Horia Ciorcilă, Chairman of the Board of Directors, Banca Transilvania, granted an interview for the Financial Newspaper, resumed entirely in the following:

How were the first months for Banca Transilvania, in terms of financial results?

I started the year with positive financial results, with increases in all lines of business, in the number of clients, and with consistent commercial activity. As a result, we see a net profit of the bank of 950.2 million lei , with 25.6% more than in the first quarter of 2025, financial group level assets that reached 227 billion lei, as well as nearly 140,000 new clients. The first months are a very good start for this year, in which we will continue to build a strong bank, relevant for clients and for Romania.

Why did BT borrow 1 billion euros from external markets, is there a plan for a broader presence in the international capital market through various instruments?

There were two reasons. The first is related to BT's strategy of diversifying sources of financing, and the second, to the European requirements regarding MREL. It was not a decision determined by a liquidity need, but was related to the proactive and responsible management of our growth in the upcoming period. The transaction was a record for BT, being also the largest bond issuance in Central and Eastern Europe.

The very high interest of international investors made me very happy. I saw confidence in our financial solidity and in the Romanian economy, but also recognition of BT as a relevant issuer among banks in Europe. We will continue to access external markets when the bonds issued bring long-term value for the bank and for our shareholders.

Why were recent changes made to the Board of Directors?

There were changes in the BT Board of Directors because the mandate has come to an end, as it happens once every four years. The shareholders recently voted new composition, iar pe lângă cei care au fost realeși, avem și colegi noi – un semn de continuitate, dar și complementaritate. Este încă un moment potrivit să îmi exprim aprecierea pentru contribuția membrilor al căror mandat s-a încheiat și le mulțumesc pentru profesionalism și implicare. În același timp, le urez și pe această cale mult succes colegilor care s-au alăturat consiliului, expertiza lor ne va ajuta la realizarea obiectivelor noastre. Pentru mine, este o onoare să continui în rolul de Președinte CA, mai ales că avem planuri mari și curajoase pentru Grupul Banca Transilvania.

BT Board of Directors for the 2026-2030 term (from left to right): Ivo Gueorguiev, Teodor Torgie, Mirela Bordea, Horia Ciorcilă, Gabriela Nistor, Florin Predescu‑Vasvari and Doru Lionăchescu

Does BT aim for a greater international expansion of its shareholding?

The ownership structure of the bank already reflects a mix of institutional and individual investors, Romanian and international. We do not pursue a targeted expansion of ownership based on geographical criteria. For us, the sustainable growth of the bank, solid governance, and financial performance are essential. When these are delivered consistently, as we have done so far, the interest of international investors comes naturally. Today, 80% of the bank's capital is Romanian, and in the last year over 8,800 people have chosen to invest in TLV shares. We have thus reached over 75,000 shareholders and investors – and it is a growing community.

What will be BT's next policy for profit and dividend distribution?

This year we will distribute to shareholders approximately one third of the 2025 profit, of 1.4 billion lei, in the form of cash dividends, and the difference is intended to support the bank's growth plans and capital consolidation. Also, we will grant free shares due to the increase of the share capital by incorporating reserves.

We continue to have a balanced and prudent profit distribution policy, which aims both at a fair remuneration of shareholders and at maintaining a solid base of robust capital to support the future growth of the Banca Transilvania Group. The level of future distributions depends on the performance of the BT Group, the macroeconomic context, and regulatory requirements.

How is the bank's plan for 2026 changing/adapting, considering the geopolitical tensions that have arisen - the Middle East War, the disruption of oil routes, the increase in oil/gas prices, the return of inflation - with direct/indirect effects in Romania?

BT's plan for 2026 remains solid and anchored in reality. In such moments, the role of a large bank is to remain prudent and prepared for multiple scenarios.

