Georgia Capital Plc · LSE:CGEO
Georgia Capital — Q1 2025 Earnings Presentation
77 slides from Georgia Capital's earnings presentation, May 7, 2025
Slide 1: Investor Presentation
INVESTOR PRESENTATION 7 MAY 2025
Slide 2: Contents
CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 1Q25 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES 2
Slide 3: Georgia Capital shareholders at 31-Mar-25
GEORGIA CAPITAL (GCAP) SHAREHOLDERS AT 31-MAR-25 GCAP SHAREHOLDERS ALLOCATION BY GEOGRAPHY GCAP TOP 10 SHAREHOLDERS Rank Shareholder name Ownership Other 18.0% 1 Gemsstock Ltd 8.78% 2 Lazard Asset Management LLC 7.58% 1 USA 3 Allan Gray Proprietary Ltd 7.24% Norway 33.1% 2.4% 4 Eaton Vance Managemen
Slide 4: Key figures at a glance
KEY FIGURES AT A GLANCE NAV HIGHLIGHTS AT 31-MAR-251 PORTFOLIO VALUE BREAKDOWN AT 31-MAR-25 Portfolio value Net debt Listed & Observable 45% 4,111 256 55% Private GEL million GEL million US$ 1,485 million US$ 92 million STARTING FROM 2024, PLATFORM COSTS NAV NAV per share ARE TARGETED AT MAXIMUM 0.7
Slide 5: Our portfolio overview as at 31-Mar-25
OUR PORTFOLIO OVERVIEW AS AT 31-MAR-25 LISTED AND OBSERVABLE PORTFOLIO PRIVATE PORTFOLIO Value: GEL 1,857m Value: GEL 2,254m 45.2% of the total portfolio value 54.8% of the total portfolio value LARGE PORTFOLIO COMPANIES LION FINANCE WATER UTILITY RETAIL INSURANCE HEALTHCARE EMERGING AND GROUP1 (PHA
Slide 6: Contents
CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 1Q25 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES 6
Slide 7: Our strategy
OUR STRATEGY 01 02 03 INVESTING IN CAPITAL- OUR ROBUST CAPITAL ESG AT THE CORE LIGHT OPPORTUNITIES ONLY MANAGEMENT FRAMEWORK OF OUR STRATEGY ESG 7
Slide 8: Contents
CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY ▪ Investing in capital-light opportunities only ▪ Our capital management framework ▪ ESG at the core of our strategy ▪ Our strategic priorities 03 1Q25 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES
Slide 9: The capital-light investment strategy
THE CAPITAL-LIGHT INVESTMENT STRATEGY STRONG VALUE CREATION POTENTIAL GCAP INVESTS IN GEORGIA IN WITHOUT SIGNIFICANT CAPITAL SECTORS NOT REQUIRING COMMITMENTS INTENSIVE CAPITAL COMMITMENTS Manage third-party money and/or establish OUR BREAD AND BUTTER partnerships in capital heavy industries STRONG
Slide 10: Our investment strategy
OUR INVESTMENT STRATEGY GCAP INVESTS IN CAPITAL-LIGHT, MONETISE LARGE OPPORTUNITIES, WHICH HAVE A POTENTIAL TO BECOME GEL 300+ MILLION IN EQUITY VALUE OVER 3-5 YEARS THE CYCLE OF GCAP’S STRATEGY Invest Our key strategic principle is to develop or buy capital-light businesses at affordable prices. Gr
Slide 11: Our investment strategy (cont'd): IRR, ROIC, MOIC
OUR INVESTMENT STRATEGY (CONT’D) IRR & MOIC1 IS THE KEY DRIVER FOR GCAP TO INVEST IN NEW ROIC IS AT THE CORE OF OUR DECISION MAKING WHEN OUR OPPORTUNITIES PORTFOLIO COMPANIES ARE INVESTING OR DIVESTING ASSETS / BUSINESSES KEY INVESTMENT METRICS AT GCAP LEVEL KEY METRIC FOR REINVESTMENT DECISION MAKI
