FINANCIAL PERFORMANCE HIGHLIGHTS (IFRS)^[1]

KEY POINTS

Ø NAV per share was flat at GEL 154.82 in GEL terms and increased by 2.1% q-o-q in GBP terms in 1Q26, reflecting strong value creation across the large private portfolio companies, partially offset by slight decrease in Lion Finance Group's share price during the quarter. Subsequent to 1Q26, Lion Finance Group's share price performance has been strong

Ø Outstanding quarterly results across our private large portfolio companies, with aggregated revenues and EBITDA increasing by 13.7% and 26.9% y-o-y, respectively, in 1Q26, leading to a 29.8% y-o-y increase in net operating cash flow

Ø Lion Finance Group was promoted to the FTSE 100 Index, reflecting its consistently superior financial and operational performance and significantly expanded market capitalisation over the last few years

Ø 475,000 shares repurchased for US$ 22.0 million (GEL 59.8 million) in 1Q26, bringing total shareholder repurchases since the demerger to US$ 261 million, representing 33.7^[7]% of the issued share capital at its peak

Ø NCC ratio up 1.6 ppts to 3.9% in 1Q26, mainly reflecting committing funds to the launch of a new US$ 50 million share buyback and cancellation programme in February 2026

Ø Subsequent to 1Q26, as of 27 April 2026, NAV per share has increased by 9.2% YTD to GEL 168.92 in GEL terms and by 9.6% YTD to GBP 46.50 in GBP terms, primarily reflecting the significant appreciation in Lion Finance Group's share price

Conference call: An investor/analyst conference call will be held on 28-APR-2026, at 14:00 UK / 15:00 CEST / 09:00 US Eastern Time. Please register at the Registration Link to attend the event. Further details are available on the Group's webpage.

CHAIRMAN AND CEO'S STATEMENT

I am pleased to present Georgia Capital's 1Q26 results, which mark a strong start to 2026, particularly reflecting sustained growth momentum in our private portfolio businesses, alongside the disciplined execution of our strategic priorities. Against a backdrop of heightened global geopolitical uncertainty in the Middle East region, our large private portfolio companies once again demonstrated the strength and resilience of their market positions, delivering robust operational performance and strong top-line growth while reaffirming their standing as high-quality, industry-leading businesses. To date, the turbulence in the Middle East region has had minimal impact on our large portfolio business operations.

NAV per share (GEL) was flat, up 0.1% q-o-q to GEL 154.82 in 1Q26. Despite the challenging global geopolitical backdrop during the quarter, NAV per share remained flat in GEL terms and increased by 2.1% q-o-q in GBP terms. The performance was driven by GEL 48.8 million value creation from our portfolio companies (a 0.9 ppts positive impact on NAV per share). The private portfolio delivered GEL 78.0 million value creation in 1Q26 (+1.5 ppts impact), underpinned by outstanding performances from our large private portfolio companies, which delivered GEL 103.7 million value creation, partially offset by a GEL 25.7 million value reduction in emerging and other businesses, largely attributable to a one-off write-down in our renewable energy business following the decision to discontinue two pipeline projects. Our listed portfolio saw a GEL 29.2 million value reduction (-0.6 ppts impact), attributable to 2.0% q-o-q GEL appreciation against the GBP and a largely flat Lion Finance Group's share price performance (-0.2% q-o-q). The NAV per share growth was also supported by our share buyback and cancellation programme (+0.3 ppts impact). This was offset by GEL appreciation against GBP as mentioned above and management platform costs and net interest expense with a combined negative 1.2 ppts impact. Subsequent to 1Q26, as of 27 April 2026, NAV per share has increased by 9.2% YTD to GEL 168.92 in GEL terms and by 9.6% YTD to GBP 46.50 in GBP terms, primarily reflecting the significant appreciation in Lion Finance Group's share price.

Outstanding operational performances across our large private portfolio companies. In 1Q26, our large private portfolio companies once again demonstrated their position as industry-leading businesses, delivering strong operating performance, with aggregate revenues and EBITDA increasing by 13.7% and 26.9% y-o-y, respectively. This resulted in quarterly

aggregated net operating cash flows of GEL 55.9 million, up 29.8% y-o-y in 1Q26.

·    Our retail (pharmacy) business delivered an excellent operational performance in 1Q26. Retail revenues increased by 8.6% y-o-y, driven by a 4.5% same-store revenue growth and an 11.0% increase in average bill size. Performance was further supported by the launch of five new pharmacy stores during the quarter, as well as overall economic growth. Wholesale revenues increased by 6.7% y-o-y, primarily driven by a broader product offering across the business' distribution channels. Together with the robust retail sales performance, this resulted in a 20.5% y-o-y increase in EBITDA. This performance was further supported by improved trading terms with key suppliers, resulting in a 1.7 ppts y-o-y improvement in the 1Q26 gross profit margin to 34.0%.

·    Across our healthcare services business, a strong 13.9% y-o-y increase in total revenue in 1Q26 reflects: a) stronger demand for outpatient services at our large and specialty hospitals, b) a shift in the sales mix and the impact of the bolt-on acquisition of Gormed LLC, a regional network of three hospitals and clinics, driving growth in our regional and community hospitals, and c) solid performance from our clinics and diagnostics business, translating into 15.6% y-o-y EBITDA growth in 1Q26.

