Georgia Capital - FY25 NAV total return of over 60%

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.

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