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1 generalfinance.it
Mission to Grow
6M26 Results
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2 generalfinance.itDisclaimer
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 not represent historical facts . Such information includes financial projections and estimates as well as related assumptions, information referring to plans, objectives, and expectations regarding future operations, products, and services, and information regarding future financial results . By their very nature, forward -looking information involves a certain amount of risk, uncertainty and assumptions so that actual results could differ significantly from those expressed or implied in forward -looking information . These forward -looking statements have been developed from scenarios based on a set of economic assumptions related to a given competitive and regulatory environment .
There are a variety of factors that may cause actual results and performance to be materially different from the explicit or implicit contents of any forward -looking statements and thus, such forward -looking statements are not a reliable indicator of futures performance . The Company undertakes no obligation to publicly update or revise any forward -looking statements whether as a result of new information, future events or otherwise expect as may be required by applicable law. The information and opinions contained in this Presentation are provided as at the date hereof and are subject to change without notice . Neither this Presentation nor any part of it nor the fact of its distribution may form the basis of, or be relied on or in connection with, any contract or investment decision .
The information, statements and opinions contained in this Presentation are for information purposes only and do not constitute a public offer under any applicable legislation or an offer to sell or solicitation of an offer to purchase or subscribe for securities or financial instruments or any advise or recommendation with respect to such securities or other financial instruments . None of the securities referred to herein have been, or will be, registered under the U.S. Securities Act of 1933 , as amended, or the securities laws of any State or other jurisdiction of the United States or in Australia, Canada or Japan or any jurisdiction where such an offer or solicitation would be unlawful (the "Other Countries"), and there will be no public offer of any such securities in the United States . This Presentation does not constitute or form apart of any offer or solicitation to purchase or subscribe for securities in the United States or the Other Countries .
Pursuant the consolidated law on financial intermediation of 24 February 1998 (article 154-bis, paragraph 2) Ugo Colombo, in his capacity as manager responsible for the preparation of the Company's financial reports declares that the accounting information contained in this Presentation reflects the Generalfinance documented results, financial accounts and accounting records . Neither the Company nor any of its or their respective representatives, directors or employees accept any liability whatsoever in connection with this Presentation or any of its contents or in relation to any loss arising from its use or from any reliance placed upon it.
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3 generalfinance.itAgenda
Main results 6M 2026 Focus on Asset Quality and Digital Factoring 6M 2026 Results : Balance Sheet , P&L, Funding and Capital
Annexes
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4 generalfinance.itMain results 6M 2026
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5 generalfinance.itStrong and long -term oriented shareholder base Shareholding structure –updates on voting rights Situation as July 2026;
(*) considering the enhanced multiple voting rights (**)Gianolli Riccardo: UsufructMGH – Massimo
Gianolli Holding
S.r.l.SMT Holding S.r.l.Gianolli
Riccardo**
GGH - Gruppo
General Holding
S.r.l.Investment Club
S.r.l. BFF S.p.a .First4Progress1 S.r.l.Banca del Ceresio
SA Market
Generalfinance
S.p.A.
% voting rights *41.37%84.10% 10.68% 5.22%
62.48%9.55%
4.81%8.02%
4.04%3.97%
6.00%4.77%
6.41%32.30%
16.26%% share capitalFurther strengthening of MGH’s role in GGH’s governance: +0.94%
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6 generalfinance.it
1.82.0
6M25 6M26
2.02.63.03.9
2022 2023 2024 2025Turnover witnessing a strong growth story… Turnover growth above the market averageGrowth in Turnover Volume (€Bn)
CAGR ’22 -’25
+24%VAR. YOY ’25 -’26
+9% Note: Turnover includes Future receivables
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7 generalfinance.it
556 9.1%2.2%…Associated with high diversification at portfolio level
HIGHER NUMBER OF DEBTORS PER SELLER
TURNOVER - % CHANGE FROM PREVIOUS YEAR
Generalfinance's Turnover data refers to June 30, 2026. Turnover includes Future receivables Assifact's Turnover data refers to May 31, 2026. The percentage variation in turnover includes the volumes generated by tax credit purchases Generalfinance reports an average of 55 debtors per seller , significantly above the industry average of 6.
