Lion Finance Group Plc · LSE:BGEO
Lion Finance — Q2 2025 Earnings Presentation
99 slides from Lion Finance's earnings presentation, Aug 20, 2025
Slide 1: Investor Presentation: 2Q25 & 1H25 Performance
INVESTOR PRESENTATION 2Q25 & 1H25 Performance 20 August 2025 www.lionfinancegroup.uk 1
Slide 2: Disclaimer: forward-looking statements
Disclaimer: forward-looking statements This presentation contains forward-looking statements, including, but not limited to, statements concerning expectations, projections, objectives, targets, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs,
Slide 3: Contents
Contents Who we are Macroeconomic highlights 2Q25 & 1H25 Group results Georgian Financial Services Armenian Financial Services Appendices Glossary 3
Slide 4: Who we are
Who we are Georgian Financial Services (GFS) Operating leading, customer-focused, Total assets: GEL 39.0bn | USD 14.3bn universal banks in Georgia and Armenia Strong growth momentum underpinned by some of the fastest growing economies in EMEA Armenian Financial Services (AFS) 71% LSE listed FTSE250
Slide 5: The Group delivered a solid performance in 2Q25 and 1H25
The Group delivered a solid performance in 2Q25 and 1H25 Profit ROAE Cost to income Cost of credit risk 2Q25 highlights GEL 513m 27.2% 36.5% 0.5% +19.4% y-o-y 1H25 highlights GEL 1,026m 27.9% 35.8% 0.4% +28.4% y-o-y* Georgian Financial Services (GFS) JSC Bank of Georgia Profit 2Q25 GEL 410m |+7.6% y
Slide 6: What we focus on
What we focus on Our strategic priorities The main bank Excellent customer experience Profitable growth Being the main bank in Anticipating customer needs Growing the balance sheet customers’ daily lives by and wants and providing profitably and focusing on areas leveraging the digital and relevant
Slide 7: Track record of customer franchise growth and strong performance
Track record of customer franchise growth and strong performance Retail customer franchise growth across our Loan book y-o-y growth in constant core markets currency Target: c.15% millions 21.4% 22.5% 19.8% 19.6% 2.0 12.9% 1.8 0.3 0.2 1.4 1.1 Dec-21 Dec-22 Dec-23 Dec-24* Jun-25 0.9 1.6 1.7 ROAE** Ta
Slide 8: Macroeconomic Highlights
Macroeconomic Highlights
Slide 9: Georgia and Armenia maintain strong growth, with further upside potential
Georgia and Armenia maintain strong growth, with further upside potential Real GDP growth, year-on-year GDP per capita in ‘000 US$ 15% Armenia Georgia Peer average Armenia Georgia Central and Eastern Europe average 9.4% 10% 20.0 7.5% 5.5% 5% 5.9% 5.0% 4.5% 16.3 3.2% 2.4% 2.5% 0% 13.3 11.6 11.1 -5% 9
Slide 10: Sustained external inflows underpin growth and support local currency strength
Sustained external inflows underpin growth and support local currency strength Main sources of external sector inflows in Main sources of external sector inflows in Georgia, US$ bn Armenia, US$ bn Export of goods Tourism revenue Money transfers Export of goods Tourism revenue Money transfers 6.1 5.4
Slide 11: Non-travel service exports provide an additional resilient source of growth
Non-travel service exports provide an additional resilient source of growth and hard currency inflows Non-travel services exports from Georgia, Non-travel services exports from Armenia, US$ bn. US$ bn. Transport IT Other % of GDP Transport IT Other % of GDP 18.3% 12.8% 13.8% 10.4% 11.2% 11.3% 8.8% 9
Slide 12: GEL and AMD strengthen against USD
GEL and AMD strengthen against USD, supported by sustained inflows and sound macroeconomic policies Currency movements against the U.S. dollar GEL and AMD real effective exchange rates (percent change; appreciation shown as increase) (Jan-2014 = 100; appreciation shown as increase) GEL AMD 25% 240 2
Slide 13: Recent inflation upticks likely to be temporary
Recent inflation upticks in Georgia and Armenia likely to be temporary amid prudent monetary policies and anchored expectations Inflation and monetary policy in Georgia Inflation and monetary policy in Armenia Monetary policy rate CPI inflation, year-on-year Monetary policy rate CPI inflation, year-
