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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Georgia Capital
Georgia Capital (CGEO) investor relations material
Georgia Capital Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary28 Oct, 2026
Executive summary
NAV per share rose 13.6% QoQ to a record GEL 198.91 at Sep-26; 3Q26 portfolio value creation reached GEL 810.1m.
Portfolio value increased 14.1% QoQ to GEL 6.2bn; large private businesses' 3Q26 revenue and EBITDA grew 18.5% and 26.3% YoY.
HoldCo gross debt fell to zero after redemption of the remaining US$50m bonds; reported 3Q26 IFRS net income was GEL 800.5m.
Financial highlights
Large private businesses generated GEL 523.6m revenue and GEL 79.8m EBITDA in 3Q26, up 18.5% and 26.3% YoY; 9M26 growth was 17.1% and 24.7%.
Net operating cash flow rose 12.3% YoY to GEL 72.3m in 3Q26 and 26.7% to GEL 204m in 9M26.
3Q26 portfolio value creation totalled GEL 810.1m: GEL 656.6m from listed holdings and GEL 153.5m from private holdings.
Reported IFRS net income was GEL 800.5m in 3Q26 and GEL 1,536.6m in 9M26; adjusted figures were GEL 794.2m and GEL 1,514.9m.
NAV per share rose 13.6% QoQ in GEL and 15.1% in GBP; portfolio value was split 51% Lion Finance Group and 49% private businesses.
Outlook and guidance
FY26 dividend income expected near GEL 200m; 2027 inflows expected to exceed GEL 220m, implying double-digit percentage growth.
GEL 1bn capital allocation programme runs through end-2029, with at least half allocated to shareholder returns; more than GEL 260m had been deployed by October.
Healthcare services plans GEL 53m development capex over 2–3 years for outpatient and IVF expansion, targeting ROIC above 20%.
Healthcare services is considering an international IPO in 3–5 years; pharmacy expects organic growth to more than offset an estimated GEL 6m annual revenue impact from expanded medicine price regulation.
Priorities include sustained NAV-per-share and portfolio EBITDA growth and maintaining the NCC ratio below 10%.
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Latest events from Georgia Capital
- Record NAV per share, strong portfolio growth and zero holding-company gross debt.CGEO
Investor presentation - NAV per share rose 11.2% in 1Q25, driven by strong portfolio growth and capital returns.CGEOInvestor presentation
- NAV per share up 17.7% in 2Q25, enabling a GEL 700m capital return program.CGEOInvestor presentation
- Capital-light focus drives resilient growth, with strong cash returns despite NAV decline.CGEOInvestor presentation
- Record NAV per share and strong portfolio growth driven by capital-light strategy and robust execution.CGEOInvestor presentation
- Record NAV per share, robust portfolio growth, and GEL 1bn capital allocation plan launched.CGEOH1 2026
- Strong private portfolio and segment growth, robust capital returns, and FTSE 100 inclusion.CGEOQ1 2026
- NAV per share up 7.9%, net income surged, and capital returns accelerated.CGEOQ3 2025
- NAV per share dropped 12.8% in Q2 2024, but portfolio EBITDA and buybacks rose.CGEOQ2 2024
Next Georgia Capital earnings date
H2 202623 Feb, 2027
Georgia Capital
Next Georgia Capital earnings date
H2 202623 Feb, 2027
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Frequently asked questions
Georgia Capital PLC is a United Kingdom-based holding company focused on investing in and developing businesses within Georgia. It operates across several sectors, including retail (pharmacy), healthcare (hospitals, clinics, and diagnostics), insurance (property, casualty, and medical), renewable energy (hydro and wind), and education. The company is headquartered in London, United Kingdom, and its shares are listed on the London Stock Exchange.