Generalfinance

Investor Presentation • Dec 1, 2025

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 Results 9M 2025

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

Digital, Low Risk Player

Business Plan 2025-2027: overview and initiatives

Business Plan 2025-2027: Financials

Annex

Generalfinance: Overview and Results 9M 2025

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

GENERAL

emarket

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

certified

Sustainability of financial results over >30 years

With a Eur 3 bn turnover in 2024, total factored receivables since the start of the factoring operation (1991) are approximately Eur 14bn

Value creation for shareholders well above the peers

Peers – Stock Price & TSR June 2022 – September 2025 Peers – Stock Price Performance June 2022 – September 2025

Stock price trend during the period 29.06.2022 - 30.09.2025; TSR: Total Shareholder Return Peers include Banca Sistema, BFF, Banca Ifis, Illimity Bank

Source: Teleborsa

Peers: average of the stock performance during the period 29.06.2022 – 30.09.2025

Strong and long-term oriented shareholder base

Shareholding structure

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

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/ 2Q25%	3Q25/ 3Q24%
Interest Margin	2 6	2 3	3 0	4 4	3 3	3 9	6 0	55 8%	100 6%
Commission Net	8 0	8 1	8 9	11 4	11 1	11 9	13 0	0% 9	3% 45
Banking Net Income	10 6	10 4	11 9	15 9	14 4	15 8	19 0	4% 20	4% 59
Net value adjustments / write-backs for credit risk	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
(€Mln)	1Q24	2Q24	3Q24	4Q24	1Q25	2Q25	3Q25	3Q25/ 2Q25%	3Q25/ 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	77 5%	75 3%	80 0%	82 2%	78 6%	78 4%	76 6%	-2 3%	-4 3%
Banking / (%) Net Income Average Loan	10 1%	10 3%	10 9%	12 0%	10 1%	0% 11	12 5%	13 9%	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%	38 5%
Other Liabilities	30 4	54 9	63 7	54 4	53 1	63 1	76 4	21 1%	19 9%
Shareholder's Equity	71 3	67 2	72 6	80 1	85 4	82 0	90 6	10 5%	24 8%
Liabilities Total	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

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

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.

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

Digital, Low Risk Player

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What is Factoring? (1/2)

What is Factoring? (2/2)

certified

redit management (debtor management and payment collection) is the core business of a factoring company and allows the creditor to outsource activities that are usually carried out in-house, thus achieving:

• Greater effectiveness (credit management is the core business of a Factor)
• Greater efficiency (a Factor can leverage on economies of scale)

1

In the credit insurance service, the Factor analyses the specific features of the assigned receivables and can issue a solvency guarantee

3

CREDIT INSURANCE

FURTHER KEY TAKEAWAYS ON FACTORING

• □ Factoring is a flexible tool for the management of working capital, offering a wide range of services to release, manage and successfully deliver trade receivables;
• ☐ The legal instrument underpinning factoring is the assignment of receivables in accordance with Law no. 52 of 21 February 1991 (Law on the assignment of receivables).

A strategic asset: our proprietary digital platform

Data LTM, as of September 2025

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

Value proposition, distinctive features and value chain

1

Value proposition

Generalfinance offers its customers (mostly companies under financial stress) rapid and customized interventions for the financing of the working capital and trade receivables, covering the entire supply chain finance

Factoring Pro-Solvendo

Factoring Pro-Soluto

"Revolving" relationship (LIR¹ at 24 months) in a predominantly "notification" mode and, where applicable, "acceptance" of the debt

2

Distinctive skills

• o Consolidated expertise throughout the entire process
• End-to-end in-house valuation process, tailored to customer specifications
• o Strong risk reduction and diversification mechanisms
• In-house-developed proprietary factoring platform to support business specifications
• Fast operational processes and capability to provide
  bridge financing within turnaround processes

