Our CEOs will talk about the the private large portfolio companies, what what how they are getting on with the the business. Giorgi, our CFO, will talk about portfolio valuation, then he'll talk about liquidity, dividend out- outlook, and then we do a wrap-up and Q&A session.

Let's talk about the the key developments. NAV per share, which is the key metrics for us, it grew 14.1% Q-o-Q in Q4.

Very good results, we are very happy with that obviously. Full year was 61% gross, and and and basically this is driven by both the Lion Finance Group performance and strong performance of our private large portfolios.

We had also the strong quarter for our private portfolios, the EBITDA has grown by nearly 18% in Q- Q4. Please note that Q4 '24 was a pretty strong performance as well, we had a big gross in Q4 '24, the the base was high, and we performed very well against this high base.

We we completed the $50 million buyback program, and we are starting, as part of the 700 million GEL buyback program, we are starting the $50 million share buyback program as of today. That will last for a couple of months.

We'll see how we gonna get on on this buybacks. NCC ratio has declined significantly to a record low to nearly 2%, we are very happy with that.

That's also resulted us to be more bullish on the buyback amount, so that's kind of a you know that NCC ratio is one of the key ratios we follow. Looking back on '25, the key developments: we exercise our put option on water utility company.

In the end, we recorded IRR of 25% on this on this investment, and MOIC nearly 4 times. Overall, we are happy with completing the cycle of the on the water utility company and how we have performed.

On the other side, we did a small, but it's also good to know that we are finding some good assets in Georgia to buy. In healthcare sector, we bought the Gormedi at acceptable valuation for us, which was better than the the buying back the GCAP shares.

We bought at less than 4 times EV/EBITDA basically this business. We completed the 300 million GEL buyback program, very happy that we completed nearly more than a year earlier than we anticipated.

It was a good performance overall in this with this regards. We started, kickstarted new 700 million, as I mentioned, GEL program, and so far we are progressing pretty fast.

If you look at the buyback, what we done so far, we did the is capital return, both the debt and the and the equity capital. We did the early redemption of the $100 million of our bond.

We did already repurchasing of 138 million GEL worth of shares, and we launched now another 134 million share buyback program. We are not far away of hitting the 700 million GEL capital return program, which basically we were aiming to do it till the end of 2027, and we started 6 months ago this.

In 6 months we have managed to complete nearly 80% of the of this capital return program. The we will need to announce in 2026 how we gonna go about this program: we will extend it, or we will end early and we start new one.

It's not clear yet, but in the course of 2026, we should let you know how we gonna go about this. This is a overall how how many shares we bought back.

Nearly 16 million shares we bought back. In total of 246 million we spent in this buybacks, and it represents 33% of share capital we had in the peak.

Pretty significant portion of our shares has been bought back, and we are happy that we are happy that this program has given us has produced a lot of value for us. On next slide, we have a macro update.

That's obviously is one of the key factors of our good performance, and you see that past 5 years the GDP per capita has near- nearly doubled, sorry, more than doubled, to hundred- to $10,000 per capita, which is a significant gross. We also have a, the preliminary data for 2025, we are we grew the GDP grew by 7.5%, we are above the $100 million- 100 billion GDP level, which is pleasant to see.

You also saw that deleveraging of the sovereign, we peaked at 60% of GDP, debt to GDP basically, and that debt to GDP came down to 34% as of the year-end. If you look at the external debt, it's at 23%, very much manageable levels.

Actually, I would say that the sovereign is quite underlevered. Due to that, we saw very successful refinancing of 500 billion- 500 million of Eurobond in January '26, it's with the yield of 5.25%, 5.125%, which was the probably one of the record low yields, and actually spreads over Treasuries, we recorded 150 bps spread.

Inflation is under control at 4.8% level, and core inflation runs at 2.4%, which is another, good news. Overall, it's good to see that inflation is low on the back of such a high GDP gross numbers.

The not only GDP grew, but also the there is a big pressure for the lari to appreciate as we have a big inflow of foreign currency. We are at record high $6.3 billion reserves level, which is an all-time high by far.

