Georgia Capital Plc · LSE:CGEO
Georgia Capital — H1 2025 Earnings Presentation
83 slides from Georgia Capital's earnings presentation, Aug 6, 2025
Slide 1: Investor Presentation
INVESTOR PRESENTATION 6 AUGUST 2025
Slide 2: Contents
CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 2Q25 & 1H25 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES 2
Slide 3: Georgia Capital shareholders at 30-Jun-25
GEORGIA CAPITAL (GCAP) SHAREHOLDERS AT 30-JUN-25 GCAP SHAREHOLDERS ALLOCATION BY GEOGRAPHY GCAP TOP 10 SHAREHOLDERS Rank Shareholder name Ownership Other 17.8% 1 Gemsstock Ltd 7.56% 2 Lazard Asset Management LLC 7.37% USA1 3 Allan Gray Proprietary Ltd 6.45% Germany 35.5% 2.5% 4 Eaton Vance Managemen
Slide 4: Key figures at a glance
KEY FIGURES AT A GLANCE NAV HIGHLIGHTS AT 30-JUN-251 PORTFOLIO VALUE BREAKDOWN AT 30-JUN-25 Portfolio value Net debt 4,542 77 51% 49% Listed Private GEL million GEL million US$ 1,668 million US$ 28 million STARTING FROM 2024, PLATFORM COSTS NAV NAV per share ARE TARGETED AT MAXIMUM 0.75% OF NAV 4,46
Slide 5: Our portfolio overview as at 30-Jun-25
OUR PORTFOLIO OVERVIEW AS AT 30-JUN-25 LISTED PORTFOLIO PRIVATE PORTFOLIO Value: GEL 2,223m Value: GEL 2,319m 48.9% of the total portfolio value 51.1% 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 2Q25 & 1H25 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 2Q25 & 1H25 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 2Q25 & 1H25 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APP
Slide 13: Net capital commitment (NCC) overview
NET CAPITAL COMMITMENT (NCC) OVERVIEW Change Change 30-Jun-25 US$ Million 30-Jun-24 31-Mar-25 (y-o-y) (q-o-q) NCC RATIO IMPROVED BY 6.5 Cash and liquid funds 25.1 NMF 58.5 -5.5% 55.3 PPTS Q-O-Q AS OF 30-JUN-25 Loans issued 4.1 -95.1% - NMF 0.2 (11.9 PPTS IMPROVEMENT Y-O-Y) Receivable from put option
Slide 14: 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 15: 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 WE ARE TARGETING TO REDUCE THE BALANCE OF “NET 42.5% DEBT AND GUARANTEES ISSUED” CLOSE TO ZERO OV
Slide 16: Leverage overview of our private businesses
LEVERAGE OVERVIEW OF OUR PRIVATE BUSINESSES TOTAL NET DEBT/EBITDA DEVELOPMENT OVERVIEW 4.9x 4.3x 3.9x 3.8x 3.8x 3.4x 3.5x 3.4x 3.1x 2.9x ➢ LTM EBITDA up 58.4% as at Jun-25 from Dec-19. 2.8x GEL MILLION 195 958 220 934 249 852 222 877 219 758 221 748 214 816 240 908 281 873 290 846 309 853 1,2 1,2,3
Slide 17: 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 2Q25 & 1H25 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APP
Slide 18: 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 18
Slide 19: ESG 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 20: 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 21: 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 22: 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 2Q25 & 1H25 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APP
Slide 23: 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 24: 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 25: Contents
CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 2Q25 & 1H25 PERFORMANCE OVERVIEW ▪ Key developments ▪ Georgia Capital results overview ▪ Aggregated portfolio results and valuations overview 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES 25
Slide 26: Key developments
1 NAV per share (GEL) increased by 17.7% in 2Q25, driven by both the robust operating growth of our private large portfolio companies and the continued growth in Lion Finance Group PLC’s share price 2 Outstanding quarterly results across our private large portfolio companies with 14.4% and 28.9% y-o
Slide 27: Completion of the water utility put option exercise
COMPLETION OF THE WATER UTILITY PUT OPTION EXERCISE OVER THE LAST FEW YEARS, THE VALUE OF GCAP’S 20% STAKE IN THE WATER UTILITY BUSINESS APPRECIATED SIGNIFICANTLY +56.4% TRANSLATING INTO: for 100% stake US$ 70.4 MILLION MOIC US$ 45.0 2.9 3.8 MILLION in US$ in GEL IRR 2021 2025 19.1% 25.3% DISPOSAL O
Slide 28: Completion of GEL 300 million capital return programme
COMPLETION OF GEL 300 MILLION CAPITAL RETURN PROGRAMME IN MAY-24, GCAP ANNOUNCED ITS AS PART OF THE PACKAGE, IN JULY 2025, GCAP INCREASED THE ONGOING BUYBACK PROGRAMME WITH A FINAL TRANCHE OF US$ 18 MILLION, EXPECTED TO BE FULLY UTILISED IN AUGUST 2025 BOARD’S INTENTION TO MAKE AVAILABLE AT LEAST GE
Slide 29: Launch of new GEL 700 million capital return programme until end-2027
LAUNCH OF NEW GEL 700 MILLION CAPITAL RETURN PROGRAMME UNTIL END-2027 GCAP ANNOUNCES THE LAUNCH THE PROGRAMME, SUPPORTED BY SIGNIFICANT IMPROVEMENT IN THE NCC RATIO TO A RECORD-LOW LEVEL OF 7.0% IN 2Q25, IS EXPECTED TO BE FUNDED BY A COMBINATION OF: OF A NEW GEL 700 MILLION CAPITAL RETURN PROGRAMME,
Slide 30: Update on Passive Foreign Investment Company (PFIC)
UPDATE ON PASSIVE FOREIGN INVESTMENT COMPANY (PFIC) TO MITIGATE THE POTENTIAL NEGATIVE TAX GCAP’S PFIC ASSET BASE2 IMPLICATIONS FOR U.S. SHAREHOLDERS, GCAP IS COMMITTED TO TAKING ACTION WHERE APPROPRIATE TO PREVENT THE COMPANY FROM BECOMING A PFIC 26% ✓ Changes in GCAP’s asset composition in recent
Slide 31: Contents
CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 2Q25 & 1H25 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 2Q25
NAV PER SHARE (GEL) MOVEMENT IN 2Q25 PRIVATE LARGE PORTFOLIO NAV PER SHARE (GEL) UP +15.3% +2.9% -0.5% -0.3% +1.1% -0.2% -0.6% +17.7% +4.0% +22.4% 17.7% Q-O-Q IN 2Q25 130.69 125.63 ▪ The increase in NAV per share (GEL) in 2Q25 reflects excellent underlying 106.73 operating performances across the po
Slide 33: Strong NAV per share growth
STRONG NAV PER SHARE GROWTH AS OF 30 JUNE 2025 5-YEAR NAV PER SHARE NAV PER SHARE (GEL) DEVELOPMENT OVERVIEW CAGR STOOD AT 31.7%, 34.8% AND 31.9% IN CAGR since the demerger: 17.4% GEL, US$ AND GBP TERMS, RESPECTIVELY 5-year CAGR: 31.7% AS OF 30 JUNE 2025 3-YEAR NAV PER SHARE 3-year CAGR: 33.6% CAGR
Slide 34: Share buyback and cancellation programme
SHARE BUYBACK AND CANCELLATION PROGRAMME DEVELOPMENT OF GCAP’S SHARE BUYBACK AND CANCELLATION PROGRAMMES ➢ The gross number of issued shares, including those held by the management trust, is now below the 14.1 MILLION SHARES (US$ 187 share count at the time of the demerger MILLION IN VALUE) REPURCHA
