Slides
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28 OCTOBER 2026 3Q26 & 9M26 RESULTS CALL PRESENTATION
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01 3Q26 & 9M26 PERFORMANCE OVERVIEW GCAP RESULTS OVERVIEW AGGREGATED PORTFOLIO RESULTS OVERVIEW 02 DEEP DIVE INTO PRIVATE LARGE PORTFOLIO COMPANIES 03 3Q26 & 9M26 PORTFOLIO VALUATION OVERVIEW 04 LIQUIDITY AND DIVIDEND INCOME OUTLOOK 05 WRAP-UP 06 ANNEX CONTENTS 2 2
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7 6 3 2 1 NAV per share up by 13.6% q-o-q to a record high of GEL 198.91 and up 15.1% q-o-q to GBP 57.69 in GBP terms 4 KEY DEVELOPMENTS Full deleveraging achieved at the HoldCo level in 3Q26, with gross debt reduced to zero for the first time ever Sustained double-digit growth across our large private portfolio, with aggregate revenues and EBITDA increasing by 18.5% and 26.3% y-o-y, respectively, in 3Q26, driving a 12.3% y-o-y increase in net operating cash flow Extension of the existing share buyback and cancellation programme by an additional US$ 50 million, bringing the total new share buyback programme size to US$ 100 million NCC ratio up by 2.0 ppts q-o-q to -0.9%, primarily reflecting the cash commitment to the US$ 50 million share buyback programme launched in August 2026 and a 14.1% q-o-q increase in portfolio value 1.0 million shares repurchased during 3Q26 and 4Q26 to date, bringing total shares bought back since the demerger to 17.6 million (US$ 348 million), representing 36.8% of GCAP’s peak issued share capital 5 Healthcare services to invest c.GEL 53 million in expansion capex, of which GCAP will fund GEL 10 million, targeting 20%+ ROIC in high-demand private-pay services. The business to look for a potential international IPO over the next three to five years 1 Georgia Capital PLC | 1. Determined by taking into account the peak number of 47.9 million shares issued as of 31-Dec-20. 3
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NAV per share 30-Jun-26 Lion Finance Group Operating performance FX & multiple change Emerging & other portfolio Buybacks Operating expenses Liquidity manag. /FX/Other NAV per share 30-Sep-26 NAV PER SHARE (GEL) MOVEMENT IN 3Q26 NAV PER SHARE (GEL) UP 13.6% Q-O-Q TO GEL 198.91 IN 3Q26 ▪ The increase in NAV per share (GEL) reflects the outstanding underlying operating performance across all key businesses, reinforcing GCAP’s long-term value and growth proposition for our shareholders ▪ In 3Q26, GCAP delivered IFRS net income of GEL 800.5 million in GBP: 50.10 +15.1% +11.3% +13.6%-0.2%+0.1% +0.6% in GBP: 57.69 -0.8%+2.4% PRIVATE LARGE PORTFOLIO +0.1% 175.12 198.91 4
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AS OF 30 SEPTEMBER 2026, FIVE-YEAR NAV PER SHARE CAGR STOOD AT 27.2%, 31.9% AND 32.4% IN GEL, US$ AND GBP TERMS, RESPECTIVELY AS OF 30 SEPTEMBER 2026, THREE-YEAR NAV PER SHARE CAGR STOOD AT 37.2%, 38.5% AND 35.0% IN GEL, US$ AND GBP TERMS, RESPECTIVELY STRONG NAV PER SHARE GROWTH 44.32 46.84 48.12 59.77 63.03 65.56 76.99 82.94 95.95 154.68 154.82 175.12 198.91 Dec-18 Dec-19 Dec-20 Sep-21 Dec-21 Dec-22 Sep-23 Dec-23 Dec-24 Dec-25 Mar-26 Jun-26 Sep-26 NAV PER SHARE (GEL) DEVELOPMENT OVERVIEW CAGR since the demerger: 21.4% Five-year CAGR: 27.2% Three-year CAGR: 37.2% ✓ SUSTAINED NAV PER SHARE DEVELOPMENT REINFORCES OUR LONG-TERM VALUE GROWTH PROPOSITION FOR OUR SHAREHOLDERS ✓ AS OF 30-SEP-26, OVER THE PAST THREE AND FIVE YEARS, GEORGIA CAPITAL DELIVERED SHARE PRICE CAGR OF 68.5% AND 51.0%, RESPECTIVELY 5
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PROGRESS ON THE NEW GEL 1 BILLION CAPITAL ALLOCATION PROGRAMME IN AUGUST 2026, GCAP LAUNCHED A GEL 1 BILLION CAPITAL ALLOCATION PROGRAMME, SCHEDULED TO BE IMPLEMENTED AND COMPLETED BY THE END OF 2029 EXPECTED TO BE FUNDED THROUGH A COMBINATION OF: ✓ EXISTING STRONG LIQUID FUNDS ✓ EXPECTED ROBUST FREE CASH FLOW GENERATION AT GCAP THE PROGRAMME COVERS: ✓ BUSINESS INVESTMENTS IN GEORGIA AND ARMENIA ✓ CAPITAL RETURNS - SHARE BUYBACKS AND POTENTIAL DIVIDENDS REMAINING: GEL c.740 MILLION CURRENTLY ONGOING SHARE BUYBACK GEL 151 MILLION GEL 1 BILLION CAPITAL ALLOCATION PROGRAMME REPURCHASED & CANCELLED SHARES GEL 109 MILLION ✓ AS OF OCT-26, GCAP HAS ALREADY DEPLOYED MORE THAN GEL 260 MILLION UNDER THE GEL 1 BILLION CAPITAL ALLOCATION PROGRAMME THE PROGRAMME BEGAN WITH A US$ 50 MILLION SHARE BUYBACK AND CANCELLATION PROGRAMME, OF WHICH US$ 42 MILLION HAS ALREADY BEEN UTILISED TODAY, GCAP IS EXTENDING ITS EXISTING SHARE BUYBACK PROGRAMME BY AN ADDITIONAL US$ 50 MILLION, BRINGING ITS TOTAL SIZE TO US$ 100 MILLION 6
