Contents

4Q25 and FY25 preliminary unaudited results

Earnings call on 25 February 2025, 14:00 GMT

Segmentation guide

CEO statement

Macroeconomic developments: Georgia

Macroeconomic developments: Armenia

4Q25 and FY25 preliminary unaudited consolidated results.

Business Division results

Georgian Financial Services (GFS)

Armenian Financial Services (AFS)

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

Other businesses

Preliminary unaudited consolidated financial information

Non-financial information

Additional information

Glossary

Lion Finance Group PLC profile

Further information

Forward-looking statements

 

4Q25 and FY25 preliminary unaudited results

The information in this Announcement in respect of the full-year 2025 preliminary unaudited results, which was approved by the Board of Directors on 24 February 2026, does not constitute statutory accounts within the meaning of Section 434 of the UK Companies Act 2006. The statutory accounts for the year ended 31 December 2024 have been filed with the Registrar of Companies, and the audit reports were unqualified and contained no statements in respect of Sections 498 (2) or (3) of the UK Companies Act 2006. The audited consolidated financial statements for the year ended 31 December 2025 will be included in the Annual Report and Accounts expected to be published in March 2026, which will be filed with the Registrar of Companies following Lion Finance Group PLC's Annual General Meeting.

The results are prepared in accordance with UK-adopted international accounting standards, are unaudited and derived from management accounts.

Earnings call on 25 February 2025, 14:00 GMT

https://zoom.us/webinar/register/WN_TI8FAqC2RJqqxcQmZt21_Q

Webinar ID: 993 0141 6934 | Passcode: 331608

Segmentation guide

Following the acquisition of Ameriabank at the end of March 2024, the Group's results are presented by the following Business Divisions: 1) Georgian Financial Services (GFS), 2) Armenian Financial Services (AFS), and 3) Other Businesses.

•	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.

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.

The Company today declared a quarterly dividend of GEL 2.75 per share, bringing the total dividend in respect of the FY25 to GEL 10.50 per share. Additionally, a further share buyback and cancellation programme of GEL 53.5m was announced, resulting in the total buyback in respect of FY25 to GEL 203m.

Group performance highlights

The Group income statement highlights present year-on-year comparisons for 4Q25 (not FY25) because Ameriabank's income statement was consolidated only from 1 April 2024, making FY growth non-representative of underlying performance.

•	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.

CEO statement

2025 was a year of strong performance for the Group, marked by robust growth in our core operations and notable momentum in Armenia driven by the continued enhancement of our retail banking capabilities. During 2025, we also continued to elevate the quality of our banking franchises, expand the balance sheet, and sustain high profitability. As a result, we delivered a record GEL 2.2 billion in Group net profit before one-offs (up 20.9% year-on-year), a return on average equity of 28.4%, and a 21.6% growth in our book value per share to GEL 197.85.

Favourable macroeconomic conditions in Georgia and Armenia supported our businesses in 2025, as both economies delivered substantial growth underpinned by solid domestic demand and resilient external inflows. Macroeconomic policies remained agile, helping international reserves reach record levels. Looking ahead, we are optimistic about continued momentum and project real GDP growth of about 6.0% in Georgia within the range of 5.5-6.0% in Armenia for 2026. Further upside potential for the region may emerge from the ongoing implementation of the Armenia-Azerbaijan peace agreement.

Throughout 2025, Bank of Georgia reinforced its market leadership as the main bank in our customers' daily lives. Retail digital monthly active users (Digital MAU) grew 15.0% year-on year to over 1.8 million individuals at year-end, with digital daily active users approaching 1 million. This engagement validates our customer-centric and innovation-focused strategy launched in 2019, when Digital MAU stood at just 355,000.

For the second consecutive year, Bank of Georgia earned Global Finance's "World's Best Digital Bank" recognition. Meanwhile, our Net Promoter Score (NPS) remained consistently above 70 throughout the year, hitting a record 76 points in the fourth quarter. This success has been reflected in strong balance sheet growth and financial performance. Loans and deposits in Georgian Financial Services (GFS) were up 16.1% and 14.3% year-on-year in constant currency. Overall, GFS recorded a full-year profit before one-offs of GEL 1.7 billion, an increase of almost 10% from 2024 - and an adjusted return on average equity of 32.0%.

GFS profitability remained solid throughout 2025, despite some headwinds. On the revenue side, we successfully addressed challenges in our net fee and commission income by securing better terms from international payment systems for 2025 and onwards, while strengthening our FX income remains a key area of focus. Although the net interest margin declined quarter-on-quarter by 30 bps to 5.9%, reflecting higher client deposit costs and the GEL 450m Eurobond issuance, we expect the net interest margin to remain broadly stable, with scope for slight upside, in 2026.  

Ameriabank made significant progress in 2025, advancing its strategic priorities by strengthening its retail customer value proposition with new products. Digital monthly active users surged by 45.3% year-on-year to 336 thousand, representing 70% of our total monthly active retail customers (up from 65% in 2024). With Ameriabank's digital penetration at just c.11% of Armenia's population versus c.47% in Georgia, we see a substantial runway for continued growth in this dynamic market. In Armenian Financial Services (AFS), net loans and deposits increased by 28.0% and 21.9% year-on-year in constant currency, reinforcing Ameriabank's market leadership. AFS delivered GEL 452.4m in profit for FY25 and achieved a 22.6% return on average equity. Ameriabank's standalone profit grew by 23.6% year-on-year on a comparable full-year basis.

