Georgia Capital (GCAP) delivered a very strong NAV total return (TR) of 61.2% in FY25 in Georgian lari terms (56.4% in sterling terms), aided primarily by the almost doubling share price of Lion Finance Group (LFG, which contributed 42.3pp to GCAP’s NAV TR and made up 49% of the total portfolio value at end-2025). Operating performance of GCAP’s large portfolio companies across retail (pharma), insurance and healthcare (15.4pp), as well as NAV-accretive share buybacks (11.3pp) were also significant contributors. As a result, GCAP’s five-year NAV TR to end-2025 in local currency terms reached a healthy 26.3% pa, and 19.5% pa since the de-merger of BGEO Group into Bank of Georgia (currently LFG) and GCAP in 2018. GCAP has made good progress on its current capital return programme with GEL550m of GEL700m deployed as of February 2026, supported by healthy portfolio cash flow and proceeds from the sale of the remaining 20% stake in its water utility business.

Georgia Capital (GCAP) reported strong Q325 results, with 7.9% quarterly growth in NAV per share (on a total return basis, in Georgian lari), continuing its long-term growth path (five-year NAV CAGR stands at 29.1%) and bringing its one-year sterling NAV performance to 63.2%. The main value driver remained the listed Lion Finance Group, which posted an 8.1% share price increase in the quarter. The private portfolio showed a 6.7% increase in value, reflecting good operational performance, which prompted GCAP to increase its expectations of 2025 dividend income to GEL200m (from GEL180m), with a view that this increase will be permanent. The NAV per share growth was also supported by GCAP’s NAV-accretive buybacks (+1.2pp), as the company continues to deploy its GEL700m capital return programme, scheduled until end-2027. After the current tranche of US$50m is concluded, the remaining capital to be deployed will amount to GEL300m, which translates to 6.5% of end-September NAV.

Georgia Capital (GCAP) posted strong H125 results, with NAV per share up 31% in Georgian lari and 24% in pounds sterling in total return terms, accelerating its long-term growth (five-year NAV TR in Georgian lari stood at 31.7% pa). The main value driver remains GCAP’s stake in LSE-listed Lion Finance Group (LFG), a leading Georgian bank representing roughly half of GCAP’s portfolio. Its portfolio of private companies (concentrated in Georgian market leaders) posted aggregate EBITDA growth in H125 of 22% y-o-y. Over the past two years GCAP has made significant progress in deleveraging, reducing its net capital commitment (NCC) ratio below target, which allows it to accelerate capital deployment. GCAP recently announced a GEL700m capital return programme (15.7% compared to end-June 2025 NAV), which may include share repurchases, dividends and debt repayments. Confirmation of the validity of GCAP’s strategy through successful exits and its capital distributions have contributed to a narrowing of the discount to 30%, which we continue to view as wide.