**Summary**
Georgia Capital PLC, a London-listed investment entity, reported strong financial results for the fourth quarter (4Q25) and full year (FY25) of 2025. Key highlights include
**Net Asset Value (NAV) Growth** NAV per share increased by 14.1% quarter-on-quarter (q-o-q) in 4Q25 and 61.2% year-on-year (y-o-y) in FY25, driven by portfolio value growth, share buybacks, and strong operating performance across private portfolio companies.
**Portfolio Performance** The total portfolio value reached GEL 5.1 billion in 4Q25, up 9.4% q-o-q. Listed portfolio value increased by 14.9% q-o-q, primarily due to Lion Finance Groups share price appreciation. Private portfolio value grew by 4.5% q-o-q, led by value creation, investments, and dividend payments.
**Private Portfolio Companies** Large private portfolio companies, including retail (pharmacy), insurance, and healthcare services, delivered outstanding operational results. Aggregated revenues and EBITDA increased by 11.8% and 17.8% y-o-y, respectively, in 4Q25.
**Lion Finance Group** Lion Finance Groups share price rose by 21.6% q-o-q in 4Q25 and 97.5% y-o-y in FY25, contributing significantly to the listed portfolios value creation.
**Share Buybacks** Georgia Capital completed a US$ 50 million share buyback and cancellation program in January 2026, repurchasing 1.5 million shares. A new US$ 50 million share buyback program was launched in February 2026.
**Net Capital Commitment (NCC) Ratio** The NCC ratio improved to a record low of 2.3% in 4Q25, reflecting strong cash generation and portfolio value growth.
**Financial Performance** Adjusted IFRS net income was GEL 598.9 million in 4Q25 and GEL 1,870.4 million in FY25. Gross operating income increased by 15.3% y-o-y in FY25, primarily due to dividend collections.
**Valuation** Independent valuation assessments were performed for retail (pharmacy), insurance, healthcare services, renewable energy, and education businesses, using income and market approaches.
**Outlook** Georgia Capital expects continued robust NAV per share growth, driven by Lion Finance Groups performance, private portfolio companies growth, deleveraging, and share buybacks.
**Key Financials (GEL 000unless otherwise noted):**
NAV per share: GEL 154.68 (4Q25)up 14.1% q-o-q and 61.2% y-o-y
Total portfolio value: GEL 5074885 (4Q25)up 9.4% q-o-q and 34.9% y-o-y
Adjusted IFRS net income: GEL 598877 (4Q25)up 37.5% y-o-y
GEL 1870441 (FY25)up NMF y-o-y
Dividend income: GEL 57692 (4Q25)up NMF y-o-y
GEL 225534 (FY25)up 11.8% y-o-y
**Key Ratios**
NCC ratio2.3% (4Q25), down 3.1 ppts q-o-q and 10.5 ppts y-o-y
Net debt to EBITDA leverage ratio (retail pharmacy): 1.3x (31-Dec-25)
Combined ratio (P&C insurance)90.9% (4Q25), up 1.0 ppt y-o-y
EBITDA margin (healthcare servicesexcl. IFRS 16): 19.7% (4Q25)up 0.4 ppts y-o-y
**Key Developments**
Completion of US$ 50 million share buyback program and launch of a new program
Strong performance across private portfolio companies, particularly in retail, insurance, and healthcare services
Continued growth and value creation from Lion Finance Group
Improved NCC ratio, reflecting strong cash generation and portfolio value growth
Successful social bond issuance by healthcare services business
**Outlook**
Georgia Capital expects to maintain its strong performance, driven by
Lion Finance Groups exceptional performance in Georgia and Armenia
Robust growth across private portfolio companies
Significant deleveraging at the holding level
Strong cash generation, enabling share buybacks and capital returns
The company remains well-positioned to capitalize on its portfolios growth potential and deliver attractive returns to shareholders.
