the rest of the market Payment Delays (days)Payment Conditions (DSO) 81% of Generalfinance’s portfolio has no payment delays (vs 32% of the market)
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146 208 80 89 143 123 78 124 123 184 203 202 143 206 183 76 162 46 122 167 120 191 191 191 217 217 217 242 242 242 195 226 211 41generalfinance.it DSO trend showing a very low duration business Source: Assifact monthly and quarterly statistics; excluding public sector Days Sales Outstanding (DSO) GAP VS MARKET AVG-11 Days 0 Days 70 70 72 76 78 85 83 81 8379 80 80 81 81 82 82 81 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25
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146 208 80 89 143 123 78 124 123 184 203 202 143 206 183 76 162 46 122 167 120 191 191 191 217 217 217 242 242 242 195 226 211 42generalfinance.it Business Plan 2025 2027 Updates
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146 208 80 89 143 123 78 124 123 184 203 202 143 206 183 76 162 46 122 167 120 191 191 191 217 217 217 242 242 242 195 226 211 43generalfinance.it Rollout of an internal project dedicated to retail clients Business Plan Update: accelerating earnings power Profitability acceleration and sustainable value creation Shareholder remuneration related to the 25’-27’ period ~ €52 mln~ €98 mln Cumulative Net Income 2025-27 Culmuative Turnover 2025-27 ~ €14 bn ~ 38% ROE 2027 ~ 16% Total Capital Ratio 2027 Net Income 2027 ~ €37 mln The five pillars of our acceleration program: confirmed Strategic consolidation of operations in Italy in the distressed / special situations factoring market Diversification of funding resources with the renewed credit lines to support growth Enhancing and expanding agreements (banks, institutions, funds) to foster growth and strengthen the origination model 1 2 3 54International growth driven by entry into the Spanish and Swiss market ~ 28% Cost Income 2027 Social impact of core business and strong governance to support growth >84 mln in the initial Business Plan >42 mln in the initial Business Plan ~ 34% in the initial Business Plan ~ 13% in the initial Business Plan ~ €32 mln in the initial Business Plan ~ 31% in the initial Business Plan +17% +24% Updated vs initial Target +410 bps +290 bps +15% - 370 bps
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146 208 80 89 143 123 78 124 123 184 203 202 143 206 183 76 162 46 122 167 120 191 191 191 217 217 217 242 242 242 195 226 211 44generalfinance.it 372 207 222 236 508 2021 2022 2023 2024 2025 8.720 6.888 7.685 9.203 10.572 2021 2022 2023 2024 2025 1.067 870 678 762 1.022 2021 2022 2023 2024 2025 307 339 335 326 336 2021 2022 2023 2024 2025 25 69 85 126 2022 2023 2024 2025 39 499 594 1.089 1.668 2021 2022 2023 2024 2025 Italy: # of bankruptcy procedures supporting our business Negotiated settlement («Composizione negoziata») Simplified Composition with Creditors («Concordato semplificato») Debt restructuring agreements («Accordi di ristrutturazione dei debiti») Pre-insolvency arrangement («Concordato preventivo») Court-supervised liquidation («Liquidazione giudiziale») Compulsory administrative liquidation («Liquidazione coatta amministrativa») Source: “Osservatorio Unioncamere Crisi d’impresa” – November 2025
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146 208 80 89 143 123 78 124 123 184 203 202 143 206 183 76 162 46 122 167 120 191 191 191 217 217 217 242 242 242 195 226 211 45generalfinance.it Credit contraction persists for high-risk firms Source: “Rapporto sulla stabilità finanziaria” – N.2 November 2025 - Banca d’Italia Micro MediumSmall Large 2023 2024 2025 Low Risk High Risk 12% 8% 4% 0% -4% -8% 12% 8% 4% 0% -4% -8% Micro MediumSmall Large Loans by Risk Class and Firm Size (12-month percentage changes)
