Lion Finance Group Plc · LSE:BGEO
Lion Finance — Q3 2025 Earnings Presentation
60 slides from Lion Finance's earnings presentation, Nov 20, 2025
Slide 1: Investor Presentation: 3Q25 and 9M25 Performance
INVESTOR PRESENTATION 3Q25 and 9M25 Performance 20 November 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 3Q25 and 9M25 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 41.3bn | USD 15.3bn 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 3Q25 and 9M25
The Group delivered a solid performance in 3Q25 and 9M25 Profit ROAE Cost to income Cost of credit risk 3Q25 highlights GEL 547m 27.8% 35.3% 0.5% +7.5% y-o-y 9M25 highlights GEL 1,574m 27.9% 35.6% 0.4% +20.3% y-o-y* Georgian Financial Services (GFS) JSC Bank of Georgia Profit 3Q25 GEL 434m |+5.4% 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% 21.7% 19.8% 19.6% 12.9% 2.0 1.8 0.3 0.2 1.4 Dec-21 Dec-22 Dec-23 Dec-24 * Sep-25 1.1 0.9 1.6 1.7 ROAE** T
Slide 8: Macroeconomic Highlights
Macroeconomic Highlights
Slide 9: Georgia and Armenia maintain solid growth, with more upside ahead
Georgia and Armenia maintain solid growth, with more upside ahead Real GDP growth, year-on-year Real GDP growth forecasts in selected 15% Armenia Georgia Peer median countries by IMF, 2026-2030 average Uzbekistan 5.8% 9.7% 10% Kyrgyz Rep. 5.4% 7.5% Montenegro 5.3% 6.0% Georgia 5.1% 5% 5.9% Armenia 4
Slide 10: Growth in Georgia and Armenia is increasingly driven by domestic demand
Growth in Georgia and Armenia is increasingly driven by domestic demand, led by consumption Real GDP growth contributions by Real GDP growth contributions by expenditure category in Georgia, ppts expenditure category in Armenia, ppts Consumption Investment Net export Real GDP Consumption Investment
Slide 11: Sustained external inflows continue to support local currency strength
Sustained external inflows continue to support local currency strength in Georgia and Armenia 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 in
Slide 12: GEL and AMD remain broadly stable against the USD
GEL and AMD remain broadly stable against the USD, supported by sustained external 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 inc
Slide 13: Recent inflation upticks mainly reflect higher food prices
Recent inflation upticks in Georgia and Armenia mainly reflect higher food prices, expected to be temporary amid prudent monetary policy and anchored expectations Inflation and monetary policy in Georgia Inflation and monetary policy in Armenia Monetary policy rate, end of period Monetary policy rat
Slide 14: Central banks have scaled up FX purchases, lifting international reserves
Central banks of Georgia and Armenia have scaled up FX purchases, lifting international reserves to record highs 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 internation
Slide 15: Public sector debt in Georgia and Armenia
Public sector in Georgia actively deleveraging while Armenia 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 Dome
Slide 16: Robust lending, declining dollarisation, and strong asset quality in banking sector
Robust lending, declining dollarisation, and strong asset quality underscore 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, June-2025 or latest available Georgia Arme
Slide 17: 3Q25 and 9M25 Group Results
3Q25 and 9M25 Group Results
Slide 18: Group operating income driven by strong net interest income