This highlights a more granular and diversified operating model , allowing for better risk diversification compared to the system .
Generalfinance recorded turnover growth of 9.1% year -on-year , compared with 2.2%forthemarket .
This performance highlights strong commercial momentum and confirms the Company’s ability to further consolidate itsposition inits reference market .Generalfinance: data refers to June 30, 2026; turnover includes Future receivables Assifact: data refers to March 31, 2026. Household debtors have been excluded
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8 generalfinance.it
28.9
(11.7)17.2
(6.5)10.7
28.9
(13.4)15.5
(5.9)9.6Net Income Adjusted 6M2026 (€Mln)
Net profit
(loss) from
financial
managementOperating
CostPre-tax
profit ( loss)
from c.o.Income
tax Profit &
LossExcluding the
€1.7 Mln in risk
provisionsStated Adjusted
Adjustement : €1.7 Mln in risk provisions , net of GF’s tax rateClawback Risk Industries Sportswear Company S.r.l Generalfinance S.p.A. announced in May that the Court of Appeal of Venice – in the context of the second -instance proceedings relating to the claw -back action brought against the Company by Fallimento Industries Sportswear Company S.r.l. – ordered the Company to pay to the insolvency proceeding approximately €2.2 million (plus expenses and interest, estimated at approximately €1.2 million .
In relation to this ruling, a settlement agreement has been outlined with the bankruptcy trustees —to be signed and settled in the coming weeks — which provides for a payment by Generalfinance of €1.7 million as a final and full settlement of the lawsuit .(1.7)
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9 generalfinance.it
Clawback Risk, very low compare to turnover level Total Won7Number of Legal Proceedings ( clawback ) from 2007 to 6M2026 Settled Lost Ongoing1 3 1 2 Cumulative Turnover from 2007 to 6M2026 €bn
~19.5
~0.7
2007 2026Lost €Mln
Settled €Mln
Total Losses €Mln Cumulative Turnover 2007 –6M2026 €bn Loss rate 0.15
3.88
4.03
18.8
0.02 %
Loss rate: (Total Losses / Cumulative Turnover 2007 –June 2026)Cumulative
Turnover
18.8 €bn
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10 generalfinance.it
12.310.7
6M25 6M26
10.915.121.128.8
2022 2023 2024 2025Net Income : high profitability from the operations Net income adjusted down 13% compared with the exceptionally high profitability recorded in the first halfof 2025.Trend in net income adjusted (€Mln)
CAGR ‘22 -’25
+38%VAR. YOY ‘25 -’26
-13%
Net Income 6M26 adjusted to exclude the €1.7 million litigation charge
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11 generalfinance.itFocus on Asset Quality and Digital Factoring
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12 generalfinance.it
1.94%2.04%
1.74%
6M25 3M26 6M26
0.14%0.20%
0.16%
6M25 3M26 6M26
5.91%
1.74%
3M26 6M26A low risk model with best in class asset quality Generalfinance has lower non -
performing exposure compared to
the market
thanks to its unique and effective business model enabling a high quality of debtors and constant mitigation of credit risk Gross NPE Ratio Benchmarking
-417 bpsCOST OFRISK(%)
GROSS NPE R ATIO (%)
Cost of Risk has been computed as Credit Risk Adjustments / Annual Disbursed Loans;
Gross NPE («Non -Performing Exposure») Ratio has been computed as Gross NPE / Gross Loans to Customers; Assifact data including P A sector
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13 generalfinance.it
High protection of risk due to conservative credit stance
Financial
AssetsCredit
& SACE
InsuranceOutstanding
not
advancedPersonal
GuaranteesFinancial Assets
net of
guarantees188684 100
199 197
Insurance: Allianz Trade (Credit Insurance) cap equal to 50x annual premiums for total €55 Mln; Sace Guarantees for total €44 Mln Personal guarantees: calculated by summing the lower value between "Guarantee" and “Exposure" for each factoring relationship between Generalfinance and the sellerThe Net Financial Assets borne by Generalfinance on total financial assets as at June 30, 2026 was €188 MlnBreakdown of Financial Assets (€Mln, 6M2026)