Slide 35: Liquidity outlook
LIQUIDITY OUTLOOK LIQUIDITY DEVELOPMENT OVERVIEW (US$ MILLION) GROSS DEBT (US$ million) LIQUIDITY DOWN BY 5.4% AND 44.4% IN 2Q25 AND 1H25, RESPECTIVELY, REFLECTING CASH OUTFLOWS 300 300 365 365 300 150 150 150 150 150 FOR SHARE BUYBACKS DURING THE PERIOD Cash receipt from the 80% Cancellation of US$
Slide 36: Dividend income outlook
DIVIDEND INCOME OUTLOOK RECURRING CASH DIVIDEND INCOME FROM PORTFOLIO COMPANIES GEL 57.7 MILLION RECURRING DIVIDEND INCOME IN 1H25 DIVIDEND INCOME +14.4% 2Q25 1H25 Dividend income 1.6 2.1 4.1 4.3 4.92 (GEL million) per share (GEL) Lion Finance Group (buyback dividend) 32.9 32.9 1 1 Insurance busines
Slide 37: Contents
CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 2Q25 & 1H25 PERFORMANCE OVERVIEW ▪ Key developments ▪ Georgia Capital results overview ▪ Aggregated portfolio results and valuations overview 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES 37
Slide 38: Aggregated revenue development across private portfolio
AGGREGATED REVENUE DEVELOPMENT ACROSS PRIVATE PORTFOLIO GEL MILLION AGGREGATED QUARTERLY REVENUE ACROSS OUR LARGE PORTFOLIO 1,076 COMPANIES UP 14.4% Y-O-Y IN 978 2Q25 AND UP 17.6% IN 1H25 207 238 553 499 114 115 +17.6% 870 739 +14.4% 439 384 2Q24 2Q25 1H24 1H25 Emerging and other portfolio companies
Slide 39: Aggregated EBITDA development across private portfolio
AGGREGATED EBITDA DEVELOPMENT ACROSS PRIVATE PORTFOLIO GEL MILLION AGGREGATED EBITDA ACROSS OUR LARGE PORTFOLIO 165 COMPANIES UP 28.9% Y-O-Y IN 2Q25 AND UP 36.5% IN 1H25 135 46 48 87 72 25 +36.5% 119 24 88 +28.9% 62 48 2Q24 2Q25 1H24 1H25 Emerging and other portfolio companies Emerging and other por
Slide 40: Aggregated cash balance and net operating cash flow
AGGREGATED CASH BALANCE & NET OPERATING CASH FLOW DEVELOPMENT ACROSS PRIVATE PORTFOLIO TOTAL AGGREGATED NET OPERATING CASH FLOW TOTAL AGGREGATED CASH BALANCE OF PRIVATE BUSINESSES 320 313 290 83 99 80 GEL MILLION GEL MILLION 144 47 -11.4% 103 237 210 76 58 32 214 -2.1% 22 +35.5% 21 +45.0% 54 72 97 3
Slide 41: Portfolio value as of 30-Jun-25
PORTFOLIO VALUE AS OF 30-JUN-25 % SHARE IN TOTAL PORTFOLIO VALUE: 78% OF OUR PORTFOLIO 97% IS OF OUR PORTFOLIO 49% GBP 70.8 18% MULTIPLE: 10% 9.8x 11% 9.9x 12% ISVALUED VALUED EXTERNALLY EXTERNALLY1 1 PRICE ON LSE 8.2x LTM P/E LTM EV/EBITDA2 LTM EV/EBITDA2 2,223 12% 556 49% GEL MILLION 816 PORTFOLIO
Slide 42: Private large portfolio implied multiple development
PRIVATE LARGE PORTFOLIO IMPLIED MULTIPLE DEVELOPMENT RETAIL (PHARMACY) INSURANCE HEALTHCARE SERVICES 12.4x1 11.6x 10.5x 10.3x 9.9x 8.8x 8.4x 8.2x 8.2x 9.7x 9.8x 9.8x 30-Jun-24 31-Dec-24 31-Mar-25 30-Jun-25 30-Jun-24 31-Dec-24 31-Mar-25 30-Jun-25 30-Jun-24 31-Dec-24 31-Mar-25 30-Jun-25 Georgia Capita
Slide 43: Portfolio value development in 2Q25
