Slides
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27 OCTOBER 2025 3Q25 & 9M25 RESULTS CALL PRESENTATION
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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 CONTENTS 2 2
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7 Market capitalisation exceeding US$ 1 billion for the first time ever, leading to GCAP’s re-inclusion in the MSCI UK Small Cap Index in August 2025 5 1.4 million shares repurchased during 3Q25 and October 2025, bringing the total number of shares bought back since the demerger to 15.2 million at a total cost of US$ 221 million 2 Outstanding quarterly results across our private large portfolio companies, with aggregated revenues and EBITDA up 13.5% and 29.5% y-o-y in 3Q25, respectively 3 Early redemption of US$ 100 million of GCAP’s local holding company bonds, reducing the outstanding principal to US$ 50 million 1 NAV per share (GEL) increased 7.9% q-o-q in 3Q25, driven by strong operating performance across our private large portfolio companies and continued growth in Lion Finance Group PLC’s share price 4 NCC ratio improved 1.6 ppts q-o-q to a record low 5.4% as at 30-Sep-25, driven by strong cash generation and continued growth in portfolio value, leading to our BB- credit rating outlook upgrade from stable to positive by S&P 6 On 25 October 2025, the healthcare services business agreed to acquire Gormed LLC, a network of three hospitals and clinics in central Georgia, expected to drive revenue growth, efficiency gains and profitability through operational synergies 3 KEY DEVELOPMENTS
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PROGRESS ON THE GEL 700 MILLION CAPITAL RETURN PROGRAMME 4 AT ISSUANCE NOW 150 c.50 PRINCIPAL OUTSTANDING (US$ MILLION) REDUCED BY US$ 100 MILLION US$ 50 MILLION SHARE BUYBACK & CANCELLATION PROGRAMME US$ 50 MILLION SHARE BUYBACK & CANCELLATION PROGRAMME REPURCHASED & CANCELLED US$ 26M CURRENTLY ONGOING US$ 24M ✓ Following the completion of the previous US$ 68 million share buyback and cancellation programme, a new US$ 50 million programme was launched in August 2025, to be executed over a nine-month period. ✓ Since its launch, we have repurchased 0.8 million shares for a total consideration of US$ 26.3 million (GEL 71.2 million). REDEMPTION OF US$ 100 MILLION LOCAL BONDS ✓ In September 2025, GCAP exercised its call option to redeem US$ 100 million of its sustainability-linked local bonds, which were due to mature in August 2028. ✓ Following the redemption, the outstanding principal amount of the bonds decreased to US$ 50 million.
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PROGRESS ON THE GEL 700 MILLION CAPITAL RETURN PROGRAMME (CONT’D) 5 THE PROGRAMME COVERS CAPITAL RETURNS THROUGH: ✓ SHARE BUYBACKS ✓ DIVIDENDS ✓ DEVELERAGING IN AUGUST 2025, WE ANNOUNCED THE LAUNCH OF A NEW 700 MILLION CAPITAL RETURN PROGRAMME, SCHEDULED TO BE IMPLEMENTED THROUGH THE END OF 2027 ✓ AS OF OCT-25, GCAP HAS ALREADY DEPLOYED MORE THAN GEL 400 MILLION UNDER THE GEL 700 MILLION CAPITAL-RETURN PROGRAMME THE PROGRAMME, SUPPORTED BY SIGNIFICANT IMPROVEMENT IN THE NCC RATIO TO A RECORD-LOW LEVEL OF 5.4% IN 3Q25, IS EXPECTED TO BE FUNDED BY A COMBINATION OF: ✓ EXISTING STRONG LIQUID FUNDS ✓ EXPECTED ROBUST FREE CASH FLOW GENERATION AT GCAP GEL 700 MILLION CAPITAL RETURN PROGRAMME EARLY BOND REDEMPTION OF US$ 100 MILLION (GEL 272 MILLION) REPURCHASED & CANCELLED SHARES GEL 71 MILLION CURRENTLY ONGOING SHARE BUYBACK GEL 651 MILLION REMAINING: GEL C. 300 MILLION Georgia Capital PLC | 1. The figure is calculated using the foreign exchange rate as of 24 October 2025 (2.7200).
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6 UPDATE ON PFIC MANAGEMENT 20.4 20.8 21.8 20.9 21.6 22.8 21.8 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Jun-25 Sep-25 20.4 represents the lowest LFG shares per 100 GCAP shares Number of BGEO Shares AS DISCUSSED WITHIN 2Q25 RESULTS ANNOUNCEMENT, WE TOOK ACTIONS DURING 3Q25 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 ✓ During 3Q25, GCAP’s stake in LFG decreased to 17.8% from 19.1% as of 30 June 2025, reflecting on- market sales of c.614 thousand shares at an average price of GBP 78.1. ✓ The sales represented approximately 6% of LFG’s average daily trading volumes during 3Q25. ✓ We continue to remain below the PFIC threshold and do not anticipate becoming one. ✓ Following the sales, GCAP’s passive assets remain meaningfully below the 50% threshold set by the PFIC regulations (determined annually based on average quarterly balances). ✓ DESPITE REDUCING OUR STAKE IN LION FINANCE GROUP FROM 19.1% TO 17.8% TO MANAGE PFIC RISK, GCAP’S SHARE BUYBACK AND CANCELLATION PROGRAMME ALLOWS OUR SHAREHOLDERS TO MAINTAIN THE SIMILAR EFFECTIVE/LOOKTHROUGH PROPORTIONAL OWNERSHIP OF LFG SHARES LION FINANCE GROUP’S SHARES PER 100 GCAP SHARES
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7 CAPITAL MARKET TRANSACTIONS OF OUR PORTFOLIO COMPANIES KEY TERMS: ANNUAL COUPON RATE TIBR1 + 3.75% SEMI-ANNUAL PAYMENTS HEALTHCARE BUSINESS SOCIAL BOND ISSUANCE THE LARGEST GEL BOND ISSUANCE ON THE LOCAL MARKET HOSPITALITY BUSINESS BOND ISSUANCE ✓ IN SEPTEMBER 2025, GCAP’S HEALTHCARE SERVICES BUSINESS SUCCESSFULLY ISSUED GEL 350 MILLION SECURED SOCIAL BONDS ON THE GEORGIAN MARKET, WHICH WAS SUBSTANTIALLY OVERSUBSCRIBED ✓ THE ISSUANCE WAS SUPPORTED BY INTERNATIONAL FINANCIAL INSTITUTIONS - IFC AND AIIB, LOCAL BANKS AND PENSION FUND OF GEORGIA MATURITY 5 YEARS BOND RATING BB- FROM SCOPE RATINGS USE OF PROCEEDS: REFINANCE THE ISSUER’S EXISTING LONG-TERM LOANS FINANCE CAPITAL EXPENDITURES IN LINE WITH THE SOCIAL BOND FRAMEWORK ✓ IN OCTOBER 2025, GCAP’S ONLY HOSPITALITY BUSINESS INVESTMENT, GUDAURI LODGE, ISSUED US$ 10 MILLION BONDS ON THE LOCAL MARKET; THE PROCEEDS WERE USED PRIMARILY FOR REFINANCING THE EXISTING BORROWINGS ✓ THE ISSUANCE FOLLOWED STRONG OPERATIONAL PERFORMANCE, WITH 2025 YTD EBITDA INCREASING 61% Y-O-Y TO US$ 2.2 MILLION KEY TERMS: ANNUAL COUPON RATE 8.25% SEMI-ANNUAL PAYMENTS MATURITY 2 YEARS Georgia Capital PLC | 1. Non-Cumulative Compounded Daily TIBR.
