Georgia Capital PLC · LSE:CGEO
Georgia Capital — Q3 2025 Earnings Presentation
50 slides from Georgia Capital's earnings presentation, Oct 27, 2025
Slide 1: 3Q25 & 9M25 Results Call Presentation
3Q25 & 9M25 RESULTS CALL PRESENTATION 27 OCTOBER 2025
Slide 2: Contents
CONTENTS 01 KEY DEVELOPMENTS IN 3Q25 02 3Q25 & 9M25 PERFORMANCE OVERVIEW 03 DEEP DIVE INTO PRIVATE LARGE PORTFOLIO COMPANIES 04 3Q25 & 9M25 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 7.9% q-o-q in 3Q25, driven by strong operating performance across our private large portfolio companies and continued growth in Lion Finance Group PLC’s share price 2 Outstanding quarterly results across our private large portfolio companies, with aggregated revenues
Slide 4: Progress on the GEL 700 Million Capital Return Programme
PROGRESS ON THE GEL 700 MILLION CAPITAL RETURN PROGRAMME US$ 50 MILLION SHARE BUYBACK & CANCELLATION PROGRAMME REDEMPTION OF US$ 100 MILLION LOCAL BONDS PRINCIPAL OUTSTANDING (US$ MILLION) REDUCED BY US$ 100 MILLION 150 CURRENTLY US$ 50 MILLION REPURCHASED ONGOING & CANCELLED US$ 24M SHARE BUYBACK U
Slide 5: Progress on the GEL 700 Million Capital Return Programme (Cont'd)
PROGRESS ON THE GEL 700 MILLION CAPITAL RETURN PROGRAMME (CONT’D) ✓ AS OF OCT-25, GCAP HAS ALREADY DEPLOYED MORE THAN GEL 400 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
Slide 6: 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 3Q25 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 7: Capital Market Transactions of Our Portfolio Companies
CAPITAL MARKET TRANSACTIONS OF OUR PORTFOLIO COMPANIES HEALTHCARE BUSINESS SOCIAL BOND ISSUANCE HOSPITALITY BUSINESS BOND ISSUANCE THE LARGEST GEL BOND ISSUANCE ON THE LOCAL MARKET ✓ IN SEPTEMBER 2025, GCAP’S HEALTHCARE SERVICES BUSINESS SUCCESSFULLY ✓ IN OCTOBER 2025, GCAP’S ONLY HOSPITALITY BUSINE
Slide 8: Bolt-on Acquisition by Healthcare Services Business
ON 25 OCTOBER 2025, OUR HEALTHCARE SERVICES BUSINESS AGREED TO ACQUIRE GORMED LLC, A REGIONAL NETWORK OF THREE HOSPITALS AND CLINICS IN CENTRAL GEORGIA, PENDING REGULATORY APPROVAL RATIONAL: THE ACQUISITION WILL EXPAND OUR HEALTHCARE SERVICES BUSINESS FOOTPRINT INTO GORI, GEORGIA’S FIFTH LARGEST CIT
Slide 9: Economic Growth Remained Resilient Despite Uncertainties
ECONOMIC GROWTH REMAINED RESILIENT DESPITE UNCERTAINTIES GEORGIA’S ECONOMY CONTINUED TO EXPAND IN 2025, WITH PRELIMINARY ECONOMIC CURRENT ACCOUNT DEFICIT NARROWED TO -5.3% OF GDP IN 1H25, DRIVEN BY A 13.7% GROWTH AT 7.9% Y-O-Y IN 8M25, DRIVEN BY THE STRONG SERVICE SECTOR PERFORMANCE INCREASE IN GOOD
Slide 10: Contents
CONTENTS 01 KEY DEVELOPMENTS IN 3Q25 02 3Q25 & 9M25 PERFORMANCE OVERVIEW NAV PER SHARE OVERVIEW AGGREGATED PORTFOLIO RESULTS OVERVIEW UPDATE ON DELEVERAGING 03 DEEP DIVE INTO PRIVATE LARGE PORTFOLIO COMPANIES 04 3Q25 & 9M25 PORTFOLIO VALUATION OVERVIEW 05 LIQUIDITY AND DIVIDEND INCOME OUTLOOK 06 WRA
Slide 11: NAV per Share (GEL) Movement in 3Q25
NAV PER SHARE (GEL) MOVEMENT IN 3Q25 PRIVATE LARGE PORTFOLIO NAV PER SHARE (GEL) +4.6% +2.8% +0.0% +0.4% +1.2% -0.2% -0.9% +7.9% UP 7.9% Q-O-Q IN 3Q25 135.51 125.63 ▪ The increase in NAV per share (GEL) in 3Q25 reflects solid underlying operating performances across the portfolio, reinforcing GCAP’s
Slide 12: Strong NAV per Share Growth
