Generalfinance

Investor Presentation • Sep 17, 2025

generalfinance.it 1

Mission to Grow 6M25 Results

Disclaimer

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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 6M 2025

Focus on Asset Quality and Digital Factoring

6M 2025 Results: Balance Sheet, P&L, Funding and Capital

Update & Closing Remarks

Annexes

Main results 6M 2025

Turnover witnessing a strong growth story…

Consistent year-over-year growth of turnover vis-a-vis CAGR (18.6%) over the business plan horizon

…Associated with high diversification at portfolio level

HIGHER NUMBER OF DEBTORS PER SELLER

Generalfinance reports an average of 60 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.

TURNOVER - % CHANGE FROM PREVIOUS YEAR

Generalfinance achieved a 34% year-on-year increase in turnover, significantly outperforming the industry's 1% growth. This performance highlights the company's robust commercial traction and its ability to expand business volumes despite a broadly flat market.

Generalfinance's Turnover data refers to June 30, 2025 Assifact's Turnover data refers to May 31, 2025 Assifact: Household debtors have not been included

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Net Income: high profitability from the operations

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Profitability level very strong, in line with 2025 Budget Growth rate of net income (+54%) significantly above the CAGR (15.5%) over the business plan horizon

Focus on Asset Quality and Digital Factoring

A low risk model with best in class asset quality

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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 PA sector

High protection of risk due to conservative credit stance

The Net Financial Assets borne by Generalfinance on total financial assets as at June 30, 2025 was €216 mn.

Insurance: Allianz Trade (Credit Insurance) cap equal to 50x annual premiums for total €57 mn; Sace Guarantees for total €66 mn Personal guarantees: calculated by summing the lower 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

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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)

0.5%

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1) Generalfinance data refers to June 30, 2025 (LTM); Assifact data refers to March 31, 2025;

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

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6M 25 Results: Balance Sheet, P&L, Funding and Capital

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

Income Statement (€mn)	2021	2022	2023	2024	CAGR '21-'24	6M24	6M25	YoY%
Interest Margin	6 2	7 3	9 0	12 4	25 7%	5 0	7 2	44 7%
Commission Net	17 7	23 6	27 2	36 4	27 2%	16 0	23 0	43 7%
Net Banking Income	23 9	30 9	36 2	48 8	26 8%	21 0	30 2	44 1%
value adjustments / write-backs for credit risk Net	(0 2)	(1 2)	(1 3)	(1 2)	1% 75	(1 4)	(2 0)	41 3%
Operating Costs	(9 8)	(13 2)	(12 9)	(16 0)	9% 17	(7 4)	(9 7)	1% 30
Profit Net	9 5	10 9	15 1	21 1	30 7%	8 0	12 3	54 3%
(€m)	2021A	2022	2023	2024	CAGR '21-'24	6M24	6M25	YoY%
Turnover	402 9 1 ,	2 009 4 ,	2 559 3 ,	3 029 5 ,	29 3%	369 4 1 ,	832 6 1 ,	33 8%
Disbursed Amount	1 118 5 ,	1 674 0 ,	2 161 4 ,	2 393 6 ,	28 9%	1 045 1 ,	1 436 7 ,	37 5%
LTV	7% 79	3% 83	5% 84	0% 79	(0 3%)	3% 76	4% 78	7% 2
Pro-solvendo LTV	78 6%	81 6%	79 7%	9% 75	(1 2%)	74 1%	74 7%	0 9%
Net Banking Income / Average Loan (%)	9 6%	8 7%	8 5%	9 1%	(1 9%)	9 4%	9 8%	4 7%
Margin Banking (%) Interest / Net Income	0% 26	5% 23	8% 24	4% 25	(0 9%)	7% 23	7% 23	4% 0
Cost Ratio Income	40 9%	42 7%	35 7%	32 9%	(7 0%)	35 4%	32 0%	(9 7%)
ROE (%)	42 0%	23 7%	29 3%	35 8%	(5 2%)	27 0%	35 4%	30 8%
Balance Sheet (€mn)	2021A	2022	2023	2024	CAGR '21-'24	6M24	6M25	YoY%
Cash Cash Equivalents &	33 5	43 7	21 7	122 4	54 0%	83 5	95 3	14 2%
Financial Assets	321 0	385 4	462 4	614 9	24 2%	432 7	616 8	42 5%
Other Assets	10 8	14 7	15 9	32 3	43 8%	16 3	30 5	86 8%
Total Assets	365 3	443 8	500 0	769 6	2% 28	532 5	742 6	4% 39
Financial Liabilities	314 6	368 4	409 4	635 2	26 4%	410 6	597 4	45 5%
Other Liabilities	18 7	18 6	24 2	54 3	42 7%	54 9	63 2	2% 15
Total Liabilities	333 3	387 0	433 6	689 5	27 4%	465 5	660 6	41 9%
Equity Shareholder's	32 0	56 8	66 4	80 1	8% 35	67 0	82 0	3% 22

