Disclaimer

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, forwardlooking 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.

Agenda

Main events and results 1H 2024
Focus on Asset Quality and Digital Factoring
1H 2024 Results: Balance Sheet, P&L, Funding and Capital
Closing Remarks
Annexes

Main events and results 1H 2024

Strong and long term oriented shareholder base

Shareholders' structure

Increased voting rights

On July 15, 2024, the Shareholders Investment Club S.r.l., First4Progress S.p.A. and Banca del Ceresio SA acquired the increase in voting rights, with respect to the shares (*) for which, on that date, it was ascertained that the period of twentyfour months of uninterrupted registration in the Special List had elapsed. Consequently, the overall distribution of voting rights was proportionally changed, due to the higher number of voting rights resulting from the aforementioned increase.

Workinvoice - Acquisition of 96% of the share capital

Milan, 17 June 2024 - Generalfinance S.p.A., announces that has signed a contract for the acquisition of 96% of the share capital of Workinvoice S.r.l., a leading operator and pioneer in the invoice trading market in Italy.

The Transaction provides for an initial consideration of EUR 6.4 million . Of this amount, EUR 1.8 million will be paid in cash and EUR 4.6 million will be settled in newly issued Generalfinance shares, valued at a unit price of EUR 10,96.

Expected closing by year and with the full integration of WI in Generalfinance.

Turnover witnessing a strong growth story

2024 annual growth rate (20%) well above the market average (+2%)

Net Income: high profitability from the operations

Profitability level very strong, substantially in line with 2024 Budget

Focus on Asset Quality and Digital Factoring

A low risk model with a best in class asset quality

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

Net Risk on Financial Assets – 1H2024

Insurance: cap qual to 50x annual premiums

11 Personal guarantees: calculated by summing the smaller value between "Guarantee" and "Exposure" for each factoring relationship between Generalfinance and the seller Coverage ratio: Sum of guarantees/ Financial Assets

Collection performance: a strategic delivery to our Customers

Generalfinance boasts a portfolio quality, both in terms of Payment Conditions and Payment Delays, better than the rest of the market

Company's DSO expressing a very low duration of the portfolio

A unique business model, leveraging the factoring features

The peculiarity of Generalfinance's business model is the choice of Seller–Debtor, where clients (Sellers) typically have a low credit rating (turnaround situation) while the Debtors underlying customer loans refer to a high credit rating (normally investment grade)

Notes: 1) Generalfinance data refers to June 30, 2024 (LTM); Assifact data refers to March 31, 2024; 2) Assifact data net of household debtors; 3) NewCo: New Company after the definition of the turnaraund plan

A strategic asset: the proprietary digital platform

Data LTM, as of June 2024

Total transactions: sum of Automaric Disponsal, Automatic Disbursement, Automatic settlement, Installments and Automated notifications

1H 24 Results: Balance Sheet, P&L, Funding and Capital

Main KPIs behind our business

(€m) Income Statement	2021A	2022A	2023A	CAGR '21-'23	6M23	6M24	YoY%
Margin Interest	6 2	3 7	9 0	20 0%	3 8	0 5	29 0%
Net Commission	17 7	23 6	27 2	24 0%	12 5	16 0	28 4%
Banking Net Income	23 9	30 9	36 2	23 0%	16 3	21 0	28 5%
adjustments write-backs for credit risk Net value /	(0 2)	(1 2)	(1 3)	2% 141	(0 3)	(1 4)	4% 428
Operating Costs	(9 8)	(13 2)	(12 9)	0% 15	(6 4)	(7 4)	16 5%
Profit Net	9 5	10 9	15 1	2% 26	6 7	8 0	2% 19

(€m)	2021A	2022A	2023A	CAGR '21-'23	6M23	6M24	YoY%
Turnover	1 402 9 ,	2 009 4 ,	2 559 3 ,	35 1%	1 140 1 ,	1 369 4 ,	20 1%
Disbursed Amount	1 118 5 ,	1 674 0 ,	2 161 4 ,	0% 39	931 7	1 045 1 ,	2% 12
LTV	79 7%	83 3%	84 5%	2 9%	81 7%	76 3%	-6 6%
Pro-solvendo LTV	78 6%	81 6%	79 7%	0 7%	78 8%	74 1%	-6 1%

Banking (%) Net Income / Average Loan	6% 9	7% 8	5% 8	(5 8%)	2% 8	4% 9	1% 14
Interest Margin / Net Banking (%) Income	26 0%	23 5%	24 8%	(2 4%)	23 6%	23 7%	0 4%
Ratio Cost Income	9% 40	7% 42	7% 35	(6 5%)	1% 39	4% 35	(9 3%)
ROE (%)	42 0%	23 7%	29 3%	(16 4%)	26 1%	27 0%	3 7%

(€m) Balance Sheet	2021A	2022A	2023A	CAGR '21-'23	6M23	6M24	YoY%
Cash Cash Equivalents &	33 5	43 7	21 7	(19 6%)	48 0	83 5	74 0%
Financial Assets	321 0	385 4	462 4	20 0%	408 7	432 7	5 9%
Other Assets	10 8	14 7	9 15	21 2%	13 3	16 3	23 1%
Total Assets	365 3	443 8	500 0	0% 17	470 0	532 5	3% 13
Financial Liabilities	314 6	368 4	409 4	14 1%	387 7	410 6	9% 5
Liabilities Other	18 7	18 6	24 2	9% 13	24 2	54 9	3% 127
Total Liabilities	333 3	387 0	433 6	14 1%	411 9	465 5	13 0%
Equity Shareholder's	32 0	56 8	66 4	2% 44	58 1	67 0	4% 15

