Slides
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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 Mission to Grow 6M26 Results
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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 Main results 6M 2026 Focus on Asset Quality and Digital Factoring 6M 2026 Results: Balance Sheet, P&L, Funding and Capital Annexes
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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 Main results 6M 2026
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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 Strong and long-term oriented shareholder base Shareholding structure – updates on voting rights Situation as July 2026; (*) considering the enhanced multiple voting rights (**)Gianolli Riccardo: Usufruct MGH – Massimo 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% 84.10% 10.68% 5.22% 62.48% 9.55% 4.81% 8.02% 4.04% 3.97% 6.00% 4.77% 6.41% 32.30% 16.26% % share capital Further strengthening of MGH’s role in GGH’s governance: +0.94%
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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 1.8 2.0 6M25 6M26 2.0 2.6 3.0 3.9 2022 2023 2024 2025 Turnover witnessing a strong growth story… Turnover growth above the market average Growth in Turnover Volume (€Bn) CAGR ’22 -’25 +24% VAR. YOY ’25 -’26 +9% Note: Turnover includes Future receivables
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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 55 6 9.1% 2.2% …Associated with high diversification at portfolio level HIGHER NUMBER OF DEBTORS PER SELLER TURNOVER - % CHANGE FROM PREVIOUS YEAR Generalfinance's Turnover data refers to June 30, 2026. Turnover includes Future receivables Assifact's Turnover data refers to May 31, 2026. The percentage variation in turnover includes the volumes generated by tax credit purchases Generalfinance reports an average of 55 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 recorded turnover growth of 9.1% year-on-year, compared with 2.2% for the market. This performance highlights strong commercial momentum and confirms the Company’s ability to further consolidate its position in its reference market. Generalfinance: data refers to June 30, 2026; turnover includes Future receivables Assifact: data refers to March 31, 2026. 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 8generalfinance.it 28.9 (11.7) 17.2 (6.5) 10.7 28.9 (13.4) 15.5 (5.9) 9.6 Net Income Adjusted 6M2026 (€Mln) Net profit (loss) from financial management Operating Cost Pre-tax profit (loss) from c.o. Income tax Profit & Loss Excluding the €1.7 Mln in risk provisions StatedAdjusted Adjustement: €1.7 Mln in risk provisions, net of GF’s tax rate Clawback Risk Industries Sportswear Company S.r.l Generalfinance S.p.A. announced in May that the Court of Appeal of Venice – in the context of the second-instance proceedings relating to the claw-back action brought against the Company by Fallimento Industries Sportswear Company S.r.l. – ordered the Company to pay to the insolvency proceeding approximately €2.2 million (plus expenses and interest, estimated at approximately €1.2 million. In relation to this ruling, a settlement agreement has been outlined with the bankruptcy trustees —to be signed and settled in the coming weeks — which provides for a payment by Generalfinance of €1.7 million as a final and full settlement of the lawsuit. (1.7)
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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 Clawback Risk, very low compare to turnover level Total Won 7 Number of Legal Proceedings (clawback) from 2007 to 6M2026 Settled Lost Ongoing 1 3 1 2 Cumulative Turnover from 2007 to 6M2026 €bn ~19.5 ~0.7 2007 2026 Lost €Mln Settled €Mln Total Losses €Mln Cumulative Turnover 2007 – 6M2026 €bn Loss rate 0.15 3.88 4.03 18.8 0.02 % Loss rate: (Total Losses / Cumulative Turnover 2007 – June 2026) Cumulative Turnover 18.8 €bn
