Very well. Thank you very much.

Good morning to all of you. As always, I'll be following the presentation.

We start from page 5, and that is an updated overview of our shareholder base and the relevant voting rights. There's no main difference versus the previous shareholding base.

If you move on to page 6, you see our turnover, which is slightly higher than 10%. In the first quarter, our turnover landed at 905 million, which is in line with our expectations, especially if we consider the seasonality of Q1, and more specifically of the very special Q1 we had in 2025 during which we had one-off transactions that had boosted the first quarter of last year.

On the following page, we're on page 7 of the presentation, on the top of the slide, you see a comparison with the average data, that is to say the average number of debtors per seller, Generalfinance vis-à-vis the market, and we are 10 times higher than the market there. For every seller, normally there are 6 debtors, and we have instead 56 debtors per seller on average.

We are focusing on diversification, and we always want to provide a full outsourced service. We are very focused on managing our seller's full portfolio wherever possible.

The turnover again, we recorded a 10.5% growth versus a 0.4% of the market. Our net income, compared to that of last year for the reasons I mentioned and for other reasons that I will mention as we move through the presentation and when I will give the floor to our CFO, Mr.

Ugo Colombo. Anyway, the growth is within expectations.

We move to page 10 where we see that cost of risk is fully under our control. It was 0.3% in the first in the Q3 2025.

We closed full year 2025 at 0.10%, and now we land at 0.20%, always very, very low cost of risk. Our NPE ratio is somehow being affected.

It has a swinging trend for different reasons, one of which being volatility, and being derived by the applications. You see it's half of the market average.

As you see on the right-hand side of the slide. On page 11, you can see a breakdown of the so-called parachutes, we call them buffers or parachutes.

It's our financial assets, and of a year-end, it were 174. We have 76 million worth of insurance policies, financial assets were 584, 76 insurance, 152 outstanding and not advanced.

We have a very limited amount of advances on recourse factoring, 75, 76. It's the amount of loans that were not advanced, and then we have personal guarantees issued by the persons or the entities that we disburse loans to, and this is to really protect our clients.

You see then we have net financial assets. We have the real risk falling to 173 million.

On the next page, we see DSOs. In the previous quarter, we'd already said that it's been growing over the last 18 months.

If you remember in 2024 and part of 2025, we had a DSO that was slightly shorter than that of the market. Nowadays, we are fully aligned with the average market DSO.

The main thing, and we're still on page 12, you see the performance of our collections is very positive despite having greater turmoils in the market in the first quarter of 2026. It also factors in that there are clients in particular product classes that led to the increase of DSO payment conditions.

Everything is under control and planned. 70% of our maturities is paid on the natural expiration date, and 20% in the following 30 days, and then between 30, 60, 70 days, we collect the rest of our dues.

Then you see the breakdown of DSO. On page 14, we see a slide that I always show you, and it's very interesting to look at it anyway.

The central part, at the bottom of the central part of the slide, you see we turn to sellers who are in a turnaround situation or in a restructuring procedure. They are weak.

It's weak corporates going through a complex timeframe. Then the central part, you see the scores that we get about our sellers.

59% of our sellers have a yellow score, but also about 38% of our sellers have a green score. On the bottom right of the slides, you see 50%, as we'd already said in the previous quarter, 50% of our operations are in as performing customers and loans, and that is good news, meaning that it's a very big chunk of the market, and you will see by the number of our clients, the growth is being supported by them and also by the fact that we have a deeply rooted operation, and we've been active in the business for over 40 years.

The top part of the center of the slide, you see the assigned debtors. You see the different colors of the pie, but not in a very marked way, and they give us very interesting scores, and that again proves that we are outsourcers, and we manage the full portfolio of our clients.

This is the distinctive feature of Generalfinance vis-à-vis the market, because we can collect receivables also on the yellow score, also red and black, we still collect receivables. Even the assigned debtors become sellers, we have the ones with a negative color.

Then the recourse factoring still has the lion's share, 78% of our turnover. The non-recourse factoring accounts for 22%, and it's exactly the opposite of what the market shows, where Assifact says that non-recourse is a much higher percentage.

