3Q23 & 9M23 Performance Overview

Externally valued¹ EDUCATION BUSINESS VALUATION OVERVIEW VALUE DEVELOPMENT OVERVIEW | 3Q23 (GEL MILLION) Change q-o-q -8.5% +2.5% -3.3% -8.6% -7.2% 225 29 205 (19) (13) 171 (50) LTM EV/EBITDA DEVELOPMENT 16.3x 16.5x Enterprise value Net decrease in EV 30-Jun-23 Enterprise value 30-Sep-23 Investment at cost Net debt Minority interest² Equity value 30-Sep-23 30-Jun-23 30-Sep-23 VALUATION HIGHLIGHTS1 NET DEBT TO EBITDA GEL million, unless noted otherwise 30-Sep-23 30-Jun-23 Change 31-Dec-22 Change Enterprise value 205.3 224.5 (19.2) 218.3 (12.9) LTM EBITDA³ 12.4 13.8 (1.3) 12.9 (0.5) Implied EV/EBITDA multiple Net debt 16.5x 16.3x 0.2x 16.9x (0.4x) 1.3x (12.9) (13.4) 0.4 (16.3) 3.4 1.0x Investments at cost 28.6 27.9 0.7 16.3 12.2 Total equity value of GCAP's share 170.9 184.2 (13.3) 164.2 6.6 <2.5x 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. GCAP has different ownership stakes across schools (70-90%). 3. Functional currency adjustment is applied where applicable. GEORGIA CAPITAL 69

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