Generalfinance S.p.a. · MIL:GF
Generalfinance — Non-Deal Roadshow (June 2025)
70 slides from Generalfinance's roadshow presentation, June 2025
Slide 1: Mission to Grow
Mission to Grow June 2025 generalfinance.it 1
Slide 2: Disclaimer
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 fac
Slide 3: Agenda
Agenda Generalfinance: Overview and Results 3M 2025 3M 2025 Results: Balance Sheet, P&L, Funding and Capital Digital, Low Risk Player Business Plan 2025-2027: overview and initiatives Business Plan 2025-2027: Financials Annex generalfinance.it 3
Slide 4: Generalfinance: Overview and Results 3M 2025
Generalfinance: Overview and Results 3M 2025 generalfinance.it 4
Slide 5: Generalfinance: a long and successful story (1/2)
Generalfinance: a long and successful story (1/2) BUSINESS MODEL EVOLUTION TO THE OPENING UP TO THE RE-ORGANISATION PIONEER IN FACTORING LEADING FACTORING COMPANY FOR INTERNATIONAL BY M. GIANOLLI ITALIAN DISTRESSED COMPANIES MARKET 1982 1990 1995 2006 2009-10 2015 2017 2022 2024 2025 Incorporation E
Slide 6: Generalfinance: a long and successful story (2/2)
Generalfinance: a long and successful story (2/2) May June June December December Intesa Sanpaolo The medium to long- Listing on Euronext Banco BPM subscribes becomes the senior term “revolving” Growth Milan to support to senior notes of the First annual lender in the 2022 financing agreement is sec
Slide 7: Management team with strong delivery capabilities
Management team with strong delivery capabilities Actual 2024 vs Business Plan 2024 results Turnover €bn Net Income €mn 3,4 3,0 21.5 21.1 2024BP 2024A 2024BP 2024A In 2024, ~90% of the target turnover was achieved In 2024, ~98% of the target net income was achieved Cost ROE 36% 36% Income 30% 33% %
Slide 8: A sound and long-term oriented business model
A sound and long-term oriented business model Sustainability of financial results over >30 years Cumulative Turnover €bn CAGR 91’ - 10’ CAGR 10’ - 20’ CAGR 20’ - 24’ +95% +15% +31% ~14 ~5 ~1 1991 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Slide 9: Value creation for shareholders well above the peers
Value creation for shareholders well above the peers Peers – Stock Price & TSR Peers – Stock Price Performance June 2022 – June 2025 June 2022 – June 2025 208 +134% +108% +103% Peer 1 +62% +63% Peer 2 +36% 110 +17% 100 Peer 3 +8% -61% Peer 4 -65% -100% -50% 0% 50% 100% 150% June 22’ June 25’ TSR Pee
Slide 10: Strong and long-term oriented shareholder base
Strong and long-term oriented shareholder base Shareholding structure MGH – M. Gianolli SMT Holding S.r.l. Gianolli Riccardo* Holding S.r.l. 83.16% 11.62% 5.22% GGH - Gruppo Investment Club First4Progress1 Banca del Ceresio General Holding BFF S.p.a. Market S.r.l. S.r.l. SA S.r.l. 41.37% 9.55% 8.02%
Slide 11: Turnover witnessing a strong growth story
Turnover witnessing a strong growth story Growth in Turnover Volume (€Mln) CAGR ‘21-’24 VAR. YOY ‘24-’25 +29% +32% 3,030 2,559 2,009 1,403 819 622 2021 2022 2023 2024 3M24 3M25 Consistent year-over-year growth of turnover generalfinance.it 11
Slide 12: Net Income: high profitability from the operations
Net Income: high profitability from the operations Growth in net income (€Mln) CAGR ‘21-’24 VAR. YOY ‘24-’25 +30% +8% 21.0 15.1 10.9 9.5 4.9 5.3 2021 2022 2023 2024 3M24 3M25 Profitability level very strong, in line with 2025 Budget generalfinance.it 12
Slide 13: 3M 25 Results: Balance Sheet, P&L, Funding and Capital
3M 25 Results: Balance Sheet, P&L, Funding and Capital generalfinance.it 13
Slide 14: A low volatility P&L, based on fees and commissions