You see a a big $2.4 billion buybacks, which sorry, not buy- I call everything buyback, but interventions what National Bank did. National Bank bought $2.4 billion worth of the foreign currency in 2025.

That tells you the strength of the lari, strength of the economy, and how strong the external balance of the country is becoming. Now let's see the the NAV per share development.

In Q4, 14.1%, as I mentioned, was driven primarily by Lion Finance Group share price increase, 10% plus, and then we had a 3.5% nearly gross of our private large portfolio companies. Buybacks gave us nearly 1 percentage point increase in the in this, and I think it's worth noting that due to the the LFG share price gross, our live, let's put that way, NAV per share is actually up 20%.

Very strong NAV per share gross we are having. Full year, you see contributions: 42% from LFG, and 15% from the operating performance of our private portfolio.

We had the 11% contribution from the buybacks, and then you have a negative contributions from OpEx, liquidity, and other portf- and other portfolio companies little bit declined in NAV per share of 0.7%. Overall, 61% NAV per share gross.

If we look at the since inception of the GCAP, or since the merger in 2018, CAGR of our NAV per share is nearly 20%, which is very pleasant to see this number. 5-year CAGR 26%, and 3- 3-year CAGR 33%.

These similar numbers are in US dollars and and pound sterling terms. Actually, they are a little bit higher the, but basically the overall performance of lari allows us to have a very similar performance in dollars and sterling.

Free cash flow development is strong. We are we have recorded $65 million, but what is the big thing to notice here is that per-share free cash flow grew by 52%, from $1.22 per share to $1.86 per share.

That's a that's a significant gross, and this is not only we grew our free cash flow, but we also canceled a lot of GCAP shares, which led to the strong NAV per share gross of more than 50%, sorry, free cash flow per share gross more than 50%. The development of the our portfolio companies, what has happened: so aggregate development in Q4, we had a revenue gross of nearly 12%, and the and the full-year gross was 15% revenue gross.

On the other hand, in EBITDA, we grew nearly 18% in Q4, and 28.6% in full-year EBITDA gross. It's a strong EBITDA gross performance there as well.

If we look at the operating cash flow, also strong gross for on operating cash flow level: 15% gross for our large portfolio companies, and aggregate cash balance is also is up year-over-year by 25% nearly. Update on on deleveraging: so NCC overall has declined significantly to 2.3% after announcing our $50 million buyback.

To adjust it, it's gonna be around 5%, which is way below our 10% level. You see the net capital commitment overview how it has developed over the 2025.

Strong contribution is the cash balance gross what we had, and and basically that's kind of a the way we have decre- decreased the our NCC ratio. Here you have the development over the time.

As you will see that we had quite we were pretty levered around 6, 7, 8 years ago, and now we are, I would say that we are under- underlevered, and this is how we want to stay. We want to stay at a low at GCAP level at with a low debt on our balance sheet, and that's why we have a 10% over-the-cycle target basically.

Let me move move the floor to our Retail Pharmacy CEO, Tornike, please.

Hello everyone. I'm pleased to share brief business overview and update on the performance of our retail pharmacy business for the fourth quarter and full year of 2025.

Let me remind that our business consists of three main directions: retail, wholesale business, and international operations. Retail is our core business, generating 75% of our revenue.

The second one is wholesale business, which is our fastest-growing direction, and management is primarily focused on driving its continued growth. The third one is international operations.

At the moment, we are having a limited presence in Armenia and Azerbaijan, and aim to expand further in the region. Let me discuss our core retail business in more details.

Based on 2024 figures, we continue to be the largest player in the retail pharmacy market in Georgia, with around 34% market share in organized trade. We are operating under two well-positioned retail brands: GPC, which targets the high-end segment, and Pharmadepo, serving the mass market.

We also operate two franchise brands, The Body Shop and Alain Afflelou Optics, and are active in Armenia and Azerbaijan as well. We have unique category structure in retail, having around 50% share of beauty and other versus med category.

Beauty category can be described by higher margins and no price regulation risks. We expanded our network by 15 new pharmacies added in Q4, including two additional in Armenia, most of them in cost-efficient formats that required limited capital expenditures.

As of year-end 2025, we operate 453 pharmacies. Next slide, please.

