SIF Banat Crisana S.A.

Earnings Release • Feb 28, 2025

PRELIMINARY FINANCIAL RESULTS

— AS OF DECEMBER 31, 2024 —

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CONTENTS

1	COMPANY PRESENTATION	2
2	STATEMENT OF MAIN ITEMS OF THE FINANCIAL POSITION AND THE PRELIMINARY RESULTS AS OF DECEMBER 31, 2024	3
ANNEXES
ANNEX 1	Separate Statement of Profit and Loss and Other Comprehensive Income as of December 31, 2024 (preliminary unaudited)	4
ANNEX 2	Separate Statement of Financial Position as of December 31, 2024 (preliminary unaudited)	5
ANNEX 3	Statement of Changes in Equity as of December 31, 2024 (preliminary unaudited)	6
ANNEX 4	Cash Flow Statement as of December 31, 2024 (preliminary unaudited)	8

This report presents the preliminary unaudited financial results of Lion Capital as of December 31, 2024, prepared in compliance to the Norm 39/2015 issued by the Financial Supervisory Authority (ASF). The financial results presented herein are preliminary and subject to subsequent adjustments.

1. COMPANY PRESENTATION

COMPANY NAME	Lion Capital S.A. (hereinafter referred to as "Lion Capital", "The Fund" or "the Company"), the new corporate name, starting March 24, 2023, of SIF Banat-Crișana S.A.
COMPANY TYPE	▪ joint stock company, Romanian legal entity with private capital ▪ established as a self-managed investment company, authorized by the Financial Supervisory Authority as Alternative Investment Fund Manager (AIFM) - Authorization no. 78 / 09.03.2018, and as closed-ended alternative investment fund, diversified, addressed to retail investors (AIFRI) - Authorization no. 130 / 01.07.2021
SHARE CAPITAL	▪ RON 50,751,005.60 – subscribed and paid-up capital ▪ 507,510,056 shares issued; 505,020,056 outstanding as of December 31, 2024 ▪ RON 0.10 per share nominal value
REGISTRATIONS	▪ Number in Trade Register J02/1898/1992 ▪ Tax Identification Code RO 2761040 ▪ Number in ASF AFIAA Register PJR07.1AFIAA / 020007 / 09.03.2018 ▪ Number in ASF FIAIR Register PJR09FIAIR / 020004 / 01.07.2021 ▪ Legal Entity Identifier (LEI) 254900GAQ2XT8DPA7274
MAIN ACTIVITY	Main activity is, as per the classification of economic activities in the national economy (NACE; ro: CAEN): financial intermediation, except for insurance and pension funds (NACE Code 64), and the main object of activity: Other financial intermediation n.c.a. (NACE Code 6499): a) portfolio management b) risk management; c) other activities carried out within the collective management of an investment fund, allowed by the legislation in force.
TRADING MARKET	The company is listed since November 1, 1999, on the regulated market of Bucharest Stock Exchange (BVB or BSE) – Premium category symbol LION (since May 15, 2023, previously: SIF1)
FINANCIAL AUDITOR	Deloitte Audit S.R.L.
DEPOSITARY BANK	Banca Comercială Română (BCR)
SHARES AND SHAREHOLDERS' REGISTER	Depozitarul Central S.A. Bucharest
REGISTERED OFFICE	Arad, 35A Calea Victoriei, 310158, Romania TEL +40257 304 438 FAX +40257 250 165 EMAIL office@lion-capital.ro WEB www.lion-capital.ro
BRANCH	Lion Capital Arad-Bucharest Branch-Rahmaninov 46-48 S. V. Rahmaninov Str., 3rd floor, sector 2, 020199, Bucharest

2. STATEMENT OF MAIN ITEMS OF THE FINANCIAL POSITION AND THE PRELIMINARY RESULTS AS OF DECEMBER 31, 2024

Lion Capital concluded 2024 with a strong financial position and net profit exceeding the level approved in the income and expenses budget, despite an environment marked by volatility and unforeseen macroeconomic developments. Throughout 2024, asset portfolio management was conducted in a complex and uncertain investment climate, characterized by elevated interest rates and heightened volatility in capital markets. This scenario necessitated a prudent and adaptive approach to achieve adequate performance.