Group operating income driven by strong net interest income generation across core businesses All currency data are in GEL m unless otherwise stated Operating income Net interest income +21.1% (GFS: +18.4%; AFS: +30.0%) NMF* (GFS: +16.7%) +15.6% (GFS: +13.4%; AFS: +21.3%) NMF* (GFS: +11.9%) +8.4% +4
Slide 19: Non-interest income growth subdued but remains a key focus
Non-interest income growth subdued but remains a key focus All currency data are in GEL m unless otherwise stated Net fee & commission income Net foreign currency gain +4.8% (GFS: +8.6%; AFS: -17.8%) NMF* (GFS: +6.1%) -0.5% (GFS: -3.3%; AFS: -0.8%) NMF* (GFS: -3.6%) -7.9% -0.3% 450 431 393 10 395 71
Slide 20: Investing in growth, while maintaining the focus on efficiency
Investing in growth, while maintaining the focus on efficiency All currency data are in GEL m unless otherwise stated Operating expenses Cost to income ratio +17.1% (GFS: +15.4%; AFS: +16.6%) NMF* (GFS: +16.4%) +0.9% 1,104 82 852 62 375 51.2% 48.9% 48.6% 50.0% 48.5% 47.2% 47.1% 234 34.8% 35.9% 35.0%
Slide 21: 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 +21.7% in cc +18.0% in cc +4.1% in cc +8.6% in cc 36,530 37,927 +36.5% 37,658 +28.6% 33,559 34,137 886 y-o-y in cc 33,969 34,790 y-o-y in cc 882 31,872
Slide 22: Net interest margin broadly stable
Net interest margin broadly stable Net interest margin (Group) Loan yield, cost of funds, cost of deposits (Group) 12.2% 12.2% 12.2% 12.3% 12.4% 12.5% 12.3% 6.2% 6.0% 5.9% 6.0% 6.2% 6.4% 6.0% 4.8% 4.9% 5.0% 5.1% 5.1% 4.9% 5.1% 4.0% 4.0% 4.1% 4.3% 4.5% 4.1% 4.3% 3Q24 4Q24 1Q25 2Q25 3Q25 9M24 9M25 3Q2
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 0.6% 71.4% 63.0% 59.3% 63.5% 64.4% 0.5% 0.5% 0.5% 0.4% 0.2% 0.2% NPL coverage adjusted for the discounted value of
Slide 24: Maintaining robust profitability
Maintaining robust profitability All currency data are in GEL m unless otherwise stated Profit (Group)* ROAE (Group)* *** +7.5% (GFS: +5.4%; AFS: +22.0%) NMF** (GFS: +7.4%) 32.1% 29.6% 28.7% 30.1% +6.6% 27.2% 27.8% 27.9% 1,574 22 1,308 303 24 122 3Q24 4Q24 1Q25 2Q25 3Q25 9M24 9M25 547 ROAA (Group)*
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 7.8 PAYOUT RATIO*: 35% 37% 37% 31% 583 5.6 3.8 4.9 535 522 5.8 482 7.8 181 2.3 188 162 3.1 3.4 149 1.5 1.9 257 2021 2022 2023
Slide 26: Georgian Financial Services (GFS)
Georgian Financial Services (GFS) 26
Slide 27: GFS highlights 3Q25
GFS highlights 3Q25 Profit ROAE +5.4% y-o-y GEL 433.8m 32.2% Loan book growth Deposit growth +16.1% in cc +14.0% in cc Retail MAC Retail Digital MAU +9.4% y-o-y +14.7% y-o-y 2.1m 1.7m 27
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); Packaged transfers; Bill payments; P2P instant transfers; Payments > 200 providers; Payroll management; User Q
Slide 29: Bank of Georgia named the world's best digital bank
FOR THE SECO) Stites meenee tn anne BANK OF GEORGIA HAS BEEN NAMED THE WORLD'S BEST DIGITAL BANK
Slide 30: Another innovation in the BOG App: a fully digital mortgage journey
Another innovation in the BOG App: a fully digital mortgage journey 1 Customer request 2 Digital pre-approval 3 Property & 4 Valuation 5 Digital signing & Customers have two Automated income, collateral selection & automated remote registration paths to start their liability and credit Customer iden
Slide 31: 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 2,130 +9.4% 2,002 2,038 y-o-y 1,948 125 122 +14.0% 1,696 1,744 116 115 1,594 1,645 +14.7%