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146 208 80 89 143 123 78 124 123 184 203 202 143 206 183 76 162 46 122 167 120 191 191 191 217 217 217 242 242 242 195 226 211 46generalfinance.it 250 287 290 289 301 Leader in the Italian special situation market In the overall fast-growing factoring market (turnover in Italy is expected to grow from €289bn in 2025 to €301bn in 2026) Generalfinance focuses on special situations (companies classified into the UTP, forborne and past due categories by banks) with a portfolio of performing debtors Trend in insolvency cases in Italy (k) (1) 197 53 60 227 231 59 56 233 2021A 2022A 2023A 2024A 2025A Potential turnover of factoring to distressed enterprises (€bn, 2023-2025E) (2) 2023A 2025E CAGR 22’-27’ +13% 4.0% YoY 25’-26’ CAGR 21’-25’ 3.7% Evolution of Turnover in Italy (€bn) Pro-solvendo Pro-soluto 2022A 2024A 2025E 2026E 2027E2023A 6.8 8.2 9.6 13.0 13.4 2024A 38 40 41 Potential Distressed Factoring Generalfinance Market share 6.7% 7.6% 9.5% Potential Distressed Factoring Market €bn 12.7 2026E 2025E: Forecast data – “Forefact n.2 2026” (1) Range of values estimated in the report of Allianz « Global Insolvency Outlook » (2) Range of values estimated in the Deloitte report «Il Factoring come strumento per il rilancio delle imprese in crisi» Nov. 2023, mkt. share based on distressed segment / Generalfinance estimates 231 233 240 49 289
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146 208 80 89 143 123 78 124 123 184 203 202 143 206 183 76 162 46 122 167 120 191 191 191 217 217 217 242 242 242 195 226 211 47generalfinance.it Competitive PositioningCaptive Industrials Generalfinance is an independent player focusing on distressed factoring financing Indipendent Generalist Specialist Source: Management Captive Financials
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146 208 80 89 143 123 78 124 123 184 203 202 143 206 183 76 162 46 122 167 120 191 191 191 217 217 217 242 242 242 195 226 211 48generalfinance.it Insolvency trend confirms actractiveness of foreign market Sources: Range of values estimated in the report of Allianz « Global Insolvency Outlook 2026 - 2027» Corporate default rates in both 2025 and 2026 are expected to remain significantly above pre-2020 averages
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146 208 80 89 143 123 78 124 123 184 203 202 143 206 183 76 162 46 122 167 120 191 191 191 217 217 217 242 242 242 195 226 211 49generalfinance.it 6.06.0 5.15.1 6.36.1298 International growth in the Spanish market The Factoring & Confirming market in Spain reached ~267 €bn in 2024 (~ 16.7% of GDP) with a turnover CAGR of ~10% between 20’-24’ ✓ Spain offers a legal and regulatory framework similar to Italy, allowing greater operational flexibility as factoring is considered an atypical contract and is not subject to restrictions. ✓ Generalfinance plans to replicate its operational and origination model in Spain, adapting it to local specifics. ✓ The absence of specialized players in distressed factoring highlights a strategic opportunity for Generalfinance. ✓ The branch is based on a low cost model and is located in Madrid. (1) Source EuFederation (2) Range of values estimated in the report of Allianz « Global Insolvency Outlook » (2) Factoring & Confirming 2024 Turnover (€bn) ~ 0.90x GDP Penetration 13.6%16.7% (1) 267 2024A (1)Turnover development 2020 - 2024 (€bn) CAGR 20’ -24’ +10% 2020A 2022A2021A 2023A 182 199 258 270 267 Trend in insolvency cases in Spain (k) 2022A 2024A2023A 2025A 2027E2026E S I
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146 208 80 89 143 123 78 124 123 184 203 202 143 206 183 76 162 46 122 167 120 191 191 191 217 217 217 242 242 242 195 226 211 50generalfinance.it Spanish branch: operating performance in 2025 39.4 mln Turnover 2025 12.4 mln Financial assets as of 31.12.2025 #8 Number of Sellers 2025 Spanish Branch - KPI 1.0 mln Revenues 2025 0.9 mln Gross EBITDA 2025 Note: Gross EBITDA: operating revenues – direct costs of the Spanish branch
