Georgia Capital PLC · LSE:CGEO
Georgia Capital — H1 2025 Earnings Presentation
51 slides from Georgia Capital's earnings presentation, Aug 6, 2025
Slide 1: 2Q25 & 1H25 Results Call Presentation
2Q25 & 1H25 RESULTS CALL PRESENTATION 6 AUGUST 2025
Slide 2: Contents
CONTENTS 01 KEY DEVELOPMENTS IN 2Q25 02 2Q25 & 1H25 PERFORMANCE OVERVIEW 03 DEEP DIVE INTO PRIVATE LARGE PORTFOLIO COMPANIES 04 2Q25 & 1H25 PORTFOLIO VALUATION OVERVIEW 05 LIQUIDITY AND DIVIDEND INCOME OUTLOOK 06 WRAP-UP 07 ANNEX 2
Slide 3: 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 4: 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 5: 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 6: 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 7: 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 8: 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 9: Contents
CONTENTS 01 KEY DEVELOPMENTS IN 2Q25 02 2Q25 & 1H25 PERFORMANCE OVERVIEW NAV PER SHARE OVERVIEW AGGREGATED PORTFOLIO RESULTS OVERVIEW UPDATE ON DELEVERAGING 03 DEEP DIVE INTO PRIVATE LARGE PORTFOLIO COMPANIES 04 2Q25 & 1H25 PORTFOLIO VALUATION OVERVIEW 05 LIQUIDITY AND DIVIDEND INCOME OUTLOOK 06 WRA
Slide 10: 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 11: 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 12: 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 13: Contents
CONTENTS 01 KEY DEVELOPMENTS IN 2Q25 02 2Q25 & 1H25 PERFORMANCE OVERVIEW NAV PER SHARE OVERVIEW AGGREGATED PORTFOLIO RESULTS OVERVIEW UPDATE ON DELEVERAGING 03 DEEP DIVE INTO PRIVATE LARGE PORTFOLIO COMPANIES 04 2Q25 & 1H25 PORTFOLIO VALUATION OVERVIEW 05 LIQUIDITY AND DIVIDEND INCOME OUTLOOK 06 WRA
Slide 14: 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 15: 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 16: Aggregated Cash Balance & 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 17: Contents
CONTENTS 01 KEY DEVELOPMENTS IN 2Q25 02 2Q25 & 1H25 PERFORMANCE OVERVIEW NAV PER SHARE OVERVIEW AGGREGATED PORTFOLIO RESULTS OVERVIEW UPDATE ON DELEVERAGING 03 DEEP DIVE INTO PRIVATE LARGE PORTFOLIO COMPANIES 04 2Q25 & 1H25 PORTFOLIO VALUATION OVERVIEW 05 LIQUIDITY AND DIVIDEND INCOME OUTLOOK 06 WRA
Slide 18: 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 19: 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 20: Contents
CONTENTS 01 KEY DEVELOPMENTS IN 2Q25 02 2Q25 & 1H25 PERFORMANCE OVERVIEW 03 DEEP DIVE INTO PRIVATE LARGE PORTFOLIO COMPANIES RETAIL (PHARMACY) BUSINESS OVERVIEW INSURANCE BUSINESS OVERVIEW HEALTHCARE BUSINESS OVERVIEW 04 2Q25 & 1H25 PORTFOLIO VALUATION OVERVIEW 05 LIQUIDITY AND DIVIDEND INCOME OUTLO
Slide 21: 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 22: 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 23: 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 24: 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 25: Contents
CONTENTS 01 KEY DEVELOPMENTS IN 2Q25 02 2Q25 & 1H25 PERFORMANCE OVERVIEW 03 DEEP DIVE INTO PRIVATE LARGE PORTFOLIO COMPANIES RETAIL (PHARMACY) BUSINESS OVERVIEW INSURANCE BUSINESS OVERVIEW HEALTHCARE BUSINESS OVERVIEW 04 2Q25 & 1H25 PORTFOLIO VALUATION OVERVIEW 05 LIQUIDITY AND DIVIDEND INCOME OUTLO
