4Q25 and FY25 Preliminary Results

Summary by AI ^BETAClose X

Lion Finance Group PLC reported strong preliminary unaudited results for 4Q25 and FY25, with profit before one-off items reaching GEL 619.3 million in the fourth quarter, a 22.7% year-on-year increase, and GEL 2,192.8 million for the full year, up 20.9%. The group achieved a return on average equity of 30.1% in 4Q25 and 28.4% for FY25. The company declared a quarterly dividend of GEL 2.75 per share, bringing the total FY25 dividend to GEL 10.50 per share, and announced a further GEL 53.5 million share buyback program, totaling GEL 203 million for FY25. Loan book expansion across Georgian and Armenian operations contributed to the robust performance, with the total loan book reaching GEL 40,065.7 million, a 19.7% year-on-year increase in constant currency.

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Lion Finance Group PLC (BGEO)

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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.

•	The Group delivered robust results in FY25, with profit before one-offs of GEL 2,192.8m and adjusted ROAE of 28.4%, while 4Q25 profit before one-offs grew 22.7% y-o-y, driven by strong loan book expansion, customer franchise growth, and sustained profitability across all core business divisions.
•	The Group's loan book reached GEL 40,065.7m as at 31 December 2025, up 19.7% y-o-y in constant currency (cc). The growth was fuelled by strong loan book expansion across both the Georgian (GFS) and Armenian (AFS) operations, which recorded year-on-year constant currency increases of 16.1% and 28.0%, respectively. Compared with 30 September 2025, the GFS loan book was up 4.5%, while the AFS loan book increased by 8.5%, resulting in a total Group loan growth of 5.8% (in cc).
•	Client deposits and notes totalled GEL 38,630.0m as at 31 December 2025, reflecting a 17.3% y-o-y increase in constant currency (cc). GFS deposits rose by 14.3% y-o-y, while AFS deposits increased by 21.9% y-o-y. Compared with 30 September 2025, GFS deposits were down 0.5% (attributable to a reduction in the Corporate Center mainly due to Ministry of Finance deposits), while AFS deposits increased by 9.1%, resulting in a total Group deposit growth of 2.7% (in cc).
•	Asset quality remained robust across the Group, with the Group cost of credit risk ratio down to 0.3% in 4Q25 (0.5% in 4Q24 and 0.5% in 3Q25) and the NPL ratio stable at 2.1% as at 31 December 2025 (2.0% as at 31 December 2024 and 2.1% as at 30 September 2025).
•	Operating income was up 16.4% y-o-y to GEL 1,201.3m in 4Q25. The annual top-line growth was primarily driven by strong net interest income generated by both GFS and AFS, complemented by solid fee and commission income generation across both operations.
	•	In 4Q25, non-interest income increased by 10.1% y-o-y to GEL 405.4m, driven by growth in net fee and commission income. GFS delivered a 33.8% y-o-y growth in 4Q25 attributable to lower fee expenses due to renegotiated payment systems terms for both 2025 and future periods (see page 9), while AFS contributed with a 34.1% y-o-y growth, benefiting from the reclassification of GEL 7.1m in currency conversion fees to align with the Group's accounting policies (previously reported in FX gains) as well as a significant GEL 13.7m advisory fee booked in the quarter.
•	The Group's operating expenses increased by 14.0% y-o-y to GEL 422.6m in 4Q25. The y-o-y growth was driven primarily by GFS, which saw expenses rise by 18.5% y-o-y, mainly driven by higher staff and administrative expenses (see details on page 9).
•	Capital adequacy and liquidity positions for both Bank of Georgia and Ameriabank remained above the minimum regulatory requirements (for details, see pages 10 and 13).
•	The Group continued to demonstrate robust customer franchise growth. On a year-on-year basis, Bank of Georgia's Retail Digital Monthly Active Users (Digital MAU) grew by 15.0% to surpass 1.8 million individuals, while Ameriabank's Retail Digital MAU surged by 45.3%, reaching 336 thousand individuals. On a quarter-on-quarter basis, these figures increased by 5.1% and 10.3% at Bank of Georgia and Ameriabank, respectively.