Slide 14: Central banks are rebuilding reserves on the back of strong external inflows
Central banks are rebuilding reserves on the back of strong external inflows International reserves in Georgia International reserves in Armenia (end of period, US$ bn) (end of period, US$ bn) Net international reserves Gross international reserves Net international reserves Gross international rese
Slide 15: Public sector is deleveraging in Georgia while Armenia balances spending
Public sector is deleveraging in Georgia while Armenia is balancing spending needs with fiscal sustainability objectives Government debt in Georgia Government debt in Armenia (end of period, % of GDP) (end of period, % of GDP) Domestic debt External debt Total debt Fiscal deficit as % of GDP Domesti
Slide 16: Robust lending, lower dollarisation, and strong balance sheets in banking sector
Robust lending, lower dollarisation, and strong balance sheets highlight banking sector strength in Georgia and Armenia Bank lending growth on a constant Total bank loan dollarisation Non-performing loans to total gross bank currency basis, y-o-y loans, March-2025 or latest available Lithuania 0.5%
Slide 17: 2Q25 & 1H25 Group Results
2Q25 &1H25 Group Results
Slide 18: Group operating income driven by strong interest income generation
Group operating income driven by strong interest income generation across core businesses All currency data are in GEL m unless otherwise stated Operating income Net interest income +15.8% (GFS: +17.5%; AFS: +16.3%) +32.5% (GFS: +15.8%) +4.7% +9.5% (GFS: +11.4%; AFS: +8.7%) +26.7% (GFS: +11.1%) 1,40
Slide 19: Net interest margin broadly stable
Net interest margin broadly stable Net interest margin (Group) Loan yield, cost of funds, cost of deposits (Group) 6.3% 6.2% 6.3% 12.4% 12.2% 12.2% 12.2% 12.3% 12.4% 12.3% 6.0% 5.9% 6.0% 5.9% 4.8% 4.8% 4.9% 5.0% 5.1% 4.9% 5.1% 4.0% 4.0% 4.0% 4.1% 4.3% 4.1% 4.2% 2Q24 * 3Q24 4Q24 1Q25 2Q25 1H24 1H25 2
Slide 20: Non-interest income growth subdued across the board
Non-interest income growth subdued across the board All currency data are in GEL m unless otherwise stated Net fee & commission income Net foreign currency gain +1.3% (GFS: +3.8%; AFS: -17.7%) +12.5% (GFS: +4.9%) +0.5% (GFS: -7.9%; AFS: -1.9%) +23.0% (GFS: -3.7%) +10.5% +4.8% 298 291 258 242 52 7 2
Slide 21: Operating expenses impacted by few significant items at GFS
Operating expenses impacted by few significant items at GFS All currency data are in GEL m unless otherwise stated Operating expenses Cost to income ratio +12.1% (GFS: +15.7%; AFS: +3.1%) +37.2% (GFS: +16.9%) +10.5% 722 53 52.7% 48.9% 48.6% 50.0% 53.4% 47.2% 49.3% 526 248 41 35.6% 34.8% 35.9% 35.0%
Slide 22: Strong and broad-based year-on-year loan and deposit growth
Strong and broad-based year-on-year loan and deposit growth All currency data are in GEL m unless otherwise stated Loan portfolio Deposit portfolio +22.5% in cc +14.7% in cc +6.5% in cc +2.4% in cc 36,530 +37.6% +26.1% 34,137 33,969 34,790 33,559 882 y-o-y in cc 31,872 33,202 y-o-y in cc 30,082 31,0
Slide 23: Robust asset quality maintained across the business
Robust asset quality maintained across the business All currency data are in GEL m unless otherwise stated Cost of credit risk ratio (Group)* Loan portfolio quality (Group) NPL coverage 1.1% 0.8% 63.7% 71.4% 63.0% 59.3% 63.5% 0.5% 0.5% 0.4% 0.2% 0.4% 0.2% 0.4% NPL coverage adjusted for the discounte
Slide 24: Maintaining robust profitability
Maintaining robust profitability All currency data are in GEL m unless otherwise stated Profit (Group)* ROAE (Group)* +19.4% (GFS: +7.6%; AFS: +197.3%**) +28.4% (GFS: +8.5%) +0.0% 32.1% 29.6% 28.7% 1,026 28.0% 27.2% 28.4% 27.9% 20 191 799 17 2Q24 3Q24 4Q24 1Q25 2Q25 1H24 1H25 30 509 505 513 513 430
Slide 25: Creating long-term shareholder value
