3rd Quarter Results

Summary by AI ^BETAClose X

Lion Finance Group reported 3Q26 profit of GEL 661.9 million (+21.0% y-o-y) and 9M26 profit of GEL 1,865.7 million (+18.6% y-o-y) with return on average equity of 27.2%. The Board declared a 3Q dividend of GEL 3.25 per share (+22.6% y-o-y) and extended a GEL 62 million share buyback and cancellation programme. The Group’s loan book reached GEL 46,501.2 million (+24.6% y-o-y in constant currency) and client deposits totalled GEL 44,889.5 million (+21.1% y-o-y in cc); Group NIM was 6.5% (+20 bps) while 3Q cost of credit risk was 0.7% and NPLs 2.0%. Book value per share rose to GEL 233.36 (+26.5% y-o-y).

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•	GFS mainly comprises JSC Bank of Georgia and the investment bank JSC Galt and Taggart.
•	AFS includes Ameriabank CJSC.
•	Other Businesses includes JSC Belarusky Narodny Bank (BNB), which serves retail and SME clients in Belarus; JSC Digital Area, a digital ecosystem in Georgia including e-commerce, ticketing, and inventory management SaaS; Lion Finance Group PLC, the holding company; and other small entities and intragroup eliminations.

•	Consolidated 3Q26 profit of GEL 661.9 million (+21.0% y-o-y) and 9M26 profit of GEL 1,865.7m (+18.6% y-o-y), with return on average equity at 27.2% in both periods.
•	3Q26 dividend of GEL 3.25 per share, up 22.6% y-o-y, with a further GEL 62m share buyback and cancellation programme.

•	A growing active customer base and larger balance sheet supported a 25.4% y-o-y increase in operating income before cost of risk to GEL 880.6m in 3Q26, with profit up 21.0% y-o-y to GEL 661.9m and an ROAE of 27.2%.
•	Bank of Georgia's Retail Digital MAU grew 13.9% y-o-y to 1,987.2 thousand individuals, while Retail Digital DAU reached 1,076.8 thousand individuals, up 20.1% y-o-y, reflecting continued deepening of customer engagement across our Georgian franchise.
•	Ameriabank's Retail Digital MAU grew 36.8% y-o-y to 417.4 thousand individuals, while Retail Digital DAU grew 42.5% y-o-y to 181.7 thousand individuals, underscoring the accelerating momentum of our Armenian retail franchise.
•	The Group’s loan book reached GEL 46,501.2m as at 30 September 2026, up 24.6% y-o-y in constant currency (cc). The growth was fuelled by loan book expansion across both the Georgian (GFS) and Armenian (AFS) operations, which recorded year-on-year cc increases of 18.6% and 38.1%, respectively.
•	Client deposits and notes totalled GEL 44,889.5m as at 30 September 2026, reflecting a 21.1% y-o-y increase in cc. GFS deposits rose by 14.5% y-o-y, driven by continued strong growth across the board. AFS deposits grew by 39.5% y-o-y, with solid growth across both retail and corporate segments.
•	The Group maintained sound asset quality, with the cost of credit risk ratio at 0.7% in 3Q26 (0.5% in 3Q25 and 0.6% in 2Q26) and 0.5% in 9M26 (0.4% in 9M25). The NPL ratio stood at 2.0% in 3Q26 (2.1% in 3Q25 and 2Q26), with 1.9% at GFS and 1.9% at AFS.
	•	At GFS, the cost of credit risk ratio stood at 0.7% in 3Q26 (0.6% in 3Q25 and 0.5% in 2Q26), with the y-o-y change primarily driven by the normalisation of retail ECL charges, while underlying portfolio performance remained stable and resilient, as reflected in a continued improvement in the NPL ratio (see page 9). At AFS, the cost of credit risk ratio was 0.5% in 3Q26 (0.0% in 3Q25 and 0.6% in 2Q26), with the y-o-y change mainly driven by retail segment, where cost of risk exceeded its normalised level of 1.2-1.4% during the current phase of growth, which we expect will revert to its normalised level (see page 12).
•	Net operating income was up 19.6% y-o-y to GEL 1,294.6m in 3Q26 and up 18.1% y-o-y to GEL 3,661.0m in 9M26. The annual top-line growth was primarily driven by net interest income generated by both GFS and AFS, complemented by net fee and commission income generation across both operations.
•	Group NIM stood at 6.5% in 3Q26, up 20 bps both y-o-y and q-o-q. From July 2026, mandatory reserves are excluded from interest-earning assets across the Group. This follows the National Bank of Georgia's (NBG) decision to make foreign currency mandatory reserves non-interest-bearing. As this is consistent with the practice of the central banks in our other markets, we have applied the same treatment to AFS and the Other segment, alongside GFS. At GFS, this resulted in a 20-bps uplift in NIM to 6.6%; excluding this effect, the underlying NIM was flat q-o-q. At AFS, NIM rose 40 bps q-o-q to 6.4%, of which 30 bps reflects the same adjustment, with underlying NIM up 10 bps q-o-q.
•	The Group's operating expenses increased 9.0% y-o-y to GEL 414.9m in 3Q26 and 11.8% y-o-y to GEL 1,231.0m in 9M26, with positive operating leverage maintained across the Group and both core segments. In Georgia, the cost-to-income ratio remained well-controlled at 27.8% in 3Q26. In Armenia, operating leverage was positive and reached 13.5%, adjusting for the elevated prior-year cost base associated with a management retention programme.
•	Capital adequacy and liquidity positions for both Bank of Georgia and Ameriabank remained comfortably above the minimum regulatory requirements (for details, see pages 10 and 13).

