Georgia Capital PLC · LSE:CGEO
Georgia Capital — Q1 2026 Earnings Presentation
74 slides from Georgia Capital's earnings presentation, Apr 28, 2026
Slide 1: Investor Presentation 28 April 2026
INVESTOR PRESENTATION 28 APRIL 2026
Slide 2: Contents
CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 1Q26 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES 2
Slide 3: Georgia Capital shareholders at 31-Mar-26
GEORGIA CAPITAL (GCAP) SHAREHOLDERS AT 31-MAR-26 GCAP SHAREHOLDERS ALLOCATION BY GEOGRAPHY GCAP TOP 10 SHAREHOLDERS Rank Shareholder name Ownership Other 17.9% 1 Gemsstock 6.22% 2 Allan Gray Proprietary 5.58% 3 Wellington Management Company 5.23% Luxembourg 1 2.2% USA 40.1% 4 Lazard Asset Management
Slide 4: Key figures at a glance
KEY FIGURES AT A GLANCE NAV HIGHLIGHTS AT 31-MAR-261 PORTFOLIO VALUE BREAKDOWN AT 31-MAR-26 Portfolio value Net cash 5,045 GEL million 96GEL million 53% 47% Listed Private US$ 1,869 million US$ 36 million NAV NAV per share STARTING FROM 2024, PLATFORM COSTS 5,152 154.82 ARE TARGETED AT MAXIMUM 0.75%
Slide 5: Our portfolio overview as at 31-Mar-26
OUR PORTFOLIO OVERVIEW AS AT 31-MAR-26 LISTED PORTFOLIO PRIVATE PORTFOLIO VALUE: GEL 2,383 MILLION VALUE: GEL 2,661 MILLION 47.2% OF THE TOTAL PORTFOLIO 52.8% OF THE TOTAL PORTFOLIO LARGE PORTFOLIO COMPANIES LION FINANCE RETAIL HEALTHCARE INSURANCE EMERGING AND GROUP (PHARMACY) SERVICES (P&C AND MED
Slide 6: Contents
CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 1Q26 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES 6 6
Slide 7: Our Strategy
OUR STRATEGY 01 02 03 INVESTING IN CAPITAL- OUR ROBUST CAPITAL ESG AT THE CORE LIGHT OPPORTUNITIES ONLY MANAGEMENT FRAMEWORK OF OUR STRATEGY ESG 7
Slide 8: Contents
CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY ▪ Investing in capital-light opportunities only ▪ Our capital management framework ▪ ESG at the core of our strategy ▪ Our strategic priorities 03 1Q26 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES
Slide 9: The capital-light investment strategy
THE CAPITAL-LIGHT INVESTMENT STRATEGY STRONG VALUE CREATION POTENTIAL GCAP INVESTS IN GEORGIA IN WITHOUT SIGNIFICANT CAPITAL SECTORS NOT REQUIRING COMMITMENTS INTENSIVE CAPITAL COMMITMENTS Manage third-party money and/or establish OUR BREAD AND BUTTER partnerships in capital heavy industries STRONG
Slide 10: Our investment strategy
OUR INVESTMENT STRATEGY GCAP INVESTS IN CAPITAL-LIGHT, MONETISE LARGE OPPORTUNITIES, WHICH HAVE A POTENTIAL TO BECOME GEL 300+ MILLION IN EQUITY VALUE OVER 3-5 YEARS THE CYCLE OF GCAP’S STRATEGY Invest Our key strategic principle is to develop or buy capital-light businesses at affordable prices. Gr
Slide 11: Our investment strategy (cont'd): IRR, ROIC, MOIC
OUR INVESTMENT STRATEGY (CONT’D) IRR & MOIC1 IS THE KEY DRIVER FOR GCAP TO INVEST IN NEW ROIC IS AT THE CORE OF OUR DECISION MAKING WHEN OUR OPPORTUNITIES PORTFOLIO COMPANIES ARE INVESTING OR DIVESTING ASSETS / BUSINESSES KEY INVESTMENT METRICS AT GCAP LEVEL KEY METRIC FOR REINVESTMENT DECISION MAKI