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SHARE BUYBACK AND CANCELLATION PROGRAMME 17.6 MILLION SHARES (US$ 348 MILLION IN VALUE) REPURCHASED AND CANCELLED SINCE DEMERGER IN 2018, REPRESENTING 36.8%1 OF THE ISSUED SHARE CAPITAL AT ITS PEAK DEVELOPMENT OF GCAP’S SHARE BUYBACK AND CANCELLATION PROGRAMMES Georgia Capital PLC | 1. Determined by taking into account the peak number of 47.9 million shares issued as of 31-Dec-20. 2. Represents shares issued during Georgia Healthcare Group (“GHG”) share exchange facility. $18 $36 $36 $43 $61 $80 $128 $239 $348 1.3 2.7 2.7 3.5 5.8 7.4 11.1 15.6 17.6 2018 Since demerger 2019 2020 2021 2022 2023 2024 2025 2026 to date Value of shares repurchased (cumulative, US$ million) Number of shares repurchased (cumulative, million) 39.4 40.2 47.92 47.1 44.8 43.2 39.5 34.9 32.9 Number of issued shares (million) ➢ Repurchased and cancelled c.840,000 shares for a total consideration of GEL 130.8 million (US$ 49.7 million) in 3Q26 ➢ c.1,991,000 shares (US$ 108.8 million in value) repurchased to date in 2026, representing 5.7% of issued share capital as at the beginning of 2026 7
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42.5% 39.8% 31.9% 21.1% 15.6% 12.8% 2.3% -0.9% 10.0% 345.7 365.9 385.8 250.1 213.6 171.3 42.8 (22.2) 31-Dec-19 31-Dec-20 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24 31-Dec-25 30-Sep-26 Target NCC ratio Net Capital Commitment (US$ million) NCC RATIO DEVELOPMENT OVERVIEW Over the cycle Target NCC AND NCC RATIO DEVELOPMENT OVERVIEW1 OVER THE CYCLE TARGET NCC REPRESENTS AN AGGREGATED VIEW OF ALL CONFIRMED, AGREED AND EXPECTED CAPITAL OUTFLOWS AT THE GCAP HOLDCO LEVEL Georgia Capital PLC | 1. Reflects the retrospective conversion of the loans issued to our other businesses into equity. -3.2 ppts 8
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RESILIENT MACROECONOMIC PERFORMANCE DESPITE UNCERTAINTIES GEORGIA’S ECONOMY MAINTAINED STRONG MOMENTUM IN 2026, WITH GDP GROWING BY 7.6% IN 8M26 Georgia Capital PLC | Source: Geostat, NBG GROSS INTERNATIONAL RESERVES REACHED A RECORD HIGH OF US$ 8.2 BILLION IN SEPTEMBER 2026, UP BY 50% Y-O-Y INFLATION IS EXPECTED TO STAY RELATIVELY HIGH IN 2026, MAINLY DRIVEN BY HIGHER OIL AND FOOD PRICES 49.7 104.6 4.7 4.3 5.1 6.7 8.3 9.2 10.3 5.4% -6.3% 10.6% 11.0% 7.8% 9.7% 7.5% 7.6% -15 5 25 45 65 85 105 2019 2020 2021 2022 2023 2024 2025 8M26* Nominal GDP, GEL bln (LHS) GDP Per Capita, USD THS (LHS) Real GDP, YoY % (RHS) 0.1 0.1 0.3 0.4 0.2 0.0 0.0 0.0 -0.3 -0.5 -0.6 -0.3 -0.2 0.1 0.1 0.4 -0.1 -0.8 -0.8 -0.5 -1.6 -1.3 3.5 3.6 3.4 3.8 4.1 4.3 3.9 4.3 4.7 4.3 8.2 3.0 4.0 5.0 6.0 7.0 8.0 9.0 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 NBG Net Interventions, US$ bln (RHS) Reserve Assets,EoP,US$ bln (LHS) NBG BOUGHT NET US$ 3.4 BILLION IN JANUARY-SEPTEMBER 2026 THE CURRENT ACCOUNT DEFICIT NARROWED TO 2.5% OF GDP IN 1H26, REFLECTING BROAD- BASED IMPROVEMENTS ACROSS ALL COMPONENTS -6.7% -6.0% -12.4% -10.3% -4.4% -5.6% -5.1% -2.9% -5.8% -2.5% 7.5% 7.8% 3.7% 6.9% 9.0% 6.7% 4.7% 5.0% 0 5.6% 3.8% -28% -18% -8% 2% 12% 22% 2018 2019 2020 2021 2022 2023 2024 2025 1H25 1H26 Goods, net Services, net Investment income, net Current transfers, net Current account FDI, inflows *Preliminary estimated real GDP growth. 5.6 3.7 8.25 0 2 4 6 8 10 12 14 Mar-22 May-22 Jul-22 Sep-22 Nov-22 Jan-23 Mar-23 May-23 Jul-23 Sep-23 Nov-23 Jan-24 Mar-24 May-24 Jul-24 Sep-24 Nov-24 Jan-25 Mar-25 May-25 Jul-25 Sep-25 Nov-25 Jan-26 Mar-26 May-26 Jul-26 Sep-26 Headline Inflation Core Inflation Target Monetary Policy Rate 9
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01 3Q26 & 9M26 PERFORMANCE OVERVIEW GCAP RESULTS OVERVIEW AGGREGATED PORTFOLIO RESULTS OVERVIEW 02 DEEP DIVE INTO PRIVATE LARGE PORTFOLIO COMPANIES 03 3Q26 & 9M26 PORTFOLIO VALUATION OVERVIEW 04 LIQUIDITY AND DIVIDEND INCOME OUTLOOK 05 WRAP-UP 06 ANNEX CONTENTS 10 10
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183 228 9M25 9M26 63 80 3Q25 3Q26 AGGREGATED REVENUE AND EBITDA DEVELOPMENT ACROSS LARGE PRIVATE PORTFOLIO AGGREGATED REVENUE DEVELOPMENT GEL MILLION AGGREGATED EBITDA DEVELOPMENT GEL MILLION 442 524 1,311 1,535 3Q25 3Q26 9M25 9M26 +18.5% +17.1% +26.3% +24.7% 11
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AGGREGATED CASH BALANCE & NET OPERATING CASH FLOW DEVELOPMENT ACROSS LARGE PRIVATE PORTFOLIO AGGREGATED NET OPERATING CASH FLOW AGGREGATED CASH BALANCE 64 72 3Q25 3Q26 +12.3% 161 204 9M25 9M26 +26.7% 249 254 246 30-Sep-25 30-Jun-26 30-Sep-26 -3.5% -1.5% GEL MILLION GEL MILLION 12
