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

Main results 9M 2025

Focus on Asset Quality and Digital Factoring

9M 2025 Results: Balance Sheet, P&L, Funding and Capital

Update & Closing Remarks

Annexes

Main results 9M 2025

Strong and long-term oriented shareholder base

Shareholding structure – updates on voting rights

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 61 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 delivered 34% YoY turnover growth, versus a 5% contraction for the industry. The result underscores strong commercial momentum and the ability to scale volumes despite a weak market.

Generalfinance's Turnover data refers to September 30, 2025

Assifact's Turnover data refers to June 30, 2025. The percentage variation in turnover includes the volumes generated by tax credit purchases.

Assifact: Household debtors have not been included

Net Income: high profitability from the operations

Profitability level very strong, growth rate of net income (+55%) 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

High protection of risk due to conservative credit stance

The Net Financial Assets borne by Generalfinance on total financial assets as at September 30, 2025 was €184 Mln.

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: duration greater than the market

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 ("Special situation") while the Debtors underlying customer loans refer to a high credit rating (normally investment grade)

PRODUCTS

✓ Pro-solvendo factoring (c. 75% of turnover; vs 17% Assifact¹ )
✓ Pro-soluto factoring (c. 25% of turnover; vs 83% Assifact ¹ )
✓ Reverse factoring
✓ C. 73% of turnover covered by insurance with Allianz Trade
✓ 75% LTV Pro solvendo in 9M 2025, adjustable according to credit risk

CUSTOMERS (special situations)

✓ High ratio Debtor/Seller (61 vs 6 of Assifact average² )
✓ Average Seller retention about 6.6 years

Distressed Bonis (High risk) NewCo

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

Data LTM, as of September 2025

9M 25 Results: Balance Sheet, P&L, Funding and Capital

A low volatility P&L, based on fees and commissions (1)

Income Statement (€Mln)	2021	2022	2023	2024	CAGR '21-'24	9M24	9M25	YoY%
Interest Margin	6.2	7.3	9.0	12.4	25.7%	8.0	13.2	65.8%
Net Commission	17.7	23.6	27.2	36.4	27.2%	25.0	36.0	44.3%
Net Banking Income	23.9	30.9	36.2	48.8	26.8%	33.0	49.2	49.7%
Net value adjustments / write-backs for credit risk	(0.2)	(1.2)	(1.3)	(1.2)	75.1%	(1.3)	(3.2)	155.7%
Operating Costs	(9.8)	(13.2)	(12.9)	(16.0)	17.9%	(11.1)	(14.4)	30.2%
Net Profit	9.5	10.9	15.1	21.1	30.7%	13.6	21.0	54.5%

(€Mln)	2021A	2022	2023	2024	CAGR '21-'24	9M24	9M25	YoY%
Turnover	1,402.9	2,009.4	2,559.3	3,029.5	29.3%	2,097.6	2,805.3	33.7%
Disbursed Amount	1,118.5	1,674.0	2,161.4	2,393.6	28.9%	1,628.0	2,183.1	34.1%
LTV	79.7%	83.3%	84.5%	79.0%	(0.3%)	77.6%	77.8%	0.3%
LTV Pro-solvendo	78.6%	81.6%	79.7%	75.9%	(1.2%)	75.2%	75.2%	0.0%

Net Banking Income / Average Loan (%)	9.6%	8.7%	8.5%	9.1%	(1.9%)	9.7%	10.8%	11.9%
Interest Margin / Net Banking Income (%)	26.0%	23.5%	24.8%	25.4%	(0.9%)	24.2%	26.8%	10.7%
Cost Income Ratio	40.9%	42.7%	35.7%	32.9%	(7.0%)	33.6%	29.3%	(13.0%)
ROE (%)	42.0%	23.7%	29.3%	35.8%	(5.2%)	30.7%	40.2%	30.9%

Balance Sheet (€Mln)	2021A	2022	2023	2024	CAGR '21-'24	9M24	9M25	YoY%
Cash & Cash Equivalents	33.5	43.7	21.7	122.4	54.0%	118.9	144.7	21.7%
Financial Assets	321.0	385.4	462.4	614.9	24.2%	445.4	598.7	34.4%
Other Assets	10.8	14.7	15.9	32.3	43.8%	17.5	40.7	133.5%
Total Assets	365.3	443.8	500.0	769.6	28.2%	581.8	784.1	34.8%
Financial Liabilities	314.6	368.4	409.4	635.2	26.4%	445.5	617.1	38.5%
Other Liabilities	18.7	18.6	24.2	54.3	42.7%	63.7	76.4	19.9%
Total Liabilities	333.3	387.0	433.6	689.5	27.4%	509.2	693.5	36.2%
Shareholder's Equity	32.0	56.8	66.4	80.1	35.8%	72.6	90.6	24.8%

