Georgia Capital Plc · LSE:CGEO
Georgia Capital — Q3 2026 Earnings Presentation
75 slides from Georgia Capital's earnings presentation, Oct 28, 2026
Slide 1: Investor Presentation
INVESTOR PRESENTATION 28 OCTOBER 2026
Slide 2: Contents
CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 3Q26 & 9M26 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES 2
Slide 3: Georgia Capital shareholders at 30-Sep-26
GEORGIA CAPITAL (GCAP) SHAREHOLDERS AT 30-SEP-26 GCAP SHAREHOLDERS ALLOCATION BY GEOGRAPHY GCAP TOP 10 SHAREHOLDERS Other Rank Shareholder name Ownership 16.4% 1 Wellington Management Company 6.88% 2 Gemsstock 6.27% Luxembourg 3 Allan Gray Proprietary 5.14% 3.0% 4 Eaton Vance Management 4.87% Spain
Slide 4: Key figures at a glance
KEY FIGURES AT A GLANCE NAV HIGHLIGHTS AT 30-SEP-261 PORTFOLIO VALUE BREAKDOWN AT 30-SEP-26 Portfolio value Net cash 6,178 GEL million 291 GEL million 49% 51% Listed Private US$ 2,371 million US$ 112 million NAV NAV per share STARTING FROM 2024, PLATFORM COSTS 6,463 198.91 ARE TARGETED AT MAXIMUM 0.
Slide 5: Our portfolio overview as at 30-Sep-26
OUR PORTFOLIO OVERVIEW AS AT 30-SEP-26 LISTED PORTFOLIO PRIVATE PORTFOLIO VALUE: GEL 3,168 MILLION VALUE: GEL 3,009 MILLION 51.3% OF THE TOTAL PORTFOLIO 48.7% 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 3Q26 & 9M26 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 3Q26 & 9M26 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 3Q26 & 9M26 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APP
Slide 13: 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 14: 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 15: 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 16: 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 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 3Q26 & 9M26 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 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 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 ASSESSMENT AND BONDS IN THE REGION MANAGEMENT PROCESSES ➢ GCAP DELIVERED ON ITS ➢ IN 2022, GE
Slide 21: 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 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 3Q26 & 9M26 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 3Q26 & 9M26 PERFORMANCE OVERVIEW ▪ GCAP RESULTS OVERVIEW ▪ AGGREGATED PORTFOLIO RESULTS OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES 25
Slide 26: 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 27: 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 28: 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 29: 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 30: 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 31: 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 32: 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 33: 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 34: 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 35: Contents
CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 3Q26 & 9M26 PERFORMANCE OVERVIEW ▪ GCAP RESULTS OVERVIEW ▪ AGGREGATED PORTFOLIO RESULTS OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES 35
Slide 36: 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 36
Slide 37: 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 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 37
Slide 38: 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 39: 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 40: 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 41: 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 42: Contents
CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 3Q26 & 9M26 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES 42
Slide 43: 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 44: 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 143.70 as of 30-Sep-26 165.00 145.00 662 125.00 583 535 522 203 105.00 The Board has approved 181 an extension to the share 188 162 buybac
Slide 45: 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 46: 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 47: 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 48: 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 49: 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 50: 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 51: 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 52: 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 53: 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 54: 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 55: 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 56: Contents
CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 3Q26 & 9M26 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES 56
Slide 57: 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 58: Economic growth remains strong
ECONOMIC GROWTH REMAINS STRONG GEORGIA’S ECONOMY CONTINUED TO EXPAND, WITH REAL GDP GROWING BY 7.8% IN 1H26 AND NOMINAL GDP STRUCTURE, 1H26 7.6% IN 8M26 Nominal GDP, GEL bln (LHS) GDP Per Capita, USD K (LHS) Real GDP, YoY % (RHS) 104.6 105 10.6% 11.0% 9.7% 11% 8.6% 85 7.8% 7.8% Public 8% 5.4% Admini
Slide 59: 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 60: Inflation expected to remain relatively high in 2026
INFLATION IS EXPECTED TO REMAIN RELATIVELY HIGH IN 2026 AMID GEOPOLITICAL UNCERTAINTIES HEADLINE INFLATION STOOD AT 5.6% IN SEPTEMBER 2026, AVERAGING 5.3% IN 9M26 FOOD, TRANSPORT, AND UTILITIES WERE THE MAIN CONTRIBUTORS TO ANNUAL INFLATION IN 9M26 Food and non-alcoholic beverages Alcoholic beverage
Slide 61: 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 -2.5% OF GDP IN 1H26 EXPORT OF SERVICES INCREASED TO US$ 4.0 BILLION IN 1H26 (+7.8% Y-O-Y), MAINLY DUE TO THE INCREASING ICT SERVICES EXPORT (65% Y-O-Y) Goods, net Services, n
Slide 62: 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 62
Slide 63: 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 64: 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 65: Contents
CONTENTS 01 GEORGIA CAPITAL AT A GLANCE 02 OUR STRATEGY 03 3Q26 & 9M26 PERFORMANCE OVERVIEW 04 PORTFOLIO OVERVIEW 05 MACROECONOMIC OVERVIEW | GEORGIA 06 APPENDICES ▪ Board of directors and management team ▪ Georgia Capital financial statements 65
Slide 66: Private portfolio companies' debt maturity profile
PRIVATE PORTFOLIO COMPANIES’ DEBT MATURITY PROFILE GROSS DEBT MATURITY AS OF 30 SEPTEMBER 2026 2026 2027 2028 2029 - 2036 Total (GEL MILLION) Large portfolio companies 18.9 114.7 23.3 378.1 535.0 Retail (pharmacy) 17.1 67.5 13.9 8.9 107.4 1 Healthcare services 0.1 39.9 1.2 364.7 405.9 Insurance (P&C
Slide 67: Value creation in private portfolio | 3Q26
VALUE CREATION IN PRIVATE PORTFOLIO | 3Q26 Portfolio Businesses GEL ‘000, unless otherwise noted Operating Performance (1) Multiple Change and FX (2) Value Creation (1)+(2) 810.1GEL MILLION Listed portfolio 656,609 Lion Finance Group 656,609 Private portfolio 119,869 33,627 153,496 TOTAL VALUE Large
Slide 68: Value creation in private portfolio | 9M26
VALUE CREATION IN PRIVATE PORTFOLIO | 9M26 Portfolio Businesses GEL ‘000, unless otherwise noted Operating Performance (1) Multiple Change and FX (2) Value Creation (1)+(2) 1,582.4 GEL MILLION Listed portfolio 1,111,583 Lion Finance Group 1,111,583 Private portfolio 396,183 74,676 470,859 TOTAL VALU
Slide 69: NAV statement | 3Q26
NAV STATEMENT | 3Q26 2a. Investment 4. 1. Value 2c. 3. Operating Change GEL ‘000, unless otherwise noted Jun-26 and 2b. Buyback Liquidity/ Sep-26 creation Dividends expenses % Divestments FX/Other Listed portfolio Lion Finance Group 2,537,486 656,609 - - (25,700) - - 3,168,395 24.9% Total listed por
Slide 70: NAV statement | 9M26
NAV STATEMENT | 9M26 2a. Investment 4. 1. Value 2c. 3. Operating Change GEL ‘000, unless otherwise noted Dec-25 and 2b. Buyback Liquidity/ Sep-26 creation Dividends expenses % Divestments FX/Other Listed portfolio Lion Finance Group 2,489,286 1,111,583 (345,021) - (87,453) - - 3,168,395 27.3% Total
Slide 71: Income statement | 3Q26
INCOME STATEMENT | 3Q26 3Q25 1 Change 1 GEL ‘000, unless otherwise noted 3Q26 3Q25 adjusted adjusted Dividend income 52,490 110,138 43,075 21.9% of which, regular dividend 46,333 110,138 43,075 7.6% of which, buyback dividend 6,157 - - NMF Interest income 3,909 3,551 3,551 10.1% Realised/unrealised
Slide 72: Income statement | 9M26
INCOME STATEMENT | 9M26 9M251 Change 1 GEL ‘000, unless otherwise noted 9M26 9M25 adjusted adjusted Dividend income 138,782 167,843 144,239 -3.8% of which, regular dividend 108,902 134,927 111,323 -2.2% of which, buyback dividend 29,880 32,916 32,916 -9.2% Interest income 9,165 8,188 8,188 11.9% Rea
Slide 73: 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 74: 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 75: 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