Investment and Growth Strategy

. RENEWABLE ENERGY BUSINESS OPERATING PERFORMANCE OVERVIEW RENEWABLE ENERGY REVENUE DEVELOPMENT EBITDA DEVELOPMENT -7.2% 24 2.1 KEY DRIVERS Ay-o-y decrease in revenue and EBITDA in 1Q23 reflect the net impact of: A 49.7% y-o-y decrease in electricity generation at Hydrolea HPPs as one of the power-generating units was temporarily taken offline due to previously planned rehabilitation works, expected to be completed in June 2023, An 8.7% y-o-y increase in electricity generation at Qartli Wind Farm due to the favourable weather conditions, A 2.4% y-o-y increase in the average electricity selling price (at 62.4 US$/MWh in 1Q23). The business paid GEL 5.2 million dividends in 1Q23. US$ MILLION 1.9 1Q21 KEY OPERATING HIGHLIGHTS Electricity generation (GWh) 33.9 -12.8% -17.9% 1.8 1.1 1.2 1Q22 1Q23 Average sales price (US$/MWh) 61.0 -24.9% GEORGIA CAPITAL 0.9 1Q21 1Q22 1Q23 1Q22 VS. ■1Q23 Change y-o-y 28.9 -14.8% 62.4 +2.4% 64

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