Georgia Capital Plc · LSE:CGEO
Georgia Capital — FY2025 Earnings Presentation
82 slides from Georgia Capital's earnings presentation, Feb 24, 2026
Slide 1: Investor Presentation 24 February 2026
INVESTOR PRESENTATION 24 FEBRUARY 2026
Slide 2: Contents
CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 4Q25 & FY25 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES 2
Slide 3: Georgia Capital shareholders at 31-Dec-25
GEORGIA CAPITAL (GCAP) SHAREHOLDERS AT 31-DEC-25 GCAP SHAREHOLDERS ALLOCATION BY GEOGRAPHY GCAP TOP 10 SHAREHOLDERS Other Rank Shareholder name Ownership 16.5% 1 Lazard Asset Management LLC 7.27% 2 Allan Gray Proprietary Ltd 5.86% Luxembourg 3 Gemsstock Ltd 5.59% 2.3% Norway USA 1 4 Eaton Vance Mana
Slide 4: Key figures at a glance
KEY FIGURES AT A GLANCE NAV HIGHLIGHTS AT 31-DEC-251 PORTFOLIO VALUE BREAKDOWN AT 31-DEC-25 Portfolio value Net cash 5,075 103 51% 49% Listed Private GEL million GEL million US$ 1,883 million US$ 38 million STARTING FROM 2024, PLATFORM COSTS NAV NAV per share ARE TARGETED AT MAXIMUM 0.75% OF NAV 5,1
Slide 5: Our portfolio overview as at 31-Dec-25
OUR PORTFOLIO OVERVIEW AS AT 31-DEC-25 LISTED PORTFOLIO PRIVATE PORTFOLIO Value: GEL 2,489m Value: GEL 2,586m 49.1% of the total portfolio value 50.9% of the total portfolio value LARGE PORTFOLIO COMPANIES LION FINANCE RETAIL INSURANCE HEALTHCARE EMERGING AND GROUP1 (PHARMACY) (P&C AND MEDICAL) SERV
Slide 6: Contents
CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 4Q25 & FY25 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES 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 4Q25 & FY25 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APP
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 4Q25 & FY25 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APP
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 IMPROVED BY 3.1 PPTS Q-O-Q AS OF 31-DEC-25 UPDATED OVER THE CYCLE TARGET OF 10% ➢ Strong cash flow generation and the continued growth in portfolio value led to a 3.1 ppts improvement in the NCC ratio. 5.4% +2.6% -0.8% 4.
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 10.5 PPTS Y-O-Y AS OF 31-DEC-25 Redemption of US$ 100 million local holding bonds 12.8% ➢ Significant net debt reduction supported by strong cash flow generation and the continued 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% THE NCC RATIO IMPROVED TO A RECORD 39.8% 250.1 LOW 2.3% AS AT DECEMBER 2025 213.6 31.9% 171
Slide 17: Leverage overview of our private businesses
LEVERAGE OVERVIEW OF OUR PRIVATE BUSINESSES TOTAL NET DEBT/EBITDA DEVELOPMENT OVERVIEW 4.9x ➢ LTM EBITDA up 70.6% as at Dec-25 from Dec-19. 4.3x 3.9x GEL MILLION 3.8x 3.8x 3.4x 3.5x 3.4x 3.1x 2.8x 2.6x 2.7x 195 958 220 934 249 852 222 877 219 758 221 748 214 816 240 908 281 873 309 853 324 846 333 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 4Q25 & FY25 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APP
