Financial Results as of September 30, 2024 

In the first nine months of 2024, the asset portfolio management was executed within a complex and uncertain investment landscape, characterised by high interest rates and pronounced capital market volatility, necessitating a prudent and adaptive approach to ensure satisfactory performance.

Against this backdrop, and in line with its investment strategy, Lion Capital S.A. has aimed to recalibrate its portfolio towards assets/financial instruments poised to benefit from an inflationary environment. Concurrently, it has continued portfolio restructuring by reducing minority exposures that do not align with the Fund’s strategic objectives, while actively managing majority holdings to foster business growth and enhance performance.

Total assets under management reached RON 4.887m, marking a 13.6% increase compared to the end of the previous year.

The net asset value stood at RON 4.620m (RON 9.1030 per share), reflecting a 12.8% rise from the end of 2023 and a 21.2% increase compared to the value as of September 30, 2023.

During the first three quarters of this year, the Fund recorded dividend income amounting to RON 194.4m, substantially exceeding the figure as of September 30, 2023. This growth is attributed to favourable developments during 2023 of the companies in the portfolio, reflected in the dividends distributed in 2024.

The Investment Gain/Loss position was unfavourable as of September 30, 2024, with Lion Capital reporting a loss of RON 15.6m on financial assets at fair value through profit and loss (FVTPL), in contrast to a gain of RON 151.8m in the comparable reporting period of the previous year.

As of September 30, 2024, expenses showed a 29% increase compared to the first nine months of the prior year, with both commission and operational expenses recording upward trends.

Net profit recorded as of September 30, 2024, amounted to RON 168.7m, primarily driven by dividend income.

Total comprehensive income as of September 30, 2024, was positive, amounting to RON 522.5m, reflecting the recognition in other comprehensive income of the increase in fair value of financial assets in the FVTOCI category (assets at fair value through other comprehensive income).

The Report as of September 30, 2024, in full, is available on Lion Capital’s website, www.lion-capital.ro, in Investor Relations • Financial Results section