General Capital Announces Further Strong Growth

General Capital Limited
Level 8, General Capital House,
115 Queen Street, Auckland CBD
PO Box 1314, Shortland Street,
Auckland, New Zealand. 1140.
Phone +64 9 304 0145


General Capital Announces Continued Growth and Solid Financial Performance

The Directors of General Capital Limited (NZX:GEN), the NZSX listed financial services group, are
pleased to present continued growth and a solid financial performance during a challenging economic
environment. The Group’s total assets have reached a record high at $275,776k, increasing by 26%
compared to 31 March 2025. Deposits accepted and loans advanced by subsidiary General Finance
Limited also grew by 52% and 40% respectively compared to 30 September 2024, reinforcing
managements growth strategy for the Group and its ability to continue growth even during a
challenging economic environment.
The Group is pleased to announce a dividend of 30% of net profit after tax (NPAT), which will be
fully imputed and payable in December 2025, in line with our commitment to reward shareholders
for their support of the General Capital Group. Details of the dividend are:
• Record Date 1 December 2025
• Dividend Payment Date 12 December 2025
• Amount Per Share $0.0033
• Imputation Credit $0.0013
Future Outlook
The New Zealand economic environment remains challenging and management are committed to
driving continued growth in the second half of the financial year. Our focus will be to continue to
grow our loan book, manage net interest margins and continued growth of other areas of the Group
including insurance premium funding and advisory from subsidiary Investment Research Group.

This announcement was approved by the Directors of General Capital Limited.

ENDS

For further information contact:
Brent King
Managing Director
General Capital Limited
+64 21 632 660
Brent.King@gencap.co.nz
21 November 2025

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DIRECTORS’
REPORT
HALF YEAR ENDED 30 SEPTEMBER 2025

DIRECTORS’ REPORT
HALF YEAR ENDED 30 SEPTEMBER 2025
DIRECTORS’ REPORT
The Directors of General Capital Limited are pleased to report a strong financial performance
for the six months ended 30 September 2025 (HY 2025) for the General Capital Group (the
Group). Revenue for the Group was $12,904k, an increase of 19% compared to 30
September 2024 (HY 2024) and Total Assets were $275,776k, an increase of 26% compared
to 31 March 2025.
Whilst the Group has continued to grow, net profit after tax (NPAT) was $1,017k, decreasing
by 35% compared to HY 2024. The decrease in NPAT was primarily due to a number of one-
off exceptional expenses incurred in the first half of the year amounting to around $600k,
which would have otherwise resulted in the Group achieving another record half year NPAT
result.
Despite the challenging economic environment, the Group has continued to grow and is
pleased to announce a dividend of $305,017 (30% of NPAT) to our shareholders in
recognition for the resilience and solid performance of the Group during turbulent economic
times.

DIRECTORS’ REPORT
HALF YEAR ENDED 30 SEPTEMBER 2025

DIRECTORS’ REPORT
HALF YEAR ENDED 30 SEPTEMBER 2025
PERFORMANCE
Wholly owned subsidiary General Finance Limited (GFL), a licensed non-bank deposit
taker, which owns Bridges Financial Services Limited (an insurance premium funding
business acquired in November 2024), delivered strong financial results in HY 2025.
Consolidated revenue for GFL increased by 18% compared to HY 2024, with the
business remaining resilient during a challenging economic environment. Whilst
revenue increased, NPAT decreased by 27% in comparison to HY 2024, primarily due to
a number of exceptional expenses incurred which included one off consulting and legal
fees and two bad debt write offs. Return on Equity (ROE) has remained strong at 3.7%
for HY2025, well within the top 3 of the highest performing in the Non Bank Deposit
Taker (NBDT) sector.
GFL has experienced strong growth in secured term deposits and loans of 52% and 40%
respectively compared to HY 2024. Deposits and loans also grew by 30% and 36%
respectively compared to 31 March 2025. Deposit growth has been attributable to the
introduction of the Depositor Compensation Scheme (DCS) which came into effect on 1
July 2025, increasing Depositor confidence, and loan book growth has been due to the
successful growth strategies implemented by management to continue to grow our
lending book. Bridges Financial Services Limited has contributed well with a healthy
book growth of 29% from 31 March 2025.

DIRECTORS’ REPORT
HALF YEAR ENDED 30 SEPTEMBER 2025
DIVIDEND ANNOUNCEMENT
The Directors are pleased to announce that General Capital Limited will declare a
dividend of $0.0033 per share. The Group has continued its strong financial
performance and remains committed to delivering shareholder value. The dividend
aligns with the policy introduced in the prior year and underscores the Board’s
confidence in the Group’s growth trajectory and financial resilience.
GENERAL FINANCE CREDIT RATING
GFL holds a credit rating from Equifax Australasia Credit Rating Pty Ltd ("Equifax"),
which ranges from AAA to C (excluding ratings for entities in default). General Finance
has successfully maintained its BB rating with a Stable Outlook throughout the period.
Under Equifax’s standards, this “Near Prime” rating indicates a low to moderate risk
level. General Finance is pleased to retain this rating, which stands as a strong
endorsement of its stability and performance.
DIRECTORS
No changes to Directorships were made within the six month period ended 30
September 2025.

