Georgia Capital (CGEO) Q3 2026 earnings summary

Executive summary

• NAV per share rose 13.6% QoQ to a record GEL 198.91 at Sep-26; 3Q26 portfolio value creation reached GEL 810.1m.

• Portfolio value increased 14.1% QoQ to GEL 6.2bn; large private businesses' 3Q26 revenue and EBITDA grew 18.5% and 26.3% YoY.

• HoldCo gross debt fell to zero after redemption of the remaining US$50m bonds; reported 3Q26 IFRS net income was GEL 800.5m.

Financial highlights

• Large private businesses generated GEL 523.6m revenue and GEL 79.8m EBITDA in 3Q26, up 18.5% and 26.3% YoY; 9M26 growth was 17.1% and 24.7%.

• Net operating cash flow rose 12.3% YoY to GEL 72.3m in 3Q26 and 26.7% to GEL 204m in 9M26.

• 3Q26 portfolio value creation totalled GEL 810.1m: GEL 656.6m from listed holdings and GEL 153.5m from private holdings.

• Reported IFRS net income was GEL 800.5m in 3Q26 and GEL 1,536.6m in 9M26; adjusted figures were GEL 794.2m and GEL 1,514.9m.

• NAV per share rose 13.6% QoQ in GEL and 15.1% in GBP; portfolio value was split 51% Lion Finance Group and 49% private businesses.

Outlook and guidance

• FY26 dividend income expected near GEL 200m; 2027 inflows expected to exceed GEL 220m, implying double-digit percentage growth.

• GEL 1bn capital allocation programme runs through end-2029, with at least half allocated to shareholder returns; more than GEL 260m had been deployed by October.

• Healthcare services plans GEL 53m development capex over 2–3 years for outpatient and IVF expansion, targeting ROIC above 20%.

• Healthcare services is considering an international IPO in 3–5 years; pharmacy expects organic growth to more than offset an estimated GEL 6m annual revenue impact from expanded medicine price regulation.

• Priorities include sustained NAV-per-share and portfolio EBITDA growth and maintaining the NCC ratio below 10%.