Slide 12: Contents
CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY ▪ Investing in capital-light opportunities only ▪ Our capital management framework ▪ ESG at the core of our strategy ▪ Our strategic priorities 03 1Q25 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES
Slide 13: Net capital commitment (NCC) overview
NET CAPITAL COMMITMENT (NCC) OVERVIEW Change Change 31-Mar-25 US$ Million 31-Mar-24 31-Dec-24 (y-o-y) (q-o-q) NCC RATIO INCREASED BY 0.7 Cash and liquid funds 25.7 NMF 99.1 -41.0% 58.5 PPTS Q-O-Q AS OF 31-MAR-25 Loans issued 3.5 NMF - NMF - Gross debt (150.7) 0.1% (154.1) -2.1% (150.9) Net debt (1)
Slide 14: 360-degree framework
360-DEGREE FRAMEWORK GCAP SHARE PRICE IS AT THE CORE OF NCC RATIO NAVIGATION TOOL OUR INVESTMENT DECISION MAKING po rtun ity Inv es t 15% 40% m op en to ack ppo Buyb 360o rtunity MEANINGFUL TACTICAL CASH ANALYSIS BUYBACKS & BUYBACKS & PRESERVATION INVESTMENTS INVESTMENTS STRATEGY Sal e o p p o r t u
Slide 15: NCC ratio development overview
NCC RATIO DEVELOPMENT OVERVIEW NCC AND NCC RATIO DEVELOPMENT OVERVIEW1 NCC REPRESENTS AN AGGREGATED ✓ SIGNIFICANT DELEVERAGING PROGRESS, WELL AHEAD OF OUR ORIGINAL NCC RATIO TARGET OF 15% BEFORE DECEMBER 2025 VIEW OF ALL CONFIRMED, AGREED AND EXPECTED CAPITAL OUTFLOWS 385.8 AT THE GCAP HOLDCO LEVEL
Slide 16: Leverage overview of our private businesses
LEVERAGE OVERVIEW OF OUR PRIVATE BUSINESSES TOTAL NET DEBT/EBITDA DEVELOPMENT OVERVIEW 4.9x 4.3x ➢ LTM EBITDA up 48.2% as at Mar-25 from Dec-19. 3.9x 3.8x 3.8x 3.4x 3.5x 3.4x 3.1x 2.9x GEL MILLION 958 934 908 877 873 852 846 816 758 748 195 220 249 222 219 221 214 240 281 290 1,2 1,2,3 3 3 Dec-19 De
Slide 17: Contents
CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY ▪ Investing in capital-light opportunities only ▪ Our capital management framework ▪ ESG at the core of our strategy ▪ Our strategic priorities 03 1Q25 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES
Slide 18: Core strategy enablers
CORE STRATEGY ENABLERS THREE FUNDAMENTAL ENABLERS: 01 Superior corporate governance THREE FUNDAMENTAL ENABLERS 02 Access to management 03 Access to capital STRONG ACCESS TO ACCESS TO CAPITAL CORPORATE MANAGEMENT GOVERNANCE 18
Slide 19: ESG principles lie at the heart of our business
ENVIRONMENTAL, SOCIAL AND GOVERNANCE PRINCIPLES LIE AT THE HEART OF OUR BUSINESS WE INVEST IN INDUSTRIES WHICH HAVE POSITIVE IMPACT OUR PORTFOLIO IS CONCENTRATED ACROSS ON PEOPLE AND PLANET STRUCTURALLY IMPORTANT INDUSTRIES IN GEORGIA, CONNECTING US TO THE COUNTRY’S Our healthcare businesses, contri
Slide 20: ESG at the core of our strategy
ESG AT THE CORE OF OUR STRATEGY RECENT KEY ESG DEVELOPMENTS 01 02 03 04 DELIVERED ON THE COMMITTED TO THE ISSUED FIRST EVER STRENGTHENED ESG RISK STRATEGIC PRIORITY NET-ZERO INITIATIVE SUSTAINABILITY-LINKED ASSESMENT AND BONDS IN THE REGION MANAGEMENT PROCESSES ▪ Georgia Capital delivered on its ▪ I
