Georgia Capital PLC · LSE:CGEO
Georgia Capital — FY2025 Earnings Presentation
50 slides from Georgia Capital's earnings presentation, Feb 24, 2026
Slide 1: 4Q25 & FY25 Results Call Presentation
4Q25 & FY25 RESULTS CALL PRESENTATION 24 FEBRUARY 2026
Slide 2: Contents
CONTENTS 01 KEY DEVELOPMENTS IN 4Q25 02 4Q25 & FY25 PERFORMANCE OVERVIEW 03 DEEP DIVE INTO PRIVATE LARGE PORTFOLIO COMPANIES 04 4Q25 & FY25 PORTFOLIO VALUATION OVERVIEW 05 LIQUIDITY AND DIVIDEND INCOME OUTLOOK 06 WRAP-UP 07 ANNEX 2
Slide 3: Key Developments
NAV per share (GEL) increased by 14.1% q-o-q in 4Q25 and by 61.2% y-o-y in FY25, reflecting continued 1 growth in Lion Finance Group PLC’s share price (up 21.6% q-o-q and 97.5% y-o-y) and strong operating performance across our private large portfolio companies 2 Outstanding quarterly results across
Slide 4: 2025 Lookback
2025 LOOKBACK COMPLETION OF THE WATER BOLT-ON ACQUISITION COMPLETION OF GEL 300 LAUNCH OF GEL 700 1 UTILITY PUT OPTION EXERCISE 2 BY HEALTHCARE SERVICES 3 MILLION CAPITAL RETURN 4 MILLION CAPITAL RETURN BUSINESS PROGRAMME PROGRAMME IN JUNE 2025, GCAP EXERCISED ITS PUT OPTION IN 2025, GCAP’S HEALTHCA
Slide 5: Progress on the GEL 700 Million Capital Return Programme
PROGRESS ON THE GEL 700 MILLION CAPITAL RETURN PROGRAMME ✓ AS OF FEB-26, GCAP HAS ALREADY DEPLOYED APPROXIMATELY GEL 550 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 THROU
Slide 6: Share Buyback and Cancellation Programme
SHARE BUYBACK AND CANCELLATION PROGRAMME DEVELOPMENT OF GCAP’S SHARE BUYBACK AND CANCELLATION PROGRAMMES 15.8 MILLION SHARES (US$ 246 ➢ 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 7: Resilient Macroeconomic Performance and Continued Growth
RESILIENT MACROECONOMIC PERFORMANCE AND CONTINUED GROWTH GEORGIA’S ECONOMY CONTINUED TO EXPAND IN 2025, WITH NOMINAL GDP THE GENERAL GOVERNMENT DEBT-TO-GDP RATIO FELL TO A DECADE LOW IN 2025 EXCEEDING GEL 100 BILLION Nominal GDP, GEL bln (LHS) Nominal GDP, USD bln (LHS) Real GDP, YoY % (RHS) General
Slide 8: Contents
CONTENTS 01 KEY DEVELOPMENTS IN 4Q25 02 4Q25 & FY25 PERFORMANCE OVERVIEW NAV PER SHARE OVERVIEW AGGREGATED PORTFOLIO RESULTS OVERVIEW UPDATE ON DELEVERAGING 03 DEEP DIVE INTO PRIVATE LARGE PORTFOLIO COMPANIES 04 4Q25 & FY25 PORTFOLIO VALUATION OVERVIEW 05 LIQUIDITY AND DIVIDEND INCOME OUTLOOK 06 WRA
Slide 9: NAV per Share (GEL) Movement in 4Q25
NAV PER SHARE (GEL) MOVEMENT IN 4Q25 PRIVATE LARGE PORTFOLIO NAV PER SHARE (GEL) UP +10.4% +2.9% +0.4% -0.4% +0.9% -0.4% +0.3% +14.1% +5.1% +20.0% 14.1% Q-O-Q IN 4Q25 162.61 154.68 ▪ The increase in NAV per share (GEL) in 135.51 4Q25 reflects solid underlying operating performances across the portfo
Slide 10: NAV per Share (GEL) Movement in FY25
NAV PER SHARE (GEL) MOVEMENT IN FY25 PRIVATE LARGE PORTFOLIO NAV PER SHARE (GEL) UP +42.3% +15.4% -1.3% -0.7% +11.3% -1.3% -4.5% +61.2% 61.2% Q-O-Q IN FY25 154.68 ▪ In FY25, GCAP delivered IFRS net income of GEL 1,892.6 million. 95.95 In GBP: +56.4% In GBP: 27.14 42.44 NAV per share Listed & Operati
Slide 11: Strong NAV per Share Growth
STRONG NAV PER SHARE GROWTH AS OF 31 DECEMBER 2025 5-YEAR NAV PER NAV PER SHARE (GEL) DEVELOPMENT OVERVIEW SHARE CAGR STOOD AT 26.3%, 31.3% AND CAGR since the demerger: 19.5% 31.5% IN GEL, US$ AND GBP TERMS, 5-year CAGR: 26.3% RESPECTIVELY 3-year CAGR: 33.1% AS OF 31 DECEMBER 2025 3-YEAR NAV PER SHA