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8 BOLT-ON ACQUISITION BY HEALTHCARE SERVICES BUSINESS ON 25 OCTOBER 2025, OUR HEALTHCARE SERVICES BUSINESS AGREED TO ACQUIRE GORMED LLC, A REGIONAL NETWORK OF THREE HOSPITALS AND CLINICS IN CENTRAL GEORGIA, PENDING REGULATORY APPROVAL THE ACQUISITION WILL EXPAND OUR HEALTHCARE SERVICES BUSINESS FOOTPRINT INTO GORI, GEORGIA’S FIFTH LARGEST CITY BY POPULATION GORMED OPERATES WITH NO FINANCIAL LEVERAGE, ENHANCING VALUE CREATION POTENTIAL THE INTEGRATION OF GORMED IS EXPECTED TO ENHANCE REVENUE GROWTH, DELIVER STRONG EFFICIENCY GAINS AND IMPROVE PROFITABILITY THROUGH OPERATIONAL SYNERGIES RATIONAL: EV/2026E EBITDA MULTIPLE <4x ACQUISITION VALUATION EBITDA 4.5 MILLION IN 2025 GORMED IS EXPECTED TO GENERATE CAPITATION PATIENTS c.80,000 TO OUR REGIONAL & COMMUNITY HOSPITALS TRANSACTION IS PROJECTED TO ADD 8
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ECONOMIC GROWTH REMAINED RESILIENT DESPITE UNCERTAINTIES 9 GEORGIA’S ECONOMY CONTINUED TO EXPAND IN 2025, WITH PRELIMINARY ECONOMIC GROWTH AT 7.9% Y-O-Y IN 8M25, DRIVEN BY THE STRONG SERVICE SECTOR PERFORMANCE 5.2% 6.1% 5.4% -6.3% 10.6% 11.0% 7.8% 9.4% 7.9% 5.4% 2017 2018 2019 2020 2021 2022 2023 2024 8M25* 2025-2030** Georgia Capital PLC | Source: Geostat, IMF, NBG * Preliminary estimate **IMF forecast THE NBG RE-ENTERED THE FX MARKET IN MARCH 2025, PURCHASING US$ 1 .5 BILLION TO ADD TO ITS FOREIGN EXCHANGE RESERVES INFLATION REACHED 4.8% Y-O-Y IN SEPTEMBER 2025, REMAINING ABOVE THE TARGET SINCE MARCH 2025, MAINLY DRIVEN BY RISING FOOD PRICES 6.0% 2.6% 4.9% 5.2% 9.6% 11.9% 2.5% 1.1% 4.8% 3.6% 4.0% 1.7% 3.6% 5.2% 6.4% 6.3% 3.9% 1.7% 2.4% 2.4% 11.0% 9.5% 8.0% 8.0% 0% 2% 4% 6% 8% 10% 12% 14% 2017 2018 2019 2020 2021 2022 2023 2024 Sep-25 9M25 Headline Inflation Core Inflation Target End of Period Monetary Policy Rate (90)(40) (50)(53) (135)(30) 73 20 121 265 430 164 93 94 4 26 (58) (232) (301) (461) (598) (332) 111 (214) 147 64 438 (102) (778) (617) 5.4 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 US$ BLN US$ MLN Net Interventions (LHS) Reserve Assets (RHS) International reserves reached US$ 5.4 billion in September 2025 (+15.2% y-o-y) 3Q25 data includes only July-August 2025 interventions. CURRENT ACCOUNT DEFICIT NARROWED TO -5.3% OF GDP IN 1H25, DRIVEN BY A 13.7% INCREASE IN GOODS AND 8.8% RISE IN THE SERVICES EXPORT -9.6% -11.2% -5.5% -10.0% -12.2% -6.7% -6.0% -12.4% -4.4% -5.5% -5.4% -7.0% -5.3% 7.5% 7.8% 6.7% 8.9% 6.3% 4.6% 5.9% 4.5% -30% -20% -10% 0% 10% 20% 30% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1H24 1H25 Goods, net Services, net Investment income, net Current transfers, net Current account FDI, inflows
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01 KEY DEVELOPMENTS IN 3Q25 02 3Q25 & 9M25 PERFORMANCE OVERVIEW NAV PER SHARE OVERVIEW AGGREGATED PORTFOLIO RESULTS OVERVIEW UPDATE ON DELEVERAGING 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 CONTENTS 10
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125.63 135.51 NAV per share 30-Jun-25 Listed portfolio Operating performance Multiple change Emerging & other portfolio Buybacks Operating expenses Liquidity manag. /FX/Other NAV per share 30-Sep-25 NAV PER SHARE (GEL) MOVEMENT IN 3Q25 NAV PER SHARE (GEL) UP 7.9% Q-O-Q IN 3Q25 ▪ The increase in NAV per share (GEL) in 3Q25 reflects solid underlying operating performances across the portfolio, reinforcing GCAP’s long-term value growth proposition. ▪ The strong growth in NAV per share was achieved notwithstanding a negative impact from provisioning of US$ 16.5 million (GEL 45 million) final litigation reserve on a long-standing legacy legal case related to the acquisition of Imedi L in 2012. Adjusted for litigation reserve build up, NAV per share (GEL) growth was 8.9% in 3Q25. ▪ In 3Q25, GCAP delivered IFRS net income of GEL 287.4 million. In GBP: 33.61 +10.8% +4.6% +7.9%-0.2%+0.0% +1.2% 11 In GBP: 37.25 -0.9%+2.8% PRIVATE LARGE PORTFOLIO +0.4%
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AS OF 30 SEPTEMBER 2025 5-YEAR NAV PER SHARE CAGR STOOD AT 29.1%, 33.5% AND 32.3% IN GEL, US$ AND GBP TERMS, RESPECTIVELY AS OF 30 SEPTEMBER 2025 3-YEAR NAV PER SHARE CAGR STOOD AT 33.4%, 35.5% AND 26.2% IN GEL, US$ AND GBP TERMS, RESPECTIVELY STRONG NAV PER SHARE GROWTH 44.32 46.84 37.84 48.12 63.03 57.04 65.56 82.94 95.95 125.63 135.51 Dec-18 Dec-19 Sep-20 Dec-20 Dec-21 Sep-22 Dec-22 Dec-23 Dec-24 Jun-25 Sep-25 NAV PER SHARE (GEL) DEVELOPMENT OVERVIEW CAGR since the demerger: 18.0% 12 5-year CAGR: 29.1% 3-year CAGR: 33.4% ✓ SOLID NAV PER SHARE DEVELOPMENT REINFORCES OUR LONG-TERM VALUE GROWTH PROPOSITION FOR OUR SHAREHOLDERS