·    Our insurance business delivered outstanding results in 1Q26, supported by positive developments in both the P&C and medical insurance segments. P&C insurance revenues increased by 13.4% y-o-y, driven by growth in the credit life, property and motor insurance lines, while medical insurance revenues increased by 37.0% y-o-y, supported by newly awarded tenders and organic growth in the corporate portfolio, alongside a mid-teens percentage increase in policy prices. The P&C combined ratio improved by 2.0 ppts y-o-y to 85.7%, primarily reflecting a lower loss ratio in the corporate motor and property segments. The medical insurance combined ratio improved by a strong 7.2 ppts y-o-y to 91.2%, driven by a lower claims incidence, repricing and renewal of major corporate contracts on improved terms, continued strong retail growth with new policies exhibiting lower early-stage loss ratios, and an improvement in the expense ratio supported by robust revenue growth. Together, these developments translated into a remarkable 78.0% y-o-y increase in pre-tax profit for the quarter.

Lion Finance Group joined FTSE 100 Index. Following the FTSE Russell March 2026 quarterly UK Index Series review, our listed portfolio company Lion Finance Group was promoted from the FTSE 250 to the FTSE 100 Index, becoming the first Georgian company to be included among the 100 largest companies listed on the London Stock Exchange. This milestone reflects the Bank's excellent customer franchise growth, digital superiority, and consistently strong financial and operational performance, which has materially expanded its market capitalisation and improved share liquidity over the recent years. The FTSE 100 inclusion marks a significant step in LFG's development, enhancing its visibility among global institutional investors and further reinforcing its position as a leading UK-listed financial services group focused on the high-growth Georgian and Armenian markets.

Update on share buybacks. Reflecting our disciplined approach to returning capital to shareholders, in 1Q26, we repurchased 475,000 shares for a total consideration of GEL 59.8 million (US$ 22.0 million) under two buyback programmes within our GEL 700 million capital return package: the US$ 50 million buyback and cancellation programme launched in August 2025 and completed in January 2026, and our newly launched US$ 50 million share buyback and cancellation programme initiated in February 2026. Since the demerger to date, GCAP has returned a total of US$ 268 million to shareholders through the repurchase of 16.3 million shares, representing 33.9% of the issued share capital at its peak.

NCC ratio up 1.6 ppts to 3.9% in 1Q26. The increase primarily reflects the launch of the new US$ 50 million share buyback and cancellation programme in February 2026. Subsequent to 1Q26, the NCC ratio improved by 0.3 ppts to 3.6% as of 27 April 2026, primarily reflecting the increase in total portfolio value from the significant appreciation in Lion Finance Group's share price.

From a macroeconomic perspective, Georgia is on track to deliver another year of solid economic performance in 2026, with average real GDP growth in the first two months of 8.4%, underpinned by strong domestic demand and robust external inflows. Despite the recent conflict in the Middle East region, growth momentum has remained resilient, with March and April economic indicators suggesting that FX inflows continue to be robust: softer tourism receipts, resulting from the conflict, appear to have been more than offset by stronger exports and higher incoming remittances. Inflation averaged 4.6% in 1Q26 and is expected to remain elevated in the first half of the year, primarily reflecting geopolitical pressures driving higher global oil and food prices, posing risk to the inflation outlook. The policy rate was maintained at 8%, supporting macroeconomic stability amid strong demand and the heightened external uncertainty. External and fiscal buffers remain strong, with gross international reserves reaching a record US$ 6.3 billion and public debt declining to 34% of GDP, its lowest level since 2014. In early 2026, geopolitical pressures triggered a brief depreciation of the Lari, however, this has proved short-lived so far, with the GEL subsequently stabilising and posting a marginal YTD appreciation as of 27 April 2026. Overall, the macroeconomic environment remains robust, with real GDP growth in 2026 expected to moderate toward its potential level. While uncertainty remains elevated due to the conflict in the Middle East region, the current IMF forecast stands at 5.3% for Georgia, while incoming data suggests somewhat stronger momentum at present.

Outlook. The strong start to 2026 highlights the quality and resilience of our defensively positioned and capital-efficient portfolio, with operational momentum translating into tangible shareholder value through disciplined capital returns. Supported by a stable macroeconomic environment, Georgia's growth trajectory remains robust, with GDP per capita surpassing US$ 10,000 in 2025, more than doubling since 2020. The disciplined execution of our capital allocation framework has translated into a significantly narrowed NAV discount, which reached a record low of 16.2% as of 31 March 2026, compared to the all-time high of 66.6% as of September 2022, while the discount to private portfolio NAV[8] of 30.2% as of 31 March 2026 continues to offer an attractive opportunity for the buybacks. Looking ahead, I am confident that Lion Finance Group's exceptional performance in Georgia and Armenia, robust growth across our private portfolio companies through sustained revenue and EBITDA growth, significant deleveraging at the GCAP holding level to a net cash position, and strong cash generation, will continue to drive consistently robust NAV per share growth for the years to come. Together, this positions Georgia Capital as a compelling value and growth investment opportunity with an attractive capital return profile for shareholders.

Irakli Gilauri, Chairman and CEO

DISCUSSION OF GROUP RESULTS

The discussion below analyses the Group's unaudited net asset value at 31-Mar-26 and its income for the first quarter then ended on an IFRS basis (see "Basis of Presentation" on page 15 below).

Net Asset Value (NAV) Statement

NAV statement summarises the Group's IFRS equity value (which we refer to as Net Asset Value or NAV in the NAV Statement below) at the opening and closing dates for the first quarter (31-Dec-25 and 31-Mar-26). The NAV Statement below breaks down NAV into its components and provides a roll forward of the related changes between the reporting periods.

NAV STATEMENT 1Q26

NAV per share (GEL) remained largely flat in 1Q26, up by 0.1% q-o-q. The increase was driven by GEL 48.8 million value creation across our portfolio companies with a positive 0.9 ppts impact and share buybacks (+0.3 ppts impact), partially offset by a 2.0% q-o-q appreciation of GEL against GBP, management platform-related costs and net interest expense (-1.2 ppts impact in total). NAV per share (GBP) increased by 2.1% q-o-q in 1Q26.