•	c.15% annual growth of the Group’s loan book.
•	20%+ return on average equity.
•	30-50% payout ratio (dividends and share buyback and cancellation programme).

GEL thousands	9M26	9M26	9M26	9M26	9M25	9M25	9M25	9M25
INCOME STATEMENT HIGHLIGHTS	Group	GFS	AFS	Other	Group	GFS	AFS	Other
Interest income	4,677,685	3,274,843	1,285,687	117,155	3,923,202	2,867,000	973,723	82,479
Interest expense	(2,027,127)	(1,433,528)	(528,205)	(65,394)	(1,712,680)	(1,294,135)	(373,070)	(45,475)
Net interest income	2,650,558	1,841,315	757,482	51,761	2,210,522	1,572,865	600,653	37,004
Net fee and commission income	586,047	478,124	96,792	11,131	447,606	375,766	61,748	10,092
Net foreign currency gain	464,754	258,581	125,036	81,137	450,377	268,983	110,298	71,096
Regulatory-related expenses	(59,400)	(41,990)	(11,358)	(6,052)	(48,748)	(37,617)	(8,525)	(2,606)
Other expenses	(6,859)	-	(6,859)	-	(4,968)	-	(4,968)	-
Net other income	25,946	8,165	7,085	10,696	44,499	29,881	8,426	6,192
Net operating income	3,661,046	2,544,195	968,178	148,673	3,099,288	2,209,878	767,632	121,778
Salaries and other employee benefits	(777,177)	(433,454)	(290,266)	(53,457)	(697,388)	(376,318)	(276,103)	(44,967)
Administrative expenses	(260,099)	(181,366)	(44,266)	(34,467)	(234,116)	(160,313)	(47,120)	(26,683)
Depreciation, amortisation and impairment	(186,162)	(116,147)	(50,638)	(19,377)	(161,759)	(107,828)	(44,527)	(9,404)
Other operating expenses	(7,568)	(4,430)	(1,977)	(1,161)	(7,980)	(5,445)	(1,501)	(1,034)
Operating expenses	(1,231,006)	(735,397)	(387,147)	(108,462)	(1,101,243)	(649,904)	(369,251)	(82,088)
Profit from associates	1,937	1,937	-	-	1,205	1,205	-	-
Operating income before cost of risk	2,431,977	1,810,735	581,031	40,211	1,999,250	1,561,179	398,381	39,690
Cost of risk	(192,984)	(139,378)	(46,291)	(7,315)	(133,087)	(111,236)	(16,812)	(5,039)
Profit before income tax expense	2,238,993	1,671,357	534,740	32,896	1,866,163	1,449,943	381,569	34,651
Income tax expense	(373,294)	(252,078)	(100,893)	(20,323)	(292,656)	(201,198)	(78,793)	(12,665)
Profit	1,865,699	1,419,279	433,847	12,573	1,573,507	1,248,745	302,776	21,986

GEL thousands	3Q26	3Q25	Change y-o-y	2Q26	Change q-o-q	9M26		9M25	Change y-o-y
INCOME STATEMENT HIGHLIGHTS
Net interest income	941,741	788,682	19.4%	886,203	6.3%	2,650,558		2,210,522			19.9%
Net fee and commission income	203,534	145,473	39.9%	199,871	1.8%	586,047		447,606			30.9%
Net foreign currency gain	168,377	152,186	10.6%	166,253	1.3%	464,754		450,377			3.2%
Regulatory-related expenses	(21,810)	(17,148)	27.2%	(19,219)	13.5%	(59,400)		(48,748)			21.9%
Other expenses	(2,451)	(1,824)	34.4%	(2,334)	5.0%	(6,859)		(4,968)			38.1%
Net other income	5,174	15,137	-65.8%	10,794	-52.1%	25,946		44,499			-41.7%
Net operating income	1,294,565	1,082,506	19.6%	1,241,568	4.3%	3,661,046		3,099,288			18.1%
Operating expenses	(414,916)	(380,558)	9.0%	(426,654)	-2.8%	(1,231,006)		(1,101,243)			11.8%
Profit from associates	947	469	101.9%	604	56.8%	1,937		1,205			60.7%
Operating income before cost of risk	880,596	702,417	25.4%	815,518	8.0%	2,431,977		1,999,250			21.6%
Cost of risk	(89,684)	(55,378)	61.9%	(64,460)	39.1%	(192,984)		(133,087)			45.0%
Profit before income tax expense and one-off items	790,912	647,039	22.2%	751,058	5.3%	2,238,993		1,866,163			20.0%
Income tax expense	(129,006)	(99,843)	29.2%	(132,253)	-2.5%	(373,294)		(292,656)			27.6%
Profit	661,906	547,196	21.0%	618,805	7.0%	1,865,699		1,573,507			18.6%