Creating long-term shareholder value Capital distribution Total dividend per share GEL millions GEL CAGR: +33.2% Target: 30-50% dividend and buyback payout ratio 9.0 7.7 8.0 PAYOUT RATIO*: 35% 37% 37% 31% 5.6 5.1 4.9 583 3.8 5.8 535 522 181 2.3 5.1 188 162 3.1 3.4 316 1.5 1.9 257 2021 2022 2023 2024
Slide 26: Georgian Financial Services (GFS)
Georgian Financial Services (GFS) 26
Slide 27: GFS highlights 2Q25
GFS highlights 2Q25 Profit ROAE GEL 409.9m 31.1% +7.6% y-o-y Loan book growth Deposit growth +17.0% in cc +10.9% in cc Retail MAC Retail Digital MAU 2.1m 1.7m +9.5% y-o-y +15.5% y-o-y
Slide 28: Our award-winning financial apps
Our award-winning financial apps Retail Financial SuperApp Business Mobile App Daily banking Daily banking Transfers (by phone, ID & account number); Transfers (by ID, IN & account number); Bill payments; P2P instant transfers; Packaged transfers; Payments > 200 QR ATM withdrawals; Video banking; pr
Slide 29: Continued growth in active and digitally engaged customers
Continued growth in active and digitally engaged customers Figures given for JSC Bank of Georgia standalone Monthly active customers (individuals) Monthly active customers (businesses) thousands thousands 2,077 +9.5% 2,002 2,038 1,898 1,948 y-o-y +16.1% 1,645 1,696 122 1,594 +15.5% 116 115 y-o-y 1,4
Slide 30: Focusing on increasing product sales in retail digital channels
Focusing on increasing product sales in retail digital channels Figures given for JSC Bank of Georgia standalone Share of products sold digitally (Retail) Digital sales count: loans and deposits in 2Q25 (Retail) Gamification campaign effect 70% 69% 67% Loans 86%|+5.6 ppts y-o-y 14% 62% 57% 57% 58% 4
Slide 31: Maintaining record high customer satisfaction
Maintaining record high customer satisfaction thanks to our customer-centric culture Figures given for JSC Bank of Georgia standalone NPS* 73 73 71 67 Engaging with customers proactively and responding in real time 61 61 60 58 58 59 59 Anticipating customer needs, wants, and future behavior 55 54 52
Slide 32: Payments business – our daily touchpoint with customers
Payments business – our daily touchpoint with customers Figures given for JSC Bank of Georgia standalone Acquiring - volume of payment transactions Issuing – payment MAU GEL millions thousands +27.7% +14.3% +13.4% +2.8% 5,988 5,627 5,312 5,280 1,529 4,687 1,487 1,451 2,536 2,338 2,009 2,328 1,376 1,
Slide 33: GFS – strong loan and deposit portfolio growth
Georgian Financial Services – strong loan and deposit portfolio growth All currency data are in GEL m unless otherwise stated Loan portfolio Deposit portfolio +16.8% +10.2% +17.0% +5.2% +10.9% +0.6% +4.7% +0.5% 25,307 23,539 24,049 24,980 22,444 Growth on a 24,080 24,052 24,821 21,659 22,660 constan
Slide 34: Focusing on profitability while maintaining strong competitive positions in Georgia
Focusing on profitability while maintaining strong competitive positions in Georgia Market share – gross loans Market share – customer deposits 42.0% 42.4% 41.5% 41.4% 41.2% 39.2% 38.9% 38.6% 37.8% 37.6% 38.3% 38.4% 38.0% 37.5% 37.6% 37.6% 37.3% 37.6% 37.6% 36.7% Jun 24 Sep 24 Dec 24 Mar 25 * Jun 25
Slide 35: Strong capital and liquidity position at Bank of Georgia
Strong capital and liquidity position at Bank of Georgia As at 30 June 2025 Capital position Liquidity position 21.8% 20.4% 1.7% 17.3% 3.1% 2.2% NBG Liquidity NBG Net stable 20.1% coverage ratio funding ratio 15.1% 17.3% 125.9% 127.4% CET1 Tier1 Total Min Requirement Buffer Above Minimum 35
Slide 36: Armenian Financial Services (AFS)
Armenian Financial Services (AFS) 36
Slide 37: AFS highlights 2Q25
AFS highlights 2Q25 Profit ROAE GEL 95.8m 20.1% +197.3% y-o-y* Loan book growth Deposit growth +37.6% in cc +26.1% in cc Retail MAC Retail Digital MAU 408k 267k +35.8% y-o-y +54.5% y-o-y *AFS's 2Q25 profit grew by 197.3% vs. 2Q24 profit before one-offs, primarily due to a significant ‘Day-2’ initial
