3Q23 & 9M23 Performance Overview

Externally valued¹ RENEWABLE ENERGY BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 3Q23 (GEL MILLION) Change q-o-q +2.6% -0.9% +5.3% 441 12 453 261 (192) Enterprise value 30-Jun-23 Net increase in EV Enterprise value 30-Sep-23 Net debt Equity value 30-Sep-23 VALUATION HIGHLIGHTS1 EQUITY FAIR VALUE COMPOSITION AT 30-SEP-23 (GEL MILLION) GEORGIA CAPITAL 56 Total value 261 205 ■Operational assets Pipeline projects NET DEBT TO EBITDA GEL million, unless noted otherwise Enterprise value 30-Sep-23 30-Jun-23 Change 31-Dec-22 Change 452.8 441.3 11.5 417.9 34.9 7.1x4 7.0x4 <6.0x EBITDA² 32.0 31.6 0.4 32.9 (0.9) Implied EV/EBITDA multiple 12.5x 12.4x 0.1x 11.4x 1.1x Investments at cost (EV) 3 51.6 49.2 2.4 40.7 10.9 Net debt (192.0) (193.7) 1.7 (192.9) 0.9 Equity value 260.8 247.7 13.1 225.0 35.8 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. 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. 86

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