Considering the Group's performance, the Board declared a quarterly dividend of GEL 2.75, bringing the total cash dividend for 2025 to GEL 10.50 per share - a 16.7% increase year-on-year. Additionally, the Board has approved a further share buyback and cancellation programme of GEL 53.5 million, bringing the total buyback amount for 2025 to GEL 203 million. These combined distributions result in a total 2025 payout ratio of 30%, in line with our distribution policy.

Georgia and Armenia continue to be among the wider region's fastest-growing economies, and our presence in both markets positions us well for the opportunities ahead. We entered the new year with clear priorities: deepening customer relationships, driving digital innovation, and building on the record profit achieved in 2025. I thank our colleagues for their dedication and our stakeholders for their continued confidence and support.

Archil Gachechiladze                                                                                                      

CEO, Lion Finance Group PLC

24 February 2026

Our key targets for the medium term remain:

•	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).

Macroeconomic developments: Georgia

Sustained economic growth momentum

Georgia's economy maintained strong momentum in 4Q25, with preliminary real GDP expanding by 6.8% y-o-y. This brought the full-year 2025 preliminary growth to 7.5%. The expansion was broad-based, driven primarily by the information and communication, education, financial services, and real estate sectors. We forecast real GDP growth of about 6.0% in 2026, supported by robust consumption, resilient external inflows, and sustained public capital expenditure. Downside risks persist, including global trade tensions, regional geopolitical instability, and domestic political challenges. However, Georgia's structural resilience and sound macroeconomic policies are expected to continue underpinning growth.

Robust external flows

External inflows remained solid, supported by diversified markets and income sources. In 4Q25, merchandise exports increased by a strong 20.7% y-o-y (up 11.2% for the full year), while imports rose by only 4.2% y-o-y (up 9.7% for the full year), contributing to a narrower trade deficit. International tourism revenues grew by 9.2% y-o-y in 4Q25 (up 6.0% for the full year), driven by a sustained increase in tourist arrivals, which reached a record high of 5.5 million in 2025. Inbound money transfers also accelerated, increasing by 14.6% y-o-y (up 8.5% for the full year), which reflects robust remittance inflows from the US and the EU.

Stable GEL and record-high reserves

In 2025, the Georgian Lari (GEL) appreciated by 4.0% against the US dollar but depreciated by 8.3% against the euro and by 3.1% against the pound sterling. The GEL's strength against the US dollar was supported by robust external inflows, deposit de-dollarisation, and prudent macroeconomic policy. With this favourable backdrop, the National Bank of Georgia (NBG) continued its foreign currency purchases, lifting international reserves to a record USD 6.2 billion by the end of 2025. We expect the GEL to remain broadly stable medium term, underpinned by solid macroeconomic fundamentals.

Easing inflation and prudent monetary policy

Inflation started to ease in 4Q25 after a temporary mid-year uptick driven mainly by food and healthcare prices. Headline CPI inflation fell to 4.0% y-o-y in December 2025, down from 4.8% in September. Although still above the NBG's 3% target, inflation is expected to continue moderating throughout 2026, supported by well-anchored inflation expectations, a stable GEL, and prudent monetary policy. The NBG has maintained its refinancing rate at 8.0% since May 2024, reflecting a cautious stance. We expect approximately 50 basis points (bps) of policy rate cuts during 2026 as inflation moves towards its target.

Strong fiscal discipline

Strong economic activity supported fiscal performance, with consolidated budget tax revenues rising by 10.2% y-o-y in 4Q25. The government remains committed to fiscal consolidation and is targeting a fiscal deficit of 2.5% of GDP in 2026, unchanged from 2025. The government's debt-to-GDP ratio is projected to decline from 34.3% at end-2025 to 33.5% by end-2026, underscoring sustained fiscal discipline and strengthening buffers for future spending needs.

Healthy bank lending

Bank lending remained robust and broadly aligned with nominal economic growth, expanding by 14.0% y-o-y in 4Q25 on a constant currency basis, following a 13.3% y-o-y growth in the previous quarter. Business and consumer lending continued to be the main drivers of credit expansion. Loan dollarisation stood at 42.4% at the end of December 2025, broadly unchanged from the previous quarter. Deposit dollarisation declined further to 47.7%, a decrease of 1.5 percentage points (pp) over the same period.

 

More information on the Georgian economy and financial sector can be found at Galt & Taggart, the Group's investment banking and brokerage subsidiary.

To address questions raised by our investors on Georgian macro and the banking sector, we have published a Q&A document, which can be found at Top Questions & Answers on Georgian Macro.

Macroeconomic developments: Armenia

Robust economic growth

Economic activity remained strong in 4Q25, supported by robust consumption, expansionary fiscal policy, and solid credit growth amid eased monetary conditions. Manufacturing, construction, and services were the main contributors to the 9.8% y-o-y real GDP expansion in 4Q25, following a 6.2% increase in the previous quarter. Overall, GDP growth reached 7.2% in 2025, exceeding earlier expectations, while growth in 2026 is projected to be in the range of 5.5-6.0%. The outlook is supported by continued fiscal expansion, sustained strength in the services sector, and the planned commissioning of a new gold mine, which is expected to provide an additional boost to industrial output and export capacity.

Prudent macroeconomic policies and ongoing structural reforms underpin Armenia's economic resilience. While regional geopolitical tensions continue to pose downside risks, further medium-term growth upside could arise from the durable implementation of the historic 2025 peace accord with Azerbaijan and the opening of the land border with Türkiye.

