Georgia Capital Plc · LSE:CGEO
Georgia Capital — H1 2026 Earnings Presentation
46 slides from Georgia Capital's earnings presentation, Aug 4, 2026
Slide 1: 2Q26 & 1H26 Results Call Presentation
2Q26 & 1H26 RESULTS CALL PRESENTATION 4 AUGUST 2026
Slide 2: Contents
CONTENTS 01 2Q26 & 1H26 PERFORMANCE OVERVIEW GCAP RESULTS OVERVIEW AGGREGATED PORTFOLIO RESULTS OVERVIEW 02 DEEP DIVE INTO PRIVATE LARGE PORTFOLIO COMPANIES 03 2Q26 & 1H26 PORTFOLIO VALUATION OVERVIEW 04 LIQUIDITY AND DIVIDEND INCOME OUTLOOK 05 WRAP-UP 06 ANNEX 2
Slide 3: Key Developments
NAV per share increased by 13.1% q-o-q to a record high of GEL 175.12 (up 15.6% q-o-q to GBP 50.10), driven by 1 strong operating performances across our large private portfolio companies and continued growth in Lion Finance Group PLC’s share price 2 Accelerated revenue growth across our large priva
Slide 4: NAV per share (GEL) movement in 2Q26
NAV PER SHARE (GEL) MOVEMENT IN 2Q26 NAV PER SHARE (GEL) PRIVATE LARGE PORTFOLIO UP 13.1% Q-O-Q TO +9.4% +2.4% +2.2% 0.0% +0.3% -0.3% -0.9% +13.1% GEL 175.12 IN 2Q26 175.12 ▪ The increase in NAV per share (GEL) reflects excellent underlying operating performances across the large portfolio 154.82 co
Slide 5: Strong NAV per share growth
STRONG NAV PER SHARE GROWTH NAV PER SHARE (GEL) DEVELOPMENT OVERVIEW AS OF 30 JUNE 2026, FIVE-YEAR NAV PER SHARE CAGR since the demerger: 20.1% CAGR STOOD AT 26.3%, 30.9% AND 32.1% IN GEL, Five-year CAGR: 26.3% US$ AND GBP TERMS, RESPECTIVELY Three-year CAGR: 33.7% AS OF 30 JUNE 2026, THREE-YEAR NAV
Slide 6: Net Capital Commitment (NCC) overview
NET CAPITAL COMMITMENT (NCC) OVERVIEW DRIVERS OF Q-O-Q CHANGE IN NCC NCC RATIO DOWN BY 6.8 PPTS TO ITS RECORD-LOW LEVEL AS OF 30-JUN-26 OVER THE CYCLE TARGET OF 10% The improvement was supported by: -6.8 ppts ✓ robust cash generation ✓ continued portfolio value growth ✓ strengthened risk profile of
Slide 7: NCC ratio development overview
NCC RATIO DEVELOPMENT OVERVIEW NCC AND NCC RATIO DEVELOPMENT OVERVIEW1 NCC REPRESENTS AN AGGREGATED OVER THE VIEW OF ALL CONFIRMED, AGREED 42.5% CYCLE AND EXPECTED CAPITAL OUTFLOWS 39.8% TARGET AT THE GCAP HOLDCO LEVEL 385.8 365.9 345.7 31.9% 250.1 213.6 171.3 21.1% 15.6% 12.8% 42.8 10.0% (59.3) 2.3
Slide 8: Leverage overview of our private businesses
LEVERAGE OVERVIEW OF OUR PRIVATE BUSINESSES GCAP’S DELEVERAGING STRATEGY HAS PUT THE PORTFOLIO IN ITS STRONGEST BALANCE-SHEET 4.9x POSITION TO DATE 4.3x 3.9x 3.8x 3.8x 3.4x 3.5x 3.4x 3.1x GEL MILLION ➢ NET DEBT/EBITDA DECLINED FROM 4.9x AS OF DEC-19 2.8x 2.7x TO ITS LOWEST LEVEL OF 2.1x AS OF JUN-26