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17 14 (10) 1 11 48 48 57 63 2018 2019 2020 2021 2022 2023 2024 2025 2025 FREE CASH FLOW DEVELOPMENT GCAP’s FREE CASH FLOW DEVELOPMENT (US$ MILLION) INCLUDING BUYBACK DIVIDENDS ➢ Pro forma free cash flow for 2025 is estimated at US$ 63 million, reflecting the US$ 100 million bond redemption and the sell-down of LFG shares executed at the start of the year. ➢ Free cash flow is determined by subtracting interest and operating expenses from dividend and interest income. 2025 FREE CASH FLOW PER SHARE (US$) EXPECTED TO GROW 45.6% Y-O-Y ON PRO FORMA BASIS 13 FREE CASH FLOW PROJECTED AT US$ 57 MILLION FOR THE FULL YEAR 2025, REFLECTING STRONG CASH GENERATION, SUPPORTED BY DISCIPLINED EXPENSE MANAGEMENT AND CONTINUED DELEVERAGING 1 ESTIMATED Georgia Capital PLC | 1. Excludes US$ 22 million one-off dividends. 2. Excludes US$ 8 million one-off dividends 2 PRO FORMA FCF PER SHARE (US$) 1. 22 1.60 1.78 Change y-o-y +30.5% +45.6%
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➢ The gross number of issued shares, including those held by the management trust, is now below the share count at the time of the demerger SHARE BUYBACK AND CANCELLATION PROGRAMME 15.2 MILLION SHARES (US$ 221 MILLION IN VALUE) REPURCHASED AND CANCELLED SINCE DEMERGER IN 2018, REPRESENTING 31.6%1 OF THE ISSUED SHARE CAPITAL AT ITS PEAK DEVELOPMENT OF GCAP’S SHARE BUYBACK AND CANCELLATION PROGRAMMES Georgia Capital PLC | 1. Determined by taking into account the peak number of 47.9 million shares issued as of 31-Dec-20. 2. Represents shares issued during Georgia Healthcare Group (“GHG”) share exchange facility. $18 $36 $36 $43 $61 $80 $128 $221 1.3 2.7 2.7 3.5 5.8 7.4 11.1 15.2 2018 Since demerger 2019 2020 2021 2022 2023 2024 2025 to date Value of shares repurchased (cummulative, US$ million) Number of shares repurchased (cummulative, million) 39.4 40.2 47.92 47.1 44.8 43.2 39.5 35.4 Number of issued shares (million) 14 ➢ 4.1 million shares (US$ 93.6 million in value) repurchased YTD in 2025, representing 10.4% of issued share capital as at 1 January 2025.
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01 KEY DEVELOPMENTS IN 3Q25 02 3Q25 & 9M25 PERFORMANCE OVERVIEW NAV PER SHARE OVERVIEW AGGREGATED PORTFOLIO RESULTS OVERVIEW UPDATE ON DELEVERAGING 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 CONTENTS 15
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136 183 9M24 9M25 49 63 3Q24 3Q25 16 AGGREGATED REVENUE AND EBITDA DEVELOPMENT ACROSS LARGE PRIVATE PORTFOLIO Georgia Capital PLC | General note: Figures include the updated presentation format of the healthcare services business (comparative figures have been adjusted retrospectively). AGGREGATED REVENUE DEVELOPMENT GEL MILLION AGGREGATED EBITDA DEVELOPMENT GEL MILLION 390 442 1,129 1,312 3Q24 3Q25 9M24 9M25 +13.5% +16.2% +29.5% +34.0%
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AGGREGATED CASH BALANCE & NET OPERATING CASH FLOW DEVELOPMENT ACROSS LARGE PRIVATE PORTFOLIO AGGREGATED NET OPERATING CASH FLOW AGGREGATED CASH BALANCE 17Georgia Capital PLC | General note: Figures include the updated presentation format of the healthcare services business (comparative figures have been adjusted retrospectively). 62 64 3Q24 3Q25 +3.7% 134 161 9M24 9M25 +20.7% 179 210 249 30-Sep-24 30-Jun-25 30-Sep-25 +18.7% +39.4% GEL MILLION GEL MILLION
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01 KEY DEVELOPMENTS IN 3Q25 02 3Q25 & 9M25 PERFORMANCE OVERVIEW NAV PER SHARE OVERVIEW AGGREGATED PORTFOLIO RESULTS OVERVIEW UPDATE ON DELEVERAGING 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 CONTENTS 18
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19 US$ Million 30-Sep-24 Change (y-o-y) 30-Jun-25 Change (q-o-q) Cash and liquid funds 37.3 67.8% 55.3 13.2% 62.6 Loans issued 4.3 -85.8% 0.2 NMF 0.6 Accrued dividend income/Receivable from put option exercise 10.6 38.7% 70.4 -79.1% 14.7 Gross debt (150.9) -66.5% (154.2) -67.2% (50.5) Net debt (1) (98.7) NMF (28.2) NMF 27.4 Guarantees issued (2) - NMF - NMF - Net debt and guarantees issued (3)=(1)+(2) (98.7) NMF (28.2) NMF 27.4 Planned investments (4) (44.9) -20.0% (37.8) -4.9% (35.9) of which, planned investments in Renewable Energy (27.3) -19.7% (23.2) -5.5% (21.9) of which, planned investments in Education (17.7) -20.6% (14.6) -3.9% (14.0) Announced Buybacks (5) (8.0) NMF (0.1) NMF (31.5) Contingency/liquidity buffer (6) (50.0) NMF (50.0) NMF (50.0) Total planned investments, announced buybacks and contingency/liquidity buffer (7)=(4)+(5)+(6) (102.9) 14.1% (87.8) 33.7% (117.4) Net capital commitment (3)+(7) (201.6) -55.4% (116.1) -22.4% (90.0) Portfolio value 1,270.4 34.9% 1,667.7 2.7% 1,713.2 NCC ratio 15.9% -10.5 ppts 7.0% -1.6 ppts 5.4% NET CAPITAL COMMITMENT (NCC) OVERVIEW NCC RATIO IMPROVED BY 1.6 PPTS Q-O-Q AS OF 30-SEP-25 (10.5 PPTS IMPROVEMENT Y-O-Y) 30-Sep-25 ➢ Significant net debt reduction supported by strong cash flow generation and the continued growth in portfolio value led to a 1.6 ppts improvement in the NCC ratio. ➢ Given the strong progress on deleveraging, S&P revised GCAP’s credit outlook from stable to positive in August 2025. ➢ The improvement in NCC does not yet reflect a negative impact from long-standing legacy legal case related to the acquisition of Imedi L in 2012, which resulted in recognition of a US$ 26.5 million payable. However, we project the impact to be minimal, as we expect to reduce contingency/liquidity buffer reserve given the litigation outcome.