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: Environmental, social and governance principles lie at the heart of our business
ENVIRONMENTAL, SOCIAL AND GOVERNANCE PRINCIPLES LIE AT THE HEART OF OUR BUSINESS WE INVEST IN INDUSTRIES WHICH HAVE POSITIVE IMPACT OUR PORTFOLIO IS CONCENTRATED ACROSS ON PEOPLE AND PLANET STRUCTURALLY IMPORTANT INDUSTRIES IN GEORGIA, CONNECTING US TO THE COUNTRY’S Our healthcare businesses, contri
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 ▪ Georgia Capital delivered on its ▪ I
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 Insurance 3, 8, 9 1, 10 Healthcare servic
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 4Q25 & FY25 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APP
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 4Q25 & FY25 PERFORMANCE OVERVIEW ▪ Key developments ▪ Georgia Capital results overview ▪ Aggregated portfolio results and valuations overview 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES 26
Slide 27: Key developments
NAV per share (GEL) increased by 14.1% q-o-q in 4Q25 and by 61.2% y-o-y in FY25, reflecting continued 1 growth in Lion Finance Group PLC’s share price (up 21.6% q-o-q and 97.5% y-o-y) and strong operating performance across our private large portfolio companies 2 Outstanding quarterly results across
Slide 28: 2025 lookback
2025 LOOKBACK COMPLETION OF THE WATER BOLT-ON ACQUISITION COMPLETION OF GEL 300 LAUNCH OF GEL 700 1 UTILITY PUT OPTION EXERCISE 2 BY HEALTHCARE SERVICES 3 MILLION CAPITAL RETURN 4 MILLION CAPITAL RETURN BUSINESS PROGRAMME PROGRAMME IN JUNE 2025, GCAP EXERCISED ITS PUT OPTION IN 2025, GCAP’S HEALTHCA
Slide 29: Progress on the GEL 700 million capital return programme
PROGRESS ON THE GEL 700 MILLION CAPITAL RETURN PROGRAMME ✓ AS OF FEB-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 30: Share buyback and cancellation programme
SHARE BUYBACK AND CANCELLATION PROGRAMME DEVELOPMENT OF GCAP’S SHARE BUYBACK AND CANCELLATION PROGRAMMES 15.8 MILLION SHARES (US$ 246 ➢ The gross number of issued shares, including those held by the management trust, is now below the share count at the time of the demerger MILLION IN VALUE) REPURCHA
Slide 31: Contents
CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 4Q25 & FY25 PERFORMANCE OVERVIEW ▪ Key developments ▪ Georgia Capital results overview ▪ Aggregated portfolio results and valuations overview 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES 31
Slide 32: NAV per share (GEL) movement in 4Q25
NAV PER SHARE (GEL) MOVEMENT IN 4Q25 PRIVATE LARGE PORTFOLIO NAV PER SHARE (GEL) UP +10.4% +2.9% +0.4% -0.4% +0.9% -0.4% +0.3% +14.1% +5.1% +20.0% 14.1% Q-O-Q IN 4Q25 162.61 154.68 ▪ The increase in NAV per share (GEL) in 135.51 4Q25 reflects solid underlying operating performances across the portfo
Slide 33: NAV per share (GEL) movement in FY25
