Generalfinance

Investor Presentation • Mar 3, 2025

generalfinance.it 1

Mission to Grow The Roadmap for 2025-2027

FY2024 results and 2025-2027 Business Plan Presentation

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, 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.

Agenda

Generalfinance: overview and 2024 results

2024 results: Balance Sheet, P&L, Funding and Capital

Business Plan 2025-2027: overview and initiatives

Business Plan 2025-2027: financials

Key Takeaways

Generalfinance: overview and 2024 results Massimo Gianolli, Chief Executive Officer

Generalfinance: a long and successful story (1/2)

Long standing experience, specialization and unique positioning

Generalfinance: a long and successful story (2/2)

Innovation, soundness, and strategic vision for a path to sustainable and international growth

Management team with strong delivery capabilities Actual 2024 vs Business Plan 2024 results

The management team showed great executions skills in achieving financial targets and driving value creation for shareholders and stakeholders.

A sound and long-term oriented business model Sustainability of financial results over >30 years

A unique business model, leveraging 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)

1.00 1.75 2.50 3.25 4.00

1) Generalfinance data refers to December 31, 2024 (LTM); Assifact data refers to September 30, 2024;

2) Assifact data net of household debtors; 3) NewCo: New Company after the definition of the turnaraund plan

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

DSO expressing very low portfolio duration

A strategic asset: our proprietary digital platform

Data LTM, as of December 2024

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

Value creation for shareholders well above the peers

Stock price trend during the period 29.06.2022 - 26.02.2025; TSR: Total Shareholder Return (dividends related to 2024 profit non included) Peers include Banca Sistema, BFF, Banca Ifis, Illimity Bank

Source: Teleborsa Peers: average of the stock performance during the period 29.06.2022 – 26.02.2025

Strong and long-term oriented shareholder base

Shareholding structure

Turnover showing a strong growth story

2024 annual growth rate (18%) well above market average (+0.4%)

Turnover includes future receivables; market average: Assifact, December 2024

Net income: high profitability from operations

Very strong profitability level, higher than 2024 guidance

2024 results: Balance Sheet, P&L, Funding and Capital Ugo Colombo, Chief Financial Officer

A low volatility P&L, based on fees and commissions

Statement (€m) Income	2021A	2022A	2023A	2024A	YoY%	CAGR '21-'24
Interest Margin	6 2	3 7	9 0	12 4	37 8%	25 7%
Commission Net	17 7	23 6	27 2	36 4	7% 33	2% 27
Net Banking Income	23 9	30 9	36 2	48 8	34 9%	26 8%
adjustments write-backs for credit risk Net value /	(0 2)	(1 2)	(1 3)	(1 2)	(7 7%)	1% 75
Operating Costs	(9 8)	(13 2)	(12 9)	(16 0)	24 0%	17 9%
Profit Net	9 5	10 9	15 1	21 1	40 0%	30 7%
	2021A	2022A	2023A	2024A	YoY%	CAGR '21-'24
(€m)	1 402 9	2 009 4	2 559 3	3 029	18	29
Turnover Disbursed Amount	, 118 1 5	, 674 0 1	, 2 161 4	5 , 2 393 6	4% 10 7%	3% 28 9%
LTV	, 7% 79	, 3% 83	, 5% 84	, 0% 79
Pro-solvendo LTV	78 6%	81 6%	79 7%	9% 75	(6 4%) (4 8%)	(0 3%) (1 2%)
Net Banking / (%) Income Average Loan	9 6%	8 7%	8 5%	9 1%	6 1%	(1 9%)
Margin Banking (%) Interest / Net Income	0% 26	5% 23	8% 24	4% 25	2% 2	(0 9%)
Cost Ratio Income	40 9%	42 7%	35 7%	32 9%	(8 0%)	(7 0%)
(%) ROE	0% 42	7% 23	3% 29	8% 35	9% 21	(5 2%)
Balance Sheet (€m)	2021A	2022A	2023A	2024A	YoY%	CAGR '21-'24
Cash Cash Equivalents &	33 5	43 7	21 7	122 4	465 0%	54 0%
Financial Assets	321 0	385 4	462 4	614 9	33 0%	24 2%
Other Assets	10 8	14 7	15 9	32 3	102 7%	43 8%
Total Assets	365 3	443 8	500 0	769 6	53 9%	28 2%
Financial Liabilities	314 6	368 4	409 4	635 2	2% 55	4% 26
Other Liabilities	18 7	18 6	24 2	54 3	124 1%	42 7%
Liabilities Total	333 3	387 0	433 6	689 5	0% 59	4% 27
Shareholder's Equity	32 0	56 8	66 4	80 1	20 6%	35 8%

