Lion Capital closed the 2025 financial year with a solid financial position and a net profit that significantly exceeded the level set out in the approved income and expenses budget, notwithstanding an economic environment characterised by heightened volatility and difficult-to-forecast macroeconomic developments. Portfolio management throughout the year was conducted in a complex investment landscape shaped by elevated interest rates, geopolitical uncertainty and pronounced fluctuations in the capital markets. These conditions required the adoption of a prudent yet flexible strategy, focused both on safeguarding asset value and on capturing opportunities arising from market dynamics. The results achieved confirm the robustness of the Company’s investment policies and its ability to swiftly recalibrate tactical directions in order to maintain an optimal balance between risk and return.
Against this backdrop, and in line with its investment strategy, Lion Capital pursued the optimisation of its portfolio structure by reallocating capital towards assets and financial instruments capable of delivering favourable performance in an environment marked by cost pressures and shifting financial dynamics. At the same time, the Company continued its restructuring process by reducing minority holdings that are not aligned with the Fund’s strategic priorities. In parallel, it maintained active management of its majority holdings, with a focus on business development, operational performance enhancement and long-term value creation.
According to the preliminary financial statements, Lion Capital’s total assets amounted to RON 6,038m as of December 31, 2025, representing an increase of 24.7% compared to the 2024 year-end level.
The Company implemented an active investment policy during 2025, undertaking significant acquisitions both through direct purchases of shares listed on the Bucharest Stock Exchange and by financing acquisitions carried out by Lion Capital subsidiaries in the real estate segment.
During 2025, the Company recorded dividend income of RON 198m, slightly above the level recorded in 2024. Interest income increased significantly year-on-year, driven by the diversification of interest-bearing assets (including the granting of variable-rate loans to subsidiaries), holdings of interest-bearing bonds and government securities, as well as the accelerated rise in interest rates obtained on RON and EUR denominated bank deposits.
Net gain on investment amounted to RON 265m, primarily reflecting the fair value measurement of financial assets recognised at fair value through profit or loss (FVTPL), (e.g. listed and unlisted shares – subsidiaries and associates, and fund units). The upward performance in 2025 of the principal unlisted companies included in this category had a positive impact on this line item, while the favourable evolution in the fair value of fund units further supported the overall result.
Total expenses as of December 31, 2025, were slightly above those recorded in the corresponding period of 2024. The increase in fee expenses is also attributable to the higher net asset value of the Company, which serves as the basis for calculating certain fees, exceeding the level recorded in the previous year.
Net profit as of December 31, 2025, amounting to RON 471m was primarily driven by dividend income, interest income and gains recognised on financial assets measured at fair value through profit or loss (FVTPL).
Total comprehensive income as of December 31, 2025, amounting to RON 1,091m, reflects the fair value impact of the portfolio of financial assets classified as FVTOCI (fair value through other comprehensive income), primarily equity holdings in the financial and banking sector.
The preliminary financial results are available on Lion Capital’s website, www.lion-capital.ro in Investor Relations • Financial Results section
