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Georgia Capital PLC on Tuesday reported a stable net asset value but increased earnings, highlighting Lion Finance’s ‘consistently superior’ performance. The Tbilisi-based investor in domestic businesses in Georgia reported total portfolio revenue of ₾594.3 million, or £161.3 million, for the first three months of 2026. This was up 14% from ₾523.4 million in the first quarter of 2025. Portfolio earnings before interest, tax, depreciation and amortisation rose 22% on-year to ₾95.1 million from ₾77.6 million. Net operating cash flow rose 6.8% to ₾72.6 million from ₾68.0 million. At March 31, Georgia Capital’s net asset value per share in Georgian lari was ₾154.82, nudged up by 0.1% from ₾154.68 at December 31. In sterling, the NAV increased 2.1% over the quarter to £43.34 from £42.44 per share. Shares in Georgia Capital were 0.6% lower at 4,045.00 pence on Tuesday morning in London. The company noted that NAV growth was offset by a ‘slight’ share price decrease from portfolio company Lion Finance Group PLC, in which it holds a 16.6% equity stake as of March 31. Georgia Capital noted Lion Finance’s ‘strong’ share price performance since the end of the quarter, as well as the Tbilisi-based lender’s promotion to the FTSE 100. The investor said this reflected Lion’s ‘consistently superior financial and operational performance and significantly expanded market capitalisation over the last few years.’ It added that NAV per share in the year to date has increased by 9.2% to ₾168.92 and by 9.6% to £46.50 as of Monday, ‘primarily reflecting the significant appreciation in Lion Finance Group’s share price.’ ‘Looking ahead, I am confident that Lion Finance Group’s exceptional performance in Georgia and Armenia, robust growth across our private portfolio companies through sustained revenue and EBITDA growth, significant deleveraging at the GCAP holding level to a net cash position, and strong cash generation, will continue to drive consistently robust NAV per share growth for the years to come,’ commented Chair & Chief Executive Officer Irakli Gilauri. ‘Together, this positions Georgia Capital as a compelling value and growth investment opportunity with an attractive capital return profile for shareholders.’ Copyright 2026 Alliance News Ltd. All Rights Reserved.
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