Slide 9: Leverage overview of our large businesses
LEVERAGE OVERVIEW OF OUR LARGE BUSINESSES NET DEBT TO EBITDA DEVELOPMENT OVERVIEW RETAIL (PHARMACY) HEALTHCARE SERVICES INSURANCE BELOW LIMIT ABOVE LIMIT BELOW LIMIT NO 2.2x 1.9x 1.3x 0.8x 2.0x 5.0x 4.3x 3.7x 3.5x 3.0x 0.0x LEVERAGE 0.5x 0.4x 0.2x 1.0x 31-Dec-23 31-Dec-24 31-Dec-25 30-Jun-26 ALLOWED
Slide 10: Share buyback and cancellation programme
SHARE BUYBACK AND CANCELLATION PROGRAMME DEVELOPMENT OF GCAP’S SHARE BUYBACK AND CANCELLATION PROGRAMMES 16.7 MILLION SHARES (US$ 295 Number of issued shares (million) MILLION IN VALUE) REPURCHASED 39.4 40.2 47.92 47.1 44.8 43.2 39.5 34.9 33.8 AND CANCELLED SINCE DEMERGER IN 2018, REPRESENTING 35.0%
Slide 11: Completion of GEL 700 million capital return programme
COMPLETION OF GEL 700 MILLION CAPITAL RETURN PROGRAMME IN JUNE 2026, GCAP ANNOUNCED: THE EARLY COMPLETION OF THE CAPITAL RETURN PROGRAMME ONCE AGAIN DEMONSTRATES GCAP'S STRONG CASH FLOW GENERATION AND DISCIPLINED CAPITAL ALLOCATION THE FULL EARLY REDEMPTION OF THE US$ 50 MILLION SUSTAINABILITY- 1 LI
Slide 12: Robust cash generation
ROBUST CASH GENERATION KEY DRIVERS OF CHANGE IN CASH AND LIQUID FUNDS CASH AND LIQUID FUNDS BALANCE UP 2.4X TIMES OVER THE QUARTER THE INCREASE WAS PRIMARILY DRIVEN BY: 48 8 ✓ SELL-DOWN OF LION FINANCE GROUP SHARES IN LINE WITH OUR PFIC RISK MANAGEMENT STRATEGY 302 500 (69) GEL MILLION ✓ SOLID DIVID
Slide 13: Launch of new GEL 1 billion capital allocation programme
LAUNCH OF NEW GEL 1 BILLION CAPITAL ALLOCATION PROGRAMME GCAP ANNOUNCES THE LAUNCH OF A THE PROGRAMME IS UNDERPINNED BY GCAP’S DERISKED AND STRENGTHENED BALANCE NEW GEL 1 BILLION CAPITAL SHEET, WITH NO HOLDCO-LEVEL BORROWINGS AND SUSTAINED NAV PER SHARE GROWTH ALLOCATION PROGRAMME, EXPECTED TO BE IM
Slide 14: Resilient macroeconomic performance despite uncertainties
RESILIENT MACROECONOMIC PERFORMANCE DESPITE UNCERTAINTIES GEORGIA’S ECONOMY STARTED 2026 WITH STRONG MOMENTUM, POSTING 7.9% GDP THE CURRENT ACCOUNT DEFICIT REMAINED LOW AT 3.8% OF GDP IN 1Q26, REFLECTING BROAD- GROWTH IN 1H26 BASED IMPROVEMENTS ACROSS ALL COMPONENTS Nominal GDP, GEL bln (LHS) GDP Pe
Slide 15: Contents
CONTENTS 01 2Q26 & 1H26 PERFORMANCE OVERVIEW GCAP RESULTS OVERVIEW AGGREGATED PORTFOLIO RESULTS OVERVIEW 02 DEEP DIVE INTO PRIVATE LARGE PORTFOLIO COMPANIES 03 2Q26 & 1H26 PORTFOLIO VALUATION OVERVIEW 04 LIQUIDITY AND DIVIDEND INCOME OUTLOOK 05 WRAP-UP 06 ANNEX 15