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42.5% 39.8% 31.9% 21.1% 15.6% 12.8% 7.0% 5.4% 10.0% 345.7 365.9 385.8 250.1 213.6 171.3 116.1 90.0 31-Dec-19 31-Dec-20 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24 30-Jun-25 30-Sep-25 Target NCC ratio Net Capital Commitment (US$ million) 20 NCC RATIO DEVELOPMENT OVERVIEW Over the cycle Target NCC AND NCC RATIO DEVELOPMENT OVERVIEW1 OVER THE CYCLE TARGET THE NCC RATIO IMPROVED TO A RECORD LOW 5.4% AS AT SEPTEMBER 2025 NCC REPRESENTS AN AGGREGATED VIEW OF ALL CONFIRMED, AGREED AND EXPECTED CAPITAL OUTFLOWS AT THE GCAP HOLDCO LEVEL Georgia Capital PLC | 1. Reflects the retrospective conversion of the loans issued to our other businesses into equity. -1.6 ppts
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01 KEY DEVELOPMENTS IN 3Q25 02 3Q25 & 9M25 PERFORMANCE OVERVIEW 03 DEEP DIVE INTO PRIVATE LARGE PORTFOLIO COMPANIES RETAIL (PHARMACY) BUSINESS OVERVIEW INSURANCE BUSINESS OVERVIEW HEALTHCARE BUSINESS OVERVIEW 04 3Q25 & 9M25 PORTFOLIO VALUATION OVERVIEW 05 LIQUIDITY AND DIVIDEND INCOME OUTLOOK 06 WRAP-UP 07 ANNEX CONTENTS 21
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RETAIL (PHARMACY) BUSINESS OVERVIEW Wholesale Business International Operations Retail Business 22 BUSINESS DIRECTIONS COUNTRY’S LARGEST RETAILER IN TERMS OF REVENUE WITH 36% MARKET SHARE IN ORGANISED RETAIL MARKET1 Georgia Capital PLC | 1. Based on 2023 revenues. 2. Includes 2 pharmacy chains. RETAIL BUSINESS PORTFOLIO | SEPTEMBER 2025 Pharmacies in total 438 16 in Armenia 422 in Georgia 14 The Body Shop stores 7 in Georgia 2 in Armenia 5 in Azerbaijan 6 Optics – Alain Afflelou ✓ In 3Q25, retail pharmacy chain expanded by eight pharmacies (seven in Georgia, one in Armenia) with openings focused on strategically selected locations. The new stores were developed using cost-efficient formats, requiring limited capital investments. 9M25 RETAIL REVENUE BY CATEGORIES MEDICATION REVENUE GEL 272 MILLION PRESCRIPTION 25% in retail revenues NON-MEDICATION REVENUE GEL 258 MILLION 51% OF THE RETAIL REVENUE 49% OF THE RETAIL REVENUE OVER THE COUNTER 26% in retail revenues o The only dual-brand player on the market - operating under two pharmacy brands with distinct positioning: GPC for the high-end customer segment Pharmadepot for the mass retail segment o Operating two franchise brands - Bodyshop and Alain Afflelou (Optics) o International presence within the region - in Armenia and Azerbaijan 1 in Armenia 5 in Georgia ORGANISED RETAIL MARKET SHARE | 2023 REVENUE 6% 29% 36% 29% 115.5 538.2 549.2 PHARMADEPOT - 455.8 GPC - 215.4 Other² Aversi PSP GCAP in pharma 671.2 GEL MILLION COSMETICS AND OTHER 25% in retail revenues 13% in retail revenues BABY CARE & FOOD 11% in retail revenues FOOD SUPPLEMENT GCAP’s retail (pharmacy) business
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RETAIL (PHARMACY) BUSINESS PERFORMANCE OVERVIEW 23 168 180 499 529 39 52 119 152 206 232 618 681 3Q24 3Q25 9M24 9M25 Retail Wholesale +10.3% +12.3% 30.5% 32.8%31.6% 33.4% Gross Profit Margin GEL MILLION +7.5% +6.1%32.9% +28.1% REVENUE DEVELOPMENT OPERATING HIGHLIGHTS 23.6 22.77.7 7.5 Number of bills issued (million) AVERAGE BILL SIZE (GEL) 20.7 22.8 20.0 22.0 3Q24 3Q25 9M24 9M25 +10.4% +10.2% SAME STORE REVENUE GROWTH 3Q25 6.6% 9M25 5.3% ✓ 6.6% same-store revenue growth and a strong ramp-up in the performance of the recently launched pharmacy stores led to a 7.5% y-o-y retail revenue increase in 3Q25 ✓ A 32.9% y-o-y increase in 3Q25 wholesale revenue, driven by strong growth across all channels, supported by improved brand availability and by enhanced efficiencies in state programmes
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RETAIL (PHARMACY) BUSINESS PERFORMANCE OVERVIEW (CONT’D) 24 GEL MILLION EBITDA EBITDA margin 21.3 25.2 56.4 73.7 3Q24 3Q25 9M24 9M25 10.3% 10.9% 9.1% 10.8% +18.0% +30.6% Achieved y-o-y EBITDA growth of 18.0% in 3Q25 OPERATING CASH FLOW EBITDA to cash conversion 105.9% 100.7% 100.5% 93.2% The EBITDA to cash conversion stood at 100.7% in 3Q25, reflecting the strong business performance 22.6 25.4 56.7 68.7 3Q24 3Q25 9M24 9M25 +12.3% +21.1% ADJUSTED NET DEBT TO LTM EBITDA1 Georgia Capital PLC | General note: Figures are given excluding IFRS 16 effect; 1. Figures take into account the application of the minority buyout agreement. 160.0 150.5 131.0 136.7 130.3 2.2x 1.9x 1.5x 1.4x 1.3x 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Adjusted net debt Adjusted net debt to LTM EBITDA ✓ Adjusted net debt to LTM EBITDA stands at 1.3x as of September 2025, below the targeted level of 1.5x ✓ Dividend payment of GEL 10.0 million in 3Q25