In terms of operating performance, our retail revenue grew by 7.6% and 11.6% in year 2025 and Q4 respectively, supported by same-store revenue growth of 6.3% and almost 9%. This was despite the exit from our textile retail business, which slightly affected headline growth.

We are encouraged by this trend as it reflects healthy consumer demand and solid in-store execution. In year 2025, we have strong growth on the wholesale side as well.

Revenue grew by 22.6% as we continue to deliver on our strategic focus. This robust growth achieved across all wholesale channels, it's mainly driven by increased product availability across all channels.

We also saw an increase in average bill size, it's 10% year-over-year. Gross profit margins improved to 33.2% in Q4, driven by better sales mix and improved supplier terms.

On the next slide, let me share how it translated in financial performance. EBITDA grew by 26.7% in full year 2025, and we reached the record high 103 million GEL.

In Q4 alone, EBITDA grew by 17.5%. We have strong 93% cash conversion from EBITDA, exceeding 90% plus threshold for year 2025.

From a balance sheet perspective, we remain cautious and disciplined. Our adjusted net debt to LTM EBITDA is 1.3 times, which is below our target ceiling of 1.5.

We also distributed GEL 15 million in dividends during the quarter. Total dividend for the year is GEL 35 million, reflecting confidence in our cash flow and overall financial health.

On the final slide, to summarize: we have maintained solid revenue momentum, especially with same-store sales growth and strong wholesale results. Profitability has improved, supported by gross profit margin improvement and prudent cost discipline.

Finally, healthy level of leverage and strong cash generation, giving us flexibility for future investments and shareholder returns. Thank you again for your time.

I'm happy to take your questions during Q&A session. Now let me hand over to Giorgi Baratashvili.

Thank you, Tornike. Perfect.

Thanks very much. I'll be presenting our insurance business.

Just a quick reminder that we divide our lines of business by two main lines. It's P&C that is run under the brand of Aldagi, and our medical insurance line that is run under the brand of Imedi L and Ardi.

I would like to emphasize that we had a record high performance for the year of 2025, and among them is Q- Q1 is one of the best, and I will dive into the figures also and operating performance. Our insurance revenues grew by 10% in Q4, and the full year of 2025 was about 23%.

The good part of that is that our pretax profits grew even more. We had an 18% growth in operating- in pretax profit in Q4, and the annual growth was translated into 22%.

Our net premiums written grew by 19% in Q4, that was about now 100 million GEL, and annual growth was translated into 25%, exceeding 400 million GEL. Going into the depths of P&C and medical, our medical business grew by 28%, and that's record high growth for the quarter, and it was translated into 35% for the year full year for for 20- 35%.

For the P&C, we had 10% growth in net premiums in net premiums written, and it was for the full year it was 15%. I will overview the P&C business right now.

Our P&C insurance company Aldagi remains to be the leader on the market with 30 34% of the market share. It's quite big big gap, more than 10% with the closest competitor.

Our P&C business revenues grew by 17% in Q4 and almost 20% full year 2025. The increase was mainly driven by the expansion of the retail of the motor portfolio, that was also aligned with credit life insurance.

As we are really dedicated to the retail growth, we were we are looking and watching closely to the development of the of the retail. Our pretax profits grew also really rapidly.

We had an 11% growth in Q4 and 20% growth full year. Our ROEs remained record high at the point of almost 34%.

More than 8 million dividends were paid to to the shareholder in Q4, and in total almost 20 million GEL of dividends were paid from our P&C business. Key operating metrics remain very solid.

Our net premiums grew by 10% in Q4, and full year 2025 reached 15% growth. Combined ratios in Q1 grew by 1%, that was mainly driven by the composition of the of the commission.

There has not been any changes in the revenue streams and underwriting profit, while the annual P&-- annual combined ratio was improved improved by 1% 1.2 and was down by to 86.5%. That was attributable to the improvements of the corporate motor insurance mainly.

Our individual insurance grew by 12%, and policies written grew by 18%. Our renewal rates still stay record high.

We had a 75% renewal rate in Q4, and annual growth was at 78%. Going to the health insurance, our health insurance business also keeps to be the market leader with 33% of the market share, and we had an outstanding performance in in health insurance.