Resumed growth in external inflows and strong Dram

Following a normalisation from the one-off highs of the previous year, external trade resumed growth in 4Q25. Goods exports increased by 8.5% y-o-y (down 36.1% for the full year), while imports rose by 10.0% y-o-y (down 23.6% for the full year). Non-commercial money transfers remained strong, rising by 15.6% y-o-y in 4Q25, following a 24.2% growth in the previous quarter.

The resilience of these external inflows, alongside prudent macroeconomic policies, contributed to a 3.8% appreciation of the Armenian Dram (AMD) against the US dollar in 2025, building on a 2.0% gain in 2024. Over the same period, the AMD remained broadly stable against the GEL, depreciating by only 0.2%, after a 6.5% appreciation in 2024. The Central Bank of Armenia (CBA) continued foreign currency purchases, increasing gross reserves by 38.0% y-o-y to a record USD 5.1 billion by the end of December 2025.

Near-target inflation and neutral monetary policy

Inflation remained broadly stable in 4Q25, driven mainly by food and service prices. Headline CPI reached 3.3% y-o-y in December 2025, close to the CBA's 3% target. Inflation is expected to remain stable in 2026 as temporary food-related price pressures subside. The CBA delivered a 25 bps cut in December 2025, bringing the refinancing rate to 6.5%. We expect the policy rate to remain unchanged in 2026, as the current policy stance is assessed to be broadly neutral.

Continued fiscal expansion

Fiscal policy remained expansionary in 2025, driven by increased spending on national security, public infrastructure, and social support programmes. As a result, the fiscal deficit stood at 3.7% of GDP in 2025, unchanged from 2024, reflecting balanced revenue performance and restrained expenditure execution toward year-end. The government debt-to-GDP ratio remained broadly stable at 47.3% at end-2025, supported by solid nominal GDP growth and prudent debt management. Fiscal policy is expected to remain growth-supportive in 2026, with a planned fiscal deficit of 4.5% of GDP.

Sound banking sector

Armenia's banking sector remains robust, with strong capital and liquidity buffers. Bank lending grew by an estimated 24.7% y-o-y in 4Q25 on a constant currency basis, following a 27.1% y-o-y growth in the previous quarter. Loan dollarisation was broadly stable at 34.0% at the end of December 2025, following significant declines in prior years. Meanwhile, deposit dollarisation continued to decrease, reaching 43.9%, down 1.2 pp q-o-q.

4Q25 and FY25 preliminary unaudited consolidated results

The comparability of full-year 2025 results is impacted by the consolidation of Ameriabank's income statement from 1 April 2024, as the 2024 baseline includes only nine months of its performance. For a like-for-like analysis, please see Ameriabank's standalone financials on page 14.

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%

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

•	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.

Business Division results

Following the acquisition of Ameriabank at the end of March 2024, the Group results are presented by the following Business Divisions: 1) Georgian Financial Services (GFS), 2) Armenian Financial Services (AFS), and 3) Other Businesses.

Georgian Financial Services (GFS)

Georgian Financial Services (GFS) mainly comprises JSC Bank of Georgia and the investment bank JSC Galt and Taggart. GFS is organised across the following business segments: Retail Banking (RB), Small and Medium Enterprise (SME) Banking, Corporate and Investment Banking (CIB), and Corporate Center (CC).

GEL thousands	4Q25	4Q24	Change y-o-y	3Q25	Change q-o-q			FY25	FY24	Change y-o-y
INCOME STATEMENT HIGHLIGHTS
Interest income	1,040,286	879,608	18.3%	1,007,375	3.3%			3,907,286	3,261,442	19.8%
Interest expense	(486,175)	(408,847)	18.9%	(455,157)	6.8%			(1,804,626)	(1,463,591)	23.3%
Net interest income	554,111	470,761	17.7%	552,218	0.3%			2,102,660	1,797,851	17.0%
Net fee and commission income	169,810	126,923	33.8%	120,379	41.1%			529,209	465,614	13.7%
Net foreign currency gain	91,895	107,776	-14.7%	94,932	-3.2%			360,878	386,797	-6.7%
Net other income	20,953	26,030	-19.5%	7,916	164.7%			50,834	53,428	-4.9%
Operating income	836,769	731,490	14.4%	775,445	7.9%			3,043,581	2,703,690	12.6%
Salaries and other employee benefits (2025: adjusted)	(140,375)*	(125,107)	12.2%	(130,380)	7.7%			(516,693)*	(443,347)	16.5%
Administrative expenses	(71,450)	(61,018)	17.1%	(51,194)	39.6%			(215,390)	(204,383)	5.4%
Depreciation, amortisation and impairment	(40,657)	(31,799)	27.9%	(38,430)	5.8%			(148,485)	(121,983)	21.7%
Other operating expenses	(7,603)	(1,636)	NMF	(6,171)	23.2%			(26,355)	(5,744)	NMF
Operating expenses (2025: adjusted)	(260,085)*	(219,560)	18.5%	(226,175)	15.0%			(906,923)*	(775,457)	17.0%
Profit from associates	111	369	-69.9%	469	-76.3%			1,316	1,347	-2.3%
Operating income before cost of risk (2025: adjusted)	576,795*	512,299	12.6%	549,739	4.9%			2,137,974*	1,929,580	10.8%
Cost of risk	(30,274)	(47,615)	-36.4%	(47,398)	-36.1%			(141,510)	(98,099)	44.3%
Profit before income tax expense (2025: adjusted)	546,521*	464,684	17.6%	502,341	8.8%			1,996,464*	1,831,481	9.0%
Income tax expense	(86,583)	(71,415)	21.2%	(68,515)	26.4%			(287,781)	(275,557)	4.4%
Profit before for one-off items	459,938*	393,269	17.0%	433,826	6.0%			1,708,683*	1,555,924	9.8%
One-off items4	(29,094)	-	NMF	-	NMF			(29,094)	-	NMF
Profit	430,844	393,269	9.6%	433,826	-0.7%			1,679,589	1,555,924	7.9%

 

*These figures exclude a one-off item of GEL 29.1m in 4Q25 and FY25 to better illustrate underlying performance (see endnote 4).