NAV PER SHARE (GEL) MOVEMENT IN FY25 PRIVATE LARGE PORTFOLIO NAV PER SHARE (GEL) UP +42.3% +15.4% -1.3% -0.7% +11.3% -1.3% -4.5% +61.2% 61.2% Q-O-Q IN FY25 154.68 ▪ In FY25, GCAP delivered IFRS net income of GEL 1,892.6 million. 95.95 In GBP: +56.4% In GBP: 27.14 42.44 NAV per share Listed & Operati
Slide 34: Strong NAV per share growth
STRONG NAV PER SHARE GROWTH AS OF 31 DECEMBER 2025 5-YEAR NAV PER NAV PER SHARE (GEL) DEVELOPMENT OVERVIEW SHARE CAGR STOOD AT 26.3%, 31.3% AND CAGR since the demerger: 19.5% 31.5% IN GEL, US$ AND GBP TERMS, 5-year CAGR: 26.3% RESPECTIVELY 3-year CAGR: 33.1% AS OF 31 DECEMBER 2025 3-YEAR NAV PER SHA
Slide 35: Free cash flow development
FREE CASH FLOW DEVELOPMENT GCAP’s FREE CASH FLOW DEVELOPMENT (US$ MILLION) FREE CASH FLOW REACHED US$ 65 INCLUDING BUYBACK DIVIDENDS MILLION FOR 2025, REFLECTING STRONG CASH GENERATION, FCF PER SHARE (US$) 1.22 1.86 SUPPORTED BY DISCIPLINED Change y-o-y +52.3% EXPENSE MANAGEMENT AND CONTINUED DELEVE
Slide 36: Liquidity outlook
LIQUIDITY OUTLOOK LIQUIDITY DEVELOPMENT OVERVIEW (US$ MILLION) GROSS DEBT (US$ million) Early redemption of US$ 100 LIQUIDITY INCREASED BY 15.2% Q-O-Q, DRIVEN BY: million local holding bonds ✓ STRONG DIVIDEND INFLOWS 300 300 365 365 300 150 150 50 50 ✓ THE SALE OF LION FINANCE GROUP SHARES, IN LINE
Slide 37: Dividend income outlook
DIVIDEND INCOME OUTLOOK RECURRING CASH DIVIDEND INCOME FROM PORTFOLIO COMPANIES GEL 225.5 MILLION RECURRING DIVIDEND INCOME IN FY25 DIVIDEND INCOME +50% 4Q25 FY25 Dividend income (GEL million) 1.6 2.1 4.1 4.3 6.5 per share (GEL) Lion Finance Group 20.0 139.9 226 of which, cash dividend 20.0 106.9 of
Slide 38: Contents
CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 4Q25 & FY25 PERFORMANCE OVERVIEW ▪ Key developments ▪ Georgia Capital results overview ▪ Aggregated portfolio results and valuations overview 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES 38
Slide 39: Aggregated revenue and EBITDA development across large private portfolio
AGGREGATED REVENUE AND EBITDA DEVELOPMENT ACROSS LARGE PRIVATE PORTFOLIO AGGREGATED REVENUE DEVELOPMENT AGGREGATED EBITDA DEVELOPMENT 250 1,802 1,567 195 68 GEL MILLION GEL MILLION 58 438 490 +11.8% +15.0% +17.8% +28.6% 4Q24 4Q25 FY24 FY25 4Q24 4Q25 FY24 FY25 Georgia Capital PLC | General note: Figu
Slide 40: Aggregated cash balance and net operating cash flow across large private portfolio
AGGREGATED CASH BALANCE & NET OPERATING CASH FLOW DEVELOPMENT ACROSS LARGE PRIVATE PORTFOLIO AGGREGATED NET OPERATING CASH FLOW AGGREGATED CASH BALANCE 249 252 245 203 213 GEL MILLION GEL MILLION +1.1% 80 84 +24.2% +5.0% +14.9% 4Q24 4Q25 FY24 FY25 31-Dec-24 30-Sep-25 31-Dec-25 Georgia Capital PLC |
Slide 41: Portfolio value as of 31-Dec-25
PORTFOLIO VALUE AS OF 31-DEC-25 % SHARE IN TOTAL PORTFOLIO VALUE: 78% OF OUR PORTFOLIO 96% IS OF OUR PORTFOLIO 49% GBP 93.0 17% MULTIPLE: 10% 10.1x 12% 10.1x 11% ISVALUED VALUED EXTERNALLY EXTERNALLY1 1 PRICE ON LSE 8.1x LTM P/E LTM EV/EBITDA2 LTM EV/EBITDA2 2,489 11% 574 49% GEL MILLION PORTFOLIO 8
