Investor Presentation – Financial Results 1Q 2026

‌- PRESENTATION OF FINANCIAL RESULTS 1Q 202C -

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 recommendation to purchase Company's securities. The information in this

presentation has not been independently reviewed.

Please consult Lion Capital's Simplified Prospectus and Key Investor Information Document (KID) before making any final investment decisions

‌PRESENTATION OF FINANCIAL RESULTS 1Q 202C

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 Accounting Regulations compliant with the International Financial Reporting Standards, applicable to entities authorized, regulated, and supervised by ASF from the Financial Instruments and Investments Sector.

Lion Capital's consolidated financial statements prepared for 1Q 2026, include the Company and its subsidiaries (hereinafter referred to as "Group").

For 1Q 2026, the Group comprises Lion Capital (parent company), SAI Muntenia Invest S.A.

and Administrare Imobiliare S.A.

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‌PRESENTATION OF FINANCIAL RESULTS 1Q 202C

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 those revenues through its authority over the entity in which it invested. When assessing control, potential voting rights that are exercisable or convertible at that time are considered.

The financial statements of subsidiaries are included in the consolidated financial statements from the moment of exercising the control begins and until its termination. Accounting policies of subsidiaries have been changed to align them with those of the Group.

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‌PRESENTATION OF FINANCIAL RESULTS 1Q 202C

The list of investments in subsidiaries as of March 31, 2026, and December 31, 2025

The subsidiaries listed in parentheses in the table are reflected at fair value through profit or loss in the consolidated financial statements.

* SIFI CJ Logistic is a subsidiary because of the direct and indirect control through SIF Imobiliare Plc Nicosia

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‌PRESENTATION OF FINANCIAL RESULTS 1Q 202C

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.

Lion Capital exerts significant influence as of March 31, 2026, over Biofarm S.A., having representatives on the Board of Directors of Biofarm, taking part in the policy development of that company.

Companies over which it does not exert significant influence

Since the criteria in paragraph 6 of IAS 28 ("Criteria for Significant Influence") are not met, it can be concluded that Lion Capital does not hold significant influence over the associated entities in the table above.

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‌PRESENTATION OF FINANCIAL RESULTS 1Q 202C

SAI Muntenia Invest SA Bucharest

GG.G8%

Stake held by Lion Capital as of March 31, 2026

RON132.31m

Value of holding

2.04%

Weight on total assets under

Lion Capital's management

SAI Muntenia Invest SA was established in 1997 was acquired by Lion Capital in 2013 and operates as an independent investment management company without any subsidiaries, branches, or offices.

The Company's principal activity (NACE Code 6499 - Other financial intermediation not elsewhere classified) comprises the management of collective investment schemes in securities (UCITS) established in Ro-mania or another EU Member State, as well as the management of alternative investment funds (AIFs), in accordance with applicable legislation. SAI Muntenia Invest is authorized by the Financial Supervisory Authority (ASF) to operate as an Investment Management Company, and its activities are regulated and supervised by the ASF.

In 2026, the current activity carried out by SAI Muntenia Invest consisted in the management of Longshield Investment Group S.A. (formerly SIF Muntenia), the open-ended investment fund PLUS Invest, and the alternative investment fund Muntenia Trust.

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‌PRESENTATION OF FINANCIAL RESULTS 1Q 202C

Administrare Imobiliare SA Bucharest

G7.40%

Stake held by Lion Capital as of March 31, 2026

RON 5G.71m

Value of holding

0.G21%

Weight on total assets under

Lion Capital's management

Administrare Imobiliare SA (AISA) was established in 2007, then under the name"Dacia Meridian Expres". The company took over assets transferred by Lion Capital following the latter's withdrawal of capital contributions from several commercial entities based in Arad and Bihor counties, namely: Aris SA Arad (2007), Argus SA Salonta (2010), and Amet SA Arad (2012).

In 2013, the company adopted its current name, Administrare Imobiliare SA, and relocated its registered office to Bucharest. That same year, AISA was incorporated into the structure of the holding company SIF Imobiliare Plc, which became the majority shareholder, holding 98.9% of the company's share capital.

The main activity of AISA is the business and management consulting activity, providing investment management services to all the companies within SIFI group: investment management, investment opportunities consultancy, management, and administrative consultancy services.

