Georgia Capital Plc · LSE:CGEO
Georgia Capital — 9M25 Earnings Presentation
82 slides from Georgia Capital's earnings presentation, Oct 27, 2025
Slide 1: Investor Presentation
INVESTOR PRESENTATION 27 OCTOBER 2025
Slide 2: Contents
CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 3Q25 & 9M25 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES 2
Slide 3: GCAP Shareholders at 30-Sep-25
GEORGIA CAPITAL (GCAP) SHAREHOLDERS AT 30-SEP-25 GCAP SHAREHOLDERS ALLOCATION BY GEOGRAPHY GCAP TOP 10 SHAREHOLDERS Rank Shareholder name Ownership Other 17.7% 1 Lazard Asset Management LLC 7.23% 2 Gemsstock Ltd 6.61% 1 3 Allan Gray Proprietary Ltd 5.74% Luxembourg USA 2.7% 36.6% 4 Eaton Vance Manag
Slide 4: Key Figures at a Glance
KEY FIGURES AT A GLANCE NAV HIGHLIGHTS AT 30-SEP-251 PORTFOLIO VALUE BREAKDOWN AT 30-SEP-25 Portfolio value Net debt 4,641 74 47% 53% Listed Private GEL million GEL million US$ 1,713 million US$ 27 million STARTING FROM 2024, PLATFORM COSTS NAV NAV per share ARE TARGETED AT MAXIMUM 0.75% OF NAV 4,65
Slide 5: Our Portfolio Overview as at 30-Sep-25
OUR PORTFOLIO OVERVIEW AS AT 30-SEP-25 LISTED PORTFOLIO PRIVATE PORTFOLIO Value: GEL 2,167m Value: GEL 2,474m 46.7% of the total portfolio value 53.3% of the total portfolio value LARGE PORTFOLIO COMPANIES LION FINANCE RETAIL INSURANCE HEALTHCARE EMERGING AND GROUP1 (PHARMACY) (P&C AND MEDICAL) SERV
Slide 6: Contents
CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 3Q25 & 9M25 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES 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 3Q25 & 9M25 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 3Q25 & 9M25 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APP
Slide 13: Net Capital Commitment (NCC) Overview
NET CAPITAL COMMITMENT (NCC) OVERVIEW Change Change US$ Million 30-Sep-24 30-Jun-25 30-Sep-25 (y-o-y) (q-o-q) NCC RATIO IMPROVED BY 1.6 Cash and liquid funds 37.3 67.8% 55.3 13.2% 62.6 PPTS Q-O-Q AS OF 30-SEP-25 Loans issued 4.3 -85.8% 0.2 NMF 0.6 (10.5 PPTS IMPROVEMENT Y-O-Y) Accrued dividend incom
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 VIEW OF ALL CONFIRMED, AGREED AND EXPECTED CAPITAL OUTFLOWS 385.8 AT THE GCAP HOLDCO LEVEL 365.9 345.7 42.5% THE NCC RATIO IMPROVED TO A RECORD 39.8% 250.1 LOW 5.4% AS AT SEPTEMBER 2025 213.6 31.9% 17
Slide 16: Leverage Overview of Our Private Businesses
LEVERAGE OVERVIEW OF OUR PRIVATE BUSINESSES TOTAL NET DEBT/EBITDA DEVELOPMENT OVERVIEW 4.9x 4.3x 3.9x 3.8x 3.8x 3.4x 3.5x 3.4x ➢ LTM EBITDA up 65.8% as at Sep-25 from Dec-19. 3.1x GEL MILLION 2.8x 2.6x 195 958 220 934 249 852 222 877 219 758 221 748 214 816 240 908 281 873 309 853 324 846 1,2 1,2,3
Slide 17: 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 3Q25 & 9M25 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APP
Slide 18: 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 18
Slide 19: ESG Principles Lie at the Heart of Our Business
ENVIRONMENTAL, SOCIAL AND GOVERNANCE PRINCIPLES LIE AT THE HEART OF OUR BUSINESS WE INVEST IN INDUSTRIES WHICH HAVE POSITIVE IMPACT OUR PORTFOLIO IS CONCENTRATED ACROSS ON PEOPLE AND PLANET STRUCTURALLY IMPORTANT INDUSTRIES IN GEORGIA, CONNECTING US TO THE COUNTRY’S Our healthcare businesses, contri