A very simple balance sheet with a strong capital position…

Note: CET1 Ratio and Total Capital Ratio calculated taking into account net profit of the 1H24, net of total dividends to be distributed (payout 50% of net profit)

…coupled with a robust funding and liquidity position

Liquidity Position: excluding pledge accounts amounting to 3.4 €mln Use of Funding: sum of financial liabilities (red) and refactoring non-recourse transactions (orange)

Note: Commercial Papers included in «Fixed Rate»

Securitization: included only for an amount equal to the credit lines approved by banks

Net interest Income fully «hedged» against interest rates volatility

Notes: (1) Calculated as interest expense / average financial liabilities (current and previous year); (2) Spread: average interest rate on seller – average cost of funding (3) (Interest income + delayed payment Interest + other interest)/ average loans (current and previous year); (4) Calculated as Net Interest income/ average loans (current and previous year)

Net commission income, the primary source of profitability

▪ Net Commission Income ~76% of the Net Banking Income

▪ Commission Income/Turnover improving YoY, even with the different mix of the portfolio (Corporate Sellers vs Retail Sellers)

▪ Stable commission expense rate thank to optimization of insurance costs and banking fees

Cost / Income reflecting the efficiency of the operating machine

Note: (1) other net revenues and risk charges; (2) Operating Costs / Net Banking Income Operating costs 2022 Adjusted (net of IPO costs): 11.6 €mln

Cost income ratio 2022 Adjusted (net of IPO costs): 37.7%

Closing Remarks

2024 first 6 months of the year confirm a growing trend, in line with full year budget:

Profitability level showing significant growth: net profit up +19%
Very good asset quality confirmed
NPE Ratio impacted by more conservative classification policy and single name default
Further reduction of the cost income ratio, expected to drop further thanks to the very good operating leverage
An updated organization oriented to risk control and business development
Macroeconomic evolution and more difficult environment for SME lending support our strategy

New steps ahead to further support our numbers:

New sellers pipeline set to push a stronger growth ahead
Robust and diversified funding structure to support future growth
Strong Capital ratios (TCR > 15%) allowing a sound capital buffer for growth even exceeding strategic plan horizon
Closing of Workinvoice deal expected by year end with full integration of the invoice discounting business
Expanding Generalfinance abroad: establishment of Spanish branch expected by year end, subject to BoI approval
Net Income 2024 guidance confirmed: >20M

Income Statement

Income Statement (€m)	6M23	6M24	YoY%
Interest income and similar income	12.1	18.2	50%
Interest expense and similar charges	(8.3)	(13.3)	60%
INTEREST MARGIN	3.8	5.0	29%
Fee and commission income	14.6	18.0	23%
Fee and commission expense	(2.1)	(2.0)	-6%
NET FEE AND COMMISSION INCOME	12.5	16.0	28%
Dividends and similar income	0.0	0.0	-
Net profi (loss) from trading	0.0	(0.0)	-155%
Net results of other financial a/l measured at fv	0.0	(0.0)	-
NET INTEREST AND OTHER BANKING INCOME	16.3	21.0	28%
Net value adjustments / write-backs for credit risk	(0.3)	(1.4)	428%
a) Financial assets measured at amortised cost	(0.3)	(1.4)	428%
NET PROFIT (LOSS) FROM FINANCIAL MANAGEMENT	16.0	19.6	22%
Administrative expenses	(6.8)	(7.5)	10%
a) Personnel expenses	(3.7)	(4.3)	15%
b) Other administrative expenses	(3.1)	(3.2)	3%
Net provision for risks and charges	(0.0)	0.2	-2656%
b) Other net provisions	(0.0)	0.2	-2656%
Net value adjustments / write-backs on pppe	(0.4)	(0.5)	15%
Net value adjustments / write-backs on int. Ass.	(0.3)	(0.3)	57%
Other operating income and expenses	1.1	0.7	-41%
OPERATING COSTS	(6.4)	(7.4)	17%
Gains (Losses) from equity investments	0.0	(0.0)	-
PRE-TAX PROFIT (LOSS) FROM CURRENT OPERATIONS	9.7	12.1	25%
Income tax for the year on current operations	(3.0)	(4.1)	39%
PROFIT (LOSS) FOR THE YEAR	6.7	8.0	19%

Balance Sheet

Balance Sheet (€m)	2023A	6M24	Var% YTD
Cash and cash equivalents	21.6	83.5	285.7%
Financial assets measured at fair value through p/l	0.0	0.0	1.2%
Financial assets measured at amortised cost	462.4	432.7	(6.4%)
Equity investments	0.0	0.0	200.0%
Property, Plan and Equipment (PPE)	5.0	5.6	12.7%
Intangible assets	2.6	3.0	14.0%
Tax assets	5.7	0.8	(86.8%)
a) current	5.1	0.2	(96.4%)
b) deferred	0.6	0.6	1.6%
Other assets	2.7	6.9	154.1%
TOTAL ASSETS	500.0	532.5	6.5%
Financial liabilities measured at amortised cost	409.4	410.6	0.3%
a) payables	376.8	377.7	0.3%
b) outstanding securities	32.6	32.9	0.8%
Tax liabilities	7.1	6.2	(12.5%)
Other liabilities	14.0	45.7	225.7%
Severance pay	1.5	1.4	(7.5%)
Provision for risk and charges	1.6	1.6	(0.7%)
Share capital	4.2	4.2	0.0%
Share premium reserve	25.4	25.4	0.0%
Reserves	21.6	29.2	35.2%
Valuation reserves	0.1	0.2	57.6%
Profit (loss) for the year	15.1	8.0	(47.0%)
TOTAL LIABILITIES AND SHAREHOLDERS'S EQUITY	500.0	532.5	6.5%