STRONG NAV PER SHARE GROWTH AS OF 30 SEPTEMBER 2025 5-YEAR NAV PER NAV PER SHARE (GEL) DEVELOPMENT OVERVIEW SHARE CAGR STOOD AT 29.1%, 33.5% AND CAGR since the demerger: 18.0% 32.3% IN GEL, US$ AND GBP TERMS, 5-year CAGR: 29.1% RESPECTIVELY 3-year CAGR: 33.4% AS OF 30 SEPTEMBER 2025 3-YEAR NAV PER S
Slide 13: Free Cash Flow Development
FREE CASH FLOW DEVELOPMENT GCAP’s FREE CASH FLOW DEVELOPMENT (US$ MILLION) FREE CASH FLOW PROJECTED AT US$ INCLUDING BUYBACK DIVIDENDS 57 MILLION FOR THE FULL YEAR 2025, REFLECTING STRONG CASH FCF PER SHARE (US$) 1. 22 1.60 1.78 GENERATION, SUPPORTED BY Change y-o-y +30.5% +45.6% DISCIPLINED EXPENSE
Slide 14: Share Buyback and Cancellation Programme
SHARE BUYBACK AND CANCELLATION PROGRAMME DEVELOPMENT OF GCAP’S SHARE BUYBACK AND CANCELLATION PROGRAMMES 15.2 MILLION SHARES (US$ 221 ➢ 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 15: Contents
CONTENTS 01 KEY DEVELOPMENTS IN 3Q25 02 3Q25 & 9M25 PERFORMANCE OVERVIEW NAV PER SHARE OVERVIEW AGGREGATED PORTFOLIO RESULTS OVERVIEW UPDATE ON DELEVERAGING 03 DEEP DIVE INTO PRIVATE LARGE PORTFOLIO COMPANIES 04 3Q25 & 9M25 PORTFOLIO VALUATION OVERVIEW 05 LIQUIDITY AND DIVIDEND INCOME OUTLOOK 06 WRA
Slide 16: Aggregated Revenue and EBITDA Development Across Large Private Portfolio
AGGREGATED REVENUE AND EBITDA DEVELOPMENT ACROSS LARGE PRIVATE PORTFOLIO AGGREGATED REVENUE DEVELOPMENT AGGREGATED EBITDA DEVELOPMENT 1,312 183 1,129 136 63 GEL MILLION GEL MILLION 49 442 390 +13.5% +16.2% +29.5% +34.0% 3Q24 3Q25 9M24 9M25 3Q24 3Q25 9M24 9M25 Georgia Capital PLC | General note: Figu
Slide 17: Aggregated Cash Balance & Net Operating Cash Flow Development
AGGREGATED CASH BALANCE & NET OPERATING CASH FLOW DEVELOPMENT ACROSS LARGE PRIVATE PORTFOLIO AGGREGATED NET OPERATING CASH FLOW AGGREGATED CASH BALANCE 249 210 179 GEL MILLION GEL MILLION 161 +18.7% 134 62 64 +39.4% +3.7% +20.7% 3Q24 3Q25 9M24 9M25 30-Sep-24 30-Jun-25 30-Sep-25 Georgia Capital PLC |
Slide 18: Contents
CONTENTS 01 KEY DEVELOPMENTS IN 3Q25 02 3Q25 & 9M25 PERFORMANCE OVERVIEW NAV PER SHARE OVERVIEW AGGREGATED PORTFOLIO RESULTS OVERVIEW UPDATE ON DELEVERAGING 03 DEEP DIVE INTO PRIVATE LARGE PORTFOLIO COMPANIES 04 3Q25 & 9M25 PORTFOLIO VALUATION OVERVIEW 05 LIQUIDITY AND DIVIDEND INCOME OUTLOOK 06 WRA
Slide 19: Net Capital Commitment (NCC) Overview
NET CAPITAL COMMITMENT (NCC) OVERVIEW Change Change US$ Million 30-Sep-24 30-Jun-25 30-Sep-25 (y-o-y) (q-o-q) NCC RATIO IMPROVED BY 1.6 Cash and liquid funds 37.3 67.8% 55.3 13.2% 62.6 PPTS Q-O-Q AS OF 30-SEP-25 Loans issued 4.3 -85.8% 0.2 NMF 0.6 (10.5 PPTS IMPROVEMENT Y-O-Y) Accrued dividend incom
Slide 20: 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 5.4% AS AT SEPTEMBER 2025 213.6 31.9% 17
Slide 21: Contents
CONTENTS 01 KEY DEVELOPMENTS IN 3Q25 02 3Q25 & 9M25 PERFORMANCE OVERVIEW 03 DEEP DIVE INTO PRIVATE LARGE PORTFOLIO COMPANIES RETAIL (PHARMACY) BUSINESS OVERVIEW INSURANCE BUSINESS OVERVIEW HEALTHCARE BUSINESS OVERVIEW 04 3Q25 & 9M25 PORTFOLIO VALUATION OVERVIEW 05 LIQUIDITY AND DIVIDEND INCOME OUTLO
Slide 22: 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 o The only dual-brand player on the market - operating under two pharmacy brands with ORGANISED RETAIL MARKET SHARE | 2023 REVENUE Retail Wholesale
Slide 23: 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) 31.6% 33.4% 30.5% 32.8% 7.7 7.5 23.6 22.7 3Q25 9M25 +10.3% 681 6.6% 5.3% 618 +28.1% 152 GEL MILLION 119 ✓ 6.
