Lion Finance Group Plc · LSE:BGEO
Lion Finance — Q4 2025 Earnings Presentation
58 slides from Lion Finance's earnings presentation, Feb 26, 2026
Slide 1: Investor Presentation: 4Q25 & FY25 Performance
INVESTOR PRESENTATION 4Q25 & FY25 Performance Unaudited Consolidated Results 25 February 2026 www.lionfinancegroup.uk 1
Slide 2: Contents
Contents Who we are Macroeconomic Highlights Georgian Financial Services Armenian Financial Services 4Q25 and FY25 Group Results Appendices Glossary 2
Slide 3: Who we are
Who we are Georgian Financial Services (GFS) Operating leading, customer-focused, Total assets: GEL 42.1bn | USD 15.6bn universal banks in Georgia and Armenia Strong growth momentum underpinned by some of the fastest growing economies in EMEA Armenian Financial Services (AFS) LSE listed company with
Slide 4: The Group delivered a solid performance in 4Q25 and FY25
The Group delivered a solid performance in 4Q25 and FY25 Profit (before one-offs)1 ROAE (adjusted) 1 Cost to income (adjusted)1 Cost of credit risk 4Q25 highlights GEL 619m 30.1% 35.2% 0.3% +22.7% y-o-y FY25 highlights GEL 2,193m 28.4% 35.5% 0.4% +20.9% y-o-y Georgian Financial Services (GFS) JSC Ba
Slide 5: 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 6: 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% 19.8% 19.6% 19.7% 12.9% 2.2 1.8 0.3 0.2 3 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 1.4 1.1 0.9 1 1.6 1.8 ROAE (
Slide 7: Macroeconomic Highlights
Macroeconomic Highlights
Slide 8: The Georgian and Armenian economies maintain strong growth
The Georgian and Armenian economies maintain strong growth, with more upside ahead Real GDP growth, year-on-year GDP per capita in ‘000 US$ 15% Armenia Georgia Peer median Armenia Georgia Central and Eastern Europe average 9.7% 10% 7.5% 6.0% 5% 7.2% 5.9% 5.5% 3.3% 2.9% 2.9% 23.2 0% 18.8 -5% 15.4 13.
Slide 9: 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-2015 = 100; appreciation shown as inc
Slide 10: Inflation remains stable in Georgia and Armenia
Inflation remains stable in Georgia and Armenia, underpinned by prudent monetary policies and well-anchored expectations Inflation and monetary policy in Georgia Inflation and monetary policy in Armenia Monetary policy rate, end of period Monetary policy rate, end of period CPI inflation, year-on-ye
Slide 11: Central banks have lifted international reserves to record highs
The central banks of Georgia and Armenia have lifted international reserves to record highs, supporting the resilience of both economies International reserves in Georgia International reserves in Armenia (end of period, US$ bn) (end of period, US$ bn) Net international reserves Gross international
Slide 12: Public sector in Georgia is actively deleveraging
Public sector in Georgia is actively deleveraging 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 GD
Slide 13: Strong lending, declining dollarisation, and solid capitalisation
Strong lending, declining dollarisation, and solid capitalisation underscore banking sector soundness in Georgia and Armenia Bank lending growth on a constant Foreign-currency loan to total Tier 1 capital to assets, June-2025 currency basis, y-o-y gross bank loans Georgia Armenia Georgia Armenia 40%
Slide 14: Georgian Financial Services (GFS)
Georgian Financial Services (GFS) 14
