Slide 1: Mission to Grow – 3M25 Results
Mission to Grow 3M25 Results 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 Main results 3M 2025 Focus on Asset Quality and Digital Factoring 3M 2025 Results: Balance Sheet, P&L, Funding and Capital Business Plan 2025 2027 Update & Closing Remarks Annexes generalfinance.it 3
Slide 4: Main results 3M 2025
Main results 3M 2025 generalfinance.it 4
Slide 5: 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 5
Slide 6: 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 6
Slide 7: Focus on Asset Quality and Digital Factoring
Focus on Asset Quality and Digital Factoring generalfinance.it 7
Slide 8: 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 9: 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 10: 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 11: 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 12: 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 13: 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 14: 3M25 Results: Balance Sheet, P&L, Funding and Capital
3M 25 Results: Balance Sheet, P&L, Funding and Capital generalfinance.it 14
Slide 15: 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 16: 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 17: …coupled with 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 18: 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 19: 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 20: 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 21: Business Plan 2025 2027 Update & Closing Remarks
Business Plan 2025 2027 Update & Closing Remarks generalfinance.it 21
Slide 22: Cancellation of the acquisition of Workinvoice
Cancellation of the acquisition of Workinvoice Generalfinance announced that will not proceed with the closing of the acquisition of Workinvoice S.r.l., announced on June 17, 2024 (the "Transaction"). By the deadline indicated in the relevant sale and purchase agreement, in fact, not all the conditi
Slide 23: 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 24: Internal Project
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 25: Corporate – Special Situation
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 26: 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 27: 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 28: 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 29: 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 30: 3M2025: Closing Remarks
3M2025: Closing Remarks 2025 first 3 months of the year confirm a growing trend, in line with full year budget: ▪ Profitability level showing significant growth: net banking income up +36.5% ▪ Good asset quality confirmed ▪ Further reduction of the cost income ratio, expected to drop further thanks
Slide 31: Annexes
Annexes generalfinance.it 31
Slide 32: 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 33: 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 34: 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 35: 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 36: 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 37: 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 38: Mission to Grow
Mission to Grow 3M25 Results generalfinance.it 38