Slide 20: 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 ASSESMENT AND BONDS IN THE REGION MANAGEMENT PROCESSES ▪ Georgia Capital delivered on its ▪ I
Slide 21: Increased Focus on Impact Investing
INCREASEAD 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 Insurance 3, 8, 9 1, 10 Healthcare servic
Slide 22: 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 3Q25 & 9M25 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APP
Slide 23: 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 24: 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 25: Contents
CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 3Q25 & 9M25 PERFORMANCE OVERVIEW ▪ Key developments ▪ Georgia Capital results overview ▪ Aggregated portfolio results and valuations overview 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES 25
Slide 26: Key Developments
1 NAV per share (GEL) increased 7.9% q-o-q in 3Q25, driven by strong operating performance across our private large portfolio companies and continued growth in Lion Finance Group PLC’s share price 2 Outstanding quarterly results across our private large portfolio companies, with aggregated revenues
Slide 27: Progress on the GEL 700 Million Capital Return Programme
PROGRESS ON THE GEL 700 MILLION CAPITAL RETURN PROGRAMME US$ 50 MILLION SHARE BUYBACK & CANCELLATION PROGRAMME REDEMPTION OF US$ 100 MILLION LOCAL BONDS PRINCIPAL OUTSTANDING (US$ MILLION) REDUCED BY US$ 100 MILLION 150 CURRENTLY US$ 50 MILLION REPURCHASED ONGOING & CANCELLED US$ 24M SHARE BUYBACK U
Slide 28: Progress on the GEL 700 Million Capital Return Programme (Cont'd)
PROGRESS ON THE GEL 700 MILLION CAPITAL RETURN PROGRAMME (CONT’D) ✓ AS OF OCT-25, GCAP HAS ALREADY DEPLOYED MORE THAN GEL 400 MILLION IN AUGUST 2025, WE ANNOUNCED THE UNDER THE GEL 700 MILLION CAPITAL-RETURN PROGRAMME LAUNCH OF A NEW 700 MILLION CAPITAL RETURN PROGRAMME, SCHEDULED TO BE IMPLEMENTED
Slide 29: Update on PFIC Management
UPDATE ON PFIC MANAGEMENT LION FINANCE GROUP’S SHARES PER 100 GCAP SHARES AS DISCUSSED WITHIN 2Q25 RESULTS ANNOUNCEMENT, WE TOOK ACTIONS DURING 3Q25 TO PREVENT GCAP FROM BECOMING A PFIC UNDER US TAX RULES DUE TO A SIGNIFICANT INCREASE IN THE VALUE OF LION FINANCE GROUP PLC (“LFG”) SHARES 22.8 21.8 2
Slide 30: Capital Market Transactions of Our Portfolio Companies
CAPITAL MARKET TRANSACTIONS OF OUR PORTFOLIO COMPANIES HEALTHCARE BUSINESS SOCIAL BOND ISSUANCE HOSPITALITY BUSINESS BOND ISSUANCE THE LARGEST GEL BOND ISSUANCE ON THE LOCAL MARKET ✓ IN SEPTEMBER 2025, GCAP’S HEALTHCARE SERVICES BUSINESS SUCCESSFULLY ✓ IN OCTOBER 2025, GCAP’S ONLY HOSPITALITY BUSINE
Slide 31: Bolt-On Acquisition by Healthcare Services Business
ON 25 OCTOBER 2025, OUR HEALTHCARE SERVICES BUSINESS AGREED TO ACQUIRE GORMED LLC, A REGIONAL NETWORK OF THREE HOSPITALS AND CLINICS IN CENTRAL GEORGIA, PENDING REGULATORY APPROVAL RATIONAL: THE ACQUISITION WILL EXPAND OUR HEALTHCARE SERVICES BUSINESS FOOTPRINT INTO GORI, GEORGIA’S FIFTH LARGEST CIT