PORTFOLIO VALUE DEVELOPMENT IN 2Q25 PORTFOLIO VALUE UP BY 10.5% Q-O-Q TO GEL 4.5 554 BILLION IN 2Q25 76 4,542 (10) (188) 4,111 PRIVATE PORTFOLIO VALUE CREATION IN 2Q25 PRIVATE PORTFOLIO VALUE CREATION LISTED AND OBSERVABLE PORTFOLIO PRIVATE PORTFOLIO VALUE GEL MILLION GEL million VALUE UP BY 19.7% U
Slide 44: Contents
CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 2Q25 & 1H25 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES 44
Slide 45: 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 46: 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) GBP 70.80 Payout ratio: as of 30-Jun-25 75 35% 37% 37% 31% 65 55 583 535 522 45 181 An estimate based on a 188 162 cumulative
Slide 47: Retail (pharmacy) business overview
RETAIL (PHARMACY) BUSINESS OVERVIEW COUNTRY’S LARGEST RETAILER IN BUSINESS DIRECTIONS TERMS OF REVENUE WITH 36% MARKET SHARE IN ORGANISED RETAIL MARKET1 Retail Wholesale The only dual-brand player on the market - operating under two Business Business pharmacy brands with distinct positioning: o GPC
Slide 48: 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) 30.5% 32.7% 29.9% 32.5% 7.8 7.5 15.9 15.2 2Q25 1H25 +9.4% 6.6% 4.7% 450 411 GEL MILLION +25.8% 101 80 ✓ Whol
Slide 49: 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 9.4% 10.9% 8.5% 10.8% 74.5% 63.8% 97.3% 89.3% 180.0 175.2 8.0 +38.3% 160.0 150.5 7.0 +27.0% 140.0 131.0 136.7 6.0 48.5 43.3 120.0 GEL MILLION 5
Slide 50: Retail (pharmacy) business key considerations
STRONG TOP-LINE PERFORMANCE SUPPORTED BY 6.6% SAME-STORE REVENUE GROWTH IN 2Q25 1 AND ROBUST PERFORMANCE OF WHOLESALE BUSINESS ENHANCED PROFITABILITY, SUPPORTED BY A SHIFT IN THE SALES MIX TOWARD HIGHER-MARGIN 2 CATEGORIES AND IMPROVED SUPPLIER TERMS, DRIVING SIGNIFICANT GROSS PROFIT GROWTH RETAIL (
Slide 51: Retail (pharmacy) business valuation overview
Externally valued1 RETAIL (PHARMACY) BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 2Q25 IMPLIED LTM EV/EBITDA DEVELOPMENT (GEL MILLION) Change q-o-q +4.0% +3.3% +8.2% +4.2% 8.8x 2 8.2x 8.2x 1,067 42 1,110 816 (286) (8) Enterprise value Net change Enterprise value Net debt inc. Minority Eq
Slide 52: Insurance business overview
INSURANCE BUSINESS OVERVIEW INSURANCE REVENUE INSURANCE BUSINESS COMPRISES TWO BUSINESS LINES: +42% 187 PROPERTY AND CASUALTY (P&C) +27% UNDER THE BRAND NAME “ALDAGI” 97 131 104 GEL MILLION 76 53 64 40 82 MEDICAL 36 44 68 UNDER THE BRAND NAMES “IMEDI L” AND “ARDI” 2Q24 2Q25 1H24 1H25 P&C Medical KEY
Slide 53: Insurance business overview – P&C insurance
INSURANCE BUSINESS OVERVIEW – P&C INSURANCE INSURANCE REVENUE AM BEST HAS UPGRADED CREDIT RATING OF GEORGIA CAPITAL’S P&C INSURANCE BUSINESS +21% +22% GEL MILLION FINANCIAL STRENGTH LONG-TERM ISSUER RATING CREDIT RATING B+ (GOOD) bbb- (GOOD) 82 68 FROM B (FAIR) FROM bb+ (FAIR) 44 36 REFLECTING RESIL
Slide 54: Insurance business overview – medical insurance
INSURANCE BUSINESS OVERVIEW – MEDICAL INSURANCE 1 INSURANCE REVENUE PRE-TAX PROFIT & ROAE ROAE 2Q25 Change 1H25 Change 27.6% 32.6% 18.5% 24.6% y-o-y y-o-y +64% NPW (GEL million) 44 22% 132 51% GEL MILLION Combined Ratio, 93.3% 2.2 ppts 95.8% 2.5 ppts Medical +32% +33% Individuals 269K -4.7% 269K -4.
