Investment and Growth Strategy

Externally valued¹ RETAIL (PHARMACY) BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 1Q23 IMPLIED LTM EV/EBITDA DEVELOPMENT (GEL MILLION) (incl. IFRS 16) Change q-o-q +1.8% -7.3% +1.9% +3.6% 958 17 975 750 (135) (90) Enterprise value 31-Dec-22 Net increase in EV Enterprise value 31-Mar-23 Net debt inc. financial leases Minority interest Equity value 31-Mar-23 VALUATION HIGHLIGHTS1 GEL million, unless noted otherwise 31-Mar-23 31-Dec-22 Change Enterprise value 974.7 957.7 17.0 LTM EBITDA 105.0 105.5 (0.5) Implied EV/EBITDA multiple 9.3x 9.1x 0.2x Net debt inc. lease liabilities (135.3) (145.9) 10.6 Equity value of GCAP's share 750.5 724.5 26.0 9.3x 9.1x 31-Dec-22 31-Mar-23 ADJUSTED NET DEBT TO EBITDA² 1.6x < 1.5x 1.4x 31-Dec-22 31-Mar-23 TARGET Georgia Capital PLC | 1. The independent valuations of the large and investment portfolio companies are performed on a semi-annual basis. In 1Q23, our private large and investment portfolio companies were valued internally by incorporating 1Q23 results, in line with IPEV guidelines and methodology deployed in 2022 by a third-party independent valuation firm. 2. Includes the application of the minority buyout agreement. GEORGIA CAPITAL 53

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