Informazione
Regolamentata n.
1693-58-2026Data/Ora Inizio Diffusione 28 Luglio 2026 19:01:23Euronext Star Milan
Societa' :GENERALFINANCE S.p.A.
Utenza - referente :GENERALFINANCEN01 - Saviolo Stefano
Tipologia :1.2
Data/Ora Ricezione :28 Luglio 2026 19:01:23 Data/Ora Inizio Diffusione :28 Luglio 2026 19:01:23
Oggetto :GENERALFINANCE: RESULTS AS AT 30
JUNE 2026 APPROVED
Testo del comunicato
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Press release
RESULTS AS AT 3 0 JUNE 2026 APPROVED
Generalfinance closes the first 6 months of 202 6 with a net banking income of €31.4 million , up 4% year -on-year, and a n adjusted net profit1 of €10.7 million with a ROE adjusted of 26.3%.
Further growth in the core business : turnove r2 reached around 2 billions (+9%).
The high quality of the credit portfolio is confirmed : gross NPE ratio3 at 1.7%.
The pre limina ry activities have been initiated for the issuance of an unsecured senior bond with an aggregate principal amount ranging from €50 million to €100 million, to be offered to the general public .
P&L PERFORMANCE
• Net financial income of €28.9 million, + 2% compared to the same period of 202 5.
• Adjusted n et profit of €10.7 million .
• Cost/income ratio adjusted4 at 37.3 %, compared to 32% over the same period in 202 5.
• ROE adjusted5 of 26.3%, significantly higher than the cost of capital .
FURTHER GROWTH IN THE CORE BUSINESS
• Turnover at €1,999 million, + 9% over the same period of 202 5.
• Flow of loans disbursed at €1,491 million, 4% YoY.
• Roughly 7 6% of advances assisted by insurance guarantee, through the long -established strategic partnership with Allianz Trade, leader in credit insurance.
Milan, Italy, 28 July 2026. The Board of Directors of Generalfinance – meeting under the chairmanship of Professor Maurizio Dallocchio – approved the interim report on operations for the first half of 202 6, which shows net financial income of € 28.9 million, up 2% year -on-year , and a n adjusted net profit of €10.7 million , with a reported net profit of 9.6 million . Shareholders’ equity stands at € 91.0 million.
1 Adjusted net profit , excluding €1.7 million of provisions for risks and charges relating to pending bankruptcy claw -back litigation, net of the related tax effect calculated using the Company's effective tax rate .
2 Turnover including operations of future receivables advance .
3 Gross non -performing loans , divided by gross customer loans .
4 Adjusted cost/income ratio: calculated excluding €1.7 million of provisions for risks and charges relating to litigation in c onnection with a bankruptcy claw -back action, net of the related tax effect based on the Company's effective tax rate (Adjusted Ope rating Expenses / Net Banking Income) .
5 Adjusted ROE: calculated as Adjusted net profit (excluding €1.7 million of provisions for risks and charges relating to litigation in connection with a bankruptcy claw -back action, net of the related tax effect based on the Company's effective tax rate) divided by shareholders' equity, net of Adjusted net profit .
Massimo Gianolli, Chief Executive Officer of Generalfinance, declared:
“The first six months of 2026 delivered a strong commercial performance, with turnover increasing by 9%, the client base expanding to more than 400 active assignors, and further risk diversification achieved through a portfolio of over 22,000 active assigne d debtors. With adjusted net income of €10.7 million, return on invested capital remained strong at 26%, while a cost/income ratio of 37% confirmed the Group's high level of operational efficiency. The market environment continues to be characterised by li mited liquidity, particularly for companies in special situations and distressed businesses, as well as SMEs, which represent our primary target client segment .”
Main reclassified Income Statement figures (in thousands of Euro) Income statement item 06.30.2026 06.30.2025 Change Net interest income 7,117 7,174 (1%) Net fee and commission income 24,291 23,013 6% Net interest and other banking income 31,360 30,215 4% Net profit (loss) from financial management 28,942 28,240 2% Operating costs (11,706 ) (9,659 ) 21% Pre-tax profit from current operations 17,236 18,566 (7%) Profit for the period 10,695 12,320 (13%)
Key Statement of Financial Position figures (in thousands of Euro) Statement of Financial Position item 06.30.2026 12.31.202 5 Change Financial assets measured at amortised cost 684,099 668,859 2% Financial liabilities measured at amortised cost 658,832 673,072 (2%) Shareholders' equity 91,016 98,379 (7%) Total assets 830,760 842,137 (1%)
Main key performance indicators
KPI 06.30.2026 06.30.202 5
Cost/Income ratio 37% 32%
ROE 26% 35%
Net interest income/Net interest and other banking income 23% 24% Net fee and commission income/Net interest and other banking income 77% 76%
Profit & Loss figures Net interest income amounted to € 7.1 million, broadly stable compared with the first half of 2025 .
