Georgia Capital Plc · LSE:CGEO
Georgia Capital — 9M26 Earnings Presentation
15 slides from Georgia Capital's earnings presentation, Oct 28, 2026
Slide 1: Macroeconomic Overview 3Q26 and 9M26 Results
MACROECONOMIC OVERVIEW 3Q26 AND 9M26 RESULTS
Slide 2: Resilient macroeconomic performance despite uncertainties
RESILIENT MACROECONOMIC PERFORMANCE DESPITE UNCERTAINTIES GEORGIA’S ECONOMY MAINTAINED STRONG MOMENTUM IN 2026, WITH GDP GROWING THE CURRENT ACCOUNT DEFICIT NARROWED TO 2.5% OF GDP IN 1H26, REFLECTING BROAD- BY 7.6% IN 8M26 BASED IMPROVEMENTS ACROSS ALL COMPONENTS Nominal GDP, GEL bln (LHS) GDP Per
Slide 3: Sovereign ratings with favourable macro fundamentals
SOVEREIGN RATINGS WITH FAVOURABLE MACRO FUNDAMENTALS KEY RATINGS HIGHLIGHTS GENERAL FACTS RATING AGENCY RATING OUTLOOK AFFIRMED Ba2 Stable June 2026 BB Positive August 2026 Georgia BB Stable May 2026 GEORGIA IS FAVOURABLY PLACED AMONG PEERS FITCH RATING COUNTRY COUNTRY RATING OUTLOOK ▪ Area: 69,700
Slide 4: Georgia's key economic drivers
GEORGIA’S KEY ECONOMIC DRIVERS Top performer compared to peers across a wide range of international rankings Liberal ▪ Liberty Act (effective January 2014) ensures a credible fiscal framework; Fiscal deficit/GDP capped at 3%; Public debt/GDP capped at 60%. economic policy ▪ Following the emergency c
Slide 5: Institutional oriented reforms
INSTITUTIONAL ORIENTED REFORMS OPEN BUDGET INDEX, 2023 | INTERNATIONAL ECONOMIC FREEDOM INDEX | 2026 (HERITAGE FOUNDATION) FDI REGULATORY RESTRICTIVENESS INDEX | BUDGET PARTNERSHIP (BUDGET TRANSPARENCY) 2025 (OECD) Georgia 1 Ireland 3 Latvia 8 Sweden 3 Lithuania 15 Czechia 13 Moldova 5 Czechia 20 Es
Slide 6: Economic growth remains strong
ECONOMIC GROWTH REMAINS STRONG GEORGIA’S ECONOMY CONTINUED TO EXPAND, WITH REAL GDP GROWING BY 7.8% IN 1H26 AND NOMINAL GDP STRUCTURE, 1H26 7.6% IN 8M26 Nominal GDP, GEL bln (LHS) GDP Per Capita, USD K (LHS) Real GDP, YoY % (RHS) 104.6 105 10.6% 11.0% 9.7% 11% 8.6% 85 7.8% 7.8% Public 8% 5.4% Admini
Slide 7: Unemployment rate at historical lows
UNEMPLOYMENT RATE AT HISTORICAL LOWS UNEMPLOYMENT REMAINS AT HISTORICAL LOWS AT 13.9% IN 2025 LABOUR 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% 20% 16.8% 17.0% 16.1% 16.7% 1,67
Slide 8: Inflation is expected to remain relatively high in 2026 amid geopolitical uncertainties
INFLATION IS EXPECTED TO REMAIN RELATIVELY HIGH IN 2026 AMID GEOPOLITICAL UNCERTAINTIES HEADLINE INFLATION STOOD AT 5.6% IN SEPTEMBER 2026, AVERAGING 5.3% IN 9M26 FOOD, TRANSPORT, AND UTILITIES WERE THE MAIN CONTRIBUTORS TO ANNUAL INFLATION IN 9M26 Food and non-alcoholic beverages Alcoholic beverage
