Georgia Capital PLC (the “Company") has published today its financial results for the second quarter and the first half of 2026.
KEY POINTS
- NAV per share increased by 13.1% q-o-q to a record high of GEL 175.12 (up 15.6% q-o-q to GBP 50.10), driven by strong operating performances across our large private portfolio companies and continued growth in Lion Finance Group PLC’s (“LFG”) share price
- Accelerated revenue growth across our large private portfolio companies, with aggregate revenues up 19.1% y-o-y in 2Q26, compared to 14.3% in 2Q25, extending the delivery of double-digit growth to eight consecutive quarters
- Successful disposal of our housing development business, m2, one of Georgia’s leading residential real estate developers, further advancing GCAP’s capital-light investment strategy and strengthening the Group’s risk profile. Following the completion, the aggregate net debt of the emerging and other businesses (excluding the renewable energy business) was reduced by c.49% (by c.US$ 39 million), decreasing the net debt-to-EBITDA ratio from 3.8x to 2.0x
- NCC ratio improved by 6.8 ppts q-o-q to a record-low -2.9% as of 30 June 2026, marking our strongest capital position to date, driven by robust cash generation and continued portfolio value creation as our net cash balance significantly exceeded the capital commitments for the first time ever
- S&P Global Ratings upgraded GCAP’s corporate credit rating from BB- (Positive) to BB (Stable), bringing the rating fully in line with Georgia’s sovereign credit rating
- Completion of the GEL 700 million capital return programme significantly ahead of schedule through the early redemption of US$ 50 million outstanding local sustainability-linked bonds (to be settled on 19 August 2026) and the extension of the existing share buyback programme by US$ 10 million
- Commencement of a new GEL 1 billion capital allocation programme through the end of 2029, starting with a launch of initial US$ 50 million share buyback and cancellation programme
- 0.6 million shares repurchased during 2Q26 and 3Q26 to date, bringing total shares bought back since the demerger to 16.7 million (US$ 295 million), representing 35.0% of GCAP’s peak issued share capital
WEBINAR DETAILS
An investor/analyst webinar, organised by the Company, will be held today, at 14:00 UK / 15:00 CEST / 09:00 US Eastern Time. The duration of the webinar will be 60 minutes and will consist of a 30-minute update and a 30-minute Q&A session.
Please register at the Registration link to attend the event.
The results announcement together with the supplementary financial information (excel file) are available on the Company’s website at https://georgiacapital.ge/investor-relations/financial-results.