On page 15, you see the number of rolling transactions, 755,000 in the last 12 months, and also the number of sellers is increasing. Not only we're not losing sellers, but we've increased by 12 units in the first 3 months of the year, and then in April and first days of May, we further increased the number of performing customers, and we therefore could check that our business plan is sound and that the turnover and the disbursed amount vis-à-vis the plan.

The number of assigned debtors is roughly the same number, highly diversified, and we have 493,000 invoices that were managed, and 541,000 installments. That is very meaningful considering the FTE, about 90 people within Generalfinance dealing with this big workload, and I like to underline this.

Let's have a look at the results balance sheet and income statement. I hand it over to our CFO, and then I'll get back to you.

Good morning to all of you. We are on page 17 of the presentation, our P&L specifically.

We start at the top part of the table. Let's have a look at our top line as accounted for in the P&L.

It's a very favorable performance. Interest margin is growing 13% year-on-year, we benefit from the volume effect, and we expect an increase of average volume of loans of 10%, and that, of course, has an impact on our NII.

Year-on-year, we also have a favorable effect when it comes to the trade or commercial spread, about €0.10 increase that plays a role in perfectly balancing assets and liabilities, and of course, accounts for the 13% increase in our NII. Then commissions, commissions are up 1%, and there we see a positive volume effect, about 10% increase just aligned with the turnover increase, and then a negative impact of pricing.

As our CEO was saying, the pricing effect over 2025 had been connected to high profit transactions on our portfolios that had somehow had a very positive impact on commissions. Putting these two things together, they offset one another, we get to 1% pricing performance, and that is in line with budget expectations over the next quarters.

The effect coming from these very special transactions will be diluted over 2026. Always talking about the P&L, a favorable performance and trend when it comes to cost of risk going down 30%, and last year the cost of risk had been negatively affected by a very special asset class.

If you remember, we're talking about future loans, about €1 million negative effects. That is no longer impacting 2026.

In 2026, it was due to policy adjustments. The €1 million, €1.4 million cost of risk in 2024 was partly tied in with UTP items, UTP-related items with debtors portfolio that are still performing, they are still paying, and therefore should lead to a reversal over the next quarters, the coming quarters.

As to costs, up 19%, there's a table on costs and you can look at it in the annexes. As to the net income performance, the tax rate topic from the budget law in 2026 led to an increase of IRAP tax rate of 2 percentage points, and also interest payables, 96% again the rate, and that led to 4 percentage points of our tax rate from 33% for 2025 to 37% roughly in Q1 2026, that's the increase in tax rates.

That, of course, led to the negative impact on our P&L. Page 19, just to give you a few more details on our capital structure, on our capital ratios.

In the first quarter, factoring tends to be softer, so that leads to a mechanical reduction of RWAs. Therefore capital ratios go up about 100 basis points versus year-end 2025.

CET1 goes from 13.1% to 14.1%, always on the slide, reconfirming our capital soundness. We are 10 points almost higher than the requirements, that is 4 4.5%.

We have TCR that went up about 20 percentage points. TCR benefits from the issuance of the subordinated loan placed with institutional investors in October 2025, €30 million, that was the amount, therefore benefiting from very favorable market conditions that were granted at the end of 2025 and therefore led us to actually speed up that placement that was due in 2027.

There's a stable relationship between capital and our RWA, 74% versus 72% in the previous quarter in same quarter in 2025. We have a different mix between corporate portfolio and retail portfolio, but we're still in line with the guidance we provided in our business plan.

On page 20, let's talk about funding, the available funding. At the bottom part, the available funding is up €2 billion from €1.1 billion in the previous quarter, and more specifically in the first quarter 2026, we increased available funding through a securitization program through the access of a new bank, about €80 million, and in the bond line, we have another placement of €20 million.

Senior unsecured bonds were placed, leading to €143 million total bonds placed in the market. Then other funding items are flat and stable versus the previous quarter.

Then increase of total funding, available funding and the use versus the peak we had in 2025. We have a further increase in our counterbalancing capacity, about 500 and €655 million, further reinforcing our funding structure vis-à-vis the financial markets, and taking into account the need we have to increase our funding to support our growth going forward.

Funding is a floating rate, also considering the interest rate swap transaction on the bond component of our portfolio, 94% of our funding is floating rate variable rate. Then we have ALM and assets.

