Generalfinance S.p.a. · MIL:GF
Generalfinance — Investor Presentation (September 2026)
72 slides from Generalfinance's investor presentation, September 2026
Slide 1: Generalfinance Investor presentation
Generalfinance Investor presentation September 2026 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 does not represent historica
Slide 3: Agenda
Agenda Generalfinance: Overview and Results 6M 2026 6M 2026 Results: Balance Sheet, P&L, Funding and Capital Business Plan 2025-2027 Key Terms of the new bond issue Annex generalfinance.it 3
Slide 4: Generalfinance: Overview and Results 6M 2026
Generalfinance: Overview and Results 6M 2026 generalfinance.it 4
Slide 5: Generalfinance: a long and successful story
Generalfinance: a long and successful story BUSINESS MODEL EVOLUTION TO OPENING UP TO RE-ORGANISATION BECOME THE LEADING PLAYER IN PIONEER IN FACTORING INTERNATIONAL BY M. GIANOLLI FACTORING FOR ITALIAN DISTRESSED MARKETS COMPANIES 1982 1990 1995 2006 2009-10 2015 2017 2022 2024 2025 2026 Opening of
Slide 6: Strong and long-term oriented shareholder base
Strong and long-term oriented shareholder base Shareholding structure – updates on voting rights Further strengthening of MGH’s role in GGH’s governance: +0.94% MGH – Massimo Gianolli Gianolli Holding SMT Holding S.r.l. S.r.l. Riccardo** 84.10% 10.68% 5.22% GGH - Gruppo Investment Club First4Progres
Slide 7: An organization oriented to risk control and business
An organization oriented to risk control and business Board of Directors Internal Audit Chief Executive Officer #103 Employees Chief of Staff HR Department & Payroll Legal and Corporate Affairs Department Chief Financial Officer Risk Management AML & Administration Planning, Supervisory Compliance T
Slide 8: 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 (“Special situation”) while the Debtors underlying customer loans refer to a high credit rating (norma
Slide 9: …associated with high diversification at portfolio level
…associated with high diversification at portfolio level HIGHER NUMBER OF DEBTORS PER SELLER Generalfinance reports an average 6 of 55 debtors per seller, significantly above the industry average of 6. This highlights a more granular and diversified operating model, allowing 55 for better risk diver
Slide 10: Factoring vs Traditional Bank Credit: Key Differences
Factoring vs Traditional Bank Credit: Key Differences Risk Financing Information Lower Structural Relationship Assessment Flexibility Advantage Risk Structure • Credit risk • Factoring limits • Continuous • Typically lower • Long-term client evaluated not grow with receivables NPL ratios relationshi
Slide 11: Key Business Generation Channels and Target Customers
Key Business Generation Channels and Target Customers BUSINESS GENERATION CHANNELS TARGET CLIENTS Partnerships with business consultants and Small/Medium and Large corporates: industry associations: • growth-oriented businesses seeking • network of trusted advisors—including working capital to scale
Slide 12: 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 13: 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’ - 25’ +95% +15% +30% ~19.5 ~18 ~5 ~1 1991 2010 2020 2026 With €2 bn in turnover generated in the first half of 2026, total factored receivab
Slide 14: Turnover witnessing a strong growth story
Turnover witnessing a strong growth story Growth in Turnover Volume (€Bn) CAGR ’22 -’25 VAR. YOY ’25 -’26 +24% +9% 3.9 3.0 2.6 2.0 2.0 1.8 2022 2023 2024 2025 6M25 6M26 Turnover growth above the market average Note: Turnover includes Future receivables generalfinance.it 14
Slide 15: Net Income: high profitability from the operations
