Georgia Capital PLC Q3 2026 Earnings Recap

Georgia Capital’s shares rose 8.1% after earnings, with the update highlighting 13.6% quarterly NAV-per-share growth in lari and accelerating portfolio growth. The gains were supported by Lion Finance Group’s share-price rally and stronger private-portfolio revenue and EBITDA, though Q3 operating cash-flow growth was more modest.

Key Takeaways

• NAV per share increased 13.6% quarter over quarter in lari terms and 15% in pound terms, with lari appreciation contributing to the latter.
• Private portfolio companies’ year-over-year revenue grew 18.5% and EBITDA 26.3% in Q3; operating cash flow grew 12.3%. For the first nine months, operating cash-flow growth was 26.7%.
• Lion Finance Group was the largest contributor to quarterly NAV-per-share growth, adding 11.3 percentage points; private portfolio companies and buybacks added 2.4 and 0.6 points, respectively.
• The holding company is fully delevered, and Georgia Capital announced a new $50 million share-buyback program. The company cited a more-than-25% discount to NAV.
• Healthcare services leverage stood at 3.4x debt to EBITDA, near the company’s 3x target; retail pharmacy leverage was 0.8x, below its stated 1.5x cap.