Georgia Capital

CGEO · Main Market · Financial Services · mcap £1,310m · 4425.0p

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Key figures As reported

Income statement Balance sheet Cash flow

Standardised line items in £m, comparable across companies – figures the company reported in GEL are converted to £ at the average rate of each period (balance sheets: at the date); when a later report restated a period, the later figure is shown and marked ^r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.

Source ↗


Dividend income	46,733	49,697	-6.0%	86,291	57,705	49.5%
of which, regular dividend NMF NMF	37,438	16,781	62,568	24,789	–	–
of which, buyback dividend	9,295	32,916	-71.8%	23,723	32,916	-27.9%
Interest income	2,734	1,847	48.0%	5,256	4,637	13.3%
Realised/unrealised gain on liquid funds NMF	358	23	85	73	16.4%	–
Interest expense	(2,963)	(8,922)	-66.8%	(5,912)	(18,026)	-67.2%
Gross operating income	46,862	42,645	9.9%	85,720	44,389	93.1%
Operating expenses	(14,090)	(9,195)	53.2%	(27,437)	(18,979)	44.6%
GCAP net operating income NMF	32,772	33,450	-2.0%	58,283	25,410	–
Fair value changes of portfolio companies
Listed portfolio	456,577	557,585	-18.1%	393,221	805,534	-51.2%
of which, Lion Finance Group PLC	456,577	553,841	-17.6%	393,221	801,790	-51.0%
of which, water utility NMF NMF	-	3,744	-	3,744	–	–
Private portfolio companies NMF	220,182	63,584	292,826	151,121	93.8%	–
Large portfolio companies NMF	220,912	74,792	319,228	203,310	57.0%	–
of which, retail (pharmacy) NMF	112,055	32,006	164,098	98,325	66.9%	–
of which, healthcare services NMF	66,769	20,277	73,002	69,468	5.1%	–
of which, insurance NMF	42,088	22,509	87.0%	82,128	35,517	–
Emerging and other businesses	(730)	(11,208)	-93.5%	(26,402)	(52,189)	-49.4%
Total investment return	676,759	621,169	8.9%	686,047	956,655	-28.3%
Income before foreign exchange rate movements and non-recurring expenses	709,531	654,619	8.4%	744,330	982,065	-24.2%
Net foreign currency (loss)/gain NMF NMF	(5,177)	4,418	(8,678)	11,431	–	–
Non-recurring expenses NMF NMF	(13,627)	(4,491)	(15,006)	(4,749)	–	–
Net income	690,727	654,546	5.5%	720,646	988,747	-27.1%
The components of GCAP's operating expenses are shown in the table below
GCAP Operating Expenses Components
Administrative expenses	(4,118)	(3,225)	27.7%	(7,167)	(6,004)	19.4%
Management expenses - cash-based NMF NMF	(5,582)	(2,596)	(10,749)	(5,335)	–	–
Management expenses - share-based	(4,390)	(3,374)	30.1%	(9,521)	(7,640)	24.6%
Total operating expenses	(14,090)	(9,195)	53.2%	(27,437)	(18,979)	44.6%
of which, fund type expense	(3,042)	(2,280)	33.4%	(5,361)	(4,509)	18.9%
of which, management fee type expenses	(11,048)	(6,915)	59.8%	(22,076)	(14,470)	52.6%

Source ↗


Total assets	925,034	946,386	-2.3%
of which, cash balance and bank deposits	29,744	59,081	-49.7%
Total liabilities	548,851	564,781	-2.8%
of which, borrowings	394,504	402,029	-1.9%
Total equity	376,183	381,605	-1.4%

Source ↗

	2025, unaudited	2024, audited
Gains on investments at fair value	1,774,207	242,989
Dividend income	124,477	125,109
Gross investment profit	1,898,684	368,098
General and administrative expenses	(5,168)	(3,958)
Salaries and other employee benefits	(2,220)	(1,791)
Profit before foreign exchange and non-recurring items	1,891,296	362,349
Net foreign currency gain	1,304	37
Interest income	42	-
Net losses from investment securities measured at FVPL	-	(112)
Profit before income taxes	1,892,642	362,274
Income tax	-	-
Profit for the year	1,892,642	362,274
Other comprehensive income	-	-
Total comprehensive income for the year	1,892,642	362,274
Earnings per share (GEL)
- basic	56.8755	9.7017
- diluted	54.0296	9.2987