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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 12.3 10.7 6M25 6M26 10.9 15.1 21.1 28.8 2022 2023 2024 2025 Net Income: high profitability from the operations Net income adjusted down 13% compared with the exceptionally high profitability recorded in the first half of 2025. Trend in net income adjusted (€Mln) CAGR ‘22-’25 +38% VAR. YOY ‘25-’26 -13% Net Income 6M26 adjusted to exclude the €1.7 million litigation charge
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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 Focus on Asset Quality and Digital Factoring
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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 1.94% 2.04% 1.74% 6M25 3M26 6M26 0.14% 0.20% 0.16% 6M25 3M26 6M26 5.91% 1.74% 3M26 6M26 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 -417 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
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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 High protection of risk due to conservative credit stance Financial Assets Credit & SACE Insurance Outstanding not advanced Personal Guarantees Financial Assets net of guarantees 188 684 100 199 197 Insurance: Allianz Trade (Credit Insurance) cap equal to 50x annual premiums for total €55 Mln; Sace Guarantees for total €44 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 June 30, 2026 was €188 Mln Breakdown of Financial Assets (€Mln, 6M2026)
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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 69% 27% 26% 67% 4% 4% 1% 2% Generalfinance Market 0 1-30 31-60 61-90 91-120 121+ 1%5% 4% 33% 18% 35% 26% 26% 52% 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 May 2026 Only 26% of Generalfinance’s portfolio has payment conditions exceeding 120 days (vs 52% 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) 69% of Generalfinance’s portfolio has no payment delays (vs 27% 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 15generalfinance.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-8 Days -2 Days 72 76 78 85 83 81 83 77 7880 81 81 82 82 81 79 79 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26
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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 A unique business model, leveraging factoring features 1) Generalfinance data refers to June 30, 2026 (LTM); Assifact data refers to March 31, 2026; 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 ✓ Recourse factoring (c. 79% of turnover; vs 17% Assifact1) ✓ Non-recourse factoring (c. 21% of turnover; vs 83% Assifact 1) ✓ Reverse factoring, tax receivables factoring, future receivables factoring ✓ C. 76% of turnover covered by insurance ✓ 75% LTV (Recourse) in 6M 2026, adjustable according to credit risk ✓ High ratio Debtor/Seller (55 vs 6 of Assifact average2) ✓ Average Seller retention about 6.5 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 Turnover Q2 ‘26 – per Debtor Turnover Q2 ‘26 – per Seller 48.6% 31.3% 15.3% 4.8% 64.5% 33.7% 1.7% 0.1% Green score equal to 34% Green score equal to 49% 43.5%51.8% 4.7% Distressed Bonis (High risk) NewCo
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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 A strategic asset: our proprietary digital platform Seller (406, +32 QoQ) Accounting System TOR (back end) Legacy GENERALWEB (front end) Web Portal Debtors (22,152, +1,097 QoQ) Infoprovider DataLake B.I. & Data Analytics Factoring and Banking Facility Revolving Credit Facility Securitization (General SPV) Treasury # Automatic Disposal 17,691 # Automatic Disbursement 19,632 #Automatic settlement 11,704 # Invoices 507,830 # Installments 558,966 # Automated notifications # 174,321 («PEC» 88%, «Raccomandata» 12%) Regulatory Reporting Intelligent data matching Open banking / cash pooling providers Total transactions # 782,314 Data LTM, as of June 2026 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 18generalfinance.it An organization oriented to risk control and business Chief Business Officer