Generalfinance (GF) investor relations material

Executive summary

• Turnover grew 9% year-over-year in H1 2026 to €1,999 million, outperforming the factoring industry average of 2.2%, though below internal expectations due to delayed international expansion.

• Adjusted net profit for H1 2026 was €10.7 million, down 13% year-over-year due to a one-off legal settlement; reported net profit was €9.6 million, a 22% decrease.

• The business model remains robust, with a diversified client base, reduced dependence on top clients, and continued expansion in Spain and upcoming launch in Switzerland; digital finance initiatives are underway.

• High credit portfolio quality maintained, with a gross NPE ratio of 1.7% and strong capital ratios.

• Factoring activities grew, especially in "Special Situations" and distressed segments, with 40% of turnover from distressed assignors.

Financial highlights

• Net banking income rose 4% year-over-year to €31.4 million, with net fee and commission income up 6% to €24.3 million.

• Net interest income was €7.1 million, stable year-over-year; net profit from financial management increased 2% to €28.9 million.

• Operating costs rose, with cost/income ratio increasing to 43% from 32% in H1 2025; adjusted cost/income ratio at 37%.

• ROE declined to 24% from 35% year-over-year; adjusted ROE at 26.3%.

• Shareholders’ equity at €91.0 million as of June 30, 2026.

Outlook and guidance

• Adjusted net profit guidance for 2026 is €29–31 million, revised down from the original €32 million+ due to the legal settlement.

• Projected year-end turnover is €4.45 billion; commercial performance remains positive but slightly below budget.

• NII and commissions expected to recover from Q3, with NII projected to rise 15% quarter-on-quarter and commissions to increase by 20% in Q4.

• Ongoing focus on digital finance, portfolio diversification, and international expansion, with Suisse branch opening planned for Q4.

• No signs of domestic business slowdown; international expansion expected to contribute more in 2027.