We continue in the strategic directions of BT, we are well capitalized, we have solid liquidity and a diversified business model, which allows us to navigate volatile periods without deviating from long-term objectives. The bank's plan is growth – a challenge, given the market share of 23% and strong competition. The only option for the bank is growth above the market average. In addition, we are consolidating the BT Group - we have vertical and horizontal integration, we offer complementary services and products, and our subsidiaries are growing even above the bank's average, and this is another strong point.

The competitive advantage of the bank in the last 25 years has been the speed of reaction, the ability to make quick decisions, to try new things or transactions that others do not do. Today we have an extremely experienced and loyal team, which gives us the confidence that we can continue even in complicated contexts, similar to the one we are now in Romania, but also at the macroeconomic level. We have reached the position we are in now thanks to the combination of these ingredients. However, the current size, complexity and regulations have reduced the ability to move – and we need to improve this.

Maintaining this entrepreneurial culture is vital for us and is a constant concern, coupled, obviously, with an impeccable reputation and honoring promises to partners, clients, our shareholders, and society as a whole.

We must be prepared to act quickly, but we no longer have the sense of urgency we had years ago, when we were much smaller in size. Today we need to innovate, reduce bureaucracy, and be patient for the right acquisitions. At the same time, it is important not to forget where we started and to remain modest and down to earth.

How will the banking system be further consolidated, is Banca Transilvania still looking at a new banking acquisition?

Strengthening the banking system will continue, it is a natural trend in a growing, maturing economy in which there are still many small banks. Acquisitions are appropriate only when there is real complementarity and when the final result brings value to customers and to the economy. Banca Transilvania will defend its leading position. We are looking at growth opportunities both organically and through acquisitions. We will consider only acquisitions that make sense and will avoid strategic errors generated by excessive enthusiasm. Organic growth remains our priority.

What should be done, how should the bank's balance sheet look, evaluation parameters, the bank's profit so that it reaches a market capitalization of 10 billion euros?

The question comes at a time when Romania demonstrates exactly what the first condition is for a capitalization of 10 billion euros, a predictable macroeconomy.

I believe the budget for 2026 presented is feasible and represents the essential premise. I would not want to make a prediction because we are evolving in a market like Romania, with serious budget deficit problems, combined with an obvious political crisis, which complicates the evolution of the economy. Our fundamentals are very solid and we believe that to the extent that we achieve our targets and objectives, the market will appreciate this, as it has so far.

How could it be explained that BT, that banks have increasing profits while the economy is in recession?

The growing profit of BT and the banking sector must be viewed in the specific context of the industry and the economic cycle. Banking activity has its own resilience mechanisms, and the results primarily reflect a solid balance sheet structure, very good risk discipline, and an interest rate environment that has supported net interest income.

The deposit base remains stable and growing, which offers banks a very competitive source of financing. At the same time, the demand for credit, although selective, is healthy, and the quality of portfolios remains good. The low level of non-performing loans and prudent provisioning contribute to the stability of results. In a high interest rate environment, banking margins are more robust. This does not reflect an increase in risk, but a market structure in which banks are well capitalized and can efficiently manage the difference between interest rates on assets and liabilities.

Not least, digitization, operational efficiency, and investments made in recent years allow banks to operate with better controlled costs.

For BT, the results are the consequence of a diversified business model, a very large customer base, and a prudent growth strategy. Profitability is an effect of a solid positioning, risk discipline, and the capacity to support the real economy. Profit must be reported relative to the capital used, that is, to the capital that the shareholders have invested over time. If we look in this direction, banking is not a business that produces above-average returns because shareholders have brought a lot of capital. More precisely, profit is large in absolute terms, but the return is normal, even below other economic sectors.

What are the question marks you have for 2026?

How will Central and Eastern Europe reposition itself in the current geopolitical context?

How and when will the process of reducing bureaucracy begin?

How could a climate of fiscal and legislative predictability be ensured for at least 2–3 years in advance?

When will the process of real state reform and the creation of an attractive economic environment for local and international investors begin?

2026 is a year in which questions are just as important as answers.