Slide 12: Free Cash Flow Development
FREE CASH FLOW DEVELOPMENT GCAP’s FREE CASH FLOW DEVELOPMENT (US$ MILLION) FREE CASH FLOW REACHED US$ 65 INCLUDING BUYBACK DIVIDENDS MILLION FOR 2025, REFLECTING STRONG CASH GENERATION, FCF PER SHARE (US$) 1.22 1.86 SUPPORTED BY DISCIPLINED Change y-o-y +52.3% EXPENSE MANAGEMENT AND CONTINUED DELEVE
Slide 13: Contents
CONTENTS 01 KEY DEVELOPMENTS IN 4Q25 02 4Q25 & FY25 PERFORMANCE OVERVIEW NAV PER SHARE OVERVIEW AGGREGATED PORTFOLIO RESULTS OVERVIEW UPDATE ON DELEVERAGING 03 DEEP DIVE INTO PRIVATE LARGE PORTFOLIO COMPANIES 04 4Q25 & FY25 PORTFOLIO VALUATION OVERVIEW 05 LIQUIDITY AND DIVIDEND INCOME OUTLOOK 06 WRA
Slide 14: Aggregated Revenue and EBITDA Development Across Large Private Portfolio
AGGREGATED REVENUE AND EBITDA DEVELOPMENT ACROSS LARGE PRIVATE PORTFOLIO AGGREGATED REVENUE DEVELOPMENT AGGREGATED EBITDA DEVELOPMENT 250 1,802 1,567 195 68 GEL MILLION GEL MILLION 58 438 490 +11.8% +15.0% +17.8% +28.6% 4Q24 4Q25 FY24 FY25 4Q24 4Q25 FY24 FY25 Georgia Capital PLC | General note: Figu
Slide 15: 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 249 252 245 203 213 GEL MILLION GEL MILLION +1.1% 80 84 +24.2% +5.0% +14.9% 4Q24 4Q25 FY24 FY25 31-Dec-24 30-Sep-25 31-Dec-25 Georgia Capital PLC |
Slide 16: Contents
CONTENTS 01 KEY DEVELOPMENTS IN 4Q25 02 4Q25 & FY25 PERFORMANCE OVERVIEW NAV PER SHARE OVERVIEW AGGREGATED PORTFOLIO RESULTS OVERVIEW UPDATE ON DELEVERAGING 03 DEEP DIVE INTO PRIVATE LARGE PORTFOLIO COMPANIES 04 4Q25 & FY25 PORTFOLIO VALUATION OVERVIEW 05 LIQUIDITY AND DIVIDEND INCOME OUTLOOK 06 WRA
Slide 17: Net Capital Commitment (NCC) Overview
NET CAPITAL COMMITMENT (NCC) OVERVIEW DRIVERS OF Q-O-Q CHANGE IN NCC NCC RATIO IMPROVED BY 3.1 PPTS Q-O-Q AS OF 31-DEC-25 UPDATED OVER THE CYCLE TARGET OF 10% ➢ Strong cash flow generation and the continued growth in portfolio value led to a 3.1 ppts improvement in the NCC ratio. 5.4% +2.6% -0.8% 4.
Slide 18: Net Capital Commitment (NCC) Overview
NET CAPITAL COMMITMENT (NCC) OVERVIEW DRIVERS OF Y-O-Y CHANGE IN NCC NCC RATIO IMPROVED BY 10.5 PPTS Y-O-Y AS OF 31-DEC-25 Redemption of US$ 100 million local holding bonds 12.8% ➢ Significant net debt reduction supported by strong cash flow generation and the continued growth in portfolio value led
Slide 19: 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 2.3% AS AT DECEMBER 2025 213.6 31.9% 171
Slide 20: Contents
CONTENTS 01 KEY DEVELOPMENTS IN 4Q25 02 4Q25 & FY25 PERFORMANCE OVERVIEW 03 DEEP DIVE INTO PRIVATE LARGE PORTFOLIO COMPANIES RETAIL (PHARMACY) BUSINESS OVERVIEW INSURANCE BUSINESS OVERVIEW HEALTHCARE BUSINESS OVERVIEW 04 4Q25 & FY25 PORTFOLIO VALUATION OVERVIEW 05 LIQUIDITY AND DIVIDEND INCOME OUTLO
Slide 21: Retail (Pharmacy) Business Overview
RETAIL (PHARMACY) BUSINESS OVERVIEW GEORGIA’S LARGEST RETAILER IN TERMS BUSINESS DIRECTIONS OF REVENUE WITH 33% MARKET SHARE IN ORGANISED RETAIL MARKET1 o The only dual-brand player on the market - operating under two pharmacy brands with distinct positioning: ORGANISED RETAIL MARKET SHARE | 2024 RE
Slide 22: 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) 31.4% 33.2% 30.7% 32.9% 8.0 8.2 31.6 30.9 4Q25 FY25 +10.5% 940 8.9% 6.3% 850 +22.4% 207 GEL MILLION 169 ✓ 8.