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LEVERAGE OVERVIEW OF OUR LARGE BUSINESSES 0.0x 0.5x 0.4x -0.2x 1.0x 31-Dec-23 31-Dec-24 31-Dec-25 30-Sep-26 Allowed 2.2x 1.9x 1.3x 0.8x 1.5x 31-Dec-23 31-Dec-24 31-Dec-25 30-Sep-26 Allowed 5.0x 4.3x 3.7x 3.4x 3.0x 31-Dec-23 31-Dec-24 31-Dec-25 30-Sep-26 Allowed HEALTHCARE SERVICES ALLOWED LEVERAGE RETAIL (PHARMACY) INSURANCE BELOW LIMIT ALLOWED LEVERAGE ALLOWED LEVERAGE ABOVE LIMIT BELOW LIMIT NO LEVERAGE NET DEBT TO EBITDA DEVELOPMENT OVERVIEW Georgia Capital PLC | 1. Figures take into account the application of the minority buyout agreement. 2. Negative ratio as of 30-Sep-26 reflects a net cash position of the business. 2 1 13
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01 3Q26 & 9M26 PERFORMANCE OVERVIEW 02 DEEP DIVE INTO PRIVATE LARGE PORTFOLIO COMPANIES RETAIL (PHARMACY) BUSINESS OVERVIEW HEALTHCARE SERVICES BUSINESS OVERVIEW INSURANCE BUSINESS OVERVIEW 03 3Q26 & 9M26 PORTFOLIO VALUATION OVERVIEW 04 LIQUIDITY AND DIVIDEND INCOME OUTLOOK 05 WRAP-UP 06 ANNEX CONTENTS 14 14
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RETAIL (PHARMACY) BUSINESS OVERVIEW GEORGIA’S LARGEST RETAILER IN TERMS OF REVENUE WITH 34% MARKET SHARE IN ORGANISED RETAIL MARKET1 Georgia Capital PLC | 1. Based on 2024 revenues. 2. Includes 2 pharmacy chains. 3. In 2026, revenue generated under state-funded programmes and sold through retail channels has been reclassified from wholesale to retail revenue, considering that retail serves as the distribution channel for such sales. Comparative periods and respective operating data have been restated accordingly. RETAIL BUSINESS PORTFOLIO | SEPTEMBER 2026 Pharmacies in total +12 Q-O-Q 476 22 in Armenia 454 in Georgia 15 The Body Shop stores 8 in Georgia 2 in Armenia 5 in Azerbaijan ✓ In 3Q26, the retail pharmacy chain expanded by 12 pharmacies (10 in Georgia, two in Armenia), with openings focused on strategically selected locations 6 Optics – Alain Afflelou 2 in Armenia 4 in Georgia ORGANISED RETAIL MARKET SHARE | 2024 REVENUE 6% 30% 34% 30% 125.3 624.6 633.7 PHARMADEPOT - 482.6 GPC - 219.9 Other² PSP Aversi GCAP in pharma 702.5 GEL MILLION GCAP’s retail (pharmacy) business 195 226 575 648 36 40 106 118 232 266 681 766 3Q25 3Q26 9M25 9M26 Retail Wholesale +14.8% 32.8% 34.5%33.4% 35.4% Gross Profit Margin +15.7% +11.2% REVENUE DEVELOPMENT, GEL MILLION3 +12.4% 25.5 26.08.4 8.8 Number of bills issued (million) 23.3 25.7 22.6 24.9 3Q25 3Q26 9M25 9M26 +10.1% +10.2% AVERAGE BILL SIZE, GEL3 SAME STORE REVENUE GROWTH3 9M26 RETAIL REVENUE BY CATEGORIES +10.3% +12.7% 3Q25 7.0% 3Q26 8.7% 9M25 5.9% 9M26 7.3% GEL 648 MILLION PRESCRIPTION 31% OVER THE COUNTER 24% FOOD SUPPLEMENT 12% BABY CARE & FOOD 10% COSMETICS & OTHER 23% BEAUTY & OTHER 45% GEL 296 MLN MEDICINE 55% GEL 352 MLN 31% 24% 12% 10% 23% 15
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RETAIL (PHARMACY) BUSINESS PERFORMANCE OVERVIEW GEL MILLION EBITDA EBITDA margin 25.2 33.8 73.7 92.7 3Q25 3Q26 9M25 9M26 10.9% 12.7% 10.8% 12.1% +34.4% +25.9% ✓ ACHIEVED Y-O-Y EBITDA GROWTH OF 34.4% IN 3Q26 OPERATING CASH FLOW EBITDA to cash conversion 100.7% 62.5% 93.2% 86.9% ✓ EBITDA TO CASH CONVERSION STOOD AT 62.5% IN 3Q26, REFLECTING HIGHER WORKING CAPITAL REQUIREMENTS AND INVESTMENT IN NEW PRODUCT LAUNCHES 25.4 21.1 68.7 80.6 3Q25 3Q26 9M25 9M26 -16.6% +17.4% ADJUSTED NET DEBT TO LTM EBITDA1 Georgia Capital PLC | General note: Figures are given excluding IFRS 16 effect; 1. Figures take into account the application of the minority buyout agreement. 136.7 130.3 128.3 102.5 94.5 102.9 1.4x 1.3x 1.3x 1.0x 0.8x 0.8x 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 Sep-26 Adjusted net debt Adjusted net debt to LTM EBITDA ✓ ADJUSTED NET DEBT TO LTM EBITDA STANDS AT 0.8x AS OF SEPTEMBER 2026, BELOW THE TARGETED LEVEL OF 1.5x ✓ DIVIDENDS PAID TO GCAP AMOUNTED TO GEL 14.9 MILLION IN 3Q26 AND GEL 26.8 MILLION IN 9M26 (GEL 19.9 MILLION IN 9M25) 16
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3 PRUDENT LEVERAGE WITH ADJUSTED NET DEBT TO EBITDA AT 0.8x (DOWN FROM 1.3x AT 31-DEC-25), WHILE DISTRIBUTING GEL 14.9 MILLION DIVIDENDS TO GCAP IN 3Q26 AND GEL 26.8 MILLION IN 9M26 (GEL 19.9 MILLION IN 9M25) 2 ENHANCED PROFITABILITY, SUPPORTED BY A SHIFT IN THE SALES MIX TOWARDS HIGHER-MARGIN PRODUCT PORTFOLIO AND IMPROVED SUPPLIER TERMS, DRIVING SIGNIFICANT GROSS PROFIT AND EBITDA GROWTH 1 STRONG TOP-LINE PERFORMANCE SUPPORTED BY 8.7% SAME-STORE REVENUE GROWTH IN 3Q26 AND ROBUST PERFORMANCE OF WHOLESALE BUSINESS RETAIL (PHARMACY) BUSINESS KEY CONSIDERATIONS 17
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01 3Q26 & 9M26 PERFORMANCE OVERVIEW 02 DEEP DIVE INTO PRIVATE LARGE PORTFOLIO COMPANIES RETAIL (PHARMACY) BUSINESS OVERVIEW HEALTHCARE SERVICES BUSINESS OVERVIEW INSURANCE BUSINESS OVERVIEW 03 3Q26 & 9M26 PORTFOLIO VALUATION OVERVIEW 04 LIQUIDITY AND DIVIDEND INCOME OUTLOOK 05 WRAP-UP 06 ANNEX CONTENTS 18 18