Slide 38: Ameriabank is seeing continued growth in its digital offerings
Ameriabank is seeing continued growth in its digital offerings MyAmeria – app for retail customers MyAmeria Star – retail app for kids Daily banking Daily banking Transfers (by phone, account number); P2P Mobile phone top-up; Money instant transfers; Bill payments; request; Video game QR payments. r
Slide 39: Digital momentum is fuelling growth potential
Digital momentum is fuelling growth potential Monthly active customers (individuals) Digital engagement of active customers thousands (individuals) 408 +35.8% 372 y-o-y 357 65% 66% 65% 300 312 60% 57% 267 +54.5% 245 y-o-y 232 188 173 42% 41% 43% 42% 41% 100 102 110 +52.2% 72 78 y-o-y Jun-24 Sep-24 D
Slide 40: AFS – strong loan and deposit portfolio growth
Armenian Financial Services – strong loan and deposit portfolio growth All currency data are in GEL m unless otherwise stated Loan portfolio Deposit portfolio +34.1% +22.3% +37.6% +10.8% +26.1% +6.5% +10.2% +6.4% 10,342 8,380 9,265 9,338 Growth on a 7,949 7,867 7,956 constant 6,851 6,854 7,714 4,343
Slide 41: Ameriabank has a leading position in Armenia
Ameriabank has a leading position in Armenia with further room for growth Loans market share, Jun-25 +1.3 ppts y-o-y 21.1% +0.9 ppts q-o-q Historical market share highlights 18.9% 9.8% 20.9% 21.1% 19.6% 7.8% 19.1% 18.5% 17.6% 17.3% 16.9% 6.8% 16.3% 16.2% Deposits* market share, Jun-25 21.5% Dec-21 D
Slide 42: Robust CET1 capital position with total buffer set to improve
Robust CET1 capital position with total buffer set to improve As at 30 June 2025 Capital position Liquidity position 16.9% 0.1% 14.9% 14.9% 0.8% 2.9% CBA Liquidity CBA Net stable 16.8% coverage ratio funding ratio 14.1% 173.8% 117.2% 12.0% CET1 Tier1 Total Min Requirement Buffer Above Minimum • In J
Slide 43: Appendices
Appendices
Slide 44: Georgian Financial Service's diversified portfolios
Georgian Financial Service’s diversified portfolios All currency data are in GEL m unless otherwise stated Total net loans (GFS) Client deposits and notes (GFS) As at 30 June 2025 As at 30 June 2025 Net loans, finance lease and factoring receivables: GEL 25,307m Customer deposits and notes: GEL 24,9
Slide 45: Borrowers and FX risk
Borrowers and FX risk % is given for Bank of Georgia standalone gross loan portfolios FC loans exposed to FC loans with no or GEL loans (% of FX risk* (% of minimal exposure to FX risk segment portfolio) segment portfolio) (% of segment portfolio) Retail Banking 82.3% 13.7% 4.0% Mortgages 30.0% 10.0
Slide 46: GFS/AFS yield-cost profile by currency
GFS/AFS yield-cost profile by currency All currency data are in GEL m unless otherwise stated Loan yield Cost of client deposits and notes 14.9% 14.9% 15.0% 15.0% 15.2% 12.5% 12.4% 12.5% 12.6% 12.7% 9.5% 9.2% 9.0% 9.2% 9.2% 7.9% 7.6% 7.6% 7.7% 7.8% 4.4% 4.3% 4.3% 4.4% 4.5% 1.1% 1.2% 1.3% 1.4% 1.4% 2
Slide 47: FTSE-250 company with a diversified institutional investor base
We are a FTSE-250 company with a diversified institutional investor base Top 20 shareholders* Shareholder base by country 30 June 2025 30 June 2025 # Shareholder Name Ownership % JSC Georgia Capital** UK 1 19.1 2 Blackrock 6.1 3 Dimensional Fund Advisors (DFA) 4.8 USA 10% 4 Vanguard 4.1 2% 5 JPMorga
Slide 48: Board of Directors
Board of Directors – governance which facilitates sustainable value creation Mel Carvill, Non-Executive Chairman Cecil Quillen, Independent Non-Executive Director Experience: formerly Senior Independent Director of Sanne Group Plc, Experience: Partner at Linklaters LLP and a leading US capital marke
Slide 49: Management team
Management team Management at Bank of Georgia Archil Gachechiladze Sulkhan Gvalia David Chkonia Etuna Iremadze Mikheil Gomarteli Zurab Kokosadze David Davitashvili Sam Goodacre CEO Deputy CEO, Deputy CEO, Deputy CEO, Deputy CEO, Deputy CEO, Deputy CEO, Advisor to the CEO CFO CRO Premium Banking Stra
Slide 50: Revised ESG strategy
