Lion Finance Group Plc · LSE:BGEO
Lion Finance — Q3 2025 Earnings Presentation
41 slides from Lion Finance's earnings presentation, Nov 24, 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 Wrap-up 3
Slide 4: 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 5: Macroeconomic Highlights
Macroeconomic Highlights
Slide 6: 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 7: 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 8: 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 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-2014 = 100; appreciation shown as inc
Slide 10: 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 11: 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 12: Public sector in Georgia actively deleveraging while Armenia balancing spending
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 13: 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 14: 3Q25 and 9M25 Group Results
3Q25 and 9M25 Group Results
Slide 15: Group operating income driven by strong net interest income generation
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 16: 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 17: 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 18: 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 19: 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 20: 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 21: 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 22: Georgian Financial Services (GFS)
Georgian Financial Services (GFS) 22
Slide 23: 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 23
Slide 24: 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 25: 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 26: 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 27: 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 28: 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 29: 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 30: 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 31: 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 31
Slide 32: Armenian Financial Services (AFS)
Armenian Financial Services (AFS) 32
Slide 33: 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 33
Slide 34: 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 35: 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 36: 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 37: 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 38: Wrap-up
Wrap-up
Slide 39: 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 40: 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 41: 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