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A very simple balance sheet with a strong capital position…

RWA Density: RWA / Total Asset

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Note: CET1 Ratio and Total Capital Ratio calculated taking into account net profit of the 6M25, net of total dividends to be distributed (payout 50% of net profit)

…coupled with a robust funding and liquidity position

Average Euribor 3 months (Last 12 months)

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Funding Spread: Cost of funding – Average Euribor 3 months

Liquidity Position: excluding pledge accounts amounting to 23.2 €mn

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

NII «hedged» against interest rates volatility

Commercial Spread

2.6% 1.3% 2.5% 2.1% 2.1% 2.3% % Net Interest Margin % (1) Average cost of funding Spread (2) (4) 3.9% Average interest rate on seller (3) 3.8% 1.9% 1.9% 6.9% 1.7% 5.2% 1.8% 5.4% 7.2% Net Interest Income (NII) ~24% 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).

2021 2022 2023 2024 6M24 2021 2022 2023 2024 6M25 6M24 6M25 1.5% 5.8% 7.3% 2.0% 4.2% 6.2% 2.2% 2.3%

(1) (Interest income + delayed payment Interest )/ average loans including refactoring (Last 12 months)

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

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(3) Calculated as (interest expense, net of right of use costs) / average financial liabilities, including refactoring (Last 12 months)

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

Net commission income, the primary source of profitability

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Human capital as a strategic factor to drive growth

Workforce growth

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Operating Costs

0 Other income & Expenses: Other net revenues and risk charges Cost income ratio 2022 Adjusted (net of IPO costs): 38%

Update & Closing Remarks

Clawback Risk – Leali Steel

On August 22, 2025 Generalfinance S.p.A. ("Generalfinance" or the "Company") announced that following the appeal filed by the Company, as communicated to the market on July 31, 2025, against the ruling of the Civil Court of Trento, which was in turn communicated to the market on July 25, 2025, the Court of Appeal of Trento has suspended, without security, the enforceability of the aforementioned ruling, which ordered Generalfinance to pay Roma 2014 S.r.l. an amount of approximately €9.3 million (plus expenses and interest, estimated at approximately €4.7 million).

Having acknowledged the favourable outcome of the suspension measure, the Company hereby confirms its intention to proceed with the merits of the case before the Court of Appeal of Trento.

In line with international accounting standards, no provisions have been recorded in the interim financial statements, also taking into account the updated opinions provided by the leading law firm assisting Generalfinance.

In addition to the Leali Steel litigation, two further clawback-related disputes are pending, with a total petitum of approximately €7 million. One case (petitum €2.2 million), classified as a possible risk, has already seen a favorable firstinstance ruling, while the other (petitum €4.7 million) is assessed as a remote risk. In line with international accounting standards, no provisions have been recorded in the interim financial statements, supported by updated opinions from the leading law firm assisting Generalfinance.

More generally, the Company continues to reinforce its safeguards against claw-back risk, implementing stringent assessment policies and, where feasible, acquiring additional legal protections – further strengthening the already substantial safeguards provided by Italian factoring legislation. These measures confirm the Company's prudent approach to risk management and ensure that potential impacts remain fully under control.

