OPEX Ratio Alignment & Portfolio Valuation Overview

" ◉ RETAIL (PHARMACY) BUSINESS OPERATING PERFORMANCE OVERVIEW RETAIL (PHARMACY) REVENUE DEVELOPMENT +22.6% +4.9% EBITDA¹ DEVELOPMENT GEORGIA CAPITAL KEY DRIVERS 2022 and 1H22 revenues of Retail (Pharmacy) reflect the recalibration of product prices due to GEL's appreciation against foreign currencies and the termination of low-profit generating contracts in the wholesale business line. EBITDA was further impacted by inflation and increased operating expenses in line with the continuing expansion of the retail (pharmacy) business (added 33 pharmacies over the last 12 months). In 2022, the business paid GEL 31.2 million to complete the buyout of the 10% minority stake (valued at GEL 41.2 million, of which GEL 10.0 million was paid in 1Q22). GEL MILLION +33.6% 391 373 -3.5% 319 199 192 144 +18.7% -11.4% +14.4% +15.7% 38 34 33 20 18 15 2Q20 2Q21 2Q22 1H20 1H21 1H22 2Q20 2Q21 2Q22 1H20 1H21 1H22 KEY OPERATING HIGHLIGHTS 2Q21 VS. 2Q22 Change y-o-y Same store revenue growth 26.3% -1.6% NMF 8.6% Number of bills issued (mln) 7.2 7.4 +3.0% 13.7 Average bill size 18.5 18.7 +0.9% 18.8 1H21 VS. 11H22 Change y-o-y 5.0% -3.6ppts 15.0 +9.5% 18.9 +0.8% Georgia Capital PLC | 1. Excluding IFRS 16. 54 55

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