Portfolio overview

Total portfolio value amounted to GEL 5.0 billion in 1Q26, down by GEL 30.3 million (down 0.6%) q-o-q:

·      The value of the private portfolio increased by GEL 75.9 million (up 2.9% q-o-q), mainly resulting from a) a GEL 78.0 million value creation; b) investments of GEL 1.3 million, and c) a decrease of GEL 5.4 million due to dividends paid to GCAP.

·      The value of the listed portfolio decreased by GEL 106.2 million (down 4.3% q-o-q), primarily driven by a) a GEL 42.8 million reduction reflecting the decrease in GCAP's shareholding in the Bank, in line with the PFIC risk management strategy, and b) the combined impact of GEL appreciation against GBP and a largely flat share price (down 0.2% q-o-q). The decline additionally reflects a GEL 34.2 million decrease due to the cash and buyback dividends received.

Consequently, as of 31-Mar-26, the private portfolio value amounted to GEL 2.7 billion (52.8% of the total portfolio value), and the listed portfolio value totalled GEL 2.4 billion (47.2% of the total portfolio value).

1) Value creation

·      Value creation across our private portfolio companies amounted to GEL 78.0 million in 1Q26, reflecting the net effect of:

o  GEL 103.7 million value creation from our private large portfolio companies, which delivered substantial growth in aggregated revenues (up 13.7% y-o-y) and EBITDA (up 26.9% y-o-y) in 1Q26, translating into a GEL 151.3 million operating performance-related value creation, partially offset by the negative impact of GEL 47.6 million from changes in implied valuation multiples and FX rates.

o  GEL 25.7 million value reduction from our emerging and other businesses, primarily driven by the one-off impact from our decision to discontinue the Zoti and Darchi pipeline projects in the renewable energy business (GEL 12 million write-down) as the projects became economically unfeasible given the rising costs of construction and existing PPAs.

·      Value reduction from the listed portfolio amounted to GEL 29.2 million in 1Q26, primarily driven by GEL appreciation against GBP and a largely flat share price during the quarter, as described above.

As a result, the total portfolio value creation amounted to GEL 48.8 million in 1Q26.

The table below summarises value creation drivers in our businesses in 1Q26:

Valuation overview^[12]

In 1Q26, our private portfolio companies were valued internally by incorporating the portfolio companies' 1Q26 results, in line with International Private Equity Valuation ("IPEV") guidelines and methodology deployed at the end of 2025 by an independent valuation firm, which conducts external valuation assessment of the retail (pharmacy), healthcare services, insurance, renewable energy and education businesses semi-annually. The independent valuation assessments, which serve as an input for Georgia Capital's estimate of fair value, are performed by applying an income approach (DCF), cross-checked with market approach (listed peer multiples and, in some cases, precedent transactions). In line with our strategy, from time to time, we may receive offers from interested buyers for our private portfolio companies, which would be considered in the overall valuation assessment, where appropriate.

We perform quarterly sensitivity analyses on our valuations. In light of prevailing market conditions, the 1Q26 assessment indicated that a 100-basis-point change in discount rates used in the income approach for valuing unquoted investments would result in a GEL 260 million, or 10% change in the fair value of private equity investments.

The enterprise value (EV) and equity value development of our businesses in 1Q26 is summarised in the following table:

Private large portfolio companies (41.9% of total portfolio value)

Retail (pharmacy) (18.3% of total portfolio value) - The EV of retail (pharmacy) increased by 2.2% to GEL 1.2 billion in 1Q26, resulting from the strong operating performance of the business. Retail revenues increased by 8.6% y-o-y in 1Q26, reflecting successful sales initiatives that drove a 4.5% same-store revenue growth and an 11.0% increase in average bill size. The performance was further boosted by the addition of five new pharmacy stores in 1Q26 and continued economic growth. Wholesale revenues were up by 6.7% y-o-y in 1Q26, driven by a broader product offering across the business' distribution channels. Gross profit margin improved by 1.7 ppts y-o-y to 34.0% in 1Q26, further supported by the positive outcome of improved trading terms with key suppliers across all major categories and overall shift in the sales mix towards a higher-margin product portfolio. Operating expenses (excl. IFRS 16) were up 10.8% y-o-y in 1Q26, primarily driven by higher salary expenses associated with business growth. Consequently, the 1Q26 EBITDA (excl. IFRS 16) increased by 20.5% y-o-y to GEL 29.1 million. See page 10 for details. LTM EBITDA (incl. IFRS 16) was up 3.5% q-o-q to GEL 148.8 million in 1Q26. Net debt (incl. IFRS 16) decreased by 9.8% to GEL 253.2 million as at 31-Mar-26, reflecting robust cash flow generation during the quarter. As a result, the fair value of GCAP's 98.0% holding increased by 6.1% to GEL 922.5 million in 1Q26. The implied LTM EV/EBITDA valuation multiple (incl. IFRS 16) stood at 8.0x as of 31-Mar-26 (down from 8.1x q-o-q as of 31-Dec-25 and down from 8.2x y-o-y as of 31-Mar-25).