 

BALANCE SHEET HIGHLIGHTS		Dec-25	Dec-24	Change y-o-y	Sep-25	Change q-o-q
Cash and cash equivalents	2,720,691		1,832,228	48.5%	3,226,804	-15.7%
Amounts due from credit institutions	2,139,551		2,423,723	-11.7%	2,160,672	-1.0%
Investment securities	8,236,145		7,886,960	4.4%	8,074,493	2.0%
Loans to customers, finance lease and factoring receivables	27,288,607		23,539,328	15.9%	26,150,474	4.4%
Loans to customers, finance lease and factoring receivables, LC	15,822,353		13,580,484	16.5%	15,210,055	4.0%
Loans to customers, finance lease and factoring receivables, FC	11,466,254		9,958,844	15.1%	10,940,419	4.8%
Property and equipment	519,892		462,037	12.5%	501,230	3.7%
All remaining assets	1,225,254		1,170,001	4.7%	1,223,077	0.2%
Total assets	42,130,140		37,314,277	12.9%	41,336,750	1.9%
Client deposits and notes	27,312,550		24,052,164	13.6%	27,487,750	-0.6%
Client deposits and notes, LC	14,595,833		11,355,443	28.5%	14,551,630	0.3%
Client deposits and notes, FC	12,716,717		12,696,721	0.2%	12,936,120	-1.7%
Amounts owed to credit institutions	6,562,242		6,712,420	-2.2%	6,225,136	5.4%
Debt securities issued	1,800,502		1,082,831	66.3%	1,320,165	36.4%
All remaining liabilities	769,455		475,032	62.0%	910,900	-15.5%
Total liabilities	36,444,749		32,322,447	12.8%	35,943,951	1.4%
Total equity	5,685,391		4,991,830	13.9%	5,392,799	5.4%
Risk-weighted assets (JSC Bank of Georgia standalone)	32,187,358		29,080,593	10.7%	30,835,359	4.4%

 

KEY RATIOS	4Q25	4Q24		3Q25			FY25	FY24
ROAA (adjusted for one-off items)4	4.4%	4.3%		4.3%			4.3%	4.7%
ROAA (unadjusted)	4.1%	4.3%		4.3%			4.3%	4.7%
ROAE (adjusted for one-off items)4	32.7%	32.5%		32.2%			32.0%	33.5%
ROAE (unadjusted)	30.7%	32.5%		32.2%			31.5%	33.5%
Net interest margin	5.9%	5.8%		6.2%			5.9%	6.0%
Loan yield	12.8%	12.5%		12.8%			12.7%	12.5%
Loan yield, GEL	15.5%	15.0%		15.4%			15.3%	15.0%
Loan yield, FC	8.9%	9.0%		9.3%			9.1%	9.3%
Cost of funds	5.5%	5.2%		5.3%			5.4%	5.2%
Cost of client deposits and notes	4.9%	4.3%		4.7%			4.7%	4.4%
Cost of client deposits and notes, GEL	7.9%	7.6%		7.8%			7.9%	7.8%
Cost of client deposits and notes, FC	1.5%	1.3%		1.4%			1.5%	1.2%
Cost of time deposits	7.2%	6.6%		7.0%			7.0%	6.8%
Cost of time deposits, GEL	10.3%	10.0%		9.9%			10.3%	10.6%
Cost of time deposits, FC	2.6%	2.5%		2.7%			2.7%	2.3%
Cost of current accounts and demand deposits	2.9%	2.3%		2.7%			2.6%	2.3%
Cost of current accounts and demand deposits, GEL	5.3%	4.7%		5.3%			5.2%	4.9%
Cost of current accounts and demand deposits, FC	0.7%	0.6%		0.6%			0.6%	0.4%
Cost:income ratio (adjusted for one-off items)4	31.1%	30.0%		29.2%			29.8%	28.7%
Cost:income ratio (unadjusted)	34.6%	30.0%		29.2%			30.8%	28.7%
Cost of credit risk ratio	0.4%	0.6%		0.6%			0.5%	0.4%

Performance highlights

•	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

		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.

Liquidity

	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%

Both our Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) were well above the regulatory minimum requirements of 100%.

Capital position

Bank of Georgia maintains robust levels of capital, with all ratios comfortably above the minimum regulatory requirements. The movement in capital adequacy ratios in 4Q25 and the potential impact of a 10% devaluation of GEL is as follows:

	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%

Armenian Financial Services (AFS)

Ameriabank CJSC was acquired and consolidated on the Group's books at the end of March 2024, with its income statement included in the Group's results starting from 1 April 2024. Standalone financial information for Ameriabank is provided on page 14 for reference. It differs from AFS results due to fair value adjustments and the allocation of certain Group expenses to Business Divisions and is not included in the consolidated results.

Year-on-year AFS segment comparisons are not representative of underlying performance because FY24 results include only nine months of Ameriabank's performance post-acquisition (income statement consolidated from 1 April 2024). Ameriabank's standalone full-year results, which differ from segment reporting due to internal adjustments, are available on page 14.