Revised ESG strategy Our strategic Governance & integrity Financial inclusion Sustainable finance Employee empowerment pillars Objectives To do business in line To manage financial To be the employer of with the highest risks stemming from choice for top talent, standards of corporate climate change
Slide 51: ESG scores from independent rating agencies
ESG scores from independent rating agencies ISS* MSCI** Environment 2 B BB BBB AAA CCC A AA Social 2 LAGGARD AVERAGE LEADER Governance 7 Lion Finance Group PLC falls into the highest scoring range relative to global peers Sustainalytics FTSE4GOOD Index As of December 2024, Lion Finance Group PLC rec
Slide 52: Income statement highlights (Group)
Income statement highlights (Group) Change Change Change 3 GEL thousands 2Q25 2Q24 y-o-y 1Q25 q-o-q 1HQ25 1H24 y-o-y INCOME STATEMENT HIGHLIGHTS Net interest income 715,845 618,335 15.8% 683,701 4.7% 1,399,546 1,056,155 32.5% Net fee and commission income 152,615 150,662 1.3% 138,072 10.5% 290,687 2
Slide 53: Balance sheet highlights (Group)
Balance sheet highlights (Group) Change Change GEL thousands Jun-25 Jun-24 Mar-25 y-o-y q-o-q BALANCE SHEET HIGHLIGHTS Liquid assets 16,333,288 14,479,764 12.8% 17,490,685 -6.6% Cash and cash equivalents 4,022,221 3,422,747 17.5% 4,151,524 -3.1% Amounts due from credit institutions 3,194,606 2,710,7
Slide 54: Balance sheet structure by core business divisions
Balance sheet structure by core business divisions All currency data are in GEL m unless otherwise stated As at 30 June 2025 GFS AFS 38,951 38,951 Cash & cash 5.4% equivalents 6.0% Amounts due from Client deposits & 14,355 14,355 credit institutions notes Cash & cash 8.9% equivalents Investment 19.3
Slide 55: Evolution of capital ratios during 2Q25
Evolution of capital ratios during 2Q25 Potential Minimum Buffer above 31 Mar 2Q25 Business Currency Dividend Tier 1 – Tier 30 Jun impact requirement min 2025 profit growth impact payment 2 2025 of a 10% GEL (30 Jun 2025) requirement devaluation CET1 capital adequacy ratio 16.4% 1.3% -0.4% -0.1% 0.0
Slide 56: Key ratios (Group)
Key ratios (Group) KEY RATIOS 2Q25 2Q24 1Q25 1H25 1H24 ROAA (adjusted for one-off items)1, 2 3.8% 3.9% 3.9% 3.9% 4.5% ROAE (adjusted for one-off items) 1 27.2% 28.0% 28.7% 27.9% 28.4% Net interest margin 2 6.0% 6.3% 5.9% 5.9% 6.3% Loan yield2 12.3% 12.4% 12.2% 12.3% 12.4% Liquid assets yield 2 5.0%
Slide 57: Glossary
Glossary ▪ Alternative performance measures (APMs) In this announcement the management uses various APMs, which we believe provide additional useful information for understanding the financial performance of the Group. These APMs are not defined by International Financial Reporting Standards, and al
Slide 58: Get in touch
Get in touch Company information Contact information Social media Lion Finance Group PLC Lion Finance Group PLC Investor LinkedIn: Lion Finance Group PLC 29 Farm Street, London Relations London W1J 5RL United Kingdom Follow us for latest Telephone: +44 203 178 4034 updates, performance Registered un
Slide 59: Results Call Presentation: 2Q25 & 1H25 Performance
RESULTS CALL PRESENTATION 2Q25 & 1H25 Performance 20 August 2025 www.lionfinancegroup.uk 1
Slide 60: Disclaimer: forward-looking statements
Disclaimer: forward-looking statements This presentation contains forward-looking statements, including, but not limited to, statements concerning expectations, projections, objectives, targets, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs,
Slide 61: Contents
Contents Macroeconomic highlights 2Q25 & 1H25 Group results Georgian Financial Services Armenian Financial Services Wrap-up 3
Slide 62: The Group delivered a solid performance in 2Q25 and 1H25
The Group delivered a solid performance in 2Q25 and 1H25 Profit ROAE Cost to income Cost of credit risk 2Q25 highlights GEL 513m 27.2% 36.5% 0.5% +19.4% y-o-y 1H25 highlights GEL 1,026m 27.9% 35.8% 0.4% +28.4% y-o-y* Georgian Financial Services (GFS) JSC Bank of Georgia Profit 2Q25 GEL 410m |+7.6% y