Net fee and commission income totaled € 24.3 million, up 6% compared to € 23.0 million in the first six months of 2025. The trend in fee and commission income was affected by the positive trend in turnover (+9% year on year), reflecting the excellent commercial performance of the Company during the period .
Net interest and other banking income amounted to approximately € 31.4 million, up 3. 8%.
Net value adjustments to loans totaled € 2.4 million, with a cost of risk of approximately 16 basis points; Net profit from financial management amounted to € 28.9 million, up 2% year -on-year.
Operating costs, amounting to approximately € 11.7 million, increased by 21.2 %, while pre-tax profit from current operations totaled € 17.2 million ( -7% year -on-year). Estimated taxes amounted to € 5.9 million , primarily reflecting the impact of the changes to the tax regime applicable to the income of banking and financial intermediaries introduced by the 2025 Budget Law . Operating expenses include provisions for risks and charges of approximately €1.7 million . In this regard, Generalfinance S.p.A. announced on 11 May that the Venice Court of Appeal, in the second -instance proceedings relating to the claw -back action brought against the Company by the bankruptcy estate of Industries Sportswear Company S.r.l., o rdered the Company to pay the bankruptcy estate approximately €2.2 million, in addition to legal costs and interest, the latter amounting to approximately €1.2 million.
Following the adverse ruling issued by the Venice Court of Appeal and based on the opinions received from the Company's external legal counsel, the risk of an unfavourable outcome in this litigation has been assessed as probable. In this context, the parti es are currently finalising a settlement of the dispute for an amount of €1.7 million, which has been fully recognised as a provision for risks and charges in the interim financial report.
Adjusted net profit for the period stood at approximately €10.7 million , compared to € 12.3 million recorded in the same period of 2025 , with a reported net profit of €9.6 million .
Balance sheet, funding and asset quality figures Net loans to customers amount to € 684.1 million, increasing compared to 31 December 2025 ( +2%).
The disbursement rate stands at 7 5%, down from 7 8% in the same period of 2025, while average number of days of credit are approximately 7 8 days, improving from 85 days recorded in the same period of the previous year. Within the aggregate of loans, total gross non -performing loans amount to €12. 0 million, with a gross NPE ratio of approximately 1.7% (net NPE ratio of approximately 1. 3%), improving with respect to 2% of the first quarter . The coverage ratio of non -performing loans stands at 25%.
Cash and cash equivalents — represented by loans to banks — amount to approximately € 97.9 million, reflecting a prudent liquidity management profile. Total assets amount to € 830. 8 million, compared to €842.1 million at the end of 2025.
Tangible assets amount to €6. 4 million, compared to approximately €5.9 million as of 31 December , 2025.
Intangible assets total €4. 1 million, compared to approximately €3.8 million at the end of 2025.
Financial liabilities measured at amortized cost, amounting to €6 58.8 million, consist of €4 81.8 million in payables and €1 77.0 million in debt securities in issue.
Shareholders' equity and capital ratios Shareholders' equity as at 3 0 June 2026 amounted to €91.0 million, compared to €98.4 million as at 31 December 202 5.
The capital ratios of Generalfinance – also including pro -forma net profit for the firs t six months of 202 6 net of expected dividends – show the following values:
- 13.0% CET1 ratio;
- 13.0% TIER1 ratio;
- 17.9% Total Capital ratio.
The ratios are well above the minimum regulatory values set forth in Bank of Italy Circular n. 288/2015 .
Impact resulting from the conflict between Russia and Ukraine With reference to the guidance provided by European Securities and Markets Authority (ESMA) in its Public Statement “Implications of Russia’s invasion of Ukraine on half -yearly financial reports” dated 14 March 2022, and to the communication issued by Commissione Nazionale per le Società e la Borsa (CONSOB) on 19 March 2022 ( “Conflict in Ukraine: CONSOB reminders to supervised issuers regarding financial disclosures and compliance with restrictive measures adopted by the European Union against Russia, as well as obligations for operators of online portals” ), the Company —within the framework of the continuous monitoring of its loan portfolio —has paid particular attention, from a geopolitical perspective, to developments in the conflict between Ukraine and Russia. This conflict escalated into the invasion of Ukrainian territory by Russia on 24 February 2022, and led to the adoption of economic sanctions by the European Union, Switzerland, Japan, Australia, and NATO countries against Russia and Belarus, as well as certain individuals associated with these countries.
Since February 2022, the conflict and related sanctions have had significant negative repercussions on the global economy, particularly in light of their adverse impact on commodity costs (especially energy prices and availability, including electricity an d gas), as well as on financial market performance.