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3 WITH PRUDENT LEVERAGE (ADJUSTED NET DEBT/LTM EBITDA BELOW 1.5X) AND ROBUST CASH GENERATION REFLECTED IN 100.7% EBITDA-TO-CASH CONVERSION, THE BUSINESS DISTRIBUTED GEL 10 MILLION DIVIDENDS TO GCAP IN 3Q25 (GEL 20 MILLION IN 9M25) 2 ENHANCED PROFITABILITY, SUPPORTED BY A SHIFT IN THE SALES MIX TOWARD HIGHER-MARGIN CATEGORIES AND IMPROVED SUPPLIER TERMS, DRIVING SIGNIFICANT GROSS PROFIT GROWTH 1 STRONG TOP-LINE PERFORMANCE SUPPORTED BY 6.6% SAME-STORE REVENUE GROWTH IN 3Q25 AND ROBUST PERFORMANCE OF WHOLESALE BUSINESS 25 RETAIL (PHARMACY) BUSINESS KEY CONSIDERATIONS
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01 KEY DEVELOPMENTS IN 3Q25 02 3Q25 & 9M25 PERFORMANCE OVERVIEW 03 DEEP DIVE INTO PRIVATE LARGE PORTFOLIO COMPANIES RETAIL (PHARMACY) BUSINESS OVERVIEW INSURANCE BUSINESS OVERVIEW HEALTHCARE BUSINESS OVERVIEW 04 3Q25 & 9M25 PORTFOLIO VALUATION OVERVIEW 05 LIQUIDITY AND DIVIDEND INCOME OUTLOOK 06 WRAP-UP 07 ANNEX CONTENTS 26
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22 27 11 14 9M24 9M25 8 11 5 6 3Q-24 3Q-25 P&C Medical 109 130 111 153 9M24 9M25 41 48 48 49 3Q-24 3Q-25 P&C Medical 3Q24 3Q25 27 INSURANCE BUSINESS OVERVIEW INSURANCE BUSINESS COMPRISES TWO BUSINESS LINES: INSURANCE REVENUE GEL MILLION +9% GEL MILLION +22% PRE-TAX PROFIT1 PROPERTY AND CASUALTY (P&C) UNDER THE BRAND NAME “ALDAGI” MEDICAL UNDER THE BRAND NAMES “IMEDI L” AND “ARDI” +23% KEY OPERATING HIGHLIGHTS 3Q25 Change y-o-y NPW, Total Insurance 89 11% NPW, P&C 45 14% NPW, Medical 44 8% 9M25 Change y-o-y 312 28% 136 17% 176 37% 89 97 14 17 33 41 GEL MILLION Georgia Capital PLC | 1. Excluding ARDI acquisition-related interest expense allocation to medical insurance business. +29% 220 283 3Q24 3Q25
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35% 23% 17% 7% 4% 14% 8 11 3Q-24 3Q-25 22 27 9M24 9M253Q24 3Q25 109 130 9M24 9M25 41 48 3Q-24 3Q-253Q24 3Q25 INSURANCE BUSINESS OVERVIEW – P&C INSURANCE 28 ALDAGI IS A LEADING PLAYER IN PROPERTY AND CASUALY INSURANCE INSURANCE REVENUE ✓ The y-o-y increase in 3Q25 revenue is mainly driven by the expansion of retail motor portfolio and growth in credit life insurance line PRE-TAX PROFIT (GEL MILLION) ✓ The combined ratio of the P&C insurance business improved by 1.1 ppts y-o-y to 83.2% in 3Q25, mainly driven by an improved loss ratio in the corporate motor insurance segment, further supported by a lower expense ratio GEL MILLION +16% +20% 37.6% 40.5% 34.1% 35.1% +27% +23% GEL MILLION ROAE 3Q25 Change y-o-y NPW (GEL million) 45 14% Combined Ratio 83.2% -1.1 ppts Individuals Insured 133K 14% Policies Written 110K 13% Retail Renewal 75.8% -0.4 ppts 9M25 Change y-o-y 136 17% 85.0% -1.5 ppts 133K 14% 316K 17% 78.0% 3.0 ppts P&C MARKET SHARE | 6M25 GROSS PREMIUMS WRITTEN KEY OPERATING METRICS 146 95 72 28 15 58 P&C Business TBC Insurance Vienna Insurance Group Global Benefits Georgia Unison Other P&C Business
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3Q25 Change y-o-y 9M25 Change y-o-y NPW (GEL million) 44 8% 176 37% Combined Ratio, Medical 90.4% -0.9 ppts 94.1% 1.7 ppts Individuals Insured, Medical 267K -10.4% 267K -10.4% Renewal Rate 80.2% -1.3 ppts 81.2% 0.1 ppts INSURANCE BUSINESS OVERVIEW – MEDICAL INSURANCE Georgia Capital PLC | 1. Excluding ARDI acquisition-related interest expense allocation to medical insurance business. Imedi L has launched new digital solutions: o New mobile app and updated web portal enabling users to access services on the go: digital channel bookings reached 73% in 3Q25 o AI chat introduced across digital channels, improving service accessibility and customer engagement ARDI has rolled out new application and brand identity: o New mobile application: aimed at driving digital engagement and retention o Introduction of a refreshed visual identity: major milestone in the ongoing brand refresh program 29 ✓ The y-o-y increase in 9M25 combined ratio is driven by the low base related to the acquisition of Ardi in Apr-24, as the comparative figures only partially account for Ardi’s claims activity ✓ Decrease in the number of individuals insured is attributable to medical tenders MEDICAL INSURANCE MARKET SHARE 6M25 GROSS PREMIUMS WRITTEN 117 114 36 35 61 Medical Insurance Vienna Insurance Group Global Benefits Georgia TBC Insurance Other Medical Insurance Business 32% 31% 10% 10% 17% KEY OPERATING METRICS 111 153 9M24 9M25 48 49 3Q-24 3Q-25 INSURANCE REVENUE GEL MILLION +2% +38% 3Q24 3Q25 11 14 9M24 9M25 5 6 3Q-24 3Q-25 PRE-TAX PROFIT & ROAE 35.6% 37.6% 23.7% 29.1% +15% +24% 1 3Q24 3Q25 ✓ Modest y-o-y growth in 3Q25 revenues reflects enhanced underwriting discipline and revised selection criteria for state tenders, leading to the loss ratio improvement by 1.3 ppts y-o-y ✓ In 3Q25 corporate tariffs increased by 18% y-o-y ✓ GEL 1.8 million dividends were paid to GCAP in 3Q25 (GEL 4.5 million in 9M25)