•	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	FY25	FY25	FY25	FY25	FY24	FY24	FY24	FY24
INCOME STATEMENT HIGHLIGHTS	Group	GFS	AFS	Other	Group[1]	GFS	AFS1	Other
Interest income	5,371,115	3,907,286	1,348,723	115,106	4,139,900	3,261,442	794,616	83,842
Interest expense	(2,399,374)	(1,804,626)	(530,468)	(64,280)	(1,779,053)	(1,463,591)	(287,585)	(27,877)
Net interest income	2,971,741	2,102,660	818,255	50,826	2,360,847	1,797,851	507,031	55,965
Net fee and commission income	657,487	529,209	115,091	13,187	561,662	465,614	89,922	6,126
Net foreign currency gain	601,003	360,878	145,340	94,785	571,799	386,797	128,032	56,970
Net other income	73,025	50,834	12,132	10,059	68,320	53,428	3,927	10,965
Operating income	4,303,256	3,043,581	1,090,818	168,857	3,562,628	2,703,690	728,912	130,026
Salaries and other employee benefits (2025: adjusted)	(948,793)*	(516,693)*	(369,010)	(63,090)*	(757,990)	(443,347)	(268,547)	(46,096)
Administrative expenses	(325,159)	(215,390)	(71,415)	(38,354)	(279,197)	(204,383)	(47,737)	(27,077)
Depreciation, amortisation and impairment	(221,652)	(148,485)	(59,887)	(13,280)	(173,137)	(121,983)	(40,818)	(10,336)
Other operating expenses	(30,893)	(26,355)	(3,186)	(1,352)	(12,580)	(5,744)	(5,400)	(1,436)
Operating expenses (2025: adjusted)	(1,526,497)*	(906,923)*	(503,498)	(116,076)*	(1,222,904)	(775,457)	(362,502)	(84,945)
Gain on bargain purchase[2]	1,488	-	-	1,488	-*	-	-*	-
Profit from associates	1,316	1,316	-	-	1,347	1,347	-	-
Operating income before cost of risk (2024 & 2025: adjusted)	2,779,563*	2,137,974*	587,320	54,269*	2,341,071*	1,929,580	366,410*	45,081
Cost of risk	(169,497)	(141,510)	(22,982)	(5,005)	(165,253)	(98,099)	(63,182)	(3,972)
Out of which initial ECL related to assets acquired in business combination^{^[3]}	-	-	-	-	(49,157)	-	(49,157)	-
Profit before income tax expense (2024 & 2025: adjusted)	2,610,066*	1,996,464*	564,338	49,264*	2,175,818*	1,831,481	303,228*	41,109
Income tax expense	(417,245)	(287,781)	(111,974)	(17,490)	(362,796)	(275,557)	(73,072)	(14,167)
Profit before one-off items	2,192,821*	1,708,683*	452,364	31,774*	1,813,022*	1,555,924	230,156*	26,942
One-off items^{^[4]}	(29,590)	(29,094)	-	(496)	672,173	-	672,173	-
Profit	2,163,231	1,679,589	452,364	31,278	2,485,195	1,555,924	902,329	26,942

GEL thousands	4Q25	4Q24	Change y-o-y	3Q25	Change q-o-q	FY25		FY241		Change 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		561,662		17.1%
Net foreign currency gain	150,626	176,350	-14.6%	152,186	-1.0%	601,003		571,799		5.1%
Net other income	28,526	22,914	24.5%	15,137	88.5%	73,025		68,320		6.9%
Operating income	1,201,295	1,032,018	16.4%	1,084,175	10.8%	4,303,256		3,562,628		20.8%
Operating expenses (2025: adjusted)	(422,581)*	(370,611)	14.0%	(382,227)	10.6%	(1,526,497)*		(1,222,904)		24.8%
Gain on bargain purchase2	1,488	-	NMF	-	NMF	1,488		-*		NMF
Profit from associates	111	369	-69.9%	469	-76.3%	1,316		1,347		-2.3%
Operating income before cost of risk (2024 & 2025: adjusted)	780,313*	661,776*	17.9%	702,417	11.1%	2,779,563*		2,341,071*		18.7%
Cost of risk	(36,410)	(49,142)	-25.9%	(55,378)	-34.3%	(169,497)		(165,253)		2.6%
Out of which initial ECL related to assets acquired in business combination3	-	-	-	-	-	-		(49,157)		NMF
Profit before income tax expense and one-off items (2024 & 2025: adjusted)	743,903*	612,634*	21.4%	647,039	15.0%	2,610,066*		2,175,818*		20.0%
Income tax expense	(124,589)	(107,920)	15.4%	(99,843)	24.8%	(417,245)		(362,796)		15.0%
Profit before one-off items	619,314*	504,714*	22.7%	547,196	13.2%	2,192,821*		1,813,022*		20.9%
One-off items4	(29,590)	2,708	NMF	-	NMF	(29,590)		672,173		NMF
Profit	589,724	507,422	16.2%	547,196	7.8%	2,163,231		2,485,195		-13.0%

