Lion Finance Group Plc · LSE:BGEO
Lion Finance — Q2 2026 Earnings Presentation
58 slides from Lion Finance's earnings presentation, Aug 11, 2026
Slide 1: Lion Finance Group 2Q26 and 1H26 Results
11 August 2026 www.lionfinancegroup.uk 1
Slide 2: Agenda
Who we are Macroeconomic Highlights Georgian Financial Services Armenian Financial Services 2Q26 and 1H26 Group Results Investor Presentation Appendices Appendices Glossary Glossary Lion Finance Group 2
Slide 3: Who we are
LSE-listed FTSE 100 Group with a diversified global investor base, mainly operating leading, customer-focused and digitally-driven banks in the high-growth markets of Georgia and Armenia Strong retail customer High profitability Strong human capital franchise 2.8m 5-year CAGR +16.5% 29.2% 13,343 +5.
Slide 4: Loan growth, ROAE and payout
Loan book y-o-y growth in constant currency 21.4% 23.0% 19.8% 19.6% 19.7% 12.9% The main bank c.15% Annual loan book Dec-21 Dec-22 Dec-23 Dec-24 2 Dec-25 Jun-26 growth 1 ROAE (adjusted for one-offs) 32.4% 20%+ 29.9% 30.0% Excellent 25.8% 28.4% 27.2% customer Investor Presentation ROAE experience 202
Slide 5: Group 2Q26 highlights
Strong customer franchise growth and high Operating income before cost Profit customer satisfaction – core drivers of strong and of risk sustainable results 2Q26 | GEL 816m 2Q26 | GEL 619m +23.4% y-o-y +20.6% y-o-y 1H26 | GEL 1,551m 1H26 | GEL 1,204m +19.6% y-o-y +17.3% y-o-y Bank of Georgia, Retail
Slide 6: Macroeconomic Highlights
INVESTOR | PRESENTATION .” LION FINANCE GROUP Macroeconomic Highlights @ Oo
Slide 7: Real GDP growth
Real GDP growth, year-on-year Real GDP growth composition by sectors Armenia Georgia Peer median Georgia Armenia 15% 9.3% Other 10% 7.9% 7.5% 7.5% Industry 1.2 pp Other 6.0% 7.1% Industry 5% 1.4 pp 5.5% 5.5% 4.7% 4.7% Investor Presentation 2.9% 2.8% 2.7% 0% Other Industry Industry 1.3 pp Services 1.
Slide 8: External sector inflows
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 Export of goods Tourism revenue Money transfers Total inflow Money transfers Total inflow Change in total inflows, y-o-y Change in total inflows, y-o-
Slide 9: Exchange rate performance
GEL and AMD exchange rate performance against the USD Selected currency movements against the USD (Jan-2019 = 100; appreciation shown as increase) (% change YTD as of 31 July; appreciation shown as increase) GEL AMD Covid-19 Onset of Middle pandemic Russia-Ukraine East outbreak war escalation 140 13
Slide 10: Inflation and monetary policy
Inflation and monetary policy in Georgia Inflation and monetary policy in Armenia Monetary policy rate, end-of-period Monetary policy rate, end-of-period Headline CPI inflation, y/y Headline CPI inflation, y/y Inflation target Inflation target 15% 15% 12% 12% 9% 9% 8.25% 6% 6% 6.50% 5.5% 4.5% 3% 3.0
Slide 11: International reserves
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 reserves Reserve adequacy ratio* Reserve adequacy ratio* 93% 92% 93% 100% 107% 10
Slide 12: Government debt
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 balance as % of GDP Domestic debt External debt Total debt Fiscal deficit as % of GDP 63.5% 60.2% 59.6% 53.7% 51.9% 51.2% 50.1% 49.6% 49.1% 48.2% 47
Slide 13: Banking sector indicators
Bank lending growth on a Foreign-currency loans to Tier 1 capital to assets, constant currency basis, y-o-y total gross bank loans Mar-2026 or latest available Georgia Armenia Georgia Armenia Georgia 15.5% Armenia 15.3% 35% 70% Kazakhstan 14.5% 30% Kyrgyzstan 14.4% 60% Belarus 14.1% 25% Uzbekistan 1
Slide 14: Georgian Financial Services
INVESTOR i} LION FINANCE PRESENTATION .” GROUP o... 7 o.- Georgian Financial ee es © Services
Slide 15: GFS highlights 2Q26 & 1H26
GFS highlights 2Q26 & 1H26 Profit ROAE 2Q26 2Q26 GEL 473.0m 30.4% +15.4% y-o-y 1H26 1H26 GEL 925.1m 30.9% +13.5% y-o-y Loan book growth Deposit growth Investor Presentation +17.1% in cc +24.2% in cc (y-o-y) (y-o-y) Retail MAC Retail Digital MAU +9.5% y-o-y +13.3% y-o-y Lion Finance Group 2.28m 1.92m
Slide 16: Digital ecosystem
Business manager BOG App For marketing and sales teams Digital MAU Digital DAU/ Digital MAU CSAT Business app & Bonline Self-service terminals 92% 1.92m 54.6% +13.3% y-o-y +3.0pp y-o-y For CEO’s and To reduce cash in 2Q26 Share of loans sold finance Digital DAU professionals digitally 4.6/5 4.7/5 1.