Slide 12: Contents
CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY ▪ Investing in capital-light opportunities only ▪ Our capital management framework ▪ ESG at the core of our strategy ▪ Our strategic priorities 03 1Q26 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES
Slide 13: Net Capital Commitment (NCC) overview: q-o-q
NET CAPITAL COMMITMENT (NCC) OVERVIEW DRIVERS OF Q-O-Q CHANGE IN NCC NCC RATIO UP BY 1.6 PPTS Q-O-Q AS OF 31-MAR-26 UPDATED OVER THE CYCLE TARGET OF 10% ➢ The increase primarily reflects the launch of the new US$ 50 million share buyback and cancellation programme in February 2026 ➢ Subsequent to 1Q
Slide 14: Net Capital Commitment (NCC) overview: y-o-y
NET CAPITAL COMMITMENT (NCC) OVERVIEW DRIVERS OF Y-O-Y CHANGE IN NCC NCC RATIO IMPROVED BY 9.6 PPTS Y-O-Y AS OF 31-MAR-26 Redemption of US$ 100 million local holding bonds ➢ Significant net debt reduction supported by strong cash flow generation and the continued 12.8% growth in portfolio value led
Slide 15: 360-degree framework
360-DEGREE FRAMEWORK GCAP SHARE PRICE IS AT THE CORE OF NCC RATIO NAVIGATION TOOL OUR INVESTMENT DECISION MAKING po rtun ity Inv es t 10% 40% m op en to ack ppo Buyb 360o rtunity MEANINGFUL TACTICAL CASH ANALYSIS BUYBACKS & BUYBACKS & PRESERVATION INVESTMENTS INVESTMENTS STRATEGY Sal e o p p o r t u
Slide 16: NCC ratio development overview
NCC RATIO DEVELOPMENT OVERVIEW NCC AND NCC RATIO DEVELOPMENT OVERVIEW1 NCC REPRESENTS AN AGGREGATED VIEW OF ALL CONFIRMED, AGREED AND EXPECTED CAPITAL OUTFLOWS 385.8 AT THE GCAP HOLDCO LEVEL 365.9 345.7 42.5% 39.8% 250.1 213.6 31.9% 171.3 21.1% 73.6 15.6% 42.8 12.8% +1.6 ppts 10.0% 3.9% 2.3% 31-Dec-
Slide 17: Leverage overview of our private businesses
LEVERAGE OVERVIEW OF OUR PRIVATE BUSINESSES TOTAL NET DEBT/EBITDA DEVELOPMENT OVERVIEW 4.9x 4.3x ➢ LTM EBITDA up 79.7% as at Mar-26 from Dec-19. 3.9x 3.8x 3.8x GEL MILLION 3.4x 3.5x 3.4x 3.1x 2.8x 2.7x 2.5x 195 958 220 934 249 852 222 877 219 758 221 748 214 816 240 908 281 873 309 853 333 894 351 8
Slide 18: Contents
CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY ▪ Investing in capital-light opportunities only ▪ Our capital management framework ▪ ESG at the core of our strategy ▪ Our strategic priorities 03 1Q26 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES
Slide 19: Core strategy enablers
CORE STRATEGY ENABLERS THREE FUNDAMENTAL ENABLERS: 01 Superior corporate governance THREE FUNDAMENTAL ENABLERS 02 Access to management 03 Access to capital STRONG ACCESS TO ACCESS TO CAPITAL CORPORATE MANAGEMENT GOVERNANCE 19
Slide 20: ESG principles lie at the heart of our business
ENVIRONMENTAL, SOCIAL AND GOVERNANCE PRINCIPLES LIE AT THE HEART OF OUR BUSINESS OUR PORTFOLIO IS CONCENTRATED ACROSS WE INVEST IN INDUSTRIES WHICH HAVE POSITIVE IMPACT ON PEOPLE AND PLANET STRUCTURALLY IMPORTANT INDUSTRIES IN GEORGIA, CONNECTING US TO THE COUNTRY’S OUR PHARMACY BUSINESS SUPPORTS CO