3

Generalfinance masters all the crossroads of the value chain

• o All operational steps and core activities are carried out internally by Generalfinance's dedicated structures
• Generalfinance does not relies on external consultants to assess the creditworthiness of sellers and debtors but owns all the skills
• o The process is reinforced by credit insurance policies provided by Allianz Trade insurance company which, during the risk acquisition phase, performs an independent assessment of the assigned debtors, providing Generalfinance a feedback on the results of their assessment

Origination

Credit assessment

Credit Underwriting Completion of the sale

Ordinary management

Monitoring

Valuation Framework

Distressed Client

Scoring Components

DISTRESSED SELLER SCORING

DEBTOR SCORING/ SELLER'S PORTFOLIO

OPERATIONS'S FINAL SCORING

Key Factors for Valuation

• Industrial market position and client portfolio
• Recovery plan credibility and sustainability of the repayment plan of the previous debt position
• Standing and profile of the Seller's legal/financial advisors
• Feasibility of the financial measures and presence of legal protections
• Presence of financial support (Equity/Debt) from investors/shareholders

Output

▪ Distressed Seller's quantitative score (green, yellow, red)

• Debtor's score
• Seller's portfolio score

▪ Overall valuation (Seller + Debtor)

Grant To be evaluated Reject

Performing Client

Scoring Components

PERFORMING SELLER SCORING

DEBTOR SCORING/ SELLER'S PORTFOLIO

OPERATIONS'S FINAL SCORING

Key Factors for Valuation

• Economic and financial analysis of the Balance Sheet/P&L/Cash Flow Statement
• Positioning in the sector
• Sustainability of the debt position (Debt-Service Coverage Ratio)
• Credibility of the management

Output

▪ Performing Seller's quantitative score

• Debtor's score
• Seller's portfolio score

▪ Overall valuation (Seller + Debtor)

Grant To be evaluated Reject

Debtor Scoring

Macro score	Indicator	Assessment details
1 Financial score	BRI	▪ Counterparty summary assessment considering the economic and financial aspects, the history of the company, the shareholders structure, etc.
	CGS	▪ Counterparty summary assessment considering the economic and financial aspects, the history of the company, the shareholders structure, etc.
	Rating Score	Counterparty summary assessment considering the economic ▪ and financial aspects, the history of the company, the shareholders structure, etc.
	Delinquency Score	Probability of late payments over the next 12 months ▪
	Failure Score	Company probability of default over the next 12 months ▪
2 Payments score	Paydex	Score on the counterparty's payment performance ▪
	Payline	Score on the counterparty's payment performance ▪
3 Credit insurability score	Grade Allianz Trade	Degree of credit insurability ▪
	DRA	▪ Degree of credit insurability ▪ Coface – in progress
Credit insurance	Insurance	▪ Insurance partnership with Allianz Trade to insure up to 95% of the credit cross, starting from amounts above 75k

Risk reduction in Distressed Factoring

Given that the majority of Generalfinance's turnover is realized towards distressed Sellers, the Company can benefit from a reduction in risk, because of 3 main factors

Lower Credit Risk

• o Effects of insolvency proceedings on financial position (ex. credit write-offs)
• o Recovery and relaunch plan
• o Possible change in the Governance
• o Possible capital injection or new financing
• o Predeductibility (i.e., superpriority) of receivables arising from loans disbursed in execution of the plan and loans disbursed prior to the submission of the composition with creditors plan, respectively, if the conditions provided by the regulations are met

Lower Operating Risk

• o Court approval (arrangement with creditors, restructuring agreement)
• o Supervision by the court commissioner (arrangement with creditors)
• o Presence of high standing Financial Advisors and Legal Counsels
• o Management change

Lower Risk of Clawback Action

• o Financial assistance for the implementation of the agreement / plan / arrangement with creditors with exemptions from clawback actions
• o Authorization for bridge financing (in these cases, the risk of clawback actions is excluded on a de facto basis)
• o Factoring law and related protections (clawback actions regarding collections from assigned debtors)

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

Business Plan 2025-2027: Overview and Initiatives

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

The five pillars of our acceleration program

Strategic consolidation of operations in Italy in the distressed / special situations factoring market International growth driven by entry into the Spanish and Swiss market

