Georgia Capital (CGEO) Investor presentation summary

Key financial highlights

• NAV per share rose 17.7% in 2Q25, driven by strong private portfolio growth and Lion Finance Group share price appreciation.

• Portfolio value reached GEL 4,542 million (US$1,668 million) as of 30 June 2025, split nearly evenly between listed and private assets.

• NCC ratio improved to a record-low 7.0%, supporting a new GEL 700 million capital return program through 2027.

• 14.1 million shares repurchased since demerger, representing 29.4% of peak issued share capital.

• Record-high adjusted IFRS net income of GEL 654.5 million in 2025.

Strategic priorities and capital management

• Focus on capital-light investments with strong value creation potential and minimal capital commitments.

• Deleveraging at HoldCo level, targeting NCC ratio below 10% and reducing net debt and guarantees to near zero.

• Continued progress on divesting emerging and non-core portfolio companies.

• Launch of a new GEL 700 million capital return program, including share buybacks, dividends, and bond redemptions.

Portfolio overview and performance

• Portfolio split: 49% listed (mainly Lion Finance Group), 51% private (retail pharmacy, insurance, healthcare, and others).

• Private large portfolio companies delivered 14.4% y-o-y revenue growth and 28.9% y-o-y EBITDA growth in 2Q25.

• Retail pharmacy business expanded, with 6.6% same-store revenue growth and EBITDA up 24.6% y-o-y in 2Q25.

• Insurance business saw upgraded credit ratings, strong revenue growth, and high retention rates.

• Healthcare services achieved 18.6% net revenue growth and improved EBITDA margins, with focus on outpatient expansion.