Slide 42: Private large portfolio implied multiple development
PRIVATE LARGE PORTFOLIO IMPLIED MULTIPLE DEVELOPMENT RETAIL (PHARMACY) INSURANCE HEALTHCARE SERVICES 10.1x 9.8x 9.9x 10.5x 9.7x 9.9x 9.9x 10.1x 8.4x 8.2x 8.2x 8.1x 31-Dec-24 30-Jun-25 30-Sep-25 31-Dec-25 31-Dec-24 30-Jun-25 30-Sep-25 31-Dec-25 31-Dec-24 30-Jun-25 30-Sep-25 31-Dec-25 42
Slide 43: Portfolio value development in 4Q25
PORTFOLIO VALUE DEVELOPMENT IN 4Q25 PORTFOLIO VALUE UP BY 9.4% Q-O-Q TO GEL 5.1 133 5,075 BILLION IN 4Q25 323 (22) 4,641 PRIVATE PORTFOLIO VALUE CREATION IN 4Q25 PRIVATE PORTFOLIO VALUE CREATION LISTED PORTFOLIO PRIVATE PORTFOLIO VALUE GEL MILLION GEL million UP BY 14.9% UP BY 4.5% Healthcare servic
Slide 44: Private large portfolio valuation overview
PRIVATE LARGE PORTFOLIO VALUATION OVERVIEW RETAIL (PHARMACY) INSURANCE HEALTHCARE SERVICES Impact +3.8% +0.0% -2.5% Impact +5.4% -1.3% +2.1% Impact +6.4% +3.0% +5.7% +2.1% 33 0 870 857 (21) GEL MILLION Includes 30 11 614 34 15 GEL 14.9m 524 dividend 498 27 10 528 (7) Includes GEL 17.3m dividend 1 2
Slide 45: Contents
CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 4Q25 & FY25 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES 45
Slide 46: Lion Finance Group PLC overview
Listed Portfolio LION FINANCE GROUP PLC OVERVIEW https://lionfinancegroup.uk/ https://lionfinancegroup.uk/ INVESTMENT RATIONALE KEY MEDIUM-TERM TARGETS • The first entity from Georgia to be listed on the premium segment of the Main Market of the LSE (LSE: BGEO) since February 2012. LOAN BOOK • High
Slide 47: Lion Finance Group PLC overview (cont'd)
Listed Portfolio LION FINANCE GROUP PLC OVERVIEW (CONT’D) https://lionfinancegroup.uk/ https://lionfinancegroup.uk/ Stock price performance Capital distribution (GEL million) Payout ratio: GBP 93.00 as of 31-Dec-25 35% 37% 37% 31% 30% 105.00 95.00 662 85.00 583 75.00 535 522 203 65.00 181 55.00 188
Slide 48: Retail (pharmacy) business overview
RETAIL (PHARMACY) BUSINESS OVERVIEW GEORGIA’S LARGEST RETAILER IN TERMS BUSINESS DIRECTIONS OF REVENUE WITH 33% MARKET SHARE IN ORGANISED RETAIL MARKET1 o The only dual-brand player on the market - operating under two pharmacy brands with distinct positioning: ORGANISED RETAIL MARKET SHARE | 2024 RE
Slide 49: Retail (pharmacy) business performance overview
RETAIL (PHARMACY) BUSINESS PERFORMANCE OVERVIEW REVENUE DEVELOPMENT OPERATING HIGHLIGHTS AVERAGE BILL SIZE (GEL) SAME STORE REVENUE GROWTH Gross Profit Margin Number of bills issued (million) 31.4% 33.2% 30.7% 32.9% 8.0 8.2 31.6 30.9 4Q25 FY25 +10.5% 940 8.9% 6.3% 850 +22.4% 207 GEL MILLION 169 ✓ 8.
Slide 50: 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 10.5% 11.2% 9.5% 10.9% 87.8% 92.8% 96.7% 93.1% +22.0% 8.0 +26.7% 150.5 7.0 95 131.0 136.7 130.3 128.3 103 6.0 78 GEL MILLION 81 5.0 +17.5% +24.