GEL thousands	4Q25	4Q24	Change y-o-y	3Q25	Change q-o-q		FY25	FY241	Change y-o-y
INCOME STATEMENT HIGHLIGHTS
Interest income	375,000	284,685	31.7%	349,416	7.3%		1,348,723	794,616	69.7%
Interest expense	(149,644)	(104,643)	43.0%	(139,374)	7.4%		(530,468)	(287,585)	84.5%
Net interest income	225,356	180,042	25.2%	210,042	7.3%		818,255	507,031	61.4%
Net fee and commission income	53,343	39,781	34.1%	17,356	NMF		115,091	89,922	28.0%
Net foreign currency gain	35,042	50,712	-30.9%	38,428	-8.8%		145,340	128,032	13.5%
Net other income	3,706	1,060	NMF	4,896	-24.3%		12,132	3,927	NMF
Operating income	317,447	271,595	16.9%	270,722	17.3%		1,090,818	728,912	49.7%
Salaries and other employee benefits	(92,907)	(92,590)	0.3%	(98,731)	-5.9%		(369,010)	(268,547)	37.4%
Administrative expenses	(19,321)	(20,458)	-5.6%	(14,860)	30.0%		(71,415)	(47,737)	49.6%
Depreciation, amortisation and impairment	(15,360)	(12,988)	18.3%	(14,569)	5.4%		(59,887)	(40,818)	46.7%
Other operating expenses	(920)	(2,150)	-57.2%	778	NMF		(3,186)	(5,400)	-41.0%
Operating expenses	(128,508)	(128,186)	0.3%	(127,382)	0.9%		(503,498)	(362,502)	38.9%
Profit from associates	-	-	NMF	-	NMF		-	-	-
Operating income before cost of risk (2024: adjusted)	188,939	143,409*	31.7%	143,340	31.8%		587,320	366,410*	60.3%
Cost of risk	(6,170)	(3,533)	74.6%	(2,872)	114.8%		(22,982)	(63,182)	-63.6%
Out of which initial ECL related to assets acquired in business combination3	-	-	NMF	-	NMF		-	(49,157)	NMF
Profit before income tax expense (2024: adjusted)	182,769	139,876*	30.7%	140,468	30.1%		564,338	303,228*	NMF
Income tax expense	(33,181)	(31,585)	5.1%	(28,997)	14.4%		(111,974)	(73,072)	53.2%
Profit before one-off items	149,588	108,291*	38.1%	111,471	34.2%		452,364	230,156*	96.5%
One-off items4	-	2,708	NMF	-	NMF		-	672,173	NMF
Profit	149,588	110,999	34.8%	111,471	34.2%		452,364	902,329	-49.9%

* These figures exclude a one-off item of GEL 2.7m in 4Q24 and GEL 672.2m in FY24 to better illustrate underlying performance (see endnote 4).

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%

 

KEY RATIOS	4Q25	4Q24		3Q25			FY25	FY24
ROAA (adjusted for one-off items)4	3.8%	3.6%		3.0%			3.2%	2.9%
ROAA (adjusted for one-off items and Ameriabank initial ECL)3,4	3.8%	3.6%		3.0%			3.2%	3.5%
ROAA (unadjusted)	3.8%	3.7%		3.0%			3.2%	11.4%
ROAE (adjusted for one-off items)4	26.8%	25.3%		21.8%			22.6%	20.6%
ROAE (adjusted for one-off items and Ameriabank initial ECL)3,4	26.8%	25.3%		21.8%			22.6%	25.0%
ROAE (unadjusted)	26.8%	26.0%		21.8%			22.6%	80.7%
Net interest margin	6.3%	6.8%		6.5%			6.4%	7.3%
Loan yield	11.5%	11.6%		11.6%			11.5%	12.5%
Loan yield, AMD	14.1%	13.9%		14.2%			14.0%	15.0%
Loan yield, FC	8.0%	8.5%		7.9%			8.1%	8.9%
Cost of funds	4.6%	4.2%		4.6%			4.5%	4.4%
Cost of client deposits and notes	3.9%	3.3%		3.7%			3.6%	3.3%
Cost of client deposits and notes, AMD	5.5%	4.9%		5.3%			5.2%	5.1%
Cost of client deposits and notes, FC	1.5%	1.4%		1.6%			1.5%	1.5%
Cost of time deposits	6.8%	6.1%		6.5%			6.4%	6.0%
Cost of time deposits, AMD	9.9%	9.5%		9.8%			9.8%	10.0%
Cost of time deposits, FC	2.6%	2.5%		2.6%			2.5%	2.5%
Cost of current accounts and demand deposits	1.7%	1.5%		1.7%			1.7%	1.6%
Cost of current accounts and demand deposits, AMD	2.3%	2.1%		2.3%			2.3%	2.3%
Cost of current accounts and demand deposits, FC	0.7%	0.7%		0.7%			0.7%	0.8%
Cost:income ratio	40.5%	47.2%		47.1%			46.2%	49.7%
Cost of credit risk ratio3	0.2%	0.3%		0.0%			0.2%	1.2%

Performance highlights

•	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.

