MOSCOW — 20 March 2025.
IPJSC T-Technologies (MOEX: T), a technology company developing a financial and lifestyle ecosystem, announces its consolidated IFRS financial results for the three months and twelve months ended 31 December 2024.

• Revenue in 2024 doubled year-on-year to a record RUB 962 bn. Revenue in Q4’24 increased 2.3x year-on-year to RUB 338 bn.
• Net profit in 2024 grew by 51% year-on-year to RUB 122 bn. In 4Q’24, net profit increased by 87% year-on-year to RUB 39 bn.
• Return on equity in 2024 amounted to 32.5% (4Q’24: 30.2%).
• The number of customers using the T ecosystem grew by 18% year-on-year to 48 million by the end of 2024.
• The Group’s Board of Directors recommended paying out dividends in the amount of RUB 32 per share based on 4Q24 results.
• For 2025, the Group expects net profit growth of at least 40% with a return on equity of over 30%.

The President of T-Technologies, Stanislav Bliznyuk, said:

«I am pleased to present the Group’s strong financial results for 2024 and to highlight for our shareholders our company’s key priorities for the coming periods. For the first time in its history, T Group surpassed the symbolic milestone of $1 billion in net profit, exceeding our initial forecast by more than 20%. The Group also increased its total customer base by 18% to 48 million by the end of the year and get close to RUB 1 trillion in annual revenue.

Alongside with improved performance in other key metrics, this perfectly demonstrates our focus on the leading financial and lifestyle services development with high efficiency — based on advanced technology platforms and world-class AI developments — for both individual and corporate customers. In 2024, we reinvented the concept of our app - the main touchpoint for our customers — integrating all everyday transactions across various aspects of life and integrating our proprietary Gen-T family of large language models. Our T-Lite and T-Pro models outperformed many global peers in terms of key benchmarks in their segments and made a major contribution to the development of open-source technologies in Russia. Working independently and in collaboration with other experts, researchers from T-AI Research made several breakthroughs that enhance the efficiency of AI in various fields — recommendation systems, long-text processing and object recognition in images — and also trained AI for the first time to adapt to new tasks autonomously. We also continued implementing AI solutions at the platform level: for example, we use AI technologies to protect millions of T customers and trillions of roubles of their money from fraud every day. And now we are going to use our anti-fraud innovations to protect all Russians with the help of the world’s first fraud roulette service.

In 2024, the Group successfully carried out the large-scale integration of Rosbank’s business, which was prepared and executed in record-breaking time for the market — just a few months — while ensuring increased operational efficiency. At the beginning of 2025, we organized the largest one-time customer migration among Russian companies: in just 44 minutes, we transferred over 3 million clients onto a unified IT platform. This landmark M&A deal, involving one of the top 30 largest national companies in the country, enabled the Group to double its capital to facilitate accelerated and high-quality business growth. At the same time, we are just beginning to extract the synergies from the integration of Rosbank, with the main results expected to materialize this year and the next.

Our focus on growth efficiency as well as the credit and transaction activity of our expanding customer base drove significant gains across key financial metrics in 2024, with revenue doubling and net profit increasing 1.5x. The Group traditionally demonstrated a high level of profitability and business returns: the return on equity for the year amounted to 32.5%.

Today, the T ecosystem is already serving 48 million customers. Half of our active customers use at least two of our services, and one in two new customers joins us through a referral from an existing customer. These are the best indicators of the user experience in our ecosystem. Loyalty to T has long extended beyond just digital banking: last year, our customers spent more than RUB 200 billion in the T ecosystem on products, tickets, hotels and other lifestyle purchases generated through our app.

In 2025, we plan to continue seeking new opportunities to leverage technology to drive growth and efficiency. Within a year, every T employee will be using copilots in their work, and 25% of the company’s code will be written with the help AI.

Thanks to the adoption of new technologies and ongoing business growth with a focus on efficiency, we already expect net profit growth of at least 40% for full-year 2025, with a substantial contribution coming in the second half of the year, as usual, while maintaining ROE for the year at our usual high level of over 30%."

The Chairman of the Board of Directors of T-Technologies, Alexey Malinovsky, said:

«In 2024, we implemented a number of strategic projects that will determine the Group’s growth trajectory in the coming years. The Group’s holding company was re-registered under Russian jurisdiction and given a new name, T-Technologies, which reflects our focus on innovation and technology. Our ticker was shortened to T — the first one-letter ticker in Russia.

Amid the large-scale projects such as the integration of Rosbank, we continued our systematic efforts across all of the Group’s key strategic priorities. We invested in platform solutions and technologies that serve as the foundation for services that we are building for tens of millions of Russians, improving their quality of life. An equally important focus for the Group in 2024 was talent development, both for our business and for the market as a whole. We will continue to focus on these strategic investment priorities in the future, enabling us to unlock the Group’s potential to grow shareholder value.

