Earnings Call: Q4 2025

Feb 5, 2026

Good morning. This is the Chorus Call operator. Welcome to the Generalfinance conference call announcing full year 2025 results. Let me remind you that the participants are in listen-only mode. After the presentation, our Q&A session will be held. The presentation is available on the website www.generalfinance.it, and you just click on the banner on the homepage. To be assisted by an operator during the conference call, press star and zero on your phone. Let me turn the conference over to Mr. Massimo Gianolli, CEO of Generalfinance. Mr. Gianolli, you have the floor. Please go ahead. Thank you very much. Good morning to all of you. If you follow the presentation, I will tell you the page number as we move through it. We start from page five, where we are showing an update on our shareholder base. As you can see, the multiple and enhanced voting rights. You see all the updates on the screen, and so I don't need to add anything else. Let's move on to page six. Here we see the volume growth we experienced. We closed 2025 with EUR 3,871,000,000 turnover, with a growth of 28%, which is definitely higher than the growth we had assumed in our business plan, where we had assumed 18% with a CAGR between 2024 and 2027. As you can see, between 2022 and 2025, our CAGR is 24%. First and foremost, the most interesting thing is the closing of the year, where we land at almost EUR 4 billion turnover. If you move to page seven, let me remind you, as I always do, of how we are highly diversified risk-wise. It's one of the distinctive features in our business versus the Assifact. Assifact, we have 10 times the assigned debtors per seller. Considering the market performance in factoring, in 2025 was -1%, we instead scored a 28% growth. We were up 28%. Another interesting thing for shareholders and for the company, again, on page eight is the net income landing at almost EUR 29 million with a very material growth, that is to say 36%. There, too, you can see that the growth is much higher than we had assumed in our business plan. Another very interesting item, let's move to page 10, is cost of risk. Cost of risk, as you can see, despite the growth we are witnessing, in 2022 was 0.07%, in 2025 it's 0.10%. At most, we are very careful in not losing money. It's one of our distinctive feature. Our ratios are fully under control. Again, 1.10%. As you can see, the gross NPE ratio. We are about one-fifth of the Assifact average when it comes to gross NPE ratio. This is something we really want to keep under control. On page 11, you can see our parachutes, our buffers, so to say, allowing us to keep the main indicators under control. As you can see, our operations, our exposure has a number of buffers. We have EUR 93 million insurance, SACE insurance, and that creates a SACE insurance. That is very important because in addition to the average insurance coverage, we have the SACE insurance. As far as the non-recourse operations, we have about EUR 150 million outstanding, not advanced, where we can offset in case of lack of payments. We have EUR 187 million worth of personal guarantees given by shareholders, holdings, and funds that have a stake in our operations that we finance. As you can see, its net financial assets landing at EUR 241 million with an overall decrease of the real risk. On page 13, you can see on the left-hand side of the chart, you will be able to see. A couple of years ago, we had seen, witnessed a decline, a shrinking of DSOs and days of sales outstanding, and then we replaced some industry or product classes, and we have new sellers. We acquired new sellers, so DSOs is now in line with the market average. This also somehow normalized our revenues. If you look at last year's results, that gave a good contribution. On the right-hand side, you can see that despite the fact that we acquired sellers with a longer DSO, we were very careful, even more careful in managing our portfolios. Despite that, we have 81% of Generalfinance's portfolio with no payment delays, 12% within 30 days, and the remaining chunk, you see it's about very well, almost negligible percentages, 5 and 2%, that are cashed in the following months. Again, on page 13, you see our historical data sets from -11 days today, we are breaking even, 0 days, the gap versus market average. On the next page, there are no major differences as far as our business model is concerned. On the right-hand side, at the bottom of the page, you see we achieved a full balance between the distressed world, new cash, and 4.5% can go with the 43% of the distressed world, and about 52% of performing companies or customers, so to say. As we'd already said, at the end of Q3, in 2025, we witnessed a sizable increase in the number of customers in our customer base among SMEs, especially. We have high-risk SMEs with a good appeal for us, but maybe not for the banking system. Another interesting thing, between lost customers and acquired customers, we have a +70, which is a very interesting number indeed. There are no major differences quality-wise, asset quality-wise, as you see in the central part of the slide, top part of the slide center, you see the score of assigned debtors, and 54% is green, 27%-28% is yellow, and the rest is between red and black. The ratio between sellers and assigned debtors, normally, we are outsourcers of the credit portion of the credits being assigned, so we manage credits for our customers and receivables for our customers. Cash in and collection performance is excellent, and that is to the benefit of not just Generalfinance, but