We had a 5% growth in Q4, that was mainly driven by underwriting discipline and by selection for the state tenders, while the annual growth was translated into 27%, and that that's the record high of the existence of our health insurance for the annual growth. Our pretax profits grew even higher, meaning that the revenues what we generated and the underwriting discipline was translated into higher pretax profits.

We had a 31% growth in Q4 in pretax profits and 26% full year of 2025. ROEs here in 2020- in Q4 were still record high, 36%, and the annual and annual ROE was set at 31%.

Key operating metrics: very strong, I would say, again, something to underline. Our we had a 28% 28% growth in net premiums written in Q4 and 35% change in full year 2025.

Our combined me- combined ratios medical medical were improved by almost 2 points in Q4, and that was, as I said, driven mainly by the selective criteria for the health tenders, state tenders, and the revised underwriting approach. We had individual insureds in medical we have in medical insurance we had 80% 277%, that that was 8% decrease, but that was that was intentionally mainly again of the of the select- revised underwriting approach and the criteria of selecting the client base.

The renewal rates to at high point at 80% in Q4 and 81% in full year. The improvement mainly and the lower loss ratio driven, as I said, by the tariff increase, and the decrease in number of insureds is mainly attributable to medical state tenders.

We had a 17% tariff increase. We managed to increase our tariffs and premium per policy by 17% in Q4, and 9 million dividends were paid only from the from the health insurance business, that was for the full year it was it it accounted almost to 14 million GEL.

Again, we also love to push our retail arm in health insurance, and we can see on the figures that we already reached 17,000 insureds, driving to a 2 million increase in premiums in Q4, and the good part and the good story is that we already secured tenders of 50 million that will be effective from Q1. That's an additional revenue, additional gross written premium that will be in that will be in the inception that will incept in Q1 2026 with the with revised underwriting criteria and revised underwriting discipline.

A few things that I would like to underline about Q4 and full year 2025 to summarize. Next slide, please.

We had outstanding performance, I would say that record high for the insurance. We are for the both lines of business, where our ROEs in medical exceeded 30%, and it was almost set at 31%, and even higher in P&C at 33.5%.

Our retail business in both in P&C and health insurance are expanding, and we have we are we reached already already 17,000. Just to remind you that we we we were not present in this business few years ago, we launched few years ago, and we are we're increasing our insureds rapidly.

The good part is that we are repricing our products in health insurance, that is that drives mainly that that brings the sustainable combined ratios and improvements in the combined ratios in the health insurance, as you saw. Plus, on the other side, we keep record high renewal rates.

Additionally, record high dividends were paid to to GCAP, Georgia Capital, in the Q4. We paid more than 17 million in Q4, that was full year it was 33 million, and that again was 30% higher and it was than the previous year, the change and the increase was 30% year-over-year in terms of the dividend payout ratio.

That's in short about the our insurance business, and I will pass the floor to Irakli Gogia. He will overview the healthcare business.

Thank you.

Thank you, Giorgi. I'm very pleased to report another strong quarter on the healthcare services business.

We continued our focus on the outpatient services to optimize our revenue mix and improve patient retention. Outpatient revenue grew by 23% in 2025, with its share in total revenue rising by 1.6 percentage points to 43%.

We continued to expand our service offerings across regional and community hospitals, targeting previously underserved medical needs. We introduced new specialties, including arthroscopy, sports medicine, and interventional cardiology, further enhancing access to advanced care in local markets.

Our initiatives helped us deliver double-digit revenue growth, with EBITDA increasing by 18% and EBITDA margin reaching 19.5% in 2025. For the full year, we delivered EBITDA of GEL 93 million, representing a 35% year-over-year increase and surpassing the 28% growth rate achieved in 2024.

Next slide, please. In our hospitals business, EBITDA grew by 13% in the fourth quarter.

Operating cash flow reached a record high of 29 million GEL in the quarter, resulting in a full-year EBITDA to cash conversion of 84%. We outperformed our internal target for second year in a row, with operating cash flow plus revenue growth exceeding 100%.