Slide 21: Increased focus on impact investing
INCREASEAD FOCUS ON IMPACT INVESTING COMMITTING TO UN’S PRINCIPLES AND MAPPING OUR BUSINESSES TO THEIR SUSTAINABLE DEVELOPMENT GOALS (“SDGS”) Direct SDG Supportive / Indirect SDG Business Impact Impact GCAP HoldCo 8, 10, 13 5 Retail (pharmacy) 3, 8, 12 5, 11 Insurance 3, 8, 9 1, 10 Healthcare servic
Slide 22: Contents
CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY ▪ Investing in capital-light opportunities only ▪ Our capital management framework ▪ ESG at the core of our strategy ▪ Our strategic priorities 03 1Q25 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES
Slide 23: Our strategic priorities
DELEVERAGING GCAP HOLDCO BY BRINGING DOWN AND MAINTAINING THE NCC RATIO BELOW 15% REDUCE AND MAINTAIN PORTFOLIO COMPANIES’ LEVERAGE TO RESPECTIVE TARGETED LEVELS ACHIEVE ESG TARGETS AT BOTH GCAP HOLDCO AND ESG PORTFOLIO COMPANY LEVELS OUR STRATEGIC PRIORITIES CONTINUED PROGRESS ON THE DIVESTMENT OF
Slide 24: Our long-term aspiration
OUR LONG-TERM ASPIRATION Significantly reduced leverage at the GCAP HoldCo level ACHIEVEMENT OF OUR STRATEGIC PRIORITIES Capacity to redeploy our existing capital WILL ENABLE GCAP TO without the need for new equity share GRADUALLY TRANSFORM issuance/raise INTO A SUSTAINABLE PERMANENT CAPITAL Consist
Slide 25: Contents
CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 1Q25 PERFORMANCE OVERVIEW ▪ Key developments ▪ Georgia Capital results overview ▪ Aggregated portfolio results and valuations overview 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES 25
Slide 26: Key developments
1 NAV per share (GEL) increased 11.2% in 1Q25, driven by continued growth in Lion Finance Group’s (Bank of Georgia’s) share price and the robust operating performance of the private portfolio companies Outstanding quarterly results across our large private portfolio companies with 21.2% and 45.8% y-
Slide 27: Contents
CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 1Q25 PERFORMANCE OVERVIEW ▪ Key developments ▪ Georgia Capital results overview ▪ Aggregated portfolio results and valuations overview 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES 27
Slide 28: Updated NAV format
UPDATED NAV FORMAT Portfolio breakdown before the update Updated portfolio breakdown TO ENHANCE STAKEHOLDER Listed and observable portfolio companies Listed and observable portfolio companies 45% OF THE TOTAL VISIBILITY INTO GCAP’S PRIVATE • Lion Finance Group (19.3% holding) • Lion Finance Group (1
Slide 29: NAV per share (GEL) movement in 1Q25
NAV PER SHARE (GEL) MOVEMENT IN 1Q25 PRIVATE PORTFOLIO +2.7% NAV PER SHARE (GEL) UP +6.9% +4.3% -1.6% +2.7% -0.3% -0.7% +11.2% +8.7% +20.9% 11.2% Q-O-Q IN 1Q25 115.97 106.73 ▪ The increase in NAV per share (GEL) in 95.95 1Q25 reflects continued growth in Lion Finance Group’s share price and the robu
Slide 30: Strong NAV per share growth