Slide 16: Aggregated revenue and EBITDA development across large private portfolio
AGGREGATED REVENUE AND EBITDA DEVELOPMENT ACROSS LARGE PRIVATE PORTFOLIO AGGREGATED REVENUE DEVELOPMENT AGGREGATED EBITDA DEVELOPMENT 1,012 148 869 119 GEL MILLION GEL MILLION 523 75 439 62 +19.1% +16.4% +21.2% +23.9% 2Q25 2Q26 1H25 1H26 2Q25 2Q26 1H25 1H26 16
Slide 17: Sustained double-digit aggregated revenue growth
SUSTAINED DOUBLE-DIGIT AGGREGATED REVENUE GROWTH OF PRIVATE LARGE PORTFOLIO COMPANIES AGGREGATED REVENUE DEVELOPMENT ACROSS OUR PRIVATE LARGE PORTFOLIO AGGREGATE REVENUES OF OUR LARGE DOUBLE-DIGIT REVENUE GROWTH FOR THE EIGHTH CONSECUTIVE QUARTER PRIVATE PORTFOLIO COMPANIES UP BY 19.1% Y-O-Y IN 2Q26
Slide 18: Aggregated cash balance & net operating cash flow
AGGREGATED CASH BALANCE & NET OPERATING CASH FLOW DEVELOPMENT ACROSS LARGE PRIVATE PORTFOLIO AGGREGATED NET OPERATING CASH FLOW AGGREGATED CASH BALANCE 254 238 210 132 GEL MILLION GEL MILLION 97 +6.8% 76 54 +21.1% +41.4% +36.2% 2Q25 2Q26 1H25 1H26 30-Jun-25 31-Mar-26 30-Jun-26 18
Slide 19: Contents
CONTENTS 01 2Q26 & 1H26 PERFORMANCE OVERVIEW 02 DEEP DIVE INTO PRIVATE LARGE PORTFOLIO COMPANIES RETAIL (PHARMACY) BUSINESS OVERVIEW HEALTHCARE SERVICES BUSINESS OVERVIEW INSURANCE BUSINESS OVERVIEW 03 2Q26 & 1H26 PORTFOLIO VALUATION OVERVIEW 04 LIQUIDITY AND DIVIDEND INCOME OUTLOOK 05 WRAP-UP 06 AN
Slide 20: Retail (pharmacy) business overview
RETAIL (PHARMACY) BUSINESS OVERVIEW REVENUE DEVELOPMENT, GEL MILLION3 1H26 RETAIL REVENUE BY CATEGORIES GEORGIA’S LARGEST RETAILER IN TERMS Gross Profit Margin OF REVENUE WITH 34% MARKET SHARE 32.7% 34.1% 32.5% 34.0% IN ORGANISED RETAIL MARKET1 +11.2% 500 GEL 422 450 MILLION +11.6% 78 +14.1% 70 ORGA
Slide 21: Retail (pharmacy) business performance overview (cont'd)
RETAIL (PHARMACY) BUSINESS PERFORMANCE OVERVIEW (CONT’D) EBITDA OPERATING CASH FLOW ADJUSTED NET DEBT TO LTM EBITDA1 EBITDA margin EBITDA to cash conversion 10.9% 11.7% 10.8% 11.8% 63.8% 88.1% 89.3% 100.9% 8.0 +21.4% 7.0 136.7 130.3 58.9 128.3 6.0 +37.2% GEL MILLION +22.3% 48.5 102.5 5.0 59.5 94.5 4
Slide 22: Retail (pharmacy) business key considerations
1 STRONG TOP-LINE PERFORMANCE SUPPORTED BY 8.5% SAME-STORE REVENUE GROWTH IN 2Q26 AND ROBUST PERFORMANCE OF WHOLESALE BUSINESS ENHANCED PROFITABILITY, SUPPORTED BY A SHIFT IN THE SALES MIX TOWARD HIGHER-MARGIN 2 PRODUCT PORTFOLIO AND IMPROVED SUPPLIER TERMS, DRIVING SIGNIFICANT GROSS PROFIT AND EBIT
Slide 23: Contents