Slide 55: Insurance business key considerations
1 UPGRADED CREDIT RATING OF P&C INSURANCE BUSINESS FROM bb+ to bbb-, REFLECTING BALANCE SHEET STRENGTH AND PRUDENT UNDERWRITING PRACTICES 2 TARIFF INCREASE IN BOTH BRANDS OF MEDICAL INSURANCE UMBRELLA, ON THE BACK OF IMPROVED SERVICES AND EFFICIENCY INSURANCE BUSINESS KEY CONSIDERATIONS 3 HIGH RETEN
Slide 56: Insurance business valuation overview
Externally valued1 INSURANCE BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 2Q25 IMPLIED LTM P/E MULTIPLE (GEL MILLION) DEVELOPMENT4 Change q-o-q +5.1% 6 12.4x 28 1 464 441 (7) 9.8x 9.8x 2 Equity value Operating Multiple change Dividends Equity value 30-Jun-24 31-Mar-25 30-Jun-25 31-Mar-25
Slide 57: Healthcare services business overview
HEALTHCARE SERVICES BUSINESS OVERVIEW NET REVENUE EBITDA1 COUNTRY’S LARGEST HEALTHCARE SERVICE PROVIDER IN TERMS OF +18.6% NUMBER OF BEDS AND NUMBER +41.4% OF REGISTERED PATIENTS GEL MILLION +18.0% 233.6 196.9 +36.4% 47.0 118.3 33.3 100.2 23.7 HEALTHCARE BUSINESS PORTFOLIO | JUNE 2025 17.4 34 16 1 2
Slide 58: Healthcare services business overview
HEALTHCARE SERVICES BUSINESS OVERVIEW FOCUS ON OUTPATIENT OUTPATIENT CLINICAL QUALITY CENTRAL LAB IMPROVED SERVICES EXPANSION DEVELOPMENT IMPROVEMENT TURNAROUND TIMES (TAT) Increased share of outpatient services Enhanced the speed and efficiency of revenue in total revenue test results delivery to p
Slide 59: Healthcare services business performance overview
HEALTHCARE SERVICES BUSINESS PERFORMANCE OVERVIEW HOSPITALS BUSINESSS NET REVENUE EBITDA1 +40.3% KEY HIGHLIGHTS: +17.0% 36.6 ✓ Bed occupancy rates increased by over 20 ppts over the past two years 191.3 GEL MILLION +16.9% 163.5 +34.4% 26.1 ✓ Revenue growth of 17% in 2Q25 was mostly driven by outpati
Slide 60: Healthcare services business performance overview (cont'd)
HEALTHCARE SERVICES BUSINESS PERFORMANCE OVERVIEW (CONT’D) EBITDA1 CLINICS & DIAGNOSTICS NET REVENUE Number of admissions KEY HIGHLIGHTS: +25.3% +46.9% ✓ Number of admissions in our polyclinics 46.0 10.6 increased by 11% in 2Q25 +23.3% 36.7 +47.4% GEL MILLION ✓ Number of tests performed in our diagn
Slide 61: Healthcare business valuation overview
Externally valued1 HEALTHCARE BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 2Q25 (GEL MILLION) IMPLIED LTM EV/EBITDA DEVELOPMENT Change q-o-q +4.7% +3.7% +19.7% +4.4% 11.6x 10.3x 2 9.9x 845 40 885 484 (361) (39) Enterprise value Net change Enterprise value Net debt inc. Minority Equity va
Slide 62: Contents
CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 2Q25 & 1H25 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES 62
Slide 63: Economic growth remained resilient despite uncertainties
ECONOMIC GROWTH REMAINED RESILIENT DESPITE UNCERTAINTIES GEORGIA’S ECONOMY CONTINUED TO EXPAND IN 2025, WITH PRELIMINARY ECONOMIC TOTAL FX INFLOWS INCREASED BY 8.1% Y-O-Y AND AMOUNTED TO US$ 6.9 BILLION IN 1H25 GROWTH AT 8.3% Y-O-Y IN 1H25, DRIVEN BY THE STRONG SERVICE SECTOR PERFORMANCE 54% 60% 16.
