Georgia Capital Plc · LSE:CGEO
Georgia Capital — H1 2026 Earnings Presentation
78 slides from Georgia Capital's earnings presentation, Aug 4, 2026
Slide 1: Investor Presentation
INVESTOR PRESENTATION 4 AUGUST 2026
Slide 2: Contents
CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 2Q26 & 1H26 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES 2
Slide 3: Georgia Capital shareholders at 30-Jun-26
GEORGIA CAPITAL (GCAP) SHAREHOLDERS AT 30-JUN-26 GCAP SHAREHOLDERS ALLOCATION BY GEOGRAPHY GCAP TOP 10 SHAREHOLDERS Rank Shareholder name Ownership Other 17.8% 1 Wellington Management Company 8.23% 2 Gemsstock 6.12% 3 Allan Gray Proprietary 5.66% Germany 2.0% 1 USA 4 Eaton Vance Management 4.52% Spa
Slide 4: Key figures at a glance
KEY FIGURES AT A GLANCE NAV HIGHLIGHTS AT 30-JUN-261 PORTFOLIO VALUE BREAKDOWN AT 30-JUN-26 Portfolio value Net cash 5,413 GEL million 384 GEL million 53% 47% Listed Private US$ 2,046 million US$ 145 million NAV NAV per share STARTING FROM 2024, PLATFORM COSTS 5,794 175.12 ARE TARGETED AT MAXIMUM 0.
Slide 5: Our portfolio overview as at 30-Jun-26
OUR PORTFOLIO OVERVIEW AS AT 30-JUN-26 LISTED PORTFOLIO PRIVATE PORTFOLIO VALUE: GEL 2,537 MILLION VALUE: GEL 2,876 MILLION 46.9% OF THE TOTAL PORTFOLIO 53.1% OF THE TOTAL PORTFOLIO LARGE PORTFOLIO COMPANIES LION FINANCE RETAIL HEALTHCARE INSURANCE EMERGING AND GROUP (PHARMACY) SERVICES (P&C AND MED
Slide 6: Contents
CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 2Q26 & 1H26 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES 6 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 2Q26 & 1H26 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APP
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 2Q26 & 1H26 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APP
Slide 13: 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 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 10% 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 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 16: 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 17: 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 18: 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 2Q26 & 1H26 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APP
Slide 19: 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 19
Slide 20: ESG principles lie at the heart of our business
ENVIRONMENTAL, SOCIAL AND GOVERNANCE PRINCIPLES LIE AT THE HEART OF OUR BUSINESS OUR PORTFOLIO IS CONCENTRATED ACROSS WE INVEST IN INDUSTRIES WHICH HAVE POSITIVE IMPACT ON PEOPLE AND PLANET STRUCTURALLY IMPORTANT INDUSTRIES IN GEORGIA, CONNECTING US TO THE COUNTRY’S OUR PHARMACY BUSINESS SUPPORTS CO
Slide 21: 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 ASSESSMENT AND BONDS IN THE REGION MANAGEMENT PROCESSES ➢ GCAP DELIVERED ON ITS ➢ IN 2022, GE
Slide 22: Increased focus on impact investing
INCREASED 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 Healthcare services 3, 8, 9, 12 5, 11 Insu
Slide 23: 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 2Q26 & 1H26 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APP
Slide 24: Our strategic priorities
DELEVERAGING GCAP HOLDCO BY BRINGING DOWN AND MAINTAINING THE NCC RATIO BELOW 10% 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 25: 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 26: Contents
CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 2Q26 & 1H26 PERFORMANCE OVERVIEW ▪ GCAP RESULTS OVERVIEW ▪ AGGREGATED PORTFOLIO RESULTS OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES 26
Slide 27: 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 28: NAV per share 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 29: 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 30: 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 31: 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 32: 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 33: 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 34: 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 35: 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 36: 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 37: Contents
CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 2Q26 & 1H26 PERFORMANCE OVERVIEW ▪ GCAP RESULTS OVERVIEW ▪ AGGREGATED PORTFOLIO RESULTS OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES 37
Slide 38: Aggregated revenue and EBITDA 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 38
Slide 39: 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 40: Aggregated cash balance and 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 40
Slide 41: 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 42: 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 42
Slide 43: 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 44: 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 45: Contents
CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 2Q26 & 1H26 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES 45
Slide 46: Lion Finance Group PLC overview
LION FINANCE GROUP PLC OVERVIEW https://lionfinancegroup.uk/ https://lionfinancegroup.uk/ INVESTMENT RATIONALE • The first entity from Georgia to be listed on the premium segment of the Main Market of the LSE (LSE: KEY MEDIUM-TERM TARGETS BGEO) since February 2012 and to be included in FTSE 100 sinc
Slide 47: Lion Finance Group PLC overview (cont'd)
