Generalfinance (GF) Investor presentation summary

Historical evolution and strategic milestones

• Established in 1982, evolved into a leading factoring provider for distressed Italian companies, with international expansion into Spain and strategic partnerships to support growth.

• Achieved listing on Borsa Italiana's STAR segment and Euronext Growth Milan, and implemented sustainability initiatives and digital transformation.

Financial performance and growth

• Turnover grew at a 29% CAGR from 2021 to 2024, reaching €3.0bn in 2024, with net income up 30% CAGR to €21.1mn.

• 2024 results met 90% of turnover and 98% of net income targets, with ROE at 36% and cost/income ratio at 33%.

• 9M25 turnover rose 34% YoY to €2.8bn, and net income increased 55% YoY to €21.0mn.

Business model and risk management

• Operates a highly diversified portfolio with 61 debtors per seller, far above industry average, supporting risk mitigation.

• Maintains low cost of risk (0.05% in 2024, 0.08% in 9M24) and a gross NPE ratio of 0.9% in 9M24, well below market benchmarks.

• Conservative credit stance with significant insurance coverage and personal guarantees, and a business model focused on distressed sellers but investment-grade debtors.