also of our own customers, because we are a specialist in managing their receivables and collecting them. On the following page, you see the number of transactions. We developed about 740,000 transactions, total transactions during 2025. Let me remind you that we are less than 90 people, I know, and we achieved about EUR 4 billion worth of turnover. On the screen you see total transactions, sellers, 362, and debtors, 21,446. We have our proprietary digital platform, and you see all the distinctive features characterizing Generalfinance. You see from total transactions, the ability we have to manage huge amounts, the number of sellers, and number of assigned debtors, and number of transaction. We cashed in 525,000 maturities, and everything is being updated automatically at platform level. They give you a snapshot of the efficiency level we have achieved. Ugo, our CFO, I give you the floor, Ugo Colombo, so that you can give us a few figures to crunch from our P&L and balance sheet. Good morning to all of you. On page 17, this is the table showing our P&L and main KPIs. Starting from the top, you can see it's worth talking about the net banking income growing more than proportionally with our turnover. We land at +37% versus 28%. Very interesting is the net NII growing 45%, especially if you look at the Euribor trend, which is declining, and therefore gave a positive contribution given to the different repricing levels of assets and liabilities. There's a positive effect of that EUR 1.5 million, which further consolidated our very positive performance. NII up 45%, so up 27% of disbursements. Cost of risk from EUR 1.2 million-EUR 2.9 million. You see the actions we took on future volumes and contracts by adjusting in a stricter way policies, loan policies, and that led us to use parameters as PD and LGD that were much more conservative, and therefore also the way provisions fared in 2025 were accordingly. Data worsened versus 2024, EUR 2.9 million, and it's mainly driven by operations and in our future lending provisions, we think it will be repeatable in 2026, considering policies that led to an increase in funding for these activities, and then future receivables that may have an impact on the portfolio, but a portfolio that has been stabilized over 2025, starting from mid-2025 as 12% of total assets. Costs are growing. We have a table in the following page about costs. As to the central part of the table, let me tell you about cost income ratio and ROE that have been very favorable in performance. Cost income is down for the first time to 30 percentage points. We went from the IPO day 2022, we went down more than 12 percentage points, which is a material increase in our operating leverage, operating gear. We are around 15% CAGR with a double growth of our top line, which is around 30%. I'll give you more updates as we move through it. 40% of 2025 versus 36% in 2024, thanks to the improvement in profitability, more than proportionate vis-a-vis the increase of shareholders' equity, which is nearly EUR 100 million. We're landing at EUR 98 million. Our balance sheet is, well, look at lending, loans. We're landing at 670 million, up 9% versus the previous fiscal year, is less than proportional than our disbursement trend, thanks to the reduction of a lower impact in 2025 of seasonal performance than we had in 2024. We had a peak in use, so at the end of 2025, loans are less meaningful as an impact than we had in Q4 2024. That had an impact on the total turnover of 2024. But if we go to page 19, we see how we benefit from this from a capital ratios viewpoint. Cost of capital is lower. CET1 is improving year on year, thanks to retained earnings and the RWA performance, thanks to the fact that we are less seasonable business-wise. So CET ratio 13.1. And on the left-hand side, you see RWA is basically flat around 77.0%, which is slightly high for the financial industry. You have to bear in mind that we were with mainly enterprises, SMEs mainly, as counterparties and corporates as far as assigned debtors are concerned, which are hovering around our 70% RWA density. As we said in Q3, we issued a Tier 2 bond, completed in October, EUR 30 million, and benefiting from a favorable lending backdrop. We managed to have a better growth than expected. TCR goes to 18%, so 10 percentage points higher than the minimum requirement, which is around 8%, if I remember correctly. Let's see page 20. You see our funding profile. It was really strengthened in 2025. At the bottom of the slide, you see available funding between committed and uncommitted, and it's EUR 1,100 million for the full year 2025. In 2025, at the end of the year, we mainly worked with the committed part with the issuance of bond for EUR 80 million plus what we did in the beginning of 2026, another senior bond of EUR 20 million with a total of issued bond equal to EUR 143 million. That's the total bonds issued. We have a securitization scheme with UniCredit that took place in the first part of 2026 with the issuance of notes. The level of securitization goes from EUR 345 million-EUR 420 million. The funding availability is in excess of EUR 1.2 billion. At the end of 2025, the total unused funding plus unencumbered liquidity is the reserve we have to fund the growth for the coming years with a major buffer to tackle any type of scenario that might come along, as far as liquidity is concerned in the system. Funding spread is flat despite greater use of committed instruments, especially a bond. You see it central part of the table, the funding spread is flat at 190 basis