Slide 21: ESG at the core of our strategy
ESG AT THE CORE OF OUR STRATEGY RECENT KEY ESG DEVELOPMENTS 01 02 03 04 DELIVERED ON THE COMMITTED TO THE ISSUED FIRST EVER STRENGTHENED ESG RISK STRATEGIC PRIORITY NET-ZERO INITIATIVE SUSTAINABILITY-LINKED ASSESMENT AND BONDS IN THE REGION MANAGEMENT PROCESSES ➢ GCAP DELIVERED ON ITS ➢ IN 2022, GEO
Slide 22: Increased focus on impact investing
INCREASEAD FOCUS ON IMPACT INVESTING COMMITTING TO UN’S PRINCIPLES AND MAPPING OUR BUSINESSES TO THEIR SUSTAINABLE DEVELOPMENT GOALS (“SDGS”) Direct SDG Supportive / Indirect SDG Business Impact Impact GCAP HoldCo 8, 10, 13 5 Retail (pharmacy) 3, 8, 12 5, 11 Healthcare services 3, 8, 9, 12 5, 11 Ins
Slide 23: Contents
CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY ▪ Investing in capital-light opportunities only ▪ Our capital management framework ▪ ESG at the core of our strategy ▪ Our strategic priorities 03 1Q26 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES
Slide 24: Our strategic priorities
DELEVERAGING GCAP HOLDCO BY BRINGING DOWN AND MAINTAINING THE NCC RATIO BELOW 10% REDUCE AND MAINTAIN PORTFOLIO COMPANIES’ LEVERAGE TO RESPECTIVE TARGETED LEVELS ACHIEVE ESG TARGETS AT BOTH GCAP HOLDCO AND ESG PORTFOLIO COMPANY LEVELS OUR STRATEGIC PRIORITIES CONTINUED PROGRESS ON THE DIVESTMENT OF
Slide 25: Our long-term aspiration
OUR LONG-TERM ASPIRATION Significantly reduced leverage at the GCAP HoldCo level ACHIEVEMENT OF OUR STRATEGIC PRIORITIES Capacity to redeploy our existing capital WILL ENABLE GCAP TO without the need for new equity share GRADUALLY TRANSFORM issuance/raise INTO A SUSTAINABLE PERMANENT CAPITAL Consist
Slide 26: Contents
CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 1Q26 PERFORMANCE OVERVIEW ▪ GCAP RESULTS OVERVIEW ▪ AGGREGATED PORTFOLIO RESULTS OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES 26
Slide 27: Key developments
NAV per share was flat at GEL 154.82 in GEL terms and increased by 2.1% q-o-q in GBP terms in 1Q26, 1 reflecting strong value creation across the large private portfolio companies, partially offset by slight decrease in Lion Finance Group’s share price during the quarter 2 NAV per share up by 9.2% Y
Slide 28: NAV per share (GEL) movement in 1Q26
NAV PER SHARE (GEL) MOVEMENT IN 1Q26 NAV PER SHARE (GEL) PRIVATE LARGE PORTFOLIO FLAT, UP 0.1% Q-O-Q -0.6% +2.9% -0.9% -0.5% +0.3% -0.3% -0.9% +_0.1% +9.1% +9.2% TO GEL 154.82 IN 1Q26 168.92 154.68 154.82 ▪ The increase reflects strong value creation across the large private portfolio companies, par
Slide 29: Strong NAV per share growth
STRONG NAV PER SHARE GROWTH AS OF 31 MARCH 2026, FIVE-YEAR NAV PER NAV PER SHARE (GEL) DEVELOPMENT OVERVIEW SHARE CAGR STOOD AT 27.0%, 33.1% AND CAGR since the demerger: 18.8% 34.2% IN GEL, US$ AND GBP TERMS, Five-year CAGR: 27.0% RESPECTIVELY Three-year CAGR: 31.7% AS OF 31 MARCH 2026, THREE-YEAR N
Slide 30: NAV per share discount development overview
