**Summary of Georgia Capital PLCs 3rd Quarter Results (Q3 2025):**
Georgia Capital PLC reported strong financial performance in Q3 2025, with key highlights including
1. **Net Asset Value (NAV) Growth**
NAV per share increased by 7.9% quarter-on-quarter (q-o-q) to GEL 135.51, driven by robust operating performance across private portfolio companies and growth in Lion Finance Group PLCs (LFG) share price.
Since 2018, NAV per share (GEL) has grown at an 18.0% CAGR.
2. **Portfolio Performance**
Private large portfolio companies delivered outstanding results, with aggregated revenues and EBITDA up 13.5% and 29.5% year-on-year (y-o-y), respectively.
Retail (pharmacy), insurance, and healthcare services businesses showed strong operational improvements.
3. **Capital Return Program**
Commenced a GEL 700 million capital return program, including
A US$ 50 million share buyback and cancellation program, with 0.8 million shares repurchased for US$ 26.3 million.
Early redemption of US$ 100 million of GCAPs local holding company bonds, reducing outstanding principal to US$ 50 million.
Total returns to shareholders since demerger reached US$ 221 million.
4. **Net Capital Commitment (NCC) Ratio**
NCC ratio improved to a record low of 5.4% (down 1.6 ppts q-o-q), driven by significant net debt reduction and portfolio value growth.
5. **Acquisition and Strategic Moves**
Healthcare services business agreed to acquire Gormed LLC, a regional network of three hospitals and clinics in central Georgia, pending regulatory approval.
S&P upgraded GCAPs corporate credit outlook from stable to positive, reflecting strong asset performance and deleveraging progress.
6. **Financial Metrics**
Total portfolio value creation was GEL 347.9 million in Q3 2025.
Dividend income was GEL 110.1 million, down 22.2% y-o-y due to timing discrepancies.
Net income was GEL 282.8 million, significantly up from GEL 110.2 million in Q3 2024.
7. **Macroeconomic Context**
Georgias economy demonstrated robust growth, with real GDP up 7.9% y-o-y in the first eight months of 2025.
GEL appreciated 3.8% year-to-date (YTD) against the US dollar but weakened 6.7% against the euro.
8. **Outlook**
Georgia Capital is well-positioned to continue delivering value and growth through consistent NAV per share growth and sustainable EBITDA growth across its portfolio companies, while maintaining its commitment to capital returns.
Overall, Q3 2025 results underscore Georgia Capitals strong operational and financial performance, strategic capital allocation, and resilience in a favorable macroeconomic environment.