Generalfinance

Investor Presentation • May 12, 2025

generalfinance.it 1

Mission to Grow 3M25 Results

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.

Main results 3M 2025

Focus on Asset Quality and Digital Factoring

3M 2025 Results: Balance Sheet, P&L, Funding and Capital

Business Plan 2025 2027 Update & Closing Remarks

Annexes

Main results 3M 2025

Turnover witnessing a strong growth story

Consistent year-over-year growth of turnover

Net Income: high profitability from the operations

Profitability level very strong, in line with 2025 Budget

Focus on Asset Quality and Digital Factoring

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

High protection of risk due to conservative credit stance

The Net Risk borne by Generalfinance on total financial assets as at March 31, 2025 was €209 mn.

Insurance: Allianz Trade (Credit Insurance) cap equal to 50x annual premiums for total €57 mn; Sace Guarantees for total €80 mn Personal guarantees: calculated by summing the smaller value between "Guarantee" and "Exposure" for each factoring relationship between Generalfinance and the seller

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 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) Generalfinance data refers to March 31, 2025 (LTM); Assifact data refers to December 31, 2024;

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

A strategic asset: our proprietary digital platform

3M 25 Results: Balance Sheet, P&L, Funding and Capital

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

Income Statement (€mn)	2021A	2022A	2023A	2024A	CAGR '21-'24	3M24	3M25	YoY%
Interest Margin	6 2	7 3	9 0	12 4	25 7%	2 6	3 3	26 6%
Commission Net	17 7	23 6	27 2	36 4	2% 27	8 0	11 1	5% 39
Banking Net Income	23 9	30 9	36 2	48 8	8% 26	10 6	14 4	5% 36
Net value adjustments / write-backs for credit risk	(0 2)	(1 2)	(1 3)	(1 2)	1% 75	0 0	(1 9)	(4199 6%)
Operating Costs	(9 8)	(13 2)	(12 9)	(16 0)	17 9%	(3 3)	(4 6)	39 4%
Profit Net	9 5	10 9	15 1	21 1	7% 30	4 9	5 3	4% 8
(€m)	2021A	2022A	2023A	2024A	CAGR '21-'24	3M24	3M25	YoY%
Turnover	1 402 9	2 009 4	2 559 3	3 029 5	29 3%	621 6	818 9	31 7%
Disbursed Amount	, 1 118 5 ,	, 1 674 0 ,	, 2 161 4 ,	, 2 393 6 ,	9% 28	481 7	643 9	7% 33
LTV	79 7%	83 3%	84 5%	79 0%	(0 3%)	5% 77	78 6%	5% 1
Pro-solvendo LTV	78 6%	81 6%	79 7%	9% 75	(1 2%)	73 8%	73 3%	(0 6%)
Banking (%) Net Income / Average Loan	6% 9	7% 8	5% 8	1% 9	(1 9%)	1% 10	1% 10	(0 8%)
Margin / Banking (%) Interest Net Income	26 0%	23 5%	24 8%	25 4%	(0 9%)	24 8%	23 0%	(7 3%)
Cost Ratio Income	40 9%	42 7%	35 7%	32 9%	(7 0%)	31 4%	32 0%	2 1%
ROE (%)	42 0%	23 7%	29 3%	35 8%	(5 2%)	29 4%	26 4%	(10 2%)
Balance Sheet (€mn)	2021A	2022A	2023A	2024A	CAGR '21-'24	3M24	3M25	YoY%
Cash Cash Equivalents &	33 5	43 7	21 7	122 4	54 0%	106 3	113 5	6 7%
Financial Assets	321 0	385 4	462 4	614 9	24 2%	372 6	533 4	43 2%
Other Assets	10 8	14 7	15 9	32 3	8% 43	16 2	32 5	4% 100
Total Assets	365 3	443 8	500 0	769 6	28 2%	495 1	679 4	37 2%
Financial Liabilities	314 6	368 4	409 4	635 2	26 4%	393 4	540 9	37 5%
Liabilities Other	18 7	18 6	24 2	54 3	7% 42	30 4	53 1	1% 75
Liabilities Total	333 3	387 0	433 6	689 5	4% 27	423 8	594 0	2% 40
Shareholder's Equity	32 0	56 8	66 4	80 1	35 8%	3 71	85 4	19 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 3M25, net of total dividends to be distributed (payout 50% of net profit)

…coupled with a robust funding and liquidity position

Note: Commercial Papers included in «Fixed Rate»

Liquidity Position: excluding pledge accounts amounting to 32.4 €mn

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

NII fully «hedged» against interest rates volatility

2021 2022 2023 2024 3M24 2.5% 1.2% 2021 2022 2023 2024 2.5% 2.1% 2.1% 2.3% Commercial Spread % Net Interest Margin % (1) Average net cost of funding Spread (2) (4) 3.7% Average interest rate on seller (3) 3M25 3M24 3M25 4.0% 2.1% 1.9% 6.8% 2.4% 4.4% 2.8% 4.0% 6.8% 3.2% 4.9% 8.1% 2.9% 3.9% 6.8% 2.5% 2.3% 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 at variable rates (based on Euribor 3M).