In this context, in line with its investment strategy, Lion Capital S.A. focused on recalibrating its portfolio toward assets / financial instruments that benefit from an inflationary environment, continuing the restructuring of its portfolio by reducing minority exposures that do not align with the Fund's investment strategy, while actively managing its majority holdings to drive business development and performance.

According to preliminary financial statements, Lion Capital's total assets reached RON 4,841mn as of December 31, 2024, marking a 12.4% increase compared to the end of 2023.

The Company pursued an active investment policy throughout 2024, undertaking significant acquisitions both via direct purchases of shares listed on the Bucharest Stock Exchange (BVB) and through financing acquisitions executed by Lion Capital's subsidiaries in the real estate segment.

During the year, the Company recorded dividend income of RON 194mn, up RON 42.5mn vs. 2023. Interest income also saw a significant rise as compared to the previous year, driven by the diversification of interest-bearing assets (including the provision of variable-rate loans to subsidiaries), holdings in interestbearing bonds, and an accelerated increase in interest rates earned on deposits in banks denominated in RON and EUR.

Net loss on investments amounted to RON 21mn. This primarily reflects the fair value measurement of financial assets through profit and loss account (e.g., both listed and unlisted shares held in subsidiaries and associated entities, as well as fund units). The downward trend among the main listed issuers in this category (VNC and BIO) impacted the level of this position; however, while favourable movements in the fair value of fund units helped mitigate the net loss.

Total expenses as of December 31, 2024, exceeded those of the corresponding period in 2023. The rise in commission expenses is partly attributable to the increase in the Company's net asset value, which underpins a portion of these fees, surpassing the previous year's levels.

The net profit as of December 31, 2024, amounting to RON 162mn, primarily results from dividend and interest income recorded by the Company.

Total comprehensive income as of December 31, 2024, reached RON 497mn. This figure reflects the impact of the fair value of financial assets classified as FVTOCI (Assets at fair value through other comprehensive income - predominantly the holdings in the financial and banking sector).

Bogdan-Alexandru Drăgoi Chairman and CEO

Bogdan-Victor Dușu CFO

Annex 1

Separate Statement of Profit and Loss and Other Comprehensive Income

- preliminary unaudited -

in RON	Dec. 31, 2024	Dec. 31, 2023
Revenues
Dividend income	194,431,012	151,903,565
Interest income (related to assets at fair value through other comprehensive income,	30,356,102	5,800,174
assets at amortized cost)
Interest income (related to assets at fair value through profit and loss)	4,193,213	8,489,389
Other financial income	445,500	-
Other operating income	216,522	85,242
Gain/(Loss) on investment
Gain / (Loss) on investment property	4,275	1,400,035
Gain / (Loss) on foreign exchange differences	(76,045)	1,165,018
Gain / (Loss) on financial assets at fair value through profit and loss	(20,600,123)	294,280,842
Expenses
Commissions, fees, and charges	(5,768,681)	(5,068,294)
Other operating expenses	(26,964,387)	(22,458,631)
Profit before tax	176,237,389	435,597,340
Income tax	(14,502,738)	(18,342,208)
Net profit for the period	161,734,652	417,255,132
Other comprehensive income
Amounts that are or may be transferred to retained earnings
Change in fair value of shares measured through other comprehensive income	382,638,911	512,870,764
The effect of income tax on items above	(47,354,773)	(70,239,838)
Other comprehensive income	335,284,138	442,630,926
Total comprehensive income for the period	497,018,790	859,886,058
Earnings per share
Basic	0.3192	0,8222
Diluted	0.3192	0,8222