Slide 32: Contents
CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 3Q25 & 9M25 PERFORMANCE OVERVIEW ▪ Key developments ▪ Georgia Capital results overview ▪ Aggregated portfolio results and valuations overview 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES 32
Slide 33: NAV per Share (GEL) Movement in 3Q25
NAV PER SHARE (GEL) MOVEMENT IN 3Q25 PRIVATE LARGE PORTFOLIO NAV PER SHARE (GEL) +4.6% +2.8% +0.0% +0.4% +1.2% -0.2% -0.9% +7.9% UP 7.9% Q-O-Q IN 3Q25 135.51 125.63 ▪ The increase in NAV per share (GEL) in 3Q25 reflects solid underlying operating performances across the portfolio, reinforcing GCAP’s
Slide 34: Strong NAV per Share Growth
STRONG NAV PER SHARE GROWTH AS OF 30 SEPTEMBER 2025 5-YEAR NAV PER NAV PER SHARE (GEL) DEVELOPMENT OVERVIEW SHARE CAGR STOOD AT 29.1%, 33.5% AND CAGR since the demerger: 18.0% 32.3% IN GEL, US$ AND GBP TERMS, 5-year CAGR: 29.1% RESPECTIVELY 3-year CAGR: 33.4% AS OF 30 SEPTEMBER 2025 3-YEAR NAV PER S
Slide 35: Free Cash Flow Development
FREE CASH FLOW DEVELOPMENT GCAP’s FREE CASH FLOW DEVELOPMENT (US$ MILLION) FREE CASH FLOW PROJECTED AT US$ INCLUDING BUYBACK DIVIDENDS 57 MILLION FOR THE FULL YEAR 2025, REFLECTING STRONG CASH FCF PER SHARE (US$) 1.22 1.60 1.78 GENERATION, SUPPORTED BY Change y-o-y +30.5% +45.6% DISCIPLINED EXPENSE
Slide 36: Share Buyback and Cancellation Programme
SHARE BUYBACK AND CANCELLATION PROGRAMME DEVELOPMENT OF GCAP’S SHARE BUYBACK AND CANCELLATION PROGRAMMES 15.2 MILLION SHARES (US$ 221 ➢ The gross number of issued shares, including those held by the management trust, is now below the share count at the time of the demerger MILLION IN VALUE) REPURCHA
Slide 37: Liquidity Outlook
LIQUIDITY OUTLOOK LIQUIDITY DEVELOPMENT OVERVIEW (US$ MILLION) GROSS DEBT (US$ million) LIQUIDITY INCREASED BY 13.2% Q-O-Q, DRIVEN BY: ✓ STRONG DIVIDEND INFLOWS 300 300 365 365 300 150 150 150 50 ✓ RECEIPT OF PROCEEDS FROM THE EXERCISE OF THE PUT OPTION ON A 20% STAKE IN THE WATER UTILITY BUSINESS C
Slide 38: Dividend Income Outlook
DIVIDEND INCOME OUTLOOK RECURRING CASH DIVIDEND INCOME FROM PORTFOLIO COMPANIES GEL 167.8 MILLION RECURRING DIVIDEND INCOME IN 9M25 DIVIDEND INCOME +31% 3Q25 9M25 Dividend income (GEL million) 1.6 2.1 4.1 4.3 5.62 per share (GEL) Lion Finance Group 86.9 119.8 c. 200 of which, cash dividend 86.9 86.9
Slide 39: Contents
CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 3Q25 & 9M25 PERFORMANCE OVERVIEW ▪ Key developments ▪ Georgia Capital results overview ▪ Aggregated portfolio results and valuations overview 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES 39
Slide 40: Aggregated Revenue and EBITDA Development Across Large Private Portfolio
AGGREGATED REVENUE AND EBITDA DEVELOPMENT ACROSS LARGE PRIVATE PORTFOLIO AGGREGATED REVENUE DEVELOPMENT AGGREGATED EBITDA DEVELOPMENT 1,312 183 1,129 136 63 GEL MILLION GEL MILLION 49 442 390 +13.5% +16.2% +29.5% +34.0% 3Q24 3Q25 9M24 9M25 3Q24 3Q25 9M24 9M25 Georgia Capital PLC | General note: Figu