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146 208 80 89 143 123 78 124 123 184 203 202 143 206 183 76 162 46 122 167 120 191 191 191 217 217 217 242 242 242 195 226 211 51generalfinance.it 9.1 10.110.9 8.6 7.3 International growth in the Swiss market ✓ The post-pandemic credit crunch sees Swiss banks becoming more restrictive in their lending to SMEs and could open opportunity for factoring. ✓ The structure of the Swiss economy is characterized by small and medium- sized enterprises (>99% of companies); ~55% of employees work for companies with more than 50 employees and therefore fall into the initial target market of Generalfinance. ✓ The Swiss economy has remained stable from both real economy and financial market perspectives in recent years, yet credit deterioration and high bankruptcy risks persist. (1) Estimation of Alvarez & Marsal (2) Range of values estimated in the report of Allianz « Global Insolvency Outlook » (2) Main KPIs (1) Trend in insolvency cases in Switzerland (k) 6.8 <1% GDP Factoring volume as % of Swiss GDP ~4bn CHF Potential factoring market for distressed / special situation companies 57 Days Average Days Sales Outstanding (DSO) ~ 620 k # Companies in Switzerland 2022A 2024A2023A 2025E 2027E2026E
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146 208 80 89 143 123 78 124 123 184 203 202 143 206 183 76 162 46 122 167 120 191 191 191 217 217 217 242 242 242 195 226 211 52generalfinance.it Swiss branch, expected timeline Swiss branch - Timeline November 2025: Clearance obtained by FINMA for Swiss market entry without banking license / authorization Q1 2026: Preliminary discussion initiated with the Bank of Italy in order to submit the request for international expansion (preemptive information) 2026: by year end Operational go-live and official start of activities in the Swiss market, subject to Bank of Italy process +60 days onward: Operational set-up phase, implementing internal processes and preparing the infrastructure/ IT system for launch
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146 208 80 89 143 123 78 124 123 184 203 202 143 206 183 76 162 46 122 167 120 191 191 191 217 217 217 242 242 242 195 226 211 53generalfinance.it Income Statement (€Mln) 2024 2025 2027E CAGR '24-'27 Interest Margin 12.4 18.0 23.2 23.3% Net Commission 36.4 48.7 64.0 20.7% Net Banking Income 48.8 66.8 87.3 21.4% Net value adj/write-backs for credit risk (1.2) (2.9) (4.5) 56.4% Operating Costs (16.0) (20.4) (24.1) 14.5% Net Profit 21.1 28.8 37.2 20.8% (€Mln) 2024 2025 2027E CAGR '24-'27 Turnover 3,029.5 3,870.5 5,336.8 20.8% Italy 3,029.5 3,831.1 4,952.1 17.8% Spain 0.0 39.4 240.5 na Switzerland 0.0 0.0 144.3 na Disbursed Amount 2,393.6 3,012.7 4,269.5 21.3% LTV 79.0% 77.8% 80.0% 0.4% Net Banking Income / Average Loan (%) 9.1% 10.4% 9.1% 0.2% Interest Margin / Net Banking Income (%) 25.4% 27.0% 26.6% 1.6% Cost Income Ratio 32.9% 30.5% 27.6% (5.7%) ROE (%) 35.8% 41.3% 38.3% 2.3% Tax rate (%) 33.1% 33.9% 36.6% 3.4% Balance Sheet (€Mln) 2024 2025 2027E CAGR '24-'27 Cash & Cash Equivalents 122.4 122.6 154.6 8.1% Financial Assets 614.9 668.9 1,027.3 18.7% Other Assets 32.3 50.6 59.5 22.7% Total Assets 769.6 842.1 1,241.4 17.3% Financial Liabilities 635.2 673.1 1,015.5 16.9% Other Liabilities 54.3 70.6 91.4 18.9% Total Liabilities 689.5 743.7 1,106.9 17.1% Shareholder's Equity 80.1 98.4 134.5 18.9% Business Plan Update - targets (1/2) Turnover includes Future receivables ROE = Net Profit / (Equity - Net Profit) LTV: Loan to value
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146 208 80 89 143 123 78 124 123 184 203 202 143 206 183 76 162 46 122 167 120 191 191 191 217 217 217 242 242 242 195 226 211 54generalfinance.it Capital and RWA 2024 2025 2027E CAGR '24-'27 CET 1 €mln 67.9 79.5 113.2 18.6% TIER 2 €mln 5.5 33.0 30.0 76.1% Total Capital ratio €mln 73.4 112.5 143.2 25.0% RWA €mln 535.8 606.8 902.7 19.0% CET 1 Ratio (%) 12.7% 13.1% 12.5% -0.3% Total Capital ratio (%) 13.7% 18.5% 15.9% 5.0% NPE Ratio Lordo 2024 2025 2027E CAGR '24-'27 NPE ratio (%) 0.9% 1.1% 2.5% 40.1% Costo of risk (%) 0.05% 0.10% 0.10% 27.8% FTE 2024 2025 2027E CAGR '24-'27 #FTE 77.0 87.0 112.0 13.3% Business Plan Update - targets (2/2) • Turnover ~ 4.5 bn • Net Banking Income ~ 75 mln • Net Profit ~ 32 mln • Dividend payout: 50% 2026 Guidance