A low volatility P&L, based on fees and commissions Income Statement (€mn) 2021A 2022A 2023A 2024A CAGR '21-'24 3M24 3M25 YoY% Interest Margin 6.2 7.3 9.0 12.4 25.7% 2.6 3.3 26.6% Net Commission 17.7 23.6 27.2 36.4 27.2% 8.0 11.1 39.5% Net Banking Income 23.9 30.9 36.2 48.8 26.8% 10.6 14.4 36.5% Net
Slide 15: A very simple balance sheet with a strong capital position
A very simple balance sheet with a strong capital position… 3M25 ASSETS BREAKDOWN €MN 3M25 LIABILITIES BREAKDOWN €MN 533 6 3 7 17 679 85 679 38 2 0 541 13 113 Cash & Cash Financial Tangible Intangible Fiscal Other Financial Fiscal Other Provision for Shareholders' Total Total Assets Provisions Liabi
Slide 16: A robust funding and liquidity position
…coupled with a robust funding and liquidity position 2024 – 3M25 FUNDING AND COST OF FUNDING (€MN, %) 3M25 FUNDING BREAKDOWN 635 6 541 Other 17 Fixed rate 6 Banking Facility 13 18 0.9% 64 Bond Tier 2 Var YTD% 13 72 Commercial Paper 45 -15% 91 Factoring Facility Variable Variable 261 (Eur1M) RCF 217
Slide 17: A low risk model with best in class asset quality
A low risk model with best in class asset quality COST OF RISK (%) Gross NPE Ratio Benchmarking Cost of risk 3M25 ~ 1,9 € mn 0.30% out of which ~50% Stage 3 loans and ~ 50% Stage 1-2 Generalfinance has lower cost of Loans risk and non-performing exposure compared to the market 0.05% thanks to its un
Slide 18: High protection of risk due to conservative credit stance
High protection of risk due to conservative credit stance Breakdown of net risk on Financial Assets (€ mn, 3M2025) 533 137 107 80 209 Financial Credit Outstanding Personal Net Risk Assets & SACE not Guarantees Insurance advanced The Net Risk borne by Generalfinance on total financial assets as at Ma
Slide 19: NII fully hedged against interest rates volatility
NII fully «hedged» against interest rates volatility Commercial Spread % Average interest rate on seller (1) Spread (2) 8.1% Net Interest Income (NII) Average net cost 6.8% 6.8% 6.8% of funding (3) ~23% of the Net Banking 3.2% Income. 4.0% 2.4% 2.8% 2.9% 3.7% 2.5% 2.1% Almost all funding 4.4% 4.0% 4
Slide 20: Net commission income, the primary source of profitability
Net commission income, the primary source of profitability (1) Evolution of Commission Income / Turnover % Commission Expense / Turnover Net Commission Income Net Commission Income / Turnover ~77% of the Net Banking Income. 1.6% Commission 1.5% 1.5% Income/Turnover 1.4% 1.4% 1.3% improving YoY 1.3%
Slide 21: Human capital as a strategic factor to drive the growth
Human capital as a strategic factor to drive the growth Workforce growth #78 FTE as of 3M 2025 CAGR ‘21-’24 VAR. YOY ‘24-’25 +13% +7% #Cost income remaining at excellent levels due to the 71 77 73 78 high efficiency of the 53 63 operating machine and the 150 economy of scale (IT proprietary 100 plat
Slide 22: Digital, Low Risk Player
Digital, Low Risk Player generalfinance.it 22
Slide 23: What is Factoring? (1/2)
What is Factoring? (1/2) Source: Management ORIGINAL TRANSACTION FACTORING Supplier Seller Invoice factoring Invoice Invoice Payment Payment Customer Debtor Notification Source: Management generalfinance.it 23
Slide 24: What is Factoring? (2/2)
What is Factoring? (2/2) Credit management (debtor management and payment collection) is the core business of a factoring company and allows the creditor to In the working capital financing service, outsource activities that are usually the Factor differs from a bank since it carried out in-house, t
Slide 25: A strategic asset: our proprietary digital platform
