Georgia Capital Plc · LSE:CGEO
Georgia Capital — FY2025 Earnings Presentation
15 slides from Georgia Capital's earnings presentation, Mar 12, 2026
Slide 1: Macroeconomic Overview 4Q25 & FY25 Results
MACROECONOMIC OVERVIEW 4Q25 & FY25 RESULTS 1
Slide 2: Resilient Macroeconomic Performance and Continued Growth
RESILIENT MACROECONOMIC PERFORMANCE AND CONTINUED GROWTH GEORGIA’S ECONOMY CONTINUED TO EXPAND IN 2025, WITH NOMINAL GDP THE GENERAL GOVERNMENT DEBT-TO-GDP RATIO FELL TO A DECADE LOW IN 2025 EXCEEDING GEL 100 BILLION Nominal GDP, GEL bln (LHS) Nominal GDP, USD bln (LHS) Real GDP, YoY % (RHS) General
Slide 3: Sovereign Ratings with Favourable Macro Fundamentals
SOVEREIGN RATINGS WITH FAVOURABLE MACRO FUNDAMENTALS Key Ratings Highlights General Facts Rating Agency Rating Outlook Affirmed Ba2 Negative March 2025 BB Stable February 2026 Georgia BB Stable November 2025 Georgia is favorably placed among peers Fitch Rating Country Country Rating Outlook ▪ Area:
Slide 4: Georgia's Key Economic Drivers
GEORGIA’S KEY ECONOMIC DRIVERS Top performer compared to peers across a wide range of international rankings Liberal ▪ Liberty Act (effective January 2014) ensures a credible fiscal framework; Fiscal deficit/GDP capped at 3%; Public debt/GDP capped at 60%. economic policy ▪ Following the emergency c
Slide 5: Institutional Oriented Reforms
INSTITUTIONAL ORIENTED REFORMS OPEN BUDGET INDEX, 2023 | INTERNATIONAL ECONOMIC FREEDOM INDEX | 2025 (HERITAGE FOUNDATION) FDI REGULATORY RESTRICTIVENESS INDEX | 2024 (OECD) BUDGET PARTNERSHIP (BUDGET TRANSPARENCY) latvia 7 Georgia 1 Ireland 3 Czechia 12 Sweden 3 Lithuania 16 moldova 13 Moldova 5 No
Slide 6: Economic Growth Continuing at Pace
ECONOMIC GROWTH CONTINUING AT PACE GEORGIA’S ECONOMY CONTINUED TO EXPAND IN 2025, WITH PRELIMINARY NOMINAL GDP STRUCTURE, 9M25 ECONOMIC GROWTH AT 7.5% Y-O-Y IN 2025, DRIVEN BY THE STRONG SERVICE SECTOR PERFORMANCE 10.6% 11.0% 9.7% 7.8% 7.5% 5.2% 6.1% 5.4% 5.1% Agriculture, Education, Construction, 6
Slide 7: Unemployment Rate at Historical Lows
UNEMPLOYMENT RATE AT HISTORICAL LOWS UNEMPLOYMENT REMAINS AT HISTORICAL LOWS AT 13.9% IN 2025 LABOR FORCE STRUCTURE Unemployment rate Wages real growth rate, Y-o-Y 25% 21.9% 19.7% 18.3% 19.5% 19.4% Employed Unemployed Labor force Labour force participation rate,% 18.0% 20% 16.8% 17.0% 15.6% 15.3% 13
Slide 8: Inflation Expected to Return to Target in Second Half of 2026
INFLATION IS EXPECTED TO RETURN TO THE TARGET IN THE SECOND HALF OF 2026 INFLATION AVERAGED TO 3.9% Y-O-Y IN 2025, MAINLY DRIVEN BY RISING FOOD PRICES INFLATION COMPONENTS Food and non-alcoholic beverages Alcoholic beverages and tobacco Transport Headline Inflation Core Inflation Target Monetary Pol
