Georgia Capital Plc · LSE:CGEO
Georgia Capital — 9M26 Earnings Presentation
43 slides from Georgia Capital's earnings presentation, Oct 28, 2026
Slide 1: 3Q26 & 9M26 Results Call Presentation
3Q26 & 9M26 RESULTS CALL PRESENTATION 28 OCTOBER 2026
Slide 2: Contents
CONTENTS 01 3Q26 & 9M26 PERFORMANCE OVERVIEW GCAP RESULTS OVERVIEW AGGREGATED PORTFOLIO RESULTS OVERVIEW 02 DEEP DIVE INTO PRIVATE LARGE PORTFOLIO COMPANIES 03 3Q26 & 9M26 PORTFOLIO VALUATION OVERVIEW 04 LIQUIDITY AND DIVIDEND INCOME OUTLOOK 05 WRAP-UP 06 ANNEX 2 2
Slide 3: Key Developments
1 NAV per share up by 13.6% q-o-q to a record high of GEL 198.91 and up 15.1% q-o-q to GBP 57.69 in GBP terms 2 Sustained double-digit growth across our large private portfolio, with aggregate revenues and EBITDA increasing by 18.5% and 26.3% y-o-y, respectively, in 3Q26, driving a 12.3% y-o-y incre
Slide 4: NAV per share (GEL) movement in 3Q26
NAV PER SHARE (GEL) MOVEMENT IN 3Q26 NAV PER SHARE (GEL) PRIVATE LARGE PORTFOLIO UP 13.6% Q-O-Q TO GEL 198.91 IN 3Q26 +11.3% +2.4% +0.1% +0.1% +0.6% -0.2% -0.8% +13.6% 198.91 ▪ The increase in NAV per share (GEL) reflects the outstanding underlying operating performance across all key 175.12 busines
Slide 5: Strong NAV per share growth
STRONG NAV PER SHARE GROWTH NAV PER SHARE (GEL) DEVELOPMENT OVERVIEW CAGR since the demerger: 21.4% AS OF 30 SEPTEMBER 2026, FIVE-YEAR NAV PER SHARE CAGR STOOD AT 27.2%, 31.9% AND 32.4% IN Five-year CAGR: 27.2% GEL, US$ AND GBP TERMS, RESPECTIVELY Three-year CAGR: 37.2% AS OF 30 SEPTEMBER 2026, THRE
Slide 6: Progress on the new GEL 1 billion capital allocation programme
PROGRESS ON THE NEW GEL 1 BILLION CAPITAL ALLOCATION PROGRAMME IN AUGUST 2026, GCAP LAUNCHED A ✓ AS OF OCT-26, GCAP HAS ALREADY DEPLOYED MORE THAN GEL 260 MILLION GEL 1 BILLION CAPITAL ALLOCATION UNDER THE GEL 1 BILLION CAPITAL ALLOCATION PROGRAMME PROGRAMME, SCHEDULED TO BE IMPLEMENTED AND COMPLETE
Slide 7: Share buyback and cancellation programme
SHARE BUYBACK AND CANCELLATION PROGRAMME DEVELOPMENT OF GCAP’S SHARE BUYBACK AND CANCELLATION PROGRAMMES 17.6 MILLION SHARES (US$ 348 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 32.9 AND CANCELLED SINCE DEMERGER IN 2018, REPRESENTING 36.8%
Slide 8: 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% (22.2) 2.3
Slide 9: Resilient macroeconomic performance despite uncertainties
RESILIENT MACROECONOMIC PERFORMANCE DESPITE UNCERTAINTIES GEORGIA’S ECONOMY MAINTAINED STRONG MOMENTUM IN 2026, WITH GDP GROWING THE CURRENT ACCOUNT DEFICIT NARROWED TO 2.5% OF GDP IN 1H26, REFLECTING BROAD- BY 7.6% IN 8M26 BASED IMPROVEMENTS ACROSS ALL COMPONENTS Nominal GDP, GEL bln (LHS) GDP Per