Board of Directors Chief Lending Officer (CLO) ICT Development Data Analytics ICT System Co-Head of Business Development Co-Head of Business Development Chief Executive Officer (CEO) Cyber Security Chief Information Officer (CIO) Chief Digital Finance Officer Legal Credit Management Sellers Underwriting Debtors Underwriting Portfolio Monitoring Debtors Management Collection Back Office Administration and Accounting Planning, Control & M&A Supervisory Reporting Treasury Internal Audit Strategic Support and Staff Coor Dep. Risk Management AML & Compliance HR Department (CHRO) Legal and Corporate Affairs Department Chief Commercial Officer (CCO) Know Your Customer Organizational Governance and Dem. Man. Chief Integration & Transformation Officer (CITO) Corporate Services Department Chief Financial Officer (CFO) Chief Business Development Business Relationship Origination International Chief Marketing Officer (CMO) Chief Information & Operations Business Development Spain Branch Business Development Swiss Branch Process and Functional Analysis Chief Operating Officer (COO) Organizational chart as of June 30, 2026; Suisse Branch opening subject to BoI authorization Business Development Digital Finance Credit Digital Finance Product Design & Development #99 Employees
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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 Business scaled up with enhanced diversification Debtor’s Trend 2024 – 6M26 20,532 21,446 22,152 6M2620252024 Seller’s Trend 2024 – 6M26 293 362 406 Top 10 Sellers % on total exposure – 6M26 KPI of the Spanish Branch Sellers Debtors Turnover (€mln) 6M25 6M26 YoY (%) 4 12 +200% 40 188 +370% 12.3 31.8 +160% 6M2620252024 6M2620252024 44.7% 33.3% 32.6% 6M2026: data relating to the LTM 6M2026: data relating to the LTM
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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 48% 52% 74% 26% 6% 27% 41% 20% 6% 6% 12% 15% 54% 13% Business oriented to SMEs and Mid Corporate… Generalfinance's Turnover data refers to June 30th, 2026 Assifact's Turnover data refers to March 31st, 2026 SELLERS’ DIVERSIFICATION BY DIMENSION 74% 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 21generalfinance.it 79% 21% 17% 83% 76% 24% …through recourse facilities and export factoring… Italy RoW NATIONAL VS INTERNATIONAL TURNOVER TURNOVER BY PRODUCT Recourse Non-Recourse Generalfinance's Turnover data refers to June 30th, 2026 Assifact's Turnover data refers to March 31st, 2026 75% 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 22generalfinance.it 47% 24% 5% 25% 83% 9% 7% 2% 54% 22% 7% 3% 5% 9% 28% 13% 16% 5% 4% 4% 20%10% …with a strong presence in northern Italy manufacturing SELLERS’ DIVERSIFICATION BY SECTOR SELLERS’ DIVERSIFICATION BY GEOGRAPHY Manufacturing Trade Services Transportation Construction Others Foreign Not classified Northern Italy Central Italy Southern Italy International Generalfinance's Turnover data refers to June 30th, 2026 Assifact's Turnover data refers to March 31st, 2026
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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 6M 2026 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 24generalfinance.it Income Statement (€Mln) 2022 2023 2024 2025 CAGR '22-'25 6M25 6M26 YoY% Interest Margin 7.3 9.0 12.4 18.0 35.4% 7.2 7.1 (0.8%) Net Commission 23.6 27.2 36.4 48.7 27.3% 23.0 24.3 5.6% Net Banking Income 30.9 36.2 48.8 66.8 29.4% 30.2 31.4 3.8% Net value adj/write-backs for credit risk (1.2) (1.3) (1.2) (2.9) 34.7% (2.0) (2.4) 22.5% Operating Costs (13.2) (12.9) (16.0) (20.4) 15.6% (9.7) (11.7) 21.2% Net Profit 10.9 15.1 21.1 28.8 38.2% 12.3 10.7 (13.2%) (€Mln) 2022 2023 2024 2025 CAGR '22-'25 6M25 6M26 YoY% Turnover 2,009.4 2,559.3 3,029.5 3,870.5 24.4% 1,830.5 1,999.3 9.2% Disbursed Amount 1,674.0 2,161.4 2,393.6 3,012.7 21.6% 1,436.7 1,491.4 3.8% LTV 83.3% 84.5% 79.0% 77.8% (2.2%) 78.5% 74.6% (5.0%) LTV Pro-solvendo 81.5% 80.1% 75.9% 75.2% (2.6%) 74.7% 74.6% (0.1%) Net Banking Income / Average Loan (%) 8.7% 