Basic earnings per share	13.84	11.75	17.8%	12.75	8.5%	50.27	56.91		-11.7%
Diluted earnings per share	13.62	11.51	18.3%	12.58	8.3%	49.52	55.75		-11.2%
Basic earnings per share adjusted for one-offs	14.53	11.69	24.3%	12.75	14.0%	50.96	41.46		22.9%
Diluted earnings per share adjusted for one-offs	14.30	11.44	25.0%	12.58	13.7%	50.19	40.62		23.6%
*These figures differ from the unaudited consolidated financial statements as they exclude one-off items to better illustrate underlying performance. The excluded items are: GEL 29.6m in 4Q25 and FY25; GEL 2.7m in 4Q24 and GEL 672.2m in FY24 (see endnote 4). The FY24 figure primarily consists of a significant one-off gain on bargain purchase associated with the acquisition of Ameriabank, which boosted reported earnings in 2024. For the full unaudited consolidated financial information, please refer to page 16.

BALANCE SHEET HIGHLIGHTS	Dec-25	Dec-24	Change y-o-y	Sep-25	Change q-o-q

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	3,278,465	13.7%	3,125,753	19.3%
Investment securities	10,194,653	9,452,387	7.9%	9,706,570	5.0%
Loans to customers, finance lease and factoring receivables	40,065,664	33,558,874	19.4%	37,927,219	5.6%
Property and equipment	616,839	550,097	12.1%	603,448	2.2%
All remaining assets	1,868,397	1,614,882	15.7%	1,718,290	8.7%
Total assets	60,869,856	52,207,888	16.6%	58,131,185	4.7%
Client deposits and notes	38,629,974	33,202,010	16.3%	37,657,572	2.6%
Amounts owed to credit institutions	9,499,106	8,680,233	9.4%	8,637,788	10.0%
Borrowings from DFIs	3,708,770	3,301,249	12.3%	2,795,403	32.7%
Short-term loans from the National Bank of Georgia	2,667,471	2,546,574	4.7%	2,146,297	24.3%
Short-term loans from the Central Bank of Armenia	136,912	153,588	-10.9%	143,168	-4.4%
Loans and deposits from commercial banks	2,985,953	2,678,822	11.5%	3,552,920	-16.0%
Debt securities issued	2,999,871	2,255,016	33.0%	2,539,696	18.1%
All remaining liabilities	1,318,662	1,055,402	24.9%	1,398,612	-5.7%
Total liabilities	52,447,613	45,192,661	16.1%	50,233,668	4.4%
Total equity	8,422,243	7,015,227	20.1%	7,897,517	6.6%
Book value per share	197.85	162.77	21.6%	184.46	7.3%

KEY RATIOS	4Q25	4Q24	3Q25		FY25	FY24

ROAA (adjusted for one-off items)4^,5	4.2%	4.0%	3.9%	4.0%		4.3%
ROAE (adjusted for one-off items)4^,5	30.1%	29.6%	27.8%	28.4%		30.0%
Net interest margin^{^[5]}	6.1%	6.0%	6.2%	6.1%		6.3%
Loan yield5^,[6]	12.4%	12.2%	12.4%	12.3%		12.4%
Liquid assets yield5	5.1%	4.8%	5.2%	5.1%		5.1%
Cost of funds5	5.2%	4.9%	5.1%	5.1%		5.0%
Cost of client deposits and notes5	4.6%	4.0%	4.5%	4.4%		4.1%
Cost of amounts owed to credit institutions5	7.0%	7.8%	7.1%	7.3%		7.9%
Cost of debt securities issued5	7.7%	7.5%	7.4%	7.5%		8.2%
Cost:income ratio (adjusted for one-off items)4	35.2%	35.9%	35.3%	35.5%		34.3%
NPLs to gross loans	2.1%	2.0%	2.1%	2.1%		2.0%
NPL coverage ratio	57.8%	63.0%	64.4%	57.8%		63.0%
NPL coverage ratio adjusted for the discounted value of collateral	116.3%	119.6%	117.7%	116.3%		119.6%
Cost of credit risk ratio5	0.3%	0.5%	0.5%	0.4%		0.5%

GEL thousands NON-PERFORMING LOANS	Dec-25	Dec-24	Change y-o-y	Sep-25	Change q-o-q
Group (consolidated)
NPLs (in GEL thousands)	869,446	666,859	30.4%	803,774	8.2%
NPLs to gross loans	2.1%	2.0%		2.1%
NPL coverage ratio	57.8%	63.0%		64.4%
NPL coverage ratio adjusted for the discounted value of collateral	116.3%	119.6%		117.7%
Georgian Financial Services (GFS)
NPLs to gross loans	2.1%	2.2%		2.3%
NPL coverage ratio	54.8%	62.1%		59.7%
NPL coverage ratio adjusted for the discounted value of collateral	114.6%	115.1%		112.2%
Ameriabank (standalone figures)
NPLs to gross loans	2.1%	1.4%		1.5%
NPL coverage ratio	68.5%	69.1%		87.3%
NPL coverage ratio adjusted for the discounted value of collateral	125.5%	137.3%		145.8%