As a technology company, the Group adheres to best practices in long-term motivation of management talent through its own shares. Currently, we use shares repurchased from the market for this purpose. To ensure the effective long-term implementation and expansion of the MLTIP incentive programs, the Group is also reinstating the practice of having the board of directors approve the possibility of issuing additional shares of up to 1.5% annually.

One of the most important events of the past year for our shareholders was the Group’s decision to start making regular dividend payments again. By resolution of the Board of Directors, the Group aims to allocate up to 30% of its annual net profit to dividends, striking a balance between the company’s growth potential and a consistent return on investment for shareholders. With this in mind and in line with our previously announced plans, the Board of Directors has recommended paying shareholders a dividend for the fourth quarter of 2024 in the amount of RUB 32 per share. Including the interim dividends that T shareholders received in December, we expect the total dividends paid out by the Group for full-year 2024 to be RUB 33.4 billion, which is equivalent to 27% of the Group’s net profit for the year. "

1. KEY OPERATING METRICS

T Ecosystem	4Q 2024	4Q 2023	∆	3Q 2024	∆
Total customers, mn	47.8	40.4	18%	45.7	4.5%
Active customers	32.4	27.9	16%	31.4	3.2%
Monthly active users (MAU), mn	32.5	28.2	15%	31.0	4.9%
Daily active users (DAU), mn	15.5	12.7	23%	14.2	9.3%

2. OVERVIEW OF FINANCIAL AND OPERATING PERFORMANCE

RUB bn	4Q 2024	4Q 2023	∆	3Q 2024	∆	2024	2023	∆
Interest income	253	94	2.7x	194	31%	693	300	2.3x
Interest expense	-124	-24	5.2x	-87	43%	-302	-64	4.7x
Net interest income	125	68	84%	104	21%	380	230	65%
Net interest income after provisions	82	55	49%	62	32%	250	180	39%
Fee and commission Income	56	37	53%	50	14%	182	128	42%
Fee and commission expense	-23	-16	44%	-20	13%	-77	-55	40%
Net fee and commission income	34	21	59%	29	14%	106	73	45%
Total operating expenses	-89	-57	56%	-75	19%	-279	-193	44%
Profit before tax	48	27	77%	46	4.4%	152	103	47%
Net profit	39	21	87%	38	2.4%	122	81	51%

Ratios	4Q 2024	4Q 2023	∆	3Q 2024	∆	2024	2023	∆
Return on equity	30.2%	30.4%	-0.2 p.p.	37.8%	-7.6 p.p.	32.5%	33.5%	-1 p.p.
Net interest margin	11.0%	14.2%	-3.2 p.p.	11.6%	-0.6 p.p.	11.8%	13.6%	-1.8 p.p.
Cost of risk	6.5%	5.9%	0.6 p.p.	8.2%	-1.7 p.p.	7.3%	6.2%	1.1 p.p.

RUB bn	31 Dec 2024	30 Sep 2024	∆	31 Dec 23	∆
Total assets	5,118	4,967	3.0%	2,270	2.3x
Net loans and advances to customers	2,537	2,597	-2.3%	972	2.6x
Cash and cash equivalents	1,427	1,267	12.6%	724	97%
Total liabilities	4,597	4,464	3.0%	1,986	2.3x
Customer accounts	4,010	3,905	2.7%	1,713	2.3x
Total equity	521	503	3.6%	284	84%

Ratios	31 Dec 2024	30 Sep 2024	∆	31 Dec 2023	∆
Share of NPLs	5.8%	5.4%	0.4 p.p.	9.5%	-3.7 p.p.
Tier 1 capital ratio	12.9%	13.1%	-0.2 p.p.	16.9%	-4.0 p.p.
Total capital ratio	12.9%	13.1%	-0.2 p.p.	16.9%	-4.0 p.p.

The number of active T-Technologies customers increased by 3.2% quarter-on-quarter and by 16% year-on-year to 32.4 mn. The total number of customers reached 48 mn as of the end of 2024.

Total turnover from customer purchases in 2024 rose 36% to nearly RUB 9 tn. The GMV of our transactional and lifestyle services (such as City and Travel) grew by 54% year-on-year. exceeding RUB 200 bn.

In 2024, T-Technologies’ total revenue doubled year-on-year to RUB 962 bn (4Q’24: RUB 338 bn, a 2.3x increase compared with 4Q’23). Gross interest income increased grew 2.3x year-on-year to RUB 693 bn (4Q’24: RUB 253 bn, an increase of 2.7x compared with 4Q’23), driven by the expansion of the portfolio and market interest rate dynamics.

In 4Q’24, the gross yield on the loan portfolio was 25.8% (4Q’23: 26.6% in 4Q 2023), reflecting changes in the structure of loan products. The Group’s yield on its securities portfolio increased to 11% (4Q’23: 7.3%).