Net Income: high profitability from the operations Trend in net income adjusted (€Mln) CAGR ‘22-’25 VAR. YOY ‘25-’26 +38% -13% 28.8 21.1 12.3 15.1 10.7 10.9 2022 2023 2024 2025 6M25 6M26 Net income adjusted down 13% compared with the exceptionally high profitability recorded in the first half of 202
Slide 16: Net Income Adjusted 6M2026
Net Income Adjusted 6M2026 (€Mln) Excluding the €1.7 Mln in risk provisions 28.9 Clawback Risk (1.7) Industries Sportswear Company S.r.l Stated 15.5 (13.4) Generalfinance S.p.A. announced in 9.6 May that the Court of Appeal of Venice – (5.9) in the context of the second-instance proceedings relating
Slide 17: Clawback Risk, very low compared to turnover level
Clawback Risk, very low compared to turnover level Number of Legal Proceedings (clawback) from 2007 to 6M2026 7 1 3 1 2 Total Won Settled Lost Ongoing Cumulative Turnover from 2007 to 6M2026 €bn Lost €Mln 0.15 Cumulative ~19.5 Turnover 18.8 €bn Settled €Mln 3.88 Total Losses €Mln 4.03 ~0.7 Cumulativ
Slide 18: Business scaled up with enhanced diversification
Business scaled up with enhanced diversification Debtor’s Trend 2024 – 6M26 Seller’s Trend 2024 – 6M26 22,152 406 362 21,446 293 20,532 2024 2025 6M26 2024 2025 6M26 6M2026: data relating to the LTM 6M2026: data relating to the LTM Top 10 Sellers % KPI of the Spanish Branch on total exposure – 6M26
Slide 19: A strategic asset: our proprietary digital platform
A strategic asset: our proprietary digital platform # Automatic Disbursement Total transactions 19,632 # 782,314 #Automatic # Automatic Disposal settlement # Invoices 507,830 Seller (406, +32 QoQ) 17,691 11,704 # Installments 558,966 # Automated notifications # 174,321 («PEC» 88%, «Raccomandata» 12%
Slide 20: Collection performance: a strategic delivery to our Customers
Collection performance: a strategic delivery to our Customers Payment Conditions (DSO) Payment Delays (days) Only 26% of Generalfinance’s portfolio has payment 69% of Generalfinance’s portfolio has no payment conditions exceeding 120 days (vs 52% of the market) delays (vs 27% of the market) 1% 2% 4%
Slide 21: Business oriented to SMEs and Mid Corporate
Business oriented to SMEs and Mid Corporate… SELLERS’ DIVERSIFICATION BY DIMENSION 20% 15% Small size (<10M€) 41% Medium size (10-50M€) 6% 12% 54% Corporate (50-200M€) 6% Large Corporate (250M€+) 6% Not classified 27% 13% 74% up to 250M 33% up to 250M FACTORING BY NOTIFICATION STATUS 74% 26% Notific
Slide 22: …through recourse facilities and export factoring
…through recourse facilities and export factoring… NATIONAL VS INTERNATIONAL TURNOVER Italy 76% 24% RoW 75% 25% TURNOVER BY PRODUCT Recourse 79% 21% Non-Recourse 17% 83% Generalfinance's Turnover data refers to June 30th, 2026 Assifact's Turnover data refers to March 31st, 2026 generalfinance.it 22
Slide 23: …with a strong presence in northern Italy manufacturing
…with a strong presence in northern Italy manufacturing SELLERS’ DIVERSIFICATION BY SECTOR Manufacturing Trade 13% 22% Services 16% 54% 7% Transportation 28% 5% Construction 3% 4% 5% Others 4% Foreign 9% 10% 20% Not classified SELLERS’ DIVERSIFICATION BY GEOGRAPHY 24% Northern Italy 9% Central Italy
Slide 24: DSO trend showing a very low duration business
DSO trend showing a very low duration business Days Sales Outstanding (DSO) -8 Days GAP VS MARKET AVG -2 Days 81 85 82 83 82 83 80 81 78 81 81 79 77 79 78 76 72 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Source: Assifact monthly and quarterly statistics; excluding public sector generalfin
Slide 25: Peer Comparison, Profitability
Peer Comparison, Profitability ROE% COST INCOME % 26.3% 37,3% Peer 1 18.1% Peer 1 47,5% Peer 2 15.5% Peer 2 50,0% Peer 3 13.8% Peer 3 51,8% Peer 4 11.5% Peer 4 52,4% Peer 5 10.8% Peer 5 53,6% Peer 6 8.2% Peer 6 63,3% Peers: Banca Sistema, Banca Ifis, BFF, BPER Banca, Banco BPM and Monte dei Paschi (