Occupancy rates increased by 7 percentage points over the same period, while the average length of stay decreased significantly from 4.6 to 3.9. This development is fully aligned with our stated objective of improving efficiency and enhancing capacity utilization.

Next slide, please. In fourth quarter 2025, number of admissions in our polyclinics business increased by 13%, while number of tests performed in our diagnostics business increased by 11%.

This resulted in revenue growth of 18% and EBITDA growth of 35%. Within the diagnostics business, current utilization remains below 50%.

We view this as a clear growth opportunity, and intend to significantly increase utilization by driving demand and improving operational efficiency. Next slide, please.

To summarize, 2025 was a strong year for our organization, marked by both financial performance and strategic progress. We delivered significant EBITDA growth, supported by improvement in EBITDA margins.

This reflects the strength of our operating model and the continued focus on efficiency across the group. Cash generation remained robust, particularly in the fourth quarter, resulting in a full-year EBITDA to cash conversion ratio of 86%.

Importantly, this strong cash flow performance enabled us to further strengthen our balance sheet. Net debt to EBITDA declined from 4.4 times to 3.7 times in 2025.

Alongside this performance, we continued to invest in our clinical capabilities and people. We further strengthened our medical teams and enhanced the depth of expertise available across our network.

That concludes my presentation. I'm happy to answer any questions that you may have.

Thank you. Giorgi.

Thanks, Irakli. Hello everyone.

Over the next few slides, I will quickly summarize the excellent results of our portfolio companies' impact on our valuations. Starting with the overall overview: as at the full year, we had the independent valuation company perform the valuation analysis of all our large portfolio companies, which was then audited by our independent auditors.

You see the outcomes of these valuations on this slide. About 50% of our portfolio is Lion Finance Group, while about 40% is within our large portfolio companies, and the emerging and other businesses continue to be around 10 to 11%.

The valuations continue to be applied consistently from the previous periods, with the maximum reliance on the future DCFs, which are driven by the future cash flows that we expect in all these large and emerging and other portfolio businesses based on the actual results and the expectations that we have for each individual company. As we move to the next slide, here you will see how the multiples have changed.

These are the implied multiples from the DCFs, and they've remained broadly consistent with the previous quarter, although we have had, for example, in retail pharmacy, a decrease from the beginning of the year, similar to the healthcare services, but broadly we think that we have approached the level where these multiples will continue to be more or less consistent at these levels, unless cost of equities change that might lead to changes into the implied multiples. Next, you'll see that the impact of these valuations and how that has impacted our overall portfolio value.

Our overall portfolio value for the first time in our history has gone above 5 billion GEL, and that was supported by two things primarily: one, the continued increase in the Lion Finance Group because of their excellent performance, that drove around 300 million plus in the portfolio value growth, and there was another 133 million GEL that was driven by the large portfolio companies' growth, which was spread across the healthcare, insurance, and the retail businesses, that we'll see on the next slide. Here what we wanted to highlight is this growth has been consistent across the portfolio companies.

The small decrease in the emerging and the other portfolio companies was related to capital-heavy businesses that we have there, but that was in line with our expectations. On the next slide, now this is the breakdown of how these excellent large portfolio companies' results drove the value creations.

In retail pharmacy, the majority of the value creation came from the growth in the EBITDA, as you saw and heard from Tornike, that growth approached 18% in the fourth quarter. They also paid us dividends, and we had a small decrease because of the multiple change, but overall this business continues to be the biggest private portfolio business that we hold in our portfolio at 870 million GEL.

Insurance business, where also the majority of the growth came from the growth in the net income, as you saw on the previous slides, that was around 27 million GEL growth from our perspective, and on top they paid us dividends of 17.3 million GEL, which in aggregate drove the net income for Georgia Capital's income statement. In the healthcare services business, here we had a consistent growth also in the EBITDA, again based on the close to 18% growth in the EBITDA in the fourth quarter, coupled with a very strong operating cash conversion in the fourth quarter, that also drove a positive impact on our P&L from the net debt change, which was around 15 million GEL gains, and then here we had an uplift in the multiples because of the consistent, continued, and sustainable growth in this business that we saw all the last few quarters, and as our expectations in the future quarters have also led to the slight multiple increase.

