**Summary**
Georgia Capital PLC, a UK-based investment company focused on Georgia, released its half-year report for 2025, showcasing strong financial performance and strategic progress. Key highlights include
**Financial Performance** Net Asset Value (NAV) per share increased by 17.7% in Q2 2025, driven by robust operating growth in private portfolio companies and the rise in Lion Finance Group PLCs share price. Total portfolio value creation reached GEL 670.9 million in Q2 2025.
**Private Portfolio Companies** Outstanding quarterly results with 14.4% revenue growth and 28.9% EBITDA growth in Q2 2025, leading to a 45% increase in net operating cash flow.
**Water Utility Put Option** Exercised the put option for a 20% stake in the water utility business, receiving US$ 70.4 million in cash proceeds, enhancing liquidity and improving the NCC ratio.
**Capital Return Program** Launched a new GEL 700 million capital return program until 2027, including share buybacks and bond redemptions. Completed the GEL 300 million capital return program ahead of schedule.
**Share Buybacks** Repurchased 1.3 million shares in Q2 and Q3 2025, totaling 14.1 million shares (29.4% of peak issued share capital) since the demerger.
**Valuation** Total portfolio value reached GEL 4.5 billion in Q2 2025, with private portfolio value at GEL 2.3 billion (51.1%) and listed portfolio value at GEL 2.2 billion (48.9%).
**Outlook** Confident in continued value growth through NAV per share and EBITDA growth across portfolio companies, supported by Georgias strong economic performance.
The report also includes detailed discussions on portfolio companies results, valuation methodologies, and principal risks and uncertainties. Georgia Capital remains committed to its deleveraging strategy and capital return initiatives, positioning itself for sustained growth and value creation.
| Metric | Jun-25 | Mar-25 | Dec-24 | Change (Jun-25 vs Dec-24) |
|---|---|---|---|---|
| NAV per share (GEL) | 125.63 | 106.73 | 95.95 | 30.9% |
| NAV per share (GBP) | 33.61 | 29.80 | 27.14 | 23.8% |
| Net Asset Value (NAV) | 4,463,211 | 3,857,578 | 3,609,013 | 23.7% |
| Cash and liquid funds | 342,492 | 161,853 | 278,237 | 23.1% |
| NCC ratio | 7.0% | 13.5% | 12.8% | td>-5.8 ppts|
| Total portfolio value creation | 670,866 | 1,014,360 | (140,578) | NMF |
| Investments | 990 | 12,692 | 6,068 | NMF |
| Divestments | (191,744) | (191,744) | - | NMF |
| Buybacks | 55,969 | 143,845 | 50,010 | NMF |
| Dividend income | 49,697 | 57,705 | 50,307 | 14.7% |
| Net income/(loss) | 654,546 | 988,747 | (195,458) | NMF |
| Gross debt | (419,882) | (417,681) | (432,662) | -3.0% |