As per its Articles of Incorporation, besides its main activity, AISA could provide other secondary activities, such as: 4110 real estate development (promotion), 6810 purchase and sale of own real estate properties, 6820 - Renting and sub-renting own or rented real estate properties.

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‌PRESENTATION OF FINANCIAL RESULTS 1Q 202C

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‌PRESENTATION OF FINANCIAL RESULTS 1Q 202C

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‌PRESENTATION OF FINANCIAL RESULTS 1Q 202C

SHARE CAPITAL

RON 50,751,005.60

TOTAL ISSUED SHARES

507,510,056

OUTSTANDING SHARES

4G7,7G8,751

NOMINAL VALUE/SHARE

RON 0.1000

TRADING MARKET

Bucharest Stock Exchange (BVB or BSE)

segment: Principal

category: Premium

symbol: LION (until May 15, 2023: SIF1)

PART OF BVB (BSE) INDICES

BET-FI • BET-XT • BET-XT-TR • BET-BK • BET-XT-TRN

ISIN CODE

ROSIFAACNOR2

BLOOMBERG FIGI

BBG000BMN388

CFI CODE

ESVUFR

MK. CAP.

RON 2,253.34m (March 31, 2026)

NET ASSET VALUE

RON 6,0G2.33m (March 31, 2026)

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‌PRESENTATION OF FINANCIAL RESULTS 1Q 202C

as per holdings, as of March 31, 2026

5,731,889

shareholders

• 3G.61%

  Romanian individuals (5,729,596 shareholders)

• 47.33%

  Romanian legal entities (101 shareholders)

• 2.22%

  non-resident legal entities (2,178 shareholders)

• 8.G3%

  non-resident legal entities (13 shareholders)

  • 1.G1%

Lion Capital (treasury shares)

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‌PRESENTATION OF FINANCIAL RESULTS 1Q 202C

• 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 systemic implications: the Middle East conflict and disruptions in the Strait of Hormuz have driven oil prices to elevated levels, amplifying inflationary pressures and supply chain risks

• Stagflation risks and monetary policy constraints: persistent inflation (~4.4%) and geopolitical uncertainty are delaying interest rate easing, placing additional strain on highly indebted economies

• Heightened financial market volatility and flight to safety: gold at record highs and pronounced equity market swings signal elevated systemic risk and uncertainty

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‌PRESENTATION OF FINANCIAL RESULTS 1Q 202C

• 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 pressures: the ECB signals weaker growth driven by subdued consumption and higher transport costs, feeding directly into near-term inflation

• Structural headwinds for European industry: intensifying global competition (notably from China), unpredictable trade policies and elevated energy costs are weighing on competitiveness

• Highly uncertain outlook, scenario-dependent: euro area GDP growth for 2026 is projected in a range of 0.4%-0.9%, with only a modest recovery expected in 2027

• Limited room for monetary easing: inflation above target (2.6%-4.4%) constrains ECB policy flexibility, with continued volatility expected across energy, FX and gold markets

  
  
  

  13

  ‌PRESENTATION OF FINANCIAL RESULTS 1Q 202C

  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

  • Persistently high inflation: ~9.3% at the start of 2026, well above target; near-term pressures from energy, with disinflation expected later in the year

  • Tight monetary stance: the NBR maintains the policy rate at 6.50%, with limited scope for easing

  • Deterioration in the real economy: rising insolvencies (+14%) and structurally high youth unemployment (>28%)

  • Fragile but investment-grade sovereign rating: negative outlook driven by fiscal risks, partially offset by EU institutional anchors

  • Elevated political risk: government instability remains the key domestic source of uncertainty

    
    
    

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    ‌PRESENTATION OF FINANCIAL RESULTS 1Q 202C

    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 market dynamics: despite sharp corrections (e.g. >RON 18bn wiped in early March), the overall trend remained positive, highlighting sensitivity to macro and geopolitical developments

    • Robust but selective liquidity; valuations under scrutiny: solid trading activity with high day-to-day variability; moderate multiples vs. developed markets, but compressed dividend yields and elevated price levels require careful stock selection