In this context, the Company confirms what was already disclosed in the 2025 financial statements, namely that Generalfinance’s direct exposure to the Russian, Ukrainian, and Belarusian markets (i.e., the areas directly affected by the conflict) is extreme ly limited, as the Company maintains factoring relationships exclusively with assignors operating in Italy.
As of 30 June 2026, Generalfinance has a very limited exposure (approximately € 29,000) to assigned debtors located in Russia, Ukraine, and Belarus . Following the invasion of Ukraine, the Company has suspended credit facilities related to assigned debtors operating in the countries directly involved in the conflict.
Impacts resulting from the introduction of U.S. tariffs Starting from FY2025, the introduction of tariffs by the United States of America has generated tensions in international markets, with repercussions on global trade flows and certain production supply chains.
However, the direct impact on Generalfinance’s operations has been extremely limited, given the predominantly domestic nature of its portfolio and its specialization in factoring services mainly provided to Italian SMEs.
With reference to the first half of 2026, turnover generated from assigned debtors located in the United States amounts to approximately € 16.8 million (representing around 0.8% of Generalfinance’s total turnover) , while exposure to such debtors amounts to approximately € 6 million (representing around 0.9% of total gross exposure) , confirming that the Company’s factoring activity is primarily concentrated on European counterparties and markets.
The Company continues to monitor developments in the macroeconomic environment in order to adjust its investment and risk management strategies, while not observing any significant impact on its growth dynamics or credit quality.
Impa cts arising from the conflict in the Middle East Towards the end of February 2026, the international geopolitical environment has been characterized by significant tensions in the Middle East, which have led to increased volatility in global markets. This situation has resulted in a rise in commodity pri ces, particularly energy commodities, with consequent pressure on procurement costs. The increase in commodity prices has had an impact on operating costs and, consequently, on the financial results for the year of Generalfinance's clients (assignors and assigned debtors), while the direct impact on the Company's own cost structure remained very limited. A high degree
of uncertainty remains regarding the evolution of the geopolitical context and commodity markets, which could affect future results, particularly with regard to asset quality and impairment losses on receivables. The Company will continue to closely monito r developments in these external factors in order to assess their effects on its economic, equity and financial performance.
Significant events after the reporting period Following the close of the first six months of FY2026, no further facts, events, or circumstances have occurred that would materially alter what has been presented in this Interim Management Report, nor such as to render the current financial position and performance materially different fro m that approved by the Company’s governing bodies. Consequently, no adjustments to the Report or additional disclosures in the explanatory notes are required.
Outlook for operations In the current environment, with regard to the outlook for 2026, consideration should be given to the potential further impact of the ongoing geopolitical tensions on the corporate sector, particularly those arising from the tariff -driven trade war and the continuing conflicts between Russia and Ukraine and in the Middle East.
Against this backdrop, which continues to be characterized by challenges for the real economy, Generalfinance's commercial performance in the first half of 2026 —in terms of turnover, revenues and operating profitability —remained positive, although not fully in line with the budget and the targets set out in the c urrent Business Plan for the financial year.
Accordingly, adjusted net income guidance for 2026 is expected prudentially to be in the range of €29 –31 million .
*** At its meeting held today, the Board of Directors of Generalfinance S.p.A. resolved to initiate the preparatory activities for the issuance of a senior unsecured, unsubordinated and non -convertible bond with an aggregate principal amount ranging from €50 m illion to €100 million and an expected maturity of approximately four years. The offering will be addressed to both the general public in Italy and qualified investors in Italy, as well as institutional investors outside Italy.
The bonds are expected to be listed on a regulated market upon issuance. EQUITA SIM S.p.A. will act as bookrunner and placement agent, as well as the intermediary responsible for collecting subscription orders for the bonds. Further details will be announc ed closer to the launch of the transaction.
*** Mr. Ugo Colombo, as Financial reporting manager, hereby states that, pursuant to art.154 -bis, paragraph 2 of the TUF (Consolidated Law on Finance), the accounting information contained in this press release corresponds to the documentary results, the books an d the accounting records.
*** Generalfinance's results as at 30 June 2026 will be presented to the financial community in a conference call set for 29 July 2026 at 10. 00 (C.E.T.). A set of slides to support the presentation will be available by the same day, before the start of the conference call, on the home page of the company ’s website www.generalfinance.it , or in the Financial reports and presentations section at the link https://investors.generalfinance.it/en/financial -reportsand -presentations/ .
The conference will be held in Italian and in English.
To join the conference call in Italian, please register in advance using the following link:
Generalfinance - Presentazione Risultati 1H2026.
To join the conference call in English, please register in advance using the following link Generalfinance – 1H2026 Financial Results .
*** The interim report on operations will be made available to the public, according to law, at the company's registered office, as well as on the website www.generalfinance.it and via the authorised storage mechanism www.emarketstorage.com .