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14 generalfinance.it
69%
27%26%
67%4% 4%1% 2%
Generalfinance Market
01-30 31-60 61-90 91-120 121+
1%5% 4%33%
18%35%
26%26%
52%
Generalfinance Market
01-30 31-60 61-90 91-120 121+Collection performance: a strategic delivery to our Customers Source: iTrade data as of May 2026Only 26% of Generalfinance’s portfolio haspayment conditions exceeding 120 days ( vs 52% of the market ) Generalfinance boasts a portfolio quality, both in terms of Payment Conditions and Payment Delays, better than the rest of the marketPayment Delays (days) Payment Conditions (DSO) 69% of Generalfinance’s portfolio hasno payment delays (vs 27% of the market )
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15 generalfinance.itDSO trend showing a very low duration business Source: Assifact monthly and quarterly statistics; excluding public sectorDays Sales Outstanding (DSO)
GAP VS MARKET AVG -8 Days -2 Days
7276 7885 83 81 8377 78 80 81 81 82 82 81 79 79
Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26
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16 generalfinance.itA unique business model, leveraging factoring features 1) Generalfinance data refers to June 30, 2026 (LTM); Assifact data refers to March 31, 2026 ;
2) Assifact data net of household debtors ; 3) NewCo: New Company after the definition of the turnaraund planThe 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 (normally investment grade)
GENERALLY
WITH
«INVESTMENT GRADE » RATING
GF S CORECREDIT UPGRADEPRODUCTS
✓Recourse factoring (c.79%ofturnover ;vs
17%Assifact1)
✓Non-recourse factoring (c.21% of
turnover ;vs83%Assifact1)
✓Reverse factoring, tax receivables factoring, future receivables factoring ✓C.76%ofturnover covered byinsurance ✓75% LTV (Recourse )in 6M 2026 , adjustable according tocredit risk ✓High ratio Debtor/Seller (55vs6of
Assifact average2)
✓Average Seller retention about 6.5
yearsHIGHLIGHTS FORGENERALFINANCE1
AAA AA+
AA AA-
A+ A
A-
BBB+
BBB
BBB-
BB+ BB
BB-
B+ B
B-
CCC+
CCC
CCC -
CC C
D1.00 1.75 2.50 3.25 4.00CUSTOMERS (special situations)DEBTOR
TYPICALLY IN
TURNAROUND / RESTRUCTURING
PROCEDURESELLERMargin
Cost of Risk 3Turnover Q2 ‘26 –per Debtor Turnover Q2 ‘26 –per Seller
48.6%
31.3%15.3%4.8%
64.5%33.7%1.7% 0.1%
Green score equal to 34%Green score equal to 49%
43.5%51.8%4.7%
Distressed Bonis (High risk) NewCo
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17 generalfinance.itA strategic asset: ourproprietary digital platform Seller (406, +32 QoQ )
Accounting System
TOR (back end)
Legacy
GENERALWEB
(front end)
Web Portal
Debtors (22,152, +1,097 QoQ )
Infoprovider
DataLake
B.I. & Data Analytics
Factoring and
Banking
Facility Revolving
Credit FacilitySecuritization
(General SPV)
Treasury
# Automatic Disposal
17,691# Automatic
Disbursement
19,632
#Automatic
settlement
11,704# Invoices 507,830 # Installments 558,966 # Automated notifications
# 174,321 («PEC» 88%,
«Raccomandata» 12%)
Regulatory Reporting
Intelligent data
matching
Open banking /
cash pooling
providers
Total transactions
# 782,314
Data LTM, asof June 2026 Total transactions : sum of Automaric Disponsal , Automatic Disbursement , Automatic settlement , Installments and Automated notifications
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18 generalfinance.itAn organization oriented to risk control and business
Chief Business
OfficerBoard of Directors
Chief Lending
Officer (CLO)
ICT
Development
Data AnalyticsICT System Co-Head of Business DevelopmentCo-Head of Business
DevelopmentChief Executive
Officer (CEO)
Cyber SecurityChief Information Officer (CIO)Chief Digital
Finance Officer
Legal Credit
ManagementSellers
Underwriting
Debtors
Underwriting
Portfolio
MonitoringDebtors
Management
Collection
Back OfficeAdministration
and AccountingPlanning,
Control & M&ASupervisory
ReportingTreasuryInternal Audit
Strategic Support
and Staff Coor Dep.
