Investor Presentaiton

Externally valued¹ RENEWABLE ENERGY BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 4Q23 (GEL MILLION) Change q-o-q 453 +0.8% -1.2% +2.2% 3 456 267 (190) Enterprise value 30-Sep-23 Net change in EV Enterprise value 31-Dec-23 Net debt Equity value 31-Dec-23 VALUATION HIGHLIGHTS1 EQUITY FAIR VALUE COMPOSITION AT 31-DEC-23 (GEL MILLION) GEORGIA CAPITAL 56 Total value 267 211 ■Operational assets Pipeline projects NET DEBT TO EBITDA GEL million, unless noted otherwise Enterprise value 31-Dec-23 30-Sep-23 Change 31-Dec-22 Change 456.2 452.8 3.4 417.9 38.3 7.0x4 6.8x4 <6.0x EBITDA² 32.2 32.0 0.2 32.9 (0.7) Implied EV/EBITDA multiple 12.6x 12.5x 0.1x 11.4x 1.2x Investments at cost (EV) 3 52.5 51.6 0.9 40.7 11.8 Net debt (189.6) (192.0) 2.4 (192.9) 3.3 Equity value 266.6 260.8 5.8 225.0 41.6 30-Sep-23 31-Dec-23 TARGET Georgia Capital PLC | 1. The independent valuations of the large and investment portfolio companies are performed on a semi-annual basis. In 4Q23, our private large and investment portfolio companies were valued externally by a third-party independent valuation firm. 2. Implied EV/EBITDA is calculated based on normalised LTM EBITDA. 3. Investments at cost included the pipeline projects. 4. Ratio is calculated in US$ terms. 82

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