Georgia Capital 3Q23 & 9M23 Performance Overview

EDUCATION BUSINESS OPERATING PERFORMANCE OVERVIEW REVENUE DEVELOPMENT EDUCATION KEY DRIVERS A 14.7% y-o-y increase in 3Q23 revenues were driven by: О organic growth through strong intakes and a ramp-up of the utilization; О expansion of the business through the launch of a new campus in the mid-scale segment category and the rebranding of the recently acquired school in the affordable segment. The revenue growth was partially subdued by GEL's y-o-y appreciation against US$, as the tuition fees for our premium and international schools are denominated in US$. Operating expenses were up by 38.0% y-o-y in 3Q23, mainly reflecting inflation and increased salary expenses in line with the expansion. The business grew by 1,784 learners (up by 43.3% y-o-y to 5,900 learners as of 30-Sep-23). GEL MILLION +14.7% 8 7 KEY OPERATING HIGHLIGHTS 29 29 +25.1% 36 EBITDA DEVELOPMENT NMF GEORGIA CAPITAL -6.4% 8.6 8.0 (0.2) 3Q22 3Q23 9M22 9M23 3Q22 (1.9) 3Q23 9M22 9M23 3Q22 VS. ■ 3Q23 Change y-o-y 9M22 VS. ■ 9M23 Change y-o-y Number of learners Capacity utilisation Capacity 5,650 4,116 7,270 +28.7% 5,650 7,270 +28.7% 5,900 +43.3% 4,116 5,900 +43.3% 72.8% 81.2% +8.3ppts 72.8% 81.2% +8.3ppts 68

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