NAV PER SHARE DISCOUNT DEVELOPMENT OVERVIEW DESPITE STRONG RECENT TRADING PERFORMANCE, THE PRIVATE PORTFOLIO NAV PER SHARE DISCOUNT REMAINS WIDE, PRESENTING AN ATTRACTIVE BUYBACK OPPORTUNITY +18.0% CAGR 66.6% 63.7% 63.3% 62.4% 60.2% 59.0% 59.2% 57.6% 58.0% 57.8% 55.7% 55.8% 52.8% 50.0% 51.2% 49.9% 4
Slide 31: Progress on the GEL 700 million capital return programme
PROGRESS ON THE GEL 700 MILLION CAPITAL RETURN PROGRAMME ✓ AS OF APR-26, GCAP HAS ALREADY DEPLOYED APPROXIMATELY GEL 550 MILLION IN AUGUST 2025, WE ANNOUNCED THE UNDER THE GEL 700 MILLION CAPITAL-RETURN PROGRAMME LAUNCH OF A NEW 700 MILLION CAPITAL RETURN PROGRAMME, SCHEDULED TO BE IMPLEMENTED THROU
Slide 32: Share buyback and cancellation programme
SHARE BUYBACK AND CANCELLATION PROGRAMME DEVELOPMENT OF GCAP’S SHARE BUYBACK AND CANCELLATION PROGRAMMES 16.3 MILLION SHARES (US$ 268 ➢ The gross number of issued shares, including those held by the management trust, is now below MILLION IN VALUE) REPURCHASED the share count at the time of the demer
Slide 33: Liquidity outlook
LIQUIDITY OUTLOOK LIQUIDITY DEVELOPMENT OVERVIEW (US$ MILLION) GROSS DEBT (US$ million) Early redemption of US$ 100 LIQUIDITY DECREASED BY 4.4% Q-O-Q, DRIVEN BY: million local holding bonds ✓ SHARE BUYBACKS 300 300 365 365 300 150 150 50 50 ✓ COUPON PAYMENT ON THE REMAINING US$ 50 MILLION SUSTAINABI
Slide 34: Dividend income outlook
DIVIDEND INCOME OUTLOOK RECURRING CASH DIVIDEND INCOME FROM PORTFOLIO COMPANIES Dividend income per share (GEL) GEL 39.6 MILLION RECURRING DIVIDEND INCOME IN 1Q26 -9.9%3 1.6 2.1 4.1 4.3 6.5 5.82 DIVIDEND INCOME 1Q26 226 (GEL million) Lion Finance Group 34.2 200+ of which, cash dividend 19.8 1 1 180
Slide 35: Contents
CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 1Q26 PERFORMANCE OVERVIEW ▪ GCAP RESULTS OVERVIEW ▪ AGGREGATED PORTFOLIO RESULTS OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES 35
Slide 36: Aggregated revenue and EBITDA development across large private portfolio
AGGREGATED REVENUE AND EBITDA DEVELOPMENT ACROSS LARGE PRIVATE PORTFOLIO AGGREGATED REVENUE DEVELOPMENT AGGREGATED EBITDA DEVELOPMENT 1,859 266 1,642 213 73 GEL MILLION GEL MILLION 57 489 430 +13.7% +13.2% +26.9% +25.0% 1Q25 1Q26 LTM 31-Mar-25 LTM 31-Mar-26 1Q25 1Q26 LTM 31-Mar-25 LTM 31-Mar-26 36
Slide 37: Aggregated cash balance and net operating cash flow
AGGREGATED CASH BALANCE & NET OPERATING CASH FLOW DEVELOPMENT ACROSS LARGE PRIVATE PORTFOLIO AGGREGATED NET OPERATING CASH FLOW AGGREGATED CASH BALANCE 258 252 237 238 222 GEL MILLION GEL MILLION -5.5% 56 43 +0.5% +29.8% +16.1% 1Q25 1Q26 LTM 31-Mar-25 LTM 31-Mar-26 31-Mar-25 31-Dec-25 31-Mar-26 37
Slide 38: Portfolio value as of 31-Mar-26
PORTFOLIO VALUE AS OF 31-MAR-26 % SHARE IN TOTAL PORTFOLIO VALUE: 78% OF OUR PORTFOLIO 96% IS OF OUR PORTFOLIO 47% GBP 92.8 18% MULTIPLE: 12% 10.1x 11% 9.5x 11% ISVALUED VALUED EXTERNALLY EXTERNALLY1 1 PRICE ON LSE 8.0x LTM EV/EBITDA2 LTM P/E LTM EV/EBITDA2 2,383 11% 550 47% GEL MILLION 923 PORTFOLI