CONTENTS 01 2Q26 & 1H26 PERFORMANCE OVERVIEW 02 DEEP DIVE INTO PRIVATE LARGE PORTFOLIO COMPANIES RETAIL (PHARMACY) BUSINESS OVERVIEW HEALTHCARE SERVICES BUSINESS OVERVIEW INSURANCE BUSINESS OVERVIEW 03 2Q26 & 1H26 PORTFOLIO VALUATION OVERVIEW 04 LIQUIDITY AND DIVIDEND INCOME OUTLOOK 05 WRAP-UP 06 AN
Slide 24: Healthcare services business overview
HEALTHCARE SERVICES BUSINESS OVERVIEW NET REVENUE EBITDA1 HEALTHCARE BUSINESS PORTFOLIO +15.9% +20.4% +17.9% +25.1% JUNE 2026 300 271 57 250 234 60 47 GEL MILLION 200 50 35 16 1 150 118 139 127 143 40 24 30 30 Hospitals Polyclinics Laboratory 100 63 73 20 50 107 127 10 55 67 - 0 2Q25 2Q26 1H25 1H26
Slide 25: Healthcare services business performance overview
HEALTHCARE SERVICES BUSINESS PERFORMANCE OVERVIEW HOSPITALS BUSINESS NET REVENUE EBITDA margin (excl. IFRS 16) EBITDA1 +16.2% 18.7% 19.8% 18.9% 19.2% 2Q26 AND 1H26 KEY HIGHLIGHTS: +17.9% 250 222 191 50 43 ✓ Revenue growth of 18% in 2Q26, supported by expansion of 200 +18.3% +23.9% GEL MILLION 37 out
Slide 26: Healthcare services business performance overview (cont'd)
HEALTHCARE SERVICES BUSINESS PERFORMANCE OVERVIEW (CONT’D) NET REVENUE EBITDA1 CLINICS & DIAGNOSTICS EBITDA margin (excl. IFRS 16) +15.4% 2Q26 AND 1H26 KEY HIGHLIGHTS: 22.8% 24.7% 23.0% 25.4% +27.4% ✓ Number of admissions in polyclinics increased by 6% y-o-y in 2Q26 60 53 50 +16.8% 46 16 13 ✓ Number
Slide 27: Healthcare services business key considerations
1 EXPANDED MEDICAL INFRASTRUCTURE, STRENGTHENED CLINICAL TEAMS AND ADDED NEW COMPLEX SURGICAL AND OTHER SERVICES WITHIN GHG NETWORK 2 DELIVERED 18% Y-O-Y TOP-LINE GROWTH IN 2Q26 HEALTHCARE SERVICES BUSINESS KEY CONSIDERATIONS 3 EBITDA GROWTH AMOUNTED TO 25%, WITH EBITDA MARGIN IMPROVING BY 1.4 PPTS
Slide 28: Contents
CONTENTS 01 2Q26 & 1H26 PERFORMANCE OVERVIEW 02 DEEP DIVE INTO PRIVATE LARGE PORTFOLIO COMPANIES RETAIL (PHARMACY) BUSINESS OVERVIEW HEALTHCARE SERVICES BUSINESS OVERVIEW INSURANCE BUSINESS OVERVIEW 03 2Q26 & 1H26 PORTFOLIO VALUATION OVERVIEW 04 LIQUIDITY AND DIVIDEND INCOME OUTLOOK 05 WRAP-UP 06 AN
Slide 29: Insurance business overview
INSURANCE BUSINESS OVERVIEW INSURANCE BUSINESS COMPRISES TWO BUSINESS LINES: INSURANCE REVENUE +30% 241 +32% 186 PROPERTY AND CASUALTY (P&C) MEDICAL 128 149 GEL MILLION 97 104 79 KEY OPERATING HIGHLIGHTS 2Q26 CHANGE 1H26 CHANGE 53 GEL MILLION y-o-y y-o-y 82 92 NPW, P&C 62 21% 105 15% 44 49 NPW, Medi
Slide 30: Insurance business overview – P&C insurance