A strategic asset: our proprietary digital platform # Automatic Disbursement Total transactions 17,133 # 662,597 #Automatic # Automatic Disposal settlement # Invoices 398,674 Seller (306) 15,016 9,937 # Installments 450,644 # Automated notifications Automatic 169,867 («PEC» 92%, disposal «Raccomanda
Slide 26: A unique business model, leveraging factoring features
A unique business model, leveraging factoring features The peculiarity of Generalfinance's business model is the choice of Seller–Debtor, where clients (Sellers) typically have a low credit rating (turnaround situation) while the Debtors underlying customer loans refer to a high credit rating (norma
Slide 27: Value proposition, distinctive features and value chain
Value proposition, distinctive features and value chain 1 Value proposition 2 Distinctive skills Generalfinance offers its customers (mostly companies under o Consolidated expertise throughout the entire process financial stress) rapid and customized interventions for the o End-to-end in-house valua
Slide 28: Valuation Framework
Valuation Framework Distressed Client Scoring DISTRESSED SELLER DEBTOR SCORING/ OPERATIONS’S FINAL Components SCORING SELLER’S PORTFOLIO SCORING ▪ Industrial market position and client portfolio Key Factors ▪ Recovery plan credibility and sustainability of the repayment plan of the previous debt pos
Slide 29: Debtor Scoring
Debtor Scoring Macro score Indicator Assessment details 1 ▪ Counterparty summary assessment considering the economic BRI and financial aspects, the history of the company, the shareholders structure, etc. ▪ Counterparty summary assessment considering the economic CGS and financial aspects, the histo
Slide 30: Risk reduction in Distressed Factoring
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 Lower Operating Risk Lower Risk of Clawback Action o Effects of insolvency
Slide 31: Collection performance: a strategic delivery to our Customers
Collection performance: a strategic delivery to our Customers Payment Conditions (DSO) Payment Delays (days) Only 48% of Generalfinance’s portfolio has payment 76% of Generalfinance’s portfolio has no payment conditions exceeding 120 days (vs 61% of the market) delays (vs 19% of the market) 2% 1% 6%
Slide 32: DSO expressing very low portfolio duration
DSO expressing very low portfolio duration Days Sales Outstanding (DSO) – Receivables from private companies 78.3 85.1 71.6 76.0 70.5 67.7 67.8 69.6 69.8 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 78.5 78.7 78.9 79.3 79.8 79.9 80.5 81.3 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Sour
Slide 33: Business Plan 2025-2027: Overview and Initiatives
Business Plan 2025-2027: Overview and Initiatives generalfinance.it 33
Slide 34: Value creation, a way forward
Value creation, a way forward Profitability acceleration and sustainable value creation ~ €13/14 bn >€84 mn >€42 mn ~ 34% ~ 13% ~ €32 mn ~ 31% Shareholder Range Cumulative remuneration Total Net Income Cost Income cumulative Net Income related to the ROE 2027 Capital 2027 2027 Turnover 2025-27 25’-2
Slide 35: Sustainability & Human Capital to create long-term value
Sustainability & Human Capital to create long-term value Achievements 50% 100% 25h 2 ~600k€ ~50k Smart-working Employees Average training Only 2 Support for local Estimated labour days granted receiving periodic hours per capita in claims from associations force of Company monthly evaluations 2024 c
Slide 36: Leader in the Italian special situation market