Slide 51: Retail (pharmacy) business key considerations
1 STRONG TOP-LINE PERFORMANCE SUPPORTED BY 8.9% SAME-STORE REVENUE GROWTH IN 4Q25 AND ROBUST PERFORMANCE OF WHOLESALE BUSINESS 2 ENHANCED PROFITABILITY, SUPPORTED BY A SHIFT IN THE SALES MIX TOWARD HIGHER-MARGIN CATEGORIES AND IMPROVED SUPPLIER TERMS, DRIVING SIGNIFICANT GROSS PROFIT GROWTH RETAIL (
Slide 52: Insurance business overview
INSURANCE BUSINESS OVERVIEW INSURANCE REVENUE INSURANCE BUSINESS COMPRISES TWO BUSINESS LINES: +23% 389 PROPERTY AND CASUALTY (P&C) UNDER THE BRAND NAME “ALDAGI” +10% 316 212 GEL MILLION 167 96 106 56 59 MEDICAL 149 177 47 UNDER THE BRAND NAMES “IMEDI L” AND “ARDI” 40 4Q24 4Q-24 4Q25 4Q-25 FY24 12M2
Slide 53: Insurance business overview – P&C insurance
INSURANCE BUSINESS OVERVIEW – P&C INSURANCE INSURANCE REVENUE ALDAGI IS A LEADING PLAYER IN PROPERTY +19% AND CASUALY INSURANCE P&C MARKET SHARES | 9M25 GROSS PREMIUMS WRITTEN GEL MILLION P&C 208 34% +17% P&CBusiness Business 141 23% 177 TBC Insurance 149 108 18% Vienna Insurance Group 32 40 47 Glob
Slide 54: Insurance business overview – medical insurance
INSURANCE BUSINESS OVERVIEW – MEDICAL INSURANCE MEDICAL INSURANCE MARKET SHARE | 9M25 GROSS PREMIUMS WRITTEN INSURANCE REVENUE PRE-TAX PROFIT & ROAE1 +27% ROAE 29.3% 36.0% 24.9% 30.9% Medical Insurance 154 33% Business Medical Insurance +26% +5% 144 31% GEL MILLION Vienna Insurance Group +31% 46 10%
Slide 55: Insurance business key considerations
OUTSTANDING PERFORMANCE IN BOTH, P&C AND MEDICAL INSURANCE BUSINESSES, 1 RESULTING IN RECORD HIGH PROFITS AND ROAE OF 30.9% IN MEDICAL AND 33.5% IN P&C INSURANCE BUSINESS IN FY25 RETAIL HEALTH EXPANSION TO 17,000 INSUREDS, DRIVING A GEL 2 MILLION PREMIUM INCREASE 2 IN 4Q25 INSURANCE TARGETED TARIFF
Slide 56: Healthcare services business overview
HEALTHCARE SERVICES BUSINESS OVERVIEW NET REVENUE EBITDA1 +18.1% COUNTRY’S LARGEST HEALTHCARE 473 +35.1% 401 SERVICE PROVIDER IN TERMS OF 93 NUMBER OF BEDS AND NUMBER 100.0 +15.0% 80.0 69 +15.1% OF REGISTERED PATIENTS GEL MILLION +17.8% 60.0 109 +13.8% 126 40.0 22 25 +22.5% HEALTHCARE BUSINESS PORTF
Slide 57: Healthcare services business performance overview
HEALTHCARE SERVICES BUSINESS PERFORMANCE OVERVIEW HOSPITALS BUSINESS NET REVENUE EBITDA margin (excl. IFRS 16) EBITDA1 +16.7% 18.9% 18.6% 16.3% 18.5% KEY HIGHLIGHTS: 450.0 388 400.0 +32.4% ✓ Bed occupancy rates increased by c.21 ppts 350.0 333 over the past two years 80.0 73 GEL MILLION 300.0 ✓ Reve
Slide 58: Healthcare services business performance overview (cont'd)
HEALTHCARE SERVICES BUSINESS PERFORMANCE OVERVIEW (CONT’D) NET REVENUE EBITDA1 CLINICS & DIAGNOSTICS +23.4% EBITDA margin (excl. IFRS 16) 20.3% 23.3% 19.0% 22.3% KEY HIGHLIGHTS: 100.0 92 90.0 +45.0% ✓ Number of admissions in our polyclinics 80.0 75 increased by 13% in 4Q25 (y-o-y) 70.0 25.0 GEL MILL
Slide 59: Healthcare services business key considerations