Slide 15: GFS highlights 4Q25 & FY25
GFS highlights 4Q25 & FY25 Profit (before one-offs) 1 ROAE (adjusted) 1 4Q25 4Q25 GEL 459.9m 32.7% +17.0% y-o-y FY25 FY25 GEL 1,708.7m 32.0% +9.8% y-o-y Loan book growth Deposit growth +16.1% in cc +14.3% in cc Retail MAC Retail Digital MAU +9.8% y-o-y +15.0% y-o-y 2.2m 1.8m To see endnotes, please
Slide 16: 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 17: 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 +9.8% 2,130 2,199 y-o-y 2,002 2,038 2,077 125 133 122 +14.0% 1,833 116 115 1,696 1,744 +15.0% y
Slide 18: Rising product sales in retail digital channels
Rising 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 4Q25 (Retail) Gamification campaign effect 70% 69% 70% 71% 67% 62% 57% 57% 58% Loans * 87% | +3.3 pp y-o-y 13% 45% 44%
Slide 19: Record-high NPS thanks to our customer-centric culture
Record-high NPS thanks to our customer-centric culture Figures given for JSC Bank of Georgia standalone NPS* 76 74 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 Harnessing strong human
Slide 20: 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 +22.6% +13.0% +5.5% +4.6% 6,396 6,060 1,640 5,218 5,431 4,834 2,352 2,080 1,567 1,929 1,979 1,881 1,529 1,
Slide 21: 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 +15.9% +13.6% +16.1% +14.3% -0.6% +4.4% +4.5% -0.5% 27,289 27,488 27,313 25,307 26,150 24,821 24,980 23,539 24,049 24,052 Growth on a constan
Slide 22: 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 42.4% 42.0% 41.4% 41.2% 41.0% 38.6% 38.2% 37.8% 37.6% 37.8% 37.6% 37.3% 37.6% 37.1% 37.2% 38.0% 37.6% 36.7% 36.9% 36.6% Dec 24 Mar 25 * Jun 25 Sep 25 Dec 25
Slide 23: Strong capital and liquidity position at Bank of Georgia
Strong capital and liquidity position at Bank of Georgia As at 31 December 2025 Capital position Liquidity position 22.0% 20.5% 1.8% 17.6% 3.2% 2.4% NBG Liquidity NBG Net stable coverage ratio funding ratio 20.2% 147.7% 134.1% 17.3% 15.2% CET1 Tier1 Total Min requirement Buffer above minimum 23
Slide 24: Armenian Financial Services (AFS)
Armenian Financial Services (AFS) 24
Slide 25: AFS highlights 4Q25 & FY25
AFS highlights 4Q25 & FY25 Profit1 ROAE 4Q25 4Q25 GEL 149.6m +38.1% y-o-y 26.8% FY25 FY25 GEL 452.4m 22.6% NMF* Loan book growth Deposit growth +28.0% in cc +21.9% in cc Retail MAC Retail Digital MAU +34.3% y-o-y +45.3% y-o-y 479.2k 336.5k * Y-o-y AFS segment comparisons are not representative of un
Slide 26: 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 27: Digital momentum is fuelling growth potential
Digital momentum is fuelling growth potential Monthly active customers (individuals) Digital engagement of active customers thousands (individuals) +34.3% 479 y-o-y 435 70% 70% 408 65% 66% 65% 357 372 336 +45.3% 305 y-o-y 267 232 245 43% 42% 41% 42% 44% 147 128 +47.1% 100 102 110 y-o-y Dec-24 Mar-25
Slide 28: 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 +27.6% +21.1% +28.0% +8.5% +9.1% +21.9% +8.5% +9.1% 11,819 9,630 10,891 8,827 10,342 8,380 Growth on a 7,949 7,867 9,265 9,338 constant 3,798
Slide 29: 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, Dec-25 +0.9 pp y-o-y 21.7% +0.5 pp q-o-q Historical market share highlights 19.0% 9.6% 21.7% 20.9% 7.3% 19.6% 17.6% 6.7% 16.9% 19.5% 18.5% 17.3% 16.3% 16.2% Deposits* market share, Dec-25 21.4% Dec-21 Dec-2
