Investment and Growth Strategy

EDUCATION BUSINESS OPERATING PERFORMANCE OVERVIEW REVENUE DEVELOPMENT EBITDA DEVELOPMENT +87.5% EDUCATION KEY DRIVERS Increase in revenues reflect strong intakes and a ramp-up of utilization. EBITDA margin down by 1.5ppts at 38.5% y-o-y in 1Q23, reflecting increased operating expenses (up by 32.3% y-o-y in 1Q23), resulting from inflation and expansion of the business. In 1Q23, the education business increased its capacity by 1,200 learners to 6,870 learners. The utilisation rate for the total 6,870 learner capacity was 65.7%, up 2.1 ppts y-o-y as of 31-Mar-23. GEL MILLION 7 1Q21 11 KEY OPERATING HIGHLIGHTS +29.0% 14 1Q22 1Q23 +95.1% 4 3 +24.2% 5 1Q21 1Q22 1Q23 1Q22 VS. ■ 1Q23 Change y-o-y Number of learners Capacity utilisation¹ (excluding expansion) 3,215 4,512 +40.3% 95.9% 100.0% +4.1ppts Georgia Capital PLC | 1. The utilisation rate for the pre-expansion 2,810 learner capacity (i.e., excluding the new capacity addition of 4,060 learners since 3Q21). GEORGIA CAPITAL 68

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