Slide 10: Contents
CONTENTS 01 3Q26 & 9M26 PERFORMANCE OVERVIEW GCAP RESULTS OVERVIEW AGGREGATED PORTFOLIO RESULTS OVERVIEW 02 DEEP DIVE INTO PRIVATE LARGE PORTFOLIO COMPANIES 03 3Q26 & 9M26 PORTFOLIO VALUATION OVERVIEW 04 LIQUIDITY AND DIVIDEND INCOME OUTLOOK 05 WRAP-UP 06 ANNEX 10 10
Slide 11: Aggregated revenue and EBITDA development across large private portfolio
AGGREGATED REVENUE AND EBITDA DEVELOPMENT ACROSS LARGE PRIVATE PORTFOLIO AGGREGATED REVENUE DEVELOPMENT AGGREGATED EBITDA DEVELOPMENT 1,535 1,311 GEL MILLION GEL MILLION 524 228 442 183 80 +18.5% +17.1% 63 +26.3% +24.7% 3Q25 3Q26 9M25 9M26 3Q25 3Q26 9M25 9M26 11
Slide 12: Aggregated cash balance & net operating cash flow development
AGGREGATED CASH BALANCE & NET OPERATING CASH FLOW DEVELOPMENT ACROSS LARGE PRIVATE PORTFOLIO AGGREGATED NET OPERATING CASH FLOW AGGREGATED CASH BALANCE 249 254 246 204 161 GEL MILLION GEL MILLION -3.5% 72 64 -1.5% +12.3% +26.7% 3Q25 3Q26 9M25 9M26 30-Sep-25 30-Jun-26 30-Sep-26 12
Slide 13: Leverage overview of our large businesses
LEVERAGE OVERVIEW OF OUR LARGE BUSINESSES NET DEBT TO EBITDA DEVELOPMENT OVERVIEW 1 RETAIL (PHARMACY) HEALTHCARE SERVICES INSURANCE BELOW LIMIT ABOVE LIMIT BELOW LIMIT NO 2.2x 1.9x 1.3x 0.8x 1.5x 5.0x 4.3x 3.7x 3.4x 3.0x 0.0x LEVERAGE 0.5x 0.4x 1.0x -0.2x2 ALLOWED ALLOWED 31-Dec-23 31-Dec-24 31-Dec-
Slide 14: Contents
CONTENTS 01 3Q26 & 9M26 PERFORMANCE OVERVIEW 02 DEEP DIVE INTO PRIVATE LARGE PORTFOLIO COMPANIES RETAIL (PHARMACY) BUSINESS OVERVIEW HEALTHCARE SERVICES BUSINESS OVERVIEW INSURANCE BUSINESS OVERVIEW 03 3Q26 & 9M26 PORTFOLIO VALUATION OVERVIEW 04 LIQUIDITY AND DIVIDEND INCOME OUTLOOK 05 WRAP-UP 06 AN
Slide 15: Retail (Pharmacy) business overview
RETAIL (PHARMACY) BUSINESS OVERVIEW REVENUE DEVELOPMENT, GEL MILLION3 9M26 RETAIL REVENUE BY CATEGORIES GEORGIA’S LARGEST RETAILER IN TERMS Gross Profit Margin OF REVENUE WITH 34% MARKET SHARE 33.4% 35.4% 32.8% 34.5% 23% IN ORGANISED RETAIL MARKET1 +12.4% 31% 681 766 GEL 648 106 +11.2% 118 10% MILLI
Slide 16: Retail (Pharmacy) business performance overview
RETAIL (PHARMACY) BUSINESS PERFORMANCE OVERVIEW EBITDA OPERATING CASH FLOW ADJUSTED NET DEBT TO LTM EBITDA1 EBITDA margin EBITDA to cash conversion 10.9% 12.7% 10.8% 12.1% 100.7% 62.5% 93.2% 86.9% 8.0 +25.9% +17.4% 7.0 92.7 136.7 130.3 128.3 6.0 80.6 GEL MILLION 73.7 68.7 102.5 102.9 5.0 94.5 +34.4%
Slide 17: Retail (Pharmacy) business key considerations