Slide 30: Robust CET1 capital position and strong liquidity levels
Robust CET1 capital position and strong liquidity levels As at 31 December 2025 Capital position Liquidity position 17.0% 0.2% 14.4% 14.4% 0.3% 2.4% 16.8% CBA Liquidity CBA Net stable 14.1% coverage ratio funding ratio 12.0% 249.9% 127.3% CET1 Tier1 Total Min requirement Buffer above minimum • Total
Slide 31: 4Q25 and FY25 Group Results
4Q25 and FY25 Group Results
Slide 32: Operating income growth driven by strong net interest income
Operating income growth year-on-year driven by strong net interest income generation, complemented by net fee and commission income All currency data are in GEL m unless otherwise stated Operating income Net interest income +19.9% (GFS: +17.7%; AFS: +25.2%) +25.9% (GFS: +17.0%) +16.4% (GFS: +14.4%;
Slide 33: Rebounding net fee and commission income
Rebounding net fee and commission income All currency data are in GEL m unless otherwise stated Net fee & commission income Net foreign currency gain +33.8% (GFS: +33.8%; AFS: +34.1%) +17.1% (GFS: +13.7%) -14.6% (GFS: -14.7%; AFS: -30.9%) +5.1% (GFS: -6.7%) +61.0% -1.0% 657 13 562 601 115 572 6 90 5
Slide 34: 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 +14.0% (GFS: +18.5%; AFS: +0.3%) +24.8% (GFS: +17.0%) +10.6% 1,526 116 1,223 85 503 48.6% 50.0% 49.7% 363 47.2% 47.1% 46.2% 40.5% 35.9% 35.0%
Slide 35: 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 +19.7% in cc +17.3% in cc +5.8% in cc +2.7% in cc 40,066 38,630 36,530 37,927 +28.0% 37,658 +21.9% 958 33,559 34,137 886 y-o-y in cc 33,969 34,790 1,687
Slide 36: 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% 12.3% 12.4% 12.4% 12.4% 12.3% 6.0% 5.9% 6.0% 6.2% 6.1% 6.3% 6.1% 4.9% 5.0% 5.1% 5.1% 5.2% 5.0% 5.1% 4.0% 4.1% 4.3% 4.5% 4.6% 4.1% 4.4% 6 6 4Q24 1Q25 2Q25 3Q25 4Q25 FY24 FY25
Slide 37: Strong asset quality maintained across the business
Strong 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 0.5% 0.5% 0.5% 0.5% 63.0% 59.3% 63.5% 64.4% 57.8% 0.3% 0.4% 0.2% NPL coverage adjusted for the discounted value of
Slide 38: Sustaining strong profitability
Sustaining strong profitability All currency data are in GEL m unless otherwise stated Profit before one-offs (Group) ROAE (Group) 1 1 +22.7% (GFS: +17.0%; AFS: +38.1%) +20.9% (GFS: +9.8%) 29.6% 28.7% 27.2% 27.8% 30.1% 30.0% +13.2% 28.4% 2,193 32 1,813 452 27 230 4Q24 1Q25 2Q25 3Q25 4Q25 FY24 6 FY25
Slide 39: Creating long-term shareholder value
Creating long-term shareholder value Capital distribution Total dividend per share GEL millions GEL CAGR: +28.8% Target: 30-50% dividend and buyback payout ratio +16.7% 10.5 PAYOUT RATIO*: 35% 37% 37% 31% 30% 9.0 7.7 8.0 2.8 Q4 662 583 5.6 2.7 Q3 535 522 3.8 4.9 203 5.8 181 2.3 188 162 5.1 Q1&Q2 3.1
Slide 40: Appendices
Appendices
Slide 41: 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 31 December 2025 As at 31 December 2025 Net loans, finance lease and factoring receivables: GEL 27,289m Customer deposits and notes:
Slide 42: 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 31 December 2025 As at 31 December 2025 Net loans, finance lease and factoring receivables: GEL 11,819m Customer deposits and notes:
Slide 43: Loans to funding sources ratio
