Georgia Capital (CGEO) Investor presentation summary

Key financial highlights

• Portfolio value at GEL 5,045 million (US$1,869 million) and NAV at GEL 5,152 million (US$1,908 million) as of 31 March 2026, with NAV per share at GEL 154.82 (US$57.34).

• Listed portfolio represents 47% and private portfolio 53% of total value; Lion Finance Group is the largest listed holding.

• NAV per share was flat q-o-q but up 9.2% YTD to GEL 168.92 as of 27 April 2026, driven by Lion Finance Group's share price appreciation.

• Aggregated revenues and EBITDA of large private portfolio companies grew 13.7% and 26.9% y-o-y, respectively, in 1Q26.

• GEL 39.6 million recurring dividend income received in 1Q26, with a solid outlook for 2026 (GEL 200+ million expected).

Strategic priorities and capital management

• Focus on capital-light investment opportunities with a robust capital management framework and ESG at the core.

• Net Capital Commitment (NCC) ratio improved by 9.6 ppts y-o-y to 3.9% as of 31 March 2026, reflecting net debt reduction and portfolio growth.

• GEL 700 million capital return programme launched, with GEL 550 million already deployed via buybacks, dividends, and deleveraging.

• 16.3 million shares repurchased and cancelled since 2018, representing 33.9% of peak issued share capital.

• Long-term aspiration is to transform into a sustainable permanent capital vehicle with reduced leverage and consistent NAV growth.

Portfolio and business segment performance

• Lion Finance Group promoted to FTSE 100, maintaining ROAE above 20% and c.15% loan book growth.

• Retail (pharmacy) business achieved 20.5% EBITDA growth in 1Q26, with 4.5% same-store revenue growth and strong cash conversion.

• Healthcare services delivered 14% y-o-y revenue growth and 16% EBITDA growth, expanding infrastructure and services.

• Insurance business saw 70% profit growth in P&C and 189% in medical insurance, with ROAE at 32% and 48% respectively.

• Private portfolio companies' leverage (net debt/EBITDA) reduced to 2.5x as of March 2026.