Healthcare services (12.3% of total portfolio value) - Healthcare services EV increased by 2.7% to GEL 1.1 billion in 1Q26, driven by the strong underlying operating performance throughout the business. Total revenue increased by 13.9% y-o-y in 1Q26, reflecting a) increased demand for outpatient services at our large and specialty hospitals, b) significant improvement in sales mix, further supported by the acquisition of Gormed LLC in December 2025, and c) solid performance of the clinics and diagnostics business, with clinic revenues benefitting from a growing customer base in alignment with enhanced service offerings, while diagnostics revenue increased on the back of growth in the retail segment. Operating expenses (excl. IFRS 16) were up by 12.3% y-o-y in 1Q26, primarily driven by increased salary and general and administrative expenses in line with the business expansion. This translated into 15.6% y-o-y EBITDA (excl. IFRS 16) growth in 1Q26. See page 11 for details. Consequently, LTM EBITDA (incl. IFRS 16) was up by 2.7% q-o-q to GEL 105.2 million in 1Q26. Net debt (incl. IFRS 16) increased by 5.4% q-o-q to GEL 405.5 million as at 31-Mar-26, reflecting the lower level of cash conversion during the quarter, attributable to the inherent seasonality of state cash collections. As a result, the equity value of the healthcare services business was assessed at GEL 620.5 million in 1Q26. An implied LTM EV/EBITDA multiple (incl. IFRS 16) remained unchanged during the quarter and stood at 10.1x at 31-Mar-26 (10.1x at 31-Dec-25 and 10.3x at 31-Mar-25).

Insurance (11.3% of total portfolio value) - The insurance business combines: a) P&C insurance and b) medical insurance. P&C insurance revenues were up 13.4% y-o-y to GEL 43.0 million in 1Q26, driven by growth in the credit life, property and motor insurance lines. The revenue of the medical insurance business increased by 37.0% y-o-y and amounted to GEL 70.6 million in 1Q26, reflecting newly awarded tenders, organic growth in the corporate portfolio and a mid-teens percentage increase in insurance policy prices. The combined ratio for P&C insurance decreased by 2.0 ppts y-o-y in 1Q26, mainly reflecting an improvement in the overall P&C loss ratio attributable to lower loss ratio in the corporate motor and property insurance segments. The combined ratio for medical insurance improved by 7.2 ppts y-o-y in 1Q26, driven by a lower loss ratio, reflecting lower claims incidence against a high base in 1Q25, repricing and renewal of major corporate contracts on improved terms, and continued strong retail growth. As a result, the pre-tax profit of the combined insurance business increased by 78.0% y-o-y to GEL 15.7 million in 1Q26. See page 13 for details. LTM pre-tax income (adjusted for non-recurring items) increased by 14.3% q-o-q to GEL 60.1 million, and the equity value of GCAP's share in the business increased by 7.6% q-o-q to GEL 568.7 million in 1Q26. The implied LTM P/E valuation multiple stood at 9.5x as of 31-Mar-26 (10.1x as of 31-Dec-25 and 9.8x as of 31-Mar-25).

Emerging and other businesses (10.9% of total portfolio value) - Of the emerging and other private portfolio businesses, renewable energy, education, wine, housing development and hospitality businesses are valued based on DCF. Auto service business is valued based on LTM EV/EBITDA. Following the disposal of an 80% stake in the beer and distribution business, its remaining value is assessed using the put option valuation, reflecting GCAP's clear exit path through a put and call structure at pre-agreed EBITDA multiples. The portfolio value of emerging and other businesses decreased by 4.2% to GEL 549.8 million in 1Q26, mainly reflecting the negative value creation from the one-off impact of our resolution to discontinue selected renewable energy business's pipeline projects, as mentioned above. See performance highlights of these businesses on page 14.

Listed portfolio (47.2% of total portfolio value)

Lion Finance Group (47.2% of total portfolio value) - In 4Q25, Lion Finance Group delivered an annualised ROAE of 30.1% and recorded q-o-q loan book growth of 4.5% in Georgia and 8.5% in Armenia on a constant currency basis. In March 2026, Lion Finance Group was promoted to the FTSE 100 Index in the UK, a milestone achievement reflecting its scale and performance. In 1Q26, Lion Finance Group's share price remained largely flat, down by 0.2% q-o-q to GBP 92.80. GCAP recorded buyback dividend of GEL 14.4 million from the Bank in 1Q26 and accrued GEL 19.8 million in interim dividends, subsequently received in April 2026. During the quarter, GCAP's stake in Lion Finance Group decreased to 16.6% from 16.9%, reflecting on-market sales of c.156,000 shares in 1Q26 at an average price of GBP 99.00. The sales represented approximately 1.0% of LFG's average daily trading volume during 1Q26. Consequently, the market value of GCAP's equity stake in Lion Finance Group stood at GEL 2.4 billion in 1Q26. The LTM P/E valuation multiple stood at 6.5x as of 31 March 2026 (6.7x as of 31 December 25). Lion Finance Group's public announcement of its 1Q26 results, once published, will be available on Lion Finance Group's website.

2) Investments[13]

In 1Q26, GCAP invested GEL 1.3 million in the private portfolio companies.

·      GEL 0.8 million was allocated to the education business.

·      GEL 0.5 million was invested in the renewable energy business.

3) Share buybacks

During 1Q26, 589,034 shares were bought back for a total consideration of GEL 76.0 million.

·      475,000 shares with a total value of US$ 22.0 million (GEL 59.8 million) were bought back under GCAP's share buyback and cancellation programmes. Subsequent to 1Q26, an additional 130,359 shares with a value of US$ 7.0 million (GEL 19.0 million) have been repurchased.

·      114,034 shares (GEL 16.2 million in value) represent the tax-related statutory buyback for the management trust, where the average cost of unawarded shares is GBP 13.8 as of 31 March 2026.

4) Dividends

In 1Q26, GCAP recorded GEL 39.6 million dividend income from its portfolio companies:

·      GEL 34.2 million received from Lion Finance Group, out of which GEL 19.8 represents the accrued interim dividend for 4Q25 (ex-dividend date in March 2026, with payment in April 2026) and GEL 14.4 million buyback dividend for 1Q26.

·      GEL 5.4 million dividend was received from the P&C insurance business.