•	In August 2025, the Board took the decision to move to a quarterly distribution schedule, with the Group's total capital repatriation policy unchanged at a target payout range of 30-50% of annual Group profits. Considering the strong performance of the Group during the fourth quarter of 2025 and robust capital levels, today the Board declared an interim dividend of GEL 2.75 per ordinary share in respect of the fourth quarter of 2025, payable according to the following timetable:
	•	Ex-Dividend Date: 26 March 2026
	•	Record Date: 27 March 2026
	•	Currency Conversion Date: 27 March 2026
	•	Payment Date: 14 April 2026
•	The NBG's Lari/Pound Sterling average exchange rate for the period of 23 March to 27 March 2026 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 53.5 million.
•	The previous GEL 51.5 million share buyback and cancellation programme, announced on 20 November 2025, is completed. As a result, the total number of voting rights in issue following the cancellation of shares is 43,365,907 as of 24 February 2026.

•	GFS delivered 14.4% y-o-y growth in 4Q25 operating income, driven by increases in net interest income and net fee and commission income. QoQ growth of 7.9% resulted primarily from strong fee and commission performance. For FY25, operating income rose 12.6%, with strong net interest income complemented by growth in fee and commission income and partially offset by a decline in net foreign currency gain and net other income.
•	Double digit net interest income growth in 4Q25 on a y-o-y basis resulted from sustained strong loan book growth, combined with 10 bps net interest margin expansion to 5.9%. On a q-o-q basis, the net interest margin declined by 30 bps - whilst the loan yield remained flat, this was driven by a 20 bps increase in the cost of funds, attributable to higher client deposit and note costs (up 20 bps q-o-q) along with the impact from the GEL-denominated 450m Eurobond placement in November 2025. For FY25, NIM declined 10 bps to 5.9%.
•	Net fee and commission income increased by 33.8% y-o-y and 41.1% q-o-q in 4Q25. While fee and commission income grew by 13.7% y-o-y, this strong performance was primarily driven by a 17.7% y-o-y reduction in fee and commission expenses as we negotiated better terms from international payment systems for all of 2025 and going forward. The normalised net fee and commission income y-o-y growth would have been c.15%. For FY25, net fee and commission income reached GEL 529.2m (+13.7%).
•	Net foreign currency (FX) gain was down 14.7% y-o-y in 4Q25 and down 6.7% y-o-y for the full year, adversely impacted by increased competition and lower currency volatility throughout the year.
•	In 4Q25, operating expenses increased by 18.5% y-o-y with growth broad-based across all expense lines. Staff costs included accelerated recognition of unvested, previously granted share-based awards due to the voluntary departure of an executive manager. Administrative expense growth was mainly driven by higher marketing and technology investments supporting business growth. Additionally, Bank of Georgia recorded a GEL 4.4m contribution to the Resolution Fund, a regulatory requirement introduced by NBG for all commercial banks effective from January 2025[7]. Excluding accelerated recognition of unvested share-based awards and the Resolution Fund payment, operating expenses at GFS would have increased by 14.5% y-o-y.
•	The portfolio quality remained healthy across the board, with the cost of credit risk ratio standing at 0.4% in 4Q25 and 0.5% in FY25, and the NPL ratio declining to 2.1% as at 31 December 2025.