Risk Management
AML &
ComplianceHR Department
(CHRO)
Legal and
Corporate Affairs
Department
Chief Commercial
Officer (CCO)
Know Your
CustomerOrganizational
Governance
and Dem. Man.Chief Integration &
Transformation Officer
(CITO)Corporate
Services
Department
Chief Financial
Officer (CFO)
Chief Business
Development
Business
RelationshipOrigination
InternationalChief Marketing
Officer (CMO)Chief Information
& Operations
Business
Development Spain
Branch
Business
Development Swiss
BranchProcess and
Functional
AnalysisChief Operating
Officer (COO)
Organizational chart as of June 30, 2026; Suisse Branch opening subject to BoI authorizationBusiness
Development
Digital Finance
Credit Digital
Finance
Product Design
& Development#99
Employees
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19 generalfinance.it
Business scaled up with enhanced diversification Debtor’s Trend 2024 –6M26
20,53221,44622,152
6M26 2025 2024Seller’s Trend 2024 –6M26
293362406
Top 10 Sellers % on total exposure –6M26KPI of the Spanish Branch
Sellers
Debtors
Turnover
(€mln)6M25 6M26 YoY (%) 4 12 +200% 40 188 +370% 12.3 31.8 +160%
6M26 2025 2024
6M26 2025 202444.7%
33.3% 32.6%6M2026: data relating to the LTM 6M2026: data relating to the LTM
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20 generalfinance.it
48% 52%
74%26%
6%
27%41%20%
6%
6%12%15%
54% 13%Business oriented to SMEs and Mid Corporate… Generalfinance's Turnover data refers to June 30th, 2026 Assifact's Turnover data refers to March 31st, 2026SELLERS ’ DIVERSIFICATION BY DIMENSION 74% up to 250MSmall size (<10M€) Medium size (10 -50M€) Corporate (50 -200M€) Large Corporate (250M€+)
Not classified
33% up to 250M
Notification
Not NotificationFACTORING BY NOTIFICATION STATUS
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21 generalfinance.it
79% 21%
17% 83%
76% 24%…through recourse facilities and export factoring…
Italy
RoWNATIONAL VS INTERNATIONAL TURNOVER
TURNOVER BY PRODUCT
Recourse
Non-Recourse
Generalfinance's Turnover data refers to June 30th, 2026 Assifact's Turnover data refers to March 31st, 2026
75% 25%
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22 generalfinance.it
47%24%
5% 25%
83%9%
7% 2%
54%22%
7% 3%
5% 9%
28%13%16%
5% 4%
4% 20% 10%…with a strong presence in northern Italy manufacturing
SELLERS ’ DIVERSIFICATION BY SECTOR
SELLERS ’ DIVERSIFICATION BY GEOGRAPHY
Manufacturing
Trade
Services
Transportation
Construction
Others
Foreign
Not classified
Northern Italy
Central Italy
Southern Italy
International
Generalfinance's Turnover data refers to June 30th, 2026 Assifact's Turnover data refers to March 31st, 2026
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23 generalfinance.it6M 2026 Results : Balance Sheet , P&L, Funding and Capital
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24 generalfinance.it
Income Statement (€Mln) 2022 2023 2024 2025 CAGR '22-'25 6M25 6M26 YoY% Interest 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 value adj/write-backs for credit risk (1.2) (1.3) (1.2) (2.9) 34.7% (2.0) (2.4) 22.5% Operating Costs (13.2) (12.9) (16.0) (20.4) 15.6% (9.7) (11.7) 21.2% Net Profit 10.9 15.1 21.1 28.8 38.2% 12.3 10.7 (13.2%)
(€Mln) 2022 2023 2024 2025 CAGR '22-'25 6M25 6M26 YoY%
Turnover 2,009.4 2,559.3 3,029.5 3,870.5 24.4% 1,830.5 1,999.3 9.2% Disbursed Amount 1,674.0 2,161.4 2,393.6 3,012.7 21.6% 1,436.7 1,491.4 3.8%
LTV 83.3% 84.5% 79.0% 77.8% (2.2%) 78.5% 74.6% (5.0%)
LTV Pro-solvendo 81.5% 80.1% 75.9% 75.2% (2.6%) 74.7% 74.6% (0.1%) Net Banking Income / Average Loan (%) 8.7% 8.5% 9.1% 10.4% 6.0% 9.8% 9.3% (5.5%) Interest Margin / Net Banking Income (%) 23.5% 24.8% 25.4% 27.0% 4.7% 23.7% 22.7% (4.4%) Cost Income Ratio 42.7% 35.7% 32.9% 30.5% (10.6%) 32.0% 37.3% 16.8%