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15.8% 17.0% 19.5% 20.3% FY23 FY24 FY25 9M26 3.8x 3.7x 3.7x 3.5x 3.4x 90 93 97 103 108 Sep-25 Dec-25 Mar-26 Jun-26 Sep-26 21 26 68 82 3Q25 3Q26 9M25 9M26 53 65 159 19261 67 188 210 3Q25 3Q26 9M25 9M26 outpatient inpatient HEALTHCARE SERVICES BUSINESS OVERVIEW 3Q26 AND 9M26 KEY HIGHLIGHTS: GEL MILLION EBITDA1NET REVENUE +21.0% Georgia Capital PLC | 1. EBITDA, net debt and EBITDA margin (%) are presented excluding IFRS 16 impact. HEALTHCARE BUSINESS PORTFOLIO ✓ EXPANDED SERVICE OFFERINGS ACROSS TBILISI AND THE REGIONS ✓ NEW DOCTORS ONBOARDED ✓ LAB RETAIL NETWORK FURTHER EXPANDED, REACHING 22 RETAIL BRANCHES IN TOTAL ✓ NET REVENUE FROM OUTPATIENT SERVICES UP 22.7% Y-O-Y IN 3Q26 ✓ DELIVERED 16% TOP-LINE AND 22% Y-O-Y EBITDA GROWTH IN 3Q26 LTM EBITDA AND NET DEBT TO LTM EBITDA1 GEL MILLION +15.9% 114 SEPTEMBER 2026 Hospitals 35 17 Polyclinics 1 Laboratory WC/Revenue, % 22.3% 17.3% +22.4%+15.9% 132 347 403 EBITDA MARGIN1 19
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64.2% 63.1% 70.8% 67.8% 3Q25 3Q26 9M25 9M26 8 21 32 48 3Q25 3Q26 9M25 9M26 17 21 53 64 3Q25 3Q26 9M25 9M26 94 109 286 331 3Q25 3Q26 9M25 9M26 HOSPITALS BUSINESS 3Q26 AND 9M26 KEY HIGHLIGHTS: GEL MILLIONGEL MILLION Georgia Capital PLC | 1. EBITDA and operating cash flow are presented excluding IFRS 16 impact. 2. Operating highlights include preliminary operating data from Gormed. OPERATING HIGHLIGHTS - BED OCCUPANCY RATES (%) Average length of stay (days) NET REVENUE EBITDA1 OPERATING CASH FLOWS1 +15.4% NMF 10,217 308 497 779 813 839 2,406 Other Ingorokva Tbilisi Medical Institute Ghudushauri-Chachava Geo Hospitals Aversi State GCAP Hospitals HOSPITALS MARKET SHARES | NUMBER OF HOSPITAL BEDS* 65% 2% 3% 5% 5% 5% 15% *Total number of beds amounts to 15,859 HEALTHCARE SERVICES BUSINESS PERFORMANCE OVERVIEW 3.9 3.9 49.0% 75.7% EBITDA to cash conversion (excl. IFRS 16) 2 EBITDA margin (excl. IFRS 16) ✓ Revenue growth of 15% y-o-y in 3Q26, supported by expansion of outpatient services (up by 23% y-o-y) ✓ EBITDA margin increased by 1.1 ppts y-o-y in 3Q26 17.7% 18.8%+16.0% +22.2% +19.3% 18.5% 19.1% +51.1% 103.0% 59.8% -3.0 ppts 3.9 4.0 -1.2 ppts WC/Revenue, % 24.7% 19.6% 20
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4 5 15 19 3Q25 3Q26 9M25 9M26 0.6 0.7 2.0 2.1 3Q25 3Q26 9M25 9M26 423 469 1,411 1,471 3Q25 3Q26 9M25 9M26 3 3 11 12 3Q25 3Q26 9M25 9M26 21 25 67 78 3Q25 3Q26 9M25 9M26 HEALTHCARE SERVICES BUSINESS PERFORMANCE OVERVIEW (CONT’D) CLINICS & DIAGNOSTICS 3Q26 AND 9M26 KEY HIGHLIGHTS: GEL MILLIONGEL MILLION Georgia Capital PLC | 1. EBITDA and operating cash flow are presented excluding IFRS 16 impact. OPERATING HIGHLIGHTS EBITDA1 OPERATING CASH FLOWS1 NUMBER OF ADMISSIONS (THOUSANDS) - POLYCLINICS NUMBER OF TESTS PERFORMED (MILLION) - DIAGNOSTICS +18.7% +23.1% +5.9% +10.9% 136,828 323,910 395,571 402,221 Other Medcapital Geo Hospitals GCAP Polyclinics GCAP Regional & Community Clinics CLINICS MARKET SHARES | NUMBER OF REGISTERED PATIENTS 59% 4% 13% 1,822,315 13% 11% *Total number of registered patients amounts to 3,080,845 19.8% 20.5% EBITDA margin (excl. IFRS 16) 75.3% 62.3% EBITDA to cash conversion (excl. IFRS 16) 26% ✓ Number of admissions in polyclinics increased by 11% y-o-y in 3Q26 ✓ Net revenue grew by 19% y-o-y in 3Q26 ✓ EBITDA growth amounted to 23% y-o-y in 3Q26 GCAP Polyclinics GCAP Regional & Community Clinics +16.4% NET REVENUE +26.2% 22.0% 23.8% +5.9% 64.7% 74.3% +4.3% +6.5% +4.4% WC/Revenue, % 7.7% 8.4% 21
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2 1 DELIVERED 16% Y-O-Y TOP-LINE AND 22% EBITDA GROWTH, WITH EBITDA MARGIN IMPROVING BY 1.0 PPTS Y-O-Y IN 3Q26 3 HEALTHCARE SERVICES BUSINESS KEY CONSIDERATIONS EXPANDED CLINICS & DIAGNOSTICS NETWORK, INVESTED IN ADVANCED EQUIPMENT AND LAUNCHED NEW SERVICES IN TBILISI AND THE REGIONS MORE THAN GEL 50 MILLION CAPEX PLANNED OVER THE NEXT THREE YEARS TO EXPAND OUTPATIENT AND IVF DIRECTIONS 22
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01 3Q26 & 9M26 PERFORMANCE OVERVIEW 02 DEEP DIVE INTO PRIVATE LARGE PORTFOLIO COMPANIES RETAIL (PHARMACY) BUSINESS OVERVIEW HEALTHCARE SERVICES BUSINESS OVERVIEW INSURANCE BUSINESS OVERVIEW 03 3Q26 & 9M26 PORTFOLIO VALUATION OVERVIEW 04 LIQUIDITY AND DIVIDEND INCOME OUTLOOK 05 WRAP-UP 06 ANNEX CONTENTS 23 23
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27 29 14 24 9M25 9M26 11 12 6 8 3Q-25 3Q-26 P&C Medical 130 145 153 221 9M25 9M26 48 53 49 72 3Q-25 3Q-26 P&C Medical INSURANCE BUSINESS OVERVIEW INSURANCE BUSINESS COMPRISES TWO BUSINESS LINES: INSURANCE REVENUE GEL MILLION +30% GEL MILLION +19% PRE-TAX PROFIT1 PROPERTY AND CASUALTY (P&C) MEDICAL KEY OPERATING HIGHLIGHTS 3Q26 CHANGE y-o-y NPW, P&C 52 16% NPW, Medical 57 29% NPW, Total Insurance 109 23% 96 125 17 20 GEL MILLION Georgia Capital PLC | 1. Excluding ARDI acquisition-related interest expense allocation to medical insurance business. 2. The figures are presented excluding GEL 3.0 million motor insurance claims’ effect following a severe hailstorm in Tbilisi. 3Q25 3Q26 3Q25 3Q26 9M25 9M26 +30% 282 366 9M26 CHANGE y-o-y 156 15% 279 58% 436 40% 9M25 9M26 +29% (+36%2) 41 53 24