8.5% 9.1% 10.4% 6.0% 9.8% 9.3% (5.5%) Interest Margin / Net Banking Income (%) 23.5% 24.8% 25.4% 27.0% 4.7% 23.7% 22.7% (4.4%) Cost Income Ratio 42.7% 35.7% 32.9% 30.5% (10.6%) 32.0% 37.3% 16.8% ROE (%) 23.7% 29.3% 35.8% 41.3% 20.3% 35.4% 26.3% (25.7%) Balance Sheet (€Mln) 2022 2023 2024 2025 CAGR '22-'25 6M25 6M26 YoY% Cash & Cash Equivalents 43.7 21.7 122.4 122.6 41.0% 95.3 97.9 2.8% Financial Assets 385.4 462.4 614.9 668.9 20.2% 616.8 684.1 10.9% Other Assets 14.7 15.9 32.3 50.6 50.8% 30.5 48.8 60.0% Total Assets 443.8 500.0 769.6 842.1 23.8% 742.6 830.8 11.9% Financial Liabilities 368.4 409.4 635.2 673.1 22.3% 597.4 658.8 10.3% Other Liabilities 18.6 24.2 54.3 70.6 56.1% 63.1 81.0 28.3% Total Liabilities 387.0 433.6 689.5 743.7 24.3% 660.6 739.8 12.0% Shareholder's Equity 56.8 66.4 80.1 98.4 20.1% 82.0 91.0 11.0% A low volatility P&L, based on fees and commissions Note: Turnover includes future receivables ROE = Net Profit / (Equity - Net Profit ) Cost Income Ratio: Operating Costs / Net Banking Income Income Statement, Cost/Income Ratio and ROE (%): 6M26 adjusted to exclude the €1.7 million litigation charge
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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 8.0 8.0 10.5 9.9 2025 6M26 Minimum Buffer 4.5 4.5 8.6 8.5 2025 6M26 Minimum Buffer 79.5 84.2 112.5 115.9 2025 6M26 CET1 € Mln TC € Mln 659 7 70 1 3 91 831 98 8 684 10 8 21 831 13.1 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 6M26, net of total dividends to be distributed (payout 50% of net profit) Other Assets: include €0.02 million of hedging derivatives Other Liabilities: include €2.7 million of hedging derivates RWA € mln 648607 Capital Buffer 18.5 78% RWA Density % 72% 6M26 ASSETS BREAKDOWN €MLN 6M26 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 13.0 17.9 Capital Buffer Financial Assets FVTPL
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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 260 71 285 143 420 35 1,213 741 82 159 162 261 206 59 47 27 35 127 142 37 61 2 6 Other Banking Facility Bond Commercial Paper Factoring Facility RCF Securitization …coupled with a robust funding and liquidity position 6M26 – TOTAL AVAILABLE FINANCING AMOUNT (€MLN) 82 659 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 Undrawn credit facilities Liquidity Position: excluding pledge accounts amounting to 15.8 €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 39.2 €Mln and “Other” amounting to 31.7 €Mln 2025 – 6M26 FUNDING AND COST OF FUNDING (€MLN, %) 6M26 FUNDING BREAKDOWN Cost of funding Var YTD% -2% Average Euribor 3 months 2.2%2.1% 2025 6M26 4.2%4.0% Funding spread 2.0%1.9% 673 659 Counterbalancing capacity 473 555 Fixed rate 6% Variable (Eur1M) 25% Variable (Eur3M) 62% Variable (Eur6M) 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 27generalfinance.it NII «hedged» against interest rates volatility (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) Net Interest Income (NII) ~23% 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). 6M252022 2023 2024 2025 1.9% 1.9% 2022 2023 2024 2025 2.1% 2.1% 2.3% 2.8% Commercial Spread % Net Interest Margin % (1) Average cost of funding Spread (2) (4) 3.8% Average interest rate on seller (3) 6M26 6M25 6M26 6.9% 1.7% 5.2% 7.2% 1.8% 5.4% 2.4% 4.0% 6.4% 4.2% 6.2% 1.8% 4.2% 6.0% 2.3% 2.1% 2.0%
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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 28generalfinance.it Net commission income, the primary source of profitability Evolution of Commission Income / Turnover % (1) Commission Income / Turnover : ((Commission Expense / Turnover) + (Net Commission Income / Turnover)) Commission Expense / Turnover Net Commission Income / Turnover (1) Net Commission Income ~77% 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 1.4% 1.3% 1.4% 1.5% 1.2% 0.2% 1.1% 0.2% 0.2% 0.2% 1.2% 1.3% 1.5% 0.2% 1.3% 1.3% 0.1% 1.2% 2022 2023 2024 2025 6M25 6M26