Slide 24: 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 10.3% 10.9% 9.1% 10.8% 105.9% 100.7% 100.5% 93.2% +21.1% 8.0 +30.6% 160.0 68.7 150.5 7.0 73.7 131.0 136.7 130.3 56.7 6.0 GEL MILLION 56.4 5.0 +
Slide 25: Retail (Pharmacy) Business Key Considerations
STRONG TOP-LINE PERFORMANCE SUPPORTED BY 6.6% SAME-STORE REVENUE GROWTH IN 3Q25 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 26: Contents
CONTENTS 01 KEY DEVELOPMENTS IN 3Q25 02 3Q25 & 9M25 PERFORMANCE OVERVIEW 03 DEEP DIVE INTO PRIVATE LARGE PORTFOLIO COMPANIES RETAIL (PHARMACY) BUSINESS OVERVIEW INSURANCE BUSINESS OVERVIEW HEALTHCARE BUSINESS OVERVIEW 04 3Q25 & 9M25 PORTFOLIO VALUATION OVERVIEW 05 LIQUIDITY AND DIVIDEND INCOME OUTLO
Slide 27: Insurance Business Overview
INSURANCE BUSINESS OVERVIEW INSURANCE REVENUE INSURANCE BUSINESS COMPRISES TWO BUSINESS LINES: +29% 283 PROPERTY AND CASUALTY (P&C) UNDER THE BRAND NAME “ALDAGI” +9% 220 153 GEL MILLION 97 89 111 49 48 MEDICAL 41 48 109 130 UNDER THE BRAND NAMES “IMEDI L” AND “ARDI” 3Q24 3Q-24 3Q25 3Q-25 9M24 9M25 P
Slide 28: Insurance Business Overview – P&C Insurance
INSURANCE BUSINESS OVERVIEW – P&C INSURANCE INSURANCE REVENUE ALDAGI IS A LEADING PLAYER IN PROPERTY AND CASUALY INSURANCE +20% P&C MARKET SHARE | 6M25 GROSS PREMIUMS WRITTEN GEL MILLION +16% Other 58 14% 130 Unison 15 4% 109 Global Benefits Georgia 28 7% 41 48 Vienna Insurance Group 72 17% 3Q24 3Q-
Slide 29: Insurance Business Overview – Medical Insurance
INSURANCE BUSINESS OVERVIEW – MEDICAL INSURANCE MEDICAL INSURANCE MARKET SHARE INSURANCE REVENUE PRE-TAX PROFIT & ROAE 1 6M25 GROSS PREMIUMS WRITTEN 35.6% 37.6% 23.7% 29.1% +38% +24% Other 61 17% +2% +15% GEL MILLION TBC Insurance 35 10% 153 14 Global Benefits Georgia 36 10% 111 11 48 49 5 6 Vienna
Slide 30: Insurance Business Key Considerations
1 OUTSTANDING PERFORMANCE IN BOTH, P&C AND MEDICAL INSURANCE BUSINESSES, RESULTING IN RECORD HIGH PROFITS AND ALL-TIME HIGH ROAE EXCEPTIONAL RESULTS IN MOTOR INSURANCE, SUPPORTED BY SUSTAINED UNDERWRITING 2 EXCELLENCE AND SWIFT, TARGETED REMEDIAL ACTIONS INSURANCE NEW BRAND IDENTITY AND DIGITAL TRAN
Slide 31: Contents
CONTENTS 01 KEY DEVELOPMENTS IN 3Q25 02 3Q25 & 9M25 PERFORMANCE OVERVIEW 03 DEEP DIVE INTO PRIVATE LARGE PORTFOLIO COMPANIES RETAIL (PHARMACY) BUSINESS OVERVIEW INSURANCE BUSINESS OVERVIEW HEALTHCARE BUSINESS OVERVIEW 04 3Q25 & 9M25 PORTFOLIO VALUATION OVERVIEW 05 LIQUIDITY AND DIVIDEND INCOME OUTLO
Slide 32: Healthcare Services Business Overview