Note: Turnover includes Future receivables

ROE = Net Profit / (Equity - Net Profit )

Cost Income Ratio: Operating Costs / Net Banking Income

A low volatility P&L, based on fees and commissions (2)

Statement (€Mln) Income	1Q24	2Q24	3Q24	4Q24	1Q25	2Q25	3Q25	3Q25/	3Q25/
Interest Margin	2 6	2 3	3 0	4 4	3 3	3 9	6 0	2Q25% 8% 55	3Q24% 100 6%
Net Commission	8 0	8 1	8 9	11 4	11 1	11 9	13 0	9 0%	45 3%
Banking Net Income	10 6	10 4	11 9	15 9	14 4	15 8	19 0	4% 20	4% 59
value adjustments / write-backs for credit risk Net	0 0	4 -1	0 1	0 1	9 -1	-0 1	2 -1	1846 2%	-1002 8%
Operating Costs	-3 3	-4 1	-3 6	-5 0	-4 6	-5 0	-4 7	-5 9%	30 4%
Profit Net	4 9	3 1	5 6	7 5	5 3	7 0	8 7	1% 23	8% 54
								3Q25/	3Q25/
(€Mln)	1Q24	2Q24	3Q24	4Q24	1Q25	2Q25	3Q25	2Q25%	3Q24%
Turnover	621 6	747 8	728 2	931 9	818 9	1011 7	974 8	6% -3	9% 33
Disbursed Amount	481 7	563 3	582 9	765 6	643 9	792 7	746 4	8% -5	28 0%
LTV	5% 77	3% 75	80 0%	82 2%	78 6%	78 4%	76 6%	-2 3%	-4 3%
Banking (%) Net Income / Average Loan	1% 10	3% 10	9% 10	0% 12	1% 10	0% 11	5% 12	9% 13	2% 15
Interest Margin / Net Banking (%) Income	24 8%	22 5%	25 2%	27 7%	23 0%	24 5%	31 6%	29 4%	25 8%
Cost Income Ratio	31 4%	39 5%	30 5%	31 3%	32 0%	31 9%	24 9%	-21 9%	-18 2%
(%) ROE	4% 29	4% 19	4% 33	5% 41	4% 26	5% 37	3% 42	6% 12	6% 26
(€Mln) Balance Sheet	3M24	6M24	9M24	12M24	3M25	6M25	9M25	9M25/ 6M25%	9M25/ 9M24%
Equivalents Cash Cash &	106 3	83 5	118 9	122 4	113 5	95 3	144 7	8% 51	7% 21
Financial Assets	372 3	432 7	445 4	614 9	533 4	616 8	598 7	-2 9%	34 4%
Other Assets	16 5	16 3	17 5	32 4	32 6	30 4	40 7	34 0%	132 7%
Total Assets	495 1	532 5	581 8	769 7	679 4	742 6	784 1	6% 5	8% 34
Financial Liabilities	393 4	410 6	445 5	635 2	540 9	597 4	617 1	3% 3	5% 38
Other Liabilities	30 4	54 9	63 7	54 4	53 1	63 1	76 4	21 1%	19 9%
Total Liabilities	71 3	67 2	72 6	80 1	85 4	82 0	90 6	10 5%	24 8%
Equity Shareholder's	495 1	532 5	581 8	769 7	679 4	742 6	784 1	6% 5	8% 34

Note: Turnover includes Future receivables

ROE = Net Profit / (Equity - Net Profit )

Cost Income Ratio: Operating Costs / Net Banking Income

RWA Density: RWA / Total Asset

Note: CET1 Ratio and Total Capital Ratio calculated taking into account net profit of the 9M25, net of total dividends to be distributed (payout 50% of net profit)

Callable Tier 2 subordinated notes issuance

Issuer: Generalfinance S.p.A.

Security: Subordinated, Tier 2

Size: EUR 30,000,000

Settlement Date: 29 October 2025

Maturity Date: 29 January 2036

Coupon / Interest: 6.875%, Fixed

Call date / Reset Date: 29 January 2031

Listing: Euronext Dublin Global Exchange Market

Effects of the Tier 2 bond issuance

...coupled with a robust funding and liquidity position

Liquidity Position: excluding pledge accounts amounting to 30.7 €Mln
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
Banking Facility & Other: "Banking Facility" amounting to 25.1 €Mln and "Other" amounting to 7.5 €Mln

NII «hedged» against interest rates volatility

Net Interest Income (NII) ~27% of the Net Banking Income.