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146 208 80 89 143 123 78 124 123 184 203 202 143 206 183 76 162 46 122 167 120 191 191 191 217 217 217 242 242 242 195 226 211 55generalfinance.it Annex
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146 208 80 89 143 123 78 124 123 184 203 202 143 206 183 76 162 46 122 167 120 191 191 191 217 217 217 242 242 242 195 226 211 56generalfinance.it Income Statement Income Statement (€Mln) 2024 2025 YoY% Interest income and similar income 39.7 44.9 13% Interest expense and similar charges (27.3) (26.9) (2%) INTEREST MARGIN 12.4 18.0 46% Fee and commission income 41.1 55.3 34% Fee and commission expense (4.7) (6.6) 41% NET FEE AND COMMISSION INCOME 36.4 48.7 34% Dividends and similar income 0.1 0.1 - Net profi (loss) from trading (0.0) (0.0) - Net results of other financial a/l measured at fv (0.0) (0.0) - NET INTEREST AND OTHER BANKING INCOME 48.8 66.8 37% Net value adjustments / write-backs for credit risk (1.1) (2.9) 176% a) Financial assets measured at amortised cost (1.1) (2.9) 176% NET PROFIT (LOSS) FROM FINANCIAL MANAGEMENT 47.6 63.9 34% Administrative expenses (16.2) (20.1) 24% a) Personnel expenses (9.1) (10.9) 20% b) Other administrative expenses (7.1) (9.3) 30% Net provision for risks and charges 0.2 (0.0) (115%) b) Other net provisions 0.2 (0.0) (115%) Net value adjustments / write-backs on pppe (0.9) (1.1) 15% Net value adjustments / write-backs on int. Ass. (0.6) (0.7) 23% Other operating income and expenses 1.5 1.6 6% OPERATING COSTS (16.0) (20.4) 27% Gains (Losses) from equity investments (0.1) (0.0) -78% PRE-TAX PROFIT (LOSS) FROM CURRENT OPERATIONS 31.5 43.5 38% Income tax for the year on current operations (10.4) (14.7) 41% PROFIT (LOSS) FOR THE YEAR 21.1 28.8 36%
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146 208 80 89 143 123 78 124 123 184 203 202 143 206 183 76 162 46 122 167 120 191 191 191 217 217 217 242 242 242 195 226 211 57generalfinance.it Balance Sheet Balance Sheet (€Mln) 2024 2025 Var% YTD Cash and cash equivalents 122.4 122.6 0% Financial assets measured at fair value through p/l 8.1 8.3 1% Financial assets measured at amortised cost 614.9 668.9 9% Hedging derivatives 0.0 0.7 na Property, Plan and Equipment (PPE) 6.5 5.9 (8%) Intangible assets 3.3 3.8 16% Tax assets 7.3 10.6 44% a) current 6.9 10.0 45% b) deferred 0.4 0.6 59% Other assets 7.2 21.3 194% TOTAL ASSETS 769.7 842.1 9% Financial liabilities measured at amortised cost 635.2 673.1 6% a) payables 558.4 519.6 (7%) b) outstanding securities 76.8 153.5 100% Hedging derivatives 0.0 0.3 na Tax liabilities 10.4 14.9 43% Other liabilities 42.3 52.8 25% Severance pay 1.6 1.7 11% Provision for risk and charges 0.2 1.0 392% Share capital 4.2 4.2 0% Share premium reserve 25.4 25.4 0% Reserves 29.2 39.8 36% Valuation reserves 0.1 0.2 17% Profit (loss) for the year 21.1 28.8 36% TOTAL LIABILITIES AND SHAREHOLDERS'S EQUITY 769.7 842.1 9%
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146 208 80 89 143 123 78 124 123 184 203 202 143 206 183 76 162 46 122 167 120 191 191 191 217 217 217 242 242 242 195 226 211 58generalfinance.it Credit Process Overview Client Acquisition Assessment & pre- qualification Proposal Negotiation and underwriting Credit decision Credit management Monitoring PhaseActivities ▪ Acquisition of new Clients ▪ Collection of Client data to check sales, turnover, customers, suppliers, etc.) ▪ Generate Client Report ▪ Customer assessment (economic and financial analysis, AML checks, Summary Report ▪ Process assessment (for distressed