Basic earnings per share	15.57	12.75	22.1%	14.52	7.2%	43.81	36.45			20.2%
Diluted earnings per share	15.42	12.58	22.6%	14.39	7.2%	43.38	35.99			20.5%

BALANCE SHEET HIGHLIGHTS	Sep-26	Sep-25	Change y-o-y	Jun-26	Change q-o-q

Liquid assets	18,478,023	17,882,228	3.3%	18,881,978	-2.1%
Cash and cash equivalents	4,040,956	5,049,905	-20.0%	5,046,754	-19.9%
Amounts due from credit institutions	3,969,210	3,125,753	27.0%	3,777,016	5.1%
Investment securities	10,467,857	9,706,570	7.8%	10,058,208	4.1%
Loans to customers, finance lease and factoring receivables	46,501,177	37,927,219	22.6%	44,429,043	4.7%
Property and equipment	621,341	603,448	3.0%	622,402	-0.2%
All remaining assets	1,901,935	1,718,290	10.7%	1,887,116	0.8%
Total assets	67,502,476	58,131,185	16.1%	65,820,539	2.6%
Client deposits and notes	44,889,476	37,657,572	19.2%	43,664,753	2.8%
Amounts owed to credit institutions	7,402,885	8,637,788	-14.3%	7,372,045	0.4%
Borrowings from DFIs	3,896,635	2,795,403	39.4%	3,806,066	2.4%
Short-term loans from the National Bank of Georgia	-	2,146,297	NMF	51,302	NMF
Short-term loans from the Central Bank of Armenia	113,706	143,168	-20.6%	117,552	-3.3%
Loans and deposits from commercial banks	3,392,544	3,552,920	-4.5%	3,397,125	-0.1%
Debt securities issued	4,169,281	2,539,696	64.2%	4,176,271	-0.2%
All remaining liabilities	1,128,247	1,398,612	-19.3%	1,215,542	-7.2%
Total liabilities	57,589,889	50,233,668	14.6%	56,428,611	2.1%
Total equity	9,912,587	7,897,517	25.5%	9,391,928	5.5%
Book value per share	233.36	184.46	26.5%	220.69	5.7%

KEY RATIOS	3Q26	3Q25	2Q26	9M26	9M25

ROAA	3.9%	3.9%	3.9%	3.9%	3.9%
ROAE	27.2%	27.8%	27.1%	27.2%	27.9%
Net interest margin	6.5%	6.3%	6.3%	6.4%	6.1%
Loan yield[1]	12.2%	12.4%	12.3%	12.3%	12.3%
Liquid assets yield	5.1%	5.2%	5.1%	5.1%	5.0%
Cost of funds	5.0%	5.0%	5.1%	5.1%	5.0%
Cost of client deposits and notes	4.4%	4.3%	4.4%	4.5%	4.2%
Cost of amounts owed to credit institutions	6.6%	7.1%	6.9%	6.7%	7.4%
Cost of debt securities issued	7.9%	7.3%	8.2%	8.1%	7.4%
Cost:income ratio	32.1%	35.2%	34.4%	33.6%	35.5%
NPLs to gross loans	2.0%	2.1%	2.1%	2.0%	2.1%
NPL coverage ratio	61.8%	64.4%	58.4%	61.8%	64.4%
NPL coverage ratio adjusted for the discounted value of collateral	119.4%	117.7%	119.2%	119.4%	117.7%
Cost of credit risk ratio	0.7%	0.5%	0.6%	0.5%	0.4%

GEL thousands NON-PERFORMING LOANS	Sep-26	Sep-25	Change y-o-y	Jun-26	Change q-o-q
Group (consolidated)
NPLs to gross loans	2.0%	2.1%		2.1%
NPL coverage ratio	61.8%	64.4%		58.4%
NPL coverage ratio adjusted for the discounted value of collateral	119.4%	117.7%		119.2%
Georgian Financial Services (GFS)
NPLs to gross loans	1.9%	2.3%		2.1%
NPL coverage ratio	57.6%	59.7%		53.9%
NPL coverage ratio adjusted for the discounted value of collateral	118.6%	112.2%		117.2%
Armenian Financial Services (AFS)
NPLs to gross loans	1.9%	1.4%		2.0%
NPL coverage ratio	67.0%	81.4%		64.7%
NPL coverage ratio adjusted for the discounted value of collateral	121.3%	141.0%		123.9%