Leader in the Italian special situation market In the overall fast-growing factoring market (turnover in Italy is expected to grow from €289bn in 2024 to €300bn in 2025) Generalfinance focuses on special situations (companies classified into the UTP, forborne and past due categories by banks) with a
Slide 37: Trend in bankruptcy procedures supporting our business
Trend in bankruptcy procedures supporting our business Negotiated 2024 1.089 settlement 2023 594 («Composizione negoziata») 2022 499 2021 39 Simplified Composition 2024 85 with Creditors 2023 69 («Concordato semplificato») 2022 25 Debt restructuring 2024 326 agreements 2023 335 («Accordi di 2022 339
Slide 38: The impact of the credit crunch on Italian companies
The impact of the credit crunch on Italian companies Historical Lending Volumes – Italy (€bn) CAGR 21’ -24’ -2%% 1.160 1.170 1.185 1.189 1.164 1.143 1.126 678 631 668 663 647 618 597 379 384 392 410 427 425 421 103 111 110 111 115 121 125 2018 2019 2020 2021 2022 2023 2024 Total Household and Busine
Slide 39: Competitive Positioning
Competitive Positioning Generalist Specialist Industrials Captive Financials Captive Indipendent Generalfinance is an independent player focusing on distressed debt financing Source: Management generalfinance.it 39
Slide 40: Insolvency trend confirms attractiveness of foreign market
Insolvency trend confirms actractiveness of foreign market Strongly Brazil Ireland increasing Estonia Netherlands Poland (+30% and Italy US South Korea more) Japan Noticeably Australia increasing France Canada (+15% to Germany Finland Chile +30%) Lithuania Luxembourg Hungary Turkey Cumulative New Ze
Slide 41: International growth in the Spanish market
International growth in the Spanish market ✓ 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 originatio
Slide 42: International growth in the Swiss market
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); ~
Slide 43: Simple and standard factoring products to serve small clients
Simple and standard factoring products to serve small clients Turnover breakdown 3M 2025 Small Retail Project Turnover # Sellers 15% ✓ Opportunity to channel Generalfinance’s retail clients into a 54% dedicated department through the development of a standardized factoring product, both with and Int
Slide 44: Small Retail, rollout of a standardized factoring solution
Small Retail, rollout of a standardized factoring solution Clients' segmentation Corporate ~ 45% Revenue Corporate – Special Situation of total sellers Core Business > €20 million Turnover €2,7 bn ~ #140 Sellers (~ 84% of total Turnover) # Debtors ~ 15.100 Retail ~ #170 Sellers Revenue # Debtors ~ 6
Slide 45: Human capital as a strategic factor to drive the growth
Human capital as a strategic factor to drive the growth Gender distribution 24’ Target organizational model Board of Directors Internal Audit Chief Executive Officer (CEO) Legal and 42 years Human Resources Corporate Affairs avg age Department AML & Risk Compliance Management Females Men 45% 55% Chi
Slide 46: Solid and sustainable growth: the numbers driving the future
Solid and sustainable growth: the numbers driving the future Turnover Net income ROE Data in €bn Data in €mn CAGR 21’ -24’ CAGR 24’ -27’ CAGR 21’ -24’ CAGR 24’ -27’ AVG 21’ -24’ +29% +19% +31% +15% +33% 32.5 5,1 42% 36% 34% 21.1 29% 3,0 24% 2,6 15.1 2,0 10.9 1,4 9.5 2021A 2022A 2023A 2024A 2027E 202
Slide 47: Business Plan 2025-2027: Financials
Business Plan 2025-2027: Financials generalfinance.it 47
Slide 48: Macroeconomic scenario supportive for our business
