Generalfinance (GF) investor relations material

Executive summary

• Q1 2026 turnover reached €905 million, up 10.5% year-over-year, maintaining strong growth toward the €4.5 billion 2026 guidance despite a strong Q1 2025 due to one-off transactions.

• Net profit for Q1 2026 was €5.1 million, down 3% year-over-year, reflecting normalization after prior one-offs and stable business performance, in line with annual net income guidance of €32.2 million.

• Business model emphasizes high portfolio diversification, with 56 debtors per seller versus a market average of 6, and a focus on managing full client portfolios.

• Digital platform and automation drive operational efficiency, supporting high transaction volumes and customer service.

• Expansion efforts in Spain and Switzerland are progressing, with Spain achieving €55 million turnover and Swiss operations preparing for regulatory approval.

Financial highlights

• Interest margin grew 13% year-over-year to €3.7 million, driven by a 10% increase in average loan volumes.

• Net banking income for Q1 2026 was €15.0 million, up 3.7% year-over-year.

• Commissions rose 1%, with positive volume effects offset by lower pricing after high-margin 2025 transactions.

• Operating costs increased 19% year-over-year, mainly due to personnel expenses and one-off long-term incentive plan adjustments.

• Cost of risk for Q1 2026 was 0.20%, remaining well below market averages.

Outlook and guidance

• Guidance for 2026 net income remains above €32 million, with turnover target of €4.5 billion reaffirmed.

• Cost of risk for the full year expected at €4 million, with quality of debtors stable versus year-end 2025.

• Management expects DSO to stabilize around 80 days, with no significant trend changes anticipated.

• Expansion into Switzerland planned by year-end to support international growth.

• Commercial performance and profitability are in line with budget and the Business Plan.