ROE (%) 23.7% 29.3% 35.8% 41.3% 20.3% 35.4% 26.3% (25.7%)
Balance Sheet (€Mln) 2022 2023 2024 2025 CAGR '22-'25 6M25 6M26 YoY% Cash & Cash Equivalents 43.7 21.7 122.4 122.6 41.0% 95.3 97.9 2.8% Financial Assets 385.4 462.4 614.9 668.9 20.2% 616.8 684.1 10.9% Other Assets 14.7 15.9 32.3 50.6 50.8% 30.5 48.8 60.0% Total Assets 443.8 500.0 769.6 842.1 23.8% 742.6 830.8 11.9% Financial Liabilities 368.4 409.4 635.2 673.1 22.3% 597.4 658.8 10.3% Other Liabilities 18.6 24.2 54.3 70.6 56.1% 63.1 81.0 28.3% Total Liabilities 387.0 433.6 689.5 743.7 24.3% 660.6 739.8 12.0% Shareholder's Equity 56.8 66.4 80.1 98.4 20.1% 82.0 91.0 11.0%A low volatility P&L, based on fees and commissions Note: Turnover includes future receivables ROE = Net Profit / (Equity - Net Profit ) Cost Income Ratio: Operating Costs / Net Banking Income Income Statement, Cost/ Income Ratio and ROE (%): 6M26 adjusted to exclude the €1.7 million litigation charge
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25 generalfinance.it
8.0 8.010.5 9.9
2025 6M26
Minimum Buffer
4.5 4.58.6 8.5
2025 6M26
Minimum Buffer
79.5 84.2112.5 115.9
2025 6M26
CET1 € Mln TC € Mln 659 7 70 1 3 91 831 98 8684 10 8 21 83113.1A very simple balance sheet with a strong capital position… RWA Density: RWA / Total Asset Note: CET1 Ratio and Total Capital Ratio calculated taking into account net profit of the 6M26, net of total dividends to be distributed (payout 50% of net profit) Other Assets: include €0.02 million of hedging derivatives Other Liabilities: include €2.7 million of hedging derivatesRWA €
mln648 607
Capital
Buffer18.5
78%RWA
Density
% 72%6M26 A SSETS BREAKDOWN €MLN 6M26 L IABILITIES BREAKDOWN €MLN
CET1 R ATIO (%) TOTAL CAPITAL RATIO (%) CAPITAL AND RWACash & Cash
equivalentsFinancial
Assets
ACTangilble /
Intangible
AssetsFiscal
AsstetsOther
AssetsTotal AssetsFinancial
LIabilitiesFiscal
LiabilitiesProvision for
EmployeesProvisionsShareholders'
EquityTotal
Liabilities
and EquityOther
Liabilities
13.017.9
Capital
BufferFinancial
Assets
FVTPL
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26 generalfinance.it
260 71 285 143 420 35 1,213
741 82
159 16226120659
4727
35127
14237612 6Other
Banking Facility
Bond
Commercial Paper
Factoring Facility
RCF Securitization…coupled with a robust funding and liquidity position
6M26 –TOTAL AVAILABLE FINANCING AMOUNT (€MLN)
82 659Cost of funding calculated as (interest expense – right of use) / average financial liabilities, including refactoring (Last 12 months) Average Euribor 3 months (Last 12 months) Funding Spread: Cost of funding – Average Euribor 3 months; variable funding: including commercial papers
RCFBanking
Facility & OtherFactoring
FacilityBond SecuritizationCommercial
PaperAvailable
FundingUse of
FundingLiquidity
PositionUndrawn credit
facilities
Liquidity Position: excluding pledge accounts amounting to 15.8 €Mln Use of Funding: sum of financial liabilities (red) and off -balance refactoring non-recourse transactions (orange ) Securitization: included only for an amount equal to the credit lines approved by banks Banking Facility & Other: “Banking Facility” amounting to 39.2 € Mln and “Other” amounting to 31.7 € Mln2025 –6M26 F UNDING ANDCOST OFFUNDING (€MLN, %) 6M26 F UNDING BREAKDOWN Cost of fundingVar YTD% -2% Average Euribor 3 months 2.2% 2.1%2025 6M26
4.2% 4.0%
Funding spread 2.0% 1.9%673 659
Counterbalancing
capacity
473555
Fixed
rate 6%
Variable
(Eur1M)
25%Variable
(Eur3M)
62%Variable
(Eur6M) 6%
