Georgia Capital (CGEO) Investor presentation summary

Key financial highlights

• NAV per share rose 14.1% quarter-on-quarter and 61.2% year-on-year in FY25, driven by Lion Finance Group’s share price surge and strong private portfolio performance.

• Portfolio value reached GEL 5,075 million (US$1,883 million) as of 31-Dec-25, split nearly evenly between listed and private assets.

• Free cash flow for 2025 was US$65 million, up 52.3% year-on-year, reflecting disciplined expense management and deleveraging.

• NCC ratio improved to a record low of 2.3% at year-end, supporting a GEL 700 million capital return programme.

• Since demerger, 15.8 million shares (US$246 million) have been repurchased and cancelled, representing 33% of peak issued share capital.

Strategic priorities and capital management

• Focus on capital-light investment opportunities with a robust capital management framework and ESG at the core.

• Strategic priorities include deleveraging, maintaining NCC ratio below 10%, reducing portfolio company leverage, achieving ESG targets, and progressing on divestment of emerging businesses.

• GEL 700 million capital return programme launched, with GEL 550 million already deployed through buybacks, dividends, and deleveraging.

• 360-degree analysis guides capital allocation decisions, balancing investment, buybacks, and sales.

Portfolio overview and performance

• Portfolio is diversified across listed (49%) and private (51%) assets, with large holdings in Lion Finance Group, retail pharmacy, insurance, and healthcare services.

• Lion Finance Group delivered strong ROAE (21.9% in 2025) and loan book growth, with Georgia Capital holding a 16.9% stake.

• Retail pharmacy business achieved 11.6% y-o-y retail revenue growth in 4Q25, with 8.9% same-store growth and prudent leverage (1.3x net debt/EBITDA).

• Insurance business posted record profits and ROAE (33.5% P&C, 30.9% medical), with GEL 32.9 million dividends paid to the parent in FY25.

• Healthcare services saw 35% EBITDA growth in FY25, with net debt/EBITDA declining to 3.7x and strong cash conversion.