Moscow — 22 May 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 ended 31 March 2025.

• Total revenue in 1Q’25 doubled to RUB 332 bn (1Q’24: RUB 166 bn)
• The number of customers grew by 19%, surpassing 50 mn (1Q’24: 41.9 mn)
• Net profit in 1Q’25 increased by 50% to RUB 33.5 bn (1Q’24: RUB 22.3 bn)
• Return on equity in 1Q’25 amounted to 24.6% (1Q’24: 31.7%)
• 2025 guidance: net profit expected to grow by at least 40% year-on-year, with return on equity of over 30%
• The Group’s Board of Directors recommended paying out dividends in the amount of RUB 33 per share based on 1Q’25 results

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

»In the first quarter of 2025, the Т ecosystem set a new record, surpassing 50 million customers. User transaction activity continued to grow: turnover from T customer purchases, including purchases within the T ecosystem, increased by 22% year-on-year from January through March, to RUB 2.3 trillion. We consider this the best possible recognition on the part of millions of our customers, and we continue to expand our ecosystem’s capabilities by integrating world-class technological solutions into our products and services.

Group revenue doubled in the first quarter of 2025, net profit grew by 50% year-on-year, and return on equity amounted to 24.6%, taking into account traditional seasonal factors as well as a higher operating cost base early in the period due to the integration of Rosbank. Given that the second half of the year has historically made a greater contribution to the Group’s key performance indicators, as well as the ongoing process of realising integration synergies in the Group’s financial business, we anticipate a continued upward trend in return on equity (ROE) in the second half of the year and reiterate our full-year 2025 guidance announced in the previous quarter of net profit growth of no less than 40% and ROE above 30%».

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

»At the level of Group management and the Board of Directors, we remain focused on diversifying and scaling the business, paying particular attention to investment efficiency. We also continue to target capital returns for our shareholders. T shareholders will receive dividends for the fourth quarter of 2024 in May. We continue to adhere to our practice of paying dividends on the quarterly basis: the Group’s Board of Directors has also recommended the next dividend payment of RUB 33 per share for the first quarter of 2025.

We are also exploring alternative ways to return value to our shareholders, and in case we observe a significant gap between our current market capitalisation and the intrinsic value of the business, we may consider buying back our shares. As a reminder, under the buyback programme announced last year, providing for the repurchase of up to 10% of the company’s share capital, shares equivalent to no more than 5% of the company’s share capital have been acquired so far. At the same time, T-Technologies continues to have a highly diversified shareholder structure, with a substantial free float exceeding 50%».

INVESTMENTS IN THE HIGH-TECH SECTOR

The Group maintains its strategic focus on identifying synergies to continue outperforming the market and support business growth. Today, T-Technologies announces that it has acquired control of ILLC Catalytic People, whose assets include a 64% stake in Tochka, one of the country’s largest digital service platforms for entrepreneurs. The Group’s stake in Tochka represents a majority non-controlling interest. The Group’s initial investment in Catalytic was made as part of the Rosbank integration, and the asset will be consolidated in the Group’s financial reporting starting from the second quarter of 2025, since the Group increases its stake to a controlling interest (50.01%) in Catalytic.

Tochka continues to grow as an independent player and business under the leadership of its current management team. At the same time, Group companies and Tochka will continue joint projects aimed at serving SME customers — notably, providing advanced credit solutions for Tochka customers.

Through Catalytic, the Group is making investments in high-tech projects and is focused on effective investments with the required return on equity in technology businesses with the potential of substantial operational synergies without diverting capital from the Group’s core businesses. Capital contributions to Catalytic include existing investments as well as financing secured for possible projects with similar potential synergies.

1. KEY OPERATING METRICS

T Ecosystem	1Q 2025	1Q 2024	∆	4Q 2024	∆
Total customers, mn	50.0	41.9	19%	47.8	5%
Active customers, mn	33.3	29.0	15%	32.4	3%
Monthly active users (MAU), mn	33.3	29.1	14%	32.5	2%
Daily active users (DAU), mn	15.5	13.2	18%	15.5	0%

2. OVERVIEW OF FINANCIAL AND OPERATING PERFORMANCE

RUB bn	1Q 2025	1Q 2024	∆	4Q 2024	∆
Interest income	256.0	113.5	2.3x	253.2	1%
Interest expense	-137.3	-38.3	3.6x	-124.3	10%
Net interest income	114.8	73.2	57%	125.1	-8%
Net interest income after provisions	81.1	52.0	56%	81.6	-1%
Fee and commission income	51.0	34.2	49%	56.5	-10%
Fee and commission expense	-20.9	-15.9	32%	-22.7	-8%
Net fee and commission income	30.0	18.3	64%	33.7	-11%
Total operating expenses	-80.6	-55.0	47%	-89.2	-10%
Profit before tax	44.7	28.2	58%	48.2	-7%
Net profit	33.5	22.3	50%	38.7	-14%

Ratios	1Q 2025	1Q 2024	∆	4Q 2024	∆
Return on equity	24.6%	31.7%	-7.1 p.p.	30.2%	-5.6 p.p.
Net interest margin	10.3%	13.5%	-3.2 p.p.	11.0%	-0.7 p.p.
Cost of risk	5.2%	7.6%	-2.4 p.p.	6.5%	-1.3 p.p.