points despite a different funding mix versus what we had in 2024. Another thing we have to underline in the pie, it's the top right on the slide. It's a breakdown by different type of rate. You have variable rate, and then we are fully immune from interest rate risk, however. The bond issuances were based on interest rate swaps, so that we could have a position that was totally immune from any interest rate fluctuations or any possible impact given by monetary policies. On the next page, you see our cost structure. At the bottom, you see a breakdown of the different categories. Personnel costs are up 20%. As you can see, we have hired, we have increased and improved our headcount. We have hired 10 new people. Personnel cost increase is mainly due to the new incentive systems, medium and long-term incentives, also thanks to the fact that we've been performing above target. Net of these incentive plans, the personnel cost increase would be 9%-10%, so basically in line with the headcount growth. Other admin expenses, about 30%, you can see mainly line items that were commented upon even before. We see tax credit, VAT credit, and Superbonus with relevant costs, due diligence, and advisory costs that were about EUR 500,000 for 2025 full year, and the number of costs for legal consultancy for strategic projects. It was a tail practically stemming from the opening of the Spanish branch and also pertaining to the starting of the process for the Swiss branch. They were fully accounted for, all these costs in 2025. There were marketing expenses to increase our network, because our network is of fundamental importance to originate business. Those were not accounted for in 2024. It's EUR 1.2 million. It's more than 50% of costs. Cost increase was EUR 2.11. Overall, the cost increase would have been 15% in line with the growth of our CAGR. I'm going to stop here and give the floor to Massimo Gianolli, our CFO. On page 25, you see a recap on our share price performance versus the IPO. It gave back +283%, so we're all very happy about it. That's the return on the share price. We are well above our business plan as far as expectations are concerned. Last but not least, our capital ratios are well above the requirements. We thought of having a payout with an extra positive return for our shareholders. The payout ratio is 60% in 2025. If you'd had a share starting from the IPO, you would have a total shareholder return of 278%. We exceeded a EUR 300 million market cap as of February 2026, and that really enabled us to be more attractive from a global perspective and attracting many new international investors. Over the coming months, we will be focusing on these international investors because we've had many requests coming from abroad, thanks to our stability, our soundness, and the fact that we deliver on our business plan. We have a size today that enables us to be on the international scene as well. On page 27, as we had announced in the previous call, we have revised our business plan, the guidance providing our business plan view of the results achieved in 2025. We have increased, starting from net profit EUR 14 billion cumulative turnover between 2025 and 2027. That will lead to a cumulative net income always between 2025 and 2027 of EUR 98 million. With a growth versus the previous plan of about 17%, EUR 52 million shareholder remuneration, bearing the payout into account. Normally, it was 50% for us, and then there was this one-off this for 2025 of 60%. During the business plan time horizon, we'll go back to 50%, and that gives a shareholder return of 24%. 410 basis points growth versus ROE. Total Capital Ratio at the end of the Business Plan will be 16%. Ugo showed you the current picture. Net Income, we assume from here to 2027, EUR 30 million with a 15% growth. This type of efficiency, as I said before, also determines, drives an improvement in our Cost Income that at the end of the Business Plan will land at 28%. Our guidelines are the same. We still do our job in the best possible way. We work as well as we can in Italy. We opened a new office in Rome that is providing excellent results, also to be in Central and Southern Italy, to have a franchise there, too, and to constantly monitor the Public Administration world, which you'll find mainly in Rome and not in Milan. We've been growing internationally. We started with the right foot, so to say, in Spain. We are starting the necessary steps to open in Switzerland as well. End of this year, we hope to launch Switzerland as well. We keep on focusing on SMEs, high-risk SMEs. Therefore, we want to build a specific department, a specialized department in our organization that will focus on SMEs, therefore splitting this pathway between the special situation and corporate world, special situation and distressed corporate world. The different sources of funding will be used as the CFO expressed or announced to you. We have many agreements that will be rolled out over the coming years, distribution agreements and partnerships with other actors that are specialized in the business. On page 28, let me give you a snapshot of the number of negotiated settlements, 1,668 in 2025. We have composition with creditors and pre-insolvency arrangements, 1,022. Our core business is really a world that is constantly evolving and, first and foremost, is positively evolving for us. That enables us to really be aggressive in our growth, specifically in Italy. Next page, on page 29, we provide you with an update on Italy and other markets, the insolvency trends. Italy has improved risk-wise, default