Slide 63: Macroeconomic Highlights
Macroeconomic Highlights
Slide 64: Georgia and Armenia maintain strong growth, with further upside potential
Georgia and Armenia maintain strong growth, with further upside potential Real GDP growth, year-on-year GDP per capita in ‘000 US$ 15% Armenia Georgia Peer average Armenia Georgia Central and Eastern Europe average 9.4% 10% 20.0 7.5% 5.5% 5% 5.9% 5.0% 4.5% 16.3 3.2% 2.4% 2.5% 0% 13.3 11.6 11.1 -5% 9
Slide 65: Sustained external inflows underpin growth and support local currency strength
Sustained external inflows underpin growth and support local currency strength Main sources of external sector inflows in Main sources of external sector inflows in Georgia, US$ bn Armenia, US$ bn Export of goods Tourism revenue Money transfers Export of goods Tourism revenue Money transfers 6.1 5.4
Slide 66: Non-travel service exports provide an additional resilient source of growth
Non-travel service exports provide an additional resilient source of growth and hard currency inflows Non-travel services exports from Georgia, Non-travel services exports from Armenia, US$ bn. US$ bn. Transport IT Other % of GDP Transport IT Other % of GDP 18.3% 12.8% 13.8% 10.4% 11.2% 11.3% 8.8% 9
Slide 67: GEL and AMD strengthen against USD
GEL and AMD strengthen against USD, supported by sustained inflows and sound macroeconomic policies Currency movements against the U.S. dollar GEL and AMD real effective exchange rates (percent change; appreciation shown as increase) (Jan-2014 = 100; appreciation shown as increase) GEL AMD 25% 240 2
Slide 68: Recent inflation upticks likely to be temporary
Recent inflation upticks in Georgia and Armenia likely to be temporary amid prudent monetary policies and anchored expectations Inflation and monetary policy in Georgia Inflation and monetary policy in Armenia Monetary policy rate CPI inflation, year-on-year Monetary policy rate CPI inflation, year-
Slide 69: Central banks are rebuilding reserves on the back of strong external inflows
Central banks are rebuilding reserves on the back of strong external inflows International reserves in Georgia International reserves in Armenia (end of period, US$ bn) (end of period, US$ bn) Net international reserves Gross international reserves Net international reserves Gross international rese
Slide 70: Public sector is deleveraging in Georgia while Armenia balances spending
Public sector is deleveraging in Georgia while Armenia is balancing spending needs with fiscal sustainability objectives Government debt in Georgia Government debt in Armenia (end of period, % of GDP) (end of period, % of GDP) Domestic debt External debt Total debt Fiscal deficit as % of GDP Domesti
Slide 71: Robust lending, lower dollarisation, and strong balance sheets in banking sector
Robust lending, lower dollarisation, and strong balance sheets highlight banking sector strength in Georgia and Armenia Bank lending growth on a constant Total bank loan dollarisation Non-performing loans to total gross bank currency basis, y-o-y loans, March-2025 or latest available Lithuania 0.5%
Slide 72: 2Q25 & 1H25 Group Results
2Q25 &1H25 Group Results
Slide 73: Group operating income driven by strong interest income generation
Group operating income driven by strong interest income generation across core businesses All currency data are in GEL m unless otherwise stated Operating income Net interest income +15.8% (GFS: +17.5%; AFS: +16.3%) +32.5% (GFS: +15.8%) +4.7% +9.5% (GFS: +11.4%; AFS: +8.7%) +26.7% (GFS: +11.1%) 1,40
Slide 74: Net interest margin broadly stable
Net interest margin broadly stable Net interest margin (Group) Loan yield, cost of funds, cost of deposits (Group) 6.3% 6.2% 6.3% 12.4% 12.2% 12.2% 12.2% 12.3% 12.4% 12.3% 6.0% 5.9% 6.0% 5.9% 4.8% 4.8% 4.9% 5.0% 5.1% 4.9% 5.1% 4.0% 4.0% 4.0% 4.1% 4.3% 4.1% 4.2% 2Q24 * 3Q24 4Q24 1Q25 2Q25 1H24 1H25 2
