LION CAPITAL S.A. • Annual Report of the Board of Directors for the Financial Year 2025
59
4. FINANCIAL ANALYSIS
Lion Capital prepared the financial statements as of December 31, 2025, pursuant to International
Financial Reporting Standards (IFRS) as adopted by the European Union and to the ASF Norm no. 39/2015
for the approval of Accounting Regulations applicable to entities authorized, regulated, and supervised by
the Financial Supervisory Authority (ASF) in the Sector of Financial and Investment Instruments.
The Separate Financial Statements as of December 31, 2025, including the related notes, are presented in
Annex 1 to this report.
The following are comments on the financial position and the results of the Company in the financial year
2025, compared to the preceding three financial years:
4.1 Separate Statement of Financial Position
2025 2024 2023 2022
Cash and cash equivalents (including bank deposits) 711,319,033
612,916,069 408,814,516
26,615,152
Financial assets at fair value through profit and loss 1,778,544,726
1,732,319,946 1,900,476,975
1,723,810,844
Financial assets at fair value through other comprehensive income 3,339,746,096
2,442,917,696 1,977,331,822
1,624,523,020
Investments recorded at amortized cost 149,205,624
1,257,518 - -
Investment property, Tangible assets, Other assets 59,238,674 52,084,241 19,162,849
30,314,136
Total Assets 6,038,054,152
4,841,495,470 4,305,786,163
3,405,263,152
Deferred tax liabilities 333,046,993
230,787,752 182,852,994
136,546,721
Other liabilities (payable dividends, leasing, deferred revenues) 5,878,569 17,092,258 22,561,385
25,863,246
Total liabilities and deferred revenues 338,925,562
247,880,009 205,414,379
162,409,967
Share capital 50,751,006
50,751,006 50,751,006
50,751,006
Treasury shares (including costs related to the repurchase) (3,850,000) (7,221,000) (2,494,800) -
Retained earnings 1,295,729,921
983,800,944 1,243,688,988
832,847,626
Other equity elements (other reserves, legal reserves, benefits granted) 2,301,837,719 2,131,742,804 1,713,021,682
1,617,427,194
Reserves from revaluation of financial assets through other items of
comprehensive income
2,054,659,945
1,434,541,708 1,095,404,908
741,827,359
Total Equity 5,699,128,590
4,593,615,461 4,100,371,784
3,242,853,185
Total Liabilities and Equity 6,038,054,152
4,841,495,470 4,305,786,163
3,405,263,152
Cash and cash equivalents include all the Company's liquid investments in term bank deposits, current
accounts, and cash on hand. The significant increase compared to 2024 is the result of a prudent and
adaptive approach designed to ensure adequate performance. In this context, and in line with its
investment strategy, Lion Capital has aimed to calibrate its portfolio toward asset classes and financial
instruments that benefit from an inflationary environment, continue the portfolio restructuring by reducing
minority exposures that do not align with the Fund’s investment strategy, and active management of the
majority holdings to foster business development and enhance performance.
Financial assets at fair value through profit and loss comprise the Company's holdings in participation
securities in its subsidiaries and associated entities (excluding investments in consolidated subsidiaries)
as well as holdings in fund units. The increase in the position Financial assets measured at fair value
through profit or loss compared to 2024 is attributable to value increases resulting from fair value
differences related to holdings in unlisted entities or entities without an active market.
Financial assets at fair value through other comprehensive income include equity investments for
which the Company, upon initial application of IFRS 9, irrevocably opted to record fair value changes in
other comprehensive income. This asset position is primarily influenced by: (1) the effect of stock market