Slide 41: 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 249 210 179 GEL MILLION GEL MILLION 161 +18.7% 134 62 64 +39.4% +3.7% +20.7% 3Q24 3Q25 9M24 9M25 30-Sep-24 30-Jun-25 30-Sep-25 Georgia Capital PLC |
Slide 42: Portfolio Value as of 30-Sep-25
PORTFOLIO VALUE AS OF 30-SEP-25 % SHARE IN TOTAL PORTFOLIO VALUE: 78% OF OUR PORTFOLIO 97% IS OF OUR PORTFOLIO 47% GBP 76.5 18% MULTIPLE: 11% 9.9x 11% 9.9x 13% ISVALUED VALUED EXTERNALLY EXTERNALLY1 1 PRICE ON LSE 8.2x LTM P/E LTM EV/EBITDA2 LTM EV/EBITDA2 2,167 13% 596 47% GEL MILLION 857 PORTFOLIO
Slide 43: Private Large Portfolio Implied Multiple Development
PRIVATE LARGE PORTFOLIO IMPLIED MULTIPLE DEVELOPMENT RETAIL (PHARMACY) INSURANCE HEALTHCARE SERVICES 10.9x 2 11.3x 10.5x 4 9.9x 9.9x 8.8x 9.9x 3 8.4x 8.2x 8.2x 1 9.7x 9.8x 30-Sep-25 31-Dec-24 30-Jun-25 30-Sep-25 30-Sep-24 31-Dec-24 30-Jun-25 30-Sep-25 30-Sep-24 31-Dec-24 30-Jun-25 30-Sep-25 Georgia
Slide 44: Portfolio Value Development in 3Q25
PORTFOLIO VALUE DEVELOPMENT IN 3Q25 PORTFOLIO VALUE UP BY 2.2% Q-O-Q TO GEL 4.6 39 4,641 BILLION IN 3Q25 4,542 115 (56) PRIVATE PORTFOLIO VALUE CREATION IN 3Q25 PRIVATE PORTFOLIO VALUE CREATION LISTED PORTFOLIO PRIVATE PORTFOLIO VALUE GEL MILLION GEL million DOWN BY 2.5% UP BY 6.7% Retail (pharmacy)
Slide 45: Private Large Portfolio Valuation Overview
PRIVATE LARGE PORTFOLIO VALUATION OVERVIEW RETAIL (PHARMACY) INSURANCE HEALTHCARE SERVICES Impact +5.1% +0.5% -0.6% Impact +5.1% +1.8% +0.4% Impact +12.3% -4.7% +0.6% 42 4 857 816 (5) GEL MILLION Includes GEL 10.0m 60 3 524 484 dividend (23) 464 24 9 2 498 Includes GEL 1.8m dividend Equity Value EBI
Slide 46: Contents
CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 3Q25 & 9M25 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES 46
Slide 47: Lion Finance Group PLC Overview
Listed Portfolio LION FINANCE GROUP PLC OVERVIEW https://lionfinancegroup.uk/ https://lionfinancegroup.uk/ INVESTMENT RATIONALE KEY MEDIUM-TERM TARGETS • The first entity from Georgia to be listed on the premium segment of the Main Market of the LSE (LSE: BGEO) since February 2012. LOAN BOOK • High
Slide 48: Lion Finance Group PLC Overview (Cont'd)
Listed Portfolio LION FINANCE GROUP PLC OVERVIEW (CONT’D) https://lionfinancegroup.uk/ https://lionfinancegroup.uk/ Stock price performance Capital distribution (GEL million) GBP 76.50 Payout ratio: as of 30-Sep-25 85.00 35% 37% 37% 31% 75.00 65.00 583 535 522 55.00 482 181 An estimate based on 45.0
Slide 49: Retail (Pharmacy) Business Overview
RETAIL (PHARMACY) BUSINESS OVERVIEW COUNTRY’S LARGEST RETAILER IN BUSINESS DIRECTIONS TERMS OF REVENUE WITH 36% MARKET SHARE IN ORGANISED RETAIL MARKET1 o The only dual-brand player on the market - operating under two pharmacy brands with ORGANISED RETAIL MARKET SHARE | 2023 REVENUE Retail Wholesale
Slide 50: Retail (Pharmacy) Business Performance Overview
RETAIL (PHARMACY) BUSINESS PERFORMANCE OVERVIEW REVENUE DEVELOPMENT OPERATING HIGHLIGHTS AVERAGE BILL SIZE (GEL) SAME STORE REVENUE GROWTH Gross Profit Margin Number of bills issued (million) 31.6% 33.4% 30.5% 32.8% 7.7 7.5 23.6 22.7 3Q25 9M25 +10.3% 681 6.6% 5.3% 618 +28.1% 152 GEL MILLION 119 ✓ 6.
