Georgia Capital Reports Record NAV per Share of GEL 198.91 in Third Quarter

Georgia Capital, the investment holding company that owns stakes in some of Georgia's largest businesses, reported net asset value per share of GEL 198.91 at 30 September 2026, a record, up 13.6% from the end of June and 28.6% since the start of the year, Kalkine Media reported on 28 October from the company's third-quarter results.

The company's own figures put NAV per share 46.8% higher than a year earlier, at GEL 198.91, or £57.69. Total net asset value was GEL 6,463 million, up 39.0% year on year, and shares outstanding fell 5.3% to 32.5 million.

Lion Finance drives the quarter

Georgia Capital's portfolio is dominated by its listed stake in Lion Finance Group, valued at GEL 3,168 million, or 51.3% of the portfolio. Large private portfolio companies accounted for GEL 2,458 million, or 39.8%, and emerging and other businesses for GEL 552 million, or 8.9%, according to the company.

Total portfolio value creation was GEL 810.1 million in the third quarter, of which GEL 656.6 million came from the listed portfolio and GEL 153.5 million from private companies. Lion Finance Group's share price rose 26.8% over the quarter. The combined revenue of the retail pharmacy, healthcare services and insurance businesses rose 18.5% year on year and their EBITDA 26.3%, while their net operating cash flow rose 12.3% to GEL 72.3 million.

The pharmacy business, the largest of the private holdings, reported third-quarter revenue of GEL 266 million, up 10.3%, and ran 476 pharmacies, 454 in Georgia and 22 in Armenia, Investing.com reported from the results presentation.

No holding company debt, larger buyback

Georgia Capital redeemed its remaining $50 million of sustainability-linked bonds on 19 August 2026, leaving the holding company with no gross debt and net cash of GEL 291 million at the end of September. Its net capital commitment ratio, which the company targets below 10%, stood at -0.9%.

The company extended its share buyback by $50 million to $100 million in total, to run over six to nine months, after using $42 million of the first $50 million tranche. In the third quarter it bought back about 840,000 shares for GEL 130.8 million, according to Investing.com. Since its 2018 demerger it has repurchased and cancelled 17.6 million shares for $348 million, 36.8% of its peak issued share capital. The buyback sits within a GEL 1 billion capital allocation plan launched in August 2026 and running through 2029, at least half of which is earmarked for shareholder returns.

The discount of the share price to NAV narrowed to 16.2% at the end of September from 18.4% at the end of June, Investing.com said. The company expects dividend income from its portfolio of about GEL 200 million for 2026.

What it means for the market

The results show how much of Georgia Capital's value rests on one listed holding. The wider financial sector is having a strong year: CBJ reported that Georgian banks' net profit rose 20% in the first nine months of 2026, with Bank of Georgia the most profitable lender. With more than half of the portfolio in Lion Finance Group, movements in that share price will continue to set the direction of the group's NAV.

For investors in Georgian assets, the debt-free holding company and the larger buyback give Georgia Capital more room to return cash while the private businesses grow. The banking sector is also investing in its own infrastructure, including a shared treasury platform for the five largest banks.