		Portfolio highlights: loans to customers, finance lease and factoring receivables
		Dec-25	Dec-24		Change y-o-y	Change y-o-y (constant currency)			Sep-25			Change q-o-q		Change q-o-q (constant currency)
Total GFS		27,288,607	23,539,328		15.9%	16.1%			26,150,474			4.4%		4.5%
Retail		12,190,163	10,203,425		19.5%	19.4%			11,571,767			5.3%		5.4%
Mortgages		5,139,094	4,498,321		14.2%	14.2%			4,915,696			4.5%		4.8%
Consumer loans		6,190,599	4,987,399		24.1%	24.4%			5,856,880			5.7%		5.7%
Other loans		860,470	717,705		19.9%	17.8%			799,191			7.7%		8.0%
SME		5,447,299	5,011,108		8.7%	8.2%			5,317,970			2.4%		2.6%
CIB		9,651,145	8,324,795		15.9%	16.8%			9,260,737			4.2%		4.5%
		Portfolio highlights: customer deposits and notes
		Dec-25		Dec-24	Change y-o-y		Change y-o-y (constant currency)			Sep-25		Change q-o-q		Change q-o-q (constant currency)
Total GFS		27,312,550		24,052,164	13.6%		14.3%			27,487,750		-0.6%		-0.5%
Retail		16,385,011		14,422,359	13.6%		14.8%			15,589,366		5.1%		5.4%
SME		2,526,790		2,146,585	17.7%		17.9%			2,344,438		7.8%		7.9%
CIB		8,081,092		6,578,858	22.8%		23.4%			7,613,923		6.1%		6.3%
Corporate Center		421,957		971,961	-56.6%					2,021,083		-79.1%
Eliminations		(102,300)		(67,599)	51.3%					(81,060)		26.2%
		Loan portfolio quality: cost of credit risk ratio
		4Q25		4Q24				3Q25					FY25		FY24
Total GFS		0.4%		0.6%				0.6%					0.5%		0.4%
Retail		0.7%		0.5%				0.8%					0.6%		0.4%
SME		0.0%		-0.4%				0.3%					0.4%		0.3%
CIB		0.2%		1.3%				0.7%					0.3%		0.4%
		Loan portfolio quality: NPL ratio
		Dec-25		Dec-24							Sep-25
Total GFS		2.1%		2.2%							2.3%
Retail		1.4%		1.6%							1.5%
SME		4.0%		3.5%							4.0%
CIB		2.0%		2.1%							2.3%
•	Customer lending continued to expand, driven primarily by RB and CIB, with SME also contributing
	•	Within the RB segment, consumer lending showed particularly strong growth, rising by 24.4% y-o-y and 5.7% q-o-q in cc. Mortgage lending grew by 14.2% y-o-y and 4.8% q-o-q in cc, now accounting for 42.2% of the retail loan book - below the share of consumer loans at 50.8%.
•	Client deposits and notes demonstrated strong y-o-y growth, driven by RB and CIB segments, with SME also contributing. The y-o-y growth was well-diversified across business segments and deposit types. As at 31 December 2025, current & demand deposits and time deposits accounted for 56.0% and 44.0% of the total deposit portfolio, respectively. Notably, the share of GEL deposits in total deposits increased significantly y-o-y from 47.2% to 53.4%. Deposits were broadly flat q-o-q due to a reduction in the Corporate Center (mainly the Ministry of Finance deposits used mainly for liquidity management).
•	Additionally, our funding mix was strengthened by the successful issuance of a GEL 450m senior unsecured Eurobond by Bank of Georgia - the largest local-currency Eurobond by a private-sector entity in the Caucasus, Turkey and Central Asia region for 2025.

	30 Sep 2025	4Q25 profit	Business growth	Currency impact	Dividend payment	Tier 1- Tier 2	31 Dec 2025	Min requirement	Buffer above min requirement		Potential impact of a 10% GEL devaluation

CET 1 capital adequacy	17.4%	1.4%	-0.7%	0.0%	-0.6%	0.0%	17.6%	15.2%	2.4%	-0.8%
Tier 1 capital adequacy	20.5%	1.4%	-0.8%	0.0%	-0.6%	0.0%	20.5%	17.3%	3.2%	-0.7%
Total capital adequacy	22.1%	1.4%	-0.9%	0.0%	-0.6%	0.0%	22.0%	20.2%	1.8%	-0.7%

BALANCE SHEET HIGHLIGHTS		Dec-25	Dec -24	Change y-o-y	Sep-25	Change q-o-q
Cash and cash equivalents	773,802		1,409,223	-45.1%	1,211,626	-36.1%
Amounts due from credit institutions	1,566,220		821,779	90.6%	942,877	66.1%
Investment securities	1,794,826		1,447,558	24.0%	1,455,992	23.3%
Loans to customers, finance lease and factoring receivables	11,818,695		9,265,005	27.6%	10,890,803	8.5%
Loans to customers, finance lease and factoring receivables, LC	6,770,754		5,457,699	24.1%	6,258,037	8.2%
Loans to customers, finance lease and factoring receivables, FC	5,047,941		3,807,306	32.6%	4,632,766	9.0%
Property and equipment	78,285		74,671	4.8%	84,829	-7.7%
All remaining assets	520,440		352,476	47.7%	396,708	31.2%
Total assets	16,552,268		13,370,712	23.8%	14,982,835	10.5%
Client deposits and notes	9,630,051		7,949,083	21.1%	8,827,419	9.1%
Client deposits and notes, LC	5,832,351		4,527,568	28.8%	5,227,233	11.6%
Client deposits and notes, FC	3,797,700		3,421,515	11.0%	3,600,186	5.5%
Amounts owed to credit institutions	2,909,876		1,956,445	48.7%	2,382,530	22.1%
Debt securities issued	1,186,478		1,155,679	2.7%	1,207,757	-1.8%
All remaining liabilities	496,458		541,068	-8.2%	444,191	11.8%
Total liabilities	14,222,863		11,602,275	22.6%	12,861,897	10.6%
Total equity	2,329,405		1,768,437	31.7%	2,120,938	9.8%
Risk-weighted assets (Ameriabank CJSC standalone)	15,054,624		11,685,845	28.8%	14,099,398	6.8%