STRONG NAV PER SHARE GROWTH STRONG NAV PER SHARE (GEL) GROWTH NAV PER SHARE (GEL) DEVELOPMENT OVERVIEW WITH 15.1% CAGR SINCE DEC-18. IN US$ AND GBP TERMS, NAV PER SHARE CAGR STANDS +15.1% CAGR AT 14.5% AND 14.1%, RESPECTIVELY 5-YEAR NAV PER SHARE CAGR STANDS AT 28.7%, 33.2% AND 32.1% IN GEL, US$ AND
Slide 31: Share buyback and cancellation programme
SHARE BUYBACK AND CANCELLATION PROGRAMME DEVELOPMENT OF GCAP’S SHARE BUYBACK AND CANCELLATION PROGRAMMES ➢ The gross number of issued shares, including those held by the management trust, is now below the 13.2 MILLION SHARES (US$ 164 share count at the time of the demerger MILLION IN VALUE) REPURCHA
Slide 32: Progress on GEL 300 million capital return programme
PROGRESS ON GEL 300 MILLION CAPITAL RETURN PROGRAMME AS PART OF THE GEL 300 MILLION CAPITAL RETURN PACKAGE, GEL 251 MILLION HAS ALREADY BEEN ALLOCATED TO SHARE BUYBACKS IN MAY-24, GCAP ANNOUNCED ITS BOARD’S INTENTION TO MAKE AVAILABLE AT LEAST GEL 300 MILLION FOR SHARE REPURCHASED & CANCELLED BUYBAC
Slide 33: NAV per share discount development overview
NAV PER SHARE DISCOUNT DEVELOPMENT OVERVIEW DESPITE STRONG RECENT TRADING PERFORMANCE, THE DISCOUNT TO NAV PER SHARE REMAINS WIDE, PRESENTING AN ATTRACTIVE BUYBACK OPPORTUNITY +15.0% CAGR 66.6% 63.7% 63.3% 62.4% 60.2% 59.0% 59.2% 57.6% 58.0% 57.8% 55.7% 55.8% 52.8% 50.0% 51.2% 49.9% 48.4% 47.0% 44.7
Slide 34: NAV per share decomposition as at 6 May 2025
NAV PER SHARE DECOMPOSITION AS AT 6 MAY 20251 THE CURRENT SHARE PRICE LARGELY REFLECTS OUR LISTED AND OBSERVABLE PORTFOLIO, WHILE THE VALUE OF OUR PRIVATE ASSETS REMAINS MOSTLY OVERLOOKED VALUE PER SHARE AS AT 6 MAY 2025 (GBP MILLION) VALUE (GBP) Discount: 47.0% Listed and observable portfolio 591 1
Slide 35: Liquidity outlook
LIQUIDITY OUTLOOK LIQUIDITY DEVELOPMENT OVERVIEW (US$ MILLION) GROSS DEBT (US$ million) LIQUIDITY DOWN BY 41.0% IN 1Q25, MAINLY 300 300 365 365 300 150 150 150 REFLECTING SHARE BUYBACKS DURING THE QUARTER Cash receipt from the water Cancellation of US$ 65 utility business sale million GCAP Eurobond
Slide 36: Dividend income outlook
DIVIDEND INCOME OUTLOOK RECURRING CASH DIVIDEND INCOME FROM PORTFOLIO COMPANIES Dividend income 1.6 2.1 4.1 4.3 +11.6% 4.82 GEL 8.0 MILLION RECURRING DIVIDEND INCOME IN 1Q25 per share (GEL) DIVIDEND INCOME (GEL million) Insurance business 7.0 1 180 179 1 180+ of which, P&C insurance 5.8 GEL MILLION
Slide 37: Contents
CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 1Q25 PERFORMANCE OVERVIEW ▪ Key developments ▪ Georgia Capital results overview ▪ Aggregated portfolio results and valuations overview 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES 37
Slide 38: Aggregated revenue development across private portfolio
AGGREGATED REVENUE DEVELOPMENT ACROSS PRIVATE PORTFOLIO GEL MILLION AGGREGATED QUARTERLY REVENUE ACROSS OUR LARGE 2,086 PORTFOLIO COMPANIES UP 1,917 21.2% Y-O-Y IN 1Q25 AND UP 443 16.2% ON AN LTM BASIS 503 524 479 93 +16.2% 1,643 124 1,414 +21.2% 431 355 1Q24 1Q25 LTM 31-Mar-24 LTM 31-Mar-25 Emergin