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27 29 9M25 9M26 11 12 3Q-25 3Q-26 130 145 9M25 9M26 48 53 3Q-25 3Q-26 14% 3% 7% 17% 23% 36% INSURANCE BUSINESS OVERVIEW – P&C INSURANCE ALDAGI IS A LEADING PLAYER IN PROPERTY AND CASUALTY INSURANCE INSURANCE REVENUE PROFIT (GEL MILLION) ✓ THE 3Q26 COMBINED RATIO DECREASED BY 0.1 PPTS Y-O-Y TO 83.0% ✓ THE Y-O-Y INCREASE IN 9M26 COMBINED RATIO PRIMARILY REFLECTS MOTOR INSURANCE CLAIMS ARISING FROM THE SEVERE HAILSTORM IN TBILISI. EXCLUDING THIS ONE -OFF EVENT, THE 9M26 COMBINED RATIO WOULD HAVE IMPROVED BY 1.1 PPTS Y-O-Y TO 83.8% GEL MILLION +12% 40.5% 39.6% +12% GEL MILLION ROAE 3Q26 CHANGE y-o-y 9M26 CHANGE y-o-y NPW (GEL million) 52 16% 156 15% Combined Ratio 83.0% -0.1 ppts 85.9% 1.0 ppts Combined Ratio2 83.0% -0.1 ppts 83.8% -1.1 ppts Individuals Insured 146K 10% 146K 10% Policies Written 125K 14% 365K 15% Retail Renewal 81.5% 5.7 ppts 80.5% 2.5 ppts P&C MARKET SHARES | 1H26 GROSS PREMIUMS WRITTEN KEY OPERATING METRICS 9M25 9M26 35.1% 33.1% +8% (+20%2) 3Q25 3Q26 +12% 9M25 9M263Q25 3Q26 ✓ EXCLUDING THE HAILSTORM RELATED MOTOR INSURANCE CLAIMS, P&C INSURANCE’S PROFIT INCREASED BY 20% Y-O-Y IN 9M26 ✓ GEL 6.3 MILLION DIVIDENDS WERE PAID TO GCAP IN 3Q26 (GEL 17.9 MILLION IN 9M26) +1 PPT Y-O-Y Georgia Capital PLC | 1. Source: Insurance State Supervision Service of Georgia; 2. The figures are presented excluding GEL 3.0 million motor insurance claims’ effect following a severe hailstorm in Tbilisi. 67 12 31 78 104 162 Other Unison Global Benefits Georgia Vienna Insurance Group TBC Insurance P&C BusinessP&C Business ✓ THE Y-O-Y INCREASE IN 3Q26 REVENUE REFLECTS A COMBINATION OF FACTORS: 1) THE EXPANSION OF RETAIL AND CORPORATE MOTOR PORTFOLIOS, ALONGSIDE HIGHER PRICES FOR CORPORATE POLICIES, 2) THE GROWTH IN PROPERTY INSURANCE REVENUE DRIVEN BY THE EXPANSION IN THE CORPORATE CLIENT PORTFOLIO, AND 3) THE GROWTH IN CREDIT LIFE INSURANCE LINE 1 25
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14 24 9M25 9M26 6 8 3Q-25 3Q-26 153 221 9M25 9M26 49 72 3Q-25 3Q-26 3Q26 CHANGE y-o-y NPW (GEL million) 57 29% Combined Ratio 91.7% 1.3 ppts Individuals Insured 375K 40% Renewal Rate 77.8% -2.4 ppts INSURANCE BUSINESS OVERVIEW – MEDICAL INSURANCE Georgia Capital PLC | 1. Source: Insurance State Supervision Service of Georgia; 2. Excluding ARDI acquisition-related interest expense allocation to medical insurance business. ✓ THE 3Q26 COMBINED RATIO INCREASED BY 1.3 PPTS Y-O-Y TO 91.7%, DRIVEN BY AN INCREASED SHARE OF INHERENTLY HIGH-LOSS-RATIO STATE TENDERS IN THE PORTFOLIO ✓ THE Y-O-Y IMPROVEMENT IN THE COMBINED RATIO IN 9M26 MAINLY REFLECTS A LOWER EXPENSE RATIO DUE TO ROBUST REVENUE GROWTH MEDICAL INSURANCE MARKET SHARE | 1H26 GROSS PREMIUMS WRITTEN KEY OPERATING METRICS INSURANCE REVENUE GEL MILLION ✓ NEWLY AWARDED TENDERS AND CONTINUED CORPORATE PORTFOLIO EXPANSION DROVE THE 48% Y-O-Y REVENUE GROWTH IN 3Q26, FURTHER SUPPORTED BY DOUBLE-DIGIT POLICY PRICE INCREASES AND EXPANSION IN THE RETAIL HEALTH PORTFOLIO PROFIT & ROAE ✓ MARKET SHARE INCREASED BY 13 PPTS Y-O-Y, PRIMARILY REFLECTING HIGHER MEDICAL TENDER PREMIUMS AND STRONG GROWTH IN THE RETAIL HEALTH SEGMENT DURING 1H26 +48% +45% 9M25 9M263Q25 3Q26 GEL MILLION 37.6% 41.3%ROAE 29.1% 44.3% +31% +68% 9M26 CHANGE y-o-y 279 58% 91.7% -2.3 ppts 375K 40% 77.8% -3.4 ppts 1 ✓ TENDERS: • Medical tender premiums increased by GEL 72.1 million in 9M26. Tariff adjustments and tighter underwriting criteria contributed to stronger profitability ✓ RETAIL: • Retail health insured count reached 17,400, supporting premium growth of GEL 1.4 million (+39%) in 3Q26 and GEL 5.6 million (+51%) in 9M26 • Mandatory inbound travel insurance generated GPW of GEL 1.1 million in 3Q26 and GEL 4.1 million in 9M26. Given its low loss ratio, it provided a profitable and diversifying contribution to retail health ✓ CORPORATE: • Double-digit increase in insurance tariffs supported overall corporate portfolio profitability +13 PPTS Y-O-Y 3Q25 3Q26 9M25 9M26 73 38 39 92 203 Other Global Benefits Georgia TBC Insurance Vienna Insurance Group Medical Insurane Business Medical Insurance Business 16% 8% 9% 21% 46% ✓ GEL 1.9 MILLION DIVIDENDS WERE PAID TO GCAP IN 3Q26 2 26