Clawback Risk, very low compare to turnover level

Number of Legal Proceedings (clawback) from 2007 to 2025

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6M2025: Closing Remarks

2025 first 6 months of the year confirm a growing trend, in line with full year budget:

• Profitability level showing significant growth: net banking income up +44%
• Good asset quality confirmed, NPE Ratio <2%
• Further reduction of the cost income ratio, thanks to the very good operating leverage
• 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: i) first bond issuance in April for Eur 50 MLN; ii) new agreement reached with CDP for an initial amount of EUR 7.5 MLN
• Strong Capital ratios (TCR ~ 15%) allowing a sound capital buffer for growth even exceeding strategic plan horizon
• Opening of a branch in Rome in order to increase business and turnover in the Center / South of the Country; in H1, first factoring agreements directly originated by the branch
• Further improvements and new hires in the Risk and Control departments
• Expanding Generalfinance abroad: the Spanish branch started operations in early 2025; the Swiss branch to be started in the first quarter of next year, subject to regulatory approval
• Net Income 2025 guidance confirmed: >24M

Annexes

Income Statement

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Income Statement (€m)	6M24	6M25	YoY%
Interest income and similar income	18 2	21 0	15%
similar Interest expense and charges	(13 2)	(13 8)	5%
INTEREST MARGIN	5 0	7 2	45%
and commission income Fee	18 0	26 7	48%
Fee and commission expense	(2 0)	(3 7)	84%
NET FEE AND COMMISSION INCOME	16 0	23 0	44%
Dividends similar income and	0 0	0 0	-
Net profi (loss) from trading	(0 0)	(0 0)	-
Net results of other financial a/l measured at fv	(0 0)	0 0	-
NET INTEREST AND OTHER BANKING INCOME	21 0	30 2	44%
value adjustments / write-backs for credit risk Net	(1 4)	(2 0)	41%
a) Financial assets measured at amortised cost	(1 4)	(2 0)	41%
NET PROFIT (LOSS) FROM FINANCIAL MANAGEMENT	19 6	28 2	44%
Administrative expenses	(7 5)	(9 5)	21%
a) Personnel expenses	(4 3)	(4 9)	6%
b) Other administrative expenses	(3 2)	(4 6)	43%
Net provision for risks and charges	0 2	(0 0)	(104%)
b) provisions Other net	0 2	(0 0)	(104%)
value adjustments / write-backs Net on pppe	(0 5)	(0 6)	38%
Net value adjustments / write-backs on int Ass	(0 3)	(0 4)	20%
Other operating income and expenses	0 6	0 8	19%
OPERATING COSTS	(7 4)	(9 7)	30%
Gains (Losses) from equity investments	(0 0)	(0 0)	-51%
PROFIT (LOSS) FROM CURRENT OPERATIONS PRE-TAX	12 1	18 5	52%
Income tax for the year on current operations	(4 1)	(6 2)	51%
(LOSS) PROFIT FOR THE YEAR	8 0	12 3	54%

Balance Sheet

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(€m) Balance Sheet	2024	6M25	Var% YTD
equivalents Cash and cash	122 4	95 3	(22%)
Financial assets measured at fair value through p/l	8 1	7 9	(3%)
Financial measured amortised assets at cost	614 9	616 8	0%
Property Plan and Equipment (PPE) ,	6 5	6 2	(4%)
Intangible assets	3 3	3 5	8%
Tax assets	7 3	4 5	(39%)
a) current	6 9	4 0	(42%)
b) deferred	0 4	0 5	22%
Other assets	2 7	8 4	16%
TOTAL ASSETS	769 7	742 6	(4%)
Financial liabilities measured at amortised cost	635 2	597 4	(6%)
a) payables	558 4	497 3	(11%)
b) outstanding securities	76 8	100 1	30%
liabilities Tax	10 4	6 2	(40%)
Other liabilities	42 3	54 7	29%
Severance pay	1 6	1 6	1%
Provision for risk and charges	0 2	0 6	191%
Share capital	4 2	4 2	0%
Share premium reserve	25 4	25 4	0%
Reserves	29 2	39 8	36%
Valuation reserves	0 1	0 2	44%
Profit (loss) for the year	21 1	12 3	(42%)
TOTAL LIABILITIES AND SHAREHOLDERS'S EQUITY	769 7	742 6	(4%)

Strong and long-term oriented shareholder base

Shareholding structure

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An organization oriented to risk control and business

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Turnover breakdown vs system average 1/3

Generalfinance's Turnover data refers to June 30, 2025 Assifact's Turnover data refers to March 31, 2025

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Turnover breakdown vs system average 2/3

Generalfinance's Turnover data refers to June 30, 2025 Assifact's Turnover data refers to March 31, 2025

Turnover breakdown vs system average 3/3

SELLERS' DIVERSIFICATION GEOGRAPHY

Not classified

17%

Generalfinance's Turnover data refers to June 30, 2025 Assifact's Turnover data refers to March 31, 2025

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Mission to Grow 6M25 Results