Georgia Capital Plc · LSE:CGEO
Georgia Capital — Q1 2026 Earnings Presentation
15 slides from Georgia Capital's earnings presentation, Apr 28, 2026
Slide 1: Macroeconomic Overview 1Q26 Results
MACROECONOMIC OVERVIEW 1Q26 RESULTS
Slide 2: Resilient macroeconomic performance despite uncertainties
RESILIENT MACROECONOMIC PERFORMANCE DESPITE UNCERTAINTIES GEORGIA’S ECONOMY STARTED 2026 WITH STRONG MOMENTUM, POSTING 8.4% GDP THE CURRENT ACCOUNT DEFICIT NARROWING TO A HISTORIC LOW OF -2.6% OF GDP IN 2025, GROWTH IN 2M26 PRIMARILY DRIVEN BY STRONG GROWTH IN SERVICES SECTORS Nominal GDP, GEL bln (
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 2026 BB Stable February 2026 Georgia BB Stable November 2025 GEORGIA IS FAVOURABLY 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 | 2026 (HERITAGE FOUNDATION) FDI REGULATORY RESTRICTIVENESS INDEX | BUDGET PARTNERSHIP (BUDGET TRANSPARENCY) 2024 (OECD) Georgia 1 Ireland 3 latvia 7 Sweden 3 Lithuania 15 Czechia 12 Moldova 5 Czechia 20 mo
Slide 6: Economic growth continuing at pace
ECONOMIC GROWTH CONTINUING AT PACE GEORGIA’S ECONOMY CONTINUED TO EXPAND IN 2025, WITH NOMINAL GDP EXCEEDED GEL 100 NOMINAL GDP STRUCTURE, 2025 BILLION Nominal GDP, GEL bln (LHS) Nominal GDP, USD bln (LHS) Real GDP, YoY % (RHS) 104.6 105 11.0% 10.6% 9.7% 11% 85 Education, Transport, 8% 6.4% 6.1% 7.8
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 Wage real growth rate, Y-o-Y Employed Unemployed Labor force Labour force participation rate,% 25% 21.9% 19.7% 19.5% 19.4% 60% 18.3% 18.0% 20% 16.8% 17.0% 15.6% 15.3%
Slide 8: Inflation expected to remain relatively high in first half of 2026
INFLATION IS EXPECTED TO REMAIN RELATIVELY HIGH IN THE FIRST HALF OF 2026 AMID SURGING OIL PRICES CORE INFLATION REMAINS RELATIVELY CONTAINED, INDICATING LIMITED UNDERLYING PRICE PRESSURES INFLATION AVERAGED TO 3.9% Y-O-Y IN 2025, MAINLY DRIVEN BY RISING FOOD PRICES Headline Inflation Core Inflation
Slide 9: Current account deficit narrowing to historic low of -2.6% of GDP in 2025
THE CURRENT ACCOUNT DEFICIT NARROWING TO A HISTORIC LOW OF -2.6% OF GDP IN 2025 THE CURRENT ACCOUNT DEFICIT NARROWING TO A HISTORIC LOW OF -2.6% OF GDP IN 2025, PRIMARILY EXPORT OF SERVICES INCREASED TO US$ 8.5 BILLION IN 2025 (+10% Y-O-Y), MAINLY DUE TO THE DRIVEN BY STRONG GROWTH IN SERVICES SECTO
Slide 10: Diversification of the 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 Copper ores Motor cars Ferro-alloys 77.8% Tourism revenues Nitrogenous fertilizers Win
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, 1Q26, SHARE IN TOTAL Exports, YoY % Imports, YoY % Export 1.7 USD BLN Import 4.1 USD BL
Slide 12: Tourism revenues broadly flat in 1Q26
TOURISM REVENUES REMAINED BROADLY FLAT IN 1Q26, AS STRONG JANUARY–FEBRUARY PERFORMANCE OFFSET THE MARCH DECLINE TOURISM REVENUES INCREASED SLIGHTLY BY 0.5% IN 1Q26 INTERNATIONAL VISITORS STRUCTURE IN 1Q26 CIS, except Russia Russia EU* TOTAL INTERNATIONAL VISITORS REPORTED AT 1.2 Turkey Israel Other
Slide 13: NBG accumulated reserves to record high levels
FAVORABLE MACROECONOMIC CONDITIONS ALLOWED NBG TO ACCUMULATE RESERVES TO RECORD HIGH LEVELS 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 INTERNATIONAL RESERVES REACHED US $6.3 6,000 12
Slide 14: Loans growth and economic activity
-5% 10% 20% 25% 15% 0% 5% 0% 10% 20% 30% 40% 50% -10% Mar-18 Jun-18 Mar-19 Sep-18 Jun-19 Dec-18 Sep-19 Mar-19 Dec-19 Jun-19 Mar-20 LOANS BY CURRENCIES Sep-19 Jun-20 Dec-19 Sep-20 Mar-20 Business Loans Dec-20 Consumer Loans Jun-20 Georgia Capital PLC | Source: NBG Mar-21 Sep-20 Dec-20 Jun-21 Mar-21 S
Slide 15: General government debt-to-GDP 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 LEVEL SINCE 2014 GENERAL GOVERNMENT DEBT STRUCTURE General Government Debt, External (% of GDP) General Government Debt, T