Slide 39: Aggregated EBITDA development across private portfolio
AGGREGATED EBITDA DEVELOPMENT ACROSS PRIVATE PORTFOLIO GEL MILLION AGGREGATED EBITDA ACROSS OUR 294 LARGE PORTFOLIO COMPANIES UP 45.8% Y-O-Y IN 1Q25 AND UP 34.2% ON AN LTM BASIS 81 227 69 78 63 213 20 +34.2% 159 24 +45.8% 57 39 1Q24 1Q25 LTM 31-Mar-24 LTM 31-Mar-25 Emerging and other portfolio compa
Slide 40: Aggregated cash balance and net operating cash flow
AGGREGATED CASH BALANCE & NET OPERATING CASH FLOW DEVELOPMENT ACROSS PRIVATE PORTFOLIO TOTAL AGGREGATED NET OPERATING CASH FLOW TOTAL AGGREGATED CASH BALANCE OF PRIVATE BUSINESSES (GEL MILLION) (GEL MILLION) 320 307 281 83 85 249 78 99 126 237 +16.8% 7 203 68 +87.6% 222 45 25 +58.0% 118 150 11 +25.2
Slide 41: Portfolio value as of 31-Mar-25
PORTFOLIO VALUE AS OF 31-MAR-25 % SHARE IN TOTAL PORTFOLIO VALUE: 78% OF OUR PORTFOLIO 96% IS OF OUR PORTFOLIO 41% GBP 54.6 5% OPTION 19% MULTIPLE: 11% 9.8x 11% 10.3x 14% ISVALUED VALUED EXTERNALLY EXTERNALLY1 1 PRICE ON LSE VALUATION2 8.2x LTM P/E4 LTM EV/EBITDA3 LTM EV/EBITDA3 1,669 14% 566 GEL MI
Slide 42: Portfolio value development in 1Q25
PORTFOLIO VALUE DEVELOPMENT IN 1Q25 PORTFOLIO VALUE UP BY 9.3% Q-O-Q TO GEL 4.1 BILLION IN 1Q25 248 - 129 4,111 (28) 3,761 PRIVATE PORTFOLIO VALUE CREATION IN 1Q25 PRIVATE PORTFOLIO VALUE CREATION GEL MILLION GEL million LISTED AND OBSERVABLE PORTFOLIO PRIVATE PORTFOLIO VALUE Retail (pharmacy) 66.3
Slide 43: Contents
CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 1Q25 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES 43
Slide 44: Lion Finance Group PLC overview
Listed Portfolio LION FINANCE GROUP PLC OVERVIEW https://lionfinancegroup.uk/ https://lionfinancegroup.uk/ INVESTMENT RATIONALE KEY MEDIUM-TERM TARGETS • The first entity from Georgia to be listed on the premium segment of the Main Market of the LSE (LSE: BGEO) since February 2012. LOAN BOOK • High
Slide 45: Lion Finance Group PLC overview (cont'd)
Listed Portfolio LION FINANCE GROUP PLC OVERVIEW (CONT’D) https://lionfinancegroup.uk/ https://lionfinancegroup.uk/ Stock price performance Capital distribution (GEL million) Payout ratio: GBP 54.60 65 as of 31-Mar-25 35% 37% 37% 31% 55 583 45 535 522 An estimate based on a final dividend of GEL 5.6
Slide 46: Water utility business valuation overview
Option valuation WATER UTILITY BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW ➢ GCAP and the majority shareholder have put and call options (GEL MILLION) for the minority 20% equity interest in the water utility business GCAP’S PUT OPTION MAJORITY SHAREHOLDER’S 697.0 CALL OPTION 8.25X 8.90X
Slide 47: Retail (pharmacy) business overview
Private large portfolio companies EXTERNALLY VALUED RETAIL (PHARMACY) BUSINESS OVERVIEW Key focus areas in medium and long-term › Expending retail footprint in Georgia 416 14 5 Pharmacies in total The Body Shop stores Optics – Alain Afflelou › Focusing on further strengthening and differentiating bo