Macroeconomic scenario supportive for our business Real GDP growth Inflation Rate 3 Months Euribor (Annual percent change) (Annual percent change) (Annual percent change) 8.8% 3.5 5.1% 2.3 2.1 2.3 8.9% 4.7% 2.4% 2.1% 1.9% 2.1% 1.9% 0.4% 0.7% 0.7% 0.8% 0.7% 0.6% 0.7% -0.2% -8.9% 2019 2020 2021 2022 2
Slide 49: NII fully hedged against interest rates volatility
NII fully «hedged» against interest rates volatility Commercial Spread % Spread will stay Average interest rate on seller (1) substantially stable over Spread (2) the years. 6.8% 6.8% Average net cost of funding (3) 5.5% 2.4% 2.8% 3.7% 4.0% Net Interest Income (NII) 2.4% ~27% of the Net Banking 2.1%
Slide 50: Net commission income, the primary source of profitability
Net commission income, the primary source of profitability (1) Evolution of Commission Income / Turnover % Commission Expense / Turnover Net Commission Income ~73% of the Net Banking Net Commission Income / Turnover Income in 2027. Commission 1.5% Income/Turnover will be 1.4% 1.4% 1.3% 1.2% almost s
Slide 51: Safeguarded asset quality, sound profile confirmed
Safeguarded asset quality, sound profile confirmed NPE evolution €mn Gross NPE ratio % Bad loans 21.3 2.26% UTP + PD <NPE ratio Factoring 14.1 0.90% market as of +15.8 3Q2024 (5.49%) 5.5 2024A 2027E 2.5 7.2 3.0 2024A Net New 2027E Net NPE ratio defaults % Cost of risk 0.05% 0.10% % 1.37% 0.65% NPE C
Slide 52: Cost / Income reflecting the efficiency of the machine
Cost / Income reflecting the efficiency of the machine Data €mn CAGR 24’-27’ 14% Personnel Expenses 3.7 0.8 0.0 24.0 Other Expenses 3.4 16.0 +12.5 Depreciation & Amortizazion +9.1 Other income & expenses(1) +10.8 +7.1 +1.6 +2.4 -1.8 Personnel Other Depreciation & Other income & -1.8 Expenses Expense
Slide 53: IT investments through tech and digital innovation
IT investments through tech and digital innovation Cumulative IT Investments Key Investment Areas Hardware renewal : upgrading 2022 - 24 2025 - 27 infrastructure for efficiency and security Var - 3% Platform evolution: developing digital projects for international Supporting ESG strategies 37% 71% e
Slide 54: Efficient use of capital with strong organic capital generation
Efficient use of capital with strong organic capital generation Total Capital ratio evolution % -4.5pp +0.5pp +0.1pp +9.0pp -0.1pp 13.7% 13.0% -5.7pp 31.12.2024 Net income Dividends Implementation Tier 2 Intangible Business 31.12.2027 2025 - 2027 2025 - 2027 of Basel IV capital assets driven RWA evo
Slide 55: Optimization of funding structure and cost of funding
Optimization of funding structure and cost of funding Financial indebtedness €mn CAGR 24’-27’ +19% +98 +19 +9 1,077 +319 -3 635 Factoring Commercial Banking 31.12.2024 Securitization Facility Paper Bond Tier 2 Facility and 31.12.2027 other 5.2% Cost of funding % 3.7% 3.5% Average Euribor 3 months %
Slide 56: Business Plan targets (1/2)
Business Plan targets (1/2) Income Statement (€mn) 2024 2027 Cagr '24-'27 Interest Margin 12.4 21.0 19.4% Net Commission 36.4 55.5 15.2% Net Banking Income 48.8 76.5 16.1% Net value adjustments / write-backs for credit risk -1.2 -4.2 53.2% Operating Costs -16.0 -24.0 14.3% Net Profit 21.1 32.5 15.5%
Slide 57: Business Plan targets (2/2)
Business Plan targets (2/2) Capital an RWA 2024 2027 Cagr '24-'27 CET1 €mn 67,9 108,6 16,9% Total Capital €mn 73,4 118,6 17,3% RWA €mn 535,8 913,9 19,5% CET1 (%) 12,7% 11,9% (2,1%) Total Capital (%) 13,7% 13,0% (1,8%) Credit Quality 2024 2027 Cagr '24-'27 NPE Ratio (%) 0,90% 2,26% 35,8% Cost of Risk
Slide 58: Annex
[Ey GENERAL Annex generalfinance.it 58
Slide 59: Income Statement