Loans to funding sources ratio All currency data are in GEL m unless otherwise stated Loan-to-funding ratio (GFS) Loan-to-funding ratio (AFS) 123.4% 123.4% 122.7% 118.7% 116.6% 101.3% 99.9% 100.7% 97.9% 100.2% 96.9% 97.5% 93.8% 95.1% 95.8% 91.8% 93.6% 89.0% 88.3% 89.0% 4Q24 1Q25 2Q25 3Q25 4Q25 4Q24
Slide 44: 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 83.2% 13.0% 3.8% Mortgages 30.0% 9.4%
Slide 45: 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 31 December 2025 31 December 2025 # Shareholder Name Ownership % UK *** 1 JSC Georgia Capital ** 16.9 2 Blackrock 5.8 USA 3 Dimensional Fund Advisors (DFA) 5.1 8% 4 Vanguard 4.2
Slide 46: Board of Directors – governance that facilitates sustainable value creation
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 47: Management team
Management team Management at Bank of Georgia Archil Gachechiladze Giorgi Shagidze* David Chkonia Etuna Iremadze Zurab Kokosadze David Davitashvili Levan Gomshiashvili Sam Goodacre CEO Deputy CEO (Subject Deputy CEO, Deputy CEO, Deputy CEO, Deputy CEO, Deputy CEO, Advisor to the CEO to regulatory CR
Slide 48: 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 49: ESG scores from independent rating agencies
ESG scores from independent rating agencies ISS MSCI* CCC B BB BBB A AA AAA LAGGARD AVERAGE LEADER Lion Finance Group PLC falls into the highest scoring range relative to global peers FTSE4GOOD Index Included in the global responsible investment index FTSE4GOOD since 2017 * MSCI score last report up
Slide 50: Income statement highlights (Group)
Income statement highlights (Group) Change Change Change GEL thousands 4Q25 4Q24 y-o-y 3Q25 q-o-q FY25 FY24 2 y-o-y INCOME STATEMENT HIGHLIGHTS Net interest income 795,895 663,656 19.9% 776,300 2.5% 2,971,741 2,360,847 25.9% Net fee and commission income 226,248 169,098 33.8% 140,552 61.0% 657,487 5
Slide 51: Balance sheet highlights (Group)
Balance sheet highlights (Group) Change Change GEL thousands Dec-25 Dec-24 Sep-25 y-o-y q-o-q BALANCE SHEET HIGHLIGHTS Liquid assets 18,318,956 16,484,035 11.1% 17,882,228 2.4% Cash and cash equivalents 4,395,270 3,753,183 17.1% 5,049,905 -13.0% Amounts due from credit institutions 3,729,033 3,278,4
Slide 52: 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 31 December 2025 GFS AFS 42,130 42,130 6.5% Cash & cash equivalents Client deposits & 5.1% notes 16,552 16,552 Amounts due from credit institutions Cash & cash 4.7% equivalents 19.5% Inves
Slide 53: Evolution of capital ratios during 4Q25
Evolution of capital ratios during 4Q25 Potential Minimum Buffer above 30 Sep 4Q25 Business Currency Dividend 31 Dec impact Tier 1 – Tier 2 requirement min 2025 profit growth impact payment 2025 of a 10% GEL (31 Dec 2025) requirement devaluation CET1 capital adequacy ratio 17.4% 1.4% -0.7% 0.0% -0.6
Slide 54: Key ratios (Group)
Key ratios (Group) KEY RATIOS 4Q25 4Q24 3Q25 FY25 FY24 ROAA (adjusted for one-off items) 1, 6 4.2% 4.0% 3.9% 4.0% 4.3% ROAE (adjusted for one-off items) 1, 6 30.1% 29.6% 27.8% 28.4% 30.0% Net interest margin 6 6.1% 6.0% 6.2% 6.1% 6.3% Loan yield 6,7 12.4% 12.2% 12.4% 12.3% 12.4% Liquid assets yield
Slide 55: Endnotes
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 offic
Slide 56: 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 57: 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 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