General Capital (GEN:NZ) Subsidiary General Finance Update

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 (GEN:NZ) Subsidiary General Finance Update

General Capital Limited advises that its subsidiary General Finance Limited, a licensed
Non-bank Deposit Taker, has uploaded its quarterly unaudited report for the quarter
ended 31 December 2025 to the Disclose Register.

Total assets reached a record $280.3 million, an increase of 42.8% on the 31
December 2024. The company also reported a quarterly net profit after tax (NPAT) of
$1,076,505, an increase of 14.7% from the previous quarter and a 16.3% increase from
the 31 December 2024 comparative.

As at 31 December 2025, General Finance held $48.2m in cash and cash equivalents
(including bank deposits). The capital ratio, being the total capital divided by total
exposures, was 15.49%. The minimum capital ratio required under the Trust Deed is
8%.

Mr. Brent King, Managing Director, commented on the results below, explaining that,
as a licensed Non-bank Deposit Taker, General Finance is required to issue this report
under the Financial Markets Conduct Act 2013.

“This performance is a great result for General Finance, highlighting the company’s
efforts in strategic planning and efficient execution. Despite the challenging economic
environment, our total assets have grown 42.8%, reinforcing that General Finance is
well positioned for future growth”.


The information can be found at www.disclose-register.companiesoffice.govt.nz.

ENDS

This announcement was authorised by Brent King, Managing Director
For further information contact:
Brent King
Managing Director
General Capital Limited
+64 21 632 660
Brent.King@gencap.co.nz

30 January 2026

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Issue 41 27 January 2026

GENERAL FINANCE LIMITED
Quarterly report as at 31 December 2025


KEY RATIOS



Capital Ratio


31 December 2025


Our capital ratio calculated in accordance
with the 2010 Regulations*

15.49%

Minimum capital ratio required by our
Trust Deed if the issuer has a credit rating

8%


Minimum capital ratio that must be
included in the trust deed under reg 8(2) of
the 2010 Regulations* if the issuer has a
credit rating

8%


The capital ratio is a measure of the extent to which General Finance is able to absorb losses without becoming
insolvent. The lower the capital ratio, the fewer financial assets General Finance has to absorb unexpected losses
arising out of its business activities.




Related Party Exposures


31 December 2025


Our aggregate exposures to related
parties as calculated in accordance with
the 2010 Regulations*

2.29% of capital

Maximum limit on aggregate exposures to
related parties that we must not exceed
that is included in our Trust Deed

10% of capital

Maximum limit on aggregate exposures to
related parties that we must not exceed
that must be included in our Trust Deed
under reg 23(3)(b) of the 2010
Regulations*

15% of capital

Related party exposures are financial exposures that General Finance has to related parties. A related party is an
entity that is related to General Finance through common control or some other connection that may give the party
influence over General Finance (or General Finance over the related party).


* Deposit Takers (Credit Ratings, Capital Ratios, and Related Party Exposures) Regulations 2010

Issue 41 27 January 2026

Liquidity

31 December 2025


Our liquidity calculated in accordance with
the quantitative liquidity requirements
included in our Trust Deed

3.19 times

The minimum liquidity requirements
required by our Trust Deed

A liquidity cover ratio of 1.25 times

Liquidity requirements help to ensure that General Finance has sufficient realisable assets on hand to pay its debts
as they become due in the ordinary course of business. Failure to comply with liquidity requirements may mean that
General Finance is unable to repay investors on time and may indicate other financial problems in its business.






SELECTED FINANCIAL INFORMATION

Quarter to
31 Dec 2025
Total Assets 280,308,788
Total Liabilities 253,981,229
Net Profit / (Loss) After Tax 1,076,505
Net Cash Inflow (Outflow) from Operating Activities -13,841,780
Cash and Cash Equivalents 26,152,717
Term Deposits
1
22,015,522
Capital (per 2010 Regulations) 23,619,261

1
New Zealand Registered Bank deposits with original term of greater than 3 months.

Issue 41 27 January 2026
HOW THE RATIOS HAVE BEEN CALCULATED

CAPITAL RATIO

Gross capital 26,327,559

Less deductions 2,708,298

Total capital 23,619,261



Risk

Risk Weighted
Exposures Exposure Weight Exposures

NZ Registered Bank Deposits 48,168,239 20% 9,633,648
Residential mortgages:

LVR 70% and under 182,145,458 35% 63,750,910
LVR over 70% and under 80% 19,985,951 50% 9,992,976
Other loans with qualifying security over land
and buildings:

LVR 70% and under 19,670,618 100% 19,670,618
Personal loans

– in respect of which a financing statement
has not been registered under the Personal
Property Securities Act 1999
2,552,198 150% 3,828,297
Other loans

– where a financing statement has not been
registered and perfected under the Personal
Property Securities Act 1999
4,679,491 200% 9,358,983

Other assets 398,534 350% 1,394,868
Deductions from capital 2,708,298

-

Total credit risk weighted exposures (A)

117,630,300

Total assets (B) 280,308,788

Operational and Market Exposures (A+B)/2x0.175

34,819,670


Total Exposures

152,449,970

Capital Ratio

15.49%
(being Total Capital/Total Exposures)


1
Refer to Deposit Takers (Credit Ratings, Capital Ratios, and Related Party Exposures) Regulations 2010.

Issue 41 27 January 2026

AGGREGATE EXPOSURE TO RELATED PARTIES

Loans and other on balance sheet exposures to related
parties (A)
540,188
Other related party exposures (B)
Nil
Capital (C)
23,619,261
(A + B) / C
2.29%

*Related party exposures are calculated by dividing total related party exposures by Capital
(per 2010 Regulations).


LIQUIDITY

Liquidity (A)
48,168,239

3 month expected loan receivables (B)
17,985,115

3 month expected gross deposit redemptions (C)
20,733,931

(A + B) / C
3.19 times




*The Liquidity Cover Ratio is calculated by dividing Liquidity plus the 3 month expected loan
receivables, by the 3-month expected gross deposit redemptions.