Source ↗

	2025 Unaudited	2024 Audited
Assets
Cash and cash equivalents	13,495	3,521
Prepayments	1,194	1,396
Equity investments at fair value	5,183,691	3,606,400
Total assets	5,198,380	3,611,317
Liabilities
Other liabilities	3,853	2,304
Total liabilities	3,853	2,304
Equity
Share capital	1,148	1,300
Additional paid-in capital and merger reserve	238,311	238,311
Treasury shares	(1)	(2)
Retained earnings	4,955,069	3,369,404
Total equity	5,194,527	3,609,013
Total liabilities and equity	5,198,380	3,611,317

Source ↗

	2025 Unaudited	2024 Audited
Cash flows from operating activities
Interest income received	42	-
Salaries and other employee benefits paid	(1,314)	(1,334)
General, administrative and operating expenses paid	(4,566)	(5,066)
Net cash flows used in operating activities before income tax	(5,838)	(6,400)
Income tax paid	-	-
Net Cash flow used in operating activities	(5,838)	(6,400)
Cash flows from investing activities
Capital redemption	196,984	-
Capital injection	(68)	-
Proceeds from redemption of redeemable securities	-	3,379
Dividends received	124,477	125,109
Cash flows from investing activities	321,393	128,488
Cash flows from financing activities
Other purchases of treasury shares	(306,361)	(130,821)
Acquisition of treasury shares under share-based payment plan	(499)	(304)
Net cash used in financing activities	(306,860)	(131,125)
Effect of exchange rates changes on cash and cash equivalents	1,279	239
Net increase/(decrease) in cash and cash equivalents	9,974	(8,798)
Cash and cash equivalents, beginning of the year	3,521	12,319
Cash and cash equivalents, end of the year	13,495	3,521

Source ↗


Dividend income	110,138	141,620	-22.2%	167,843	191,927	-12.5%
Interest income	3,551	2,081	70.6%	8,188	5,401	51.6%
Realised/unrealised gain/(loss) on liquid funds NMF	126	159	-20.8%	199	(802)	–
Interest expense	(15,593)	(8,909)	75.0%	(33,619)	(26,488)	26.9%
of which, costs associated with bond redemption NMF NMF	(6,986)	-	(6,986)	-	–	–
Gross operating income	98,222	134,951	-27.2%	142,611	170,038	-16.1%
Operating expenses	(9,048)	(8,263)	9.5%	(28,027)	(26,934)	4.1%
GCAP net operating income	89,174	126,688	-29.6%	114,584	143,104	-19.9%
Fair value changes of portfolio companies
Listed and observable portfolio companies NMF NMF	116,445	(118,343)	921,979	(78,376)	–	–
of which, Lion Finance Group PLC NMF NMF	116,445	(123,343)	918,235	(79,376)	–	–
of which, Water utility NMF NMF	-	5,000	3,744	1,000	–	–
Private portfolio companies NMF	121,352	91,776	32.2%	272,472	(139,076)	–
Large portfolio companies NMF NMF	114,409	52,847	317,719	(136,726)	–	–
of which, retail (pharmacy) NMF	40,890	38,494	6.2%	139,215	(56,905)	–
of which, insurance (P&C and medical) NMF NMF	34,038	15,822	69,555	28,790	–	–
of which, healthcare services NMF NMF	39,481	(1,469)	108,949	(108,611)	–	–
Emerging and other businesses NMF	6,943	38,929	-82.2%	(45,247)	(2,350)	–
Total investment return NMF NMF	237,797	(26,567)	1,194,451	(217,452)	–	–
Income/(loss) before foreign exchange rate movements and non-recurring expenses NMF NMF	326,971	100,121	1,309,035	(74,348)	–	–
Net foreign currency gain/(loss)/impairment NMF	616	10,073	-93.9%	12,047	(9,246)	–
Non-recurring expenses NMF NMF	(44,770)	-	(49,519)	(1,668)	–	–
Net income/(loss) NMF NMF	282,817	110,194	1,271,563	(85,262)	–	–
The components of GCAP's operating expenses are shown in the table below
GCAP Operating Expenses Components
GEL '000, unless otherwise noted 3Q25 3Q24 Change 9M25 9M24 Change
Administrative expenses	(2,923)	(2,218)	31.8%	(8,927)	(7,975)	11.9%
Management expenses - cash-based	(2,669)	(2,638)	1.2%	(8,004)	(8,466)	-5.5%
Management expenses - share-based	(3,456)	(3,407)	1.4%	(11,096)	(10,493)	5.7%
Total operating expenses	(9,048)	(8,263)	9.5%	(28,027)	(26,934)	4.1%
of which, fund type expense	(2,412)	(1,980)	21.8%	(6,921)	(6,768)	2.3%
of which, management fee type expenses	(6,636)	(6,283)	5.6%	(21,106)	(20,166)	4.7%

	30 Jun 26	31 Dec 25	31 Dec 24
Net cash and other figures
Shares in issue	33.1m	33.6m	37.6m

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