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NII «hedged» against interest rates volatility (1) (Interest income + delayed payment Interest )/ average loans including refactoring (Last 12 months) (2) Spread: average interest rate on seller – average cost of funding (3) Calculated as (interest expense, net of right of use costs) / average financial liabilities, including refactoring (Last 12 m onths) (4) Calculated as Net Interest income/ average loans (current and previous year)Net Interest Income (NII) ~23% of the Net Banking Income .
Almost all funding available at variable rates (Euribor 1M, 3M and 6M).
All factoring contracts with Sellers at variable rates (based on Euribor
3M).6M25 2022 2023 2024 20251.9%
1.9%
2022 2023 2024 20252.1% 2.1% 2.3%2.8%Commercial Spread % Net Interest Margin
%(1)
Average cost
of fundingSpread(2)
(4)3.8%Average interest rate on seller (3)
6M26
6M25 6M266.9%
1.7%
5.2%7.2%
1.8%
5.4%2.4%
4.0%6.4%
4.2%6.2%
1.8%
4.2%6.0%
2.3% 2.1%2.0%
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Net commission income, the primary source of profitability Evolution of Commission Income / Turnover % (1) Commission Income / Turnover : ((Commission Expense / Turnover) + (Net Commission Income / Turnover)) Commission Expense / Turnover Net Commission Income / Turnover(1) Net Commission Income ~77% of the Net Banking Income .
Commission Income / Turnover improving YoY
Stable commission
expense rate over time thanks to optimization of insurance costs and
banking fees1.4%
1.3%1.4%1.5%
1.2%
0.2%1.1%
0.2% 0.2% 0.2%1.2% 1.3%1.5%
0.2%1.3%1.3%
0.1%1.2%
2022 2023 2024 2025 6M25 6M26
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050100150Human capital asa strategic factor to drive growth
Workforce growth
#99 FTE as of 6M2026 #Cost income remaining at excellent levels due to the high efficiency of the operating machine and the economy of scale (IT
proprietary platform)
YoY% +21%Personnel Expenses
Other Expenses
Depreciation &
Amortization
Other income &
Expenses
6M26Personnel
ExpensesOther
ExpensesDepreciation &
AmortizationOther income &
Expenses (adj)
6M25-0.7+0.9+4.6+4.9
-1.0+1.0+5.2+6.5+0.6 +1.6
-0.3+0.1
9.711.7
Data €MlnOperating Costs0 Cost income ratio %
+33%
YoY+12%
YoY+14%
YoY Other income & expenses : net of provisions to the risk and charges fund (€1.7 million litigation charge ) Cost/ Income Ratio: 6M26 adjusted to exclude the €1.7 million litigation charge63 717787
2022 2023 2024 2025 6M25 6M268199CAGR ‘22 -’25
+11%VAR. YOY ‘25 -’26
+22%
43% 36% 33% 31% 32% 37% Operating costs increased mainly due to personnel costs , impacted by the increase in FTEs (+18 YoY, mainly in commercial and business areas) and LTIs (phantom shares FV) . +31% YoY
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30 generalfinance.itClosing remarks Sound commercial trend •Turnover + 9% YoY •Growing number of Sellers (+32 QoQ ) and Debtors (+1,097 QoQ ), resulting in lower concentration , greater portfolio diversification and reduced risk •Positive contribution from the Spanish branch , in terms of growing numbers of Sellers and Debtors •Starting of the Suisse operations in Q4, subject to BoIapproval •Digital Finance Department established and related ongoing activities •5 new managers hired over the past year, 3 of whom dedicated to business development Asset quality improvement •NPE Ratio down to 1.7% •Cost of risk under control, in line with expectations •Very high diversification per Debtors and sectors Rock -solid balance sheet •Total Capital Ratio around 18%, vis -a vis 8% minimum level •1.2 bn of available funding •> 550 mln of counterbalancing capacity
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31 generalfinance.itCommercial Trends •Lower Turnover in the first half compared to expectations: -4% YoY (approx. €80mln) vs. the Business Plan forecast, due to complexities and delays in certain restructuring processes.