1 DELIVERED 35% Y-O-Y EBITDA GROWTH IN FY25, WITH EBITDA MARGIN IMPROVING BY 2.5 PPTS 2 ROBUST CASH COLLECTION IN 4Q25 WITH FULL-YEAR EBITDA TO CASH CONVERSION RATIO EXCEEDING 85% HEALTHCARE SERVICES BUSINESS KEY CONSIDERATIONS 3 NET DEBT TO EBITDA (EXCL. IFRS 16) DECLINING FROM 4.3X IN DECEMBER 202
Slide 60: Contents
CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 4Q25 & FY25 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES 60
Slide 61: Resilient macroeconomic performance and continued growth
RESILIENT MACROECONOMIC PERFORMANCE AND CONTINUED GROWTH GEORGIA’S ECONOMY CONTINUED TO EXPAND IN 2025, WITH NOMINAL GDP THE GENERAL GOVERNMENT DEBT-TO-GDP RATIO FELL TO A DECADE LOW IN 2025 EXCEEDING GEL 100 BILLION Nominal GDP, GEL bln (LHS) Nominal GDP, USD bln (LHS) Real GDP, YoY % (RHS) General
Slide 62: Economic growth continuing at pace
ECONOMIC GROWTH CONTINUING AT PACE GEORGIA’S ECONOMY CONTINUED TO EXPAND IN 2025, WITH PRELIMINARY NOMINAL GDP STRUCTURE, 9M25 ECONOMIC GROWTH AT 7.5% Y-O-Y IN 2025, DRIVEN BY THE STRONG SERVICE SECTOR PERFORMANCE 10.6% 11.0% 9.7% 7.8% 7.5% 5.2% 6.1% 5.4% 5.1% Agriculture, Education, Construction, 6
Slide 63: 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 Wages real growth rate, Y-o-Y 25% 21.9% 19.7% 18.3% 19.5% 19.4% Employed Unemployed Labor force Labour force participation rate,% 18.0% 20% 16.8% 17.0% 15.6% 15.3% 13
Slide 64: Inflation is expected to return to target in second half of 2026
INFLATION IS EXPECTED TO RETURN TO THE TARGET IN THE SECOND HALF OF 2026 INFLATION AVERAGED TO 3.9% Y-O-Y IN 2025, MAINLY DRIVEN BY RISING FOOD PRICES INFLATION COMPONENTS Food and non-alcoholic beverages Alcoholic beverages and tobacco Transport Headline Inflation Core Inflation Target Monetary Pol
Slide 65: Current account balance supported by increasing service exports
CURRENT ACCOUNT BALANCE SUPPORTED BY INCREASING SERVICE EXPORTS IN 3Q25, THE CA RECORDED A 3.3% OF GDP SURPLUS, NARROWING THE 9M25 CA DEFICIT TO EXPORT OF SERVICES INCREASED TO US$ 6.4 BILLION IN 9M25 (+9% Y-O-Y), MAINLY DUE TO 2.1%, MAINLY DRIVEN BY SERVICES SECTOR GROWTH THE INCREASING ICT SERVICE
Slide 66: Contents
CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 4Q25 & FY25 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES ▪ Board of directors and management team ▪ Georgia Capital financial statements 66
Slide 67: 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 68: 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 69: Contents
CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 4Q25 & FY25 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES ▪ Board of directors and management team ▪ Georgia Capital financial statements 69
Slide 70: NAV per share discount development overview
NAV PER SHARE DISCOUNT DEVELOPMENT OVERVIEW DESPITE STRONG RECENT TRADING PERFORMANCE, THE DISCOUNT TO NAV PER SHARE REMAINS WIDE, PRESENTING AN ATTRACTIVE BUYBACK OPPORTUNITY +18.3% 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% 44.7% 42.6% 42.0
