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Georgia Capital (CGEO) investor relations material
Georgia Capital Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary27 Oct, 2025
Executive summary
NAV per share (GEL) rose 7.9% quarter-on-quarter in 3Q25, driven by strong operating performance in large private portfolio companies and Lion Finance Group's 8.1% share price increase.
Net income reached GEL 282.8 million in 3Q25 and GEL 1,271.6 million in 9M25, marking a significant turnaround from prior year losses.
GEL 700 million capital return programme is underway, with over GEL 400 million deployed, including a new US$50 million share buyback and early redemption of US$100 million in bonds.
S&P upgraded the corporate credit outlook to positive, reflecting strong asset performance and deleveraging progress.
Healthcare services business agreed to acquire Gormed LLC, expanding its regional footprint and expected to add c.80,000 patients.
Financial highlights
Total portfolio value increased 2.2% quarter-on-quarter to GEL 4.64 billion in 3Q25 and 23.4% year-to-date.
Private portfolio value up 6.7% quarter-on-quarter, with large portfolio companies showing 13.5% revenue and 29.5% EBITDA growth year-over-year in 3Q25.
Free cash flow projected at US$57 million for 2025, with pro forma FCF at US$63 million, up 45.6% y-o-y per share.
Dividend income was GEL 110.1 million in 3Q25 and GEL 167.8 million in 9M25, mainly from Lion Finance Group and private businesses; 2025 outlook revised to c.GEL 200 million.
Share buybacks totaled GEL 100.2 million in 3Q25 and GEL 244.0 million in 9M25, with 15.2 million shares repurchased since demerger at a cost of US$221 million.
Outlook and guidance
Management expects continued NAV per share and sustainable EBITDA growth across large portfolio companies, supported by robust macroeconomic conditions in Georgia.
Ongoing capital returns to shareholders remain a priority, with the GEL 700 million programme scheduled through 2027.
Commitment to maintain NCC ratio below 10% and deliver consistent NAV per share growth.
Dividend inflows projected to reach GEL 200 million for the year, with per-share dividend inflows up 31% due to buybacks.
Management expects further improvement in free cash flow and cash conversion in Q4.
Future capital return program plans?
Imedi L litigation impact on 4Q25 NCC?
Healthcare services cash conversion outlook?
At what NAV discount do buybacks become less attractive?
What ensures sustained high ROE in insurance?
How does PFIC status influence asset monetization?
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Next Georgia Capital earnings date
H2 202523 Feb, 2026
Next Georgia Capital earnings date
H2 202523 Feb, 2026
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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.
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