Georgia Capital (CGEO) investor relations material

Executive summary

• NAV/EV per share grew 14.1% quarter-over-quarter in Q4 and 61–61.2% for the full year, driven by Lion Finance Group and strong private portfolio performance.

• IFRS net income reached GEL 613.6 million in Q4 and GEL 1,892.6 million in FY25.

• Completed $50 million buyback and launched a new $50 million buyback as part of a GEL 700 million capital return program, with 80% completed in six months.

• Exercised put option on water utility, achieving a 25% IRR, nearly 4x MOIC, and generating US$250 million proceeds.

• Macroeconomic backdrop remains robust, with GDP per capita over $10,000, GDP growth at 7.5%, and inflation under control.

Financial highlights

• NAV per share rose 14.1% in Q4, with full-year growth at 61–61.2%.

• Free cash flow per share increased 52–52.3% year-over-year, from $1.22 to $1.86.

• Aggregate portfolio company revenue grew 11.8–12% in Q4 and 15% for the year; EBITDA up 17.8–18% in Q4 and 28.6% for the year.

• Dividend income from portfolio companies totaled GEL 225.5 million in FY25, up 50% year-over-year.

• NCC ratio declined to a record low of 2–2.3%, well below the 10% target.

Outlook and guidance

• Dividend income per share expected to remain above 200 million lari, with continued growth anticipated.

• GEL 700 million capital return program to be executed through 2027, with GEL 550 million already deployed by Feb 2026.

• OpEx guidance for 2026 is 75 bps or less of NAV, potentially slightly higher than 2025.

• Maintaining NCC ratio below 10% and continuing NAV per share growth are key priorities.

• Capital return policy update expected in 2026 as current program nears completion.