That's about valuations. Now we jump into the liquidity and dividend income outlook.

We continue to have a very strong liquidity, even though during 2025 we paid down our debt from $150 to $50 million. That's the only remaining debts that we have at the HoldCo.

These are the locally issued bonds that mature in 2028. We still continue to hold about close to $90 million cash on our books, which puts that at around $40 million net cash position.

Lastly, this is the dividend income outlook where we continue to have another strong year of dividend inflows, and you can see that across both listed and the private investments, we had a very strong growth, especially on the private sides, and when we also look at the dividend income per share, given that we've been reducing our share count over the last few quarters, despite those reductions, we still expect that our dividends will continue to be above 200 million GEL, and dividend income per share will continue to grow. As you see, last year the growth was 50% plus.

That's largely it to summarize the valuations and the liquidity outlook, and I think with that we'll go back to Irakli to wrap up and open up for the questions. Thank you.

Thank you, Giorgi. To wrap up: strong NAV growth.

We are way ahead in our capital return targets of 700 million GEL. In 6 months, we nearly did and committed 80% of this amount.

Our portfolio companies are growing nicely, with the EBITDA in '25 growing nearly 30%. By the way, we have a strong start in January, all of our companies.

Our NCC ratio is down well below our target of 10%. Far, economy is doing extremely well.

Far, good. Please, let's open the floor for questions.

You can raise your hand and ask the question, or you can send your question in our chat. Raising hands is preferred, more engaging.

Thank you very much, and congratulations on excellent set of results. I have a few questions.

The first one is on the potential upcoming investments. Since the discount to NAV is narrowing, should we expect you to be more aggressive with the investments in the nearest future?

I'm talking about bolt-ons and bigger ones. That's the first question.

The second one, I know that in the past you only focus on Georgia when we think about big investments and not part of your portfolio companies, but maybe you consider to start looking outside of Georgia at some point, maybe in the attractive neighboring CIS countries. The third question is about the capital return program.

Congrats on basically going much faster than initially expected here. The question is there is a relatively small amount remaining, and I know you said you would provide an update going forward, but maybe for that amount, do you think you have a preference whether to spend it on the bond or buyback?

The final one is on the growth in your private portfolio. Basically, do you have a view for 2026, 2027 which of your private portfolio asset would perform the strongest?

Thank you.

All right. Thanks a lot, Dmitry, for very engaging questions.

On investment side, basically I don't like to use the word aggressive because we want to be very pragmatic when we are investing and very diligent. You are right.

Since the discount is narrowing, there are more opportunities are opening up for us, and we are looking at the opportunities. Obviously the investment business is not predictable.

It's very difficult to say what you have a deal or not have a deal, but we don't want to force investment in that sense that we are investing for the sake of it. We can find some good opportunities at cheaper than the GCAP share price and okay, let's invest.

We are very diligent in that sense, we like to take it slow. I will combine this with our bolt-ons because on bolt-ons, for our large portfolio companies, we are more bullish, let's put that way, because we want to grow, and our portfolio companies are performing well, we are more bullish in acquiring through our large portfolio companies and some smaller companies basically to do the expansion.

In that sense, we are very much open to go outside Georgia because we see the opportunities in neighboring countries, and we think that that's kind of opportunities which will serve well for the value creation and the growth momentum what we can buy for our large portfolio companies. There we are more kind of open-minded.

In terms of the capital return policy, the 700 million GEL, the small amount is left, I seriously cannot answer the question. Both are on the table.

We have only $50 million of bond remaining, which we can retire it fully, or we can basically do a buyback. Let's see where the NAV discount's gonna be when we finish our current $50 million buyback program.

If it's still at 25% level where it is right now, probably we will prefer to do more buybacks. I guess it's my answer, but 2026, towards the end of '26, we will have a clearer picture of a new capital return policy because there is clearly a need, and we need to think about how we gonna go about it.

Dmitry, have I answered all of your questions?

Yes. Perfect.

Thank you very much. Very clear.

Thank you.

Hello,

can you hear me now?

Hey, Ben.

Hi, Irakli. Sorry, I was just muted.