risk-wise, but it's still a very interesting country together with Germany. You see on the right-hand side of the slide of page 29. We have Spain instead, that has worsened its performance. Switzerland is still showing to be in an area where there's a lot of potential to be tapped from. We have our reference markets that are showing levels of potential defaults that are higher on average than the pre-COVID period. Let me tell you something about Spain. It's page 30. In 2025, Spain generated about EUR 39.4 million turnover. We have eight sellers. Financial assets, about EUR 12 million. EUR 1 million revenues, and about EUR 0.9 million gross EBITDA. Our branch has very low costs, and therefore, we started in the right way somehow. We are confident that in 2026, we can really boost the performance also from an organization viewpoint with a much sounder organization than we had at the beginning of last year, for instance, of the previous year, sorry, of 2024. This is how we are organized. After waiting for a long time, since November 2025, we got clearance from FINMA for the Swiss market. We are going to apply the same model as we applied in Spain, and that really led us to recently start a talk with Banca d'Italia to be able, as we had a positive opinion from FINMA, to go ahead with the opening, we hope by the end of the summer, of the Swiss office as well. Hopefully we will be able to be up and running in Q4 2026 for the Swiss branch. Let's move on to page 32. There are novelties as far as our team, our headcount is concerned. We've had three new hirings. We had official press release last night. We have a Marketing Department. We have a CMO, Massimo Bullo, and then we have someone who will deal with People and Culture within Generalfinance, Maria Virginia Piccirilli, for Human Resources. We have another manager, Matteo Pizzicoli, who was hired a few days ago, and he's called Chief Integration and Transformation Officer. For a few months, he will work with ICT department to really fine-tune our transformation pathway and to further develop our digital platform and also, if and where possible, to further develop artificial intelligence systems that we are already working on. Ugo, let me give you the floor again, if you want to say something more, otherwise, I'll wrap up. We go to page 34. 2026, our turnover will be EUR 4.5 billion. The banking income will be around EUR 75 million, net income will be around EUR 32 million, and the payout will be back to being 55%. I have nothing else to add unless Ugo, our CFO, wants to add something else. We'll leave space open for you to ask questions. This is the Chorus Call operator. Let's now start the Q&A session. If you want to ask a question, press star and 1 on your phone. To be removed from the Q&A queue, press star and 2 on your phone. Please use your handsets to ask your questions. If you want to ask a question, please press star and 1 on your phone now. First question comes from the line of Irene Rossetto with Banca Akros. Please, madam, go ahead. Good morning. First of all, thank you for the presentation. I have a question. Could you elaborate on risk areas and upside areas concerning the new targets, the profitability contribution Spain and Switzerland will provide in your new business plan targets? I give the floor to you, Ugo, after I give my part of the answer. We think that the guidelines we are providing in our business plan are very strict, very rigorous. As always, they show that we want to be very cautious. I see no meaningful risk elements or factors of possible lack of growth as far as the updates that we gave you. We don't think of anything much higher than the guidelines we provide. From quarter to quarter, of course, we'll be able to fine-tune data, especially in March, April. I think that we're now up 20% in January. The year started really well, so we're in line with the business plan expectations. So far, we see no elements that could somehow impair or provide risk to impair what we've announced as guidance. We've been extremely accurate in focusing on our turnover, being very careful, being very conservative also when working at potential loss of customers or not acquisition of customers. We really work with utmost detail. Our turnover is supported by receivables, supported by letters, or agreements that have about a 24-month span. The relationship we have with the sellers and the inflows of receivables are renewed every 24 months. That really makes our growth plan really sound. As to Spain and Switzerland, the contribution they can provide, our CFO will give you more details. We think that I'll be in Madrid on Sunday with my team. With all the activities we run locally, we constantly interact with funds, shareholders, banks, the Big Four, whoever deals with restructuring and extraordinary finance. They're all our contacts and reference people in the country. We did so in Spain. We're going to do the same in Switzerland as well. I don't think I need to add anything else. As far as turnover is concerned in 2027, as you can see in the last tables, it's EUR 400 million, about 7% of the expected turnovers expected for 2027. Profitability, considering that these branches are still in a startup phase, so their contribution to profitability is lower than expected, we estimated about 5% of the total net income of the company, so that would be the contributions we expect. Going back to your question, even if there was to be a deviation from that, it would not have a major impact on our accounts, so to say, in the next two years as far as profitability is