STRONG TOP-LINE PERFORMANCE SUPPORTED BY 8.7% SAME-STORE REVENUE GROWTH IN 3Q26 1 AND ROBUST PERFORMANCE OF WHOLESALE BUSINESS ENHANCED PROFITABILITY, SUPPORTED BY A SHIFT IN THE SALES MIX TOWARDS HIGHER-MARGIN 2 PRODUCT PORTFOLIO AND IMPROVED SUPPLIER TERMS, DRIVING SIGNIFICANT GROSS PROFIT AND EBI
Slide 18: Contents
CONTENTS 01 3Q26 & 9M26 PERFORMANCE OVERVIEW 02 DEEP DIVE INTO PRIVATE LARGE PORTFOLIO COMPANIES RETAIL (PHARMACY) BUSINESS OVERVIEW HEALTHCARE SERVICES BUSINESS OVERVIEW INSURANCE BUSINESS OVERVIEW 03 3Q26 & 9M26 PORTFOLIO VALUATION OVERVIEW 04 LIQUIDITY AND DIVIDEND INCOME OUTLOOK 05 WRAP-UP 06 AN
Slide 19: Healthcare services business overview
HEALTHCARE SERVICES BUSINESS OVERVIEW NET REVENUE EBITDA1 +15.9% +21.0% HEALTHCARE BUSINESS PORTFOLIO 82 403 +15.9% 347 +22.4% 68 SEPTEMBER 2026 210 GEL MILLION 188 35 17 1 114 132 21 26 Hospitals Polyclinics Laboratory 61 67 159 192 53 65 3Q25 3Q26 9M25 9M26 3Q25 3Q26 9M25 9M26 outpatient inpatient
Slide 20: Healthcare services business performance overview
HEALTHCARE SERVICES BUSINESS PERFORMANCE OVERVIEW NET REVENUE EBITDA1 HOSPITALS BUSINESS EBITDA margin (excl. IFRS 16) +16.0% 17.7% 18.8% 18.5% 19.1% 3Q26 AND 9M26 KEY HIGHLIGHTS: 331 +19.3% 286 ✓ Revenue growth of 15% y-o-y in 3Q26, supported by 64 GEL MILLION +15.4% expansion of outpatient service
Slide 21: Healthcare services business performance overview (cont'd)
HEALTHCARE SERVICES BUSINESS PERFORMANCE OVERVIEW (CONT’D) NET REVENUE EBITDA1 CLINICS & DIAGNOSTICS EBITDA margin (excl. IFRS 16) +16.4% 3Q26 AND 9M26 KEY HIGHLIGHTS: 19.8% 20.5% 22.0% 23.8% +26.2% 78 ✓ Number of admissions in polyclinics increased by 11% y-o-y in 3Q26 +18.7% 67 GEL MILLION ✓ Net r
Slide 22: Healthcare services business key considerations
1 DELIVERED 16% Y-O-Y TOP-LINE AND 22% EBITDA GROWTH, WITH EBITDA MARGIN IMPROVING BY 1.0 PPTS Y-O-Y IN 3Q26 2 MORE THAN GEL 50 MILLION CAPEX PLANNED OVER THE NEXT THREE YEARS TO EXPAND OUTPATIENT AND IVF DIRECTIONS HEALTHCARE SERVICES BUSINESS KEY CONSIDERATIONS 3 EXPANDED CLINICS & DIAGNOSTICS NET
Slide 23: Contents
CONTENTS 01 3Q26 & 9M26 PERFORMANCE OVERVIEW 02 DEEP DIVE INTO PRIVATE LARGE PORTFOLIO COMPANIES RETAIL (PHARMACY) BUSINESS OVERVIEW HEALTHCARE SERVICES BUSINESS OVERVIEW INSURANCE BUSINESS OVERVIEW 03 3Q26 & 9M26 PORTFOLIO VALUATION OVERVIEW 04 LIQUIDITY AND DIVIDEND INCOME OUTLOOK 05 WRAP-UP 06 AN
Slide 24: Insurance business overview
INSURANCE BUSINESS OVERVIEW INSURANCE REVENUE INSURANCE BUSINESS COMPRISES TWO BUSINESS LINES: +30% 366 +30% PROPERTY AND CASUALTY (P&C) 282 125 221 GEL MILLION 96 153 72 49 130 145 48 53 MEDICAL 3Q-25 3Q25 3Q-26 3Q26 9M25 9M25 9M26 P&C Medical KEY OPERATING HIGHLIGHTS PRE-TAX PROFIT1 +29% (+36%2) 3