Slide 64: Economic growth continuing at pace
ECONOMIC GROWTH CONTINUING AT PACE GROSS DOMESTIC PRODUCT NOMINAL GDP STRUCTURE, 1Q25 Nominal GDP, GEL bln (LHS) Real GDP, YoY % 92 24% 90 81 80 73 20% 70 61 16% 60 50 50 10.6% 11.0% Public Construction, Finance, 45 9.4% 9.8% 12% 50 41 7.8% 8.7% Administration, 6.9% 5.7% 35 37 40 28 29 32 8% Trade,
Slide 65: Unemployment rate at historical lows
UNEMPLOYMENT RATE AT HISTORICAL LOWS UNEMPLOYMENT RATE AT HISTORICAL LOWS, DOWN TO 13.9% IN 2024 FROM 16.4% IN 2023 30% 27.2% 26.7% 25% 23.0% 21.7% 22.1% 20.4% 19.2% 19.0% 20% 18.3% 18.1% 18.0% 17.0% 16.7% 16.1% 15.6% 14.7% 15% 14.0% 13.8% 14.2% 10% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Slide 66: Inflation has exceeded the target after two years below
INFLATION HAS EXCEEDED THE TARGET AFTER THE TWO YEARS BELLOW INFLATION Y-O-Y VS. INFLATION TARGET INFLATION COMPONENTS Food and non-alcoholic beverages Alcoholic beverages and tobacco Transport 16 Headline Inflation Core Inflation Target Monetary Policy Rate Housing and utilities Other Inflation 14
Slide 67: Current account balance supported by increasing service exports
CURRENT ACCOUNT BALANCE SUPPORTED BY INCREASING SERVICE EXPORTS CA DEFICIT WIDENED TO -8.5% OF GDP IN 1Q25, DRIVEN BY A 10% INCREASE IN GOODS EXPORT OF SERVICES INCREASED TO US$ 1.7 BILLION IN 1Q25 (+9% Y-O-Y), MAINLY DUE TO IMPORTS AND A RISE IN THE NEGATIVE BALANCE OF THE PRIMARY INCOME ACCOUNT TH
Slide 68: Contents
CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 2Q25 & 1H25 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES ▪ Board of directors and management team ▪ Georgia Capital financial statements 68
Slide 69: 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 70: 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 71: Contents
CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 2Q25 & 1H25 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES ▪ Board of directors and management team ▪ Georgia Capital financial statements 71
Slide 72: 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 70.00 +16.8% CAGR 66.6% 63.7% 63.3% 62.4% 60.00 60.2% 59.0% 59.2% 57.6% 58.0% 57.8% 55.7% 55.8% 52.8% 50.0% 51.2% 49.9% 50.0
Slide 73: NAV per share decomposition as at 5 August 2025
NAV PER SHARE DECOMPOSITION AS AT 5 AUGUST 20251 THE CURRENT SHARE PRICE LARGELY REFLECTS OUR LISTED AND OBSERVABLE PORTFOLIO, WHILE THE VALUE OF OUR PRIVATE ASSETS REMAINS MOSTLY OVERLOOKED VALUE PER SHARE AS AT 5 AUGUST 2025 (GBP MILLION) VALUE (GBP) Discount: 39.3% Listed portfolio 616 17.5 36.4
Slide 74: Private portfolio companies' debt maturity profile