Slide 26: Peer Comparison, Efficiency and P&L composition
Peer Comparison, Efficiency and P&L composition NET BANKING INCOME PER EMPLOYEE €/K NET COMMISSION / NET BANKING INCOME (%) Peer 1 468 77.0% Peer 2 318 Peer 1 44.0% 317 Peer 2 40.0% Peer 3 293 Peer 3 37.0% Peer 4 201 Peer 4 23.0% Peer 5 88 Peer 5 16.0% Peer 6 81 Peer 6 16.0% Peers: Banca Sistema, Ba
Slide 27: Peer Comparison, Risk and Capital
Peer Comparison, Risk and Capital TOTAL CAPITAL (%) GROSS NPE RATIO (%) Peer 1 19,2% Peer 2 18,4% Peer 1 Peer 3 18,1% Peer 2 17,9% Peer 3 Peer 4 17,3% Peer 4 Peer 5 15,3% Peer 5 Peer 6 14,0% Peer 6 Peers: Banca Sistema, Banca Ifis, BFF, BPER Banca, Banco BPM and Monte dei Paschi (data December 31, 2
Slide 28: 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 – July 2026 June 2022 – July 2026 370 +314% +270% +64% Peer 1 +8% +2% Peer 2 -7% -29% Peer 3 -56% 82 100 -100% 0% 100% 200% 300% 400% June 22’ July 26’ TSR (Total Shareholder Retu
Slide 29: 6M 2026 Results: Balance Sheet, P&L, Funding and Capital
6M 2026 Results: Balance Sheet, P&L, Funding and Capital generalfinance.it 29
Slide 30: A low volatility P&L, based on fees and commissions
A low volatility P&L, based on fees and commissions Income Statement (€Mln) 2022 2023 2024 2025 CAGR '22-'25 6M25 6M26 YoY% I nterest 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
Slide 31: Resilient quarterly performance and continued business growth
Resilient quarterly performance and continued business growth 2Q26 / 2Q26 / Income Statement (€Mln) 2Q25 3Q25 4Q25 1Q26 2Q26 1Q26 % 2Q25 % I nterest 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
Slide 32: A very simple balance sheet with a strong capital position
A very simple balance sheet with a strong capital position… 6M26 ASSETS BREAKDOWN €MLN 6M26 LIABILITIES BREAKDOWN €MLN 684 10 8 21 831 91 831 70 1 3 659 7 98 8 Financial Financial Tangible / Total Cash & Cash Fiscal Other Financial Fiscal Other Provision for Shareholders' Assets Assets Intangible To
Slide 33: …coupled with a robust funding and liquidity position
…coupled with a robust funding and liquidity position 2025 – 6M26 FUNDING AND COST OF FUNDING (€MLN, %) 6M26 FUNDING BREAKDOWN 673 659 2 6 Other 37 Variable 61 Variable Banking Facility 127 (Eur3M) (Eur6M) 6% 142 Bond 27 Var YTD% 62% 59 35 Commercial Paper -2% 47 Fixed 206 rate 6% Factoring Facility
Slide 34: 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 Generalfinance has lower non- performing exposure compared to 0.20% the market 0.14% 0.16% thanks to its unique and effective business model enabling a high quality of debtors and constant mitigation of c
Slide 35: High protection of risk due to conservative credit stance
High protection of risk due to conservative credit stance Breakdown of Financial Assets (€Mln, 6M2026) 684 100 199 197 188 Financial Credit Outstanding Personal Financial Assets Assets & SACE not Guarantees net of Insurance advanced guarantees The Net Financial Assets borne by Generalfinance on tota
Slide 36: NII «hedged» against interest rates volatility
NII «hedged» against interest rates volatility Commercial Spread % (1) Average interest rate on seller Spread (2) Net Interest Income (NII) Average cost 7.2% ~23% of the Net Banking of funding (3) 6.9% 6.4% 6.2% 6.0% Income. 1.8% 1.7% 2.4% 2.0% 1.8% 3.8% Almost all funding 1.9% 5.2% 5.4% 4.0% 4.2% 4
Slide 37: 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. 1.5% 1.5% Commission Income / 1.4% 1.4% 1.3% 1.3% Turnover improving YoY Sta
Slide 38: Human capital as a strategic factor to drive growth