procedures) ▪ Debtor assessment (data collection, creditworthiness check) ▪ Overall file assessment (review of Summary Report and other relevant documents) ▪ Definition of a non-binding proposal, to be shared with the Client ▪ Forwarding of proposal to Client ▪ Discussion of any amendments within the decision-making scope of the Sales Office ▪ Sign-off of terms and conditions by the Client ▪ Additional data collection on the Assignor ▪ Review of Assignor/Assign ee assessment ▪ Credit decision on the maximum amount disbursable to Assignor and credit facilities to Debtors ▪ Signing of contract ▪ Acquisition / assignment of receivables , prepayments and relevant process management ▪ Relationship management with Assignor and Assigned Debtors ▪ Collection management ▪ Monitoring of factored receivables ▪ Monitoring of credit risk ▪ Management of outstanding receivables ▪ Monitoring of collections ▪ Reporting on information flows between corporate bodies 3 1 2 4 5 6 7 ▪ CCO ▪ CLO ▪ Credit Committee ▪ CCO ▪ CLO ▪ Credit Committee Department ▪ COO ▪ CLO
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146 208 80 89 143 123 78 124 123 184 203 202 143 206 183 76 162 46 122 167 120 191 191 191 217 217 217 242 242 242 195 226 211 59generalfinance.it Company position by financial needs and DSCR Trend Source: Antonio Salvi “Strumenti e tecniche di Finanza innovative lungo il ciclo di vita aziendale” FORECAST DSCR GROWTH TREND FROM THE FINANCIAL PLAN Strong Growing DSCR Company with Critical Financing Needs and Significant Growth Potential Non-Standard Financing Needs with High Information Asymmetry Standard Financing Needs with Low Information Asymmetry Growing DSCR Stable DSCR Declining DSCR Strong Deteriorating DSCR Post-Restructuring Company Capex-Intensive Company Fast-Growing Company Company with High Financing Needs for Capex and Exhausted MCC–SACE Guarantee Capacity Company in Financial Distress PFN/EBITDA: 6 PFN/EBITDA: 5 PFN/EBITDA: 4 PFN/EBITDA: 3 PFN/EBITDA: 2 Company with Financing Needs to Be Monitored
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146 208 80 89 143 123 78 124 123 184 203 202 143 206 183 76 162 46 122 167 120 191 191 191 217 217 217 242 242 242 195 226 211 60generalfinance.it Top line components Factoring Commissions PRO SOLVENDO FACTORING Other Commissions Interest Income Interests and commissions derived from delay in payments PRO SOLUTO FACTORING1 Factoring Commissions Interest Income Other Commissions • Deducting from allocated amount • Accounted in financial statements through accrued income or by cash (other commissions) • Accounted by cash at the payment time • Settled within the DPP (Deferred Purchase Price) framework + + + + + SINCE 2016, GENERALFINANCE HAS ADOPTED IAS/IFRS ACCOUNTING STANDARDS SIMPLE AND TRANSPARENT P&L PAIRED WITH ALMOST NO VOLATILITY OF FAIR VALUE / CREDIT ADJUSTMENT Source: Management Note: 1) Pro soluto Factoring regarding full rights purchase IAS compliant
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146 208 80 89 143 123 78 124 123 184 203 202 143 206 183 76 162 46 122 167 120 191 191 191 217 217 217 242 242 242 195 226 211 61generalfinance.it Revenues’ generation – example Example based on Euribor at 2.5% and a margin spread at around 300 bps PRO SOLVENDO TRANSACTION Formula P&L Accounting Invoice's nominal value 100.000 a Advance rate 80,00% b Gross disbursed amount 80.000 c = a x b Maturity of disbursed amount (days) 68 e Contractual interest rate 5,50% f Interest revenues 843,8 g = ( c x f x (e+2) ) / 365 Prepayment DSO 70 h Monthly commission rate 0,45% i Commission revenues 1050,00 l = a x i x (h/30) Prepayment Total revenues 1893,8 m = g + l Prepayment Net disbursed amount 78.106,2 n = c - m Delay in payment (days) 5 o Delay in payment interest rate 6,00% p Delay in payment commission rate 0,50% q Delay in payment interest revenues 65,8 r = ( c x p x o) / 365 Cash basis Delay in payment commission revenues 83,3 s = a x q x (o/30) Cash basis Delay in payment total revenues 149,1 t = r + s Cash basis Non-advance amount 20.000 u = a - c Net settlement 19.850,9 v = u - t