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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 0 50 100 150 Human capital as a strategic factor to drive growth Workforce growth #99 FTE as of 6M2026 #Cost income remaining at excellent levels due to the high efficiency of the operating machine and the economy of scale (IT proprietary platform) YoY%+21% Personnel Expenses Other Expenses Depreciation & Amortization Other income & Expenses 6M26 Personnel Expenses Other Expenses Depreciation & Amortization Other income & Expenses (adj) 6M25 -0.7 +0.9 +4.6 +4.9 -1.0 +1.0 +5.2 +6.5 +0.6+1.6 -0.3 +0.1 9.7 11.7 Data €Mln Operating Costs 0 Cost income ratio % +33% YoY +12% YoY +14% YoY Other income & expenses: net of provisions to the risk and charges fund (€1.7 million litigation charge) Cost/Income Ratio: 6M26 adjusted to exclude the €1.7 million litigation charge 63 71 77 87 2022 2023 2024 2025 6M25 6M26 81 99 CAGR ‘22-’25 +11% VAR. YOY ‘25-’26 +22% 43% 36% 33% 31% 32% 37% Operating costs increased mainly due to personnel costs, impacted by the increase in FTEs (+18 YoY, mainly in commercial and business areas) and LTIs (phantom shares FV). +31% YoY
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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 Closing remarks Sound commercial trend • Turnover + 9% YoY • Growing number of Sellers (+32 QoQ) and Debtors (+1,097 QoQ), resulting in lower concentration, greater portfolio diversification and reduced risk • Positive contribution from the Spanish branch, in terms of growing numbers of Sellers and Debtors • Starting of the Suisse operations in Q4, subject to BoI approval • Digital Finance Department established and related ongoing activities • 5 new managers hired over the past year, 3 of whom dedicated to business development Asset quality improvement • NPE Ratio down to 1.7% • Cost of risk under control, in line with expectations • Very high diversification per Debtors and sectors Rock-solid balance sheet • Total Capital Ratio around 18%, vis-a vis 8% minimum level • 1.2 bn of available funding • > 550 mln of counterbalancing capacity
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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 Commercial Trends • Lower Turnover in the first half compared to expectations: -4% YoY (approx. €80mln) vs. the Business Plan forecast, due to complexities and delays in certain restructuring processes. • Lower DSO: 78 days vs. 80 days forecast in the Business Plan. • Lower growth in Spain compared to expectations: 6M2026 Turnover (-55%) vs. the Business Plan forecast. Risk and provisions • Lawsuit settlement for an amount of €1.7mln of risk provisioning for a clawback action. • Reduction of credit risk (NPE Ratio), also driven by the disposal of 3 single names. Operating costs • Higher Personnel costs, amounting to €6.5mln as of June 30, 2026, vs. approx. €6.0mln forecast in the Business Plan. • Phantom Shares: +€0.3mln as of June 30, 2026, compared to the same period of the previous year. • Tax rate at approx. 38% as of June 30, 2026, compared to approx. 34% in H1 2025 (at a constant tax rate, net profit reported would be €0.7mln higher) and 36.5% in the Business Plan. • New financial liabilities issued that increased funding costs and strengthened both funding stability and Capital Ratios. Key Factors, Performance vs. Expectations ADJ. NET PROFIT 2026 EXPECTED TO BE 29-31 €MLN (VS 32 MLN BUSINESS PLAN)
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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 Annexes