Slide 23: 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 10.5% 11.2% 9.5% 10.9% 87.8% 92.8% 96.7% 93.1% +22.0% 8.0 +26.7% 150.5 7.0 95 131.0 136.7 130.3 128.3 103 6.0 78 GEL MILLION 81 5.0 +17.5% +24.
Slide 24: Retail (Pharmacy) Business Key Considerations
1 STRONG TOP-LINE PERFORMANCE SUPPORTED BY 8.9% SAME-STORE REVENUE GROWTH IN 4Q25 AND ROBUST PERFORMANCE OF WHOLESALE BUSINESS 2 ENHANCED PROFITABILITY, SUPPORTED BY A SHIFT IN THE SALES MIX TOWARD HIGHER-MARGIN CATEGORIES AND IMPROVED SUPPLIER TERMS, DRIVING SIGNIFICANT GROSS PROFIT GROWTH RETAIL (
Slide 25: Contents
CONTENTS 01 KEY DEVELOPMENTS IN 4Q25 02 4Q25 & FY25 PERFORMANCE OVERVIEW 03 DEEP DIVE INTO PRIVATE LARGE PORTFOLIO COMPANIES RETAIL (PHARMACY) BUSINESS OVERVIEW INSURANCE BUSINESS OVERVIEW HEALTHCARE BUSINESS OVERVIEW 04 4Q25 & FY25 PORTFOLIO VALUATION OVERVIEW 05 LIQUIDITY AND DIVIDEND INCOME OUTLO
Slide 26: Insurance Business Overview
INSURANCE BUSINESS OVERVIEW INSURANCE REVENUE INSURANCE BUSINESS COMPRISES TWO BUSINESS LINES: +23% 389 PROPERTY AND CASUALTY (P&C) UNDER THE BRAND NAME “ALDAGI” +10% 316 212 GEL MILLION 167 96 106 56 59 MEDICAL 149 177 47 UNDER THE BRAND NAMES “IMEDI L” AND “ARDI” 40 4Q24 4Q-24 4Q25 4Q-25 FY24 12M2
Slide 27: Insurance Business Overview – P&C Insurance
INSURANCE BUSINESS OVERVIEW – P&C INSURANCE INSURANCE REVENUE ALDAGI IS A LEADING PLAYER IN PROPERTY +19% AND CASUALY INSURANCE P&C MARKET SHARES | 9M25 GROSS PREMIUMS WRITTEN GEL MILLION P&C 208 34% +17% P&CBusiness Business 141 23% 177 TBC Insurance 149 108 18% Vienna Insurance Group 32 40 47 Glob
Slide 28: Insurance Business Overview – Medical Insurance
INSURANCE BUSINESS OVERVIEW – MEDICAL INSURANCE MEDICAL INSURANCE MARKET SHARE | 9M25 GROSS PREMIUMS WRITTEN INSURANCE REVENUE PRE-TAX PROFIT & ROAE1 +27% ROAE 29.3% 36.0% 24.9% 30.9% Medical Insurance 154 33% Business Medical Insurance +26% +5% 144 31% GEL MILLION Vienna Insurance Group +31% 46 10%
Slide 29: Insurance Business Key Considerations
OUTSTANDING PERFORMANCE IN BOTH, P&C AND MEDICAL INSURANCE BUSINESSES, 1 RESULTING IN RECORD HIGH PROFITS AND ROAE OF 30.9% IN MEDICAL AND 33.5% IN P&C INSURANCE BUSINESS IN FY25 RETAIL HEALTH EXPANSION TO 17,000 INSUREDS, DRIVING A GEL 2 MILLION PREMIUM INCREASE 2 IN 4Q25 INSURANCE TARGETED TARIFF
Slide 30: Contents
CONTENTS 01 KEY DEVELOPMENTS IN 4Q25 02 4Q25 & FY25 PERFORMANCE OVERVIEW 03 DEEP DIVE INTO PRIVATE LARGE PORTFOLIO COMPANIES RETAIL (PHARMACY) BUSINESS OVERVIEW INSURANCE BUSINESS OVERVIEW HEALTHCARE BUSINESS OVERVIEW 04 4Q25 & FY25 PORTFOLIO VALUATION OVERVIEW 05 LIQUIDITY AND DIVIDEND INCOME OUTLO
Slide 31: Healthcare Services Business Overview