Income Statement Income Statement (€m) 3M24 3M25 YoY% Interest income and similar income 9.3 10.4 12% Interest expense and similar charges (6.7) (7.1) 7% INTEREST MARGIN 2.6 3.3 27% Fee and commission income 9.0 13.0 45% Fee and commission expense (1.0) (1.9) 91% NET FEE AND COMMISSION INCOME 8.0 11
Slide 60: Balance Sheet
Balance Sheet Balance Sheet (€m) 2024A 3M25 Var% YTD Cash and cash equivalents 122.4 113.5 (7%) Financial assets measured at fair value through p/l 8.1 7.9 (3%) Financial assets measured at amortised cost 614.9 533.4 (13%) Property, Plan and Equipment (PPE) 6.5 6.3 (3%) Intangible assets 3.3 3.3 0%
Slide 61: An organization oriented to risk control and business
An organization oriented to risk control and business Board of Directors Internal Audit Chief Executive Officer (CEO) #78 CEO’s Staff employees HR Department Legal and Corporate (CHRO) Affairs Department Operational Risk Management Support AML & Compliance Chief Information Chief Financial Officer C
Slide 62: Turnover breakdown vs system average 1/2
Turnover breakdown vs system average 1/2 SELLERS’ DIVERSIFICATION BY DIMENSION FACTORING BY NOTIFICATION STATUS 74% up 37% up to 250M to 250M 18% 29% 11% 39% 88% 12% 52% 48% 6% 8% 49% 1% 15% 25% Small size (<10M€) Medium size (10-50M€) Small size (<10M€) Medium size (10-50M€) Corporate (50-250M€) La
Slide 63: Turnover breakdown vs system average 2/2
Turnover breakdown vs system average 2/2 SELLERS’ DIVERSIFICATION BY SECTOR SELLERS’ DIVERSIFICATION BY GEOGRAPHY 13% 17% 22% 1% 18% 27% 5% 29% 4% 48% 5% 59% 7% 64% 7% 12% 7% 7% 9% 25% 15% Manufacture Trade Services Manufacture Trade Services Nothern Italy Center of Italy Trasportation Construction
Slide 64: Stage 2 evolution in Italy and Spain
Stage 2 evolution in Italy and Spain STAGE 2 LOAN RATIO CAGR 19’ -24’ Italy: +0,9% - Spain: +3,2% 7.1% 7.4% 6.8% 7.2% 5.8% 6.8% 13.8% 14.0% 12.2% 11.5% 8.8% 9.2% 2019 2020 2021 2022 2023 2024 8.8% 13.8% 14.0% 12.2% 11.5% 9.2% 5.8% 7.1% 7.4% 6.8% 7.2% 6.8% Stage 2 loan ratio: loans and advances at am
Slide 65: Credit Process Overview
Credit Process Overview 1 2 3 4 5 6 7 Assessment & Negotiation Phase Credit Credit Client Acquisition pre- Proposal and Monitoring decision management qualification underwriting ▪ Acquisition of ▪ Customer ▪ Overall file ▪ Forwarding of ▪ Additional data ▪ Acquisition / ▪ Monitoring of new Clients a
Slide 66: Top line components
Top line components SINCE 2016, GENERALFINANCE HAS ADOPTED IAS/IFRS ACCOUNTING STANDARDS PRO SOLVENDO FACTORING PRO SOLUTO FACTORING1 Factoring Commissions Factoring Commissions + + • Deducting from allocated amount • Accounted in financial statements Other Commissions Other Commissions through accr
Slide 67: Revenues' generation – example
Revenues’ generation – example 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=axb 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 Pr
Slide 68: Benefits of pro-solvendo lending contract
Benefits of pro-solvendo lending contract The offsetting mechanism is a specific technicality of the Factoring Agreement, which is elaborated consistently with the Assifact standard ARTICLE 28 OF GENERALFINANCE FACTORING AGREEMENT “The Factor will be entitled to retain sums and set off the debts (of
Slide 69: Capital Stack – A capital light lending business
Capital Stack – A capital light lending business CAPITAL STACK – BANKS CAPITAL STACK – GENERALFINANCE Pillar 2 Guidance (P2G) (Bank specific) MDA Restriction G-SII Trigger Buffer Combined O-SII Buffer Systemic risk Buffer Requirement (CBR) Countercyclical Capital Buffer Capital Conservation Buffer (
Slide 70: Generalfinance - contacts
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 generalfinance.it 70