concerned. Thank you very much. The next question comes from the line of Simonetta Chiriotti with Mediobanca. Please, madam, go ahead. Good morning to all of you. I wanted to ask you the following. Sorry, we could not hear your question," says Mr. Gianolli, "because there was intermittent sound." "Can you hear me now?" "Yes, we can hear you." "As to the non-distressed business, what was supposed to be performed through Workinvoice, to be clear, what is the contribution it provides to the business plan? Will it be accounted for separately or shown separately versus your traditional core business? As far as your risk management policies, the question is as follows. Have you adopted a risk management policy that is more conservative, or the fact that you have higher provisions is due to your business mix?" "Thank you." "Well, before I hand it over to our CFO, let me say the following. Starting from 1988, we worked with SMEs, micro companies, and in the first 10 years of Generalfinance, we worked with micro companies in Biella, in the textile industries, that were opening almost insolvency procedures. The idea is to, of course, take onto our platform customers that we already have, not anything different from what we've done so far in the last 38 years. It's micro companies, SMEs. Managing that type of risk won't change anything because it's part and parcel of our DNA. This is something we've been doing for a long time. This is key because even the fact that the Workinvoice transaction did not go through did not have an impact on our business. For external reasons, the number of SMEs that got new loans from us over the quarters, especially the last quarters, stem from a number of factors. First of all, the banking system is getting somehow a stiffer approach to them because SMEs are more difficult to manage. They are riskier if you apply the usual banking tools. It could be more difficult to manage and more costly. If you look at the number of one-offs that have taken place in the market, many companies went out of business. Banca Progetto, for instance, is no longer operating. They had developed about EUR 1 billion worth of factoring transactions in an industry that is similar to what we're talking. We had an increase in our business. Banca Ifis takeover bid on Illimity, that somehow diverted the interest of Illimity on this other one-off transaction. It reduced their franchise in the market. Other things that happened to potential competitors are all very well known to you. Growing in this business means growing based on the market conditions. Historically, we've managed SMEs and micro companies, so we have a long track record for that. Over the business plan time horizon, bear in mind that in 2025, the retail sector companies up to EUR 20 million turnover. Within our business plan time horizon, we are launching this project that is devoted to these small companies, SMEs. Compared to the EUR 5.3 billion, the impact of companies up to EUR 20 million will go up 10 percentage point in the next two years for us. That's the contribution we expect. If you want to translate that into figures, you would go from EUR 600 million in 2025 to EUR 1.2 billion, across the business plan time horizon in that business area. It means also if, because we have this favorable backdrop, sizably increasing our customer base. This is 200 units at the end of 2025, and it means getting to 270. 70 new customers in the coming two years. It sounds reasonable to us and also reasonable to us seems to assume an average turnover for this kind of customer, around EUR 5 million average turnover of these clients, of these customers. These are the parameters we've assumed for our guidance. A strong contribution. Of the average turnover, so about EUR 5 million versus EUR 3 million we have in 2025. That means slightly increasing the size of these companies around more EUR 10 million turnover than the EUR 5 million turnover as average size of these companies. Just to give you a flavor. Thank you very much. Next question comes from the line of Davide Rimini, Intesa Sanpaolo. Good morning to all of you. I have a couple of questions on the updates you gave us on your business plan targets. If I understand correctly, as far as costs are concerned, they remain unchanged, whilst the top line, you expect a stronger contribution from both NII and commissions. I was wondering, what is the level of confidence you have on these two metrics you've mentioned? Considering the turnover level, it's slightly higher on the Italian market versus the previous targets and slightly lower versus targets in Spain and Switzerland. The second press release you referred to, where you highlighted three new hirings among top managers, and at the same time you are announcing the creation of a new department called Integration and Transformation. Is this somehow tied in with your revised targets? I start, says Mr. Gianolli, and then I'll leave it up to Ugo to finish the question. Starting from this last topic you mentioned. No, the hiring of new people is not tied in with the revised targets, but rather to a speeding up of digitalization and automation processes and to the use of artificial intelligence. We've revised the pathway for all those items. We've revised the full pathway so far. The investments we've made, it's millions of EUR that we are constantly investing. It's an ongoing investment for the digital platform and the relevant infrastructure. It's millions of EUR. We have an extra colleague who is going to help us speed up processes. Of course, the results of all of these activities