HEALTHCARE SERVICES BUSINESS OVERVIEW NET REVENUE EBITDA1 +18.1% COUNTRY’S LARGEST HEALTHCARE 473 +35.1% 401 SERVICE PROVIDER IN TERMS OF 93 NUMBER OF BEDS AND NUMBER 100.0 +15.0% 80.0 69 +15.1% OF REGISTERED PATIENTS GEL MILLION +17.8% 60.0 109 +13.8% 126 40.0 22 25 +22.5% HEALTHCARE BUSINESS PORTF
Slide 32: Healthcare Services Business Performance Overview
HEALTHCARE SERVICES BUSINESS PERFORMANCE OVERVIEW HOSPITALS BUSINESS NET REVENUE EBITDA margin (excl. IFRS 16) EBITDA1 +16.7% 18.9% 18.6% 16.3% 18.5% KEY HIGHLIGHTS: 450.0 388 400.0 +32.4% ✓ Bed occupancy rates increased by c.21 ppts 350.0 333 over the past two years 80.0 73 GEL MILLION 300.0 ✓ Reve
Slide 33: Healthcare Services Business Performance Overview (Cont'd)
HEALTHCARE SERVICES BUSINESS PERFORMANCE OVERVIEW (CONT’D) NET REVENUE EBITDA1 CLINICS & DIAGNOSTICS +23.4% EBITDA margin (excl. IFRS 16) 20.3% 23.3% 19.0% 22.3% KEY HIGHLIGHTS: 100.0 92 90.0 +45.0% ✓ Number of admissions in our polyclinics 80.0 75 increased by 13% in 4Q25 (y-o-y) 70.0 25.0 GEL MILL
Slide 34: Healthcare Services Business Key Considerations
1 DELIVERED 35% Y-O-Y EBITDA GROWTH IN FY25, WITH EBITDA MARGIN IMPROVING BY 2.5 PPTS 2 ROBUST CASH COLLECTION IN 4Q25 WITH FULL-YEAR EBITDA TO CASH CONVERSION RATIO EXCEEDING 85% HEALTHCARE SERVICES BUSINESS KEY CONSIDERATIONS 3 NET DEBT TO EBITDA (EXCL. IFRS 16) DECLINING FROM 4.3X IN DECEMBER 202
Slide 35: Contents
CONTENTS 01 KEY DEVELOPMENTS IN 4Q25 02 4Q25 & FY25 PERFORMANCE OVERVIEW 03 DEEP DIVE INTO PRIVATE LARGE PORTFOLIO COMPANIES 04 4Q25 & FY25 PORTFOLIO VALUATION OVERVIEW 05 LIQUIDITY AND DIVIDEND INCOME OUTLOOK 06 WRAP-UP 07 ANNEX 35
Slide 36: Portfolio Value as of 31-Dec-25
PORTFOLIO VALUE AS OF 31-DEC-25 % SHARE IN TOTAL PORTFOLIO VALUE: 78% OF OUR PORTFOLIO 96% IS OF OUR PORTFOLIO 49% GBP 93.0 17% MULTIPLE: 10% 10.1x 12% 10.1x 11% ISVALUED VALUED EXTERNALLY EXTERNALLY1 1 PRICE ON LSE 8.1x LTM P/E LTM EV/EBITDA2 LTM EV/EBITDA2 2,489 11% 574 49% GEL MILLION PORTFOLIO 8
Slide 37: Private Large Portfolio Implied Multiple Development
PRIVATE LARGE PORTFOLIO IMPLIED MULTIPLE DEVELOPMENT RETAIL (PHARMACY) INSURANCE HEALTHCARE SERVICES 10.1x 9.8x 9.9x 10.5x 9.7x 9.9x 9.9x 10.1x 8.4x 8.2x 8.2x 8.1x 31-Dec-24 30-Jun-25 30-Sep-25 31-Dec-25 31-Dec-24 30-Jun-25 30-Sep-25 31-Dec-25 31-Dec-24 30-Jun-25 30-Sep-25 31-Dec-25 37
Slide 38: Portfolio Value Development in 4Q25
PORTFOLIO VALUE DEVELOPMENT IN 4Q25 PORTFOLIO VALUE UP BY 9.4% Q-O-Q TO GEL 5.1 133 5,075 BILLION IN 4Q25 323 (22) 4,641 PRIVATE PORTFOLIO VALUE CREATION IN 4Q25 PRIVATE PORTFOLIO VALUE CREATION LISTED PORTFOLIO PRIVATE PORTFOLIO VALUE GEL MILLION GEL million UP BY 14.9% UP BY 4.5% Healthcare servic
Slide 39: Private Large Portfolio Valuation Overview