Slide 9: Current Account Balance Supported by Increasing Service Exports
CURRENT ACCOUNT BALANCE SUPPORTED BY INCREASING SERVICE EXPORTS IN 3Q25, THE CA RECORDED A 3.3% OF GDP SURPLUS, NARROWING THE 9M25 CA DEFICIT TO EXPORT OF SERVICES INCREASED TO US$ 6.4 BILLION IN 9M25 (+9% Y-O-Y), MAINLY DUE TO 2.1%, MAINLY DRIVEN BY SERVICES SECTOR GROWTH THE INCREASING ICT SERVICE
Slide 10: Diversification of External Earnings Enhances Resilience
DIVERSIFICATION OF THE EXTERNAL EARNINGS ENHANCES RESILIENCE FX INFLOWS REBOUNDED IN RECENT QUARTERS DRIVEN BY THE BASE EFFECT DOUBLE DIGIT GROWTH IN EXPORT, SUPPORTED BY THE DOMESTIC COMPONENTS Export Remittances Tourism revenues External financing Growth rate of ex.fin, % Y-O-Y Copper ores Motor c
Slide 11: Trade Diversified Across Countries, Export Concentration Remains
WHILE TRADE HAS BECOME MORE DIVERSIFIED ACROSS COUNTRIES, EXPORT CONCENTRATION REMAINS EVIDENT, WITH MOTOR CARS ACCOUNTING FOR A SIGNIFICANT SHARE EXPORTS AND IMPORTS OF GOODS, Y-O-Y% EXTERNAL TRADE BY COUNTRIES, 2025, SHARE IN TOTAL Export 7.3 USD BLN Import 18.6 USD BLN 60% Exports, YoY % Imports,
Slide 12: Tourism Revenues Increased, Shift Toward New Markets
TOURISM REVENUES HAVE INCREASED, ACCOMPANIED BY A SHIFT TOWARD NEW MARKETS TOURISM REVENUES BY COUNTRIES INTERNATIONAL VISITORS STRUCTURE IN 2025 CIS, except Russia Russia EU* Total international visitors reported at 6.9 million in Turkey Israel Other 2025 (up 6.2% y-o-y) Total tourism revenues, US$
Slide 13: NBG Re-entered the FX Market in March 2025
THE NBG RE-ENTERED THE FX MARKET IN MARCH 2025, PURCHASING US$ 2.4 BILLION TO ADD TO ITS FOREIGN EXCHANGE RESERVES THE NBG HAS KEPT MONETARY POLICY RATE STEADY AT 8.0% SINCE MAY 2024 INTERNATIONAL RESERVES 7,000 Official Reserve Assets, US$ mln Net Foreign Assets, US$ mln 14 6,000 International rese
Slide 14: Loans Growth and Economic Activity
0% 5% 10% 15% 20% 25% -5% 0% 10% 20% 30% 40% 50% -10% Dec-17 Dec-18 Mar-18 Mar-19 Jun-18 Jun-19 Sep-18 Sep-19 Dec-18 Dec-19 Mar-19 Jun-19 Mar-20 LOANS BY CURRENCIES Sep-19 Jun-20 Dec-19 Sep-20 Business Loans Consumer Loans Mar-20 Dec-20 Georgia Capital PLC | Source: NBG Jun-20 Mar-21 Sep-20 Jun-21 D
Slide 15: General Government Total Debt Lowest Since 2014
GENERAL GOVERNMENT TOTAL DEBT (% OF GDP) LOWEST SINCE 2014 AMID SOLID GROWTH AND EXCHANGE RATE GAINS GENERAL GOVERNMENT DEBT-TO-GDP DECLINED FURTHER IN 2025, REACHING ITS LOWEST GENERAL GOVERNMENT DEBT STRUCTURE LEVEL SINCE 2014 General Government Debt, External (% of GDP) General Government Debt, T