Slide 32: 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 3Q25 (Retail) Gamification campaign effect 70% 70% 67% 69% 62% 57% 57% 58% Loans 86% | +4.2 pp y-o-y 1
Slide 33: 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 74 71 67 Engaging with customers proactively and responding in real time 61 61 60 59 59 58 58 Anticipating customer needs, wants, and future behavior 55 54
Slide 34: 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 +21.2% +13.9% +11.6% +2.5% 6,060 5,218 5,431 1,567 5,000 4,834 2,080 1,529 1,979 1,487 1,697 1,929 1,881 1
Slide 35: Georgian Financial Services – 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 +16.5% +14.2% +16.1% +14.0% +10.0% +3.3% +3.6% +10.3% 27,488 25,307 26,150 24,821 24,980 23,539 24,049 Growth on a 24,080 24,052 22,444 const
Slide 36: 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% 42.0% 41.4% 41.2% 38.9% 38.6% 38.2% 37.8% 37.6% 37.6% 37.6% 37.3% 37.6% 37.1% 38.4% 38.0% 37.6% 36.9% 36.7% Sep 24 Dec 24 Mar 25 * Jun 25 Sep 25
Slide 37: Strong capital and liquidity position at Bank of Georgia
Strong capital and liquidity position at Bank of Georgia As at 30 September 2025 Capital position Liquidity position 22.1% 20.5% 1.7% 17.4% 3.0% 2.1% NBG Liquidity NBG Net stable 20.4% coverage ratio funding ratio 17.5% 15.3% 126.2% 127.4% CET1 Tier1 Total Min requirement Buffer above minimum 37
Slide 38: Armenian Financial Services (AFS)
Armenian Financial Services (AFS) 38
Slide 39: AFS highlights 3Q25
AFS highlights 3Q25 Profit ROAE +22.0% y-o-y GEL 111.5m 21.8% Loan book growth Deposit growth +36.5% in cc +28.6% in cc Retail MAC Retail Digital MAU +39.6% y-o-y +62.7% y-o-y 435k 305k 39
Slide 40: 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 instant Mobile phone top-up; Money request; Video game transfers; Bill payments; replenishment;
Slide 41: Digital momentum is fuelling growth potential
Digital momentum is fuelling growth potential Monthly active customers (individuals) Digital engagement of active customers thousands (individuals) +39.6% 435 y-o-y 408 372 70% 357 65% 66% 65% 312 305 +62.7% 60% 267 y-o-y 232 245 188 41% 43% 42% 41% 42% 128 +64.4% 100 102 110 78 y-o-y Sep-24 Dec-24
Slide 42: Armenian Financial Services – 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 +36.9% +28.8% +36.5% +5.3% +28.6% +5.3% +5.6% +5.7% 10,891 10,342 8,827 8,380 9,265 9,338 7,949 7,867 Growth on a 7,956 constant 6,854 4,633
Slide 43: Ameriabank has a leading position in Armenia with further room for growth
Ameriabank has a leading position in Armenia with further room for growth Loans market share, Sep-25 +1.6 pp y-o-y 21.2% +0.1 pp q-o-q Historical market share highlights 19.5% 9.7% 20.9% 21.2% 19.6% 7.5% 17.6% 16.9% 19.4% 18.5% 6.8% 17.3% 16.3% 16.2% Deposits* market share, Sep-25 21.2% Dec-21 Dec-2
Slide 44: Robust CET1 capital position and strong liquidity levels
Robust CET1 capital position and strong liquidity levels As at 30 September 2025 Capital position Liquidity position 17.2% 0.4% 14.5% 14.5% 0.4% 2.5% CBA Liquidity CBA Net stable 16.8% 14.1% coverage ratio funding ratio 12.0% 202.8% 121.2% CET1 Tier1 Total Min requirement Buffer above minimum • Foll
Slide 45: Appendices
Appendices
Slide 46: Georgian Financial Services' diversified portfolios
