Georgia Capital (CGEO) Q1 2025 earnings summary

Executive summary

• NAV per share (GEL) rose 11.2% in Q1 2025, driven by Lion Finance Group's share price growth and strong private portfolio performance.

• Large private portfolio companies delivered 21.2% revenue and 45.8% EBITDA growth year-over-year in Q1 2025.

• Over 27% of issued shares repurchased since 2025, with GEL 300 million buyback program nearly complete and 2.1 million shares repurchased in 2025.

• Portfolio value exceeded GEL 4.1 billion at Q1 end, rising to GEL 4.4 billion post-quarter due to Lion Finance Group share rally.

• Net income increased 16.2% year-over-year to GEL 334.2 million in Q1 2025.

Financial highlights

• Q1 revenue for large portfolio companies rose 21.2% year-over-year to GEL 431 million; last 12 months up 16.2% to GEL 1.6 billion.

• Q1 EBITDA up nearly 46%; last 12 months EBITDA up 34%.

• Aggregate net operating cash flow up 25.2% year-over-year; cash balances up 16.8% sequentially.

• NAV per share as of May 6th up nearly 21% YTD to GEL 115.97 (GBP 31.7).

• Dividend income in Q1 was GEL 8.0 million; 2025 outlook for GEL 180+ million in dividend income.

Outlook and guidance

• Strong Q2 expected, with April and May results showing continued high growth in private portfolio companies.

• Dividend income for 2025 expected to exceed GEL 180 million, with further increases anticipated as buybacks continue.

• Ongoing focus on reducing leverage and maintaining a strong balance sheet.

• Management expects continued NAV per share growth over the medium to long term, supported by resilient portfolio performance and a robust Georgian economy.

• Macroeconomic outlook remains positive, though some moderation in growth is anticipated due to geopolitical and global uncertainties.