•Lower DSO: 78 days vs. 80 days forecast in the Business Plan.
•Lower growth in Spain compared to expectations: 6M2026 Turnover ( -55%) vs. the Business Plan forecast.
Risk and provisions •Lawsuit settlement for an amount of €1.7mln of risk provisioning for a clawback action.
•Reduction of credit risk (NPE Ratio), also driven by the disposal of 3 single names.
Operating costs
•Higher Personnel costs, amounting to €6.5mln as of June 30, 2026, vs. approx. €6.0mln forecast in the Business Plan.
•Phantom Shares: +€0.3mln as of June 30, 2026, compared to the same period of the previous year.
•Tax rate at approx. 38% as of June 30, 2026, compared to approx. 34% in H1 2025 (at a constant tax rate, net profit reported would be €0.7mln higher) and 36.5% in the Business Plan.
•New financial liabilities issued that increased funding costs and strengthened both funding stability and Capital Ratios.Key Factors, Performance vs. Expectations
ADJ. NET PROFIT 2026 EXPECTED TO BE 29-31 € MLN (VS 32 MLN BUSINESS PLAN)
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32 generalfinance.itAnnexes
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33 generalfinance.itIncome Statement Income Statement (€Mln) 6M25 6M26 YoY% Interest income and similar income 21.0 21.5 2% Interest 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 INCOME 23.0 24.3 6%
Dividends and similar income 0.0 0.1 167% Net profit (loss) from trading (0.0) (0.0) -91% Profit (loss) from sale or buyback of fin. assets measured at a.c. 0.0 (0.0) na Net results of other financial a/l measured at fv 0.0 (0.1) -2160%
NET INTEREST AND OTHER BANKING INCOME 30.2 31.4 4%
Net value adjustments / write-backs for credit risk (2.0) (2.4) 22% a) Financial assets measured at amortised cost (2.0) (2.4) 22%
NET PROFIT (LOSS) FROM FINANCIAL MANAGEMENT 28.2 28.9 2%
Administrative expenses (9.5) (11.7) 23% a) Personnel expenses (4.9) (6.5) 33% b) Other administrative expenses (4.6) (5.2) 12% Net provision for risks and charges (0.0) (1.7) 19598% b) Other net provisions (0.0) (1.7) 19598% Net value adjustments / write-backs on pppe (0.5) (0.5) (1%) Net value adjustments / write-backs on int. Ass. (0.4) (0.5) 33% Other operating income and expenses 0.8 1.0 29%
OPERATING COSTS (9.7) (13.4) 39%
Gains (Losses) from equity investments (0.0) 0.0 (100%)
PRE-TAX PROFIT (LOSS) FROM CURRENT OPERATIONS 18.6 15.5 (16%)
Income tax for the year on current operations (6.2) (5.9) (6%)
PROFIT (LOSS) FOR THE YEAR 12.3 9.6 (22%)