Human capital as a strategic factor to drive growth Workforce growth #99 FTE as of 6M2026 CAGR ‘22-’25 VAR. YOY ‘25-’26 +11% +22% #Cost income remaining at 99 excellent levels due to the 77 87 81 high efficiency of the 63 71 operating machine and the 150 economy of scale (IT proprietary 100 platform
Slide 39: Business Plan 2025 2027 Updates
Business Plan 2025 2027 Updates generalfinance.it 39
Slide 40: Business Plan Update: Profitability acceleration and sustainable value creation
Business Plan Update: accelerating earnings power Profitability acceleration and sustainable value creation ~ €14 bn ~ €98 mln ~ €52 mln ~ 38% ~ 16% ~ €37 mln ~ 28% Cumulative Cumulative Shareholder ROE 2027 Total Net Income Cost Income Turnover Net Income remuneration Capital 2027 2027 2025-27 2025
Slide 41: Italy: # of bankruptcy procedures supporting our business
Italy: # of bankruptcy procedures supporting our business Negotiated 2025 1.776 settlement 2024 1.048 («Composizione 2023 594 negoziata») 2022 499 2021 39 Simplified 2025 143 Composition with Creditors 2024 85 («Concordato 2023 69 semplificato») 2022 25 Debt 2025 348 restructuring 2024 326 agreement
Slide 42: Credit contraction persists for high-risk firms
Credit contraction persists for high-risk firms Loans Outstanding by Risk Class and Firm Size (12-month percentage changes) 12% 12% 8% 8% 4% 4% 0% 0% -4% -4% -8% -8% Micro Small Medium Large Micro Small Medium Large Low Risk High Risk 2023 2024 2025 Source: “Rapporto sulla stabilità finanziaria” – N
Slide 43: Evolution of Credit Rating Mix, >40% of Sub-Inv. grade
Evolution of Credit Rating Mix, >40% of Sub-Inv. grade 43,8% 52,3% 46,5% 43,8% 53,3% 53,7% 53,6% 59,6% 56,2% 47,7% 53,5% 56,2% 46,7% 46,3% 46,4% 40,4% 2019 2020 2021 2022 2023 2024 2025 May 2026 Investment grade Sub-investment grade The portfolio's credit profile strengthened significantly, with inv
Slide 44: 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 2025 to €301bn in 2026) Generalfinance focuses on special situations (companies classified into the UTP, forborne and past due categories by banks) with a
Slide 45: Competitive Positioning
Competitive Positioning Generalist Specialist Industrials Captive Financials Captive Independent Generalfinance is an independent player focusing on distressed factoring financing Source: Management generalfinance.it 45
Slide 46: Insolvency trend confirms attractiveness of foreign market
Insolvency trend confirms attractiveness of foreign market Corporate default rates in both 2025 and 2026 are expected to remain significantly above pre-2020 averages Sources: Range of values estimated in the report of Allianz « Global Insolvency Outlook: Brace for Middle East spillovers» generalfina
Slide 47: 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 48: Spanish branch: operating performance in 2026
Spanish branch: operating performance in 2026 31.8 mln #12 Number of Turnover 6M2026 Sellers 6M2026 Spanish Branch - KPI 7.9 mln 0.5 mln Financial assets Revenues 6M2026 as of 30.06.2026 Note: Gross EBITDA: operating revenues – direct costs of the Spanish branch generalfinance.it 48
Slide 49: 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 50: Swiss branch, expected timeline
Swiss branch, expected timeline November 2025: Clearance obtained by FINMA for Swiss +60 days onward: market entry without banking Operational set-up phase, license / authorization implementing internal processes and preparing the infrastructure/ IT system for launch Swiss branch - Timeline Q1 2026:
Slide 51: Business Plan Update - targets (1/2)
Business Plan Update - targets (1/2) 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) (
Slide 52: Business Plan Update - targets (2/2)
Business Plan Update - targets (2/2) 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