Bogdan-Alexandru Drăgoi Chairman and CEO

Bogdan-Victor Dușu CFO

Annex 2

Separate Statement of Financial Position

- preliminary unaudited -

in RON	December 31, 2024	December 31, 2023
Assets
Cash and cash equivalents	612,916,069	408,814,516
Other financial assets	32,521,102	730,106
Other assets	354,629	317,634
Financial assets at fair value through profit and loss	1,732,319,946	1,900,476,975
Financial assets at fair value through other comprehensive income (shares)	2,442,917,696	1,977,331,822
Financial assets measured at amortized cost	1,257,518	-
Assets representing rights of use of underlying assets in a leasing contract	2,243,002	227,961
Investment property	11,913,467	14,363,411
Tangible assets	5,052,041	3,523,737
Total assets	4,841,495,470	4,305,786,163
Liabilities
Dividends payable	9,816,739	9,886,856
Other financial liabilities	2,898,559	12,402,436
Other liabilities and deferred revenues	2,129,455	13,593
Debts from leasing contracts	2,247,505	258,500
Deferred income tax	230,305,698	182,852,994
Total liabilities	247,397,955	205,414,379
Equity
Share capital	50,751,006	50,751,006
Treasury shares	(7,221,000)	(2,494,800)
Loss on repurchase of own shares	(151,959)	(31,973)
Benefits granted in equity instruments	2,399,100	2,159,850
Other reserves	2,116,822,166	1,699,567,034
Reserves from revaluation of tangible assets	2,523,295	1,176,569
Legal reserves	10,150,201	10,150,201
Reserves from revaluation of financial assets designated at fair value through other		1,095,404,908
comprehensive income	1,434,541,708
Retained earnings	984,282,998	1,243,688,988
Total equity	4,594,097,515	4,100,371,784
Total liabilities and equity	4,841,495,470	4,305,786,163

Bogdan-Alexandru Drăgoi

Chairman and CEO

Bogdan-Victor Dușu

CFO

in RON	Share capital	Treasury shares	Loss on the repurchase of own shares	Legal reserves	Reserves from revaluation of financial assets at fair value through other comprehensive income	Reserves from revaluation of tangible assets	Benefits granted in equity instruments	Other reserves	Retained earnings	Total
Balance on January 1, 2024	50,751,006	(2,494,800)	(31,973)	10,150,201	1,095,404,908	1,176,569	2,159,850	1,699,567,034	1,243,688,988	4,100,371,784
Profit for the period	-	-	-	-	-	-	-	-	161,734,652	161,734,652
Reserve from revaluation of financial assets transferred to profit and loss	-	-	-	-	-	-	-	-	-	-
Reserve from revaluation of financial assets transferred to retained earnings	-	-	-	-	3,922,447	-	-	-	3,922,447	-
Retained earnings from the correction of accounting errors	-	-	-	-	-	-	-	-	(32,848)	(32,848)
Change of reserve	-	-	-	-	382,638,911	-	-	-	-	382,638,911
Revaluation of tangible assets	-	-	-	-	-	1,346,726	-	-	-	1,346,726
Related deferred tax	-	-	-	-	(47,424,558)	-	-	-	69,785	(47,354,773)
Total comprehensive income for the period	-	-	-	-	339,136,799	1,346,726	-	-	157,849,142	498,332,668
Other reserves – own sources	-	-	-	-	-	-	-	417,255,132	(417,255,132)	-
Payable dividends	-	-	-	-	-	-	-	-		-
Lapsed dividends	-	-	-	-	-	-	-	-	-	-
Change in benefits granted	-	2,494,800	-	-	-	-	239,250	-	-	2,734,050
Repurchase of own shares	-	(7,221,000)	(151,959)	-	-	-	-	-	-	(7,372,959)
Cancellation of treasury shares	-	-	31,973	-	-	-	-	-		31,973
Total transactions with shareholders recognized directly in equity	-	(4,726,200)	(119,986)	-	-	-	239,250	417,255,132	(417,255,132)	(4,606,936)
Balance on December 31, 2024	50,751,006	(7,221,000)	(151,959)	10,150,201	1,434,541,708	2,523,295	2,399,100	2,116,822,166	984,282,998	4,594,097,515

Statement of Changes in Equity - preliminary unaudited -

Bogdan-Alexandru Drăgoi Bogdan-Victor Dușu Chairman and CEO CFO

6

				-	Statement of Changes in Equity preliminary unaudited -
in RON	Share capital	Treasury shares	Loss on the repurchase of own shares	Legal reserves	Reserves from revaluation of financial assets at fair value through other comprehensive income	Reserves from revaluation of tangible assets	Benefits granted in equity instruments	Other reserves	Retained earnings	Total

