Georgia Capital PLC (GRGCF) Q1 2026 Earnings Call Transcript

Irakli Gilauri
Chairman, CEO & Director

[Audio Gap]

I am pleased to give you the overview of our performance. Let me give you some content for today’s call.

So we’ll start with — I’ll talk about the Q1 performance. Then our CEOs of our large portfolio companies will talk about their particular performance of their companies and how it’s progressing. Giorgi, our CFO, will talk about portfolio valuation and liquidity and dividend income outlook. And in the end, we will have a Q&A session. And as always, we’ll answer all of your questions.

Now let me give you the key developments — overview of the key developments. Our NAV per share was flat in Q1. In pound sterling terms, it went up 2.1%. This is due to the decline in share price of Lion Finance Group. It was in Q1. However, as share price recovered — and year-to-date, we have NAV per share growth of more than 9%. So basically, our large portfolio companies performed well and then LFG share price performed well post Q1. And that was the result of the 9.2% year-to-date growth in Lari terms.

So the performance of our large portfolio companies, as I said, was exceptional. It continued to grow top line at 13.7% and resulted in 27% year-over-year EBITDA growth. It’s a phenomenal growth. I must say that our base for last year was pretty high. Our base was already grown quite — Q1 2025 was already — we had experienced a high growth. And