•	In August 2025, the Board took the decision to move to a quarterly distribution schedule, with the Group’s total capital distribution policy unchanged at a target payout range of 30-50% of annual Group profits. Considering the strong performance of the Group during the third quarter of 2026 and solid capital levels, today the Board declared an interim dividend of GEL 3.25 per ordinary share in respect of the third quarter of 2026, payable according to the following timetable:
	•	Ex-Dividend Date: 3 December 2026
	•	Record Date: 4 December 2026
	•	Currency Conversion Date: 4 December 2026
	•	Payment Date: 18 December 2026
•	The NBG’s Lari/Pound Sterling average exchange rate for the period of 30 November to 4 December will be used as the exchange rate on the Currency Conversion Date and will be announced in due course.
•	In addition, today the Board has approved an extension to the share buyback and cancellation programme of GEL 62 million.
•	The previous GEL 59.0 million share buyback and cancellation programme, announced on 11 August 2026, is nearing completion. Total voting rights of shares in circulation was 42,964,407 as at 2 November 2026.

•	GFS net operating income grew by 15.1% y-o-y in 3Q26 and 15.1% y-o-y in 9M26, driven in both periods by strong net interest income generation complemented by solid net fee and commission income. Q-o-q, net operating income was up 4.1%, with net interest income as the primary driver, supported by a positive contribution from net foreign currency gains and net fee and commission income.
•	Net interest income grew 15.2% y-o-y in 3Q26 and 17.1% y-o-y in 9M26, with NIM expanding 40 bps y-o-y in both periods to 6.6% and 6.4%, respectively, reflecting a methodology adjustment, whereby mandatory reserves are excluded from interest-earning assets in the NIM calculation; Adjusting for this, NIM was up 20 bps y-o-y in 3Q26, reflecting a higher share of loans in interest-earning assets mix. On a q-o-q basis, underlying NIM was flat, as a 10-bps reduction in loan yield to 12.7% was offset by a 10-bps decline in the cost of funds to 5.2%.
•	Net fee and commission income grew 31.9% y-o-y in 3Q26 and 27.2% y-o-y in 9M26, partly reflecting arrangements with international payment systems, including rate changes and sign-on benefits. Excluding these effects, net fee and commission income grew 17.4% y-o-y in 3Q26, driven mainly by settlement operations alongside continued growth in acquiring volumes. Renegotiated terms with international payment systems also had a significant positive impact on 4Q25, creating a high base for the y-o-y comparison in 4Q26; however, on a normalised basis, we expect underlying y-o-y growth in net fee and commission income in 4Q26 to be broadly in line with that of the current quarter.
•	Net foreign currency gains were broadly flat y-o-y in 3Q26 and declined 3.9% y-o-y in 9M26, reflecting a more stable currency environment and increased market competition.
•	Operating expenses increased 9.3% y-o-y in 3Q26 and 13.2% y-o-y in 9M26, driven by higher staff costs, mainly reflecting salary increases. On a q-o-q basis, operating expenses decreased by 3.4%, against an elevated 2Q26 base that included heightened marketing and Investor Relations activities, an accelerated recognition of previously granted unvested share-based awards following the voluntary departure of an executive, and the seasonal phasing of certain expenses. On an underlying basis, operating expenses were flat q-o-q.
•	Portfolio quality remained sound. The cost of credit risk ratio was 0.7% in 3Q26 and 0.6% in 9M26, compared with 0.6% and 0.5% in the respective prior year periods, and 0.5% in 2Q26. The y-o-y increase was mainly driven by normalisation of ECL in Retail with underlying portfolio performance remaining stable and robust, partially offset by strong performance in CIB. On a q-o-q basis, the increase was due to low base in 2Q26 driven by strong recoveries in CIB and methodological changes positively impacting ECL in SME.
•	NPL ratio decreased to 1.9% as at 30 September 2026, from 2.3% a year earlier and 2.1% in the prior quarter, reflecting continued improvement in underlying asset quality.