A 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 2024, 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 6.6 €mln

Use of Funding: sum of financial liabilities (red) and refactoring non-recourse transactions (orange)

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

A low risk model with 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

2021 2022 2023 2024

High protection of risk due to conservative credit stance

The Net Risk borne by Generalfinance on total financial assets as at December 31, 2024 was €278 mln.

Insurance: Allianz Trade (Credit Insurance) cap equal to 50x annual premiums for total €57 mln; Sace Guarantees for total €74 mln 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

Business Plan 2025-2027: overview and initiatives Massimo Gianolli, Chief Executive Officer

Value creation, a way forward

Profitability acceleration and sustainable value creation
~ €14 bn	>€83 mn	>€42 mn	~ 32%	~ 13%	~ €33 mn	~ 34%
Cumulative Turnover 2025-27	Cumulative Net Income 2025-27	Shareholder remuneration related to the 25'-27' period (€52 mn including 24' dividends)	ROE 2027	Total Capital Ratio 2027	Net Income 2027	Cost Income 2027
Total dividends / market cap ~ 32% The five pillars of our acceleration program
1 Strategic consolidation of operations in Italy in the distressed / special situations factoring market	2	International growth driven by entry into the Spanish and Swiss market	3 Strategic development of digital lending trough Workinvoice and proprietary digital platforms	4 Diversification funding resources with the renewed credit lines to support growth	5 of	Enhancing and expanding agreements (banks, institutions, funds) to foster growth and strengthen the origination model

Social impact of core business and strong governance to support growth

Sustainability & Human Capital to create long-term value

Leader in the Italian special situation market

In the overall fast-growing factoring market (turnover in Italy is expected to grow from €289bn in 2024 to €300bn in 2025) Generalfinance focuses on special situations (companies classified into the UTP, forborne and past due categories by banks) with a portfolio of performing debtors

Trend in insolvency cases in Italy (k)(1)

Potential turnover of factoring to distressed enterprises (€bn, 2022-2024E)(2)

2025E: Forecast data – "Forefact n.1 2025"

(1) Range of values estimated in the report of Allianz « Global Insolvency Outlook »

(2) Range of values estimated in the Deloitte report «Il Factoring come strumento per il rilancio delle imprese in crisi» Nov. 2023, mkt. share based on distressed segment

Insolvency trend confirms actractiveness of foreign market

Cumulative change over 2023 and 2024	Strongly increasing (+30% and more)		Brazil Estonia Italy Japan	Netherlands US	Ireland Poland South Korea
	Noticeably increasing (+15% to +30%)	Chile Turkey	Lithuania	Australia France Germany Luxembourg New Zeland Norway Portugal	Canada Finland Hungary UK Sweden
	Increasing (0% to +15%)	India Latvia	Colombia Czechia Slovakia	Austria Belgium Bulgaria Switzerland Romania	Denmark Morocco Spain
	Decreasing	China Russia Singapore	South Africa	Taiwan	Honk-Kong
		Very low level (more than - 20%)	Low level (-20% to -5%)	High level (-5% to +20%)	Very high level (+20% and more)
		2024 expected level compared to 2019

International growth in the Spanish market

• ✓ Spain offers a legal and regulatory framework similar to Italy, allowing greater operational flexibility as factoring is considered an atypical contract and is not subject to restrictions.
• ✓ Generalfinance plans to replicate its operational and origination model in Spain, adapting it to local specifics.
• ✓ The absence of specialized players in distressed factoring highlights a strategic opportunity for Generalfinance.
• ✓ The branch is based on a low cost model and is located in Madrid.