Slide 51: 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 10.3% 10.9% 9.1% 10.8% 105.9% 100.7% 100.5% 93.2% +21.1% 8.0 +30.6% 160.0 68.7 150.5 7.0 73.7 131.0 136.7 130.3 56.7 6.0 GEL MILLION 56.4 5.0 +
Slide 52: Retail (Pharmacy) Business Key Considerations
STRONG TOP-LINE PERFORMANCE SUPPORTED BY 6.6% SAME-STORE REVENUE GROWTH IN 3Q25 1 AND ROBUST PERFORMANCE OF WHOLESALE BUSINESS ENHANCED PROFITABILITY, SUPPORTED BY A SHIFT IN THE SALES MIX TOWARD HIGHER-MARGIN 2 CATEGORIES AND IMPROVED SUPPLIER TERMS, DRIVING SIGNIFICANT GROSS PROFIT GROWTH RETAIL (
Slide 53: Insurance Business Overview
INSURANCE BUSINESS OVERVIEW INSURANCE REVENUE INSURANCE BUSINESS COMPRISES TWO BUSINESS LINES: +29% 283 PROPERTY AND CASUALTY (P&C) UNDER THE BRAND NAME “ALDAGI” +9% 220 153 GEL MILLION 97 89 111 49 48 MEDICAL 41 48 109 130 UNDER THE BRAND NAMES “IMEDI L” AND “ARDI” 3Q24 3Q-24 3Q25 3Q-25 9M24 9M25 P
Slide 54: Insurance Business Overview – P&C Insurance
INSURANCE BUSINESS OVERVIEW – P&C INSURANCE INSURANCE REVENUE ALDAGI IS A LEADING PLAYER IN PROPERTY AND CASUALY INSURANCE +20% P&C MARKET SHARE | 6M25 GROSS PREMIUMS WRITTEN GEL MILLION +16% Other 58 14% 130 Unison 15 4% 109 Global Benefits Georgia 28 7% 41 48 Vienna Insurance Group 72 17% 3Q24 3Q-
Slide 55: Insurance Business Overview – Medical Insurance
INSURANCE BUSINESS OVERVIEW – MEDICAL INSURANCE MEDICAL INSURANCE MARKET SHARE INSURANCE REVENUE PRE-TAX PROFIT & ROAE 1 6M25 GROSS PREMIUMS WRITTEN 35.6% 37.6% 23.7% 29.1% +38% +24% Other 61 17% +2% +15% GEL MILLION TBC Insurance 35 10% 153 14 Global Benefits Georgia 36 10% 111 11 48 49 5 6 Vienna
Slide 56: Insurance Business Key Considerations
1 OUTSTANDING PERFORMANCE IN BOTH, P&C AND MEDICAL INSURANCE BUSINESSES, RESULTING IN RECORD HIGH PROFITS AND ALL-TIME HIGH ROAE EXCEPTIONAL RESULTS IN MOTOR INSURANCE, SUPPORTED BY SUSTAINED UNDERWRITING 2 EXCELLENCE AND SWIFT, TARGETED REMEDIAL ACTIONS INSURANCE NEW BRAND IDENTITY AND DIGITAL TRAN
Slide 57: Healthcare Services Business Overview
HEALTHCARE SERVICES BUSINESS OVERVIEW NET REVENUE EBITDA1 COUNTRY’S LARGEST HEALTHCARE SERVICE PROVIDER IN TERMS OF +19.3% +42.9% NUMBER OF BEDS AND NUMBER 347.4 68.2 OF REGISTERED PATIENTS GEL MILLION 291.3 +20.6% 47.7 +46.5% 94.4 113.8 21.1 HEALTHCARE BUSINESS PORTFOLIO | SEPTEMBER 2025 14.4 34 16
Slide 58: Healthcare Services Business Performance Overview
HEALTHCARE SERVICES BUSINESS PERFORMANCE OVERVIEW HOSPITALS BUSINESS NET REVENUE EBITDA1 +41.5% +17.8% 53.5 KEY HIGHLIGHTS: 285.7 ✓ Bed occupancy rates increased by c.20 ppts 242.5 37.8 over the past two years GEL MILLION ✓ Revenue growth of 20% in 3Q25 was mostly +19.5% +44.4% driven by outpatient
Slide 59: Healthcare Services Business Performance Overview (Cont'd)
HEALTHCARE SERVICES BUSINESS PERFORMANCE OVERVIEW (CONT’D) NET REVENUE EBITDA1 CLINICS & DIAGNOSTICS +49.3% KEY HIGHLIGHTS: +25.7% 14.8 ✓ Number of admissions in our polyclinics 67.3 increased by 8% in 3Q25 (y-o-y) 53.6 9.9 GEL MILLION ✓ Number of tests performed in our diagnostics business increase
Slide 60: Healthcare Services Business Key Developments