INSURANCE BUSINESS OVERVIEW – P&C INSURANCE ALDAGI IS A LEADING PLAYER IN PROPERTY AND CASUALTY INSURANCE REVENUE +12% INSURANCE P&C MARKET SHARES | 1Q26 GROSS PREMIUMS WRITTEN (GEL MILLION) +11% P&CBusiness Business 60 29% FLAT Y-O-Y GEL MILLION P&C TBC Insurance 49 24% 92 82 Vienna Insurance Group
Slide 31: Insurance business overview – medical insurance
INSURANCE BUSINESS OVERVIEW – MEDICAL INSURANCE MEDICAL INSURANCE MARKET SHARE | 1Q26 GROSS PREMIUMS WRITTEN INSURANCE REVENUE GEL MILLION +43% Medical Insurance Medical Insurane Business Business 142 49% +16 PPTS Y-O-Y +49% Vienna Insurance Group 48 17% GEL MILLION 149 TBC Insurance 27 9% 79 104 8%
Slide 32: Insurance business key considerations
UNDERLYING P&C PROFITABILITY REMAINED STRONG, WITH 2Q26 PROFIT IMPROVING BY 23% 1 Y-O-Y, EXCLUDING THE GEL 3.0 MILLION ONE-OFF HAILSTORM-RELATED MOTOR CLAIMS MEDICAL INSURANCE CONTINUED TO DELIVER STRONG 53% Y-O-Y GROWTH IN PROFIT, DRIVEN 2 BY NEWLY AWARDED TENDERS, RETAIL HEALTH EXPANSION AND DISCI
Slide 33: Contents
CONTENTS 01 2Q26 & 1H26 PERFORMANCE OVERVIEW 02 DEEP DIVE INTO PRIVATE LARGE PORTFOLIO COMPANIES 03 2Q26 & 1H26 PORTFOLIO VALUATION OVERVIEW 04 LIQUIDITY AND DIVIDEND INCOME OUTLOOK 05 WRAP-UP 06 ANNEX 33
Slide 34: Portfolio value as of 30-Jun-26
PORTFOLIO VALUE AS OF 30-JUN-26 % SHARE IN TOTAL PORTFOLIO VALUE: 78% OF OUR PORTFOLIO 97% IS OF OUR PORTFOLIO 47% GBP 113.3 19% MULTIPLE: 13% 10.4x 11% 9.9x 10% ISVALUED VALUED EXTERNALLY EXTERNALLY1 1 PRICE ON LSE 8.3x LTM EV/EBITDA2 LTM P/E LTM EV/EBITDA2 2,537 10% 542 47% GEL MILLION 1,035 PORTF
Slide 35: Private large portfolio implied multiple development
PRIVATE LARGE PORTFOLIO IMPLIED MULTIPLE DEVELOPMENT RETAIL (PHARMACY) HEALTHCARE SERVICES INSURANCE 10.1x 10.4x 9.8x 9.9x 9.9x 10.1x 10.1x 9.5x 8.2x 8.1x 8.0x 8.3x 30-Jun-25 31-Dec-25 31-Mar-26 30-Jun-26 30-Jun-25 31-Dec-25 31-Mar-26 30-Jun-26 30-Jun-25 31-Dec-25 31-Mar-26 30-Jun-26 35
Slide 36: Portfolio value development in 2Q26
PORTFOLIO VALUE DEVELOPMENT IN 2Q26 PORTFOLIO UP BY 7.3% Q-O-Q TO 222 5,413 GEL 5.4 BILLION IN 2Q26 (8) 154 5,045 PRIVATE PORTFOLIO 2Q26 VALUE CREATION GEL million LISTED PORTFOLIO PRIVATE PORTFOLIO VALUE GEL MILLION Retail (pharmacy) 124.0 UP BY 6.5% UP BY 8.1% Healthcare services 66.8 Insurance 48
Slide 37: Private large portfolio valuation overview
PRIVATE LARGE PORTFOLIO VALUATION OVERVIEW RETAIL (PHARMACY) HEALTHCARE SERVICES INSURANCE Impact +5.0% +0.4% +6.7% Impact +7.3% -0.5% +4.0% Impact +2.8% 0.0% +4.6% 62 1,035 47 4 923 GEL MILLION 45 25 688 Includes 620 (3) GEL 11.9m dividend 16 26 611 569 (0) Includes GEL 6.3m dividend Equity Value E