If we consider everything, it's almost all variable rate. Then we have a different mix in, for instance, in the bond placement that is fully accounted for in Q1 2026, especially senior and subordinated loans that have a cost that is increasing and higher than collateralized funding that had mainly characterized our funding setup in the previous quarter.

Let's now move on to page 23, a few cost details. As I said before, overall costs are up 19% year-on-year, and overall we mainly record an increase of 40% of personnel costs, €900,000 personnel expenses.

Then if we further break it down, half of the personnel is due to LTIs, long-term incentive plans, more specifically phantom shares, realigned at fair value quarter-on-quarter. Then the share price appreciation led to a one-off cost increase that will then be offset when shares will be physically handed over, and especially in the first part of the second quarter, there wasn't such a high and more marked share price increase.

That's one part. If we then, of course, have another one-off meaning agreements with personnel, it turns out to be fully in line with our historical average.

Top right, you see this up 19% meant FTE growth and, of course, increasing personnel during the quarter. Let me hand it over to our CEO again for a summary.

For closing remarks, let's say that what has happened in the market between 2020 and now is getting worse. From our perspective, market turmoil and market weaknesses, of course, affect the lending to corporates both in Italy and abroad.

There's a growth only in corporate lending to only corporates that have excellent ratings. For the rest of the market, Italian SMEs or even in the Spanish market, there's a shrinking of loans to corporates, and therefore our portfolio is growing.

We have an excellent pipeline for Italian corporates and also for Spanish corporates. We started opening our offices in Switzerland.

We'll give you more details. In Switzerland, too, we are seeing that there's a lot of interest shown by players we're meeting them in Lugano, Zurich in Switzerland.

That again is making us confident for the future. Our TCR total capital ratio is very meaningful and enables us to support our growth and also a stronger future growth as we witnessed last year for all the reasons we've already mentioned.

All of these items and factors cannot but make us reconfirm our guidance of in excess of 32 million of net income for 2026. I think I can wrap up here and we're ready for questions.

Good morning to all of you. Thank you very much for the presentation.

I have a couple of questions. Could you please elaborate on what you are seeing among your counterparties against this market backdrop?

The feedback we had from mainstream bank is that it's still too early to judge what will happen. Then could you give us an update on your initiatives abroad?

You mentioned Spain and Switzerland. Could you elaborate, give us more color?

Okay. As to the market conditions and counterparties and feedback, as to the sellers, indeed, the sellers overall talked about a lack of growth and they have a decrease in their turnover.

What we are witnessing is also a small pickup curve, a small recovery curve, and that is meaningful. As to the assigned debtors and therefore collection and payments, we've seen some more difficulties and some bigger delays, but nothing major so to say.

We've underlined several times that diversification has been in place ever since 2020. What we had during COVID years in 2020 and 2021 really proved that even assigned debtors and the relationship between sellers and assigned debtors is very flexible, very resilient as a relationship.

That's very important for us in our business. There's no particularly negative factor that we can underline.

As to our presence in the Gulf area, we have a very marginal presence, we have some supplies being sent to Iraq, but it's ENI paying, it's the Italian state paying, there might be delays due to the fact that they had to download goods from ships and put it on trucks. We have about €2 million worth of receivables in Oman, for instance, and the United Arab Emirates, but we are not experiencing any major issue there.

Exactly as it happened during COVID, sometimes the assigned debtors need refinancing, we have sellers and or assigned debtors, but it's one-offs somehow. Spain achieved 55 million worth of turnover, and that is indeed interesting.

We have a larger number of clients, 12 now, and we have a number of corporates in our pipeline. We went to a conference on factoring, and this year marketing and communication have played a major role.

We took our conference to an international stage, to say, and we first had a meeting in Rome, and then in Switzerland and Spain, and this conference roadshow was very successful. Local actors and players were very interested, it was very successful.

Spain this year really is being a satisfactory country for us as we were expecting. We said in 2025, of course, the start was much slower than we expected because the first transaction we managed to complete was in April, and then, of course, it took time.

Starting from the end of March, we launched the multilingual web platform that has a big advantage. It was presented during the factoring conference in Madrid, and it enabled us to speed up the relationship with sellers, but also the platform enabled us to simplify the uploading of all the companies we have in the pipeline, so that was very important.