Rollout of an internal project dedicated to small retail clients

Diversification of funding resources with the renewed credit lines to support growth

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

Achievements

Smart-working days granted monthly

100% 25h 50% 2

Employees receiving periodic evaluations with variable incentive plan

Average training hours per capita in 2024

Only 2 claims from customers in 2024

~600k€

Support for local associations (2022-2024)

~50k

Estimated labour force of Company customers, contributed to be preserved (2023 data)

Commitment to Sustainable Development and Long-Term Value Creation

• Publication of the first two Sustainability Reports
• Development of the Materiality Matrix according to GRI Universal Standards

Main Achievements Commitment 2025-27

• Publish an annual ESG Report aligned with GRI and EU CSRD regulations
• Enhance ESG risk assessment tools to integrate sustainability into corporate decision-making
• Renewal of ESG Action Plan

• Diversity & Inclusion by gender 2024 data (Male: 55% vs Female: 45%)
• Ongoing support for local associations through charity and sponsorships
• Ongoing Training Programs

• Promote gender equality by strengthening inclusive hiring policies
• Strengthen social impact initiatives by increasing investments in local communities

• Smart working settled at 50%
• Annual assessment of the Board of Directors through external advisors
• Implementation of the Welfare Plan through a dedicated platform

• Integrate ESG Goals in incentive plans
• Assess the ESG profile of Generalfinance's Sellers by mapping at least 80% of the Portfolio by the end of 2025

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

Evolution of Turnover in Italy (€bn)

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

Trend in bankruptcy procedures supporting our business

Source: "Osservatorio Unioncamere Crisi d'impresa" – November 2025

The impact of the credit crunch on Italian companies

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

Competitive Positioning

Generalist

Specialist

Industrials

Financials

Generalfinance is an independent player focusing on distressed debt financing

Insolvency trend confirms actractiveness of foreign market

	Strongly increasing (+30% and more)		Brazil Estonia Italy Japan	Netherlands US	Ireland Poland South Korea
Cumulative change over 2023	Noticeably increasing (+15% to +30%)	Chile Turkey	Lithuania	Australia France Germany Luxembourg New Zeland Norway Portugal	Canada Finland Hungary UK Sweden
and 2024	Increasing (0% to +15%)	India Latvia	Colombia Czechia Slovakia	Austria Belgium Bulgaria Switzerland Romania	Denmark Morocco Spain
	Decreasing	China Russia Singapore	South Africa	Taiwan	Hong 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'

Factoring & Confirming 2023 Turnover (€bn)

(1) Turnover development 2019 - 2023 (€bn)

Trend in insolvency cases in Spain (k)

⁽¹⁾ Source EuFederation

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

International growth in the Swiss market

emarket sdir storoge certified

• ✓ 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.

Main KPIs⁽¹⁾

<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

Trend in insolvency cases in Switzerland (k)⁽²⁾

Estimation of Alvarez & Marsal

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

Human capital as a strategic factor to drive the growth

Gender distribution 24'

Target organizational model

Significant workforce growth is expected, together with international expansion and the strengthening of the control, commercial, and credit functions

Solid and sustainable growth: the numbers driving the future

Business Plan 2025-2027: Financials

Macroeconomic scenario supportive for our business

Real GDP growth (Annual percent change)

Inflation Rate (Annual percent change)

3 Months Euribor (Annual percent change)

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

NII fully «hedged» against interest rates volatility

Net Interest Margin

(4)

Spread will stay substantially stable over the years.

Net Interest Income (NII) ~27% of the Net Banking Income in 2027.

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)

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Net commission income, the primary source of profitability

Net Commission Income ~73% of the Net Banking Income in 2027.

Commission Income/Turnover will be almost stable in the next 3 years.

Reduction of the commission expense rate due to optimization of insurance costs and banking fees.