	Portfolio highlights: loans to customers, finance lease and factoring receivables
			Sep-26		Sep-25		Change y-o-y	Change y-o-y (constant currency)		Jun-26		Change q-o-q		Change q-o-q (constant currency)
Total GFS			30,379,974		26,150,474		16.2%	18.6%		29,164,019		4.2%		4.9%
Retail			14,009,515		11,571,767		21.1%	22.0%		13,241,289		5.8%		6.1%
Mortgages			5,766,239		4,915,696		17.3%	18.9%		5,486,515		5.1%		5.6%
Consumer loans			7,222,197		5,856,880		23.3%	23.7%		6,772,241		6.6%		6.8%
Other loans			1,021,079		799,191		27.8%	28.3%		982,533		3.9%		3.9%
SME			5,803,569		5,317,970		9.1%	11.4%		5,661,126		2.5%		3.2%
CIB			10,566,890		9,260,737		14.1%	18.4%		10,261,604		3.0%		4.3%
				Portfolio highlights: customer deposits and notes
	Sep-26					Sep-25	Change y-o-y		Change y-o-y (constant currency)		Jun-26	Change q-o-q		Change q-o-q (constant currency)
Total GFS		30,865,455				27,487,750	12.3%		14.5%		30,553,106	1.0%		1.7%
Retail		17,832,366				15,589,366	14.4%		17.4%		17,225,211	3.5%		4.5%
SME		2,684,434				2,344,438	14.5%		16.3%		2,530,747	6.1%		6.7%
CIB		8,632,026				7,613,923	13.4%		14.8%		7,809,469	10.5%		11.0%
Corporate Center		1,821,903				2,021,083	-9.9%				3,082,547	-40.9%
Eliminations		(105,274)				(81,060)	29.9%				(94,868)	11.0%
	Loan portfolio quality: cost of credit risk ratio
	3Q26					3Q25			2Q26				9M26		9M25
Total GFS	0.7%					0.6%			0.5%				0.6%		0.5%
Retail	1.2%					0.8%			1.3%				1.1%		0.6%
SME	0.7%					0.3%			0.1%				0.5%		0.6%
CIB	0.2%					0.7%			-0.2%				-0.1%		0.4%
	Loan portfolio quality: NPL ratio
	Sep-26					Sep-25			Jun-26
Total GFS	1.9%					2.3%			2.1%
Retail	1.3%					1.5%			1.3%
SME	4.0%					4.0%			4.2%
CIB	1.7%					2.3%			2.0%

•	Customer lending growth remained strong, driven primarily by Retail Banking, followed by Corporate and Investment Banking, with Small and Medium Enterprise also contributing.
	•	Within the Retail Banking segment, consumer lending showed strong growth, rising by 23.7% y-o-y and 6.8% q-o-q in cc. Mortgage lending grew by 18.9% y-o-y and 5.6% q-o-q in cc, now accounting for 41.2% of the retail loan book – below the share of consumer loans at 51.6%. Robust lending expansion has been underpinned by increasing active customer base, as well as strong household disposable income growth, which has averaged 10% over the past two years.
•	Client deposits and notes grew 14.5% y-o-y in cc, driven primarily by Retail Banking, with a strong contribution from Corporate and Investment Banking, followed by Small and Medium Enterprise. As at 30 September 2026, current and demand deposits accounted for 53.2%, and time deposits accounted for 46.8% of the total deposit portfolio, respectively. Notably, the share of GEL deposits in total deposits increased y-o-y from 52.9% to 57.4% (58.1% as at 30 June 2026).

	30 Jun 2026	3Q26 profit	Business growth	Currency impact	Dividend payment	Tier 1- Tier 2	30 Sep 2026	Min requirement	Buffer above min requirement		Potential impact of a 10% GEL devaluation

CET 1 capital adequacy	18.2%	1.4%	-0.5%	0.1%	-1.1%	0.0%	18.1%	15.5%	2.6%	-0.7%
Tier 1 capital adequacy	21.0%	1.4%	-0.7%	0.1%	-1.1%	0.0%	20.7%	17.6%	3.1%	-0.6%
Total capital adequacy	22.7%	1.4%	-0.7%	0.1%	-1.1%	0.1%	22.5%	20.5%	2.0%	-0.5%

•	AFS net operating income grew by 31.1% y-o-y in 3Q26, and 26.1% y-o-y in 9M26, driven in both periods by strong net interest income generation complemented by positive contributions from net fee and commission income and net foreign currency gains.
•	NIM stood at 6.4% in 3Q26, up 40 bps q-o-q, partly reflecting the Group-wide exclusion of non-interest-bearing mandatory reserves from the calculation as described above. On a comparable basis, NIM increased 10 bps, supported by a 10-bps improvement in loan yield to 11.4% and a higher share of loans in interest-earning assets.
•	Net fee and commission income grew by 94.3% y-o-y in 3Q26 and 56.8% y-o-y in 9M26. The 3Q26 result included GEL 1.1m in advisory fees, with no equivalent income in 3Q25, and GEL 3.8m in currency conversion fees reclassified from net foreign currency gains to align with Group accounting policies. Excluding these effects, growth was 66.1% y-o-y in 3Q26, driven by increased transaction volumes and improved transaction pricing.
•	Net foreign currency gains grew by 20.9% y-o-y in 3Q26 and 13.4% y-o-y in 9M26, primarily driven by increased dealing turnover across both corporate and retail transactions.
•	Operating expenses increased by 6.4% y-o-y in 3Q26 and by 4.8% y-o-y in 9M26; Figures in the prior year included management retention bonus, which elevated expenses in the first three quarters of 2025. Adjusting for this effect, operating expenses were up 17.6% and 16.2% y-o-y in 3Q26 and 9M26, respectively, reflecting higher performance-related expenses in line with stronger business results. AFS maintained positive operating leverage on an adjusted basis.
•	Excluding the above-mentioned effect on prior year’s operating expenses, profit growth would have been 30.9% and 28.0% y-o-y in 3Q26 and 9M26, respectively.
•	The cost of credit risk stood at 0.5% in 3Q26, compared with 0.0% in 3Q25. The y-o-y increase was driven by the Retail segment, where cost of risk exceeded its normalised level of 1.2-1.4% during the current phase of growth, which we expect will revert to its normalised level.
•	NPL ratio stood at 1.9% as of 30 September 2026. The year-on-year increase was largely attributable to the Retail segment, which reflects a change in write-off policy introduced in 3Q25, whereby write-off timelines were refined by loan type based on actual recovery statistics, rather than a uniform 270-day threshold applied across all loans. On a q-o-q basis, NPL ratio showed 10-bps improvement across both segments respectively, reflecting sound underlying asset quality.