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2 EXCEPTIONAL RESULTS IN MOTOR INSURANCE, SUPPORTED BY SUSTAINED UNDERWRITING EXCELLENCE AND SWIFT, TARGETED REMEDIAL ACTIONS 4 GEL 1.8 MILLION DIVIDENDS PAID TO GCAP IN 3Q25 (GEL 15.6 MILLION IN 9M25) 3 NEW BRAND IDENTITY AND DIGITAL TRANSFORMATION IN BOTH BRANDS UNDER MEDICAL INSURANCE UMBRELLA, IMPROVING SERVICE ACCESSIBILITY AND CUSTOMER ENGAGEMENT 1 OUTSTANDING PERFORMANCE IN BOTH, P&C AND MEDICAL INSURANCE BUSINESSES, RESULTING IN RECORD HIGH PROFITS AND ALL-TIME HIGH ROAE 30 INSURANCE BUSINESS KEY CONSIDERATIONS
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01 KEY DEVELOPMENTS IN 3Q25 02 3Q25 & 9M25 PERFORMANCE OVERVIEW 03 DEEP DIVE INTO PRIVATE LARGE PORTFOLIO COMPANIES RETAIL (PHARMACY) BUSINESS OVERVIEW INSURANCE BUSINESS OVERVIEW HEALTHCARE BUSINESS OVERVIEW 04 3Q25 & 9M25 PORTFOLIO VALUATION OVERVIEW 05 LIQUIDITY AND DIVIDEND INCOME OUTLOOK 06 WRAP-UP 07 ANNEX CONTENTS 31
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14.4 21.1 47.7 68.2 3Q24 3Q25 9M24 9M25 94.4 113.8 291.3 347.4 3Q24 3Q25 9M24 9M25 HEALTHCARE SERVICES BUSINESS OVERVIEW 32 KEY HIGHLIGHTS: GEL MILLION EBITDA1NET REVENUE EBITDA MARGIN1 +46.5% +42.9% +19.3% Georgia Capital PLC | 1. EBITDA and EBITDA margin (%) are presented excluding IFRS 16 impact. +20.6% Hospitals 34 16 Polyclinics 1 COUNTRY’S LARGEST HEALTHCARE SERVICE PROVIDER IN TERMS OF NUMBER OF BEDS AND NUMBER OF REGISTERED PATIENTS BED OCCUPANCY RATES IN OUR HOSPITALS INCREASED BY 8.5 PPTS Y-O-Y IN 9M25 NUMBER OF ADMISSIONS IN OUR POLYCLINICS INCREASED BY 9.3% IN 9M25 Y-O-Y NET DEBT TO LTM EBITDA IMPROVED FROM 5.2 TO 3.8 Y-O-Y IN SEPTEMBER 2025 HEALTHCARE BUSINESS PORTFOLIO | SEPTEMBER 2025 Laboratory LTM EBITDA AND NET DEBT TO LTM EBITDA1 GEL THOUSANDS 58,117 69,190 76,627 82,945 89,653 5.2 4.3 4.1 3.9 3.8 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 LTM EBITDA Net debt / LTM EBITDA 15.8% 17.0% 19.4% FY23 FY24 9M25 EBITDA margin (%) WC/Revenue, % 16.2% 22.3% 1
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16.5 8.3 23.1 32.0 3Q24 3Q25 9M24 9M25 56.4% 64.2% 62.2% 70.8% 4.2 3.9 4.3 4.0 3.6 3.7 3.8 3.9 4.0 4.1 4.2 4.3 4.4 3Q24 3Q25 9M24 9M25 11.7 16.9 37.8 53.5 3Q24 3Q25 9M24 9M25 79.0 94.4 242.5 285.7 3Q24 3Q25 9M24 9M25 33 ✓ Bed occupancy rates increased by c.20 ppts over the past two years ✓ Revenue growth of 20% in 3Q25 was mostly driven by outpatient services ✓ EBITDA increased by 44% in 3Q25 HOSPITALS BUSINESS KEY HIGHLIGHTS: GEL MILLIONGEL MILLION Georgia Capital PLC | 1. EBITDA and operating cash flow are presented excluding IFRS 16 impact. OPERATING HIGHLIGHTS - BED OCCUPANCY RATES (%) Average length of stay (days) +8.5 ppts +19.5% NET REVENUE EBITDA1 +44.4% OPERATING CASH FLOWS1 -49.7% +17.8% +41.5% +38.7% +7.8 ppts WC/Revenue, % 22.0% 24.7% 2,219 839 813 779 497 308 10,542 GCAP Hospitals State Aversi Geo Hospitals Ghudushauri-Chachava Ingorokva & TbilIisi Medical Institute Other HOSPITALS MARKET SHARES | NUMBER OF HOSPITAL BEDS* 14% 5% 5% 5% 3% 2% 66% *Total number of beds account to 15,997 HEALTHCARE SERVICES BUSINESS PERFORMANCE OVERVIEW
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392 423 1,291 1,411 3Q24 3Q25 9M24 9M25 0.5 0.6 1.8 2.0 3Q24 3Q25 9M24 9M25 4.0 3.2 11.2 11.0 3Q24 3Q25 9M24 9M25 2.7 4.2 9.9 14.8 3Q24 3Q25 9M24 9M25 16.9 21.3 53.6 67.3 3Q24 3Q25 9M24 9M25 +7.8% HEALTHCARE SERVICES BUSINESS PERFORMANCE OVERVIEW (CONT’D) 34 ✓ Number of admissions in our polyclinics increased by 8% in 3Q25 (y-o-y) ✓ Number of tests performed in our diagnostics business increased by 15% in 3Q25 (y-o-y) ✓ Net revenue grew by 26% y-o-y in 3Q25 ✓ EBITDA growth in 3Q25 comprised 56% CLINICS & DIAGNOSTICS KEY HIGHLIGHTS: GEL MILLIONGEL MILLION Georgia Capital PLC | 1. EBITDA and operating cash flow are presented excluding IFRS 16 impact. OPERATING HIGHLIGHTS +26.4% EBITDA1 +55.7% OPERATING CASH FLOWS1 -21.0% NUMBER OF ADMISSIONS (THOUSANDS) - POLYCLINICS NUMBER OF TESTS PERFORMED (MILLION) - DIAGNOSTICS +14.8% +25.7% +49.3% -1.8% +9.3% +12.3% NET REVENUE WC/Revenue, % 9.3% 7.7% 390,450 371,472 323,910 136,828 GCAP Polyclinics GCAP Regional & Community Clinics Geo Hospitals Medcapital Other CLINICS MARKET SHARES | NUMBER OF REGISTERED PATIENTS 13% 12% 60%1,819,055 3% 4% 11% *Total number of registered patients account to 15,997
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2 3 7 1 6 2 POTENTIAL ACQUISITION OF GORMED LLC In October 2025, binding Memorandum of Understanding was signed to acquire Gormed LLC, a regional network of three hospitals and clinics in central Georgia, pending regulatory approval by the Georgian Competition Agency: ➢ EBITDA expected in 2025: GEL 4.5 million ➢ Expected synergies: administrative expenses optimization and procurement synergies ➢ Forward looking EV/EBITDA multiple: under 4 times ➢ ROIC impact: +0.6 ppts on the healthcare services business ➢ Population covered: c.300,000 people ➢ Registered patients: c.80,000 EXPANDED SERVICES & INFRASTRUCTURE New oxygen plants in regions; Introduction of arthroscopy, sports medicine, gynecology, and interventional cardiology, alongside strengthened ultrasound capabilities in several regional clinics DELIVERED 28% Y-O-Y OUTPATIENT REVENUE GROWTH IN 3Q25 driven by service diversification, revenue mix optimization and enhanced patient retention 35 KEY DEVELOPMENTS HEALTHCARE SERVICES BUSINESS