Balance on January 1, 2023	50,751,006	-	-	10,150,201	741,827,359	1,176,569	2,000,537	1,604,099,887	832,847,626	3,242,853,185
Profit for the period	-	-	-	-	-	-	-	-	417,255,132	417,255,132
Reserve from revaluation of financial assets transferred to profit and loss	-	-	-	-	-	-	-	-	-	-
Reserve from revaluation of financial assets transferred to retained earnings	-	-	-	-	(106,766,363)	-	-	-	106,766,363	-
Change of reserve	-	-	-	-	512,870,764	-	-	-	-	512,870,764
Revaluation of tangible assets	-	-	-	-	-	-	-	-	-	-
Related deferred tax	-	-	-	-	(52,526,852)	-	-	-	(17,712,986)	(70,239,838)
Total comprehensive income for the period	-	-	-	-	353,577,549	-	-	-	506,308,509	859,886,058
Other reserves – own sources	-	-	-	-	-	-	-	95,467,147	(95,467,147)	-
Payable dividends	-	-	-	-	-	-	-	-	-	-
Lapsed dividends	-	-	-	-	-	-	-	-	-	-
Change in benefits granted	-	-	-	-	-	-	2,376,913	-	-	2,376,913
Repurchase of own shares	-	(4,712,400)	(60,393)	-	-	-	-	-	-	(4,772,793)
Cancellation of treasury shares	-	2,217,600	28,420	-	-	-	(2,217,600)	-	-	28,420
Total transactions with shareholders recognized directly in equity	-	(2,494,800)	(31,973)	-	-	-	159,313	95,467,147	(95,467,147)	(2,367,460)
Balance on December 31, 2023	50,751,006	(2,494,800)	(31,973)	10,150,201	1,095,404,908	1,176,569	2,159,850	1,699,567,034	1,243,688,988	4,100,371,784

Bogdan-Alexandru Drăgoi Bogdan-Victor Dușu

Chairman and CEO CFO

Annex 4

Cash Flow Statement

- preliminary unaudited -

in RON	Dec. 31, 2024	Dec. 31, 2023
Operating activities
Net profit for the period	161,734,652	417,255,132
Adjustments for:
Depreciation of tangible and intangible assets	554,389	526,264
(Gain)/Loss from disposal of tangible assets	(90,876)	-
(Gain)/Loss from valuation/sale of investment property	(4,275)	(1,400,035)
(Gain)/Loss from financial assets at fair value through profit and loss	20,600,123	(294,280,842)
Dividend income	(194,431,012)	(151,903,565)
Interest income	(34,549,315)	(14,289,563)
Interest expense on liability from leasing contract	17,297	22,234
Expense with / (income from) exchange rate differences assets / financial liabilities and	76,045	(136,295)
other income/expenses
Benefits granted in equity instruments	3,179,550	2,315,317
Income tax	14,502,738	18,342,208
Changes in operating assets and liabilities
Change in other assets (claims, etc.)	30,112	109,301
Change in other financial liabilities	2,447,502	(675,389)
Income tax paid	(14,170,2870	(19,871,237)
Net cash used in operating activities	(40,103,359)	(43,986,470)
Investment activities
Payments for acquisition of financial assets measured at fair value through other comprehensive income (shares, bonds)	(83,373,322)	(23,748,220)
Proceeds from sales of financial assets measured at fair value through other
comprehensive income (shares, bonds)	426,359	183,810,181
(Placements) / Proceeds from bank deposits with term greater than three months	-	-
Proceeds from sale / repurchase of assets at fair value through profit and loss account	229,985,185	168,740,454
(fund units, bonds, shares)
Payments for purchase of assets at fair value through profit and loss account (fund units, bonds, shares, loan)	(111,024,212)	(56,689,483)
Payments for the acquisition of assets at amortized cost	(1,242,744)	-
Proceeds from sale of tangible assets and investment property	2,090,358	464,057
Payments for purchases of tangible assets	(428,356)	(73,588)
Dividends collected	185,679,001	146,223,963
Interest collected	29,750,622	12,674,637
Net cash from investment activities	251,862,891	431,402,001
Financing activities
Payments related to leasing contract	(274,831)	(287,920)
Dividends paid	(70,118)	(155,454)
Repurchase of own shares	(7,313,032)	(4,772,793)
Net cash used in financing activities	(7,657,980)	(5,216,166)
Net increase / (decrease) in cash and cash equivalents	204,101,552	382,199,364
Cash and cash equivalents on January 1	408,814,516	26,615,152
Cash and cash equivalents on December 31	612,916,069	408,814,516

Bogdan-Alexandru Drăgoi

Chairman and CEO

Bogdan-Victor Dușu CFO