Slide 53: Key Terms of the new bond issue
Key Terms of the new bond issue generalfinance.it 53
Slide 54: Main Terms & Conditions of the new bond 2026-2030 (1/2)
Main Terms & Conditions of the new bond 2026-2030 (1/2) Issuer Generalfinance S.p.A. Issuer Rating / Expected Issue Rating Not rated Ranking Senior Unsecured Non-Convertible Notes Offer amount €50 M – with up-size option up to 50 M Use of proceeds General corporate purposes 01st October 2026 9:00 CE
Slide 55: Main Terms & Conditions of the new bond 2026-2030 (2/2)
Main Terms & Conditions of the new bond 2026-2030 (2/2) Listing and Placement MOT of Borsa Italiana and Regulated Market of Euronext Dublin Denomination €1,000 Early redemption at the option of the Issuer starting from the second year From 12th October 2028 (included) to 11th 100% of the principal a
Slide 56: Annex
[Ey GENERAL Annex generalfinance.it 56
Slide 57: What is Factoring? (1/2)
What is Factoring? (1/2) Source: Management ORIGINAL TRANSACTION FACTORING The Seller The supplier assigns the The Factor 2 invoice to a factor. (i.e. the (i.e. a entity that financial sells goods). intermediary) Supplier 4 The factor advances the invoice amount minus an agreed fee. Invoice 1 The Su
Slide 58: 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 59: 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 60: Valuation Framework, Special Situation
Valuation Framework, Special Situation 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 th
Slide 61: 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. ▪ Overall assessment of the counterparty considering its financial Creditsafe standing, operati
Slide 62: Target Operating Model Resulting from the New Organizational Structure
Target Operating Model Resulting from the New Organizational Structure Routing Score Tool used to direct positions to the most suitable operational workflow ❑ The new organizational Special Situations structure Digital Finance (Current Core Business) requires a corresponding process Algorithm-based
Slide 63: Role Differentiation in the To-Be Process
Role Differentiation in the To-Be Process Digital Finance Special Situation Document and Information Low Risk High Risk All Positions Gathering BPO / BPO / Process differentiation Small Deal Automation Automation Relationship Manager / Special requires a corresponding Situations Analyst differentiat
Slide 64: Income Statement
Income Statement Income Statement (€Mln) 6M25 6M26 YoY% I nterest income and similar income 21.0 21.5 2% I nterest 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 INCO
Slide 65: Balance Sheet
Balance Sheet Balance Sheet (€Mln) 2025 6M26 Var% YTD Cash and cash equiv alents 122.6 97.9 (20%) Financial assets measured at fair v alue through p/l 8.3 8.4 2% Financial assets measured at amortised cost 668.9 684.1 2% Hedging deriv ativ es 0.7 0.0 (97%) Property, Plan and Equipment (PPE) 5.9 6.4
Slide 66: 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 67: 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 68: 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 69: Benefits of Recourse factoring contract
Benefits of Recourse factoring 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 e
Slide 70: 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 71: Generalfinance - contacts
Generalfinance - contacts www.generalfinance.it https://www.linkedin.com/company/general-finance/ Ugo Colombo Chief Financial Officer Investor Relator +39 0158484396 U.Colombo@generalfinance.it generalfinance.it 71
Slide 72: Generalfinance
Generalfinance Investor presentation September 2026 generalfinance.it 72
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