The Factoring & Confirming market in Spain reached ~270 €bn in 2023 (~ 18.5% of GDP) with a turnover CAGR of ~10% between 19'-23'

(1) Source EuFederation

(2) Range of values estimated in the report of Allianz « Global Insolvency Outlook »

International growth in the Swiss market

• ✓ The post-pandemic credit crunch sees Swiss banks becoming more restrictive in their lending to SMEs and could open opportunity for factoring.
• ✓ The structure of the Swiss economy is characterized by small and mediumsized enterprises (>99% of companies); ~55% of employees work for companies with more than 50 employees and therefore fall into the initial target market of Generalfinance.
• ✓ The Swiss economy has remained stable from both real economy and financial market perspectives in recent years, yet credit deterioration and high bankruptcy risks persist.

(2) Main KPIs(1) Trend in insolvency cases in Switzerland (k) 5.1 6.8 7.3 8.2 8.1 7.4 <1% GDP Factoring volume as % of Swiss GDP ~4bn CHF Potential factoring market for distressed / special situation companies 57 Days Average Days Sales Outstanding (DSO) ~ 620 k # Companies in Switzerland 2021A 2022A 2023A 2024E 2025E 2026E

(1) Estimation of Alvarez & Marsal

(2) Range of values estimated in the report of Allianz « Global Insolvency Outlook »

• ✓ Generalfinance aims to further specialise its factoring framework, particularly focusing on distressed corporate: gradually, retail customers will be directed to the Workinvoice platform.
• ✓ Workinvoice will be merged by incorporation into Generalfinance. Following the merger, a new Generalfinance "Fintech & Digital Lending" Department will be established.
• ✓ New factoring / invoice discounting digital offer for small business into the open market.

Generalfinance S.p.A., announced in June 24' that has signed a contract for the acquisition 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 6.6 million . Of this amount, EUR 2 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 Workinvoice in Generalfinance.

Human capital as a strategic factor to drive the growth

Target organizational model

Solid and sustainable growth: the numbers driving the future

Turnover includes Future receivables ROE = Net Profit / (Equity - Net Profit) Cost income ratio 2022A: data adjusted (net of IPO costs)

Business Plan 2025-2027: financials Ugo Colombo, Chief Financial Officer

Macroeconomic scenario supportive for our business

Real GDP Growth: International Monetary Fund Inflation Rate: International Monetary Fund 3 Months Euribor: European Central Banks

NII fully «hedged» against interest rates volatility

(1) (Interest income + delayed payment Interest + other interest)/ average loans (current and previous year)

(2) Spread: average interest rate on seller – average cost of funding

(3) Calculated as (interest expense + interest of liquidity) / average financial liabilities (current and previous year)

(4) Calculated as Net Interest income/ average loans (current and previous year)

Net commission income, the primary source of profitability

Safeguarded asset quality, sound profile confirmed

Cost / Income reflecting the efficiency of the machine

(2)

(1) Other net revenues and risk charges (2) Operating Costs / Net Banking Income

Increased IT investments through tech and digital innovation

Cumulative IT Investments Key Investment Areas

infrastructure for efficiency and security

Platform evolution: developing digital projects for international expansion and business purposes

Data governance: enhancing data management and security

Organic growth : scaling up with new resources mainly in the IT development area

Cybersecurity: fostering cybersecurity system for built-in protection

Supporting

ESG strategies

Efficient use of capital with strong organic capital generation

Total Capital ratio evolution %

Optimization of funding structure and cost of funding

Financial indebtedness €mn

Cost of funding Calculated as interest expense / average financial liabilities (current and previous year) Average Euribor 3 months: source Chatham Financial Funding Spread: Cost of funding – Average Euribor 3 months

Business Plan targets (1/2)

Statement (€mn) Income	2024A	2027E	Cagr '24-'27
Margin Interest	12 4	20 2	8% 17
Net Commission	36 4	59 1	17 6%
Net Banking Income	48 8	79 3	17.6%
Net value adjustments / write-backs for credit risk	2 -1	-4 0	0% 51
Operating Costs	-16 0	-27 1	2% 19
Profit Net	21 .1	32 .5	15.5%

