Georgia Capital (CGEO): GEL 700m capital return programme

This situation live

CGEO Georgia Capital

£1,243m · £41.45 · +64% since the first step

27 Oct 2025 · Launched Aug 2025; US$ 26.3m bought back · +2% until the next step scheduled to be implemented through the end of 2027

31 Oct 2025 · US$50m tranche under way; programme runs to end-2027 · +33% until the next step After the current tranche of US$50m is concluded, the remaining capital to be deployed will amount to GEL300m, which translates to 6.5% of end-September NAV.

24 Feb 2026 · US$50m tranche completed; new US$50m launched · +14% until the next step Today, we are launching a new US$ 50 million share buyback and cancellation programme, to be executed over a nine-month period under the GEL 700 million capital return programme

28 Apr 2026 · Second US$50m buyback under way; 475,000 shares bought in 1Q26 · +0% until the next step 475,000 shares repurchased for US$ 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 capi

29 Jun 2026 · Fully committed, 18 months early; execution continuing · +14% until the next step Together, these transactions will fully complete GCAP's GEL 700 million capital return programme significantly ahead of schedule, representing one of the largest capital return initiatives undertaken

4 Aug 2026 · GEL 700m nearly done; GEL 1bn programme launched · −8% since 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

Capital return

GEL 700m capital return programme

GEL 700m nearly done; GEL 1bn programme launched

Every step · 6

27 Oct 2025 Launched Aug 2025; US$ 26.3m bought back – scheduled to be implemented through the end of 2027 ↗
31 Oct 2025 US$50m tranche under way; programme runs to end-2027 – After the current tranche of US$50m is concluded, the remaining capital to be deployed will amount to GEL300m, which translates to 6.5% of end-September NAV. ↗
24 Feb 2026 US$50m tranche completed; new US$50m launched – Today, we are launching a new US$ 50 million share buyback and cancellation programme, to be executed over a nine-month period under the GEL 700 million... ↗
28 Apr 2026 Second US$50m buyback under way; 475,000 shares bought in 1Q26 – 475,000 shares repurchased for US$ 22.0 million (GEL 59.8 million) in 1Q26, bringing total shareholder repurchases since the demerger to US$ 261 million,... ↗
29 Jun 2026 Fully committed, 18 months early; execution continuing – Together, these transactions will fully complete GCAP's GEL 700 million capital return programme significantly ahead of schedule, representing one of the... ↗
4 Aug 2026 GEL 700m nearly done; GEL 1bn programme launched – 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... ↗

What is happening

Georgia Capital: GEL 700m capital return programme – GEL 700m nearly done; GEL 1bn programme launched. ['GEL 700m nearly done; GEL 1bn programme launched']

In short: The GEL 700m capital return programme, announced in August 2025 for completion by end-2027, is now effectively complete through the early bond call and the buyback extension. At the half-year results the board launched a new GEL 1bn capital allocation programme to end-2029, covering buybacks, possibly dividends, and investments in Georgia and Armenia. At least half is earmarked for capital returns.
Announced: 27 Oct 2025 · Launched Aug 2025; US$ 26.3m bought back
Latest: 4 Aug 2026 · GEL 700m nearly done; GEL 1bn programme launched
Timing: Completed about 18 months ahead of the end-2027 schedule
Buyback authority: Maximum 5,049,543 shares under the 2026 AGM authority
Next milestone: Updated capital management programme to be announced with half-year results in August 2026
Current buyback: About US$11m outstanding; completion finishes the GEL 700m programme
New programme: GEL 1bn capital allocation to end-2029; at least half for capital returns
Initial step: US$50m share buyback and cancellation after the current programme completes
GCAP liquidity: c.GEL 310m after debt repayment and completion of current buyback
Buybacks to date: 16.7m shares (US$295m) since demerger, 35.0% of peak issued share capital

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