PRIVATE LARGE PORTFOLIO VALUATION OVERVIEW RETAIL (PHARMACY) INSURANCE HEALTHCARE SERVICES Impact +3.8% +0.0% -2.5% Impact +5.4% -1.3% +2.1% Impact +6.4% +3.0% +5.7% +2.1% 33 0 870 857 (21) GEL MILLION Includes 30 11 614 34 15 GEL 14.9m 524 dividend 498 27 10 528 (7) Includes GEL 17.3m dividend 1 2
Slide 40: Contents
CONTENTS 01 KEY DEVELOPMENTS IN 4Q25 02 4Q25 & FY25 PERFORMANCE OVERVIEW 03 DEEP DIVE INTO PRIVATE LARGE PORTFOLIO COMPANIES 04 4Q25 & FY25 PORTFOLIO VALUATION OVERVIEW 05 LIQUIDITY AND DIVIDEND INCOME OUTLOOK 06 WRAP-UP 07 ANNEX 40
Slide 41: Liquidity Outlook
LIQUIDITY OUTLOOK LIQUIDITY DEVELOPMENT OVERVIEW (US$ MILLION) GROSS DEBT (US$ million) Early redemption of US$ 100 LIQUIDITY INCREASED BY 15.2% Q-O-Q, DRIVEN BY: million local holding bonds ✓ STRONG DIVIDEND INFLOWS 300 300 365 365 300 150 150 50 50 ✓ THE SALE OF LION FINANCE GROUP SHARES, IN LINE
Slide 42: Dividend Income Outlook
DIVIDEND INCOME OUTLOOK RECURRING CASH DIVIDEND INCOME FROM PORTFOLIO COMPANIES GEL 225.5 MILLION RECURRING DIVIDEND INCOME IN FY25 DIVIDEND INCOME +50% 4Q25 FY25 Dividend income (GEL million) 1.6 2.1 4.1 4.3 6.5 per share (GEL) Lion Finance Group 20.0 139.9 226 of which, cash dividend 20.0 106.9 of
Slide 43: Contents
CONTENTS 01 KEY DEVELOPMENTS IN 4Q25 02 4Q25 & FY25 PERFORMANCE OVERVIEW 03 DEEP DIVE INTO PRIVATE LARGE PORTFOLIO COMPANIES 04 4Q25 & FY25 PORTFOLIO VALUATION OVERVIEW 05 LIQUIDITY AND DIVIDEND INCOME OUTLOOK 06 WRAP-UP 07 ANNEX 43
Slide 44: Outstanding Performance Across Our Portfolio
OUTSTANDING PERFORMANCE ACROSS OUR PORTFOLIO PERFORMANCE HIGHLIGHTS ✓ NAV per share (GEL) increased by 14.1% q-o-q in 4Q25 and by 61.2% y-o-y in FY25 ✓ Outstanding quarterly results across our private large portfolio companies, aggregated revenues and EBITDA up 11.8% and 17.8% y-o-y in 4Q25 4.6 mill
Slide 45: Contents
CONTENTS 01 KEY DEVELOPMENTS IN 3Q25 02 3Q25 & 9M25 PERFORMANCE OVERVIEW 03 DEEP DIVE INTO PRIVATE LARGE PORTFOLIO COMPANIES 04 3Q25 & 9M25 PORTFOLIO VALUATION OVERVIEW 05 LIQUIDITY AND DIVIDEND INCOME OUTLOOK 06 WRAP-UP 07 ANNEX 45
Slide 46: 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 +18.3% 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 47: NAV per Share Decomposition as at 31 December 2025
NAV PER SHARE DECOMPOSITION AS AT 31 DECEMBER 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 31 DECEMBER 2025 (GBP MILLION) VALUE (GBP) Discount: 27.0% Listed portfolio 683 20.3 42.4 Lion Finan
Slide 48: 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 4Q25 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 49: 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 50: Forward Looking Statements
FORWARD LOOKING STATEMENTS This announcement 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