	Sep-26	Sep-25	Jun-26
IFRS-based NBG Liquidity Coverage Ratio (Bank of Georgia)	147.9%	126.2%	152.0%
IFRS-based NBG Net Stable Funding Ratio (Bank of Georgia)	132.0%	127.4%	132.9%

Bank of Georgia (standalone)	Sep-26	Sep-25	Change y-o-y	Jun-26	Change q-o-q

Payment MAU - retail (issuing) (thousands)	1,763.4	1,567.2	12.5%	1,710.4	3.1%
Market share in acquiring volumes[3]	56.8%	56.2%		56.7%
Active merchants (thousands)	29.9	25.8	15.9%	28.8	3.9%

	3Q26	3Q25	Change y-o-y	2Q26	Change q-o-q

Volume of payment transactions (acquiring)3(millions): Bank of Georgia (standalone)	7,459.4	6,060.4	23.1%	6,524	14.3%
POS	4,886.9	3,980.2	22.8%	4,173	17.1%
E-comm	2,572.5	2,080.1	23.7%	2,351	9.4%

FX rates	Sep-26	Sep-25	Jun-26

GEL/USD exchange rate (period-end)	2.61	2.71	2.65
GEL/GBP exchange rate (period-end)	3.45	3.64	3.50
GEL/1000AMD exchange rate (period-end)	7.17	7.06	7.18

•	Customer loans grew strongly by 38.1% y-o-y and 6.7% q-o-q in cc, with robust growth across both Corporate and Retail segments. Corporate loans grew 47.3% y-o-y and 6.7% q-o-q in cc, supported in part by strong demand associated with large-scale investment and infrastructure activity in Armenia. Within the Retail portfolio, consumer loans maintained the strongest growth trajectory, posting 31.6% y-o-y and 6.0% q-o-q growth in cc. Mortgage lending grew by 26.6% y-o-y and 7.6% q-o-q in cc, now representing 52.9% of the total retail loan book. Ameriabank strengthened its market leadership, with its lending share rising to 23.0% as at 30 September 2026 (#1 position), up 1.8pp y-o-y and 0.1pp q-o-q.
•	Client deposits and notes also grew strongly, rising by 39.5% y-o-y and 7.6% q-o-q in cc. The share of current account and demand deposits was up y-o-y to 58.1% of the total deposit base, while decreasing slightly on a quarterly basis (57.3% as at 30 September 2025 and 58.3% as at 30 June 2026). The bank's deposit market share (including local bonds) stood at 19.4% as at 30 September 2026 (#2 position) (flat y-o-y and -0.7pp q-o-q).
•	AFS maintained a diversified funding structure with customer deposits and local debt securities representing 77.9% of total liabilities, and the ratio of net loans, factoring and finance lease receivables to customer deposits and notes, local debt securities and DFI funding standing at 97.6% as at 30 September 2026.

•	As at 30 September 2026, Ameriabank’s CET 1, Tier 1, and Total capital ratios stood at 14.0%, 15.5%, and 18.3%, respectively, all above the minimum requirements of 12.0%, 14.1%, and 16.8%, respectively.
•	On 28 July 2026, the Board of the Central Bank of Armenia decided to raise the countercyclical capital buffer from 1.75% to 2.00% of risk-weighted assets, with the new rate effective 1 February, 2027. Subsequently, on 20 October 2026, the CBA Board approved a further increase to 2.25%, effective 1 May 2027.

	30 Jun 2026	3Q26 profit	Business growth	Currency impact	Dividend payment	Regulatory changes	Tier1-Tier2	Other	30 Sep 2026	Minimum requirement	Buffer above min requirement	Potential impact of a 10% AMD devaluation

CET 1 capital adequacy	14.0%	0.9%	-1.0%	0.1%	0.0%	0.0%	0.0%	0.0%	14.0%	12.0%	2.0%	-0.6%
Tier 1 capital adequacy	15.6%	0.9%	-1.1%	0.1%	0.0%	0.0%	0.0%	0.0%	15.5%	14.1%	1.4%	-0.5%
Total capital adequacy	18.6%	0.9%	-1.2%	0.0%	0.0%	0.0%	0.0%	0.0%	18.3%	16.8%	1.5%	-0.4%