Slide 26: 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 27: 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 28: 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 29: 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 30: Contents
CONTENTS 01 KEY DEVELOPMENTS IN 2Q25 02 2Q25 & 1H25 PERFORMANCE OVERVIEW 03 DEEP DIVE INTO PRIVATE LARGE PORTFOLIO COMPANIES RETAIL (PHARMACY) BUSINESS OVERVIEW INSURANCE BUSINESS OVERVIEW HEALTHCARE BUSINESS OVERVIEW 04 2Q25 & 1H25 PORTFOLIO VALUATION OVERVIEW 05 LIQUIDITY AND DIVIDEND INCOME OUTLO
Slide 31: 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 32: 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 33: 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 34: 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 35: Contents
CONTENTS 01 KEY DEVELOPMENTS IN 2Q25 02 2Q25 & 1H25 PERFORMANCE OVERVIEW 03 DEEP DIVE INTO PRIVATE LARGE PORTFOLIO COMPANIES 04 2Q25 & 1H25 PORTFOLIO VALUATION OVERVIEW 05 LIQUIDITY AND DIVIDEND INCOME OUTLOOK 06 WRAP-UP 07 ANNEX 35
Slide 36: 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 37: 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 38: 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 39: 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 8.2x 8.2x 1,067 42 1,110 816 (286) (8) Enterprise value Net change Enterprise value Net debt inc. Minority Equi
Slide 40: Insurance Business Valuation Overview
Externally valued1 INSURANCE BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 2Q25 IMPLIED LTM P/E MULTIPLE (GEL MILLION) DEVELOPMENT3 Change q-o-q +5.1% 12.4x 5 28 1 464 441 (7) 9.8x 9.8x Equity value Operating Multiple change Dividends Equity value 30-Jun-24 31-Mar-25 30-Jun-25 31-Mar-25 p
Slide 41: 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 9.9x 845 40 885 484 (361) (39) Enterprise value Net change Enterprise value Net debt inc. Minority Equity valu
Slide 42: Contents
CONTENTS 01 KEY DEVELOPMENTS IN 2Q25 02 2Q25 & 1H25 PERFORMANCE OVERVIEW 03 DEEP DIVE INTO PRIVATE LARGE PORTFOLIO COMPANIES 04 2Q25 & 1H25 PORTFOLIO VALUATION OVERVIEW 05 LIQUIDITY AND DIVIDEND INCOME OUTLOOK 06 WRAP-UP 07 ANNEX 42
Slide 43: 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 44: 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 45: Contents
CONTENTS 01 KEY DEVELOPMENTS IN 2Q25 02 2Q25 & 1H25 PERFORMANCE OVERVIEW 03 DEEP DIVE INTO PRIVATE LARGE PORTFOLIO COMPANIES 04 2Q25 & 1H25 PORTFOLIO VALUATION OVERVIEW 05 LIQUIDITY AND DIVIDEND INCOME OUTLOOK 06 WRAP-UP 07 ANNEX 45
Slide 46: Solid Performance Across Our Portfolio
SOLID PERFORMANCE ACROSS OUR PORTFOLIO PERFORMANCE HIGHLIGHTS • NAV per share (GEL) up 17.7% in 2Q25 ✓ • NCC ratio improved by 6.5 ppt q-o-q to record-low level of 7.0% in 2Q25 • Outstanding quarterly results across our private large portfolio companies, aggregated revenues and EBITDA up 14.4% and 2
Slide 47: Contents
CONTENTS 01 KEY DEVELOPMENTS IN 2Q25 02 2Q25 & 1H25 PERFORMANCE OVERVIEW 03 DEEP DIVE INTO PRIVATE LARGE PORTFOLIO COMPANIES 04 2Q25 & 1H25 PORTFOLIO VALUATION OVERVIEW 05 LIQUIDITY AND DIVIDEND INCOME OUTLOOK 06 WRAP-UP 07 ANNEX 47
Slide 48: 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 49: 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 50: 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 51: 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