Georgian Financial Services’ diversified portfolios All currency data are in GEL m unless otherwise stated Total net loans (GFS) Client deposits and notes (GFS) As at 30 September 2025 As at 30 September 2025 Net loans, finance lease and factoring receivables: GEL 26,150m Customer deposits and notes
Slide 47: Armenian Financial Services' diversified portfolios
Armenian Financial Services’ diversified portfolios All currency data are in GEL m unless otherwise stated Total net loans (AFS) Client deposits and notes (AFS) As at 30 September 2025 As at 30 September 2025 Net loans, finance lease and factoring receivables: GEL 10,891m Customer deposits and notes
Slide 48: 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 83.1% 13.0% 3.9% Mortgages 29.9% 9.6%
Slide 49: We are a 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 September 2025 30 September 2025 # Shareholder Name Ownership % UK 1 JSC Georgia Capital** 17.8 2 Blackrock 5.6 USA 3 Dimensional Fund Advisors (DFA) 4.9 10% 4 Vanguard 4.2 Ge
Slide 50: Board of Directors
Board of Directors – governance that 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 market
Slide 51: Management team
Management team Management at Bank of Georgia Archil Gachechiladze Sulkhan Gvalia David Chkonia Etuna Iremadze Zurab Kokosadze David Davitashvili Levan Gomshiashvili Sam Goodacre CEO Deputy CEO, Deputy CEO, Deputy CEO, Deputy CEO, Deputy CEO, Deputy CEO, Advisor to the CEO CFO CRO Premium Banking CI
Slide 52: 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 53: 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 6 Lion Finance Group PLC falls into the highest scoring range relative to global peers Sustainalytics – 16.2 (Low risk) FTSE4GOOD Index As of December 2024, Lion Fin
Slide 54: Income statement highlights (Group)
Income statement highlights (Group) Change Change Change GEL thousands 3Q25 3Q24 y-o-y 2Q25 q-o-q 9MQ25 9M24 ** y-o-y INCOME STATEMENT HIGHLIGHTS Net interest income 776,300 641,036 21.1% 715,845 8.4% 2,175,846 1,697,191 28.2% Net fee and commission income 140,552 134,100 4.8% 152,615 -7.9% 431,239
Slide 55: Balance sheet highlights (Group)
Balance sheet highlights (Group) Change Change GEL thousands Sep-25 Sep-24 Jun-25 y-o-y q-o-q BALANCE SHEET HIGHLIGHTS Liquid assets 17,882,228 14,253,652 25.5% 16,333,288 9.5% Cash and cash equivalents 5,049,905 3,413,286 47.9% 4,022,221 25.6% Amounts due from credit institutions 3,125,753 2,560,82
Slide 56: 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 September 2025 GFS AFS 41,337 41,337 Cash & cash 7.8% Client deposits & equivalents 14,983 14,983 Amounts due from notes 5.2% Cash & cash credit institutions 8.1% equivalents Amounts du
Slide 57: Evolution of capital ratios during 3Q25
Evolution of capital ratios during 3Q25 Potential Minimum Buffer above 30 Jun 3Q25 Business Currency Dividend Tier 1 – Tier 30 Sep impact requirement min 2025 profit growth impact payment 2 2025 of a 10% GEL (30 Sep 2025) requirement devaluation CET1 capital adequacy ratio 17.3% 1.4% -0.2% 0.0% -1.1
Slide 58: Key ratios (Group)
Key ratios (Group) KEY RATIOS 3Q25 3Q24 2Q25 9M25 9M24 ROAA (adjusted for one-off items) *, ** 3.9% 4.4% 3.8% 3.9% 4.3% *,** ROAE (adjusted for one-off items) 27.8% 32.1% 27.2% 27.9% 30.1% Net interest margin** 6.2% 6.2% 6.0% 6.0% 6.4% Loan yield** 12.4% 12.2% 12.3% 12.3% 12.5% Liquid assets yield *
Slide 59: 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 60: 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