LION FINANCE GROUP PLC OVERVIEW (CONT’D) https://lionfinancegroup.uk/ https://lionfinancegroup.uk/ Stock price performance Capital distribution (GEL million) GBP 113.30 as of 30-Jun-26 125.00 105.00 662 583 535 522 203 85.00 181 The Board has approved 188 162 an extension to the share 65.00 365 buyb
Slide 48: 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 49: 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% 7.0 136.7 130.3 128.3 58.9 6.0 +37.2% GEL MILLION +22.3% 48.5 102.5 5.0 59.5 94.5 4
Slide 50: 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 51: 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 52: 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 53: 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 54: 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 55: 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 56: 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 57: 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 58: 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 59: Contents
CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 2Q26 & 1H26 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES 59
Slide 60: 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 61: 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 62: Unemployment rate at historical lows
UNEMPLOYMENT RATE AT HISTORICAL LOWS UNEMPLOYMENT REMAINS AT HISTORICAL LOWS AT 13.9% IN 2025 LABOUR 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% 20% 16.8% 17.0% 16.1% 16.7% 1,67
Slide 63: Inflation expected to remain relatively high in 2026
INFLATION IS EXPECTED TO REMAIN RELATIVELY HIGH IN 2026 AMID GEOPOLITICAL UNCERTAINTIES HEADLINE INFLATION REACHED 5.5% IN JULY 2026, AVERAGING 5.2% IN 7M26 FOOD, TRANSPORT, AND UTILITIES WERE THE MAIN CONTRIBUTORS TO ANNUAL INFLATION Food and non-alcoholic beverages Alcoholic beverages and tobacco
Slide 64: Broad-based improvement keeps current account deficit low
BROAD-BASED IMPROVEMENT ACROSS ALL COMPONENTS KEEPS THE CURRENT ACCOUNT DEFICIT LOW THE CURRENT ACCOUNT DEFICIT NARROWING TO -3.8% OF GDP IN 1Q26, DRIVEN BY BROAD-BASED EXPORT OF SERVICES INCREASED TO US$ 1.8 BILLION IN 1Q26 (+7.3% Y-O-Y), MAINLY DUE TO THE IMPROVEMENTS ACROSS ALL COMPONENTS INCREAS
Slide 65: Contents
CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 2Q26 & 1H26 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES ▪ Board of directors and management team ▪ Georgia Capital financial statements 65
Slide 66: 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 67: 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 68: Contents
CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 2Q26 & 1H26 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES ▪ Board of directors and management team ▪ Georgia Capital financial statements 68
Slide 69: Private portfolio companies' debt maturity profile
PRIVATE PORTFOLIO COMPANIES’ DEBT MATURITY PROFILE GROSS DEBT MATURITY AS OF 30 JUNE 2026 2026 2027 2028 2029 - 2036 Total (GEL MILLION) Large portfolio companies 68.5 70.5 23.3 378.1 540.3 Retail (pharmacy) 35.9 62.1 13.9 8.9 120.8 1 Healthcare services 29.2 1.1 1.2 364.7 396.2 Insurance (P&C and m
Slide 70: Value creation in private portfolio | 2Q26
VALUE CREATION IN PRIVATE PORTFOLIO | 2Q26 Portfolio Businesses GEL ‘000, unless otherwise noted (unaudited) Operating Performance (1) Multiple Change and FX (2) Value Creation (1)+(2) 723.5GEL MILLION Listed portfolio 484,134 Lion Finance Group 484,134 Private portfolio 126,786 112,572 239,358 TOTA
Slide 71: Value creation in private portfolio | 1H26
VALUE CREATION IN PRIVATE PORTFOLIO | 1H26 Portfolio Businesses GEL ‘000, unless otherwise noted (unaudited) Operating Performance (1) Multiple Change and FX (2) Value Creation (1)+(2) 772.3GEL MILLION Listed portfolio 454,973 Lion Finance Group 454,973 Private portfolio 279,068 38,297 317,365 TOTAL
Slide 72: NAV statement | 2Q26
NAV STATEMENT | 2Q26 2a. Investment 4. GEL ‘000, unless otherwise noted 1. Value 2c. 3. Operating Change Mar-26 and 2b. Buyback Liquidity/ Jun-26 (unaudited) creation Dividends expenses % Divestments FX/Other Listed portfolio Lion Finance Group 2,383,121 484,134 (302,212) - (27,557) - - 2,537,486 6.
Slide 73: NAV statement | 1H26
NAV STATEMENT | 1H26 2a. Investment 4. GEL ‘000, unless otherwise noted 1. Value 2c. 3. Operating Change Dec-25 and 2b. Buyback Liquidity/ Jun-26 (unaudited) creation Dividends expenses % Divestments FX/Other Listed portfolio Lion Finance Group 2,489,286 454,973 (345,021) - (61,752) - - 2,537,486 1.
Slide 74: Income statement | 2Q26
INCOME STATEMENT | 2Q26 GEL ‘000, unless otherwise noted (unaudited) 2Q26 2Q25 Change Dividend income 46,733 49,697 -6.0% of which, regular dividend 37,438 16,781 NMF of which, buyback dividend 9,295 32,916 -71.8% Interest income 2,734 1,847 48.0% Realised/unrealised gain on liquid funds 358 23 NMF
Slide 75: Income statement | 1H26
INCOME STATEMENT | 1H26 GEL ‘000, unless otherwise noted (unaudited) 1H26 1H25 Change Dividend income 86,291 57,705 49.5% of which, regular dividend 62,568 24,789 NMF of which, buyback dividend 23,723 32,916 -27.9% Interest income 5,256 4,637 13.3% Realised/unrealised gain on liquid funds 85 73 16.4
Slide 76: 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 77: 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 78: Company information
COMPANY INFORMATION Georgia Capital PLC Registered Address 19th Floor 51 Lime Street London, EC3M 7DQ 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: “CGEO.LN” Contact Infor