***
GENERALFINANCE
Founded in 1982 and led by Massimo Gianolli for over 3 5 years, Generalfinance is a supervised financial intermediary specialised in factoring, able to guarantee rapid and customised interventions according to the different needs of its customers. Operating from its offices in Milan , Biella , Roma and Madrid with a team of more than 90 professionals, Generalfinance is a leader in the segment of factoring for companies in “Special Situation” .
Generalfinance S.p.A.
Chief Financial Officer – Investor Relations Ugo Colombo | u.colombo@generalfinance.it |+39 3355761968
MEDIA CONTACT
CDR Communication
Angelo Brunello | angelo.brunello@cdr -communication.it |+39 3292117752
BALANCE SHEET
(values in Euro) Asset Items 06/30/202 6 12/31/20 25 10. Cash and cash equivalents 97,915,871 122,614,557 20. Financial assets measured at fair value through profit or loss 8,429,449 8,254,763 c) other financial assets mandatorily measured at fair value 8,429,449 8,254,763 40. Financial assets measured at amortised cost 983,098,684 668,858,544 a) loans to banks 63,471 464,732 b) receivables from financial companies 10,025,287 29,369 c) loans to customers 674,010,225 668,364,443 50. Hedging derivatives 20,211 717,458 80. Property, plant and equipment 6,416,026 5,947,875 90. Intangible assets 4,065,265 3,771,814
- of which goodwill 0 0 100. Tax assets 7,630,474 10,576,893 a) current 6,352,895 9,979,114 b) deferred 1,277,579 597,779 120. Other assets 22,183,721 21,395,377 Total assets 830,760,000 842,137, 281
Liabilities and shareholders’ equity Items 06/30/202 6 12/31/202 5 10. Financial liabilities measured at amortised cost 658,831,720 673,071,823 a) payables 481,848,527 519,578,194 b) securities issued 176,983,193 153,493,629 40. Hedging derivatives 2,717,608 335,466 60. Tax liabilities 6,700,787 14,901,932 a) current 6,572,620 14,844,419 b) deferred 128,167 57,513 80. Other liabilities 66,869,094 52,705,935 90. Employee severance indemnity 1,427,858 1,716,029 100. Provisions for risks and charges 3,196,995 1,027,373 b) pension and similar obligations 227,248 218,408 c) other provisions for risks and charges 2,969,747 808,965 110. Share capital 4,202,329 4,202,329 140. Share premium reserve 25,419,745 25,419,745 150. Reserves 51,421,335 39,848,867 160. Valuation reserves 337,894 151,625 170. Profit (loss) for the year 9,634,635 28,756,157 Total liabilities and shareholders' equity 830,760,000 842,137, 281
INCOME STATEMENT
(values in Euro) Items 06/30/2026 06/30/2025 10. Interest income and similar income 21,508,151 20,993,364 of which: interest income calculated using the effective interest method 20,030,714 20,772,540 20. Interest expense and similar charges (14,391,291) (13,818,977) 30. Net interest income 7,116,860 7,174,387 40. Fee and commission income 26,953,384 26,702,258 50. Fee and commission expense (2,662,380) (3,689,342) 60. Net fee and commission income 24,291,004 23,012,916 70. Dividends and similar income 67,260 25,211 80. Net profit (loss) from trading (91) (1,042) 100. Profit (loss) from sale or buyback of: (46,129) 0 a) financial assets measured at amortized cost (46,129) 0 110. Net result of other financial assets and liabilities measured at fair value through profit or loss (68,861) 3,342 b) other financial assets mandatorily measured at fair value (68,861) 3,342 120. Net interest and other banking income 31,360,043 30,214,814 130. Net value adjustments/write -backs for credit risk of: (2,418,328) (1,974,747) a) financial assets measured at amortised cost (2,418,328) (1,974,747) 150. Net profit (loss) from financial management 28,941,715 28,240,067 160. Administrative expenses (11,652,674) (9,498,702) a) personnel expenses (6,456,256) (4,860,752) b) other administrative expenses (5,196,418) (4,637,950) 170. Net provisions for risks and charges (1,708,605) (8,674) b) other net provisions (1,708,605) (8,674) 180. Net value adjustments/write -backs on property, plant and equipment (513 ,720) (519 ,574) 190. Net value adjustments/write -backs on intangible assets (528 ,249) (397 ,423) 200. Other operating income and expenses 989,023 765,365 210. Operating costs (13,414,225) (9,659,008) 220. Gains (losses) on equity investments 0 (15,375) 260. Pre-tax profit (loss) from current operations 15,527,490 18,565,684 270. Income taxes for the year on current operations (5,892,855) (6,245,317) 280. Profit (loss) from current operations after tax 9,634,635 12,320,367 300. Profit (loss) for the year 9,634,635 12,320,367
Fine Comunicato n.1693-58-2026 Numero di Pagine: 10