Slide 75: Non-interest income growth subdued across the board
Non-interest income growth subdued across the board All currency data are in GEL m unless otherwise stated Net fee & commission income Net foreign currency gain +1.3% (GFS: +3.8%; AFS: -17.7%) +12.5% (GFS: +4.9%) +0.5% (GFS: -7.9%; AFS: -1.9%) +23.0% (GFS: -3.7%) +10.5% +4.8% 298 291 258 242 52 7 2
Slide 76: Operating expenses impacted by few significant items at GFS
Operating expenses impacted by few significant items at GFS All currency data are in GEL m unless otherwise stated Operating expenses Cost to income ratio +12.1% (GFS: +15.7%; AFS: +3.1%) +37.2% (GFS: +16.9%) +10.5% 722 53 52.7% 48.9% 48.6% 50.0% 53.4% 47.2% 49.3% 526 248 41 35.6% 34.8% 35.9% 35.0%
Slide 77: Strong and broad-based year-on-year loan and deposit growth
Strong and broad-based year-on-year loan and deposit growth All currency data are in GEL m unless otherwise stated Loan portfolio Deposit portfolio +22.5% in cc +14.7% in cc +6.5% in cc +2.4% in cc 36,530 +37.6% +26.1% 34,137 33,969 34,790 33,559 882 y-o-y in cc 31,872 33,202 y-o-y in cc 30,082 31,0
Slide 78: Robust asset quality maintained across the business
Robust asset quality maintained across the business All currency data are in GEL m unless otherwise stated Cost of credit risk ratio (Group)* Loan portfolio quality (Group) NPL coverage 1.1% 0.8% 63.7% 71.4% 63.0% 59.3% 63.5% 0.5% 0.5% 0.4% 0.2% 0.4% 0.2% 0.4% NPL coverage adjusted for the discounte
Slide 79: Maintaining robust profitability
Maintaining robust profitability All currency data are in GEL m unless otherwise stated Profit (Group)* ROAE (Group)* +19.4% (GFS: +7.6%; AFS: +197.3%**) +28.4% (GFS: +8.5%) +0.0% 32.1% 29.6% 28.7% 1,026 28.0% 27.2% 28.4% 27.9% 20 191 799 17 2Q24 3Q24 4Q24 1Q25 2Q25 1H24 1H25 30 509 505 513 513 430
Slide 80: Georgian Financial Services (GFS)
Georgian Financial Services (GFS) 22
Slide 81: GFS highlights 2Q25
GFS highlights 2Q25 Profit ROAE GEL 409.9m 31.1% +7.6% y-o-y Loan book growth Deposit growth +17.0% in cc +10.9% in cc Retail MAC Retail Digital MAU 2.1m 1.7m +9.5% y-o-y +15.5% y-o-y
Slide 82: Our award-winning financial apps
Our award-winning financial apps Retail Financial SuperApp Business Mobile App Daily banking Daily banking Transfers (by phone, ID & account number); Transfers (by ID, IN & account number); Bill payments; P2P instant transfers; Packaged transfers; Payments > 200 QR ATM withdrawals; Video banking; pr
Slide 83: Continued growth in active and digitally engaged customers
Continued growth in active and digitally engaged customers Figures given for JSC Bank of Georgia standalone Monthly active customers (individuals) Monthly active customers (businesses) thousands thousands 2,077 +9.5% 2,002 2,038 1,898 1,948 y-o-y +16.1% 1,645 1,696 122 1,594 +15.5% 116 115 y-o-y 1,4
Slide 84: Focusing on increasing product sales in retail digital channels
Focusing on increasing product sales in retail digital channels Figures given for JSC Bank of Georgia standalone Share of products sold digitally (Retail) Digital sales count: loans and deposits in 2Q25 (Retail) Gamification campaign effect 70% 69% 67% Loans 86%|+5.6 ppts y-o-y 14% 62% 57% 57% 58% 4
Slide 85: Maintaining record high customer satisfaction
Maintaining record high customer satisfaction thanks to our customer-centric culture Figures given for JSC Bank of Georgia standalone NPS* 73 73 71 67 Engaging with customers proactively and responding in real time 61 61 60 58 58 59 59 Anticipating customer needs, wants, and future behavior 55 54 52
Slide 86: Payments business – our daily touchpoint with customers
Payments business – our daily touchpoint with customers Figures given for JSC Bank of Georgia standalone Acquiring - volume of payment transactions Issuing – payment MAU GEL millions thousands +27.7% +14.3% +13.4% +2.8% 5,988 5,627 5,312 5,280 1,529 4,687 1,487 1,451 2,536 2,338 2,009 2,328 1,376 1,
Slide 87: GFS – strong loan and deposit portfolio growth