•	Net operating income grew 30.6% y-o-y in 3Q26 and 22.1% y-o-y in 9M26, with net foreign currency gains — driven by continued strong FX activity at BNB — the primary contributor to 3Q26 growth, while net interest income was the key driver over the nine-month period.
•	Net interest income was up 19.2% y-o-y in 3Q26 and 39.9% y-o-y in 9M26, with NIM expanding 20 bps y-o-y to 5.5% over the nine-month period, partly reflecting the Group-wide exclusion of non-interest-bearing mandatory reserves from the calculation as described above. On a comparable basis, NIM increased 17bps, reflecting higher loan yields.
•	Net foreign currency gains grew 42.0% y-o-y in 3Q26 and 14.1% y-o-y in 9M26, primarily driven by continued expansion of FX activity at BNB, in line with the market.
•	Operating expenses grew 17.8% y-o-y in 3Q26, driven by higher staff costs at BNB, reflecting increased headcount and salary revisions, and higher administrative expenses, principally software maintenance and staff training. On a q-o-q basis, operating expenses declined 5.8%, adjusting for the GEL 5.8m goodwill impairment recognised in 2Q26 in respect of a Digital Area e-commerce delivery platform.
•	BNB’s capital ratios, calculated in accordance with the National Bank of the Republic of Belarus’ standards, were above the minimum requirements as at 30 September 2026: Tier 1 capital adequacy ratio at 9.2% (minimum requirement of 7.0%) and Total capital adequacy ratio at 13.9% (minimum requirement of 12.5%).

Branch-network	Sep-26	Sep-25	Change y-o-y	Jun-26	Change q-o-q

Bank of Georgia	208	185	12.4%	206	1.0%
Of which:
Full-scale branches	117	99	18.2%	115	1.7%
Transactional branches	91	86	5.8%	91	0.0%
Ameriabank	30	27	11.1%	30	0.0%

Shares outstanding	Sep-26	Sep-25	Change y-o-y	Jun-26	Change q-o-q

Ordinary shares outstanding (period-end)	42,468,450	42,807,308	-0.8%	42,547,127	-0.2%
Treasury shares outstanding (period-end)	584,046	919,155	-36.5%	568,307	2.8%
Total shares outstanding (period-end)	43,052,496	43,726,463	-1.5%	43,115,434	-0.1%

•	MAC (Monthly active customer - retail or business) Number of customers who satisfied pre-defined activity criteria within the past month.
•	Digital monthly active user (Digital MAU) Number of retail customers who logged into our mobile or internet banking channels at least once within a given month; when referring to business customers, Digital MAU means number of business customers who logged into our business mobile or internet banking channels at least once within a given month.
•	Digital daily active user (Digital DAU) Average daily number of retail customers who logged into our mobile or internet banking channels within a given month.
•	Payment MAU Number of retail customers who made at least one payment with a BOG card within the past month.
•	Net Promoter Score (NPS) NPS asks: on a scale of 0-10, how likely is it that you would recommend an entity to a friend or a colleague? The responses: 9 and 10 – are promoters; 7 and 8 – are neutral; 1 to 6 – are detractors. The final score equals the percentage of the promoters minus the percentage of the detractors.