(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

Human capital as a strategic factor to drive the growth

Workforce growth

0 Other income & Expenses: Other net revenues and risk charges Cost income ratio 2022 Adjusted (net of IPO costs): 38% Adjusted costs for 3M25 net of the item in the boxes

Business Plan 2025 2027 Update & Closing Remarks

Cancellation of the acquisition of Workinvoice

Generalfinance announced that will not proceed with the closing of the acquisition of Workinvoice S.r.l., announced on June 17, 2024 (the "Transaction").

By the deadline indicated in the relevant sale and purchase agreement, in fact, not all the conditions to which the execution of the Transaction was subject have been fulfilled. Notwithstanding the non-completion of the Transaction, the targets of the Business Plan to 2027 are fully confirmed, considering the immaterial impact that would have been brought by the invoice discounting business in the short term.

The Company therefore remains fully focused on pursuing the announced targets, in a market environment that remains highly favorable to Generalfinance's business - financing companies in special situations - both in Italy and in the foreign countries identified for its international development, with an internal project dedicated to the small retail clients.

Value creation, a way forward

Profitability acceleration and sustainable value creation
~ €13/14 bn Range cumulative Turnover 2025-27	>€84 mn Cumulative Net Income 2025-27	>€42 mn Shareholder remuneration related to the 25'-27' period (€52 mn including 24' dividends)	~ 34% ROE 2027	~ 13% Total Capital Ratio 2027	~ €32 mn Net Income 2027	~ 31% Cost Income 2027

Social impact of core business and strong governance to support growth

Simple and standard factoring products to serve small clients

Internal

Project

Corporate: revenue > €20 million

Small Retail, rollout of a standardized factoring solution

Solid and sustainable growth: the numbers driving the future

Business Plan targets (1/2)

Statement (€mn) Income	2024	2027	Cagr '24-'27
Margin Interest	12 4	21 0	4% 19
Net Commission	36 4	55 5	15 2%
Net Banking Income	48 8	76 .5	16 .1%
Net value adjustments / write-backs for credit risk	2 -1	-4 2	53 2%
Operating Costs	-16 0	-24 0	14 3%
Profit Net	21 .1	32 .5	15.5%

(€mn)	2024	2027	Cagr '24-'27
Turnover	3029 .5	5054 .7	18 6%
- Italy	3029 5	4478 2	13 9%
- Spain	-	350 2	-
- Switzerland	-	226 3	-
Banking / (%) Net Income Average Loan	9 1%	7% 7	(5 2%)
Margin Banking (%) Interest / Net Income	4% 25	4% 27	6% 2
Ratio Cost Income	9% 32	3% 31	(1 6%)
(%) ROE	8% 35	.1% 34	(1 .5%)
(€mn) Balance Sheet	2024	2027	Cagr '24-'27
Cash Cash Equivalents &	122 4	161 6	9 7%
Financial Assets	614 9	1060 3	19 9%
Other Assets	32 3	36 8	4 4%
Total Assets	769 6	1258 .7	17.8%
Financial Liabilities	635 2	1076 6	2% 19
Other Liabilities	54 3	54 4	0 1%
Total Liabilities	689 .5	1131 0	17.9%
Shareholder's Equity	80 .1	127 .7	16 8%

Business Plan targets (2/2)

Capital an RWA	2024	2027	Cagr '24-'27
CET1 €mn	67 9 ,	108 6 ,	9% 16 ,
Capital Total €mn	73 4 ,	118 6 ,	17 3% ,
RWA €mn	535 8 ,	913 9 ,	19 5% ,
CET1 (%)	12 7% ,	9% 11 ,	(2 1%) ,
Total Capital (%)	13 7% ,	13 0% ,	(1 8%) ,
Credit Quality	2024	2027	Cagr '24-'27
NPE Ratio (%)	0 90% ,	2 26% ,	35 8% ,
Cost of Risk (bps)	0 05% ,	0 10% ,	25 7% ,
Cumulative CapEx	2022 - 2024	2025 - 2027	% Var.
Intangible Assets	2 5 ,	4 8 ,	86 6% ,
Tangible Assets	4 3 ,	1 9 ,	-55 7% ,
FTE	2024	2027	Cagr '24-'27
# FTE	77 0 ,	111 0 ,	0% 13 ,