Georgian Financial Services – strong loan and deposit portfolio growth All currency data are in GEL m unless otherwise stated Loan portfolio Deposit portfolio +16.8% +10.2% +17.0% +5.2% +10.9% +0.6% +4.7% +0.5% 25,307 23,539 24,049 24,980 22,444 Growth on a 24,080 24,052 24,821 21,659 22,660 constan
Slide 88: Strong capital and liquidity position at Bank of Georgia
Strong capital and liquidity position at Bank of Georgia As at 30 June 2025 Capital position Liquidity position 21.8% 20.4% 1.7% 17.3% 3.1% 2.2% NBG Liquidity NBG Net stable 20.1% coverage ratio funding ratio 15.1% 17.3% 125.9% 127.4% CET1 Tier1 Total Min Requirement Buffer Above Minimum 30
Slide 89: Armenian Financial Services (AFS)
Armenian Financial Services (AFS) 31
Slide 90: AFS highlights 2Q25
AFS highlights 2Q25 Profit ROAE GEL 95.8m 20.1% +197.3% y-o-y* Loan book growth Deposit growth +37.6% in cc +26.1% in cc Retail MAC Retail Digital MAU 408k 267k +35.8% y-o-y +54.5% y-o-y *AFS's 2Q25 profit grew by 197.3% vs. 2Q24 profit before one-offs, primarily due to a significant ‘Day-2’ initial
Slide 91: Ameriabank is seeing continued growth in its digital offerings
Ameriabank is seeing continued growth in its digital offerings MyAmeria – app for retail customers MyAmeria Star – retail app for kids Daily banking Daily banking Transfers (by phone, account number); P2P Mobile phone top-up; Money instant transfers; Bill payments; request; Video game QR payments. r
Slide 92: Digital momentum is fuelling growth potential
Digital momentum is fuelling growth potential Monthly active customers (individuals) Digital engagement of active customers thousands (individuals) 408 +35.8% 372 y-o-y 357 65% 66% 65% 300 312 60% 57% 267 +54.5% 245 y-o-y 232 188 173 42% 41% 43% 42% 41% 100 102 110 +52.2% 72 78 y-o-y Jun-24 Sep-24 D
Slide 93: AFS – strong loan and deposit portfolio growth
Armenian Financial Services – strong loan and deposit portfolio growth All currency data are in GEL m unless otherwise stated Loan portfolio Deposit portfolio +34.1% +22.3% +37.6% +10.8% +26.1% +6.5% +10.2% +6.4% 10,342 8,380 9,265 9,338 Growth on a 7,949 7,867 7,956 constant 6,851 6,854 7,714 4,343
Slide 94: Ameriabank has a leading position in Armenia
Ameriabank has a leading position in Armenia with further room for growth Loans market share, Jun-25 +1.3 ppts y-o-y 21.1% +0.9 ppts q-o-q Historical market share highlights 18.9% 9.8% 20.9% 21.1% 19.6% 7.8% 19.1% 18.5% 17.6% 17.3% 16.9% 6.8% 16.3% 16.2% Deposits* market share, Jun-25 21.5% Dec-21 D
Slide 95: Robust CET1 capital position with total buffer set to improve
Robust CET1 capital position with total buffer set to improve As at 30 June 2025 Capital position Liquidity position 16.9% 0.1% 14.9% 14.9% 0.8% 2.9% CBA Liquidity CBA Net stable 16.8% coverage ratio funding ratio 14.1% 173.8% 117.2% 12.0% CET1 Tier1 Total Min Requirement Buffer Above Minimum • In J
Slide 96: Wrap-up
Wrap-up
Slide 97: Creating long-term shareholder value
Creating long-term shareholder value Capital distribution Total dividend per share GEL millions GEL CAGR: +33.2% Target: 30-50% dividend and buyback payout ratio 9.0 7.7 8.0 PAYOUT RATIO*: 35% 37% 37% 31% 5.6 5.1 4.9 583 3.8 5.8 535 522 181 2.3 5.1 188 162 3.1 3.4 316 1.5 1.9 257 2021 2022 2023 2024
Slide 98: What we focus on
What we focus on Our strategic priorities The main bank Excellent customer experience Profitable growth Being the main bank in Anticipating customer needs Growing the balance sheet customers’ daily lives by and wants and providing profitably and focusing on areas leveraging the digital and relevant
Slide 99: Get in touch
Get in touch Company information Contact information Social media Lion Finance Group PLC Lion Finance Group PLC Investor LinkedIn: Lion Finance Group PLC 29 Farm Street, London Relations London W1J 5RL United Kingdom Follow us for latest Telephone: +44 203 178 4034 updates, performance Registered un