    • Active primary market and pipeline: IPO activity (Electro-Alfa) and upcoming listings (e.g. Christian Tour), alongside corporate bond issuance (UniCredit), signal continued market depth

    • Bond market reflects macro stress: 10-year sovereign yields (~7.3%) remain volatile, mirroring inflation pressures, geopolitical risks and fiscal sustainability concerns

      
      
      

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      ‌PRESENTATION OF FINANCIAL RESULTS 1Q 202C

      Milestones of Lion Capital Activity in 202G

  • 2026: portfolio management guided by prudence and flexibility

  • key objective: strengthening portfolio financial resilience

  • calibration towards assets with appreciation potential in an inflationary environment

  • portfolio restructuring by reducing non-strategic minority holdings

  • active management of majority stakes

  • focus on enhancing financial performance of portfolio companies

  • continued implementation of the investment strategy along clear, consistent lines

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‌PRESENTATION OF FINANCIAL RESULTS 1Q 202C

data sourced from the consolidated financial statements as of March 31, 2025, December 31, 2025, respectively March 31, 202c, for Lion Capital S.A.

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‌PRESENTATION OF FINANCIAL RESULTS 1Q 202C

* calculated as per ASF regulations

** calculated as the total number of shares issued minus the treasury shares as of that date

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‌PRESENTATION OF FINANCIAL RESULTS 1Q 202C

NET ASSET VALUE

6,014

6,225 6,0G2

5,713

5,3GG

4,600 4,5GG 4,71G

4,G33 5,057

5,11G 5,173 5,220

MARCH 2025 - MARCH 2026

6,200

5,800

RON milion (RONm)

5,400

5,000

4,600

4,200

3,800

3,400

3,000

Mar. '25 Apr. Mat Jun. Jul. Aug. Sept. Oct. Nov Dec. Jan. Feb. Mar.' 26

6,0G2.33 RONm net asset value (RON 12.2385/ share)

as of March 31, 2026

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‌PRESENTATION OF FINANCIAL RESULTS 1Q 202C

ASSETS UNDER MANAGEMENT

breakdown on classes (weight on total assets)

0.4% 0.3%

7%

2%

1%

C% 1%total assets under management

12%

71%

69%

3%1%

3%

RON 6,485m

12%12%

• listed shares

  worth RON 4,588.44m

  (31.12.2025: RON 4,164.40m)

• unlisted shares

  worth RON 754.32m

  (31.12.2025: RON 754.32m)

• unlisted fund units worth RON 1G3.31m (31.12.2025: RON 177.07m)

• govt. securities worth RON 3G4.3Gm (31.12.2025: 63.68m)

• corporate bonds

  worth RON 61.76m

  (31.12.2025: RON 84.73m)

  • bank deposits + cash available

    worth RON 445.G2m

    (31.12.2025: RON 711.32m)

  • membership units in LLCs worth RON 25.62m (31.12.2025: 0)

  • receivables and other assets worth RON 20.80m (31.12.2025: RON 96.56m)

    Note: values calculated as of

    March 31 , 202C, (the outer ring), and December 31, 2025, (the inner ring) as per ASF Regulations no. S/2014, no.

    10/2015 and no. 7/2020

    
    
    

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    ‌PRESENTATION OF FINANCIAL RESULTS 1Q 202C

    STOCK PORTFOLIO

    breakdown by sector

    2%2%5%

    7%

    8%

    3%

    2% 5%

    8%6%

    stock portfolio

    R

    18%19%

    ON 5,368m

    58%

    57%

    
    
    

• banking - financial

  stakes in 10 companies, worth RON 3,11G.13m

  (31.12.2025: 10 companies, worth RON 2.814,1Sm)

• commerce - real estate

  stakes in 5 companies, worth RON G50,1Gm

  (31.12.2025: 5 companies, worth RON S4S.S8m)

• pharmaceuticals

  stake in 1 company, worth RON 43G.G5m

  (31.12.2024: 1 company, worth RON 2S3.2Sm)

• energy - utilities

stakes in 3 companies, worth RON 373.38m

(31.12.2025: 3 companies, worth RON 384.81m)

• cardboard and paper

  stakes in 1 company, worth RON 143.30m

  (31.12.2025: 1 company, worth RON 147.2Sm

• hospitality (hotels and restaurants)

  stakes in 2 companies, worth RON G0.0Gm

  (31.12.2025: 2 companies, worth RON SS.48m)