(€mn)	2024A	2027E	Cagr '24-'27
Turnover	3 029 .5 ,	300 3 5 ,	20 .5%
- Italy	3 029 5 ,	4 253 3 ,	12 0%
- Spain	-	350 2	-
- Switzerland	-	226 4	-
- Workinvoice	-	470 4	-
Banking (%) Net Income / Average Loan	4% 25	5% 25	2% 0
Interest Margin / Net Banking Income (%)	32 9%	34 2%	1 4%
Cost Ratio Income	35 8%	32 2%	-3 4%
ROE (%)	5.2%	3 .7%	-10 9%
Balance Sheet (€mn)	2024A	2027E	Cagr '24-'27
Cash Cash Equivalents &	122 4	6 157	8 8%
Financial Assets	614 9	1062 1	20 0%
Other Assets	32 3	43 5	5% 10
Total Assets	769 6	1 263 2 ,	18 0%
Financial Liabilities	635 2	1077 5	19 3%
Other Liabilities	54 3	52 2	(1 3%)
Total Liabilities	689 .5	129 1 .7 ,	17.9%
Equity Shareholder's	80 .1	133 .5	6% 18

Business Plan targets (2/2)

Capital an RWA	2024A	2027E	Cagr '24-'27
CET1	67 8	107 9	7% 16
Total Capital	73 3	117 9	17 2%
RWA	535 8	919 4	19 .7%
CET1 (%)	12 .7%	11.7%	(2 5%)
Capital (%) Total	.7% 13	8% 12	(2 1%)
Credit Quality	2024A	2027E	Cagr '24-'27
Ratio (%) NPE	0 9%	2 2%	34 4%
of Risk (bps) Cost	05% 0	10% 0	7% 25

Key Takeaways Massimo Gianolli, Chief Executive Officer

High remuneration to Shareholders over the last 3 years...

SHARE PERFORMANCE (29 JUNE 2022 – 26 FEBRUARY 2025)

Dividend yield 2024 calculated as dividend / average share price of the last 30 days, as of 26th Feb 2025; dividend yield 2022 – 2023: as reported in the press release

…confirmed for 2025 – 2027 Business Plan

Sensitivity analysis

ited	emarket sdir storage CERTIFIED
IN .	GENERAL ANCE

Scenario 1	Reduction of Turnover -10%
Scenario 2	Increase of 25 bps in the average cost of funding
Scenario 3	Reduction of conditions on interest (-10 bps) and commissions (-5 bps)
Scenario 4	Increase of 2 bps in the cost of risk

		Scenario - Stress		Scenario - Base			Delta
(€mn) P&L	2024A	2027E	Cagr '24-'27	2024A	2027E	Cagr '24-'27	2024A	2027E
Interest income	39.7	55.6	12%	39.7	57.8	13%	-	(2.2)
Interest expense	(27.3)	(37.6)	11%	(27.3)	(37.6)	11%	-	0.0
Interest Margin	12.4	18.0	13%	12.4	20.2	18%	-	(2.2)
and commission income Fee	41.1	61.3	14%	41.1	65.4	17%	-	(4.1)
commission income Fee and	(4.8)	(6.2)	9%	(4.8)	(6.3)	10%	-	0.2
fee commission income Net and	36.4	55.1	15%	36.4	59.0	18%	-	(3.9)
Net banking income	48.8	73.2	14%	48.8	79.3	18%	-	(6.1)
Operating costs	(16.0)	(27.2)	19%	(16.0)	(27.1)	19%	-	(0.0)
Profit Net	21.1	29.4	12%	21.1	32.5	16%	-	(3.1)

(%) KPI	2024A	2027A	Cagr '24-'27	2024A	2027E	Cagr '24-'27	2024A	2027E
Average interest rate on seller	7.4%	5.9%	na	7.4%	5.8%	na	-	0.1%
Average cost of funding	5.2%	3.7%	na	5.2%	3.7%	na	-	0.0%
Interest Margin / Net Banking (%) Income	25.4%	26.2%	na	25.4%	25.5%	na	-	0.7%
ROE	35.8%	29.9%	na	35.8%	32.2%	na	-	(2.3%)
Ratio CET1	12.7%	11.9%	na	12.7%	11.7%	na	-	0.1%
Capital Ratio Total	13.7%	13.0%	na	13.7%	12.8%	na	-	0.2%
Turnover	3,029.5	4,782.9	16%	3,029.5	5,300.3	20%	-	(517.4)

Scenario 1	Reduction of Turnover -10%
Scenario 2	Increase of 25 bps in the average cost of funding
Scenario 3	Reduction of conditions on interest (-10 bps) and commissions (-5 bps)
Scenario 4	Increase of 2 bps in the cost of risk

