Georgia Capital (CGEO) H1 2025 earnings summary

Executive summary

• NAV per share increased by 17.7% in Q2 2025 to 125.63, driven by strong private portfolio growth and Lion Finance Group's share price appreciation.

• Private portfolio companies delivered robust results: revenue up 14.4% and EBITDA up nearly 29% year-over-year in Q2 2025.

• Completed GEL 300 million buyback program ahead of schedule, repurchasing 14.1 million shares (29.4% of peak issued share capital); launched new GEL 700 million capital return program through 2027.

• Significant cash inflow from the sale of a 20% stake in the water utility, generating $70.4 million in July 2025 and a strong investment return.

• NCC ratio improved to a record-low 7.0% in Q2 2025, with a new target of 10% over the cycle.

Financial highlights

• Record-high adjusted IFRS net income of GEL 654.5 million in Q2 2025; portfolio value reached GEL 4.54 billion, up 10.5% quarter-over-quarter.

• Aggregate portfolio revenue up 14.4% in Q2 and 17.6% in H1; aggregate EBITDA up 29% in Q2 and 36.5% in H1.

• Dividend income reached GEL 57.7 million in 1H25, up 14.4% year-over-year; cash and liquid funds at GEL 150.7 million as of 30 June 2025.

• Share buybacks totaled 2.78 million shares in 1H25 for GEL 143.8 million.

• Net debt as of the report date is less than GEL 25 million, with gross debt at GEL 150 million.

Outlook and guidance

• GEL 700 million capital return program to be executed by 2027, focused on share buybacks, dividends, and early bond redemptions.

• Management expects continued NAV per share and sustainable EBITDA growth across large portfolio companies.

• Commitment to maintain NCC ratio below 10% as a renewed target.

• Dividend flows expected to remain strong, with per-share dividend income up 14% due to buybacks.

• Aspiration to carry no leverage at the holding company level in the medium to long term.