will not materialize overnight. We've revised our numbers, but they are connected with our market activities rather than the hirings themselves. We've revised our numbers in view of the time frames we are seeing in Spain and the rolling out of the business model we have adopted. As we said, we are speeding up our operations abroad, and it's a new area, new department that will specifically focus on us going global, becoming more international. That will be key indeed. Somehow it slowed down the taking off of Spain, but we had to adapt. We had the need to adapt to the market from the point of view of contracts, of relationships. The delay in Spain, 33% of that delay is due to the need we had to, well, we were slower because we had to come up with a platform that was well suited to the market. As to Switzerland, it's taken us much longer to actually come up with the process. We had to wait for months before we got the FINMA clearance, so we had to revise the time frame as it happened for Spain. We're not going to be certain we can start until we really start. Switzerland will give a positive contribution. We've learned a lot from Spain. It was a first experience abroad, so we think that was a lesson learned also going forward. We call it the Spanish lab. It enabled us to better understand how to be organized, weaknesses and strengths, and therefore, probably the starting of the process in Switzerland will be faster than the Spanish one. Just a few figures to crunch, revising our P&L. Davide, what you said about costs, basically, we confirm the cost as around EUR 24 million for 2026, and we've revised our assumptions. We've been very conservative when it came to our abroad branches and the starting process for these branches. A number of costs were up-fronted somehow in 2024 and 2025. They were already expensed in those years. We've seen an improvement in the cost burden, driven by the branches, and Spain had much lower cost than we had initially assumed, whilst other costs on other line items also tied in with the turnover performance. Other costs we had assumed to be lower were instead higher. That led us to confirming operating costs to EUR 24 million roughly. As to NII and commissions, they were increased also in a material way, but the uncertainty and the risk from our perspective is limited because if we look at the figures of 2025, we'd estimated a spread of 130 basis points for 2025. We closed, as we could see, around 280 basis points-190 basis points. We're really projecting this for 2027, 240 basis points is the projection from here to 2027. We actually discounted a much more favorable result than we expected. Whatever is tied in with Euribor will decline over time. The estimates, the assumptions were higher in some cases than we actually realized once we got the real figures. Turnover 130 basis points, that's what we projected. We closed 2025 at 145 basis points, which is basically a material improvement versus our initial expectations. The projection is 133 basis points going forward, a decline in 10 basis points versus the 120 we had assumed for the original business plan. If we assume that in 2025 was much better than expectations, you understand, because we revised relatively meaningfully our net banking income as well, with a limited execution risk as far as the top part of the P&L is concerned. We mainly focus on Italy as far as the contribution, the EUR 3.5 billion we estimated for Italy then became EUR 3.8 billion. We just extended the executional plan for the foreign branches and instead we took stock of the positive trends we had in Italy, as we announced not very long ago. The next question is a follow-up from Simonetta Chiriotti with Mediobanca. Good morning. I'd like to go back to the question I asked before on the risk management policies and provisions, also in the light of what happened recently to other companies who are active in the factoring industry. Could you elaborate on the quality of your risk management policies that, as I understand, were further reinforced lately? Do you expect any regulatory changes that may generate risk, or according to you, are there no criticalities? Let me briefly say something, and then I'll turn the conference over to our CFO, Colombo. Let me remind you that the pillars of our activity is that we work with companies who sell to companies. We talk about something that's completely different, and DSO 77, if you remember, we've seen it. It's very short, the DSO we are dealing with. Therefore, our model entails a collection speed and also possible management of an issue that pops up that is very fast. We don't have long-term maturities that require long-term collection. If we go back to page 12, you see the answer in the third column. Our portfolio is very diversified, and you saw it easily, both for better, for worse. We have the ability to manage the problem, the issue, within a very short time. We have no revenues coming from delayed payments. We accrue interest at the date of collection. This is a distinctive feature that characterizes Generalfinance, and has the opposite effect versus other companies that are active in the factoring business. I told you how the market has evolved, Banca Sistema, for instance. Banca Sistema also, like BFF, they were affected by some needs to revise their provisions or their policies to manage loans because they work in a totally different industry sector. We work in a different area. We have much shorter collection times, and we work with private companies, both in Italy and abroad. We have 22,000 assigned debtors, and