Investment and Growth Strategy

Private large portfolio companies EXTERNALLY VALUED RETAIL (PHARMACY) BUSINESS OVERVIEW (CONT'D) REVENUE GEORGIA CAPITAL AVERAGE BILL SIZE & NUMBER OF BILLS ISSUED Number of bills issued, million Margin enhancement and strong growth in para- pharmacy sales: Para-pharmacy sales have the strongest margins and the share of para-pharmacy sales in retail revenue reached 39.7% as of 1Q23 (34.6% as of 1Q22). GEL million Gross profit margin (%) 24.5% 25.5% 25.5% 25.4% 26.0% 29.3% 29.7% 29.9% 25.3 27.1 28.8 27.6 29.0 31.0 7.6 7.6 Same store growth (%) 7.9% 8.5% 9.0% 6.1% 10.6% -0.8% 12.5% -3.2% 782.4 789.9 679.4 614.7 518.6 450.3 -0.3% 198.8 198.3 GEL million 18.9 19.0 19.3 19.4 14.3 16.8 13.4 13.3 2017 2018 2019 2020 2021 2022 1Q22 1Q23 CASH FLOW HIGHLIGHTS1 1922 1Q23 Change y-o-y Number of pharmacies countrywide 270 296 309 353 368 EBITDA1 Operating cash flow GEL 16.8m GEL 14.6m -13.3% Operating leverage¹(%) NMF 7.8% EBITDA margin¹ (%) 4.1% -1.4% -6.7% -7.8% 5.1% -0.5% 2.0 8.6% 10.1% 10.6% 10.4% 9.7% 9.7% 1.6 10.4% 10.3% EBITDA to cash 81.5% 71.0% -10.5ppts conversion Free cash flow GEL -2.0m GEL 19.5m NMF Georgia Capital PLC | 1. Excluding IFRS16 impact. GEL million 76.2 76.9 65.3 70.4 -0.5% 52.2 38.9 20.6 20.5 GEL million 2017 2018 2019 2020 2021 2022 1Q22 1Q23 NET DEBT & NET DEBT TO LTM EBITDA¹ 1.0 0.6 83.1 77.7 64.8 0.4 0.2 0.2 0.2 39.3 33.4 14.3 20.7 16.9 2017 2018 2019 2020 2021 2022 1Q22 1Q23 2017 2018 2019 2020 2021 2022 1Q22 1Q23 51

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