3Q23 & 9M23 Performance Overview

Externally valued¹ RETAIL (PHARMACY) BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 3Q23 (GEL MILLION) Change q-o-q +2.6% 981 25 1,006 +28.0% NMF -6.1% 679 (319) (8) Enterprise value 30-Jun-23 Net increase in EV Enterprise value 30-Sep-23 Net debt inc. financial leases Minority interest Equity value 30-Sep-23 VALUATION HIGHLIGHTS1 GEL million, unless noted otherwise 30-Sep-23 30-Jun-23 Change 31-Dec-22 Change Enterprise value 1,006.3 LTM EBITDA 110.8 980.7 106.9 25.6 3.9 957.7 105.5 48.6 5.3 Implied EV/EBITDA multiple Net debt inc. lease liabilities 9.1x 9.2x (0.1x) (319.1) (249.2) Equity value of GCAP's share 679.2 723.5 (69.9) (44.3) 9.1x (145.9) 724.5 (173.2) (45.3) IMPLIED LTM EV/EBITDA DEVELOPMENT 9.2x 9.1x 30-Jun-23 30-Sep-23 ADJUSTED NET DEBT TO EBITDA² (excl. IFRS 16) 2.3x 1.7x < 1.5x 30-Jun-23 30-Sep-23 TARGET Georgia Capital PLC | 1. The independent valuations of the large and investment portfolio companies are performed on a semi-annual basis. In 3Q23, our private large and investment portfolio companies were valued internally by incorporating 3Q23 results, in line with IPEV guidelines and methodology deployed in 1H23 by a third-party independent valuation firm. 2. Includes the application of the minority buyout agreement. GEORGIA CAPITAL 53

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