Slide 25: 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 | 1H26 GROSS PREMIUMS WRITTEN 1 +12% GEL MILLION P&C P&C Business Business 162 36% +1 PPT Y-O-Y 145 TBC Insurance 104 23% 130 Vienna Insurance Group 78 1
Slide 26: Insurance business overview – Medical insurance
INSURANCE BUSINESS OVERVIEW – MEDICAL INSURANCE MEDICAL INSURANCE MARKET SHARE | 1H26 GROSS PREMIUMS WRITTEN 1 INSURANCE REVENUE +45% Medical Insurance Medical InsuraneBusiness Business 203 46% +13 PPTS Y-O-Y +48% Vienna Insurance Group 92 21% GEL MILLION 221 TBC Insurance 39 9% 153 72 49 Global Ben
Slide 27: Insurance business key considerations
1 ROBUST FINANCIAL PERFORMANCE WITH 30% Y-O-Y REVENUE AND 19% Y-O-Y PROFIT GROWTH IN 3Q26, SUPPORTED BY STRONG CONTRIBUTIONS FROM BOTH INSURANCE BUSINESS LINES P&C INSURANCE MAINTAINED STEADY REVENUE GROWTH OF 12% Y-O-Y IN 3Q26, WHILE 2 DISCIPLINED UNDERWRITING AND PRICING CONTINUED TO SUPPORT STRON
Slide 28: Contents
CONTENTS 01 3Q26 & 9M26 PERFORMANCE OVERVIEW 02 DEEP DIVE INTO PRIVATE LARGE PORTFOLIO COMPANIES 03 3Q26 & 9M26 PORTFOLIO VALUATION OVERVIEW 04 LIQUIDITY AND DIVIDEND INCOME OUTLOOK 05 WRAP-UP 06 ANNEX 28 28
Slide 29: Portfolio value as of 30-Sep-26
PORTFOLIO VALUE AS OF 30-SEP-26 % SHARE IN TOTAL PORTFOLIO VALUE: 97% OF OUR PORTFOLIO 51% GBP 143.7 18% 12% 10.3x 10% 9.9x 9% MULTIPLE: IS VALUED EXTERNALLY1 PRICE ON LSE 8.3x LTM EV/EBITDA2 LTM P/E LTM EV/EBITDA2 3,168 9% 552 51% GEL MILLION PORTFOLIO 1,094 BREAKDOWN 722 GEL 6,178 MILLION 3,168 64
Slide 30: Private large portfolio implied multiple development
PRIVATE LARGE PORTFOLIO IMPLIED MULTIPLE DEVELOPMENT RETAIL (PHARMACY) HEALTHCARE SERVICES INSURANCE LTM EV/EBITDA MULTIPLE LTM EV/EBITDA MULTIPLE LTM P/E MULTIPLE 10.1x 10.4x 10.3x 9.9x 9.9x 9.9x 9.9x 10.1x 8.2x 8.1x 8.3x 8.3x 30-Sep-25 31-Dec-25 30-Jun-26 30-Sep-26 30-Sep-25 31-Dec-25 30-Jun-26 30
Slide 31: Portfolio value development in 3Q26
PORTFOLIO VALUE DEVELOPMENT IN 3Q26 PORTFOLIO UP BY 14.1% Q-O-Q TO GEL 6.2 BILLION IN 3Q26 631 124 10 6,178 5,413 PRIVATE PORTFOLIO 3Q26 VALUE CREATION GEL million LISTED PORTFOLIO PRIVATE PORTFOLIO VALUE GEL MILLION Retail (pharmacy) 73 UP BY 24.9% UP BY 4.6% Healthcare services 34 Insurance 38 Eme
Slide 32: Private large portfolio valuation overview
PRIVATE LARGE PORTFOLIO VALUATION OVERVIEW RETAIL (PHARMACY) HEALTHCARE SERVICES INSURANCE Impact +6.2% -0.9% +0.4% Impact +5.4% -0.2% -0.2% Impact +3.9% +0.7% +0.2% 64 4 1,094 1,035 (10) GEL MILLION 37 722 688 (1) (1) Includes GEL 14.9m 611 24 4 1 641 dividend Includes GEL 8.1m dividend Equity valu