Slide 17: Payments and acquiring
Figures given for JSC Bank of Georgia standalone Acquiring - volume of payment transactions* Issuing – Payment MAU GEL millions thousands +20.1% +11.9% +12.7% +2.5% 6,396 6,524 6,060 5,788 5,431 2,352 2,351 2,080 1,710 2,225 1,668 1,979 Investor Presentation 1,640 1,567 1,529 3,980 4,044 4,173 3,452
Slide 18: Net Promoter Score
Figures given for JSC Bank of Georgia standalone NPS* 76 75 73 73 74 73 71 Engaging with customers proactively and responding in 67 real time 60 61 61 59 59 58 58 Anticipating customer needs and wants 55 54 52 49 Harnessing strong human relationships with data analytics for 46 47 Investor Presentati
Slide 19: GFS loan and deposit portfolio
All currency data are in GEL m unless otherwise stated Loan portfolio Deposit portfolio* +15.2% +22.3% +17.1% cc +3.2% +24.2% cc +9.3% +4.2% cc +10.5% cc 30,553 28,262 29,164 27,289 27,488 27,313 27,943 25,307 26,150 24,980 12,814 41.9% 11,986 12,306 42.2% 11,466 12,936 12,717 12,764 10,940 Investor
Slide 20: GFS market share
Market share – gross loans Market share – customer deposits 41.2% 42.0% 41.8% 38.2% 37.8% 38.0% 38.1% 41.0% 40.6% 37.6% 40.4% 40.6% 40.8% 40.2% 37.6% 39.5% 37.1% 37.2% 36.9% 36.9% 37.6% 36.9% 36.6% 36.4% 35.1% Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 Bank of Georgia TBC
Slide 21: GFS capital and liquidity position
Capital position Liquidity position 22.7% 21.0% 2.2% 18.2% NBG Liquidity NBG Net stable 3.4% coverage ratio funding ratio 2.7% 152.0% 132.9% Investor Presentation y-o-y q-o-q y-o-y q-o-q 20.5% +26.1pp +12.0pp +5.5pp +2.6pp 17.6% 15.5% Lion Finance Group CET1 Tier1 Total Min requirement Buffer above
Slide 22: Armenian Financial Services
INVESTOR PRESENTATION .” LION FINANCE GROUP Armenian Financial e Services 22
Slide 23: AFS highlights 2Q26 & 1H26
AFS highlights 2Q26 & 1H26 Profit* ROAE 2Q26 2Q26 GEL 143.0m +49.3% y-o-y 23.1% 1H26 1H26 GEL 272.5m 22.5% +42.4% y-o-y Loan book growth Deposit growth Investor Presentation +36.8% in cc +37.1% in cc (y-o-y) (y-o-y) Retail MAC Retail Digital MAU +27.9%% y-o-y +47.0% y-o-y Lion Finance Group 521.5k 3
Slide 24: MyAmeria
MyAmeria MyInvest MyAmeriaStar Digital MAU Digital MAU/MAC 392.1k 75.2% #1 brokerage Youth banking platform application +47.0% y-o-y +9.8pp y-o-y Digital DAU Digital DAU/Digital MAU MyCar 174.0k 44.4% MyBusiness +58.3% y-o-y +3.2pp y-o-y SME banking Auto finance & onboarding & vehicle Investor Prese
Slide 25: AFS loan and deposit portfolio
All currency data are in GEL m unless otherwise stated Loan portfolio Deposit portfolio +35.8% +36.6% +36.8% cc +11.9% +37.1% cc +12.3% +12.3% cc +12.5% cc 14,042 12,551 11,819 11,444 10,342 10,891 Investor Presentation 9,630 10,189 6,314 45.0% 5,525 8,380 8,827 5,048 4,510 39.4% 4,343 4,633 3,998 4
Slide 26: Armenia market share
Historical market share Loans market share, Jun-26 +1.7pp y-o-y 22.9% +0.9pp q-o-q 19.5% 9.5% 22.9% 21.8% 6.9% 20.9% 19.6% 6.4% 17.6% 20.2% 16.9% 19.4% 18.5% Investor Presentation 17.3% 16.3% 16.2% Deposits* market share, Jun-26 22.7% Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 Jun-26 +1.1pp y-o-y 20.2% +0.6