Net Capital Commitment (NCC) overview

Below we describe the components of Net Capital Commitment (NCC) as of 31 March 2026 and as of 31 December 2025. NCC represents an aggregated view of all confirmed, agreed and expected capital outflows (including a buffer for contingencies) at both Georgia Capital PLC and JSC Georgia Capital levels.

Cash and liquid funds. Total cash and liquid funds' balance decreased by 4.0% q-o-q to GEL 210.7 million in 1Q26, primarily driven by share buybacks and the coupon payment on the remaining US$ 50 million sustainability-linked bond during the quarter, partially offset by dividend inflows.

Loans issued. Issued loans' balance primarily refers to loans issued to our private portfolio companies and are lent at market terms. The balance was up by 4.2% q-o-q in 1Q26, reflecting the interest accrual on the loans issued to our auto service business.

Accrued dividend income. As of 31 March 2026, the balance represents interim dividends accrued from Lion Finance Group, which were subsequently received in April 2026.

Gross debt. In US$ terms, the balance was down 2.1% q-o-q in 1Q26 (down 1.9% in GEL terms), mainly reflecting the net impact of interest accrual and coupon payment on GCAP's remaining US$ 50 million sustainability-linked bonds.

Planned investments. Planned investments' balance represents expected investments in renewable energy and education businesses over the next two to three years. The balance in US$ terms was down by 1.3% in 1Q26, reflecting cash outflows for the investment projects, as described above.

Announced buybacks. The balance of the announced buybacks at 31-Mar-26 reflects the unutilised share buybacks under GCAP's US$ 50 million share buyback and cancellation programme, which was launched in February 2026 under the GEL 700 million capital-return programme.

Contingency/liquidity buffer. The balance reflects the provision for cash and liquid assets in the amount of US$ 40 million,

for contingency/liquidity purposes. The balance remained unchanged in US$ terms as at 31 March 2026.

As a result, the NCC ratio increased by 1.6 ppts q-o-q to 3.9% as of 31 March 2026, primarily reflecting the launch of the new US$ 50 million share buyback and cancellation programme in February 2026 and a 0.6% q-o-q decrease in the portfolio value following the sell-down of LFG shares in line with our PFIC risk management strategy, GEL appreciation against GBP and a largely flat share price of Lion Finance Group during the quarter.

INCOME STATEMENT (ADJUSTED IFRS/APM)

Net income under IFRS was GEL 26.0 million in 1Q26 (GEL 330.1 million net income in 1Q25). The IFRS income statement is prepared on the Georgia Capital PLC level and the results of all operations of the Georgian holding company JSC Georgia Capital are presented as one line item. As we conduct almost all of our operations through JSC Georgia Capital, through which we hold all of our portfolio companies, the IFRS results provide little transparency on the underlying trends.

Accordingly, to enable a more granular analysis of those trends, the following adjusted income statement presents the Group's results of operations for the period ending March 31 as an aggregation of (i) the results of GCAP (the two holding companies Georgia Capital PLC and JSC Georgia Capital, taken together) and (ii) the fair value change in the value of portfolio companies during the reporting period. For details on the methodology underlying the preparation of the adjusted income statement, please refer to page 88 in Georgia Capital PLC's 2025 Annual report.

INCOME STATEMENT (Adjusted IFRS/APM)

Gross operating income stood at GEL 38.9 million in 1Q26, up by GEL 37.1 million y-o-y, largely reflecting a timing difference in dividend collection following LFG's transition to quarterly dividend payments in the second half of 2025, as well as buyback dividends received from the Bank.

The components of GCAP's operating expenses are shown in the table below:

GCAP Operating Expenses Components

GCAP management fee expenses starting from 2024 have a self-targeted cap of 0.75% of Georgia Capital's NAV. The LTM management fee expense ratio stood at 0.80% as of 31-Mar-26 and at 0.74% at the date of publication of the 1Q26 results (0.73% as of 31-Dec-25). The y-o-y increase in cash-based management expenses in the quarter reflects the impact of the renewal of the Chairman and CEO's contract and the addition of a cash-based component in a compensation. The y-o-y increase in share-based management expenses in the quarter reflects the impact of the higher share price, as discretionary share bonuses are measured at the share price as of the Remuneration Committee meeting date (usually held towards the end of the calendar year). The share price that measures the 2025 awards was 1.6x higher than that for 2024. 

Total investment return²¹ represents the increase (decrease) in the fair value of our portfolio. Total investment return was GEL 9.3 million in 1Q26, reflecting the changes in the value of our portfolio companies. We discuss valuation drivers for our businesses on pages 5-6. The performance of each of our private large portfolio companies is discussed on pages 10-13.

As a result of the movements described above, GCAP's adjusted IFRS net income amounted to GEL 29.9 million in 1Q26.

DISCUSSION OF PORTFOLIO COMPANIES' RESULTS (STAND-ALONE IFRS)

The following sections present the IFRS results and business development extracted from the individual portfolio company's IFRS accounts, where the 1Q26 and 1Q25 portfolio company's accounts and respective IFRS numbers are unaudited. We present key IFRS financial highlights, operating metrics and ratios along with commentary explaining the developments behind the numbers. For the majority of our portfolio companies, the fair value of our equity investments is determined using an income approach (DCF), cross-checked with a market approach (listed peer multiples and precedent transactions). Under the discounted cash flow (DCF) valuation method, fair value is estimated by deriving the present value of the business using reasonable assumptions of expected future cash flows and the terminal value, and the appropriate risk-adjusted discount rate that quantifies the risk inherent to the business. Under the market approach, listed peer group earnings multiples are applied to the trailing twelve months (LTM) stand-alone IFRS earnings of the relevant business. As the income approach is the valuation driver, the stand-alone IFRS results and developments driving the IFRS earnings of our portfolio companies are key inputs to their valuations within GCAP's financial statements. See "Basis of Presentation" on page 15 for more background.