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2 P&C INSURANCE MAINTAINED STEADY REVENUE GROWTH OF 12% Y-O-Y IN 3Q26, WHILE DISCIPLINED UNDERWRITING AND PRICING CONTINUED TO SUPPORT STRONG UNDERLYING PROFITABILITY 3 MEDICAL INSURANCE MAINTAINED STRONG GROWTH MOMENTUM, SUPPORTED BY CORPORATE PORTFOLIO EXPANSION, DISCIPLINED PRICING AND 39% Y-O-Y GROWTH IN RETAIL HEALTH INSURANCE REVENUE, CONTRIBUTING TO A 31% Y-O-Y INCREASE IN 3Q26 PROFIT 1 ROBUST FINANCIAL PERFORMANCE WITH 30% Y-O-Y REVENUE AND 19% Y-O-Y PROFIT GROWTH IN 3Q26, SUPPORTED BY STRONG CONTRIBUTIONS FROM BOTH INSURANCE BUSINESS LINES INSURANCE BUSINESS KEY CONSIDERATIONS 4 GEL 8.1 MILLION DIVIDENDS PAID TO GCAP IN 3Q26 (GEL 19.8 MILLION IN 9M26) 27
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01 3Q26 & 9M26 PERFORMANCE OVERVIEW 02 DEEP DIVE INTO PRIVATE LARGE PORTFOLIO COMPANIES 03 3Q26 & 9M26 PORTFOLIO VALUATION OVERVIEW 04 LIQUIDITY AND DIVIDEND INCOME OUTLOOK 05 WRAP-UP 06 ANNEX CONTENTS 28 28
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PORTFOLIO VALUE AS OF 30-SEP-26 Georgia Capital PLC | 1. In 3Q26, our private portfolio companies were valued internally by incorporating the portfolio companies’ 3Q26 results, in line with International Private Equity Valuation (“IPEV”) guidelines and methodology deployed in 1H26 by an independent valuation company, which conducts external valuation assessment of the retail (pharmacy), healthcare services, insurance, renewable energy and education businesses semi-annually. 2. LTM implied EV/EBITDA multiples for retail (pharmacy) and healthcare services are presented including IFRS 16 as of 30-Sep-26. 3,168 2,458 552 Listed Large Emerging and other PORTFOLIO BREAKDOWN GEL 6,178 MILLION 9% 51% 40% 3,168 1,094 722 641 552 Lion Finance Group Retail (pharmacy) Healthcare services Insurance Emerging and other businesses % SHARE IN TOTAL PORTFOLIO VALUE: LARGE PORTFOLIO COMPANIES GEL MILLION 9%10% 9.9x LTM P/E 12% 10.3x LTM EV/EBITDA2 51% GBP 143.7 PRICE ON LSE 18% MULTIPLE: 8.3x LTM EV/EBITDA2 97% OF OUR PORTFOLIO IS VALUED EXTERNALLY1 LISTED 29
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9.9x 10.1x 9.9x 9.9x 30-Sep-25 31-Dec-25 30-Jun-26 30-Sep-26 INSURANCE 8.2x 8.1x 8.3x 8.3x 30-Sep-25 31-Dec-25 30-Jun-26 30-Sep-26 RETAIL (PHARMACY) 9.9x 10.1x 10.4x 10.3x 30-Sep-25 31-Dec-25 30-Jun-26 30-Sep-26 HEALTHCARE SERVICES PRIVATE LARGE PORTFOLIO IMPLIED MULTIPLE DEVELOPMENT LTM EV/EBITDA MULTIPLE LTM EV/EBITDA MULTIPLE LTM P/E MULTIPLE 30
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124 10 5,413 631 6,178 Portfolio value 30-Jun-26 Lion Finance Group Large portfolio companies Other portfolio companies Portfolio value 30-Sep-26 PORTFOLIO VALUE DEVELOPMENT IN 3Q26 GEL MILLION PORTFOLIO UP BY 14.1% Q-O-Q TO GEL 6.2 BILLION IN 3Q26 LISTED PORTFOLIO UP BY 24.9% PRIVATE PORTFOLIO VALUE UP BY 4.6% PRIVATE PORTFOLIO 3Q26 VALUE CREATION GEL million Retail (pharmacy) 73 Healthcare services 34 Insurance 38 Emerging and other businesses 8 Total 153 Emerging and other portfolio companies LFG VALUE DEVELOPMENT IN 3Q26 GEL million Value as of 30-Jun-26 2,537 Value creation 657 Dividends (26) Value as of 30-Sep-26 3,168 631 31
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HEALTHCARE SERVICES PRIVATE LARGE PORTFOLIO VALUATION OVERVIEW 1,035 64 (10) 4 1,094 Equity value 30-Jun-26 EBITDA change Net debt change FX & Multiple change Equity value 30-Sep-26 611 24 4 1 641 Equity value 30-Jun-26 Net income change Net debt change Multiple change Equity value 30-Sep-26 688 37 (1) (1) 722 Equity value 30-Jun-26 EBITDA change Net debt change FX & Multiple change Equity value 30-Sep-26 Georgia Capital PLC | General note: In 3Q26, our private portfolio companies were valued internally by incorporating the portfolio companies’ 3Q26 results, in line with International Private Equity Valuation (“IPEV”) guidelines and methodology deployed in 1H26 by an independent valuation company, which conducts external valuation assessment of the retail (pharmacy), healthcare services, insurance, renewable energy and education businesses semi-annually. RETAIL (PHARMACY) INSURANCE GEL MILLION 8.3x MULTIPLE 8.3x MULTIPLE 9.9x MULTIPLE 9.9x MULTIPLE 10.4x MULTIPLE 10.3x MULTIPLE Includes GEL 8.1m dividend +6.2% -0.9% +0.4%Impact +3.9% +0.7% +0.2%Impact+5.4% -0.2%Impact -0.2% Includes GEL 14.9m dividend 32
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01 3Q26 & 9M26 PERFORMANCE OVERVIEW 02 DEEP DIVE INTO PRIVATE LARGE PORTFOLIO COMPANIES 03 3Q26 & 9M26 PORTFOLIO VALUATION OVERVIEW 04 LIQUIDITY AND DIVIDEND INCOME OUTLOOK 05 WRAP-UP 06 ANNEX CONTENTS 33 33