Slide 27: AFS capital and liquidity position
Capital position Liquidity position 18.6% 15.6% 1.8% CBA Liquidity CBA Net stable 14.0% coverage ratio funding ratio 1.5% 2.0% 180.0% 126.0% Investor Presentation y-o-y q-o-q y-o-y q-o-q 16.8% +6.2pp -32.2pp +8.8pp +0.7pp 14.1% 12.0% Lion Finance Group CET1 Tier1 Total Min requirement Buffer above m
Slide 28: 2Q26 & 1H26 Group Results
INVESTOR Ss OF WonRnce PRESENTATION SR GROUP e a e 2026 & 1H26 Group s ee _ Results a
Slide 29: Net operating income and net interest income
All currency data are in GEL m unless otherwise stated 4 Net operating income Net interest income +21.8% +20.2% GFS:+18.0%; AFS: +28.6% GFS:+18.1%; AFS:+23.7% 1,709 1,422 34 +19.5% +17.3% 22 480 GFS:+14.7%; AFS:+28.9% GFS:+15.2%; AFS:+23.4% 886 388 727 789 809 823 18 15 19 10 15 251 195 213 228 229
Slide 30: Fee and commission income, foreign currency gain
All currency data are in GEL m unless otherwise stated Net fee & commission income Net foreign currency gain +26.3% +26.6% +8.9% -0.6% GFS:+25.0%; AFS:+38.4% GFS:+24.9%; AFS:+42.1% GFS:-4.3%; AFS:+19.3% GFS:-6.1%; AFS:+9.4% 383 7 302 63 298 296 7 234 44 52 54 3 200 Investor Presentation 183 166 72 1
Slide 31: Operating expenses and cost to income
All currency data are in GEL m unless otherwise stated Operating expenses Cost to income ratio +12.8% +13.2% GFS:+13.9%; AFS:+2.6% GFS:+15.2%; AFS:+4.0% 816 721 75 53 254 49.6% 48.9% 46.6% 244 43.2% Investor Presentation 40.0% 39.5% 41.2% 423 427 36.4% 35.2% 378 381 34 389 35.2% 34.6% 34.4% 35.7% 34
Slide 32: Group loan and deposit portfolio
All currency data are in GEL m unless otherwise stated Loan portfolio Deposit portfolio +23.0% in cc +26.8% in cc 44,429 43,665 41,882 40,066 1,223 38,630 39,699 1,668 36,530 37,927 1,069 37,658 958 34,790 1,568 886 1,342 1,687 882 14,042 11,444 12,551 1,430 11,819 10,189 Investor Presentation 10,89
Slide 33: Net interest margin and yields
Net interest margin Loan yield, cost of funds, cost of deposits (Group) 12.3% 12.4% 12.4% 12.3% 12.3% 6.5% 6.5% 6.4% 6.4% 6.3% 6.3% 6.2% 6.1% 6.3% 6.2% 6.2% 5.0% 5.0% 5.1% 5.1% 5.1% 6.0% 6.0% Investor Presentation 6.0% 6.0% 4.2% 4.3% 4.5% 4.5% 4.4% 2Q25 3Q25 4Q25 1Q26 2Q26 2Q25 3Q25 4Q25 1Q26 2Q26 L
Slide 34: Cost of credit risk and loan quality
All currency data are in GEL m unless otherwise stated Cost of credit risk ratio Loan portfolio quality (Group) NPL coverage 63.5% 64.4% 57.8% 58.9% 58.4% NPL coverage adjusted for the discounted value of collateral 119.2% 117.7% 116.3% 117.2% 119.2% NPL to gross loans Investor Presentation 0.7% 0.6
Slide 35: Profit and ROAE
All currency data are in GEL m unless otherwise stated Profit* ROAE (Group) +20.6% +17.3% GFS:+13.5%; AFS:+42.4% GFS:+15.4%; AFS:+49.3%* 30.1% 27.8% 27.4% 27.9% 27.2% 27.2% 27.1% 1,204 6 1,026 272 20 191 1 2Q25 3Q25 4Q25 1Q26 2Q26 1H25 1H26 619 619 Investor Presentation 585 547 10 3 513 4 2 150 143
Slide 36: Capital distribution and dividends
Capital distribution Total dividend per share GEL millions GEL GEL 2,559m (2021-2025) CAGR: +28.8% +15.7% y-o-y Cumulative capital distributed 10.5 9.0 7.7 8.0 5.90 662 3.8 3.05 Q2 583 2.85 Q1 535 522 203 2021 2022 2023 2024 2025 * 2026 181 Investor Presentation 188 162 365 Total shares outstanding