POTENTIAL ACQUISITION OF GORMED LLC 1 In October 2025, binding Memorandum of Understanding was signed to acquire Gormed LLC, a regional network of three hospitals and clinics in central Georgia, pending regulatory approval by the Georgian Competition Agency: ➢ EBITDA expected in 2025: GEL 4.5 millio
Slide 61: Contents
CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 3Q25 & 9M25 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES 61
Slide 62: Economic Growth Remained Resilient Despite Uncertainties
ECONOMIC GROWTH REMAINED RESILIENT DESPITE UNCERTAINTIES GEORGIA’S ECONOMY CONTINUED TO EXPAND IN 2025, WITH PRELIMINARY ECONOMIC CA DEFICIT NARROWED TO -5.3% OF GDP IN 1H25, DRIVEN BY A 13.7% INCREASE IN GOODS GROWTH AT 7.9% Y-O-Y IN 8M25, DRIVEN BY THE STRONG SERVICE SECTOR PERFORMANCE AND 8.8% RI
Slide 63: Economic Growth Continuing at Pace
ECONOMIC GROWTH CONTINUING AT PACE GROSS DOMESTIC PRODUCT NOMINAL GDP STRUCTURE, 1H25 Nominal GDP, GEL bln (LHS) Real GDP, YoY % 92 24% 90 81 80 73 20% 70 61 16% 60 50 50 10.6% 11.0% Agriculture, 45 9.4% 47 12% 50 41 7.8% 42 Construction, Education, 6.9% 5.8% 35 37 7.1% 40 28 29 32 8% Trade, 14.0% R
Slide 64: Unemployment Rate at Historical Lows
UNEMPLOYMENT RATE AT HISTORICAL LOWS UNEMPLOYMENT RATE AT HISTORICAL LOWS, DOWN TO 13.9% IN 2024 FROM 16.4% IN 2023 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
Slide 65: Inflation Has Exceeded the Target After the Two Years Below
INFLATION HAS EXCEEDED THE TARGET AFTER THE TWO YEARS BELLOW INFLATION Y-O-Y VS. INFLATION TARGET INFLATION COMPONENTS Food and non-alcoholic beverages Alcoholic beverages and tobacco Transport 16 Headline Inflation Core Inflation Target Monetary Policy Rate Housing and utilities Other Inflation 14
Slide 66: Current Account Balance Supported by Increasing Service Exports
CURRENT ACCOUNT BALANCE SUPPORTED BY INCREASING SERVICE EXPORTS CA DEFICIT NARROWED TO -5.3% OF GDP IN 1H25, DRIVEN BY A 13.7% INCREASE IN GOODS EXPORT OF SERVICES INCREASED TO US$ 3.6 BILLION IN 1H25 (+9% Y-O-Y), MAINLY DUE TO AND 8.8% RISE IN THE SERVICES EXPORT THE INCREASING ICT SERVICES EXPORT
Slide 67: Contents
CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 3Q25 & 9M25 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES ▪ Board of directors and management team ▪ Georgia Capital financial statements 67
Slide 68: 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 69: 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 70: Contents
CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 3Q25 & 9M25 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES ▪ Board of directors and management team ▪ Georgia Capital financial statements 70
Slide 71: NAV per Share Discount Development Overview
NAV PER SHARE DISCOUNT DEVELOPMENT OVERVIEW DESPITE STRONG RECENT TRADING PERFORMANCE, THE DISCOUNT TO NAV PER SHARE REMAINS WIDE, PRESENTING AN ATTRACTIVE BUYBACK OPPORTUNITY +16.8% 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% 44.7% 42.6% 42.0
Slide 72: NAV per Share Decomposition as at 30 September 2025
