Generalfinance (GF) Q4 2025 earnings summary

Executive summary

• Turnover reached EUR 3.87 billion in 2025, up 28% year-over-year, with net profit at EUR 28.8 million, a 36% increase, both exceeding industry and business plan targets.

• Customer base expanded, especially among high-risk SMEs, with a net gain of 70 customers and a highly diversified portfolio averaging 59 debtors per seller.

• Share price since IPO up 233–283%, with a 60% payout ratio in 2025 and total shareholder return of 278%.

• Continued focus on asset quality, digital factoring, and operational efficiency, leveraging a proprietary digital platform.

• Expansion included new branches in Spain and Rome, with Swiss branch to launch in Q4 2026.

Financial highlights

• Net banking income grew 37% to EUR 66.8 million, with net commission income comprising 73% of total.

• Net interest income rose 45–46%, benefiting from asset-liability repricing amid declining Euribor.

• Cost/income ratio improved to 30–30.5% in 2025, down from 32.9% in 2024.

• ROE reached 41–41.3% in 2025, up from 35.8–36% in 2024.

• Loans outstanding at EUR 670 million, up 9% year-over-year.

Outlook and guidance

• 2026 turnover projected at EUR 4.5 billion, net profit around EUR 32 million, payout ratio to normalize at 50–55%.

• 2027 net profit forecast revised upward to EUR 37.2 million, with cumulative net profit for 2025–2027 expected at EUR 98 million.

• Business plan targets for 2027: turnover EUR 5.3 billion, ROE 38.3%, cost/income ratio 27.6%.

• International expansion in Spain and Switzerland expected to contribute 7% of turnover and 5% of net income by 2027.

• Cumulative shareholder remuneration of EUR 52 million over the plan period.