		Scenario - Stress			Scenario - Base			Delta
P&L (€mn)	2024A	2027E	Cagr '24-'27	2024A	2027E	Cagr '24-'27	2024A	2027E
income Interest	39.7	57.8	13%	39.7	57.8	13%	-	0.0
Interest expense	(27.3)	(40.1)	14%	(27.3)	(37.6)	11%	-	(2.5)
Interest Margin	12.4	17.7	13%	12.4	20.2	18%	-	(2.5)
Fee and commission income	41.1	65.4	17%	41.1	65.4	17%	-	0.0
and commission income Fee	(4.8)	(6.3)	10%	(4.8)	(6.3)	10%	-	0.0
fee and commission income Net	36.4	59.0	18%	36.4	59.0	18%	-	0.0
banking income Net	48.8	76.8	16%	48.8	79.3	18%	-	(2.5)
Operating costs	(16.0)	(27.1)	19%	(16.0)	(27.1)	19%	-	0.0
Net Profit	21.1	30.8	13%	21.1	32.5	16%	-	(1.7)

(%) KPI	2024A	2027A	Cagr '24-'27	2024A	2027E	Cagr '24-'27	2024A	2027E
interest on seller Average rate	7.4%	5.8%	na	7.4%	5.8%	na	-	0.0%
of funding Average cost	5.2%	3.9%	na	5.2%	3.7%	na	-	0.2%
Interest Margin / Net Banking Income (%)	25.4%	23.0%	na	25.4%	25.5%	na	-	(2.5%)
ROE	35.8%	31.0%	na	35.8%	32.2%	na	-	(1.2%)
CET1 Ratio	12.7%	11.5%	na	12.7%	11.7%	na	-	(0.2%)
Total Capital Ratio	13.7%	12.6%	na	13.7%	12.8%	na	-	(0.2%)
Turnover	3,029.5	5,300.3	20%	3,029.5	5,300.3	20%	-	0.0

Scenario 1	Reduction of Turnover -10%
Scenario 2	Increase of 25 bps in the average cost of funding
Scenario 3	Reduction of conditions on interest (-10 bps) and commissions (-5 bps)
Scenario 4	Increase of 2 bps in the cost of risk

		Scenario - Stress			Scenario - Base	Delta
(€mn) P&L	2024A	2027E	Cagr '24-'27	2024A	2027E	Cagr '24-'27	2024A	2027E
income Interest	39.7	57.0	13%	39.7	57.8	13%	-	(0.8)
Interest expense	(27.3)	(37.6)	11%	(27.3)	(37.6)	11%	-	0.0
Interest Margin	12.4	19.4	16%	12.4	20.2	18%	-	(0.8)
and commission income Fee	41.1	60.0	13%	41.1	65.4	17%	-	(5.3)
commission income Fee and	(4.8)	(6.3)	10%	(4.8)	(6.3)	10%	-	0.0
fee commission income Net and	36.4	53.7	14%	36.4	59.0	18%	-	(5.3)
Net banking income	48.8	73.2	14%	48.8	79.3	18%	-	(6.1)
Operating costs	(16.0)	(27.1)	19%	(16.0)	(27.1)	19%	-	0.0
Net Profit	21.1	28.3	10%	21.1	32.5	16%	-	(4.2)

(%) KPI	2024A	2027A	Cagr '24-'27	2024A	2027E	Cagr '24-'27	2024A	2027E
interest on seller Average rate	7.4%	5.7%	na	7.4%	5.8%	na	-	-0.1%
of funding Average cost	5.2%	3.7%	na	5.2%	3.7%	na	-	0.0%
Interest Margin / Net Banking Income (%)	25.4%	26.3%	na	25.4%	25.5%	na	-	0.8%
ROE	35.8%	29.0%	na	35.8%	32.2%	na	-	(3.2%)
CET1 Ratio	12.7%	11.2%	na	12.7%	11.7%	na	-	(0.5%)
Total Capital Ratio	13.7%	12.3%	na	13.7%	12.8%	na	-	(0.5%)
Turnover	3,029.5	5,300.3	20%	3,029.5	5,300.3	20%	-	0.0

Scenario 1	Reduction of Turnover -10%
Scenario 2	Increase of 25 bps in the average cost of funding
Scenario 3	Reduction of conditions on interest (-10 bps) and commissions (-5 bps)
Scenario 4	Increase of 2 bps in the cost of risk