HEALTHCARE SERVICES BUSINESS OVERVIEW NET REVENUE EBITDA1 COUNTRY’S LARGEST HEALTHCARE SERVICE PROVIDER IN TERMS OF +19.3% +42.9% NUMBER OF BEDS AND NUMBER 347.4 68.2 OF REGISTERED PATIENTS GEL MILLION 291.3 +20.6% 47.7 +46.5% 94.4 113.8 21.1 HEALTHCARE BUSINESS PORTFOLIO | SEPTEMBER 2025 14.4 34 16
Slide 33: Healthcare Services Business Performance Overview
HEALTHCARE SERVICES BUSINESS PERFORMANCE OVERVIEW HOSPITALS BUSINESS NET REVENUE EBITDA1 +41.5% +17.8% 53.5 KEY HIGHLIGHTS: 285.7 ✓ Bed occupancy rates increased by c.20 ppts 242.5 37.8 over the past two years GEL MILLION ✓ Revenue growth of 20% in 3Q25 was mostly +19.5% +44.4% driven by outpatient
Slide 34: Healthcare Services Business Performance Overview (Cont'd)
HEALTHCARE SERVICES BUSINESS PERFORMANCE OVERVIEW (CONT’D) NET REVENUE EBITDA1 CLINICS & DIAGNOSTICS +49.3% KEY HIGHLIGHTS: +25.7% 14.8 ✓ Number of admissions in our polyclinics 67.3 increased by 8% in 3Q25 (y-o-y) 53.6 9.9 GEL MILLION ✓ Number of tests performed in our diagnostics business increase
Slide 35: Healthcare Services Business Key Developments
POTENTIAL ACQUISITION OF GORMED LLC 1 In October 2025, binding Memorandum of Understanding was signed to acquire Gormed LLC, a regional network of three hospitals and clinics in central Georgia, pending regulatory approval by the Georgian Competition Agency: ➢ EBITDA expected in 2025: GEL 4.5 millio
Slide 36: Contents
CONTENTS 01 KEY DEVELOPMENTS IN 3Q25 02 3Q25 & 9M25 PERFORMANCE OVERVIEW 03 DEEP DIVE INTO PRIVATE LARGE PORTFOLIO COMPANIES 04 3Q25 & 9M25 PORTFOLIO VALUATION OVERVIEW 05 LIQUIDITY AND DIVIDEND INCOME OUTLOOK 06 WRAP-UP 07 ANNEX 36
Slide 37: Portfolio Value as of 30-Sep-25
PORTFOLIO VALUE AS OF 30-SEP-25 % SHARE IN TOTAL PORTFOLIO VALUE: 78% OF OUR PORTFOLIO 97% IS OF OUR PORTFOLIO 47% GBP 76.5 18% MULTIPLE: 11% 9.9x 11% 9.9x 13% ISVALUED VALUED EXTERNALLY EXTERNALLY1 1 PRICE ON LSE 8.2x LTM P/E LTM EV/EBITDA2 LTM EV/EBITDA2 2,167 13% 596 47% GEL MILLION 857 PORTFOLIO
Slide 38: Private Large Portfolio Implied Multiple Development
PRIVATE LARGE PORTFOLIO IMPLIED MULTIPLE DEVELOPMENT RETAIL (PHARMACY) INSURANCE HEALTHCARE SERVICES 10.9x1 11.3x 10.5x 9.9x 9.9x 8.8x 9.9x 8.4x 8.2x 8.2x 9.7x 9.8x 30-Sep-25 31-Dec-24 30-Jun-25 30-Sep-25 30-Sep-24 31-Dec-24 30-Jun-25 30-Sep-25 30-Sep-24 31-Dec-24 30-Jun-25 30-Sep-25 Georgia Capital
Slide 39: Portfolio Value Development in 3Q25
PORTFOLIO VALUE DEVELOPMENT IN 3Q25 PORTFOLIO VALUE UP BY 2.2% Q-O-Q TO GEL 4.6 39 4,641 BILLION IN 3Q25 4,542 115 (56) PRIVATE PORTFOLIO VALUE CREATION IN 3Q25 PRIVATE PORTFOLIO VALUE CREATION LISTED PORTFOLIO PRIVATE PORTFOLIO VALUE GEL MILLION GEL million DOWN BY 2.5% UP BY 6.7% Retail (pharmacy)
Slide 40: Private Large Portfolio Valuation Overview