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LIQUIDITY OUTLOOK 88 152 40 99 89 196 111 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 Jun-26 Sep-26 LIQUIDITY DEVELOPMENT OVERVIEW (US$ MILLION) GROSS DEBT (US$ million) LIQUIDITY DECREASED BY 43.5% Q-O-Q, DRIVEN BY: ✓ SHARE BUYBACKS ✓ EARLY REPAYMENT OF THE REMAINING US$ 50 MILLION SUSTAINABILITY-LINKED BONDS PARTIALLY OFFSET BY DIVIDEND INFLOWS DURING THE QUARTER LIQUIDITY OUTLOOK Full redemption of GCAP Eurobond Georgia Capital PLC | 1. The figure includes accrued interim dividends from LFG (ex-dividend date in June 2026, payment date in July 2026). Early redemption of US$ 100 million local holding bonds Sep-26 365 300 150 150 50 50 0 Early full redemption of remaining local holding bonds Early full redemption of SLB and buyback extension 1 FULL DELEVERAGING AT THE HOLDING COMPANY LEVEL, WITH GROSS DEBT REDUCED TO ZERO FOR THE FIRST TIME EVER 34
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29 15 41 81 72 107 58 - 44 50 33 30 44 30 60 53 55 57 86 51 73 30 74 94 180 179 226 2019 2020 2021 2022 2023 2024 2025 Dividend income from listed companies Buyback dividend Dividend income from private companies 2026 c.200 OUTLOOK c.61 DIVIDEND INCOME OUTLOOK RECURRING CASH DIVIDEND INCOME FROM PORTFOLIO COMPANIES GEL 52.5 MILLION RECURRING DIVIDEND INCOME IN 3Q26 GEL MILLION DIVIDEND INCOME (GEL million) 3Q26 9M26 Lion Finance Group 25.7 87.5 of which, cash dividend 19.5 57.6 of which, buyback dividend 6.2 29.9 Retail (pharmacy) 14.9 26.8 Insurance 8.1 19.8 of which, P&C insurance 6.3 17.9 of which, medical insurance 1.9 1.9 Auto service 2.0 2.9 Education 1.8 1.8 TOTAL 52.5 138.8 1 Georgia Capital PLC | 1. In 2023 and 2024, GCAP received one-off non-recurring inflows of GEL 56.1 million and GEL 22.6 million, respectively. 2. In 2025, GCAP received dividends from LFG for five quarters, reflecting the Bank’s transition to quarterly dividend payments during the year. c.200 GEL MILLION SOLID DIVIDEND INCOME OUTLOOK IN 2026 1 2.11.6 4.1 4.3 6.5 Dividend income per share (GEL) 2 35
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TOTAL LARGE PORTFOLIO GEL 88 MILLION DISTRIBUTABLE CAPITAL IN 9M26 DIVIDENDS PAID DEBT REPAID ACQUISITIONS RETAIL (PHARMACY) INSURANCE GEL 58 MILLION TOTAL DISTRIBUTABLE CAPITAL GEL 29 MILLION TOTAL DISTRIBUTABLE CAPITAL 60% 32% 8% GEL 7 MILLION ACQUISITIONS GEL 28 MILLION DEBT REPAID GEL 53 MILLION DIVIDEND PAID GEL 88 MILLION 21 28 21 23 1 7 43 9M26 9M25 58 DISTRIBUTABLE CAPITAL GENERATION AT LARGE PORTFOLIO COMPANIES +36.6% Y-O-Y +37.9% Y-O-Y HEALTHCARE SERVICES OPERATING CASH GENERATION FULLY REINVESTED IN DEVELOPMENT CAPEX PROGRAMME 19 25 2 5 29 21 9M26 9M25 +37.0% Y-O-Y 1 Georgia Capital PLC | 1. Represents acquisitions funded from the business’s own capital generation. 36
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01 3Q26 & 9M26 PERFORMANCE OVERVIEW 02 DEEP DIVE INTO PRIVATE LARGE PORTFOLIO COMPANIES 03 3Q26 & 9M26 PORTFOLIO VALUATION OVERVIEW 04 LIQUIDITY AND DIVIDEND INCOME OUTLOOK 05 WRAP-UP 06 ANNEX CONTENTS 37 37
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PERFORMANCE HIGHLIGHTS ✓ • NAV per share up by 13.6% q-o-q to a record high of GEL 198.91 and up 15.1% q-o-q to GBP 57.69 in GBP terms • Outstanding quarterly results across our private large portfolio companies, with aggregated revenues and EBITDA up by 18.5% and 26.3% y-o-y ✓ Full deleveraging at the HoldCo level, with gross debt reduced to zero for the first time ever ✓ Extension of the existing share buyback and cancellation programme by an additional US$ 50 million, bringing the total programme size to US$ 100 million ✓ 1.0 million shares repurchased during 3Q26 and 4Q26 to date, bringing total shares bought back since the demerger to 17.6 million (US$ 348 million), representing 36.8% of GCAP’s peak issued share capital OUTLOOK Delivering on our value growth story through consistent NAV per share growth and sustainable EBITDA growth across our large portfolio companies Maintaining the NCC ratio below 10% Strong economic growth outlook OUTSTANDING QUARTERLY PERFORMANCE 38
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01 3Q26 & 9M26 PERFORMANCE OVERVIEW 02 DEEP DIVE INTO PRIVATE LARGE PORTFOLIO COMPANIES 03 3Q26 & 9M26 PORTFOLIO VALUATION OVERVIEW 04 LIQUIDITY AND DIVIDEND INCOME OUTLOOK 05 WRAP-UP 06 ANNEX CONTENTS 39 39
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NAV PER SHARE DISCOUNT DEVELOPMENT OVERVIEW 13.05 13.53 14.81 13.78 12.46 7.41 8.41 9.18 10.81 9.97 12.45 14.16 15.10 12.92 14.78 18.55 20.12 21.41 22.12 23.44 24.23 26.48 22.10 22.82 27.14 29.80 33.61 37.25 42.44 43.34 50.10 57.69 21.8% 19.4% 26.4% 26.0% 26.0% 42.6% 44.7% 60.2% 50.0% 42.0% 42.2% 57.6% 52.8% 51.2% 59.0% 66.6% 63.7% 63.3% 62.4% 58.0% 57.8% 49.9% 55.7% 59.2% 55.8% 48.4% 42.8% 35.3% 27.0% 16.2% 16.6% 18.4% Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 Sep-26 NAV Per Share (GBP) NAV Discount DESPITE STRONG RECENT TRADING PERFORMANCE, THE NAV PER SHARE DISCOUNT REMAINS WIDE, PRESENTING AN ATTRACTIVE BUYBACK OPPORTUNITY +21.1% CAGR 40
