Sparks - Georgia Capital

Georgia Capital reported a broadly stable NAV per share in Q126 (and a 2.1% increase in sterling terms), as positive operating performance across its private large companies was partially offset by a slight decline in the share price of Lion Finance Group, Georgia Capital’s largest holding representing 47% of total portfolio value at end-March 2026. Consequently, Georgia Capital’s five-year NAV total return to end-March 2026 reached 27.0% pa and 34.2% pa in Georgian lari and sterling terms, respectively. The share price of Lion Finance Group (which was promoted to the UK 100 index in March 2026) rebounded after the reporting date, translating into a 9.2% ytd NAV increase for Georgia Capital in Georgian lari terms (9.6% in sterling terms) as of 27 April. The private large companies across retail (pharmacy), healthcare services and insurance businesses (which made up 42% of Georgia Capital’s end-March 2026 portfolio value) posted strong aggregate revenue and EBITDA growth of 13.7% and 26.9% y-o-y, respectively, as well as a 29.8% y-o-y increase in aggregate net operating cash flow.

Georgia Capital continued to execute its GEL700m capital return programme launched in August 2025 (of which c GEL550m was already deployed as of April 2026) by spending GEL59.8m ($22.0m) in Q126 under its share buyback and cancellation programme. Georgia Capital’s net capital commitment ratio remained at a very low level of 3.9% at end-March 2026 (below its through-the-cycle target of 10%) following successful holding-level de-leveraging. Georgia Capital expects a dividend income of at least GEL200m in 2026 from its portfolio holdings.