Slide 38: Contents
CONTENTS 01 2Q26 & 1H26 PERFORMANCE OVERVIEW 02 DEEP DIVE INTO PRIVATE LARGE PORTFOLIO COMPANIES 03 2Q26 & 1H26 PORTFOLIO VALUATION OVERVIEW 04 LIQUIDITY AND DIVIDEND INCOME OUTLOOK 05 WRAP-UP 06 ANNEX 38
Slide 39: Liquidity outlook
LIQUIDITY OUTLOOK LIQUIDITY DEVELOPMENT OVERVIEW (US$ MILLION) LIQUIDITY INCREASED 2.3x TIMES Q-O-Q, DRIVEN BY: GROSS DEBT (US$ million) Early redemption of US$ 100 Full early redemption of million local holding bonds local holding bonds ✓ SELL-DOWN OF LION FINANCE GROUP SHARES ✓ DIVIDEND COLLECTION
Slide 40: Dividend income outlook
DIVIDEND INCOME OUTLOOK RECURRING CASH DIVIDEND INCOME FROM PORTFOLIO COMPANIES Dividend income per share (GEL) GEL 46.7 MILLION RECURRING DIVIDEND INCOME IN 2Q26 1.6 2.1 4.1 4.3 6.5 DIVIDEND INCOME 226 2Q26 1H26 (GEL million) Lion Finance Group 27.6 61.8 c.200 1 1 of which, cash dividend 18.3 38.0
Slide 41: Contents
CONTENTS 01 2Q26 & 1H26 PERFORMANCE OVERVIEW 02 DEEP DIVE INTO PRIVATE LARGE PORTFOLIO COMPANIES 03 2Q26 & 1H26 PORTFOLIO VALUATION OVERVIEW 04 LIQUIDITY AND DIVIDEND INCOME OUTLOOK 05 WRAP-UP 06 ANNEX 41
Slide 42: Outstanding quarterly performance
OUTSTANDING QUARTERLY PERFORMANCE PERFORMANCE HIGHLIGHTS • NAV per share up by 13.1% q-o-q to a record high of GEL 175.12 and up 15.6% q-o-q to GBP 50.10 in GBP terms ✓ • Accelerated revenue growth across our large private portfolio companies, with aggregate revenues up 19.1% y-o-y in 2Q26 • NCC rat
Slide 43: Contents
CONTENTS 01 2Q26 & 1H26 PERFORMANCE OVERVIEW 02 DEEP DIVE INTO PRIVATE LARGE PORTFOLIO COMPANIES 03 2Q26 & 1H26 PORTFOLIO VALUATION OVERVIEW 04 LIQUIDITY AND DIVIDEND INCOME OUTLOOK 05 WRAP-UP 06 ANNEX 43
Slide 44: NAV per share discount development overview
NAV PER SHARE DISCOUNT DEVELOPMENT OVERVIEW DESPITE STRONG RECENT TRADING PERFORMANCE, THE PRIVATE PORTFOLIO NAV PER SHARE DISCOUNT REMAINS WIDE, PRESENTING AN ATTRACTIVE BUYBACK OPPORTUNITY +19.6% 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% 4
Slide 45: Valuation peer group
VALUATION PEER GROUP RETAIL HEALTHCARE P&C MEDICAL (PHARMACY) SERVICES INSURANCE INSURANCE • NEUCA S.A. | Poland • Medicover AB | Sweden • Zavarovalnica Triglav | Slovenia • Allianz SE | Germany • Sopharma AD | Bulgaria • Med Life S.A. | Romania • Pozavarovalnica Sava | Slovenia • UNIQA Insurance Gr
Slide 46: 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