•	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 also may not be directly comparable with other companies who use similar measures. We believe that these APMs provide the best representation of our financial performance as these measures are used by the management to evaluate the Group’s operating performance and make day-to-day operating decisions.
•	Basic earnings per share Profit for the period attributable to shareholders of the Group divided by the weighted average number of outstanding ordinary shares over the same period.
•	Book value per share Total equity attributable to shareholders of the Group divided by ordinary shares outstanding at period-end; Ordinary shares outstanding at period-end equals number of ordinary shares at period-end less number of treasury shares at period-end.
•	CBA Central Bank of Armenia.
•	CBA Common Equity Tier 1 (CET 1) capital adequacy ratio Common Equity Tier 1 capital divided by total risk weighted assets, both calculated in accordance with the requirements of the CBA. Calculations are made for Ameriabank standalone.
•	CBA Tier 1 capital adequacy ratio Tier 1 capital divided by total risk weighted assets, both calculated in accordance with the requirements of the CBA. Calculations are made for Ameriabank standalone.
•	CBA Total capital adequacy ratio Total regulatory capital divided by total risk weighted assets, both calculated in accordance with the requirements of the CBA. Calculations are made for Ameriabank standalone.
•	CBA Liquidity coverage ratio (LCR) High-quality liquid assets divided by net cash outflows over the next 30 days (as defined by the CBA). Calculations are made for Ameriabank standalone.
•	CBA Net stable funding ratio (NSFR) Available amount of stable funding divided by the required amount of stable funding (as defined by the CBA). Calculations are made for Ameriabank standalone.
•	Constant currency basis (CC) To eliminate the impact of foreign exchange fluctuations, constant currency growth for loans and deposits was calculated using the exchange rates as at 30 June 2026 for quarter-over-quarter growth and as at 30 September 2025 for year-over-year growth. These calculations were performed separately for the GFS and AFS segments.
•	Cost of credit risk ratio Expected loss on loans to customers, factoring and finance lease receivables for the period divided by monthly average gross loans to customers, finance lease and factoring over the same period (annualised where applicable).
•	Cost of deposits Interest expense on client deposits and notes for the period divided by monthly average client deposits and notes over the same period (annualised where applicable).
•	Cost of funds Interest expense for the period divided by monthly average interest-bearing liabilities over the same period (annualised where applicable).
•	Cost:income ratio Operating expenses divided by net operating income.
•	FC Foreign currency.
•	Full-scale branch A banking branch that provides all banking services.
•	Interest-bearing liabilities Amounts owed to credit institutions, client deposits and notes, and debt securities issued.
•	Interest-earning assets (excluding cash) Amounts due from credit institutions, investment securities (but excluding corporate shares) and loans to customers, factoring and finance lease receivables.
•	NBG Liquidity coverage ratio (LCR) High-quality liquid assets divided by net cash outflows over the next 30 days (as defined by the NBG). Calculations are made for Bank of Georgia standalone, based on IFRS.
•	NBG Net stable funding ratio (NSFR) Available amount of stable funding divided by the required amount of stable funding (as defined by the NBG). Calculations are made for Bank of Georgia standalone, based on IFRS.
•	LC Local currency.
•	Leverage (times) Total liabilities divided by total equity.
•	Liquid assets Cash and cash equivalents, amounts due from credit institutions and investment securities.
•	Loan yield Interest income from loans to customers, factoring and finance lease receivables for the period divided by monthly average gross loans to customers, factoring and finance lease receivables over the same period (annualised where applicable).
•	NBG National Bank of Georgia.
•	NBG (Basel III) Common Equity Tier 1 (CET 1) capital adequacy ratio Common Equity Tier 1 capital divided by total risk weighted assets, both calculated in accordance with the requirements of the NBG. Calculations are made for Bank of Georgia standalone, based on IFRS.
•	NBG (Basel III) Tier 1 capital adequacy ratio Tier 1 capital divided by total risk weighted assets, both calculated in accordance with the requirements of the NBG. Calculations are made for Bank of Georgia standalone, based on IFRS.
•	NBG (Basel III) Total capital adequacy ratio Total regulatory capital divided by total risk weighted assets, both calculated in accordance with the requirements of the NBG. Calculations are made for Bank of Georgia standalone, based on IFRS.
•	Net interest margin (NIM) Net interest income for the period divided by monthly average interest earning assets excluding cash and cash equivalents and corporate shares over the same period (annualised where applicable).
•	NMF Not meaningful; used when percentage changes are distorted by zero or missing comparatives, or when the resulting change is above 200 percent.
•	Non-performing loans (NPLs) The principal and/or interest payments on loans overdue for more than 90 days; or the exposures experiencing substantial deterioration of their creditworthiness and the debtors assessed as unlikely to pay their credit obligation(s) in full without realisation of collateral.
•	NPL coverage ratio Allowance for expected credit loss for loans to customers, finance lease and factoring receivables divided by NPLs.
•	NPL coverage ratio adjusted for discounted value of collateral Allowance for expected credit loss on loans to customers, finance lease and factoring receivables, plus the discounted value of collateral for the NPL portfolio (capped at the respective loan amount), divided by total NPLs.
•	One-off items Significant items that do not arise during the ordinary course of business.
•	Operating leverage Percentage change in net operating income less percentage change in operating expenses.
•	Return on average total assets (ROAA) Profit for the period divided by monthly average total assets for the same period (annualised where applicable).
•	Return on average total equity (ROAE) Profit for the period attributable to shareholders of the Group divided by monthly average equity attributable to shareholders of the Group for the same period (annualised where applicable).
•	Transactional branch Bank branch that is mostly used for transactional services by clients. Such branches do not provide complex banking services, such as issuing mortgages, services to legal clients, etc.

3rd Quarter Results

Summary by AI BETAClose X

Contents

3Q26 and 9M26 consolidated unaudited results

Earnings call on 4 November 2026, 14:00 GMT

Segmentation guide

Customer growth across core markets drives continued earnings momentum

Group performance highlights

CEO statement

Our key targets for the medium term remain:

Macroeconomic developments: Georgia

Sustained growth momentum

Appreciating GEL and record-high international reserves

Elevated inflation and moderately tight monetary policy

Strong fiscal discipline

Healthy bank lending and continued de-dollarisation

Macroeconomic developments: Armenia

Resilient growth

Strong Dram

3Q26 and 9M26 unaudited consolidated results*

Returns to shareholders (dividends and share buyback and cancellation programme)

Business Division results

Georgian Financial Services (GFS)

Performance highlights

Portfolio highlights

Liquidity

Capital position

Armenian Financial Services (AFS)

Performance highlights

Portfolio highlights[2]

Liquidity

Capital position

Other Businesses

Unaudited consolidated financial information

Non-financial information

Customer engagement

Payments business

Additional information

Glossary

Operational terms

Ratio definitions and abbreviations

Lion Finance Group PLC profile

Further information

Forward-looking statements

Companies

UK 100

Latest directors dealings

Summary by AI ^BETAClose X