Discussion of retail (pharmacy) business results

The retail (pharmacy) business, where GCAP owns a 98.0% equity interest, is the largest pharmaceuticals retailer and wholesaler in Georgia, with a 33.7% market share in the organised retail market based on 2024 revenues. The business consists of a retail pharmacy chain operating under two brands (GPC and Pharmadepot) and a wholesale business that sells pharmaceuticals and medical supplies to hospitals and other pharmacies. The business operates a total of 458 pharmacies (of which, 439 are in Georgia and 19 in Armenia) and 19 franchise stores (of which, 11 are in Georgia, three in Armenia and five in Azerbaijan).

1Q26 performance (GEL '000), retail (pharmacy)^[19]

INCOME STATEMENT HIGHLIGHTS

Ø The growth in the business' total revenue in 1Q26 reflects the combination of a number of factors:

o  An 8.6% y-o-y increase in retail revenues in 1Q26 was driven by strong same-store revenue growth of 4.5% and an 11.0% y-o-y increase in average bill size during the quarter. Retail revenue growth was further supported by the excellent ramp-up of newly launched pharmacy stores, with 42 new stores added in last 12 months. Favourable macroeconomic conditions and sustained economic growth in Georgia also contributed positively to the results.

o  Wholesale revenues increased by 6.7% y-o-y in 1Q26, primarily driven by a broader product offering across the business' distribution channels.

Ø The gross profit margin improvement in 1Q26 was underpinned by improved terms of trade with key suppliers across all major categories, as well as a shift in the sales mix towards a higher-margin product portfolio.

Ø The y-o-y increase in operating expenses (excl. IFRS 16) in 1Q26 was mainly driven by higher salary costs, up 17.5% y-o-y in 1Q26. This reflects increased staff compensation aligned with market trends, the implementation of new incentive schemes aimed at improving the gross profit margin, and the continued growth of the business.

Ø As a result, the business achieved y-o-y EBITDA (excl. IFRS 16) growth of 20.5% in 1Q26.

Ø Net interest expense (excl. IFRS 16) was down by 13.2% y-o-y to GEL 3.4 million in 1Q26, reflecting lower average net debt balance.

Ø The developments described above translated into a GEL 6.8 million y-o-y increase in net profit (excl. IFRS 16) in 1Q26.

CASH FLOW AND BALANCE SHEET HIGHLIGHTS

Ø The net debt balance amounted to GEL 93.9 million as at 31-Mar-26, down 21.9% from GEL 120.2 million at 31-Dec-25, reflecting robust cash flow generation during the quarter. As a result, the net debt to EBITDA[22] leverage ratio improved to 1.0x as of 31-Mar-26 (1.3x as of 31-Dec-25).

Ø The EBITDA to cash conversion stood at 114.0% in 1Q26, reflecting strong business performance outlined above.

OTHER VALUATION DRIVERS AND OPERATING HIGHLIGHTS

Ø In 1Q26, retail pharmacy chain expanded by 5 pharmacies, with openings focused on strategically selected locations. The new stores were developed using cost-efficient formats, requiring limited capital investments.

The number of pharmacies and franchise stores is provided below:

Ø Retail (pharmacy)'s key operating performance highlights for 1Q26 are noted below:

Discussion of healthcare services business results

The healthcare services business, where GCAP owns 100% equity, is the largest healthcare market participant in Georgia comprising two segments: 1) hospitals (seven large and specialty hospitals - providing secondary and tertiary level healthcare services across Georgia and 30 regional and community hospitals - providing outpatient and basic inpatient services), and 2) clinics and diagnostics (16 polyclinics - providing outpatient diagnostic and treatment services and diagnostics - operating the largest laboratory in the entire Caucasus region "Megalab").

1Q26 performance (GEL '000), healthcare services^[23]

INCOME STATEMENT HIGHLIGHTS

Ø The hospitals and clinics and diagnostics businesses represent approximately 80% and 20%, respectively, of the consolidated revenue of the healthcare services business.

Ø The 13.9% y-o-y increase in total revenue in 1Q26 reflects:

§ 11.3% y-o-y revenue growth at our large and specialty hospitals, primarily driven by the increased demand for outpatient services, accounting for 38.4% of the revenue from this group of hospitals (up 2.7 ppts y-o-y in 1Q26). This performance was further strengthened by the continued onboarding of reputable doctors with loyal patient bases, initiated in 2025 and sustained through the current quarter.

§ 19.6% y-o-y revenue growth at our regional and community hospitals, underpinned by a favourable shift in the sales mix and further supported by the acquisition of Gormed LLC in December 2025, which contributed GEL 4.6 million to the 1Q26 y-o-y revenue growth.

§ A solid performance across the clinics and diagnostics business, with clinics' revenues benefitting from a favourable shift in sales mix and increased customer footprint driven by the overall service enhancements, while diagnostics revenue increased on the back of increased demand in the retail segment.

Ø The gross profit margin in 1Q26 remained unchanged y-o-y at 39.4%. In addition to the revenue developments outlined above, margin performance reflects the following trends in direct salary and materials rates[28] and utility costs:

§ The shift towards outpatient services drove cost mix changes in 1Q26, resulting in a higher direct salary rate (up 0.6 ppts y-o-y to 38.5%), supported by statutory minimum wage adjustments, and a lower materials rate (down 0.5 ppts y-o-y to 15.5%), reflecting the inherently lower material intensity of outpatient care compared to inpatient services.

§ Utilities and other expenses increased by 8.9% y-o-y in 1Q26, mainly reflecting higher facility maintenance and utility costs following the completion of renovation works in certain departments and the overall expansion of the business.