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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 CONTENTS 36
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PORTFOLIO VALUE AS OF 30-SEP-25 Georgia Capital PLC | 1. In 3Q25, our private portfolio companies were valued internally by incorporating the portfolio companies’ 3Q25 results, in line with International Private Equity Valuation (“IPEV”) guidelines and methodology deployed in 1H25 by an independent valuation firm, which conducts external valuation assessment of the retail (pharmacy), insurance, healthcare services, renewable energy and education businesses semi-annually. 2. LTM implied EV/EBITDA multiples for Retail (pharmacy) and Healthcare are presented including IFRS 16 as of 30-Sep-25. 3. Lion Finance Group PLC, formerly known as Bank of Georgia Group PLC. 78% OF OUR PORTFOLIO IS VALUED EXTERNALLY1 2,167 1,878 596 Listed Large Emerging and other PORTFOLIO BREAKDOWN GEL 4,641 MILLION 13% 47% 40% 2,167 857 498 524 596 Lion Finance Group Retail (pharmacy) Insurance Healthcare services Emerging and other businesses % SHARE IN TOTAL PORTFOLIO VALUE: LARGE PORTFOLIO COMPANIES GEL MILLION 13%11% 9.9x LTM EV/EBITDA2 11% 9.9x LTM P/E 47% GBP 76.5 PRICE ON LSE 18% MULTIPLE: 8.2x LTM EV/EBITDA2 97% OF OUR PORTFOLIO IS VALUED EXTERNALLY1 LISTED 37 3
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10.9x 9.7x 9.8x 9.9x 30-Sep-24 31-Dec-24 30-Jun-25 30-Sep-25 INSURANCE 1 8.8x 8.4x 8.2x 8.2x 30-Sep-25 31-Dec-24 30-Jun-25 30-Sep-25 RETAIL (PHARMACY) 11.3x 10.5x 9.9x 9.9x 30-Sep-24 31-Dec-24 30-Jun-25 30-Sep-25 HEALTHCARE SERVICES 3838 PRIVATE LARGE PORTFOLIO IMPLIED MULTIPLE DEVELOPMENT Georgia Capital PLC | 1. Excludes the impact from Ardi’s acquisition.
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115 39 4,542 (56) 4,641 Portfolio value 30-Jun-25 Lion Finance Group Large portfolio companies Other portfolio companies Portfolio value 30-Sep-25 PORTFOLIO VALUE DEVELOPMENT IN 3Q25 GEL MILLION PORTFOLIO VALUE UP BY 2.2% Q-O-Q TO GEL 4.6 BILLION IN 3Q25 39 LISTED PORTFOLIO DOWN BY 2.5% PRIVATE PORTFOLIO VALUE UP BY 6.7% PRIVATE PORTFOLIO VALUE CREATION GEL million Retail (pharmacy) 50.9 Healthcare services 39.5 Insurance 35.8 Emerging and other businesses 18.4 Total 144.6 PRIVATE PORTFOLIO VALUE CREATION IN 3Q25 Emerging and other portfolio companies
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4040 PRIVATE LARGE PORTFOLIO VALUATION OVERVIEW 816 42 4 (5) 857 Equity Value 30-Jun-25 EBITDA change Net debt change FX & Multiple change Equity value 30-Sep-25 464 24 9 2 498 Equity Value 30-Jun-25 Net income change Net debt change FX & Multiple change Equity value 30-Sep-25 484 60 (23) 3 524 Equity Value 30-Jun-25 EBITDA change Net debt change FX & Multiple change Equity value 30-Sep-25 Georgia Capital PLC | General note: In 3Q25, our private portfolio companies were valued internally by incorporating the portfolio companies’ 3Q25 results, in line with International Private Equity Valuation (“IPEV”) guidelines and methodology deployed in 1H25 by an independent valuation firm. RETAIL (PHARMACY) INSURANCE HEALTHCARE SERVICES GEL MILLION 8.2x MULTIPLE 8.2x MULTIPLE 9.8x MULTIPLE 9.9x MULTIPLE 9.9x MULTIPLE 9.9x MULTIPLE Includes GEL 10.0m dividend Includes GEL 1.8m dividend +5.1% +0.5% -0.6%Impact +5.1% +1.8% +0.4%Impact +12.3% -4.7% +0.6%Impact
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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 CONTENTS 41
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LIQUIDITY OUTLOOK 74 54 88 234 152 40 99 55 77 Dec-19 Dec-20 Dec-21 Jun-22 Dec-22 Dec-23 Dec-24 Jun-25 Sep-25 LIQUIDITY DEVELOPMENT OVERVIEW (US$ MILLION) 42 GROSS DEBT (US$ million) LIQUIDITY INCREASED BY 13.2% Q-O-Q, DRIVEN BY: ✓ STRONG DIVIDEND INFLOWS ✓ RECEIPT OF PROCEEDS FROM THE EXERCISE OF THE PUT OPTION ON A 20% STAKE IN THE WATER UTILITY BUSINESS ✓ THE SALE OF LION FINANCE GROUP SHARES, IN LINE WITH THE PFIC RISK MANAGEMENT STRATEGY INFLOWS WERE OFFSET BY THE EARLY REDEMPTION OF US$100 MILLION SUSTAINABILITY-LINKED BONDS Cancellation of US$ 65 million GCAP Eurobond LIQUIDITY OUTLOOK Full redemption of GCAP Eurobond Cash receipt from the 80% water utility business sale 300 300300 365 365 150 150 150 50 Sep-25 + 1 Georgia Capital PLC | 1. The figure includes accrued interim dividends from LFG.