Safeguarded asset quality, sound profile confirmed

NPE evolution

Cost / Income reflecting the efficiency of the machine

⁽¹⁾ Other net revenues and risk charges

⁽²⁾ Operating Costs / Net Banking Income

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

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

Cybersecurity: fostering cybersecurity system for built-in protection

Efficient use of capital with strong organic capital generation

Total Capital ratio evolution %

New issue of Tier 2 planned in 2027 (€10 Mn)

Pay out ratio: 50%

RWA density: Average 2025 - 2027 (Total RWA / Total Asset)

Optimization of funding structure and cost of funding

Financial indebtedness €mn

Business Plan targets (1/2)

Margin 12 4 21 0 19 4% Interest Commission 2% Net 36 4 55 5 15 Banking .1% Net Income 48 8 76 .5 16 Net value adjustments / write-backs for credit risk -1 2 -4 2 53 2% Operating Costs -16 0 -24 0 14 3% Profit 21 32 15.5% Net .1 .5 (€mn) 2024 2027 Cagr '24-'27 Turnover 3029 .5 5054 .7 18 6% 9% - Italy 3029 5 4478 2 13 - Spain 350 2 - - - Switzerland 226 3 - - Net Banking / (%) 9 1% 7% (5 2%) Income Average Loan 7 Margin Banking (%) 4% 4% 6% Interest / Net Income 25 27 2 Ratio 9% 3% (1 6%) Cost Income 32 31 (%) 8% .1% (1 .5%) ROE 35 34 Balance Sheet (€mn) 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 769 6 1258 17.8% Assets .7 Financial Liabilities 2% 635 2 1076 6 19 Liabilities 1% Other 54 3 54 4 0 Total Liabilities 689 .5 1131 0 17.9% Shareholder's Equity 80 127 16 8% .1 .7	Income Statement	2024	2027	'24-'27
	(€mn)			Cagr

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 ,

Annex

Income Statement

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

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%

An organization oriented to risk control and business

Turnover breakdown vs system average 1/3

SELLERS' DIVERSIFICATION BY DIMENSION

FACTORING BY NOTIFICATION STATUS

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

Turnover breakdown vs system average 2/3

NATIONAL VS INTERNATIONAL TURNOVER

TURNOVER BY PRODUCT

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

Turnover breakdown vs system average 3/3

SELLERS' DIVERSIFICATION BY SECTOR GEOGRAPHY

• Manufacturing
• Trade
• Services
• Transportation
• Construction
• Others
• Foreign
• Not classified

SELLERS' DIVERSIFICATION GEOGRAPHY

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

Stage 2 evolution in Italy and Spain

STAGE 2 LOAN RATIO

Stage 2 loan ratio: loans and advances at amortised cost / Sum of stage 1, 2, 3 and POCI loans and advances at amortised cost Source: EBA risk dashboard, Scope Ratings

Credit Process Overview

Phase	1 Client Acquisition	Assessment & pre-qualification	3 Proposal	Negotiation and underwriting	Credit decision	Credit management	Monitoring
Activities	Acquisition of new Clients Collection of Client data to check sales, turnover, customers, suppliers, etc.) Generate Client Report	Customer assessment (economic and financial analysis, AML checks, Summary Report Process assessment (for distressed procedures) Debtor assessment (data collection, creditworthiness check)	Overall file assessment (review of Summary Report and other relevant documents) Definition of a non-binding proposal, to be shared with the Client	Forwarding of proposal to Client Discussion of any amendments within the decision-making scope of the Sales Office Sign-off of terms and conditions by the Client	Additional data collection on the Assignor Review of Assignor/Assign ee assessment Credit decision on the maximum amount disbursable to Assignor and credit facilities to Debtors Signing of contract	management with Assignor and Assigned	Monitoring of factored receivables Monitoring of credit risk Management of outstanding receivables Monitoring of collections Reporting on information flows between corporate bodies
Department	- cco	- CLO	- Credit Committee	- CCO	- Credit Committee	- coo	- CLO