Portfolio highlights[8]

	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 AFS			11,818,695	9,265,005		27.6%		28.0%		10,890,803		8.5%	8.5%
Retail			5,281,641	4,193,063		26.0%		26.4%		4,944,013		6.8%	6.8%
Mortgages			2,759,125	2,461,083		12.1%		12.5%		2,617,178		5.4%	5.4%
Consumer loans			1,862,265	1,180,493		57.8%		57.9%		1,701,662		9.4%	9.4%
Retail SME			660,251	551,487		19.7%		20.8%		625,173		5.6%	5.6%
Corporate			6,537,054	5,071,942		28.9%		29.4%		5,946,790		9.9%	10.0%
			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 AFS		9,630,051			7,949,083		21.1%		21.9%		8,827,419	9.1%	9.1%
Retail		5,183,973			4,298,868		20.6%		21.4%		4,842,429	7.1%	7.1%
Corporate		4,446,078			3,650,215		21.8%		22.4%		3,984,990	11.6%	11.6%
	Loan portfolio quality: cost of credit risk ratio
	4Q25				4Q24						3Q25	FY25	FY24
Total AFS	0.2%				0.3%						0.0%	0.2%	1.1%
Retail	0.8%				0.4%						0.5%	0.8%	0.9%
Corporate	-0.3%				0.1%						-0.3%	-0.3%	1.3%

 

•	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.

Liquidity

•	Ameriabank has maintained a strong liquidity position, with CBA LCR at 249.9% and CBA NSFR at 127.3% as at 31 December 2025, well above the minimum regulatory requirements of 100%.

Capital position

•		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%

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

The following table is presented for information purposes only to show the standalone performance of Ameriabank. It has been prepared consistently with the accounting policies adopted by the Group in preparing its consolidated financial statements.

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
Liquid assets	4,134,857	3,678,577	12.4%	3,610,494	14.5%
Cash and cash equivalents	773,801	1,409,223	-45.1%	1,211,626	-36.1%
Amounts due from credit institutions	1,566,220	821,795	90.6%	942,877	66.1%
Investment securities	1,794,826	1,447,559	24.0%	1,455,991	23.3%
Loans to customers, finance lease and factoring receivables	11,822,756	9,278,814	27.4%	10,899,134	8.5%
Property and equipment	78,285	66,857	18.1%	79,898	-1.2%
All remaining assets	468,808	310,311	50.9%	351,379	33.2%
Total assets	16,504,696	13,334,559	23.8%	14,940,905	10.5%
Client deposits and notes	9,630,051	7,949,083	21.1%	8,827,419	9.1%
Amounts owed to credit institutions	2,916,753	1,966,451	48.3%	2,390,184	22.0%
Debt securities issued	1,186,478	1,155,679	2.7%	1,207,757	-1.8%
All remaining liabilities	389,494	447,950	-13.0%	341,531	14.0%
Total liabilities	14,122,776	11,519,163	22.6%	12,766,891	10.6%
Total equity	2,381,920	1,815,396	31.2%	2,174,014	9.6%

 

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%

Other Businesses

The Business Division 'Other Businesses' includes JSC Belarusky Narodny Bank (BNB) serving 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.

GEL thousands	4Q25	4Q24	Change y-o-y	3Q25	Change q-o-q		FY25	FY24	Change y-o-y
INCOME STATEMENT HIGHLIGHTS
Interest income	32,627	21,965	48.5%	29,863	9.3%		115,106	83,842	37.3%
Interest expense	(16,199)	(9,112)	77.8%	(15,823)	2.4%		(64,280)	(27,877)	130.6%
Net interest income	16,428	12,853	27.8%	14,040	17.0%		50,826	55,965	-9.2%
Net fee and commission income	3,095	2,394	29.3%	2,817	9.9%		13,187	6,126	115.3%
Net foreign currency gain	23,689	17,862	32.6%	18,826	25.8%		94,785	56,970	66.4%
Net other income	3,867	(4,176)	NMF	2,325	66.3%		10,059	10,965	-8.3%
Operating income	47,079	28,933	62.7%	38,008	23.9%		168,857	130,026	29.9%
Salaries and other employee benefits (2025: adjusted)	(18,123)*	(13,346)	35.8%	(15,173)	19.4%		(63,090)*	(46,096)	36.9%
Administrative expenses	(11,671)	(6,566)	77.7%	(9,638)	21.1%		(38,354)	(27,077)	41.6%
Depreciation, amortisation and impairment	(3,876)	(2,512)	54.3%	(3,500)	10.7%		(13,280)	(10,336)	28.5%
Other operating expenses	(318)	(441)	-27.9%	(359)	-11.4%		(1,352)	(1,436)	-5.8%
Operating expenses (2025: adjusted)	(33,988)*	(22,865)	48.6%	(28,670)	18.5%		(116,076)*	(84,945)	36.6%
Gain on bargain purchase2	1,488	-	NMF	-	NMF		1,488	-	-
Profit from associates	-	-	NMF	-	NMF		-	-	NMF
Operating income before cost of risk (2025: adjusted)	14,579*	6,068	140.3%	9,338	56.1%		54,269*	45,081	20.4%
Cost of risk	34	2,006	-98.3%	(5,108)	NMF		(5,005)	(3,972)	26.0%
Profit before income tax expense (2025: adjusted)	14,613*	8,074	81.0%	4,230	NMF		49,264*	41,109	19.8%
Income tax expense	(4,825)	(4,920)	-1.9%	(2,331)	107.0%		(17,490)	(14,167)	23.5%
Profit before one-off items	9,788*	3,154	NMF	1,899	NMF		31,774*	26,942	17.9%
One-off items4	(496)	-	NMF	-	NMF		(496)	-	NMF
Profit	9,292	3,154	194.6%	1,899	389.3%		31,278	26,942	16.1%

* This figure differs from the corresponding amount in the unaudited consolidated financial statements, as it excludes a one-off item of GEL 0.5m (see endnote 4) in 4Q25 and FY25, to better illustrate underlying performance.

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%

 

•	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%).