Slide 71: NAV per share decomposition as at 31 December 2025
NAV PER SHARE DECOMPOSITION AS AT 31 DECEMBER 2025 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 DECEMBER 2025 (GBP MILLION) VALUE (GBP) Discount: 27.0% Listed portfolio 683 20.3 42.4 Lion Finan
Slide 72: 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 4Q25 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 73: Private portfolio companies' debt maturity profile
PRIVATE PORTFOLIO COMPANIES’ DEBT MATURITY PROFILE GROSS DEBT MATURITY AS OF 31 DECEMBER 2025 2026 2027 2028 2029 - 2036 Total (GEL MILLION) Large portfolio companies 134.2 41.8 23.2 378.1 577.3 Retail (pharmacy) 101.1 33.4 13.8 8.9 157.2 Insurance (P&C and medical) 6.5 7.3 8.2 4.5 26.5 1 Healthcare
Slide 74: Value creation in private portfolio | 4Q25
VALUE CREATION IN PRIVATE PORTFOLIO | 4Q25 Portfolio Businesses GEL thousand (Unaudited) Operating Performance (1) Multiple Change and FX (2) Value Creation in 4Q25 (1)+(2) 618.5GEL MILLION Listed portfolio 483,304 Lion Finance Group 483,304 TOTAL VALUE Private portfolio 171,789 (36,618) 135,171 Lar
Slide 75: Value creation in private portfolio | FY25
VALUE CREATION IN PRIVATE PORTFOLIO | FY25 Portfolio Businesses GEL thousand (Unaudited) Operating Performance (1) Multiple Change and FX (2) Value Creation in FY25 (1)+(2) 2.0 GEL BILLION Listed and observable portfolio 1,525,119 Lion Finance Group Water utility 1,521,375 3,744 TOTAL VALUE Private
Slide 76: NAV statement | 4Q25
NAV STATEMENT | 4Q25 2a. Investment and 3. Operating GEL ‘000, unless otherwise noted (unaudited) Sep-25 1. Value creation 2b. Buyback 2c. Dividend 4. Liquidity/ FX/Other Dec-25 Change % Divestments expenses Listed portfolio Lion Finance Group 2,166,631 483,304 (140,620) - (20,029) - - 2,489,286 14.
Slide 77: NAV statement | FY25
NAV STATEMENT | FY25 GEL ‘000, unless otherwise noted 2a. Investment and Dec-24 1. Value creation 2b. Buyback 2c. Dividend 3. Operating expenses 4. Liquidity/ FX/Other Dec-25 Change % (Unaudited) Divestments Listed and Observable Portfolio Companies Lion Finance Group 1,421,035 1,521,375 (313,260) -
Slide 78: Income statement | 4Q25
INCOME STATEMENT | 4Q25 Income statement GEL thousands unless otherwise noted 4Q25 4Q24 Change Dividend income 57,692 9,826 NMF Interest income 1,957 2,076 -5.7% Realised/unrealised gain on liquid funds 59 6 NMF Interest expense (3,024) (9,101) -66.8% Gross operating income 56,684 2,807 NMF Operatin
Slide 79: Income statement | FY25
INCOME STATEMENT | FY25 Income statement GEL thousands unless otherwise noted FY25 FY24 Change Dividend income 225,534 201,752 11.8% Interest income 10,145 7,477 35.7% Realised/unrealised gain/(loss) on liquid funds 258 (796) NMF Interest expense (36,643) (35,589) 3.0% Costs associated with bond red
Slide 80: 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 81: 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 82: 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