Top line components

Source: Management

Note: 1) Pro soluto Factoring regarding full rights purchase IAS compliant

Revenues' generation – example

PRO SOLVENDO TRANSACTION		Formula	P&L Accounting
Invoice's nominal value	100 000	a
Advance rate	80 00% ,	b
Gross disbursed amount	80 000	c = a x b
Maturity of disbursed amount (days)	68	e
interest Contractual rate	50% 5 ,	f
Interest revenues	843 8 ,	g = ( c x f x (e+2) ) / 365	Prepayment
DSO	70	h
commission Monthly rate	45% 0 ,	i
Commission revenues	1050 00 ,	l = a x i x (h/30)	Prepayment
Total revenues	1893 8 ,	l m = g +	Prepayment
Net disbursed amount	78 106 2 ,	n = c - m
in (days) Delay payment	5	o
Delay in payment interest rate	6 00% ,	p
in commission Delay payment rate	50% 0 ,	q
Delay in payment interest revenues	65 8 ,	r = ( c x p x o) / 365	Cash basis
in commission Delay payment revenues	83 3 ,	s = a x q x (o/30)	basis Cash
in Delay payment total revenues	149 1 ,	t = r + s	basis Cash
Non-advance amount	20 000	u = a - c
Net settlement	19 850 9 ,	v = u - t

Benefits of pro-solvendo lending contract

The offsetting mechanism is a specific technicality of the Factoring Agreement, which is elaborated consistently with the Assifact standard

ARTICLE 28 OF GENERALFINANCE FACTORING AGREEMENT

"The Factor will be entitled to retain sums and set off the debts (of every kind) due by the Factor to the Seller against the Receivables (of every kind) due from the Seller to the Factor, including the Receivables due from the Seller to third parties and assigned to/guaranteed by the Factor.

Should the Seller default on any of its payment obligations, the Factor will be able to treat its Receivables as liquid and payable, even if not already fallen due. Offsets by the Seller require the prior written consent of the Factor".

A PRACTICAL EXAMPLE:

ID Borrower	Nominal Value (A)	LTV (B)	Disbursement (C) = (A x B)	Unpaid	Amount Collected (D)	Amounts not advanced to be settled (D - C)
1	100.000,00	80%	80.000,00	Yes	-	-
2	100.000,00	80%	80.000,00	No	100.000,00	20.000,00
3	100.000,00	80%	80.000,00	No	100.000,00	20.000,00
4	100.000,00	80%	80.000,00	No	100.000,00	20.000,00
5	100.000,00	80%	80.000,00	No	100.000,00	20.000,00
6	100.000,00	80%	80.000,00	No	100.000,00	20.000,00
7	100.000,00	80%	80.000,00	No	100.000,00	20.000,00
8	100.000,00	80%	80.000,00	No	100.000,00	20.000,00
9	100.000,00	80%	80.000,00	No	100.000,00	20.000,00
10	100.000,00	80%	80.000,00	No	100.000,00	20.000,00
	1.000.000,00		800.000,00		900.000,00	180.000,00
			Debts of the Factor			180.000,00
Unpaid debts
	compensated					80.000,00
	Netting to be liquidated					100.000,00

In FY 2021, Generalfinance paid an average advance equal to 80% of Turnover. With regard to the prosolvendo factoring, Generalfinance is entitled to set off amounts owed by the Sellers to it against amounts owed by Generalfinance to the Sellers based on specific clauses included in the factoring agreement.

The Company has a high Debtor/Seller ratio equal to 58, growing steadily over the last 3 financial years, against an average of the Italian factoring market calculated excluding private assigned Debtors - equal to 10¹ , which expands the possibilities of offsetting between receivables and debit items against the Sellers as part of pro-solvendo transactions.

Source: Management

Note: 1) Pro soluto Factoring regarding full rights purchase IAS compliant

Capital Stack – A capital light lending business

Generalfinance - contacts

www.generalfinance.it

https://www.linkedin.com/company/general-finance/

Ugo Colombo

Chief Financlal Officer Investor Relator

+39 0158484396 U.Colombo@generalfinance.it