Slide 48: Retail (pharmacy) business overview (cont'd)
Private large portfolio companies EXTERNALLY VALUED RETAIL (PHARMACY) BUSINESS OVERVIEW (CONT’D) REVENUE AVERAGE BILL SIZE Gross profit margin (%) Number of bills issued, million 24.5% 25.5% 25.5% 25.4% 26.0% 28.5% 28.7% 30.7% 29.4% 32.3% 25.3 27.1 28.8 27.6 29.0 31.0 31.3 31.6 8.1 7.6 +4.3% Same st
Slide 49: Retail (pharmacy) business operating performance overview
RETAIL (PHARMACY) BUSINESS OPERATING PERFORMANCE OVERVIEW REVENUE DEVELOPMENT EBITDA1 DEVELOPMENT +10.8% GEL MILLION 226 204 RETAIL (PHARMACY) KEY DRIVERS ▪ The 2.8% same-store revenue growth, strong +55.6% ramp-up of the pharmacy stores launched in late 2023, and increased demand for seasonal medic
Slide 50: Retail (pharmacy) business valuation overview
Externally valued1 RETAIL (PHARMACY) BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 1Q25 IMPLIED LTM EV/EBITDA DEVELOPMENT (GEL MILLION) Change q-o-q +4.5% -7.0% 0.0% +9.3% 9.7x 1,021 46 1,067 8.4x 8.2x 783 (277) (7) Enterprise value Net change Enterprise value Net debt inc. Minority Equit
Slide 51: Insurance business (P&C) overview
Private large portfolio companies EXTERNALLY VALUED INSURANCE BUSINESS (P&C) OVERVIEW MARKET SHARE FY24 (GROSS PREMIUMS WRITTEN) MARKET & Aldagi GROSS PREMIUMS WRITTEN1 (GEL MILLION) INVESTMENT RATIONALE • Significantly underpenetrated insurance market in Georgia (0.8% penetration in property and ca
Slide 52: Insurance business (P&C) overview (cont'd)
Private large portfolio companies 30% EXTERNALLY VALUED INSURANCE BUSINESS (P&C) OVERVIEW (CONT’D) Distribution Mix (GPW %) | Q1’25 COMBINED RATIO -2.0ppts +0.6ppt MTPL Channel 2% 89.5% 87.5% 87.1% 87.7% 77.5% 82.1% 81.5% 80.8% 79.2% Partnerships with 73.9% 72.6% 75.2% 75.4% Financial 41.6% 44.0% 47
Slide 53: Insurance business (medical) overview
Private large portfolio companies EXTERNALLY VALUED INSURANCE BUSINESS (MEDICAL) OVERVIEW Largest medical insurer in the country with 35%1 market share Offering a variety of medical insurance products, with a wide distribution network to the Georgian population BUSINESSES MAJOR GROWTH DRIVERS Market
Slide 54: Insurance business (medical) overview (cont'd)
Private large portfolio companies EXTERNALLY VALUED INSURANCE BUSINESS (MEDICAL) OVERVIEW (CONT’D) NUMBER OF INSURED & RENEWAL RATE REVENUE (NET INSURANCE PREMIUMS EARNED) 81.8% 83.5% 83.9% 80.8% 74.3% 73.4% 76.9% 77.5% 73.4% 78.0% 77.4% 69.7% +83.4% 70.0%200.0 308 167.5 278 50.0% 234 236 30.0%150.0
Slide 55: Insurance business operating performance overview
INSURANCE BUSINESS OPERATING PERFORMANCE OVERVIEW INSURANCE REVENUE PRE-TAX PROFIT DEVELOPMENT GEL MILLION +63.1% 90 INSURANCE KEY DRIVERS +13.6% P&C Insurance 55 ▪ The increase in the P&C insurance revenue is +2.2x 9 mainly driven by the growth in the motor and 23 52 8 credit life insurance lines.