On Switzerland, we've already identified the headquarters. They will be in Zurich.

We've already confirmed offices. We've identified the two new colleagues who were hired for the Zurich offices.

We've had meetings with the Bank of Italy to get the necessary clearance, and we will be filing by end of June our official request with the Bank of Italy, and hopefully we should have an answer by July. We are somehow laying the foundations to then formally file the request with the Bank of Italy.

Informally, we've already had a talk with them, the Swiss model will be similar to the Spanish one, we will open a branch, a lightweight and lean model with two colleagues, one office. Again, it's a Regus building, costs are very low.

From the first meetings we had and with my team, I've been to Switzerland three times already, and we witnessed the same interest we had in Spain. On the number of potentially defaulting companies from the Allianz Trade data, it's much higher than the distressed companies or possible defaults we found in Spain.

We have 13,000 Italian companies who could default between 2025 and 2027, and we have about 6,000 companies in Spain and about 11,000 in Switzerland. That is really a one-of-a-kind situation if we consider the size of the market.

It's a very, very interesting and appealing market indeed. Ugo, our CFO, would you like to add something?

I can add that as it always happens when there are difficulties, there are macroeconomic difficulties affecting the companies, of course, we end up having opportunities to help those companies who somehow try and find agreements with debtors. There are tools that can be used when we are faced with macroeconomic conditions we have witnessed over the last few months.

Interest rate spikes, as we've noticed, and the USA-Iran war and affecting 60, 70 basis points as far as when the interest rates are affected, and then a reduction of turnovers for companies. Overall, we can say, but it's somehow a historical fact we've seen over the last 10 years, that net-net generates a positive impact on our operations, corporate operations.

Thank you.

Good morning. I have a question on your clients, sellers and debtors.

They have been growing. Sellers are growing and assigned debtors are decreasing as far as I understand.

Could you elaborate on this trend and give us some color on what is happening in your customer base? Then another question as to DSO.

Looking at the slide on page 13, it's slightly lower than last year or versus the first quarter of 2025. Is this a temporary situation?

Do you see this becoming a trend going forward? Thank you.

Thank you very much. As to the sellers, they are growing, and they keep growing.

That's the trend we've witnessed also over the last few weeks, the number of sellers is growing. We should achieve more than 400 sellers shortly.

The first quarter is always a bit anomalous, a bit different because on January the 1st everything is starting with delays. The first month turnover grows very little, and the number of sellers are also not very many.

The real quarter, the first real quarter for us is between April and June where the machine is nicely oiled and it starts performing in full swing, to say. That's interesting.

Number of assigned debtors is declining, 21,000 and something. It's not three or four or 300 or 400 assigned debtors that make a different difference.

In our credit committee last Wednesday, we had 860 mass data for assigned debtors for one single seller. They're always swings when it comes to assigned debtors.

It depends on the seller we are acquiring as a customer. If they have supplies for an oil pipeline or a natural gas pipeline, you have two or three sellers in that area makes a big difference.

If you instead acquire a seller with a selling I know, is an ironmonger or something, and you may have very many assigned debtors, but they are a different size. We have a different number already versus the slide on page 13.

On page 13, it's not a trend, this one. It's just a movement that we have somehow taken a snapshot of.

We have 85, 83, 81, 78 in Q1, but these changes are due to the fact that maybe there we factoring transaction with a longer DSO. Generally speaking, we, for instance, did not include some transactions that were typical of last year that led to an increase in DSO.

Today, our DSO will probably stabilize around 80 days according to me. It would be slightly higher than 80 days, maybe within a few days.

There are no constant trends as to the shrinking of DSOs for the reasons I mentioned today, that is to say, we're looking for sellers in product areas that normally have a longer DSOs than the ones we were more available in or present in in 2024.

Thank you very much. Thank you for your presentation.

I only have a couple of questions. The first one is about pricing.

You mentioned first quarter in 2025 being very challenging. Could you elaborate on the fact that the situation is already improving in the current quarter?

Connected to this question, you just reminded us how seasonally the weakest for you, but I was wondering based on the results you have achieved in Q1, €4.5 billion worth of turnover for the full year, do you think it's still a reasonable estimate?