NAV PER SHARE DECOMPOSITION AS AT 30 SEPTEMBER 2025 THE CURRENT SHARE PRICE LARGELY REFLECTS OUR LISTED PORTFOLIO, WHILE THE VALUE OF OUR PRIVATE ASSETS REMAINS MOSTLY OVERLOOKED VALUE PER SHARE AS AT 30 SEPTEMBER 2025 (GBP MILLION) VALUE (GBP) Discount: 35.3% Listed portfolio 596 17.4 37.3 Lion Fin
Slide 73: Private Portfolio Companies' Debt Maturity Profile
PRIVATE PORTFOLIO COMPANIES’ DEBT MATURITY PROFILE GROSS DEBT MATURITY AS OF 30 SEPTEMBER 2025 2025 2026 2027 2028 - 2036 Total (GEL MILLION) Large portfolio companies 21.6 134.7 40.7 385.4 582.4 Retail (pharmacy) 20.1 98.2 33.4 22.7 174.4 Insurance (P&C and medical) 1.5 6.5 7.3 12.7 28.0 Healthcare
Slide 74: Value Creation in Private Portfolio | 3Q25
VALUE CREATION IN PRIVATE PORTFOLIO | 3Q25 347.9 Operating Multiple Change Value Creation Portfolio Businesses Performance and FX in 3Q25 GEL thousand (1) (2) (1)+(2) Lion Finance Group 203,363 Total listed portfolio 203,363 GEL MILLION Large portfolio companies 126,893 (752) 126,141 Retail (pharmac
Slide 75: Value Creation in Private Portfolio | 9M25
VALUE CREATION IN PRIVATE PORTFOLIO | 9M25 1.4 Operating Multiple Change Value Creation Portfolio Businesses Performance and FX in 9M25 GEL thousand (1) (2) (1)+(2) Lion Finance Group 1,038,069 Water utility 3,744 GEL BILLION Total listed and observable portfolio companies 1,041,813 Large portfolio
Slide 76: NAV Statement | 3Q25
NAV STATEMENT | 3Q25 2a. 4. 1. Value 2b. 2c. 3. Operating Change GEL ‘000, unless otherwise noted Jun-25 Investment and Liquidity/ Sep-25 creation Buyback Dividends expenses % Divestments FX/Other Listed portfolio Lion Finance Group 2,222,825 203,363 (172,639) - (86,918) - - 2,166,631 -2.5% Total li
Slide 77: NAV Statement | 9M25
NAV STATEMENT | 9M25 2a. 1. Value 2b. 2c. 3. Operating 4. Liquidity/ Change GEL ‘000, unless otherwise noted Dec-24 Investment and Sep-25 creation Buyback Dividends expenses FX/Other % Divestments Listed and observable portfolio companies Lion Finance Group 1,421,035 1,038,069 (172,639) - (119,834)
Slide 78: Income Statement | 3Q25
INCOME STATEMENT | 3Q25 Income statement GEL thousands unless otherwise noted 3Q25 3Q24 Change Dividend income 110,138 141,620 -22.2% Interest income 3,551 2,081 70.6% Realised/unrealised gain on liquid funds 126 159 -20.8% Interest expense (15,593) (8,909) 75.0% Costs associated with bond redemptio
Slide 79: Income Statement | 9M25
INCOME STATEMENT | 9M25 Income statement GEL thousands unless otherwise noted 9M25 9M24 Change Dividend income 167,843 191,927 -12.5% Interest income 8,188 5,401 51.6% Realised/unrealised gain/(loss) on liquid funds 199 (802) NMF Interest expense (33,619) (26,488) 26.9% Costs associated with bond re
Slide 80: Valuation Peer Group
VALUATION PEER GROUP RETAIL P&C MEDICAL HEALTHCARE (PHARMACY) INSURANCE INSURANCE SERVICES • NEUCA S.A. | Poland • Allianz SE | Germany • Medicover AB | Sweden • Zavarovalnica Triglav | Slovenia • Sopharma Trading AD | Bulgaria • UNIQA Insurance Group AG | Austria • Med Life S.A. | Romania • Pozavar
Slide 81: 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 82: 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