Generalfinance (GF) investor relations material

Executive summary

• Q1 2026 turnover reached €905 million, up 10.5% year-over-year, maintaining strong growth toward the €4.5 billion 2026 guidance despite a strong Q1 2025 due to one-off transactions.

• Net profit for Q1 2026 was €5.1 million, down 3% year-over-year, reflecting normalization after prior one-offs and stable business performance, in line with annual net income guidance of €32.2 million.

• Business model emphasizes high portfolio diversification, with 56 debtors per seller versus a market average of 6, and a focus on managing full client portfolios.

• Expansion efforts in Spain and Switzerland are progressing, with Spain achieving €55 million turnover and Swiss operations preparing for regulatory approval.

• Digital platform and automation drive operational efficiency, supporting high transaction volumes and customer service.

Financial highlights

• Net interest income rose 13% year-over-year to €3.7 million, with net fee and commission income up 1% to €11.2 million.

• Net interest and other banking income reached €15 million (+4% YoY); operating costs increased 19% to €5.5 million, mainly due to personnel expenses and one-off items.

• Cost of risk decreased 30% year-over-year to 0.20%, remaining well below market averages.

• ROE for Q1 2026 was 21%, down from 26% in Q1 2025; cost/income ratio increased to 37% from 32% YoY.

• Net income impacted by a higher tax rate (up to 37% from 33%) due to Italian Budget Law changes.

Outlook and guidance

• Guidance for 2026 net income remains above €32 million, with turnover target of €4.5 billion reaffirmed.

• Cost of risk for the full year expected at €4 million, with quality of debtors stable versus year-end 2025.

• Management expects DSO to stabilize around 80 days, with no significant trend changes anticipated.

• Commercial performance and profitability are in line with budget and the Business Plan.