Lion Capital S.a. · BVB:LION
Lion Capital — Q1 2026 Earnings Presentation
30 slides from Lion Capital's earnings presentation, 2026
Slide 1: Presentation of Financial Results 1Q 2026
— PRESENTATION OF FINANCIAL RESULTS 1Q 2026 — This presentation made available on Lion Capital’s website is addressed only the shareholders for information purposes only, and should not be reproduced, copied or re-transmitted, and nothing in it should be construed as an offer, invitation or recommen
Slide 2: Presentation of Financial Results 1Q 2026
PRESENTATION OF FINANCIAL RESULTS 1Q 2026 This keynote presents the Lion Capital’s consolidated financial results as of March 31, 2026, prepared in accordance with the International Financial Reporting Standards adopted by the European Union, and ASF Norm no. 39/2015 for the approval of the Accounti
Slide 3: Entities in the Scope of Consolidation
PRESENTATION OF FINANCIAL RESULTS 1Q 2026 Entities in the Scope of Consolidation Subsidiaries Subsidiaries are entities controlled by the Company. The control exists when the Company is exposed or has rights to the variable return based on its participation in the investee entity and could influence
Slide 4: Entities in the Scope of Consolidation
PRESENTATION OF FINANCIAL RESULTS 1Q 2026 Entities in the Scope of Consolidation The list of investments in subsidiaries as of March 31, 2026, and December 31, 2025 Stake held (%) No. Company Name March 31, 2026 December 31, 2025 1 (SIF Imobiliare PLC Nicosia) 99.9997 99.9997 2 (SIF SPV TWO Buchares
Slide 5: Associated Entities
PRESENTATION OF FINANCIAL RESULTS 1Q 2026 Associated Entities Associated entities are those companies in which the Company can exercise significant influence, but not the control on the financial and operating policies. Lion Capital measures associated entities at fair value through profit and loss.
Slide 6: Details on Consolidated Entities: SAI Muntenia Invest
PRESENTATION OF FINANCIAL RESULTS 1Q 2026 Details on Consolidated Entities SAI Muntenia Invest SA Bucharest 99.98% RON132.31m 2.04% Stake held by Lion Capital Value of holding Weight on total assets under as of March 31, 2026 Lion Capital’s management SAI Muntenia Invest SA was established in 1997 w
Slide 7: Details on Consolidated Entities: Administrare Imobiliare
PRESENTATION OF FINANCIAL RESULTS 1Q 2026 Details on Consolidated Entities Administrare Imobiliare SA Bucharest 97.40% RON 59.71m 0.921% Stake held by Lion Capital Value of holding Weight on total assets under as of March 31, 2026 Lion Capital’s management Administrare Imobiliare SA (AISA) was estab
Slide 8: General Information on Lion Capital
PRESENTATION OF FINANCIAL RESULTS 1Q 2026 General Information on Lion Capital CORPORATE NAME Lion Capital S.A. COMPANY TYPE ▪ joint stock company, Romanian legal entity ▪ established as a self-managed investment company, authorized by the Financial Supervisory Authority as Alternative Investment Fun
Slide 9: General Information on Lion Capital
PRESENTATION OF FINANCIAL RESULTS 1Q 2026 General Information on Lion Capital REGISTRATIONS ▪ Number in Trade Register J1992001898023 ▪ Tax Identification Code RO 2761040 ▪ Number in ASF AFIAA Register PJR07.1AFIAA / 020007 / 09.03.2018 ▪ Number in ASF FIAIR Register PJR09FIAIR / 020004 / 01.07.2021
Slide 10: General Information on Lion Capital