•	In 4Q25, AFS delivered operating income growth of 16.9% y-o-y and 17.3% q-o-q. The y-o-y increase was primarily driven by strong net interest income, supported by net fee and commission income. The q-o-q growth was led by a substantial increase in net fee and commission income, complemented by robust growth in net interest income.
•	In 4Q25, NIM stood at 6.3% (6.8% in 4Q24 and 6.5% in 3Q25). On a y-o-y basis, a 10 bps decrease in the loan yield was coupled with a 40 bps rise in the cost of funds. This funding cost increase was primarily driven by higher cost of customer deposits (up 60 bps to 3.9%), mainly due to increased share of AMD and time deposits in the mix as well as higher cost of AMD deposits.
•	Net fee and commission income increased by 34.1% y-o-y in 4Q25. This quarter's result included a net GEL 7.1m reclassification of currency conversion fees to align with the Group's accounting policies (previously reported in FX gain). Excluding this effect, net fee and commission would have increased by c.16%. Furthermore, growth was supported by a significant GEL 13.7m advisory fee booked in the fourth quarter.
•	Net foreign currency gain was down 30.9% y-o-y in 4Q25, reflecting both the reclassification of GEL 7.1m to net fee and commission income and heightened market competition on the back of relatively stable currency environment.
•	In 4Q25, operating expenses stood broadly flat y-o-y. Salaries and other employee benefits also stood flat y-o-y as Group level-adjustments related to management retention bonus elevated the base in 2024. On a standalone basis (see page 14), operating expenses were up 10.4% y-o-y in 4Q25, mainly driven by a 13.8% y-o-y growth in staff costs.

•	Customer loans grew strongly by 28.0% y-o-y and 8.5% q-o-q in cc, with broad-based growth across both Corporate and Retail segments. Within the Retail portfolio, consumer loans maintained the strongest growth trajectory, posting 57.9% y-o-y and 9.4% q-o-q growth in cc. Mortgage lending grew by 12.5% y-o-y and 5.4% q-o-q in cc, now representing 52.2% of the total retail loan book. Ameriabank strengthened its market leadership, with its lending share rising to a dominant 21.7% at year-end, up 0.9pp y-o-y and 0.5pp q-o-q.
•	Client deposits and notes also grew strongly, rising by 21.9% y-o-y and by 9.1% q-o-q in cc. The share of time deposits increased over the year to 41.5% of the total (37.8% as at 31 December 2024 and 42.7% as at 30 September 2025). The bank's deposit market share (including local bonds) expanded by 1.0 pp y-o-y to reach 19.5% at year-end (up 0.1pp q-o-q).
•	AFS maintains a diversified funding structure with customer deposits and local debt securities representing 76.1% 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 97.5% as at 31 December 2025.

	Dec-25	Dec-24	Sep-25
IFRS-based NBG Liquidity Coverage Ratio (Bank of Georgia)	147.7%	138.6%	126.2%
IFRS-based NBG Net Stable Funding Ratio (Bank of Georgia)	134.1%	130.7%	127.4%

GEL thousands	4Q25	4Q24	Change y-o-y	3Q25	Change q-o-q	FY25	FY24	Change y-o-y
INCOME STATEMENT HIGHLIGHTS
Interest income	373,941	282,463	32.4%	349,757	6.9%	1,344,486	992,762	35.4%
Interest expense	(147,242)	(101,267)	45.4%	(136,292)	8.0%	(518,874)	(354,468)	46.4%
Net interest income	226,699	181,196	25.1%	213,465	6.2%	825,612	638,294	29.3%
Net fee and commission income	53,343	39,547	34.9%	17,356	NMF	115,092	108,282	6.3%
Net foreign currency gain	34,568	52,959	-34.7%	37,924	-8.8%	141,610	162,184	-12.7%
Net other income	3,706	897	NMF	4,895	-24.3%	12,131	5,423	123.7%
Operating income	318,316	274,599	15.9%	273,640	16.3%	1,094,445	914,183	19.7%
Salaries and other employee benefits	(89,877)	(78,944)	13.8%	(83,932)	7.1%	(316,089)	(290,364)	8.9%
Administrative expenses	(18,632)	(19,864)	-6.2%	(14,530)	28.2%	(69,638)	(59,212)	17.6%
Depreciation, amortisation and impairment	(12,816)	(9,825)	30.4%	(12,217)	4.9%	(47,609)	(35,831)	32.9%
Other operating expenses	(920)	(2,066)	-55.5%	779	NMF	(3,186)	(6,421)	-50.4%
Operating expenses	(122,245)	(110,699)	10.4%	(109,900)	11.2%	(436,522)	(391,828)	11.4%
Operating income before cost of risk	196,071	163,900	19.6%	163,740	19.7%	657,923	522,355	26.0%
Cost of risk	(9,397)	(2,344)	NMF	(3,427)	174.2%	(28,485)	(9,842)	189.4%
Profit before income tax expense	186,674	161,556	15.5%	160,313	16.4%	629,438	512,513	22.8%
Income tax expense	(33,898)	(32,327)	4.9%	(29,523)	14.8%	(115,216)	(96,383)	19.5%
Profit	152,776	129,229	18.2%	130,790	16.8%	514,222	416,130	23.6%