Preliminary unaudited consolidated financial information

GEL thousands	4Q25	4Q24		Change y-o-y		3Q25	Change q-o-q			FY25				FY24			Change y-o-y
INCOME STATEMENT HIGHLIGHTS
Interest income	1,447,913		1,186,258		22.1%	1,386,654	4.4%			5,371,115		4,139,900					29.7%
Interest expense	(652,018)		(522,602)		24.8%	(610,354)	6.8%			(2,399,374)		(1,779,053)					34.9%
Net interest income	795,895		663,656		19.9%	776,300	2.5%			2,971,741		2,360,847					25.9%
Fee and commission income	336,392		277,667		21.1%	279,616	20.3%			1,126,476		937,777					20.1%
Fee and commission expense	(110,144)		(108,569)		1.5%	(139,064)	-20.8%			(468,989)		(376,115)					24.7%
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%
Salaries and other employee benefits	(280,995)		(231,043)		21.6%	(244,284)	15.0%			(978,383)		(757,990)					29.1%
Salaries and other employee benefits without one-offs	(251,405)		(231,043)		8.8%	(244,284)	2.9%			(948,793)		(757,990)					25.2%
Employee Stock Ownership (ESOP) catch-up4	(29,590)		-		NMF	-	NMF			(29,590)		-					NMF
Administrative expenses	(102,442)		(88,042)		16.4%	(75,692)	35.3%			(325,159)		(279,197)					16.5%
Depreciation, amortisation and impairment	(59,893)		(47,299)		26.6%	(56,499)	6.0%			(221,652)		(173,137)					28.0%
Other operating expenses	(8,841)		(4,227)		109.2%	(5,752)	53.7%			(30,893)		(12,580)					145.6%
Operating expenses	(452,171)		(370,611)		22.0%	(382,227)	18.3%			(1,556,087)		(1,222,904)					27.2%
Gain on bargain purchase2,4	1,488		-		NMF	-	NMF			1,488		685,888					-99.8%
Acquisition related costs4	-		2,708		NMF	-	NMF			-		(13,715)					NMF
Profit from associates	111		369		-69.9%	469	-76.3%			1,316		1,347					-2.3%
Operating income before cost of risk	750,723		664,484		13.0%	702,417	6.9%			2,749,973		3,013,244					-8.7%
Expected credit loss on loans to customers and factoring receivables	(30,521)		(38,220)		-20.1%	(48,244)	-36.7%			(143,434)		(147,399)					-2.7%
Expected credit loss on finance lease receivables	(2,050)		(125)		NMF	171	NMF			(2,506)		(1,409)					77.9%
Other expected credit loss and impairment charge on other assets and provisions	(3,839)		(10,797)		-64.4%	(7,305)	-47.4%			(23,557)		(16,445)					43.2%
Cost of risk	(36,410)		(49,142)		-25.9%	(55,378)	-34.3%			(169,497)		(165,253)					2.6%
Profit before income tax expense	714,313		615,342		16.1%	647,039	10.4%			2,580,476		2,847,991					-9.4%
Income tax expense	(124,589)		(107,920)		15.4%	(99,843)	24.8%			(417,245)		(362,796)					15.0%
Profit	589,724		507,422		16.2%	547,196	7.8%			2,163,231		2,485,195					-13.0%
Attributable to:
- shareholders of the Group	589,712		505,492		16.7%	547,196	7.8%			2,161,329			2,476,943				-12.7%
- non-controlling interests	12		1,930		-99.4%	-	NMF			1,902			8,252			-77.0%
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%

 

GEL thousands	Dec-25	Dec-24	Change y-o-y	Sep-25	Change q-o-q
BALANCE SHEET HIGHLIGHTS
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	10,047,237	8,968,721	12.0%	8,569,742	17.2%
Investment securities pledged under sale and repurchase agreements	147,416	483,666	-69.5%	1,136,828	-87.0%
Loans to customers, finance lease and factoring receivables	40,065,664	33,558,874	19.4%	37,927,219	5.6%
Accounts receivable and other loans	11,470	8,811	30.2%	11,988	-4.3%
Prepayments	200,767	88,950	125.7%	126,343	58.9%
Foreclosed assets	374,659	378,642	-1.1%	371,422	0.9%
Right-of-use assets	332,630	257,896	29.0%	306,449	8.5%
Investment properties	107,573	134,338	-19.9%	121,698	-11.6%
Property and equipment	616,839	550,097	12.1%	603,448	2.2%
Goodwill	41,253	41,253	0.0%	41,253	0.0%
Intangible assets	376,402	322,250	16.8%	341,639	10.2%
Income tax assets	41	48,114	NMF	15,289	NMF
Other assets	407,958	314,620	29.7%	364,357	12.0%
Assets held for sale	15,644	20,008	-21.8%	17,852	-12.4%
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%
Debt securities issued	2,999,871	2,255,016	33.0%	2,539,696	18.1%
Lease liability	348,114	274,435	26.8%	319,161	9.1%
Accruals and deferred income	301,067	338,734	-11.1%	271,174	11.0%
Income tax liabilities	108,805	88,431	23.0%	91,875	18.4%
Other liabilities	560,676	353,802	58.5%	716,402	-21.7%
Total liabilities	52,447,613	45,192,661	16.1%	50,233,668	4.4%
Share capital	1,431	1,464	-2.3%	1,439	-0.6%
Additional paid-in capital	569,887	453,738	25.6%	466,851	22.1%
Treasury shares	(31)	(51)	-39.2%	(30)	3.3%
Capital redemption reserve	187	154	21.4%	179	4.5%
Other reserves	72,048	110,786	-35.0%	63,215	14.0%
Retained earnings	7,776,662	6,422,320	21.1%	7,364,398	5.6%
Total equity attributable to shareholders of the Group	8,420,184	6,988,411	20.5%	7,896,052	6.6%
Non-controlling interests	2,059	26,816	-92.3%	1,465	40.5%
Total equity	8,422,243	7,015,227	20.1%	7,897,517	6.6%
Total liabilities and equity	60,869,856	52,207,888	16.6%	58,131,185	4.7%
Book value per share	197.85	162.77	21.6%	184.46	7.3%