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146 208 80 89 143 123 78 124 123 184 203 202 143 206 183 76 162 46 122 167 120 191 191 191 217 217 217 242 242 242 195 226 211 62generalfinance.it Benefits of pro-solvendo lending contract Seller A ID Borrower Nominal Value (A) LTV (B) Disbursement (C) = (A x B) Unpaid Amount Collected (D) Amounts not advanced to be settled (D - C) 1 100.000,00 80% 80.000,00 Yes - - 2 100.000,00 80% 80.000,00 No 100.000,00 20.000,00 3 100.000,00 80% 80.000,00 No 100.000,00 20.000,00 4 100.000,00 80% 80.000,00 No 100.000,00 20.000,00 5 100.000,00 80% 80.000,00 No 100.000,00 20.000,00 6 100.000,00 80% 80.000,00 No 100.000,00 20.000,00 7 100.000,00 80% 80.000,00 No 100.000,00 20.000,00 8 100.000,00 80% 80.000,00 No 100.000,00 20.000,00 9 100.000,00 80% 80.000,00 No 100.000,00 20.000,00 10 100.000,00 80% 80.000,00 No 100.000,00 20.000,00 1.000.000,00 800.000,00 900.000,00 180.000,00 Debts of the Factor 180.000,00 Unpaid debts compensated 80.000,00 Netting to be liquidated 100.000,00 The offsetting mechanism is a specific technicality of the Factoring Agreement, which is elaborated consistently with the Assifact standard “The Factor will be entitled to retain sums and set off the debts (of every kind) due by the Factor to the Seller against the Receivables (of every kind) due from the Seller to the Factor, including the Receivables due from the Seller to third parties and assigned to/guaranteed by the Factor. Should the Seller default on any of its payment obligations, the Factor will be able to treat its Receivables as liquid and payable, even if not already fallen due. Offsets by the Seller require the prior written consent of the Factor”. ARTICLE 28 OF GENERALFINANCE FACTORING AGREEMENT A PRACTICAL EXAMPLE: In FY 2025, Generalfinance paid an average advance equal to 78% of Turnover. With regard to the pro- solvendo factoring, Generalfinance is entitled to set off amounts owed by the Sellers to it against amounts owed by Generalfinance to the Sellers based on specific clauses included in the factoring agreement. The Company has a high Debtor/Seller ratio equal to 59, growing steadily over the last 3 financial years, against an average of the Italian factoring market - calculated excluding private assigned Debtors - equal to 61, which expands the possibilities of offsetting between receivables and debit items against the Sellers as part of pro-solvendo transactions. Source: Management Note: 1) Pro soluto Factoring regarding full rights purchase IAS compliant
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146 208 80 89 143 123 78 124 123 184 203 202 143 206 183 76 162 46 122 167 120 191 191 191 217 217 217 242 242 242 195 226 211 63generalfinance.it Capital Stack – A capital light lending business CAPITAL STACK – BANKS Systemic risk O-SII Buffer G-SII Buffer Additional Tier 1 (1.5%) Common Equity Tier 1 (4.5%) Tier 2 (2%) Pillar 2 Requirement (P2R) (Bank specific) Countercyclical Capital Buffer Capital Conservation Buffer (2.5%) Pillar 2 Guidance (P2G) (Bank specific) CAPITAL STACK – GENERALFINANCE Additional Tier 1 (1.5%) Common Equity Tier 1 (4.5%) Tier 2 (2%) MDA Restriction Trigger Minimum requirement Minimum own funds requirements (Pillar 1) Tier 1 Overall capital requirement (OCR) Combined Buffer Requirement (CBR) Source: Management
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146 208 80 89 143 123 78 124 123 184 203 202 143 206 183 76 162 46 122 167 120 191 191 191 217 217 217 242 242 242 195 226 211 64generalfinance.it Generalfinance - contacts www.generalfinance.it https://www.linkedin.com/company/general-finance/ Ugo Colombo Chief Financlal Officer Investor Relator +39 0158484396 U.Colombo@generalfinance.it