• other industries and activities

  stakes in 10 companies, worth RON 252.33m

  (31.12.2025: 11 companies, worth RON 22S.cSm)

  Note: percentages in the chart represent the stake of the category in the stock portfolio; values calculated as of March 31, 202C, (the outer ring), and December 31, 2025, (the inner ring) as per ASF Regulations no. S/2014, no. 10/2015 and no. 7/2020

  
  
  

  21

  ‌PRESENTATION OF FINANCIAL RESULTS 1Q 202C

  STOCK PORTFOLIO

  breakdown by stake held

  28%

  30%

  16%

  12%

  51%

  46%

  32 companies

  RON 5,368m

  G%

  8%

  
  
  

  • up to 5%

    stakes in G companies

    worth RON 632.32 m(31.12.2025: RON 807.14m)

  • 5-33%

    stakes in G companies

    worth RON 2,73G.45m (31.12.2025: RON 2,273.89m)

  • 33-50%

    stakes in 2 companies

    worth RON 513.65m (31.12.2025: RON 376.38m)

  • over 50%

    majority stakes in 12 companies

    worth RON 1,482.G7m (31.12.2025: RON 1,461.32m)

    Note: percentages in the chart represent the stake of the category in the stock portfolio; values calculated as of March 31, 202C, (the outer ring), and December 31, 2025, (the inner ring) as per ASF Regulations no. S/2014, no. 10/2015 and no. 7/2020

    STOCK PORTFOLIO

    15%

    15%

    85%

    85%

    32 companies

    RON 5,368m

    
    
    

    breakdown on liquidity

    • listed companies

      RON 4,588.44m (31.12.2025: RON 4,1c4.40m) value of

      stakes in 1G companies (31.12.2024: 21)

    • unlisted companies

RON 77G.G4m (31.12.2025: RON 754.33m) value of stakes in 13 companies (31.12.2025: 12)

Note: percentages in the chart represent the stake of the category in the stock portfolio; values calculated as of March 31, 202C, (the outer ring), and December 31, 2025, (the inner ring) as per ASF Regulations no. S/2014, no. 10/2015 and no. 7/2020

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‌PRESENTATION OF FINANCIAL RESULTS 1Q 202C

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‌PRESENTATION OF FINANCIAL RESULTS 1Q 202C

LION PRICE AND VOLUME IN 2026

5.5000

5.0000

RON 4.7600

RON 5.3600

1,66G,7G2

RON 4.5200 RON 4.4800

1,600,000

1,400,000

RON 4.0500

4.5000

price LION (RON)

4.0000

3.5000

3.0000

RON 4.6800

1,200,000

volume

RON 4.44001,000,000

800,000

600,000

2.5000

41,335

2.0000

285,G46

G5,847

14,212

163,43G 111,830

26,218

G,42G

14,013

400,000

200,000

0

January February March

highlighted values were recorded at the closing of trading day

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‌PRESENTATION OF FINANCIAL RESULTS 1Q 202C

LION vs. BET-FI INDEX IN 2026

BET-FI (points)

RON 5.3600

LION (RON)

5.5500

112,000

RON 4.7600 RON 4.7G00

RON 4.7600

5.0500

102,000

RON 4.0500

110,745.95 102,170.79

106,458.14

RON 4.4400

4.5500

92,000

82,000

72,000

91,369.20

103,307.89

+6.8% +G.6%

BET-FI LION

97,580.95

4.0500

3.5500

3.0500

January February March

highlighted values were recorded at the closing of trading day

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‌PRESENTATION OF FINANCIAL RESULTS 1Q 202C

Consolidated statement of profit or loss and other comprehensive income

(extract from consolidated financial statements)

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‌PRESENTATION OF FINANCIAL RESULTS 1Q 202C

Consolidated statement of profit and loss and other comprehensive income

(extract from consolidated financial statements)

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‌PRESENTATION OF FINANCIAL RESULTS 1Q 202C

Consolidated statement of financial position

(extract from consolidated financial statements)

28

‌FINANCIAL CALENDAR 202C

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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

https://WWW.LION-CAPITAL.RO