BALANCE SHEET HIGHLIGHTS	Dec-25	Dec-24	Change y-o-y	Sep-25	Change q-o-q

Cash and cash equivalents	900,777	511,732	76.0%	611,475	47.3%
Amounts due from credit institutions	23,262	32,963	-29.4%	22,204	4.8%
Investment securities	163,682	117,869	38.9%	176,085	-7.0%
Loans to customers, finance lease and factoring receivables	958,362	754,541	27.0%	885,942	8.2%
Property and equipment	18,662	13,389	39.4%	17,389	7.3%
All remaining assets	122,703	92,405	32.8%	98,505	24.6%
Total assets	2,187,448	1,522,899	43.6%	1,811,600	20.7%
Client deposits and notes	1,687,373	1,200,763	40.5%	1,342,403	25.7%
Amounts owed to credit institutions	26,988	11,368	137.4%	30,122	-10.4%
Debt securities issued	12,891	16,506	-21.9%	11,774	9.5%
All remaining liabilities	52,749	39,302	34.2%	43,521	21.2%
Total liabilities	1,780,001	1,267,939	40.4%	1,427,820	24.7%
Total equity	407,447	254,960	59.8%	383,780	6.2%

	Dec-25	Dec-24	Change y-o-y	Sep-25	Change q-o-q
Retail (thousands):
Monthly active customers:
Bank of Georgia (standalone)	2,199.1	2,002.3	9.8%	2,130.2	3.2%
Ameriabank (standalone)	479.2	357.0	34.3%	435.3	10.1%
Digital MAU:
Bank of Georgia (standalone)	1,833.1	1,594.4	15.0%	1,744.5	5.1%
Ameriabank (standalone)	336.5	231.6	45.3%	305.1	10.3%
Digital DAU:
Bank of Georgia (standalone)	993.4	799.5	24.2%	896.8	10.8%
Ameriabank (standalone)	146.9	99.8	47.1%	127.5	15.2%
Share of products sold through retail digital channels:
Bank of Georgia (standalone)	71%	62%		70%

	Dec-25	Dec-24	Change y-o-y	Sep-25	Change q-o-q
Businesses (thousands):
Monthly active customers:
Bank of Georgia (standalone)	132.6	116.3	14.0%	125.4	5.7%
Ameriabank (standalone)	37.3	32.2	15.8%	36.3	2.8%
Digital MAU:
Bank of Georgia (standalone)	111.2	93.4	19.0%	103.5	7.4%
Ameriabank (standalone)	31.2	25.2	23.5%	29.4	5.9%

•	As at 31 December 2025, Ameriabank's CET 1, Tier 1, and Total capital ratios stood at 14.4%, 14.4%, and 17.0%, respectively, all above the minimum requirements of 12.0%, 14.1%, and 16.8%, respectively. Total capital was enhanced in early 2026. In mid-December 2025, Ameriabank secured EUR 30 million in subordinated debt (with CBA approval received in January 2026), and the Total capital ratio increased to 17.5% at the end of January. Additionally, in February Ameriabank successfully placed inaugural USD 50m Additional Tier 1 capital notes. These perpetual notes, which carry an 8.5% coupon rate, are expected to be listed on the Armenia Securities Exchange and have added approximately 0.86 pp to both Tier 1 and Total Capital ratios. The movement in capital adequacy ratios in 4Q25 and the potential impact of a 10% devaluation of AMD is as follows.
	30 Sep 2025	4Q25 profit	Business growth	Currency impact	Dividend payment	Regulatory deductions	Tier 1 - Tier 2	31 Dec 2025	Minimum requirement	Buffer above min requirement	Potential impact of a 10% AMD devaluation