Slide 56: Insurance business valuation overview
Externally valued1 INSURANCE BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 1Q25 IMPLIED LTM P/E MULTIPLE (GEL MILLION) DEVELOPMENT3 Change q-o-q +3.1% 428 19 1 441 9.7x 9.8x (7) Equity value Operating Multiple Multiple change change, FX Dividends Equity value 31-Dec-24 31-Mar-25 31-Dec-24
Slide 57: Healthcare services business overview
Privatelarge Private large portfoliocompanies portfolio companies EXTERNALLY VALUED HEALTHCARE SERVICES BUSINESS OVERVIEW State healthcare spending, GEL millions 13% Next 5-year targets 11% HOSPITALS BUSINESS 10% 9% 9% 9% EBITDA CAGR 10%+ 8% 2,600 8% 8% 2,100 800 EBITDA TO OPERATING CASH c.85%+ 1,60
Slide 58: Healthcare services business overview
Private large portfolio companies EXTERNALLY VALUED HEALTHCARE SERVICES BUSINESS OVERVIEW OP. DATA (CLINICS AND DIAGNOSTICS) CASH FLOW 1Q25 1Q24 Change y-o-y DIAGNOSTICS CLINICS OP. DATA (HOSPITALS) HIGHLIGHTS c.230,000 16 7 Operating cash GEL 11.7m GEL 7.2m +61.8% flow Number of patients served Pol
Slide 59: Healthcare services business operating performance overview
HEALTHCARE SERVICES BUSINESS OPERATING PERFORMANCE OVERVIEW REVENUE DEVELOPMENT1 EBITDA2 DEVELOPMENT GEL MILLION +19.2% HEALTHCARE SERVICES 115 97 23 KEY DRIVERS 18 +46.8% ▪ A 19.2% y-o-y total revenue growth reflects: o increased demand for high revenue-generating 23 outpatient services at our larg
Slide 60: Healthcare business valuation overview
Externally valued1 HEALTHCARE BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 1Q25 (GEL MILLION) IMPLIED LTM EV/EBITDA DEVELOPMENT Change q-o-q +8.5% +4.8% +2.0% +12.0% 12.9x 66 845 779 10.5x 10.3x 463 (349) (33) Enterprise value Net change Enterprise value Net debt inc. Minority Equity val
Slide 61: Contents
CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 1Q25 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES 61
Slide 62: Georgia's economy on an upward trajectory
GEORGIA’S ECONOMY IS ON AN UPWARD TRAJECTORY, WITH NOMINAL GDP PROJECTED TO EXCEED GEL 100 BILLION IN 2025 NOMINAL GDP IS EXPECTED TO EXCEED GEL 100 BILLION IN 2025 GEORGIA’S ECONOMY CONTINUED TO EXPAND IN 2025, WITH PRELIMINARY ECONOMIC 9,571 GROWTH AT 9.3% Y-O-Y IN 1Q25 10,000 Nominal GDP, USD bn,
Slide 63: Stronger-than-expected growth supported by domestic activity and external inflows
STRONGER-THAN-EXPECTED ECONOMIC GROWTH IS SUPPORTED BY ROBUST DOMESTIC ACTIVITY AND EXTERNAL INFLOWS LOANS GROWTH DECOMPOSITION BY PURPOSE (ON A CONSTANT CURRENCY BASIS) GENERAL GOVERNMENT FISCAL EXPENSES AND FISCAL DEFICIT (IMF MODIFIED) Consumer Loans Mortgage Current Expenditures Capital Expendit
Slide 64: Price pressures have re-emerged, pushing inflation above target
PRICE PRESSURES HAVE RE-EMERGED, PUSHING INFLATION ABOVE 3% TARGET FOR THE FIRST TIME SINCE MARCH 2023 INFLATION REACHED 3.5% Y-O-Y, EXCEEDING THE TARGET FOR THE FIRST TIME SINCE MIXED INFLATION HAS BEEN PICKING UP THE MOST AMONG THE INFLATION MARCH 2023 COMPONENTS Headline Inflation Target End of P
Slide 65: Strong growth drives significant deleveraging
STRONG GROWTH IN RECENT YEARS DRIVES SIGNIFICANT DELEVERAGING, BOOSTING RESILIENCE AND UNLOCKING INVESTMENT POTENTIAL GOVERNMENT DEBT AS A PERCENT OF GDP AT ITS LOWEST SINCE 2014, ON THE BACK OF INTERNATIONAL INVESTMENT POSITION (% OF GDP) IMPROVED SIGNIFICANTLY, STRONG ECONOMIC GROWTH AND EXCHANGE
Slide 66: Macroeconomic wrap-up
STRONG GDP GROWTH – PROJECTED NOMINAL GDP TO SURPASS GEL 100 BILLION IN 2025 INFLATION HAS EXCEEDED THE TARGET FOR THE FIRST TIME IN TWO YEARS NBG RE-ENTERED THE FX MARKET WITH A US$ 102 MILLION MACROECONOMIC PURCHASE IN MARCH WRAP-UP SIGNIFICANT DELEVERAGING, BOOSTING RESILIENCE AND UNLOCKING INVES