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34 generalfinance.itBalance Sheet Balance Sheet (€Mln) 2025 6M26 Var% YTD Cash and cash equivalents 122.6 97.9 (20%) Financial assets measured at fair value through p/l 8.3 8.4 2% Financial assets measured at amortised cost 668.9 684.1 2% Hedging derivatives 0.7 0.0 (97%) Property, Plan and Equipment (PPE) 5.9 6.4 8% Intangible assets 3.8 4.1 8% Tax assets 10.6 7.6 (28%) a) current 10.0 6.4 (36%) b) deferred 0.6 1.3 114% Other assets 21.3 22.3 5%
TOTAL ASSETS 842.1 830.8 (1%)
Financial liabilities measured at amortised cost 673.1 658.8 (2%) a) payables 519.6 481.8 (7%) b) outstanding securities 153.5 177.0 15% Hedging derivatives 0.3 2.7 710% Tax liabilities 14.9 6.8 (54%) Other liabilities 52.7 67.0 27% Post-employment benefits 1.7 1.4 (17%) Provision for risk and charges 1.0 3.2 211% Share capital 4.2 4.2 0% Share premium reserve 25.4 25.4 0% Reserves 39.8 51.4 29% Valuation reserves 0.2 0.3 123% Profit (loss) for the year 28.8 9.6 (66%)
TOTAL LIABILITIES AND SHAREHOLDERS'S EQUITY 842.1 830.8 (1%)
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Income Statement (€Mln) 2Q25 3Q25 4Q25 1Q26 2Q262Q26 /
1Q26 %2Q26 /
2Q25 %
Interest 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 value adj/write-backs for credit risk -0.1 -1.2 0.3 -1.4 -1.1 -21.4% 1563.3% Operating Costs -5.0 -4.7 -6.0 -5.5 -6.2 13.4% 23.5% Net Profit 7.0 8.7 7.8 5.1 5.6 8.9% (20.8%)
(€Mln) 2Q25 3Q25 4Q25 1Q26 2Q262Q26 /
1Q26 %2Q26 /
2Q25 %
Turnover 1011.7 975.3 1065.2 904.8 1094.5 21.0% 8.2% Disbursed Amount 792.7 746.4 829.6 668.7 822.7 23.0% 3.8%
LTV 78.4% 76.5% 77.9% 73.9% 75.2% 1.7% (4.1%)
Net Banking Income / Average Loan (%) 11.0% 12.5% 11.1% 9.6% 10.3% 8.1% (5.8%) Interest Margin / Net Banking Income (%) 24.5% 31.6% 27.6% 25.0% 20.6% (17.7%) (15.8%) Cost Income Ratio 31.9% 24.9% 34.0% 36.6% 38.0% 3.6% 18.9%
ROE (%) 40.4% 49.8% 44.7% 20.8% 27.4% 31.6% (32.2%)
Balance Sheet (€Mln) 6M25 9M25 12M25 3M26 6M266M26/
3M26 %6M26/
6M25 %
Cash & Cash Equivalents 95.3 144.7 122.6 138.9 97.9 (29.5%) 2.8% Financial Assets 616.8 598.7 668.9 584.0 684.1 17.1% 10.9% Other Assets 30.5 40.7 50.7 56.2 48.8 (13.2%) 59.7% Total Assets 742.6 784.1 842.1 779.1 830.8 6.6% 11.9% Financial Liabilities 597.4 617.1 673.1 600.5 658.8 9.7% 10.3% Other Liabilities 63.1 76.4 70.7 75.1 81.0 7.7% 28.2% Shareholder's Equity 82.0 90.6 98.4 103.5 91.0 (12.1%) 11.0% Total Liabilities and Equity 742.6 784.1 842.1 779.1 830.8 6.6% 11.9%A low volatility P&L, based on fees and commissions Note: Turnover includes future receivables ROE = Net Profit / (Equity - Net Profit ) Cost Income Ratio: Operating Costs / Net Banking Income Income Statement, Cost/ Income Ratio and ROE (%): 2Q26 adjusted to exclude the €1.7 million litigation charge
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36 generalfinance.it
Mission to Grow