The management of the asset portfolio in the first half of 2025 was carried out in an investment environment characterized by complexity and uncertainty, primarily driven by elevated interest rates and heightened capital market volatility. These conditions necessitated a prudent yet flexible approach to protect and optimize the performance of Lion Capital Group’s portfolio.

Within this context, the Group continued to implement its investment strategy through a series of measures aimed at strengthening and streamlining the portfolio structure. Key strategic directions included:

• Calibrating exposure to assets and financial instruments with appreciation potential in an inflationary environment;
• Continuing the portfolio restructuring process by reducing minority exposures that do not align with the Group’s strategic objectives;
• Active management of majority holdings to support operational development of portfolio companies and enhance their financial performance.

Total assets under management of the Group reached RON 5,212m, representing an 8% increase compared to the same period of the previous year (June 30, 2024).

The net asset value of the Group amounted to RON 4,865m, up 7.61% compared to year-end 2024 and 6.62% higher than the value as of June 30, 2024.

In the first half of the year, the Group generated dividend income of RON 123 million, arising from its 2024 holdings, whose performance was favourable, this being reflected in the level of dividends distributed in 2025.

The Gain/(Loss) on Investments position was positive as of June 30, 2025, with the Group recording primarily gains from financial assets at fair value through profit or loss (FVTPL), amounting to RON 64m.

Expenses of the Group as of June 30, 2025, showed a slight increase (approximately 7%) compared to the first six months of the previous year, with rises recorded in both fees and operational expenses.

Net profit of the Group as of June 30, 2025, amounting to RON 197m, primarily reflects dividend income and gains from financial assets measured at fair value through profit or loss.

Total comprehensive income of the Group as of June 30, 2025, was positive, amounting to RON 339m, reflecting the recognition within other comprehensive income of the increase in the fair value of financial assets classified as FVTOCI (Fair Value Through Other Comprehensive Income).

The half-year report in full is available on Lion Capital’s website, www.lion-capital.ro in Investor Relations • Financial Results section.