Slide 37: Appendices
INVESTOR | PRESENTATION .” LION FINANCE GROUP Appendices 37
Slide 38: Top shareholders
Top 20 shareholders* Shareholder base by country 30 June 2026 30 June 2026 # Shareholder Name Ownership % UK *** 1 JSC Georgia Capital** 14.9 2 Blackrock USA 6.0 3 Dimensional Fund Advisors (DFA) 5.0 10% Luxembourg 4 JPMorgan Asset Management 4.1 2% 5 Vanguard 3.6 2% Georgia 2% 6 Artemis Investment
Slide 39: GFS net loans and deposits by segment
All currency data are in GEL m unless otherwise stated Total net loans Client deposits and notes As at 30 June 2026 As at 30 June 2026 Net loans, finance lease and factoring receivables: GEL 29,164m Customer deposits and notes: GEL 30,553m 2,988 10% 10,262 35% 13,241 7,809 45% Investor Presentation
Slide 40: GFS loans by currency 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 84.7% 11.8% 3.5% Mortgages 30.1% 8.7% 2.2% Investor Present
Slide 41: AFS net loans and deposits by segment
All currency data are in GEL m unless otherwise stated Total net loans Client deposits and notes As at 30 June 2026 As at 30 June 2026 Net loans, finance lease and factoring receivables: GEL 14,042m Customer deposits and notes: GEL 11,444m 5,950 42% 5,201 Investor Presentation 8,092 45% 6,243 58% 55
Slide 42: Loans to deposits ratios
All currency data are in GEL m unless otherwise stated GFS AFS 101.3% 101.1% 123.4% 123.4% 122.7% 123.2% 122.7% 99.9% 95.1% 95.5% 100.2% 100.7% 93.8% 93.5% 97.5% 97.9% 97.8% 91.8% Investor Presentation 89.0% 88.7% 2Q25 3Q25 4Q25 1Q26 2Q26 2Q25 3Q25 4Q25 1Q26 2Q26 Loans to deposits & DFI borrowings r
Slide 43: Balance sheet structure
All currency data are in GEL m unless otherwise stated GFS AFS As at 30 June 2026 As at 30 June 2026 44,499 44,499 7.5% Cash & cash equivalents Client deposits & 4.0% notes Amounts due from credit institutions 19.0% Investment securities 19,023 19,023 68.7% Cash & cash 4.8% equivalents 10.4% Amounts
Slide 44: Capital adequacy movement
Regulatory Minimum Potential Buffer 31 Mar 2Q26 Business Currency Dividend deductions 30 Jun requirement impact Tier 1 – Tier 2 above min 2026 profit growth impact payment and other 2026 (30 Jun of a 10% GEL requirement 2026) Devaluation CET1 capital adequacy ratio 17.9% 1.6% -0.6% 0.2% -0.9% 0.0% 0
Slide 45: Bank of Georgia monthly active customers
Figures given for JSC Bank of Georgia standalone Monthly active customers (individuals) Monthly active customers (businesses) thousands thousands 2,199 2,233 2,275 +9.5% 2,077 2,130 y-o-y 1,868 1,922 1,833 1,696 1,744 +13.3% y-o-y +11.6% 125 133 130 136 122 y-o-y 993 985 1,049 +20.0% 874 897 y-o-y +
Slide 46: Share of products sold digitally
Figures given for JSC Bank of Georgia standalone Share of products sold digitally (Retail) Digital sales count: loans and deposits in 2Q26 (Retail) Gamification campaign effect Loans * 88% | +2.0 pp y-o-y 12% 70% 67% 69% 70% 71% 71% 73% 62% 57% 57% 58% 47% 43% Investor Presentation Deposits 78% | +5
Slide 47: Ameriabank monthly active customers