PRIVATE LARGE PORTFOLIO VALUATION OVERVIEW RETAIL (PHARMACY) INSURANCE HEALTHCARE SERVICES Impact +5.1% +0.5% -0.6% Impact +5.1% +1.8% +0.4% Impact +12.3% -4.7% +0.6% 42 4 857 816 (5) GEL MILLION Includes GEL 10.0m 60 3 524 484 dividend (23) 464 24 9 2 498 Includes GEL 1.8m dividend Equity Value EBI
Slide 41: Contents
CONTENTS 01 KEY DEVELOPMENTS IN 3Q25 02 3Q25 & 9M25 PERFORMANCE OVERVIEW 03 DEEP DIVE INTO PRIVATE LARGE PORTFOLIO COMPANIES 04 3Q25 & 9M25 PORTFOLIO VALUATION OVERVIEW 05 LIQUIDITY AND DIVIDEND INCOME OUTLOOK 06 WRAP-UP 07 ANNEX 41
Slide 42: Liquidity Outlook
LIQUIDITY OUTLOOK LIQUIDITY DEVELOPMENT OVERVIEW (US$ MILLION) GROSS DEBT (US$ million) LIQUIDITY INCREASED BY 13.2% Q-O-Q, DRIVEN BY: ✓ STRONG DIVIDEND INFLOWS 300 300 365 365 300 150 150 150 50 ✓ RECEIPT OF PROCEEDS FROM THE EXERCISE OF THE PUT OPTION ON A 20% STAKE IN THE WATER UTILITY BUSINESS C
Slide 43: Dividend Income Outlook
DIVIDEND INCOME OUTLOOK RECURRING CASH DIVIDEND INCOME FROM PORTFOLIO COMPANIES GEL 167.8 MILLION RECURRING DIVIDEND INCOME IN 9M25 DIVIDEND INCOME +31% 3Q25 9M25 Dividend income (GEL million) 1.6 2.1 4.1 4.3 5.62 per share (GEL) Lion Finance Group 86.9 119.8 c. 200 of which, cash dividend 86.9 86.9
Slide 44: Contents
CONTENTS 01 KEY DEVELOPMENTS IN 3Q25 02 3Q25 & 9M25 PERFORMANCE OVERVIEW 03 DEEP DIVE INTO PRIVATE LARGE PORTFOLIO COMPANIES 04 3Q25 & 9M25 PORTFOLIO VALUATION OVERVIEW 05 LIQUIDITY AND DIVIDEND INCOME OUTLOOK 06 WRAP-UP 07 ANNEX 44
Slide 45: Outstanding Performance Across Our Portfolio
OUTSTANDING PERFORMANCE ACROSS OUR PORTFOLIO PERFORMANCE HIGHLIGHTS • NAV per share (GEL) up 7.9% in 3Q25 ✓ • NCC ratio improved by 1.6 ppt q-o-q to a record-low level of 5.4% in 3Q25 • Outstanding quarterly results across our private large portfolio companies, aggregated revenues and EBITDA up 13.5
Slide 46: Contents
CONTENTS 01 KEY DEVELOPMENTS IN 3Q25 02 3Q25 & 9M25 PERFORMANCE OVERVIEW 03 DEEP DIVE INTO PRIVATE LARGE PORTFOLIO COMPANIES 04 3Q25 & 9M25 PORTFOLIO VALUATION OVERVIEW 05 LIQUIDITY AND DIVIDEND INCOME OUTLOOK 06 WRAP-UP 07 ANNEX 46
Slide 47: 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 +16.8% 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 48: NAV per Share Decomposition as at 30 September 2025
NAV PER SHARE DECOMPOSITION AS AT 30 SEPTEMBER 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 30 SEPTEMBER 2025 (GBP MILLION) VALUE (GBP) Discount: 35.3% Listed portfolio 596 17.4 37.3 Lion Fin
Slide 49: 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 50: 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