Slide 39: Private large portfolio implied multiple development
PRIVATE LARGE PORTFOLIO IMPLIED MULTIPLE DEVELOPMENT RETAIL (PHARMACY) HEALTHCARE SERVICES INSURANCE 10.1x 10.3x 9.8x 9.9x 9.9x 10.1x 10.1x 9.5x 8.2x 8.2x 8.1x 8.0x 31-Mar-25 30-Sep-25 31-Dec-25 31-Mar-26 31-Mar-25 30-Sep-25 31-Dec-25 31-Mar-26 31-Mar-25 30-Sep-25 31-Dec-25 31-Mar-26 39
Slide 40: Portfolio value development in 1Q26
PORTFOLIO VALUE DEVELOPMENT IN 1Q26 PORTFOLIO DOWN BY 0.6% Q-O-Q TO GEL 5.0 BILLION IN 1Q26 5,075 100 5,045 (24) (106) PRIVATE PORTFOLIO VALUE CREATION IN 1Q26 PRIVATE PORTFOLIO VALUE CREATION GEL million LISTED PORTFOLIO PRIVATE PORTFOLIO VALUE GEL MILLION Retail (pharmacy) 52.0 DOWN BY 4.3% UP BY
Slide 41: Private large portfolio valuation overview
PRIVATE LARGE PORTFOLIO VALUATION OVERVIEW RETAIL (PHARMACY) HEALTHCARE SERVICES INSURANCE Impact +4.6% +3.1% -1.7% Impact +5.0% -3.4% -0.5% Impact +13.4% -0.3% -5.6% 40 27 923 870 (15) GEL MILLION 614 30 620 (21) (3) 71 569 528 (1) (29) Includes GEL 5.4m dividend Equity Value EBITDA Net debt FX & M
Slide 42: Contents
CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 1Q26 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES 42
Slide 43: Lion Finance Group PLC overview
LION FINANCE GROUP PLC OVERVIEW https://lionfinancegroup.uk/ https://lionfinancegroup.uk/ INVESTMENT RATIONALE • The first entity from Georgia to be listed on the premium segment of the Main Market of the LSE (LSE: KEY MEDIUM-TERM TARGETS BGEO) since February 2012 and to be included in FTSE 100 sinc
Slide 44: Lion Finance Group PLC overview (cont'd)
LION FINANCE GROUP PLC OVERVIEW (CONT’D) https://lionfinancegroup.uk/ https://lionfinancegroup.uk/ Stock price performance Capital distribution (GEL million) GBP 92.80 as of 31-Mar-26 125.00 105.00 662 583 535 522 203 85.00 181 The board has approved 188 162 an extension to the 65.00 buyback and can
Slide 45: Retail (pharmacy) business performance overview
RETAIL (PHARMACY) BUSINESS PERFORMANCE OVERVIEW REVENUE DEVELOPMENT3 AVERAGE BILL SIZE (GEL)3 GEORGIA’S LARGEST RETAILER IN TERMS Gross Profit Margin OF REVENUE WITH 34% MARKET SHARE 32.3% 34.0% SAME STORE REVENUE +8.3% +11.0% GROWTH IN 1Q26 IN ORGANISED RETAIL MARKET1 24.5 226 +6.7% 244 22.1 4.5% 3
Slide 46: Retail (pharmacy) business performance overview (cont'd)
RETAIL (PHARMACY) BUSINESS PERFORMANCE OVERVIEW (CONT’D) EBITDA OPERATING CASH FLOW ADJUSTED NET DEBT TO LTM EBITDA1 EBITDA margin EBITDA to cash conversion 10.7% 11.9% 115.0% 114.0% +19.4% 8.0 +20.5% 150.5 7.0 33 136.7 131.0 130.3 128.3 29 6.0 28 GEL MILLION 24 102.5 5.0 4.0 3.0 1.9x 1.5x 1.4x 1.3x
Slide 47: Retail (pharmacy) business key considerations
1 STRONG TOP-LINE PERFORMANCE SUPPORTED BY 4.5% SAME-STORE REVENUE GROWTH IN 1Q26 AND ROBUST PERFORMANCE OF WHOLESALE BUSINESS ENHANCED PROFITABILITY, SUPPORTED BY A SHIFT IN THE SALES MIX TOWARD HIGHER-MARGIN 2 PRODUCT PORTFOLIO AND IMPROVED SUPPLIER TERMS, DRIVING SIGNIFICANT GROSS PROFIT AND EBIT
Slide 48: Healthcare services business overview
