Georgia Capital (CGEO) Investor presentation summary

Strategic overview

• Focuses on capital-light investment opportunities in Georgia, targeting sectors with strong value creation potential and minimal capital commitments.

• Employs a robust capital management framework, emphasizing IRR and ROIC as key investment metrics.

• ESG principles are central, with measurable targets, net-zero commitment, and issuance of sustainability-linked bonds.

• Strategic priorities include deleveraging, maintaining low NCC ratio, achieving ESG targets, and divesting non-core assets.

• Long-term aspiration is to become a sustainable permanent capital vehicle with consistent NAV per share growth.

Financial and operational performance

• NAV per share reached a record GEL 175.12 in 2Q26, up 13.1% quarter-on-quarter, driven by strong private portfolio performance and Lion Finance Group share price growth.

• Aggregate revenues of large private portfolio companies grew 19.1% year-on-year in 2Q26, marking eight consecutive quarters of double-digit growth.

• NCC ratio improved by 6.8 percentage points to a record-low -2.9% as of June 2026, reflecting robust cash generation and portfolio value creation.

• S&P upgraded the credit rating to BB (Stable), aligning with Georgia’s sovereign rating.

• Early completion of GEL 700 million capital return programme and launch of a new GEL 1 billion capital allocation programme through 2029.

Portfolio composition and value

• Total portfolio value at GEL 5,413 million as of June 2026, split 47% listed and 53% private assets.

• Major holdings include Lion Finance Group, retail (pharmacy), healthcare services, and insurance, with significant external valuation coverage.

• Private portfolio value up 8.1% quarter-on-quarter; listed portfolio up 6.5%.

• Retail (pharmacy) business achieved 8.5% same-store revenue growth and 22.3% EBITDA growth in 2Q26, with low leverage.

• Healthcare services delivered 18% top-line and 25% EBITDA growth in 2Q26, expanding outpatient services and infrastructure.

• Insurance business saw 32% revenue growth and 13% pre-tax profit growth in 2Q26, with strong performance in both P&C and medical lines.