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LEVERAGE OVERVIEW OF OUR PRIVATE BUSINESSES GCAP’S DELEVERAGING STRATEGY HAS PUT THE PORTFOLIO IN ITS STRONGEST BALANCE-SHEET POSITION TO DATE Georgia Capital PLC | General note: Figures for retail (pharmacy) and healthcare services businesses are given excluding IFRS 16 effects. Net debt includes the application of the minority buyout agreement in the retail (pharmacy) business and assumes the reclassification of the loans issued to our real estate business as quasi-equity facilities throughout 2019 - 2021. All figures are given excluding beer and distribution business. For renewable energy business, figures are calculated in US$ terms. 1. LTM EBITDA excludes the gain of GEL 2.9 million from the sale of one of the polyclinic buildings in 3Q23. 2. Incorporates disposal of Batumi Hospital. 3. Medical insurance is given including Ardi. 4. Excludes the housing development business, which was divested in June 2026. 5. P&C business LTM net profit before tax excludes the gain of GEL 3.7 million from the sale of an office building. GEL MILLION 195 220 249 222 219 221 214 240 281 309 333 351 353 369 958 934 852 877 758 748 816 908 873 853 894 881 747 730 4.9x 4.3x 3.4x 3.9x 3.5x 3.4x 3.8x 3.8x 3.1x 2.8x 2.7x 2.5x 2.1x 2.0x Dec-19 Dec-20 Dec-21 Jun-22 Dec-22 Jun-23 Dec-23 Jun-24 Dec-24 Jun-25 Dec-25 Mar-26 Jun-26 Sep-26 Total LTM EBITDA Total Net debt Total Net debt/EBITDA 1,2,3 3 3 3 3, 43 3, 4, 51,2 ➢ NET DEBT/EBITDA DECLINED FROM 4.9x AS OF DEC-19 TO ITS LOWEST LEVEL OF 2.0x AS OF SEP-26 ➢ TOTAL NET DEBT DECREASED BY 23.8% AS OF SEP-26 COMPARED TO ITS LEVEL AS OF DEC-19 ➢ LTM EBITDA INCREASED BY 88.7% AS OF SEP-26 COMPARED TO DEC-19 41
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VALUATION PEER GROUP • NEUCA S.A. | Poland • Sopharma AD | Bulgaria • SALUS, Ljubljana, d. d. | Slovenia • Dis-Chem Pharmacies Limited | South Africa • Clicks Group Limited | South Africa • Raia Drogasil S.A. | Brazil RETAIL (PHARMACY) HEALTHCARE SERVICES • Medicover AB | Sweden • Med Life S.A. | Romania • Netcare Limited | South Africa • MLP Saglik Hizmetleri A.S. | Turkey • Life Healthcare Group Holdings Limited | South Africa • Rede D'Or São Luiz S.A. | Brazil • Fleury S.A. | Brazil • Voxel S.A. | Poland • Zavarovalnica Triglav | Slovenia • Pozavarovalnica Sava | Slovenia • Aksigorta | Turkey • Anadolu Sigorta | Turkey • Bao Minh Insurance | Vietnam • Turkiye Sigorta | Turkey P&C INSURANCE • Allianz SE | Germany • UNIQA Insurance Group AG | Austria • Ageas SA/NV | Belgium • Discovery Limited | South Africa • Momentum Group Limited | South Africa MEDICAL INSURANCE 42
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FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements, including, but not limited to, statements concerning expectations, projections, objectives, targets, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions, competitive strengths and weaknesses, plans or goals relating to financial position and future operations and development. Although Georgia Capital PLC believes that the expectations and opinions reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations and opinions will prove to have been correct. By their nature, these forward-looking statements are subject to a number of known and unknown risks, uncertainties and contingencies, and actual results and events could differ materially from those currently being anticipated as reflected in such statements. Important factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements, certain of which are beyond our control, include, among other things: regional instability; currency fluctuations and risk, including depreciation of the Georgian Lari; and macroeconomic risk; regulatory risk across a wide range of industries; investment risk; liquidity risk; portfolio company strategic and execution risks; and other key factors that could adversely affect our business and financial performance, including those which are contained elsewhere in this presentation and in our past and future filings and reports and also the 'Principal Risks and Uncertainties' included in the 1H26 Results Announcement and in Georgia Capital PLC’s Annual Report and Accounts 2025. No part of this presentation constitutes, or shall be taken to constitute, an invitation or inducement to invest in Georgia Capital PLC or any other entity and must not be relied upon in any way in connection with any investment decision. Georgia Capital PLC and other entities undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent legally required. Nothing in this presentation should be construed as a profit forecast. 43