HEALTHCARE SERVICES BUSINESS OVERVIEW NET REVENUE EBITDA1 +13.9% +15.6% HEALTHCARE BUSINESS PORTFOLIO 131 115 MARCH 2026 71 30.0 27 64 23 25.0 GEL MILLION 37 16 1 20.0 15.0 Hospitals Polyclinics Laboratory 61 10.0 52 5.0 - 1Q25 1Q26 1Q25 1Q26 1Q26 KEY HIGHLIGHTS: Outpatient Inpatient WC/Revenue, % 2
Slide 49: Healthcare services business performance overview
HEALTHCARE SERVICES BUSINESS PERFORMANCE OVERVIEW HOSPITALS BUSINESS NET REVENUE EBITDA margin (excl. IFRS 16) EBITDA1 19.0% 18.6% KEY HIGHLIGHTS: +14.2% 19.0% +11.9% 18.6% ✓ Remarkable revenue growth of c.14% in 1Q26, 120.0 108 120.0 +11.9% 20 mostly driven by outpatient services, which 95 18 GEL M
Slide 50: Healthcare services business performance overview (cont'd)
HEALTHCARE SERVICES BUSINESS PERFORMANCE OVERVIEW (CONT’D) NET REVENUE EBITDA1 CLINICS & DIAGNOSTICS +13.9% EBITDA margin (excl. IFRS 16) 23.1% 26.0% 1Q26 KEY HIGHLIGHTS: 30.0 26 23 +28.4% 25.0 ✓ Number of tests performed in our diagnostics 8.0 7 GEL MILLION 20.0 business increased by 3.3% y-o-y ✓ N
Slide 51: Healthcare services business key considerations
1 EXPANDED MEDICAL INFRASTRUCTURE, STRENGTHENED CLINICAL TEAMS AND LEADERSHIP, AND ADDED NEW SERVICES ACROSS SEVERAL REGIONS IN GEORGIA 2 DELIVERED 14% Y-O-Y TOP-LINE GROWTH IN 1Q26 HEALTHCARE SERVICES BUSINESS KEY CONSIDERATIONS 3 EBITDA GROWTH COMPRISED 16%, WITH EBITDA MARGIN IMPROVING BY 0.3 PPT
Slide 52: Insurance business overview
INSURANCE BUSINESS OVERVIEW INSURANCE REVENUE INSURANCE BUSINESS COMPRISES TWO BUSINESS LINES: +27% PROPERTY AND CASUALTY (P&C) 114 UNDER THE BRAND NAME “ALDAGI” 89 GEL MILLION 71 52 43 MEDICAL 38 UNDER THE BRAND NAMES “IMEDI L” AND “ARDI” 1Q25 1Q26 1Q-25 1Q-26 P&C Medical KEY OPERATING HIGHLIGHTS P
Slide 53: Insurance business overview – P&C insurance
INSURANCE BUSINESS OVERVIEW – P&C INSURANCE ALDAGI IS A LEADING PLAYER IN PROPERTY INSURANCE REVENUE AND CASUALTY INSURANCE +13% P&C MARKET SHARES | FY25 GROSS PREMIUMS WRITTEN GEL MILLION P&C P&CBusiness Business 268 34% TBC Insurance 190 24% 38 43 Vienna Insurance Group 150 19% Global Benefits Geo
Slide 54: Insurance business overview – medical insurance
INSURANCE BUSINESS OVERVIEW – MEDICAL INSURANCE 1 MEDICAL INSURANCE MARKET SHARE | FY25 GROSS PREMIUMS WRITTEN INSURANCE REVENUE PRE-TAX PROFIT & ROAE ROAE 16.2% 47.7% Medical Insurance Medical Insurane Business 200 34% Business +189% +37% Vienna Insurance Group 178 30% GEL MILLION TBC Insurance 61
Slide 55: Insurance business key considerations
1 ROBUST PROFIT GROWTH OF 70% AND ROAE IMPROVEMENT TO 32% IN P&C INSURANCE AND 48% IN MEDICAL INSURANCE IN 1Q26 RETAIL HEALTH EXPANSION TO 16,000 INSUREDS, DRIVING A GEL 2.8 MILLION PREMIUM 2 INCREASE IN 1Q26 (UP 77.0% Y-O-Y) INSURANCE TARIFF ADJUSTMENTS AND PORTFOLIO MIX OPTIMISATION SUPPORT SUSTAI
Slide 56: Contents
CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 1Q26 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES 56