Credit crunch of Italian companies in 2024

Historical Lending Volumes – Italy (€bn)

Corporate Debt Trends Italian companies reduced debt sharply, reaching ~30% of GDP, the lowest since 2005, after the post-COVID loan surge

Loan Dynamics

In 2024, business loans fell by 3.4% (the largest drop in the Eurozone), but are forecasted to grow again by 2.4% in 2025 and 2.7% in 2026

Credit and Risk Outlook With monetary easing, credit to businesses should recover; however, early signs of deterioration require increased attention to credit quality

Strategic Sector Priorities The sector will leverage improved fundamentals to drive growth, focusing on technology, innovation, sustainability, and rebalancing corporate strategies

3M2025: Closing Remarks

2025 first 3 months of the year confirm a growing trend, in line with full year budget:

• Profitability level showing significant growth: net banking income up +36.5%
• Good asset quality confirmed
• 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
• Expanding Generalfinance abroad: the Spanish branch started operations in early 2025; the Suisse branch to be started before year end
• Net Income 2025 guidance: >24M

Annexes

Income Statement

Statement (€m) Income	3M24	3M25	YoY%
Interest income and similar income	9 3	10 4	12%
Interest expense and similar charges	(6 7)	(7 1)	7%
INTEREST MARGIN	2 6	3 3	27%
and commission income Fee	9 0	13 0	45%
and commission Fee expense	(1 0)	(1 9)	91%
NET FEE AND COMMISSION INCOME	8 0	11 1	39%
Dividends and similar income	0 0	0 0	-
profi (loss) from trading Net	(0 0)	0 0	-
Net results of other financial a/l measured at fv	0 0	(0 0)	-
NET INTEREST AND OTHER BANKING INCOME	10 6	14 4	37%
adjustments write-backs for credit risk Net value /	0 0	(1 9)	(4200%)
a) Financial measured amortised assets at cost	0 0	(1 9)	(4200%)
PROFIT (LOSS) FROM FINANCIAL MANAGEMENT NET	10 6	12 5	18%
Administrative expenses	(3 5)	(4 2)	21%
a) Personnel expenses	(2 1)	(2 2)	6%
b) Other administrative expenses	(1 4)	(2 0)	43%
Net provision for risks and charges	0 2	(0 0)	(101%)
b) Other net provisions	0 2	(0 0)	(101%)
adjustments write-backs Net value / on pppe	(0 2)	(0 3)	26%
value adjustments / write-backs on int Net Ass	(0 2)	(0 2)	24%
Other operating income and expenses	0 4	0 1	(62%)
OPERATING COSTS	(3 3)	(4 6)	39%
Gains (Losses) from equity investments	(0 0)	(0 0)	23%
PROFIT (LOSS) FROM CURRENT OPERATIONS PRE-TAX	3 7	9 7	8%
Income tax for the year on current operations	(2 4)	(2 6)	8%
(LOSS) PROFIT FOR THE YEAR	4 9	5 3	8%

Balance Sheet

Balance Sheet (€m)	2024A	3M25	Var% YTD
equivalents Cash and cash	122 4	113 5	(7%)
Financial assets measured at fair value through p/l	8 1	9 7	(3%)
Financial amortised assets measured at cost	614 9	533 4	(13%)
Property Plan and Equipment (PPE) ,	6 5	6 3	(3%)
Intangible assets	3 3	3 3	0%
Tax assets	7 3	7 3	0%
a) current	6 9	6 9	0%
b) deferred	0 4	0 5	0%
Other assets	2 7	7 7	9%
TOTAL ASSETS	769 7	679 4	(12%)
Financial liabilities measured at amortised cost	635 2	540 9	(15%)
a) payables	558 4	483 7	(13%)
b) outstanding securities	76 8	57 1	(26%)
liabilities Tax	10 4	13 0	25%
Other liabilities	42 3	38 3	(10%)
Severance pay	1 6	1 5	(1%)
Provision for risk and charges	0 2	0 4	90%
capital Share	4 2	4 2	0%
Share premium reserve	25 4	25 4	0%
Reserves	29 2	50 3	72%
Valuation reserves	0 1	0 2	41%
Profit (loss) for the year	21 1	3 5	(75%)
TOTAL LIABILITIES AND SHAREHOLDERS'S EQUITY	769 7	679 4	(12%)

Strong and long-term oriented shareholder base

Shareholding structure

An organization oriented to risk control and business

Turnover breakdown vs system average 1/2

-10% 0% 10% 20% 30% 40%

Turnover breakdown vs system average 2/2

0.0 20.0 40.0 60.0 80.0 Generalfinance's Turnover data refers to March 31, 2025 Assifact's Turnover data refers to December 31, 2024 1) Household debtors have not been included

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Mission to Grow 3M25 Results