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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 Income Statement Income Statement (€Mln) 6M25 6M26 YoY% Interest income and similar income 21.0 21.5 2% Interest expense and similar charges (13.8) (14.4) 4% INTEREST MARGIN 7.2 7.1 (1%) Fee and commission income 26.7 27.0 1% Fee and commission expense (3.7) (2.7) (28%) NET FEE AND COMMISSION INCOME 23.0 24.3 6% Dividends and similar income 0.0 0.1 167% Net profit (loss) from trading (0.0) (0.0) -91% Profit (loss) from sale or buyback of fin. assets measured at a.c. 0.0 (0.0) na Net results of other financial a/l measured at fv 0.0 (0.1) -2160% NET INTEREST AND OTHER BANKING INCOME 30.2 31.4 4% Net value adjustments / write-backs for credit risk (2.0) (2.4) 22% a) Financial assets measured at amortised cost (2.0) (2.4) 22% NET PROFIT (LOSS) FROM FINANCIAL MANAGEMENT 28.2 28.9 2% Administrative expenses (9.5) (11.7) 23% a) Personnel expenses (4.9) (6.5) 33% b) Other administrative expenses (4.6) (5.2) 12% Net provision for risks and charges (0.0) (1.7) 19598% b) Other net provisions (0.0) (1.7) 19598% Net value adjustments / write-backs on pppe (0.5) (0.5) (1%) Net value adjustments / write-backs on int. Ass. (0.4) (0.5) 33% Other operating income and expenses 0.8 1.0 29% OPERATING COSTS (9.7) (13.4) 39% Gains (Losses) from equity investments (0.0) 0.0 (100%) PRE-TAX PROFIT (LOSS) FROM CURRENT OPERATIONS 18.6 15.5 (16%) Income tax for the year on current operations (6.2) (5.9) (6%) PROFIT (LOSS) FOR THE YEAR 12.3 9.6 (22%)
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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 Balance Sheet Balance Sheet (€Mln) 2025 6M26 Var% YTD Cash and cash equivalents 122.6 97.9 (20%) Financial assets measured at fair value through p/l 8.3 8.4 2% Financial assets measured at amortised cost 668.9 684.1 2% Hedging derivatives 0.7 0.0 (97%) Property, Plan and Equipment (PPE) 5.9 6.4 8% Intangible assets 3.8 4.1 8% Tax assets 10.6 7.6 (28%) a) current 10.0 6.4 (36%) b) deferred 0.6 1.3 114% Other assets 21.3 22.3 5% TOTAL ASSETS 842.1 830.8 (1%) Financial liabilities measured at amortised cost 673.1 658.8 (2%) a) payables 519.6 481.8 (7%) b) outstanding securities 153.5 177.0 15% Hedging derivatives 0.3 2.7 710% Tax liabilities 14.9 6.8 (54%) Other liabilities 52.7 67.0 27% Post-employment benefits 1.7 1.4 (17%) Provision for risk and charges 1.0 3.2 211% Share capital 4.2 4.2 0% Share premium reserve 25.4 25.4 0% Reserves 39.8 51.4 29% Valuation reserves 0.2 0.3 123% Profit (loss) for the year 28.8 9.6 (66%) TOTAL LIABILITIES AND SHAREHOLDERS'S EQUITY 842.1 830.8 (1%)
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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 Income Statement (€Mln) 2Q25 3Q25 4Q25 1Q26 2Q26 2Q26 / 1Q26 % 2Q26 / 2Q25 % Interest Margin 3.9 6.0 4.9 3.7 3.4 (10.0%) (12.6%) Net Commission 11.9 13.0 12.7 11.2 13.1 16.5% 9.7% Net Banking Income 15.8 19.0 17.6 15.0 16.4 9.4% 3.8% Net value adj/write-backs for credit risk -0.1 -1.2 0.3 -1.4 -1.1 -21.4% 1563.3% Operating Costs -5.0 -4.7 -6.0 -5.5 -6.2 13.4% 23.5% Net Profit 7.0 8.7 7.8 5.1 5.6 8.9% (20.8%) (€Mln) 2Q25 3Q25 4Q25 1Q26 2Q26 2Q26 / 1Q26 % 2Q26 / 2Q25 % Turnover 1011.7 975.3 1065.2 904.8 1094.5 21.0% 8.2% Disbursed Amount 792.7 746.4 829.6 668.7 822.7 23.0% 3.8% LTV 78.4% 76.5% 77.9% 73.9% 75.2% 1.7% (4.1%) Net Banking Income / Average Loan (%) 11.0% 12.5% 11.1% 9.6% 10.3% 8.1% (5.8%) Interest Margin / Net Banking Income (%) 24.5% 31.6% 27.6% 25.0% 20.6% (17.7%) (15.8%) Cost Income Ratio 31.9% 24.9% 34.0% 36.6% 38.0% 3.6% 18.9% ROE (%) 40.4% 49.8% 44.7% 20.8% 27.4% 31.6% (32.2%) Balance Sheet (€Mln) 6M25 9M25 12M25 3M26 6M26 6M26/ 3M26 % 6M26/ 6M25 % Cash & Cash Equivalents 95.3 144.7 122.6 138.9 97.9 (29.5%) 2.8% Financial Assets 616.8 598.7 668.9 584.0 684.1 17.1% 10.9% Other Assets 30.5 40.7 50.7 56.2 48.8 (13.2%) 59.7% Total Assets 742.6 784.1 842.1 779.1 830.8 6.6% 11.9% Financial Liabilities 597.4 617.1 673.1 600.5 658.8 9.7% 10.3% Other Liabilities 63.1 76.4 70.7 75.1 81.0 7.7% 28.2% Shareholder's Equity 82.0 90.6 98.4 103.5 91.0 (12.1%) 11.0% Total Liabilities and Equity 742.6 784.1 842.1 779.1 830.8 6.6% 11.9% A low volatility P&L, based on fees and commissions Note: Turnover includes future receivables ROE = Net Profit / (Equity - Net Profit ) Cost Income Ratio: Operating Costs / Net Banking Income Income Statement, Cost/Income Ratio and ROE (%): 2Q26 adjusted to exclude the €1.7 million litigation charge
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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 Mission to Grow 6M26 Results