Slide 57: Resilient macroeconomic performance despite uncertainties
RESILIENT MACROECONOMIC PERFORMANCE DESPITE UNCERTAINTIES GEORGIA’S ECONOMY STARTED 2026 WITH STRONG MOMENTUM, POSTING 8.4% GDP THE CURRENT ACCOUNT DEFICIT NARROWING TO A HISTORIC LOW OF -2.6% OF GDP IN 2025, GROWTH IN 2M26 PRIMARILY DRIVEN BY STRONG GROWTH IN SERVICES SECTORS Nominal GDP, GEL bln (
Slide 58: Economic growth continuing at pace
ECONOMIC GROWTH CONTINUING AT PACE GEORGIA’S ECONOMY CONTINUED TO EXPAND IN 2025, WITH NOMINAL GDP EXCEEDED GEL 100 NOMINAL GDP STRUCTURE, 2025 BILLION Nominal GDP, GEL bln (LHS) Nominal GDP, USD bln (LHS) Real GDP, YoY % (RHS) 104.6 105 11.0% 10.6% 9.7% 11% 85 Education, Transport, 8% 6.4% 6.1% 7.8
Slide 59: Unemployment rate at historical lows
UNEMPLOYMENT RATE AT HISTORICAL LOWS UNEMPLOYMENT REMAINS AT HISTORICAL LOWS AT 13.9% IN 2025 LABOR FORCE STRUCTURE Unemployment rate Wage real growth rate, Y-o-Y Employed Unemployed Labor force Labour force participation rate,% 25% 21.9% 19.7% 19.5% 19.4% 60% 18.3% 18.0% 20% 16.8% 17.0% 15.6% 15.3%
Slide 60: Inflation expected to remain relatively high in first half of 2026
INFLATION IS EXPECTED TO REMAIN RELATIVELY HIGH IN THE FIRST HALF OF 2026 AMID SURGING OIL PRICES CORE INFLATION REMAINS RELATIVELY CONTAINED, INDICATING LIMITED UNDERLYING PRICE PRESSURES INFLATION AVERAGED TO 3.9% Y-O-Y IN 2025, MAINLY DRIVEN BY RISING FOOD PRICES Headline Inflation Core Inflation
Slide 61: Current account deficit narrowing to a historic low
THE CURRENT ACCOUNT DEFICIT NARROWING TO A HISTORIC LOW OF -2.6% OF GDP IN 2025 THE CURRENT ACCOUNT DEFICIT NARROWING TO A HISTORIC LOW OF -2.6% OF GDP IN 2025, PRIMARILY EXPORT OF SERVICES INCREASED TO US$ 8.5 BILLION IN 2025 (+10% Y-O-Y), MAINLY DUE TO THE DRIVEN BY STRONG GROWTH IN SERVICES SECTO
Slide 62: Contents
CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 1Q26 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES ▪ Board of directors and management team ▪ Georgia Capital financial statements 62
Slide 63: Our robust corporate governance framework
OUR ROBUST CORPORATE GOVERNANCE FRAMEWORK BOARD OF DIRECTORS COMPOSITION IRAKLI GILAURI, CHAIRMAN & CEO MASSIMO GESUA’SIVE SALVADORI Experience: Formerly BGEO Group CEO; more than 20 years INDEPENDENT NON-EXECUTIVE DIRECTOR of experience in the banking, investment and finance. Experience: Currently
Slide 64: GCAP's highly experienced management team
GCAP’S HIGHLY EXPERIENCED MANAGEMENT TEAM IRAKLI GILAURI, CHAIRMAN & CEO NINO VAKHVAKHISHVILI, CHIEF ECONOMIST Irakli Gilauri formerly served as the CEO of BGEO Group from 2011 to May 2018. He joined as CFO of Bank Joined Georgia Capital in 2018. Nino is an IMF’s Short-term Expert and a visiting lec
Slide 65: Contents
CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 1Q26 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES ▪ Board of directors and management team ▪ Georgia Capital financial statements 65
Slide 66: NAV per share decomposition as at 31 March 2026