Slide 67: Contents
CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 1Q25 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES ▪ Board of directors and management team ▪ Georgia Capital financial statements 67
Slide 68: Our robust corporate governance framework
OUR ROBUST CORPORATE GOVERNANCE FRAMEWORK BOARD OF DIRECTORS COMPOSITION IRAKLI GILAURI, CHAIRMAN & CEO MASSIMO GESUA’SIVE SALVADORI Experience: Formerly BGEO Group CEO; more than 20 years INDEPENDENT NON-EXECUTIVE DIRECTOR of experience in the banking, investment and finance. Experience: Currently
Slide 69: GCAP's highly experienced management team
GCAP’S HIGHLY EXPERIENCED MANAGEMENT TEAM IRAKLI GILAURI, CHAIRMAN & CEO NINO VAKHVAKHISHVILI, CHIEF ECONOMIST Irakli Gilauri formerly served as the CEO of BGEO Group from 2011 to May 2018. He joined as CFO of Bank Joined Georgia Capital in 2018. Nino is an IMF’s Short-term Expert and a visiting lec
Slide 70: Contents
CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 1Q25 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES ▪ Board of directors and management team ▪ Georgia Capital financial statements 70
Slide 71: Private portfolio companies' debt maturity profile
PRIVATE PORTFOLIO COMPANIES’ DEBT MATURITY PROFILE GROSS DEBT MATURITY AS OF 31 MARCH 2025 2025 2026 2027 2028 - 2036 Total (GEL MILLION) Large portfolio companies 150.2 135.5 110.2 169.2 565.1 Retail (pharmacy) 79.0 38.3 29.7 22.7 169.7 Insurance (P&C and medical) 3.0 6.5 7.3 12.7 29.5 Healthcare s
Slide 72: Value creation in private portfolio | 1Q25
VALUE CREATION IN PRIVATE PORTFOLIO | 1Q25 Operating Multiple Change and Portfolio Businesses Value Creation in 1Q25 343.5 Performance FX GEL thousand (1) (2) (1)+(2) Lion Finance Group 247,949 Water utility - Total listed and observable portfolio companies - - 247,949 GEL MILLION Large portfolio co
Slide 73: NAV statement | 1Q25
NAV STATEMENT | 1Q25 4. Liquidity 3.Operating GEL thousands unless otherwise noted 31-Dec-24 1. Value Creation 2a. Investments 2b. Buybacks 2c. Dividends Management/ 31-Mar-25 Change % Expenses FX / Other Listed and observable portfolio companies Lion Finance Group 1,421,035 247,949 - - - - - 1,668,
Slide 74: Income statement | 1Q25
INCOME STATEMENT | 1Q25 Income statement GEL thousands unless otherwise noted 1Q25 1Q24 Change Dividend income 8,007 9,460 -15.4% Buyback dividend - 4,339 NMF Interest income 2,791 1,637 70.5% Realised/unreleased gain/(loss) on liquid funds 49 (551) NMF Interest expense (9,104) (8,610) 5.7% Gross op
Slide 75: Valuation peer group
VALUATION PEER GROUP RETAIL P&C MEDICAL HEALTHCARE (PHARMACY) INSURANCE INSURANCE SERVICES • NEUCA S.A. | Poland • Powszechny Zaklad Ubezpieczen SA | • Medicover AB | Sweden • Dhipaya Insurance | Thailand Poland • EMC Instytut Medyczny SAEMC SA | • Sopharma Trading AD | Bulgaria • Zavarovalnica Trig
Slide 76: Forward looking statements
FORWARD LOOKING STATEMENTS This presentation contains forward-looking statements, including, but not limited to, statements concerning expectations, projections, objectives, targets, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans or int
Slide 77: Company information
COMPANY INFORMATION Georgia Capital PLC Registered Address Central Square, 29 Wellington Street, Leeds, LS1 4DL London W1K 5DB United Kingdom www.georgiacapital.ge Registered under number 10852406 in England and Wales Stock Listing London Stock Exchange PLC’s Main Market for listed securities Ticker