PRESENTATION OF FINANCIAL RESULTS 1Q 2026 General Information on Lion Capital SHARE CAPITAL PART OF BVB (BSE) INDICES RON 50,751,005.60 BET-FI • BET-XT • BET-XT-TR • BET-BK • BET-XT-TRN TOTAL ISSUED SHARES ISIN CODE 507,510,056 ROSIFAACNOR2 OUTSTANDING SHARES BLOOMBERG FIGI 497,798,751 BBG000BMN388
Slide 11: Lion Capital Shareholding Structure
PRESENTATION OF FINANCIAL RESULTS 1Q 2026 Lion Capital Shareholding Structure as per holdings, as of March 31, 2026 ■ 39.61% ■ 2.22% ■ 1.91% Romanian individuals non-resident legal entities Lion Capital (5,729,596 shareholders) (2,178 shareholders) (treasury shares) 5,731,889 shareholders ■ 47.33% ■
Slide 12: Global Economic Backdrop
PRESENTATION OF FINANCIAL RESULTS 1Q 2026 Global Economic Backdrop •Global growth outlook has deteriorated rapidly: the IMF has revised its 2026 forecast downward to 3.1%, with downside risks under a severe scenario pointing toward ~2.0%, amid escalating geopolitical tensions •Energy shock with syst
Slide 13: European Economic Backdrop
PRESENTATION OF FINANCIAL RESULTS 1Q 2026 European Economic Backdrop •Fragile recovery overshadowed by external shocks: early signs of cyclical improvement in 2026 were quickly offset by Middle East tensions, reintroducing supply risks and energy price pressures •Growth slowdown amid inflationary pr
Slide 14: Domestic Economic Backdrop
PRESENTATION OF FINANCIAL RESULTS 1Q 2026 Domestic Economic Backdrop • Marked economic slowdown: GDP growth at 0.6% in 2025, with the 2026 outlook downgraded to ~0.7%, amid a technical recession and a broad-based weakening across key sectors • GDP: -0,2% in 1Q 2026 vs. 4Q 2025; -1,5% vs. 1Q 2025 • P
Slide 15: Romanian Capital Market
PRESENTATION OF FINANCIAL RESULTS 1Q 2026 Romanian Capital Market • Strong start, followed by volatility: BET surged +11.3% in January (best month in 14 years), reached an all-time high in February, then turned volatile amid geopolitical and domestic political tensions • Resilient but sensitive mark
Slide 16: Milestones of Lion Capital Activity in 2026
PRESENTATION OF FINANCIAL RESULTS 1Q 2026 Milestones of Lion Capital Activity in 2026 • 2026: portfolio management guided by prudence and flexibility • key objective: strengthening portfolio financial resilience • calibration towards assets with appreciation potential in an inflationary environment
Slide 17: Financial Performance and Financial Position
PRESENTATION OF FINANCIAL RESULTS 1Q 2026 FINANCIAL PERFORMANCE [RONm] 31.03.2025 31.12.2025 31.03.2026 Income 21.45 356.36 30.11 Gain / (Loss) on investment (41.27) 270.20 154.71 Expenses (9.34) (100.46) (12.47) Gross profit / (Loss) (29.17) 526.10 172.35 Net profit / (Loss) (30.28) 488.07 167.49 F
Slide 18: Stock and Net Asset Performance
PRESENTATION OF FINANCIAL RESULTS 1Q 2026 STOCK AND NET ASSET PERFORMANCE 31.03.2025 31.12.2025 31.03.2026 Share Price (end of period, RON) 2.5900 4.0000 4,4400 NAV* / Share (RON) 9.0906 11.2813 12.2385 Nominal Value of Share (RON) 0.1 0.1 0.1 Shares Issued 507,510,056 507,510,056 507,510,056 Outsta
Slide 19: Net Asset Value March 2025 – March 2026
PRESENTATION OF FINANCIAL RESULTS 1Q 2026 NET ASSET VALUE MARCH 2025 – MARCH 2026 6,225 6,200 6,014 6,092 5,800 5,713 5,399 5,400 5,173 5,220 5,057 5,119 RON milion (RONm) 5,000 4,933 4,600 4,599 4,719 4,600 4,200 3,800 3,400 3,000 Mar. '25 Apr. Mat Jun. Jul. Aug. Sept. Oct. Nov Dec. Jan. Feb. Mar.'
