Georgia Capital (CGEO) Investor presentation summary

Portfolio and strategy

• At 30 Sep 2026, portfolio value was GEL 6,178m, net cash GEL 291m and NAV GEL 6,463m; NAV per share was GEL 198.91.

• The portfolio was 51.3% listed and 48.7% private by value.

• Strategy focuses on capital-light investments with potential to reach GEL 300m+ in equity value within 3–5 years; investment decisions emphasize IRR and MOIC, while portfolio-company capital decisions emphasize ROIC above WACC.

• ESG priorities include net zero by 2050, measurable ESG targets and portfolio-company action plans; more than 20,200 employees were reported at group level.

3Q26 and 9M26 performance

• NAV per share rose 13.6% QoQ to a record GEL 198.91; 3Q26 IFRS net income was GEL 800.5m.

• Large private portfolio revenue increased 18.5% YoY and EBITDA 26.3% YoY in 3Q26; 9M26 revenue rose 17.1% and EBITDA 24.7%.

• Large private portfolio net operating cash flow increased 12.3% YoY to GEL 72m in 3Q26 and 26.7% to GEL 204m in 9M26.

• Portfolio value increased 14.1% QoQ to GEL 6,178m, with listed portfolio value up 24.9% and private portfolio value up 4.6%.

Capital allocation and balance sheet

• Gross debt at the holding-company level fell to zero in 3Q26; private-business net debt/EBITDA declined to 2.0x at Sep 2026 from 4.9x at Dec 2019.

• A GEL 1bn capital allocation programme launched in Aug 2026 is scheduled for completion by end-2029; more than GEL 260m had been deployed by Oct 2026.

• The share buyback programme was extended by US$50m to US$100m total; 17.6m shares worth US$348m had been repurchased since demerger.

• Recurring dividend income was GEL 52.5m in 3Q26 and GEL 138.8m in 9M26; the 2026 outlook was GEL 200m.