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29 15 41 81 72 87 - 44 50 33 44 30 60 53 55 57 48 73 30 74 94 180 179 c. 200 2019 2020 2021 2022 2023 2024 2025 Dividend income from listed companies Buyback dividend Dividend income from private companies DIVIDEND INCOME OUTLOOK RECURRING CASH DIVIDEND INCOME FROM PORTFOLIO COMPANIES 43 GEL 167.8 MILLION RECURRING DIVIDEND INCOME IN 9M25 GEL MILLION DIVIDEND INCOME (GEL million) 3Q25 9M25 Lion Finance Group 86.9 119.8 of which, cash dividend 86.9 86.9 of which, buyback dividend - 32.9 Renewable energy 10.0 10.0 Retail (pharmacy) 10.0 19.9 Insurance business 1.8 15.6 of which, P&C insurance - 11.1 of which, medical insurance 1.8 4.5 Auto service 1.5 2.4 TOTAL 110.1 167.8 1 Georgia Capital PLC | 1. In 2023 and 2024, GCAP received one-off non-recurring inflows of GEL 56.1 million and GEL 22.6 million, respectively. 2. The 9M25 dividend income per share assumes the collection of GEL 200 million dividends in line with the 2025 outlook and takes into account the number of issued shares as of 24-Oct-25. c.200 GEL MILLION UPDATED DIVIDEND INCOME OUTLOOK IN 2025 1 2.11.6 4.1 4.3 5.62Dividend income per share (GEL) +31% OUTLOOK REVISED FROM THE PREVIOUS TARGET OF GEL 180+ MILLION
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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 CONTENTS 44
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PERFORMANCE HIGHLIGHTS ✓ • NAV per share (GEL) up 7.9% in 3Q25 • NCC ratio improved by 1.6 ppt q-o-q to a record-low level of 5.4% in 3Q25 • Outstanding quarterly results across our private large portfolio companies, aggregated revenues and EBITDA up 13.5% and 29.5% y-o-y ✓ Early redemption of US$ 100 million of GCAP’s local holding company bonds, reducing the outstanding principal to US$ 50 million ✓ 1.4 million shares repurchased during 3Q25 and October 2025, bringing the total number of shares bought back since the demerger to 15.2 million at a total cost of US$ 221 million ✓ The acquisition of Gormed LLC by our healthcare services business, expected to drive revenue growth, efficiency gains and profitability through operational synergies ✓ Market capitalisation exceeding US$ 1 billion for the first time ever, leading to GCAP’s re-inclusion in the MSCI UK Small Cap Index in August 2025 OUTLOOK Delivering on our value growth story through consistent NAV per share growth and sustainable EBITDA growth across our large portfolio companies Maintaining the NCC ratio below 10% Strong economic growth outlook OUTSTANDING PERFORMANCE ACROSS OUR PORTFOLIO 45
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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 CONTENTS 46
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47 NAV PER SHARE DISCOUNT DEVELOPMENT OVERVIEW 13.05 13.53 14.81 13.78 12.46 7.41 8.41 9.18 10.81 9.97 12.45 14.16 15.10 12.92 14.78 18.55 20.12 21.41 22.12 23.44 24.23 26.48 22.10 22.82 27.14 33.61 37.2521.8% 19.4% 26.4% 26.0% 26.0% 42.6% 44.7% 60.2% 50.0% 42.0% 42.2% 57.6% 52.8% 51.2% 59.0% 66.6% 63.7% 63.3% 62.4% 58.0% 57.8% 49.9% 55.7% 59.2% 55.8% 42.8% 35.3% Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Jun-25 Sep-25 NAV Per Share (GBP) NAV Discount DESPITE STRONG RECENT TRADING PERFORMANCE, THE DISCOUNT TO NAV PER SHARE REMAINS WIDE, PRESENTING AN ATTRACTIVE BUYBACK OPPORTUNITY +16.8% CAGR
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NAV PER SHARE DECOMPOSITION AS AT 30 SEPTEMBER 2025 48 AS AT 30 SEPTEMBER 2025 VALUE (GBP MILLION) PER SHARE VALUE (GBP) Listed portfolio 596 17.4 Lion Finance Group 596 17.4 Private portfolio 680 19.8 Of which, large portfolio companies 516 15.0 Of which, emerging and other portfolio companies 164 4.8 Total portfolio 1,276 37.2 Net cash 20 0.6 Net other liabilities (18) (0.5) Total NAV 1,279 37.3 THE CURRENT SHARE PRICE LARGELY REFLECTS OUR LISTED PORTFOLIO, WHILE THE VALUE OF OUR PRIVATE ASSETS REMAINS MOSTLY OVERLOOKED 17.4 19.9 37.3 24.1 NAV per share (GBP) Share price (GBP) Share price (GBP) as at 30-Sep-25 NAV per share (GBP) as at 30-Sep-25 Listed Private1 Discount: 35.3% Georgia Capital PLC | 1. Assumes the allocation of total net debt to the private portfolio.
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VALUATION PEER GROUP HEALTHCARE SERVICES • Medicover AB | Sweden • Med Life S.A. | Romania • Netcare Limited | South Africa • MLP Saglik Hizmetleri A.S. | Turkey • Life Healthcare Group Holdings Limited | South Africa • Rede D'Or São Luiz S.A. | Brazil • Fleury S.A. | Brazil • Voxel S.A. | Poland • NEUCA S.A. | Poland • Sopharma Trading AD | Bulgaria • SALUS, Ljubljana, d. d. | Slovenia • Dis-Chem Pharmacies Limited | South Africa • Clicks Group Limited | South Africa • Raia Drogasil S.A. | Brazil RETAIL (PHARMACY) • Allianz SE | Germany • UNIQA Insurance Group AG | Austria • Ageas SA/NV | Belgium • Discovery Limited | South Africa • Momentum Group Limited | South Africa MEDICAL INSURANCE • Zavarovalnica Triglav | Slovenia • Pozavarovalnica Sava | Slovenia • Aksigorta | Turkey • Anadolu Sigorta | Turkey • Bao Minh Insurance | Vietnam • Turkiye Sigorta | Turkey P&C INSURANCE 49
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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 intentions relating to acquisitions, competitive strengths and weaknesses, plans or goals relating to financial position and future operations and development. Although Georgia Capital PLC believes that the expectations and opinions reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations and opinions will prove to have been correct. By their nature, these forward-looking statements are subject to a number of known and unknown risks, uncertainties and contingencies, and actual results and events could differ materially from those currently being anticipated as reflected in such statements. Important factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements, certain of which are beyond our control, include, among other things: regional instability; regional instability; currency fluctuations and risk, including depreciation of the Georgian Lari, and macroeconomic risk, regulatory risk across a wide range of industries; investment risk; liquidity risk; portfolio company strategic and execution risks; and other key factors that could adversely affect our business and financial performance, including those which are contained elsewhere in this presentation and in our past and future filings and reports and also the 'Principal Risks and Uncertainties' included in the 1H25 Results Announcement and in Georgia Capital PLC’s Annual Report and Accounts 2024. No part of this presentation constitutes, or shall be taken to constitute, an invitation or inducement to invest in Georgia Capital PLC or any other entity and must not be relied upon in any way in connection with any investment decision. Georgia Capital PLC and other entities undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent legally required. Nothing in this presentation should be construed as a profit forecast. 50