Slide 20: Assets Under Management
PRESENTATION OF FINANCIAL RESULTS 1Q 2026 ASSETS UNDER MANAGEMENT breakdown on classes (weight on total assets) ■ listed shares ■ bank deposits + cash available worth RON 4,588.44m worth RON 445.92m 0.4% 0.3% (31.12.2025: RON 4,164.40m) (31.12.2025: RON 711.32m) 71% ■ unlisted shares ■ membership un
Slide 21: Stock Portfolio Breakdown by Sector
PRESENTATION OF FINANCIAL RESULTS 1Q 2026 STOCK PORTFOLIO breakdown by sector ■ banking - financial ■ cardboard and paper 2% 5% stakes in 10 companies, worth RON 3,119.13m stakes in 1 company, worth RON 143.30m 2% 5% 2% (31.12.2025: 10 companies, worth RON 2.814,19m) (31.12.2025: 1 company, worth RO
Slide 22: Stock Portfolio by Stake Held and Liquidity
PRESENTATION OF FINANCIAL RESULTS 1Q 2026 STOCK PORTFOLIO STOCK PORTFOLIO breakdown by stake held breakdown on liquidity ■ up to 5% 16% 15% 85% 28% 12% stakes in 9 companies 51% worth RON 632.32 m(31.12.2025: RON 807.14m) 15% 85% ■ listed companies ■ 5-33% 30% 46% stakes in 9 companies RON 4,588.44m
Slide 23: Top 10 Companies in Lion Capital Portfolio
PRESENTATION OF FINANCIAL RESULTS 1Q 2026 TOP 10 COMPANIES IN LION CAPITAL PORTFOLIO as of March 31, 2026 Value of stake % of Company (symbol) Activity Stake held (RONm)* NAV 1. Banca Transilvania (TLV) financial – banking 5.24% 2,047.10 33.60% 2. SIF Imobiliare Plc (SIFI) real estate 99.99% 488.86
Slide 24: LION Price and Volume in 2026
PRESENTATION OF FINANCIAL RESULTS 1Q 2026 LION PRICE AND VOLUME IN 2026 volume LION 1,669,792 5.5000 RON 5.3600 1,600,000 RON 4.7600 5.0000 RON 4.5200 RON 4.4800 1,400,000 RON 4.0500 4.5000 1,200,000 RON 4.6800 price LION (RON) 1,000,000 4.0000 RON 4.4400 volume 800,000 3.5000 600,000 3.0000 400,000
Slide 25: LION vs. BET-FI Index in 2026
PRESENTATION OF FINANCIAL RESULTS 1Q 2026 LION vs. BET-FI INDEX IN 2026 BET-FI (points) LION (RON) RON 5.3600 5.5500 112,000 RON 4.7900 RON 4.7600 RON 4.7600 5.0500 102,170.79 RON 4.4400 110,745.95 102,000 4.5500 106,458.14 RON 4.0500 92,000 103,307.89 97,580.95 4.0500 91,369.20 82,000 3.5500 +6.8%
Slide 26: Consolidated Statement of Profit or Loss and Other Comprehensive Income
PRESENTATION OF FINANCIAL RESULTS 1Q 2026 Consolidated statement of profit or loss and other comprehensive income (extract from consolidated financial statements) [all amounts in RON] 31.03.2026 31.03.2025 REVENUES Dividend income - - Interest income (amortised cost assets, FVOCI assets) 15,640,417
Slide 27: Consolidated Statement of Profit and Loss and Other Comprehensive Income
PRESENTATION OF FINANCIAL RESULTS 1Q 2026 Consolidated statement of profit and loss and other comprehensive income (extract from consolidated financial statements) [all amounts in RON] 31.03.2026 31.03.2025 PROFIT / (LOSS) BEFORE TAX 172,347,010 (29,166,604) Income tax (4,860,786) (1,116,775) NET PR
Slide 28: Consolidated Statement of Financial Position
PRESENTATION OF FINANCIAL RESULTS 1Q 2026 Consolidated statement of financial position (extract from consolidated financial statements) [all amounts in RON] 31.03.2026 31.12.2025 Cash and cash equivalents 863,405,594 722,033,009 Bank deposits 25,169,545 31,870,355 Financial assets at amortised cost
Slide 29: Financial Calendar 2026
FINANCIAL CALENDAR 2026 February 16, 2026 Presentation of the preliminary annual financial results as of December31, 2025 April 29, 2026 OGM for the approval of the separate and consolidated financial statements for 2025 FY April 29, 2026 Publication of the Annual Report and of the separate and cons
Slide 30: Contact
Contact REGISTERED OFFICE BUCHAREST 46-48 S. V. Rahmaninov Str., 3rd floor, S2, Bucharest, 020199, Romania TEL +4021 311 1647 FAX +4021 314 4487 EMAIL office@lion-capital.ro SECONDARY OFFICE ARAD 35A Calea Victoriei Arad, 310158, Romania TEL +40257 304 438 FAX +40257 250 165 WWW.LION-CAPITAL.RO