Slide 33: Contents
CONTENTS 01 3Q26 & 9M26 PERFORMANCE OVERVIEW 02 DEEP DIVE INTO PRIVATE LARGE PORTFOLIO COMPANIES 03 3Q26 & 9M26 PORTFOLIO VALUATION OVERVIEW 04 LIQUIDITY AND DIVIDEND INCOME OUTLOOK 05 WRAP-UP 06 ANNEX 33 33
Slide 34: Liquidity outlook
LIQUIDITY OUTLOOK LIQUIDITY DEVELOPMENT OVERVIEW (US$ MILLION) GROSS DEBT (US$ million) Early redemption of US$ 100 Early full redemption of remaining local holding bonds LIQUIDITY DECREASED BY 43.5% Q-O-Q, DRIVEN BY: million local holding bonds 365 300 150 150 50 50 0 ✓ SHARE BUYBACKS ✓ EARLY REPAY
Slide 35: Dividend income outlook
DIVIDEND INCOME OUTLOOK RECURRING CASH DIVIDEND INCOME FROM PORTFOLIO COMPANIES Dividend income per share (GEL) GEL 52.5 MILLION RECURRING DIVIDEND INCOME IN 3Q26 1.6 2.1 4.1 4.3 6.5 226 2 DIVIDEND INCOME 3Q26 9M26 (GEL million) c.200 Lion Finance Group 25.7 87.5 1 1 180 179 of which, cash dividend
Slide 36: Distributable capital generation at large portfolio companies
DISTRIBUTABLE CAPITAL GENERATION AT LARGE PORTFOLIO COMPANIES DIVIDENDS PAID DEBT REPAID ACQUISITIONS1 TOTAL LARGE PORTFOLIO DISTRIBUTABLE CAPITAL IN 9M26 RETAIL (PHARMACY) 28 23 7 9M26 58 GEL 88 MILLION GEL 58 MILLION TOTAL DISTRIBUTABLE CAPITAL 9M25 21 21 1 43 +36.6% Y-O-Y +37.0% Y-O-Y GEL 7 MILLI
Slide 37: Contents
CONTENTS 01 3Q26 & 9M26 PERFORMANCE OVERVIEW 02 DEEP DIVE INTO PRIVATE LARGE PORTFOLIO COMPANIES 03 3Q26 & 9M26 PORTFOLIO VALUATION OVERVIEW 04 LIQUIDITY AND DIVIDEND INCOME OUTLOOK 05 WRAP-UP 06 ANNEX 37 37
Slide 38: Outstanding quarterly performance
OUTSTANDING QUARTERLY PERFORMANCE PERFORMANCE HIGHLIGHTS • NAV per share up by 13.6% q-o-q to a record high of GEL 198.91 and up 15.1% q-o-q to GBP 57.69 in GBP terms ✓ • Outstanding quarterly results across our private large portfolio companies, with aggregated revenues and EBITDA up by 18.5% and 2
Slide 39: Contents
CONTENTS 01 3Q26 & 9M26 PERFORMANCE OVERVIEW 02 DEEP DIVE INTO PRIVATE LARGE PORTFOLIO COMPANIES 03 3Q26 & 9M26 PORTFOLIO VALUATION OVERVIEW 04 LIQUIDITY AND DIVIDEND INCOME OUTLOOK 05 WRAP-UP 06 ANNEX 39 39
Slide 40: NAV per share discount development overview
NAV PER SHARE DISCOUNT DEVELOPMENT OVERVIEW DESPITE STRONG RECENT TRADING PERFORMANCE, THE NAV PER SHARE DISCOUNT REMAINS WIDE, PRESENTING AN ATTRACTIVE BUYBACK OPPORTUNITY +21.1% 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% 57.69 48.4% 44.7% 4
Slide 41: 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 2.5x TO ITS LOWEST LEVEL OF 2.0x AS OF S
Slide 42: 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 43: 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