Ø Operating expenses (excl. IFRS 16) increased by 12.3% in 1Q26, primarily driven by higher salary and general and administrative expenses in line with the business expansion.

Ø The developments described above translated into a 15.6% y-o-y increase in EBITDA (excl. IFRS 16) in 1Q26.

Ø Net interest expense (excl. IFRS 16) increased by 11.7% in 1Q26, mainly due to a higher net debt balance.

CASH FLOW AND BALANCE SHEET HIGHLIGHTS

Ø Capex investment amounted to GEL 12.4 million in 1Q26 (GEL 14.6 million in 1Q25), comprising: a) development capex of GEL 6.1 million in 1Q26 (GEL 9.0 million in 1Q25) to expand service offerings and upgrade medical equipment, and b) maintenance capex of GEL 6.3 million in 1Q26 (GEL 5.6 million in 1Q25).

Ø The EBITDA to cash conversion ratio stood at 44.9% in 1Q26. The lower level of cash conversion during the quarter was primarily driven by the inherent seasonality of state cash collections, with the ratio typically weaker in the first half of the year. As delayed payments are progressively settled by the state, cash conversion is expected to strengthen organically later in the year.

Ø The net debt to EBITDA (excl. IFRS 16) leverage ratio remained stable at 3.7x (3.7x as at 31-Dec-25), notwithstanding the unfavourable cash collection seasonality discussed above.

OTHER VALUATION DRIVERS AND OPERATING HIGHLIGHTS

Ø The business' key operating performance highlights for 1Q26 are noted below:

Discussion of insurance business results

As at 31-Mar-26, the insurance business comprises a) property and casualty (P&C) insurance business, operating under the brand name "Aldagi" and b) medical insurance business, operating under "Imedi L" and "Ardi" brands, the latter acquired in April 2024. The P&C insurance business is a leading player with a 34% market share in property and casualty insurance based on gross premiums as of 31-Dec-25. P&C also offers a variety of non-property and casualty products, such as life insurance. The medical insurance business is the country's largest private health insurer, with a 34% market share based on gross insurance premiums as of 31-Dec-25, offering a variety of health insurance products primarily to corporate and (selectively) to state entities and to retail clients in Georgia. GCAP owns a 100% equity stake in both insurance businesses.

1Q26 performance (GEL'000), insurance^[30]

INCOME STATEMENT HIGHLIGHTS

Ø The y-o-y increase in 1Q26 insurance revenue reflects a combination of the following factors:

§ The revenue of the P&C insurance business was up by 13.4% y-o-y in 1Q26, resulting from:

o  A GEL 1.8 million y-o-y increase in credit life insurance revenues in 1Q26, driven by the growth of partner banks' portfolios in the mortgage, consumer loan, and other sectors.

o  A GEL 1.2 million y-o-y increase in property insurance revenues in 1Q26, mainly attributable to the expansion of the corporate client portfolio.

o  A GEL 1.1 million y-o-y increase in motor insurance revenues in 1Q26, mainly attributable to the expansion of the retail and corporate client portfolios as well as up to 10% increase in corporate insurance policy prices.

§ The revenue of the medical insurance business increased by 37.0% y-o-y in 1Q26, primarily driven by newly awarded tenders and organic growth in the corporate portfolio, supplemented by a mid-teens percentage increase in insurance policy prices.

Ø The insurance business' key performance ratios for 1Q26 are noted below:

Ø The combined ratio of the P&C insurance business decreased by 2.0 ppts y-o-y to 85.7% in 1Q26, primarily reflecting the impact of 3.4 ppts y-o-y improvement in the overall P&C loss ratio attributable to lower loss ratio in the corporate motor and property insurance segments, slightly offset by a 0.8 ppts increase in the expense ratio.

Ø The combined ratio of the medical insurance business improved by 7.2 ppts y-o-y to 91.2% in 1Q26, reflecting the net impact of a) an improved loss ratio (down 5.1 ppts y-o-y), driven by lower claims incidence against a high base in 1Q25, repricing and renewal of major corporate contracts on improved terms, and continued strong retail growth - with new retail policies exhibiting lower early-stage loss ratios, and b) a 2.1 ppts y-o-y improvement in the expense ratio in 1Q26, driven by robust revenue growth during the quarter.

Ø Net investment profit increased by 19.4% y-o-y in 1Q26, mainly due to the FX movements and a higher average liquid funds balance.

Ø As a result, the pre-tax profit of the insurance business was up 78.0% y-o-y to GEL 15.7 million in 1Q26.

CASH FLOW AND BALANCE SHEET HIGHLIGHTS

Ø The solvency ratio of P&C and medical insurance businesses stood at 170% and 160%, respectively, as of 31-Mar-26, significantly above the required minimum of 100%.

Ø The net debt to EBITDA leverage ratio stood at 0.3x as at 31-Mar-26 (0.4x as at 31-Dec-25).

Ø The P&C insurance business distributed dividends of GEL 5.4 million to GCAP in 1Q26.

Discussion of emerging and other portfolio results

The five businesses in our "emerging and other" private portfolio are renewable energy, education, auto service, wine and real estate (housing development and hospitality). They had a combined value of GEL 549.8 million at 31-Mar-26, which represents 10.9% of our total portfolio.

1Q26 aggregated performance highlights (GEL '000), emerging and other portfolio^[33]

Ø Renewable energy | The renewable energy business operates five wholly-owned commissioned renewable assets with an aggregate installed capacity of 71MW. In addition, the business maintains a pipeline of wind energy projects for potential future development (as mentioned above, two small hydro pipeline projects were written down in 1Q26). Revenue of the business increased by 13.8% y-o-y to US$ 2.7 million in 1Q26, driven by a 13.9% y-o-y rise in electricity generation, while the average selling price remained broadly stable at 60.6 US$/MWh. Operating expenses were up, primarily reflecting a lower share of salary costs eligible for capitalisation compared to 1Q25. As a result, the business posted US$ 1.4 million EBITDA in 1Q26 (down 4.6% y-o-y).

