Georgia Capital (CGEO) Investor presentation summary

Strategy and capital management

• Focuses on capital-light investment opportunities in Georgia, targeting sectors that do not require significant capital commitments and leveraging partnerships for capital-heavy industries.

• Employs a robust capital management framework, with a 360-degree analysis comparing investment, sale, and buyback opportunities to optimize capital allocation.

• ESG principles are central, with measurable targets, a net-zero commitment by 2050, and issuance of sustainability-linked bonds.

• Strategic priorities include deleveraging, maintaining NCC ratio below 15%, reducing portfolio company leverage, achieving ESG targets, and progressing on divestments.

• Long-term aspiration is to become a sustainable permanent capital vehicle, enabling consistent NAV per share growth and significant capital returns to shareholders.

Portfolio and performance overview

• Portfolio value reached GEL 4,111 million (US$1,485 million) as of 31-Mar-25, with 45% in listed/observable assets and 55% in private assets.

• NAV per share increased 11.2% in 1Q25, driven by Lion Finance Group's share price growth and strong private portfolio performance.

• Large portfolio companies include Lion Finance Group, Water Utility, Retail (Pharmacy), Insurance, and Healthcare Services, together accounting for over 85% of portfolio value.

• Aggregated revenues and EBITDA of large private portfolio companies grew 21.2% and 45.8% y-o-y in 1Q25, respectively.

• 2.1 million shares repurchased in 2025, with total buybacks since demerger representing 27.6% of peak issued share capital.

Financial and capital structure

• NCC ratio increased by 0.7 ppts q-o-q to 13.5% in 1Q25, mainly due to a US$25 million buyback program expansion.

• Significant deleveraging progress, with net debt and guarantees issued targeted to approach zero medium-term.

• Private businesses' net debt/EBITDA ratio improved to 2.9x as of Mar-25, with LTM EBITDA up 48.2% since Dec-19.

• GEL 300 million capital return program ongoing, with GEL 216 million already allocated to share buybacks and dividends.

• Recurring dividend income from portfolio companies reached GEL 8.0 million in 1Q25, with a solid outlook for 2025.