we've cashed in about 450,000 expired payments. If we put all of this together, you get the picture we are going through today, and everything is consistent with what we have done over the last 40 years. We've never changed our business model. We've never used different models. We've never acquired UTPs or NPLs. We manage receivables belonging to companies. Let me tell you something about our policies. Just to show you how cautious and careful we are when it comes to provisioning future receivables, for instance, it's an asset class that has been growing a lot over the last few years, about EUR 70 million today. In 2025, we've revised our policies to identify a model to suitably work out provisions in compliance with IFRS 9 for this specific type of receivables. You have to look at the PD of the assigned debtor, which is not that of the seller. There are specific items that have to be taken into account. For future receivables, it's EUR 2 million that we had. Well, what we had in provisions, it was 0.8%. It's eight times our portfolio average. It's more expensive, but our policy today is perfectly aligned with the new operations, with the new regulations, and therefore, it also implied, when it comes to risk management and accounting, a specific effort and a specific and dedicated accounting model or provisioning model for it. We are also constantly trying to constantly improve our IT base. As far as provisions are concerned, we use a number of IT data drawn from Cerved and from other databases, Allianz Trade, you name it. We use data. We have a number of ICT sources that we will also implement abroad about the different trades. In Spain, we have 150 assigned debtors, for instance. We want to be almost like a surgeon really, drilling down to the utmost level of detail as far as getting all the necessary data to manage risk in the best way and have our portfolio as updated as it can be. As the accrued interest is less than 10% on delayed payment. Let me add, if you go back to page 11, we mainly work with recourse factoring. We have our buffers, our protections in place, parachutes, as you may call them, also when it comes to advances on future receivables. That is always tied in with portfolios, focusing on working capital with a very restrictive policy on the amount of working capital, on the recourse factorings, the amount of installments that are processed as recourse factoring, and then the availability of personal guarantees. There's personal guarantees, there's patronage from the funds, providing a full guarantee on the exposure we take up. We have really a number of protections in place, and the main one, which has been our distinctive feature always, we mainly do recourse factoring. The non-recourse factoring is ensured by the Allianz policy. Let me remind you that the Allianz policy is a financial policy. That's why all items that may have interfered with the market are coming from activities that are fully different from ours and have risk profiles fully different from ours. Thank you very much. Let me remind you that if you want to ask a question, you may press star and 1 on your phone now. Mr. Gianolli, there are no questions in the queue for the time being. Oh, we have a follow-up with Davide Rimini, Intesa Sanpaolo. Well, just a follow-up, good morning, about the assumptions of possibly acquiring other companies. For Workinvoice, you had mentioned the opportunity or the possibility, if you wish, to perform small acquisitions. Could you elaborate on that? Do you have any updates in the matter? We're always open to acquisitions, but so far we don't have the need to grow through acquisitions, because I think our business plan is very clear, very simple. It's based on numbers, based on our sellers, our clients, the ability to acquire new market shares, directly acquire new market shares. That is the distinctive feature of our 43 years of background, so to say. Should there be opportunities, we will look into them. They have to be real opportunities. In the past, as you know, we've already discarded transactions abroad, for instance. We've looked into potential acquisitions, but we did not go through them. They're not ruled out, so to say, but it must be companies that really show that they have all the necessary qualities to be acquired. We don't want to grow through acquisition and somehow acquire problems that we do not have now. We are very restrictive. We want all conditions to be met, and if those conditions are not met, we leave the table and do not go through with the transaction. This has happened in the past several times, by the way, and that is of paramount importance, both as far as Spain is concerned and Switzerland are concerned. We really checked everything out. In the future, going forward, 2027, 2028, 2029, we do have an interest in France and Germany, but let's wait and see. We'll see how, where, and with whom, through joint ventures, through acquisitions. Time will tell, or as we've done so far with our direct franchise in the country, starting a new market. So far, if we look at Spain, it's a small business, but with very positive data. We prefer to somehow stay true and have maybe not huge figures, but consistent and positive ones. It's good to start from scratch, from a clear slate, so to say. I'm sure Spain will give excellent results going forward. Thank you. Mr. Gianolli, so far there are no more questions. Very well. Thank you very much. If there are no more questions, let me thank you all for your attention, and we'll talk again and speak again in three months. Have a nice day.