		Scenario - Stress			Scenario - Base			Delta
(€mn) P&L	2024A	2027E	Cagr '24-'27	2024A	2027E	Cagr '24-'27	2024A	2027E
Interest income	39.7	57.8	13%	39.7	57.8	13%	-	0.0
Interest expense	(27.3)	(37.6)	11%	(27.3)	(37.6)	11%	-	0.0
Interest Margin	12.4	20.2	18%	12.4	20.2	18%	-	0.0
and commission income Fee	41.1	65.4	17%	41.1	65.4	17%	-	0.0
commission income Fee and	(4.8)	(6.3)	10%	(4.8)	(6.3)	10%	-	0.0
fee commission income Net and	36.4	59.0	18%	36.4	59.0	18%	-	0.0
Net banking income	48.8	79.3	18%	48.8	79.3	18%	-	0.0
Operating costs	(16.0)	(27.1)	19%	(16.0)	(27.1)	19%	-	0.0
Profit Net	21.1	31.1	14%	21.1	32.5	16%	-	(1.4)

KPI (%)	2024A	2027A	Cagr '24-'27	2024A	2027E	Cagr '24-'27	2024A	2027E
Average interest rate on seller	7.4%	5.8%	na	7.4%	5.8%	na	-	0.0%
cost of funding Average	5.2%	3.7%	na	5.2%	3.7%	na	-	0.0%
Margin / Banking (%) Interest Net Income	25.4%	25.4%	na	25.4%	25.5%	na	-	(0.0%)
ROE	35.8%	31.0%	na	35.8%	32.2%	na	-	(1.2%)
CET1 Ratio	12.7%	11.6%	na	12.7%	11.7%	na	-	(0.1%)
Total Capital Ratio	13.7%	12.7%	na	13.7%	12.8%	na	-	(0.1%)
Turnover	3,029.5	5,300.3	20%	3,029.5	5,300.3	20%	-	0.0

Sensitivity analysis – Combined Scenario

Scenario 1	Reduction of Turnover -10%
Scenario 2	Increase of 25 bps in the average cost of funding
Scenario 3	Reduction of conditions on interest (-10 bps) and commissions (-5 bps)
Scenario 4	Increase of 5 bps in the cost of risk

Scenario - Stress				Scenario - Base	Delta
P&L (€mn)	2024A	2027E	Cagr '24-'27	2024A	2027E	Cagr '24-'27	2024A	2027E
Interest income	39.7	54.9	11%	39.7	57.8	13%	-	(2.9)
Interest expense	(27.3)	(38.7)	12%	(27.3)	(37.6)	11%	-	(1.1)
Margin Interest	12.4	16.1	9%	12.4	20.2	18%	-	(4.1)
commission income Fee and	41.1	56.1	11%	41.1	65.4	17%	-	(9.2)
Fee and commission income	(4.8)	(6.2)	9%	(4.8)	(6.3)	10%	-	0.2
Net fee and commission income	36.4	49.9	11%	36.4	59.0	18%	-	(9.1)
Net banking income	48.8	66.1	11%	48.8	79.3	18%	-	(13.2)
Operating costs	(16.0)	(27.2)	19%	(16.0)	(27.1)	19%	-	(0.0)
Profit Net	21.1	22.4	2%	21.1	32.5	16%	-	(10.2)

KPI (%)	2024A	2027A	Cagr '24-'27	2024A	2027E	Cagr '24-'27	2024A	2027E
Average interest rate on seller	7.4%	5.8%	na	7.4%	5.8%	na	-	0.0%
cost of funding Average	5.2%	4.0%	na	5.2%	3.7%	na	-	0.3%
Margin / Banking (%) Interest Net Income	25.4%	24.4%	na	25.4%	25.5%	na	-	(1.1%)
ROE	35.8%	24.0%	na	35.8%	32.2%	na	-	(8.2%)
CET1 Ratio	12.7%	11.0%	na	12.7%	11.7%	na	-	(0.7%)
Total Capital Ratio	13.7%	12.1%	na	13.7%	12.8%	na	-	(0.7%)
Turnover	3,029.5	4,782.9	16%	3,029.5	5,300.3	20%	-	(517.4)

generalfinance.it 53

Mission to Grow The Roadmap for 2025-2027

FY2024 results and 2025-2027 Business Plan Presentation