In 2024, interest expense increased by 4.7x year-on-year to RUB 302 bn (4Q’24: RUB 124 bn, an increase of 5.2x compared with 4Q’23).

The cost of borrowing increased to 10.5% in 2024 (2023: 4.5%), reaching 11.9% in 4Q (4Q’23: ⁠5.9%), reflecting higher market interest rates.

In 2024, net interest income increased by 65% year-on-year to RUB 380 bn (4Q’24: RUB 125 bn, an increase of 84% year-on-year).

Fee and commission income rose 42% year-on-year in 2024 to RUB 182 bn (4Q’24: RUB 56 bn, a 53% year-on-year increase), driven by an expanded customer base and product line-up. Net fee and commission income in 2024 increased by 45% to RUB 106 bn (4Q’24: RUB 34 bn, a 59% year-on-year increase).

The cost of risk increased to 7.3% in 2024 (2023: 6.2%) and to 6.5% in 4Q’24, versus 8.2% in the previous quarter (4Q’23: 5.9%). The risk-adjusted net interest margin was 7.8% in 2024, compared with 10.6% a year earlier. It reached 7.2% in 4Q’24, compared with 6.9% the previous quarter (4Q’23: 11.4%).

Net operating revenue grew 57% year-on-year to RUB 543 bn. The share of net revenue from retail lending was 43%, further evidence or our diversified business model.

As of the end of 4Q’24, the Group had:

• more than 40.2 mn customers with total funds in current accounts and other deposits amounting to RUB 3,2 bn;
• over 1.5 mn customers in the SME segment, with a total balance of RUB 337 bn in their accounts; and
• more than 7.9 mn T-Investments customers, with a total asset volume of 1.4 tn rubles in brokerage accounts.

In 2024, total operating expenses increased by 44% year-on-year to RUB 279 bn (4Q’24: RUB 89 bn, a 56% increase compared with 4Q’23), driven by expansion of the customer base and investments in the IT platform and personnel.

The Group’s net profit grew by 51% in 2024 to a record RUB 122 bn (4Q’24: RUB 39 bn, an 87% year-on-year increase). Return on equity in 2024 was 32.5% (2023: 33.5%).

In 2024, T-Technologies’ total assets increased 2.3x year-on-year to RUB 5,118 bn (31 December 2023: RUB 2,270 bn).

The Group’s net loan portfolio increased 2.6x year-on-year to RUB 2,537 bn (31 December 2023: RUB 972 bn). The Group’s total loan portfolio expanded 2.5x to RUB 2,763 bn (31 December 2023: RUB 1,121 bn).

The Group’s NPL ⁠ratio was 5.8% (31 December 2023: 9.5%). The NPL coverage ratio was 140% as of 31 December 2024 (unchanged compared to the figure as of December 31, 2023).

The Group’s customer funds grew 2.3x to RUB 4,010 bn as of 31 December 2024 (31 December 2023: RUB 1,713 bn).

The Group’s total equity increased by 84% to RUB 521 bn (31 December 2023: 284 bn), driven by the retention of net profits.

The Group’s financial statements will be available on its website: https://t-technologies.ru and https://t-technologies.ru/results/.

For enquiries:

ir@t-technologies.ru

media@tbank.ru

Current information on T-Technologies is available on the website https://t-technologies.ru/, as well as through the official T-Technologies account on the Pulse social network for investors and on its Telegram channel.

Important Legal Information

The information and statements contained or referred to in this announcement do not constitute or form part of, and should not be construed as, any public offer under any applicable legislation or an offer to sell or solicitation of any offer to buy any securities or financial instruments or any advice or recommendation with respect to such securities or other financial instruments. The distribution of this document in certain jurisdictions may be restricted by law. Recipients are required by the Group to inform themselves about and to observe any such restrictions. No liability to any person is accepted in relation to the distribution or possession of this document in any jurisdiction.

Forward-looking statements

Some of the information in this announcement may contain projections or other forward-looking statements regarding future events or the future financial performance of the Group. You can identify forward-looking statements by terms such as «expect», «believe», «anticipate», «estimate», «intend», «will», «could», «may» or «might», the negative of such terms or other similar expressions. The Group wishes to caution you that these statements are only predictions, and that actual events or results may differ materially. The Group does not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in projections or forward-looking statements of the Group, including, among others, general economic conditions, the competitive environment, risks associated with operating in Russia, rapid technological and market change in the industries the Group operates in, as well as many other risks specifically related to the Group and its respective operations.

About T-Technologies

T-Technologies is a technology company that is developing an ecosystem of financial and lifestyle services. Branchless since its inception in 2006, company developed a full range of in-house proprietary technology solutions and services, including digital banking, brokerage, acquiring and other merchant solutions, insurance, SME banking and much more.