Almost all funding available at variable rates (Euribor 1M, 3M and 6M).

All factoring contracts with Sellers at variable rates (based on Euribor 3M).

(1) (Interest income + delayed payment Interest )/ average loans including refactoring (Last 12 months)
(2) Spread: average interest rate on seller average cost of funding
(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

Net Commission Income ~73% of the Net Banking Income.

Commission Income / Turnover improving YoY

Stable commission expense rate over time thanks to optimization of insurance costs and banking fees

Human capital as a strategic factor to drive growth

Workforce growth

Operating Costs

Update & Closing Remarks

Closing Remarks

2025 first 9 months of the year confirm a growing trend, in line with full year budget:

Profitability level showing significant growth: net banking income up +50%
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 for Eur 80 Mln; ii) new agreement reached with CDP for an initial amount of EUR 7.5 Mln (now > 20 €Mln)
Strong Capital ratios (TCR ~ 15%) allowing a sound capital buffer for growth even exceeding strategic plan horizon, with a new subordinated bond issued in October (TCR ~ 20%)
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 half of next year, subject to regulatory approval
Net Income 2025 guidance revised upward: > 27 €Mln

Annexes

Statement (€Mln) Income	9M24	9M25	YoY%
income and similar income Interest	28 0	33 3	19%
Interest expense and similar charges	(20 0)	(20 1)	1%
INTEREST MARGIN	8 0	13 2	66%
commission income Fee and	27 8	41 1	48%
and commission Fee expense	(2 8)	(5 1)	84%
COMMISSION INCOME NET FEE AND	25 0	36 0	44%
Dividends and similar income	0 0	0 1	-
profi (loss) from trading Net	(0 0)	(0 0)	-
results of other financial a/l measured fv Net at	(0 1)	(0 0)	-
INTEREST OTHER BANKING INCOME NET AND	32 9	49 2	50%
adjustments write-backs for credit risk Net value /	(1 3)	(3 2)	156%
a) Financial amortised assets measured at cost	(1 3)	(3 2)	156%
PROFIT (LOSS) FROM FINANCIAL MANAGEMENT NET	31 6	46 0	45%
Administrative expenses	(11 0)	(13 7)	24%
a) Personnel expenses	(6 2)	(7 4)	19%
b) administrative Other expenses	(4 8)	(6 3)	31%
Net provision for risks and charges	0 2	(0 5)	(326%)
b) Other net provisions	0 2	(0 5)	(326%)
adjustments write-backs Net value / on pppe	(0 7)	(0 8)	17%
value adjustments / write-backs on int Net Ass	(0 5)	(0 6)	20%
Other operating income and expenses	0 9	2 1	32%
OPERATING COSTS	(11 1)	(14 4)	30%
Gains (Losses) from equity investments	(0 0)	(0 0)	-63%
PROFIT (LOSS) FROM CURRENT OPERATIONS PRE-TAX	20 5	31 6	54%
tax for the year on current operations Income	(6 9)	(10 6)	53%
PROFIT (LOSS) FOR THE YEAR	13 6	21 0	55%

Balance Sheet

Balance Sheet (€Mln)	2024	9M25	Var% YTD
Cash and cash equivalents	122 4	144 7	18%
Financial fair assets measured at value through p/l	8 1	8 1	(0%)
Financial assets measured at amortised cost	614 9	598 7	(3%)
Equipment (PPE) Property Plan and ,	6 5	6 0	(7%)
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	7 2	18 6	157%
TOTAL ASSETS	769 7	784 1	2%
Financial liabilities measured at amortised cost	635 2	617 1	(3%)
a) payables	558 4	485 5	(13%)
b) outstanding securities	76 8	131 6	71%
liabilities Tax	10 4	10 6	2%
liabilities Other	42 3	62 9	49%
Severance pay	6 1	1 7	8%
Provision for risk and charges	0 2	1 3	531%
Share capital	4 2	4 2	0%
premium Share reserve	25 4	25 4	0%
Reserves	29 2	39 8	36%
Valuation reserves	0 1	0 1	11%
Profit (loss) for the year	21 1	21 0	(1%)
TOTAL LIABILITIES SHAREHOLDERS'S EQUITY AND	769 7	784 1	2%