NAV PER SHARE DECOMPOSITION AS AT 31 MARCH 2026 THE CURRENT SHARE PRICE LARGELY REFLECTS OUR LISTED PORTFOLIO, WHILE THE VALUE OF OUR PRIVATE ASSETS REMAINS MOSTLY OVERLOOKED VALUE PER SHARE AS AT 31 MARCH 2026 (GBP MILLION) VALUE (GBP) Discount: 16.2% Listed portfolio 667 20.0 Lion Finance Group 66
Slide 67: Update on PFIC management
UPDATE ON PFIC MANAGEMENT LION FINANCE GROUP’S SHARES PER 100 GCAP SHARES AS DISCUSSED WITHIN 2Q25 RESULTS ANNOUNCEMENT, WE TOOK ACTIONS DURING 1Q26 TO PREVENT GCAP FROM BECOMING A PFIC UNDER US TAX RULES DUE TO A SIGNIFICANT INCREASE IN THE VALUE OF LION FINANCE GROUP PLC (“LFG”) SHARES 22.8 21.8 2
Slide 68: Private portfolio companies' debt maturity profile
PRIVATE PORTFOLIO COMPANIES’ DEBT MATURITY PROFILE GROSS DEBT MATURITY AS OF 31 MARCH 2026 2026 2027 2028 2029 - 2036 Total (GEL MILLION) Large portfolio companies 108.2 59.6 23.2 381.4 572.3 Retail (pharmacy) 73.7 51.2 13.8 8.9 147.6 1 Healthcare services 29.5 1.1 1.2 368.0 399.8 Insurance (P&C and
Slide 69: Value creation in private portfolio | 1Q26
VALUE CREATION IN PRIVATE PORTFOLIO | 1Q26 Portfolio Businesses GEL ‘000, unless otherwise noted Operating Performance (1) Multiple Change and FX (2) Value Creation (1)+(2) 48.8 GEL MILLION Listed portfolio (29,161) Lion Finance Group (29,161) Private portfolio 149,653 (71,648) 78,005 TOTAL VALUE La
Slide 70: NAV statement | 1Q26
NAV STATEMENT | 1Q26 2a. Investment 3. 4. 1. Value 2b. 2c. Change GEL ‘000, unless otherwise noted Dec-25 and Operating Liquidity/ Mar-26 creation Buyback Dividends % Divestments expenses FX/Other Listed portfolio Lion Finance Group 2,489,286 (29,161) (42,809) - (34,195) - - 2,383,121 -4.3% Total li
Slide 71: Income statement | 1Q26
INCOME STATEMENT | 1Q26 GEL ‘000, unless otherwise noted 1Q26 1Q25 Change Dividend income 39,558 8,007 NMF of which, regular dividend 25,130 8,007 NMF of which, buyback dividend 14,428 - NMF Interest income 2,522 2,791 -9.6% Realised/unrealised (loss)/gain on liquid funds (274) 49 NMF Interest expen
Slide 72: Valuation peer group
VALUATION PEER GROUP RETAIL P&C MEDICAL HEALTHCARE (PHARMACY) INSURANCE INSURANCE SERVICES • NEUCA S.A. | Poland • Allianz SE | Germany • Medicover AB | Sweden • Zavarovalnica Triglav | Slovenia • Sopharma Trading AD | Bulgaria • UNIQA Insurance Group AG | Austria • Med Life S.A. | Romania • Pozavar
Slide 73: Forward looking statements
FORWARD LOOKING STATEMENTS This presentation contains forward-looking statements, including, but not limited to, statements concerning expectations, projections, objectives, targets, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans or int
Slide 74: Company information
COMPANY INFORMATION Georgia Capital PLC Registered Address 19th Floor 51 Lime Street London, EC3M 7DQ United Kingdom www.georgiacapital.ge Registered under number 10852406 in England and Wales Stock Listing London Stock Exchange PLC’s Main Market for listed securities Ticker: “CGEO.LN” Contact Infor