Non-financial information

Customer engagement

	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%

Payments business

Bank of Georgia (standalone)	Dec-25	Dec-24	Change y-o-y	Sep-25	Change q-o-q
Payment MAU - retail (issuing) (thousands)	1,639.8	1,450.9	13.0%	1,567.2	4.6%
Market share in acquiring volumes10	55.8%	56.0%		56.2%
Active merchants (thousands)	26.5	22.4	18.2%	25.8	2.4%

 

	4Q25	4Q24	Change y-o-y	3Q25	Change q-o-q
Volume of payment transactions (acquiring)[10] (millions): Bank of Georgia (standalone)	6,396.3	5,217.7	22.6%	6,060.4	5.5%
POS	4,004.3	3,289.0	23.0%	3,980.2	1.6%
E-comm	2,352.0	1,928.8	21.9%	2,080.1	13.1%

Additional information

	Dec-25	Dec-24	Change y-o-y	Sep-25	Change q-o-q
Employees (period-end)
Bank of Georgia	8,628	7,954	8.5%	8,377	3.0%
Ameriabank	2,326	2,036	14.2%	2,272	2.4%
Other	2,293	2,088	9.8%	2,245	2.1%
Group	13,247	12,078	9.7%	12,894	2.7%

 

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%

Glossary

Operational terms

•	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.

Ratio definitions and abbreviations

•	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.

Lion Finance Group PLC profile

Lion Finance Group PLC (formerly Bank of Georgia Group PLC; the "Company" or the "Group" when referring to the group companies as a whole) is a FTSE 250 holding company whose main subsidiaries provide banking and financial services focused in the high-growth Georgian and Armenian markets through leading, customer-centric, universal banks - Bank of Georgia in Georgia and Ameriabank in Armenia. By building on our competitive strengths, we are committed to driving business growth, sustaining high profitability, and generating strong returns, while creating opportunities for our stakeholders and making a positive contribution in the communities where we operate.

Lion Finance Group PLC is listed on the London Stock Exchange's main market in the Equity Shares (Commercial Companies) category and is a constituent of the FTSE 250 index. Ticker: BGEO.

Legal entity identifier: 213800XKDG12NQG8VC53

Registered address: 29 Farm Street, London, W1J 5RL, United Kingdom; Registered under number 10917019 in England and Wales

Company secretary: Computershare Company Secretarial Services Limited (The Pavilions, Bridgwater Road, Bristol BS13 8FD, United Kingdom)

Registrar: Computershare Investor Services PLC (The Pavilions Bridgwater Road, Bristol BS99 6ZZ, United Kingdom)

Please note that Investor Centre is a free, secure online service run by our Registrar, Computershare, giving you convenient access to information on your shareholdings.

Investor Centre Web Address: www.uk.computershare.com/Investor/#Home

Investor Centre Shareholder Helpline: +44 (0)370 873 5866

Auditors: Ernst & Young LLP (25 Churchill Place Canary Wharf, London E14 5EY, United Kingdom)

Contacts:

Email: ir@lfg.uk

Telephone: +44(0) 203 178 4052

Sam Goodacre (Advisor to the CEO): sgoodacre@lfg.uk; +44 745 398 8513  

Nini Arshakuni (Head of Investor Relations): narshakuni@lfg.uk;  +44 203 178 4034

Further information

For more on results publications, go to Results Centre on https://lionfinancegroup.uk/results-center/quarterly-earnings/

For more on investor information, go to https://lionfinancegroup.uk/investor-information/shareholder-meetings/  

For news updates, go to https://lionfinancegroup.uk/news/news-announcements/  

For share price information, go to https://lionfinancegroup.uk/investor-information/share-price/

Forward-looking statements

This announcement contains forward-looking statements, including, but not limited to, statements concerning expectations, projections, objectives, targets, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions, competitive strengths and weaknesses, plans or goals relating to financial position and future operations and development. Although Lion Finance Group PLC believes that the expectations and opinions reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations and opinions will prove to have been correct. By their nature, these forward-looking statements are subject to a number of known and unknown risks, uncertainties and contingencies, and actual results and events could differ materially from those currently being anticipated as reflected in such statements. Important factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements, certain of which are beyond our control, include, among other things: macro risk, including domestic instability; geopolitical risk; credit risk; liquidity and funding risk; capital risk; market risk; regulatory and legal risk; conduct risk; financial crime risk; information security and data protection risks; operational risk; human capital risk; model risk; strategic risk; reputational risk; climate-related risk; and other key factors that could adversely affect our business and financial performance, as indicated elsewhere in this document and in past and future filings and reports of the Group, including the 'Principal risks and uncertainties' included in Lion Finance Group PLC's Annual Report and Accounts 2024 and in 2Q25 and 1H25 Results. No part of this document constitutes, or shall be taken to constitute, an invitation or inducement to invest in Lion Finance Group PLC or any other entity within the Group, and must not be relied upon in any way in connection with any investment decision. Lion Finance Group PLC and other entities within the Group undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent legally required. Nothing in this document should be construed as a profit forecast.