Figures given for CJSC Ameriabank standalone Monthly active customers (individuals) Digital engagement of active customers thousands (individuals) 521 73% 75% 479 496 +27.9% 70% 70% 435 y-o-y 65% 408 392 362 336 +47.0% 305 y-o-y 267 42% 44% 44% 44% 160 174 +58.3% 41% 128 147 y-o-y Investor Presentat
Slide 48: Our strategic pillars
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 and To use the power
Slide 49: ESG ratings
MSCI* ISS** CCC B BB BBB A AA AAA LAGGARD AVERAGE LEADER Lion Finance Group PLC falls into the highest scoring range relative to global peers Investor Presentation FTSE4GOOD Index Included in the global responsible investment index Lion Finance Group FTSE4GOOD since 2017 *The use by Lion Finance Gro
Slide 50: Board of directors
Mel Carvill, Non-Executive Chairman Cecil Quillen, Independent Non-Executive Director Experience: Former Chief Risk Officer, Head of Corporate Finance and Experience: Partner at Linklaters LLP and a leading US capital markets M&A, and Head of Strategic Planning at the Generali Group, and former prac
Slide 51: Management at Bank of Georgia and Ameriabank
Management at Bank of Georgia Archil Gachechiladze Giorgi Shagidze David Chkonia Zurab Kokosadze David Davitashvili Levan Gomshiashvili Ana Kostava Sam Goodacre CEO Deputy CEO, Deputy CEO, Deputy CEO, Deputy CEO, Deputy CEO, Deputy CEO, Advisor to the CEO CFO CRO CIB Data & IT Chief Marketing, Chief
Slide 52: Income statement highlights
Change Change Change GEL thousands 2Q26 2Q25 y-o-y 1Q26 q-o-q 1H26 1H25 y-o-y 4 INCOME STATEMENT HIGHLIGHTS Net interest income 886,203 727,480 21.8% 822,614 7.7% 1,708,817 1,421,841 20.2% Net fee and commission income 199,871 158,305 26.3% 182,642 9.4% 382,513 302,133 26.6% Net foreign currency gai
Slide 53: Balance sheet highlights
Change Change GEL thousands Jun-26 Jun-25 Mar-26 y-o-y q-o-q BALANCE SHEET HIGHLIGHTS Liquid assets 18,881,978 16,333,288 15.6% 16,530,688 14.2% Cash and cash equivalents 5,046,754 4,022,221 25.5% 3,440,364 46.7% Amounts due from credit institutions 3,777,016 3,194,606 18.2% 3,764,046 0.3% Investmen
Slide 54: Key ratios
KEY RATIOS 2Q26 2Q25 1Q26 1H26 1H25 ROAA 3.9% 3.8% 3.9% 3.9% 3.9% 27.1% 27.2% 27.4% 27.2% 27.9% ROAE 6.3% 6.1% 6.2% 6.3% 6.0% Net interest margin 12.3% 12.3% 12.3% 12.3% 12.3% Loan yield * 5.1% 5.0% 5.2% 5.2% 5.0% Liquid assets yield 5.1% 5.0% 5.1% 5.1% 5.0% Cost of funds 4.4% 4.2% 4.5% 4.5% 4.1% Co
Slide 55: Endnotes
1. One-off items: FY25: A one-off item totalling GEL 29.6m was recorded, relating to the Group's revised accounting treatment of annual discretionary share-based awards (Employee Stock Ownership Plan, or ESOP), accelerating expense recognition to reflect services rendered prior to the official grant
Slide 56: 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 also may no
Slide 57: Forward-looking statements
This announcement 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, plans or intentions relating to acquisi
Slide 58: Get in touch
Get in touch Company information Contact information Social media Investor Presentation 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, per