PRIVATE PORTFOLIO COMPANIES’ DEBT MATURITY PROFILE GROSS DEBT MATURITY AS OF 30 JUNE 2025 2025 2026 2027 2028 - 2036 Total (GEL MILLION) Large portfolio companies 93.2 190.9 111.7 159.8 555.6 Retail (pharmacy) 35.4 74.1 29.8 22.7 162.0 Insurance (P&C and medical) 3.0 6.5 7.3 12.7 29.5 Healthcare ser
Slide 75: Value creation in private portfolio | 2Q25
VALUE CREATION IN PRIVATE PORTFOLIO | 2Q25 Operating Multiple Change Value Creation Portfolio Businesses 670.9 Performance and FX in 2Q25 GEL thousand (1) (2) (1)+(2) Lion Finance Group 586,757 Water utility 3,744 Total listed and observable portfolio companies - - 590,501 GEL MILLION Large portfoli
Slide 76: Value creation in private portfolio | 1H25
VALUE CREATION IN PRIVATE PORTFOLIO | 1H25 Operating Multiple Change Value Creation Portfolio Businesses 1.0 Performance and FX in 1H25 GEL thousand (1) (2) (1)+(2) Lion Finance Group 834,706 Water utility 3,744 Total listed and observable portfolio companies - - 838,450 GEL BILLION Large portfolio
Slide 77: NAV statement | 2Q25
NAV STATEMENT | 2Q25 4. Liquidity 2a. Investments and 3.Operating GEL thousands unless otherwise noted 31-Mar-25 1. Value Creation 2b. Buybacks 2c. Dividends Management/ 30-Jun-25 Change % Divestments Expenses FX / Other Listed and observable portfolio companies Lion Finance Group 1,668,984 586,757
Slide 78: NAV statement | 1H25
NAV STATEMENT | 1H25 4. Liquidity 2a. Investments and 3.Operating GEL thousands unless otherwise noted 31-Dec-24 1. Value Creation 2b. Buybacks 2c. Dividends Management/ 30-Jun-25 Change % Divestments Expenses FX / Other Listed and observable portfolio companies Lion Finance Group 1,421,035 834,706
Slide 79: Income statement | 2Q25
INCOME STATEMENT | 2Q25 Income statement GEL thousands unless otherwise noted 2Q25 2Q24 Change Dividend income 16,781 14,914 12.5% Buyback dividend 32,916 21,593 52.4% Interest income 1,847 1,681 9.9% Realised/unrealised gain/(loss) on liquid funds 23 (409) NMF Interest expense (8,922) (8,970) -0.5%
Slide 80: Income statement | 1H25
INCOME STATEMENT | 1H25 Income statement GEL thousands unless otherwise noted 1H25 1H24 Change Dividend income 24,789 24,375 1.7% Buyback dividend 32,916 25,932 26.9% Interest income 4,637 3,320 39.7% Realised/unrealised gain/(loss) on liquid funds 73 (961) NMF Interest expense (18,026) (17,579) 2.5
Slide 81: Valuation peer group
VALUATION PEER GROUP RETAIL P&C MEDICAL HEALTHCARE (PHARMACY) INSURANCE INSURANCE SERVICES • NEUCA S.A. | Poland • Powszechny Zaklad Ubezpieczen SA | • Medicover AB | Sweden • Dhipaya Insurance | Thailand Poland • EMC Instytut Medyczny SAEMC SA | • Sopharma Trading AD | Bulgaria • Zavarovalnica Trig
Slide 82: 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 83: 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