Ø Education | Georgia Capital's education business is the largest player in the private K-12 market in Georgia with 9.8% market share as of 31 December 2025. It currently combines majority stakes in four private school brands operating across seven campuses, which are well-positioned in the international, premium, midscale and affordable market segments. Revenue of the business increased by 8.5% y-o-y to GEL 23.6 million in 1Q26, primarily driven by organic growth through strong intakes and capacity increases. Operating expenses were up by 7.3% y-o-y in 1Q26, mainly due to increased salary costs, in line with the business expansion. Consequently, the business posted GEL 8.0 million EBITDA in 1Q26 (up 10.8% y-o-y).

Ø Auto service | The auto service business includes a periodic technical inspection (PTI) business, and a car services and parts business.

o  Periodic technical inspection (PTI) business | Revenue of the business increased by 25.8% y-o-y to GEL 6.7 million in 1Q26. The growth was driven by a 32.3% y-o-y increase in the number of cars serviced during the quarter. Operating expenses were up by 6.2% y-o-y in 1Q26, primarily reflecting higher salary expenses associated with the business expansion. Consequently, the 1Q26 EBITDA increased by 38.9% y-o-y to GEL 3.5 million.

o  Car services and parts business | Revenue of the business increased by 12.7% y-o-y to GEL 14.7 million in 1Q26, driven by growth in the retail, wholesale and corporate segments. Gross profit increased by 17.6% y-o-y to GEL 4.3 million in 1Q26, reflecting strong revenue growth in the high-margin retail segment during the quarter. Operating expenses were up 19.8% y-o-y in 1Q26, attributable to higher salary costs. As a result, the business generated EBITDA of GEL 0.5 million in 1Q26.

Ø Wine | In 1Q26, net revenue of the business decreased by 21.6% y-o-y to GEL 7.8 million, mainly duez to a 25.8% y-o-y decrease in number of bottles sold, which was largely attributable to regulatory changes at one core market. Operating expenses remained largely flat, down by 0.9% y-o-y in 1Q26. Consequently, the wine business posted negative EBITDA of GEL 0.7 million in 1Q26, down by GEL 0.7 million y-o-y.

Ø Real estate businesses | The combined revenue of the real estate business increased by 23.5% to GEL 45.1 million in 1Q26, primarily driven by a favourable sales mix, with a higher contribution from larger apartments, with total area sold during the quarter up 54.1% y-o-y. Additionally, as most projects are at finalisation stage, a higher share of revenue is being recognised based on construction progress. Operating expenses decreased by 25.1% y-o-y in 1Q26. Consequently, the business posted EBITDA of GEL 7.4 million (up 27.9% y-o-y in 1Q26).

Basis of presentation

This announcement contains unaudited financial results presented in accordance with UK-adopted international accounting standards ("IFRS"). The financial results are unaudited and derived from management accounts.

Under IFRS 10, Georgia Capital PLC meets the "investment entity" definition. For more details about the basis of preparation please refer to page 88 in Georgia Capital PLC 2025 Annual report.

The presentation of the Income Statement (Adjusted) and some of the information under the NAV Statement should be considered to be Alternative Performance Measures (APM).

GLOSSARY

1.     APM - Alternative Performance Measure.

2.     GCAP refers to the aggregation of stand-alone Georgia Capital PLC and stand-alone JSC Georgia Capital accounts.

3.     Georgia Capital and "the Group" refer to Georgia Capital PLC and its portfolio companies as a whole.

4.     NMF - Not meaningful.

5.     NAV - Net Asset Value, represents the net value of an entity and is calculated as the total value of the entity's assets minus the total value of its liabilities.

6.     LTM - last twelve months.

7.     EBITDA - Earnings before interest, taxes, non-recurring items, FX gain/losses and depreciation and amortisation; The Group has presented these figures in this document because management uses EBITDA as a tool to measure the Group's operational performance and the profitability of its operations. The Group considers EBITDA to be an important indicator of its representative recurring operations.

8.     ROIC - return on invested capital is calculated as EBITDA less depreciation, divided by the aggregate amount of total equity and borrowed funds.

9.     Loss ratio equals net insurance claims expense divided by net earned premiums.

10.  Expense ratio in P&C insurance equals sum of acquisition costs and operating expenses divided by net earned premiums.

11.  Combined ratio equals sum of the loss ratio and the expense ratio in the insurance business.

12.  ROAE - Return on average total equity (ROAE) equals profit for the period attributable to shareholders divided by monthly average equity attributable to shareholders of the business for the same period.

13.  Net investment - gross investments less capital returns (dividends and sell-downs).

14.  EV - enterprise value.

15.  Total return/value creation - total return/value creation of each portfolio investment is calculated as follows: we aggregate a) change in beginning and ending fair values, b) gains from realised sales (if any) and c) dividend income during period. We then adjust the net result to remove capital injections (if any) to arrive at the total value creation/investment return.

16.  PPA - Power purchase agreement.

17.  Number of shares outstanding - Number of shares in issue less total unawarded shares in JSC GCAP's management trust.

18.  Market Value Leverage ("MVL"), also Loan to Value ("LTV") - Interchangeably used across the document and is calculated by dividing net debt to the total portfolio value.

19.  NCC - Net Capital Commitment, represents an aggregated view of all confirmed, agreed and expected capital outflows at both Georgia Capital PLC and JSC Georgia Capital levels.

20.  NCC Ratio - Equals Net Capital Commitment divided by portfolio value.