RUB bn	31 March 2025	31 December 2024	∆	31 March 2024	∆
Total assets	4,731	5,118	-8%	2,438	94%
Net loans and advances to customers	2,533	2,537	0%	1,088	2.3x
Cash and cash equivalents	1,001	1,427	-30%	673	49%
Total liabilities	4,164	4,597	-9%	2,159	93%
Customer accounts	3,711	4,010	-7%	1,860	2.0x
Total equity	568	521	9%	279	2.0x

Ratios	31 March 2025	31 December 2024	∆	31 March 2024	∆
Share of NPLs	6.6%	5.8%	0.8 p.p.	9.2%	-2.6 p.p.
Tier 1 capital ratio	13.1%	12.8%	0.3 p.p.	15.2%	-2.1 p.p.
Total capital ratio	13.1%	12.8%	0.3 p.p.	15.2%	-2.1 p.p.

The number of active Т customers grew 3% quarter-on-quarter and 15% year-on-year to 33.3 mn. The total number of T customers surpassed 50 mn.

Total turnover from customer purchases increased by 22% year-on-year in 1Q’25, amounting to RUB 2.3 tn (1Q’24: RUB 1.9 tn). The GMV of our transactional and lifestyle services (such as City and Travel) exceeded RUB 50 bn in 1Q’25.

In 1Q’25, T-Technologies’ total revenue doubled year-on-year to RUB 332 bn (1Q’24: RUB 166 bn). Gross interest income increased 2.3x year-on-year to RUB 256 bn (1Q’24: RUB 114 bn), driven by portfolio expansion and changes in market rates.

Gross yield on the loan portfolio in 1Q’25 reached 25.4% (1Q’24: 27.3%), reflecting changes in the structure of loan products. The yield on the Group’s securities portfolio grew to 11.5% (1Q’24: 7.1%).

In 1Q’25, interest expense increased 3.6x year-on-year to RUB 137 bn (1Q’24: RUB 38 bn). The cost of borrowing rose from 8.2% in 1Q’24 to 13.6% in 1Q’25, reflecting changes in market interest rates.

Net interest income increased by 57% year-on-year, amounting to RUB 115 bn (1Q’24: RUB 73 bn).

Fee and commission income rose by 49% to RUB 51 bn (1Q’24: RUB 34 bn), driven by an expanded customer base and product line-up. Net fee and commission income in 1Q’25 increased by 64% to RUB 30 bn (1Q’24: RUB 18 bn).

The cost of risk decreased to 5.2% in 1Q’25, down from 7.6% in 1Q’24. The risk-adjusted net interest margin declined to 7.3% (1Q’24: 9.6%).

Net operating income grew by 54% year-on-year to RUB 159 bn. The share of net revenue not connected with retail lending increased from 53% in 1Q’24 to 60% in 1Q’25, evidence of our diversified business model.

As of the end of 1Q’25, the Group had over 50 mn customers, including:

• 42.5 mn daily banking and lifestyle customers;
• more than 8.4 mn T-Investments customers; and
• over 1.5 mn customers in the SME segment.

In 1Q’25, the Group’s total operating expenses increased by 47% year-on-year to RUB 81 bn (1Q’24: RUB 55 bn), driven by expansion of the customer base, investments in the IT platform and personnel, and the integration of Rosbank.

The Group’s net profit grew by 50% in 1Q’25, amounting to RUB 33.5 bn (1Q’24: RUB 22.3 bn). Return on equity in 1Q’25 was 24.6%, driven by traditional seasonal factors and the high operating cost base due to the integration of Rosbank.

In 1Q’25, total assets increased by 94% year-on-year, reaching RUB 4.7 tn (31 March 2024: RUB 2.4 tn).

The Group’s net loan portfolio increased 2.3x year-on-year to RUB 2.5 tn (31 March 2024: RUB 1.1 tn). The Group’s total loan portfolio grew 2.2x to RUB 2.8 tn (31 March 2024: RUB 1.3 tn).

The Group’s NPL ratio was 6.6% (31 March 2024: 9.2%). The NPL coverage ratio was 130%.

The Group’s customer funds grew 2x year-on-year, reaching RUB 3.7 tn (31 March 2024: RUB 1.9 tn). The total investment portfolio of Group customers increased by 31% to RUB 1.6 tn (31 March 2024: RUB 1.2 tn). Total customer funds and assets under management as of the end of the quarter amounted to RUB 5.2 tn, an increase of 84% year-on-year (31 March 2024: RUB 2.8 tn).

The Group’s total equity doubled to RUB 568 bn (31 March 2024: RUB 279 bn).

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@t-technologies.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 social network for investors Pulse 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.