First question. This is the CFO answering.

As to the pricing, Mr. Colombo, it had been discounted in the original business plan estimates and the budget for the current year.

We were expecting a slight reduction in pricing on the commission side and also NII to reflect a lower contribution from high-margin transactions in 2025, as I mentioned before. As to the trend, the performance, what we notice between the end of first quarter and now, it's a performer that's in line with our expectations.

The 4.5 billion you mentioned before, they are confirmed in an implied way, if you wish, given the net income we are providing. 320 basis points are the spread on 3 months Euribor, the loans that are being disbursed first 3 months.

Also in the following disbursements, it was confirmed. Then as to margins being commissions on turnover, of course, the competitive backdrop is helping when some of the players are no longer available in our factoring niche.

We could retain our pricing policies in line with our expectations. It's fully in line with our expectations, and the yearly trend is not tied in with special transaction, it's just a trend.

As to the disbursed turnover, we confirm our guidance. We constantly check our figures.

Our sellers and 21 assigned debtors. Of course, these relationships are somehow tied with our lettera di inizio rapporto, the document we sign with them.

It's based on figures that then we test weekly, and we can confirm that today already, assuming normal new sellers, and considering the fact that we're very conservative in considering losses, in considering a cut in turnover, losing one or more customers, we run stress tests also on our biggest clients. Today, I can tell you that we are already in €4.5 billion we disclosed in our business plan.

It's likely that at the end of June we could even have a better performance than what we have given guidance for, but today it's still too early to say.

Second question is about the quality of the creditworthiness of your clients. The previous quarter had higher ratios.

Could you elaborate on what you expect as cost of risk by year-end?

This is the CFO answering, Mr. Colombo.

Davide, well, our expectations as to the overall cost of risk, it's €4 million in line, if I understand correctly, first quarter is in line with what we projected in our business plan. It's slightly growing versus the forecast with drawn up until February, especially for a couple of positions that shifted to UTP, they will have an impact on cost of risk in the following quarters.

For the time being, we can confirm this €4 million cost of risk for the full year. The quality of our debtors, I'm not talking about the sellers, not talking about the assigned debtors, but looking specifically at our expected losses for Stage 1 and Stage 2 position, the way Stage 2 is performing versus Stage 1, allows us to confirm a quality of our clients that is not different from what we had at the end of year last year.

One more question. As to your funding mix, the issuance of the bond you mentioned, 150 million, if I'm not mistaken, could you elaborate on any possible targets as to the contribution of issuances?

Another question, EBA has released a new report on the definition of default. Do you have any comment on that regulatory part or factor?

As to bonds, we've completed our funding plan. Our target was to have unsecured funding available to cover our funding needs, and funding that cannot be collateralized for specific transactions that cannot be associated with secured instruments.

Having this senior unsecured level is in line with our expectations. We want to retain our position.

Maturity date is April 2028, in 2027, we'll start thinking of refinancing and maybe further increase the funding depending on the needs we will have over the course of 2027 and also thinking ahead of 2028. Far in 2026, we won't be doing anything special unless there's a specific favorable position when it comes to spreads.

We wanted to have the capital flexibility to at least cover the business plan time horizon, and maybe hold that. As to definition of default, as you rightly said, the final report was published on the draft that was released for consultation about 6 months ago that offers, of course, the full universe of definition of default, but as far as factoring is concerned, there's an element of flexibility that was expected, but also is part of how factoring companies interacted with the EBA, and that led to a greater flexibility, especially as far as non-recourse factoring is concerned.

So 30 days would be the expiration, but that 30 days can be increased up to 90 days, especially on non-recourse factoring, to trigger mechanisms that take cash from the debtor to the factor, and then if you have to deal with treasury offices of large corporates, especially for non-recourse factoring, it enables us to be flexible. If confirmed, it could give us some more room for maneuvering.

Even though non-recourse factoring is only about 25% of our full operations, it's less meaningful for us, but still it's going in direction of providing us with greater flexibility versus the stiffer and more stricter approach that was first taken.

Thank you very much.

Thank you very much. Have a good day, and we'll talk again at the next quarter.

Thank you very much and have a good day. Thanks for joining us.