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Georgia Capital (CGEO) investor relations material
Georgia Capital H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
NAV per share increased 17.7% in Q2 2025, driven by strong private portfolio growth and Lion Finance Group's share price appreciation.
Revenue and EBITDA of private portfolio companies rose 14.4% and 28.9% year-over-year in Q2 2025.
Completed sale of water utility stake, collecting $70.4M in July 2025 and achieving strong returns.
NCC ratio improved to 7% in Q2 2025, below the new 10% target, reflecting significant deleveraging.
Early completion of GEL 300M capital return programme, with 14.1M shares repurchased; new GEL 700M programme launched through 2027.
Financial highlights
Net income reached GEL 654.5M in Q2 2025; portfolio value rose 10.5% quarter-over-quarter to GEL 4.54B.
Dividend income was GEL 57.7M in 1H25, up 14.4% year-over-year.
Cash and liquid funds stood at GEL 150.7M at June 30, 2025; liquidity up 127.3% in August after water utility proceeds.
Share buybacks totaled 2.78M shares in 1H25 for GEL 143.8M; total shares repurchased since demerger is 14.1M.
Mark-to-market NAV per share at 125.63 GEL as of June 30, 2025.
Outlook and guidance
Management expects continued strong operating performance and NAV per share growth in H2 2025.
New GEL 700M capital return programme to be executed through 2027, including buybacks, dividends, and bond redemptions.
Commitment to maintain NCC ratio below 10% and target zero leverage at the holding company level over the medium term.
Focus on asset-light investments, organic/M&A growth in education, and international expansion, especially in Armenia and wholesale pharmacy.
Solid dividend income outlook for 2025, with expectations to collect GEL 180M+ in dividends.
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