CET 1 capital adequacy	14.5%	0.9%	-1.0%	0.0%	0.0%	0.0%	0.0%	14.4%	12.0%	2.4%	-0.6%
Tier 1 capital adequacy	14.5%	0.9%	-1.0%	0.0%	0.0%	0.0%	0.0%	14.4%	14.1%	0.3%	-0.6%
Total capital adequacy	17.2%	0.9%	-1.1%	0.0%	0.0%	0.0%	0.0%	17.0%	16.8%	0.2%	-0.5%

KEY RATIOS^{^[9]}	4Q25	4Q24	3Q25	FY25	FY24

ROAA	3.9%	4.2%	3.5%	3.6%	3.8%
ROAE	26.6%	29.4%	24.6%	24.9%	26.5%
Net interest margin	6.3%	6.8%	6.5%	6.4%	6.7%
Loan yield	11.4%	11.4%	11.5%	11.4%	11.2%
Cost of funds	4.4%	4.0%	4.4%	4.3%	3.9%
Cost:income ratio	38.4%	40.3%	40.2%	39.9%	42.9%
Cost of credit risk ratio	0.3%	0.2%	0.1%	0.2%	0.2%

•	In 4Q25, Other Businesses delivered operating income growth of 62.7% y-o-y. This significant increase was primarily driven by higher net other income, which benefited from a low comparative base in 4Q24 that included a GEL 5.4 million revaluation loss on startup investments. Growth was further supported by BNB, which generated strong net foreign currency gains and robust net interest income growth.
•	Other Businesses recorded a GEL 1.5m gain on bargain purchase, resulting from Digital Area's acquisition of Fina Ltd., an enterprise resource planning and business management platform. This acquisition was completed to expand Digital Area's product offerings to SME and food service and hospitality sector and to strengthen its business management solutions portfolio alongside its existing Optimo 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 31 December 2025: Tier 1 capital adequacy ratio at 9.1% (minimum requirement of 7.0%) and Total capital adequacy ratio at 14.7% (minimum requirement of 12.5%).

Branch-network	Dec-25	Dec-24	Change y-o-y	Sep-25	Change q-o-q

Bank of Georgia	200	189	5.8%	185	8.1%
Of which:
Full-scale branches	104	96	8.3%	99	5.1%
Transactional branches	96	93	3.2%	86	11.6%
Ameriabank	29	25	16.0%	27	7.4%

Unadjusted ratios of the Group	4Q25	4Q24	3Q25	FY25	FY24

ROAA	4.0%	4.1%	3.9%^{^[11]}	3.9%	5.8%
ROAE	28.7%	29.8%	27.8%11	28.0%	41.2%
Cost:income ratio	37.6%	35.9%11	35.3%11	36.2%	34.3%11

FX rates	Dec-25	Dec-24	Sep-25

GEL/USD exchange rate (period-end)	2.70	2.81	2.71
GEL/GBP exchange rate (period-end)	3.64	3.53	3.64
GEL/1000AMD exchange rate (period-end)	7.07	7.08	7.06

Shares Outstanding	Dec-25	Dec-24	Change y-o-y	Sep-25	Change q-o-q

Ordinary shares outstanding (period-end)	42,557,763	42,935,561	-0.9%	42,807,308	-0.6%
Treasury shares outstanding (period-end)	916,570	1,562,586	-41.3%	919,155	-0.3%
Total shares outstanding (period-end)	43,474,333	44,498,147	-2.3%	43,726,463	-0.6%

•	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 September 2025 for quarter-over-quarter growth and as at 31 December 2024 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 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 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.

4Q25 and FY25 Preliminary Results

Summary by AI BETAClose X

4Q25 and FY25 preliminary unaudited results

Earnings call on 25 February 2025, 14:00 GMT

Segmentation guide

Lion Finance Group PLC delivered consolidated unaudited profit before one-off items[*] of GEL 619.3 million in 4Q25 (+22.7% y-o-y), and GEL 2,192.8 million for the full year of 2025 (+20.9% y-o-y).

Continued strength in Group profitability, with return on average equity (adjusted for one-offs*) of 30.1% for 4Q25 and 28.4% for FY25.

Group performance highlights

CEO statement

Our key targets for the medium term remain:

Macroeconomic developments: Georgia

Sustained economic growth momentum

Robust external flows

Stable GEL and record-high reserves

Easing inflation and prudent monetary policy

Strong fiscal discipline

Healthy bank lending

Macroeconomic developments: Armenia

4Q25 and FY25 preliminary 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[8]

Liquidity

Capital position

Ameriabank CJSC: unaudited standalone financial information (not included in the consolidated results)

Other Businesses

Preliminary 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