Slide 9: Broad-based improvement across all components keeps the current account deficit low
BROAD-BASED IMPROVEMENT ACROSS ALL COMPONENTS KEEPS THE CURRENT ACCOUNT DEFICIT LOW THE CURRENT ACCOUNT DEFICIT NARROWING TO -2.5% OF GDP IN 1H26 EXPORT OF SERVICES INCREASED TO US$ 4.0 BILLION IN 1H26 (+7.8% Y-O-Y), MAINLY DUE TO THE INCREASING ICT SERVICES EXPORT (65% Y-O-Y) Goods, net Services, n
Slide 10: Diversification of the external earnings enhances resilience
DIVERSIFICATION OF THE EXTERNAL EARNINGS ENHANCES RESILIENCE TOTAL FX INFLOWS INCREASED BY 11.4% IN 9M26 DOUBLE DIGIT GROWTH IN EXPORT, SUPPORTED BY THE DOMESTIC COMPONENT Export Remittances Copper ores Motor cars Ferro-alloys 77.8% Nitrogenous fertilizers Wine Spirituous beverages Tourism revenues
Slide 11: Export performance is supported by strong domestic components
EXPORT PERFORMANCE IS SUPPORTED BY STRONG DOMESTIC COMPONENTS, WITH OIL MAKING A SIGNIFICANT CONTRIBUTION EXTERNAL TRADE BY PRODUCTS, 9M26, SHARE IN TOTAL EXTERNAL TRADE BY COUNTRIES, 9M26, SHARE IN TOTAL Export 6.2 USD BLN Import 14.4 USD BLN Export 6.2 USD BLN Import 14.4 USD BLN Motor cars-24.9%
Slide 12: Tourism revenues up 12% Y-o-Y in 3Q26
TOURISM REVENUES UP 12% Y-O-Y IN 3Q26, AS STRONG EU GROWTH MORE THAN OFFSET WEAKER MIDDLE EAST ARRIVALS TOURISM REVENUES INCREASED BY 4.4% IN 9M26 INTERNATIONAL VISITORS STRUCTURE IN 9M26 CIS, except Russia Russia EU* TOTAL INTERNATIONAL VISITORS REPORTED AT 5.3 MILLION IN 9M26 (UP 0.1% Y-O-Y) Turke
Slide 13: Favourable macroeconomic conditions allowed NBG to accumulate reserves
FAVOURABLE MACROECONOMIC CONDITIONS ALLOWED NBG TO ACCUMULATE RESERVES TO RECORD HIGH LEVELS THE NBG'S 25 BPS RATE HIKE WAS A SIGNAL AMID ELEVATED GEOPOLITICAL AND OIL PRICE UNCERTAINTY INTERNATIONAL RESERVES Official Reserve Assets, US$ mln Net Foreign Assets, US$ mln 12 8,000 INTERNATIONAL RESERVE
Slide 14: Loans by currencies and loan growth decomposition
0% 5% -5% 10% 15% 20% 25% 0% 5% 10% 15% 20% 25% 30% 35% -5% Sep-18 Sep-19 Dec-18 Mar-19 Dec-19 Jun-19 Mar-20 Sep-19 Jun-20 Dec-19 Sep-20 LOANS BY CURRENCIES Mar-20 Dec-20 Jun-20 Mar-21 Sep-20 Business Loans Jun-21 Consumer Loans Georgia Capital PLC | Source: NBG Dec-20 Sep-21 Mar-21 Dec-21 Jun-21 Ma
Slide 15: Significant improvement in fiscal position, with debt and fiscal deficit at decade lows
SIGNIFICANT IMPROVEMENT IN FISCAL POSITION, WITH DEBT AND FISCAL DEFICIT AT DECADE LOWS GENERAL GOVERNMENT DEBT-TO-GDP DECLINED FURTHER IN 2025, REACHING ITS LOWEST LEVEL SINCE 2014 GENERAL GOVERNMENT DEBT STRUCTURE General Government Debt, Total (% of GDP) General Government Debt, External (% of GD