Georgia Capital Raises Net Asset Value per Share 13.6% to Record in Third Quarter
Key Facts
Georgia Capital published its third-quarter and nine-month results on October 28, 2026, reporting that net asset value per share rose 13.6% quarter on quarter to a record 198.91 lari. The value was 57.69 pounds sterling per share, up 15.1% quarter on quarter, according to the company’s statement. The improvement came alongside growth in revenue and operating profits at its large private portfolio companies. The company said those companies’ revenue rose 18.5% year on year in the third quarter, while earnings before interest, tax, depreciation and amortisation increased 26.3%. The group’s net operating cash flow rose 12.3% year on year. Georgia Capital attributed the increase in book value per share to portfolio company performance and a rise in Lion Finance Group’s share price; its statement did not provide a comparison with market expectations.
Revenue growth extended into the third quarter after large portfolio companies recorded a 19.1% year-on-year increase in the second quarter of 2026, compared with a 14.3% increase in the second quarter of 2025. The company said at the time that revenue had posted double-digit growth for eight consecutive quarters, through the second quarter. In the first quarter of 2026, combined revenue rose 13.7% year on year, while earnings before interest, tax, depreciation and amortisation increased 26.9%. Net operating cash flow also grew 29.8% in that quarter. The figures for the three periods show successive growth in portfolio revenue and operating profits, while operating cash flow growth rates varied between quarters. In the third quarter, the company combined an 18.5% increase in revenue with a 26.3% rise in operating profits and 12.3% growth in cash flow.
At the holding-company level, Georgia Capital said it had cut total debt to zero for the first time and moved to net cash of 291 million lari. The net cash to capital ratio also increased by 2.0 percentage points quarter on quarter, reaching -0.9% in the third quarter. This represented an improvement in the ratio from the previous quarter, alongside the announcement of the company’s net cash position. The statement provided no further details in the available information on the sources of cash or how debt was reduced. The company also announced an expansion of its share buyback and cancellation programme by adding 50 million dollars, bringing the new programme’s total to 100 million dollars. The steps combine a reduction in holding-company debt with the return of some capital to shareholders through share purchases and cancellations.
The company repurchased one million shares during the third quarter and the elapsed period of the fourth quarter through the date of the results announcement. This brought the total number of shares repurchased since the demerger to 17.6 million, valued at 348 million dollars. Those shares represented 36.8% of peak issued capital, according to Georgia Capital’s statement. The purchases announced during the two quarters form part of the buyback record since the demerger, while the new programme announced in October is a further step, with a total value of 100 million dollars. The company also devoted part of its results announcement to investment plans in the healthcare sector. Its subsidiary plans to invest about 53 million lari in development capital expenditure, while Georgia Capital will invest ten million lari to support the programme. The company is targeting a return on invested capital of more than 20% at full operation.
The healthcare company is considering a potential initial public offering on an international stock exchange within the next three to five years, Georgia Capital said. The IPO remains a future possibility within the timeframe set by the company and is not an announcement of a confirmed listing date. The company had previously set the publication time for its third-quarter and nine-month results at 07:00 London time on October 28, 2026. It also announced a 60-minute investor and analyst webinar on the same day, split equally between a 30-minute update and a 30-minute question-and-answer session. The company published the results on the announced date, providing figures on book value, portfolio performance, liquidity and buyback and investment plans.