DIRECTORS’ REPORT
HALF YEAR ENDED 30 SEPTEMBER 2025
SUMMARY
The Group has continued to grow during a challenging economic environment,
showcasing the Group’s ability to remain resilient and the successful implementation of
the Group’s growth strategy. Total assets grew by 26% since 31 March 2025, to a record
high of $275,776k driven by the strong performance from GFL, which saw significant
growth in secured term deposits and loans whilst maintaining its conservative lending
strategy.
In line with General Capital’s commitment to delivering shareholder value, the Board is
pleased to announce an interim dividend of $0.0033 per share, reflecting our
confidence in the Group’s financial resilience and growth trajectory and dedication to
rewarding shareholders.

DIRECTORS’ REPORT
HALF YEAR ENDED 30 SEPTEMBER 2025

DIRECTORS’ REPORT
HALF YEAR ENDED 30 SEPTEMBER 2025

DIRECTORS’ REPORT
HALF YEAR ENDED 30 SEPTEMBER 2025

DIRECTORS’ REPORT
HALF YEAR ENDED 30 SEPTEMBER 2025

DIRECTORS’ REPORT
HALF YEAR ENDED 30 SEPTEMBER 2025

DIRECTORS’ REPORT
HALF YEAR ENDED 30 SEPTEMBER 2025

DIRECTORS’ REPORT
HALF YEAR ENDED 30 SEPTEMBER 2025

DIRECTORS’ REPORT
HALF YEAR ENDED 30 SEPTEMBER 2025

DIRECTORS’ REPORT
HALF YEAR ENDED 30 SEPTEMBER 2025

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Distribution Notice





Section 1: Issuer information
Name of issuer General Capital Limited
Financial product name/description Ordinary Shares
NZX ticker code GEN
ISIN (If unknown, check on NZX
website)
NZMYKE0001S9
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year x Special
DRP applies x
Record date 1 December 2025
Ex-Date (one business day before the
Record Date)
28 November 2025
Payment date (and allotment date for
DRP)
12 December 2025
Total monies associated with the
distribution
1

$ 305,016.90
Source of distribution (for example,
retained earnings)
Retained Earnings
Currency New Zealand Dollar (NZD)
Section 2: Distribution amounts per financial product
Gross distribution
2
$ 0.00461216
Gross taxable amount
3
$ 0.00461216
Total cash distribution
4
$ 0.00332075
Excluded amount (applicable to listed
PIEs)
N/A
Supplementary distribution amount $ 0.00000000
Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed Fully imputed

1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This should include any excluded amounts, where applicable to listed PIEs.
5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is
fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute
advice as to whether or not RWT needs to be withheld.

If fully or partially imputed, please
state imputation rate as % applied
6

28%
Imputation tax credits per financial
product
$ 0.00129140
Resident Withholding Tax per
financial product
$ 0.00023061
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
5%
Start date and end date for
determining market price for DRP
28 November 2025 4 December 2025
Date strike price to be announced (if
not available at this time)
5 December 2025
Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)
New Issue
DRP strike price per financial product
N/A
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
3 December 2025
Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Vik Singh, Chief Financial Officer
Contact person for this
announcement
Brent King, Managing Director
Contact phone number 021 632 660
Contact email address brent.king@gencap.co.nz
Date of release through MAP

21 November 2025






6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.

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Results for announcement to the market
Name of issuer General Capital Limited
Reporting Period 6 Months to 30 September 2025
Previous Reporting Period 6 Months to 30 September 2024
Currency New Zealand Dollars ($)
Amount (000s) Percentage change
Revenue from continuing
operations
$12,904 19%
Total Revenue $12,904 19%
Net profit/(loss) from
continuing operations
$1,017 -35%
Total net profit/(loss) $1,017 -35%
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.00332075
Imputed amount per Quoted
Equity Security
$0.00129140
Record Date 1 December 2025
Dividend Payment Date 12 December 2025
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security (in
dollars and cents per
security)
$0.2736 $0.2828
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood

Authority for this announcement
Name of person

authorised
to make this announcement
Vik Singh
Chief Financial Officer
Contact person for this
announcement
Brent King
Managing Director
Contact phone number +64 21 632 660
Contact email address brent.king@gencap.co.nz
Date of release through MAP

21 November 2025

Unaudited financial statements accompany this announcement.