Dmitry actually answered a lot of the questions I had, I only have a couple. Just, again, relates to the M&A points.

You mentioned you're more bullish on the bolt-on acquisitions. Is there a specific area of the large private portfolio, i.e.

retail, insurance, healthcare, where you see greater opportunities at the moment, or expect to see in the near future? Just my second question is on the stake in Lion Finance.

When you think about this, is the primary focus on the PFIC status, or are other factors also considered when evaluating whether to reduce the stake further? Obviously, the share price last year was very, very impressive in Lion Finance.

It would just be interesting to get your thoughts on how you see this stake evolving in 2026. Thank you.

Thanks, Ben. I think on M&A, I really cannot say more than that.

I don't want to speculate on the sectors where we see more or we see less. It's very volatile in general.

Sometimes you don't see anything and sometimes you see a lot, etc. I think that in general we like to do a bolt-ons for our large portfolio companies, and we are open-minded to go outside Georgia.

That's all I can say at this stage on M&A. Regarding the LFG stake, it's PFIC-driven at this stage, and it's purely PFIC-driven.

That's what we do. Maybe we adjust a little bit here and there, and it's pretty much it.

We like the performance of the bank. It's extremely good performance.

Quality of management is very high, superior to its competitor for sure. As you see, a big gap in operating performance between the Bank of Georgia and its closest competitor.

Also, we believe that the strategy of the LFG is way superior, going into the neighboring markets and taking the stake, acquiring the large players, rather than doing the small kind of consumer-driven lending, which is then limited by the regulator, and it's really doesn't depend on your own performance, you are at the mercy of the regulator. Overall, we are very happy with LFG strategy, performance, the quality of the management, etc.

Our pure decision is driven by the PFIC, nothing else.

Great. Thank you.

Thanks.

Sorry, Anna, can you repeat? I had a problem with my speaker.

There is no limit as such. We are just driven by the PFIC, as I said, purely by PFIC.

That's kind of a you can use it as a guidance, and they can use it as a limit, I guess, but we don't want to be PFICs, and that's how we are managing our balance sheet and our investment.

Very good. It's good that you are flexible in changing your mind.

In this case, we are on the other side. We want to be delevered on the HoldCo level, because in the end of the day, it is a double leverage.

When you have our operating companies have their own leverage, and we have on top our own leverage. We can use that let's put that way, debt capacity if we need to make a big investment, and we may lever up, but we need to have a very clear deleveraging path.

We can use that leverage capacity for the investment firepower. My inclination is to keep it very, very low leverage, and in case we find very lucrative investment opportunity and we lever up, we will need to have a very clear path to delever, and we need to present to you, that's how we are going to deliver.

We have very clear view on this leverage.

Giorgi, you want

to— I can answer that question. Hi Anton, thanks for the question.

I think from our perspective, the guidance that we provide is that our OpEx will be 75 bps of our NAV, and we do expect that in 2026 that will continue to be the case. As you saw in 2025, that was less than 75 bps, but, pretty close.

We think it will continue to be the same structure in 2026. That might mean that the number might be slightly higher than what it was in 2025, but in any event, we do expect it to be 75 bps or less of our NAV.

Economy growing, GDP per capita doubling in past 4 years actually, that gives you a big firepower from the locals. Maybe 5 years ago to sell anything worth of $5 million or $10 million was unimaginable.

Now the liquidity of that ticket size is way higher, and maybe even more. It's a bigger ticket size you can actually buy and sell with the local capital.

Local capital has been increasing, I don't think it's in a bubble, to start with, but I think that we have a quite oversupply of real estate in the market, or risk of oversupply of the market basically, and the prices are not going up as it should have, actually. We have a real estate development company, and the real estate development company is performing well, but we are not very bullish to do a big projects there for sure.

We are pretty cautious on that side. In terms of whether we admire any investor or investment philosophy, we don't admire anybody so far.

We want to be admired.

Irakli, you want to answer this one?

Yeah. Thanks, Irakli.

Thanks for the question. To increase utilization, first of all, we should continue what we were doing.

It's increasing our market share and attracting new doctors, new patients. Maybe we attract some customers from abroad as well.

We could also roll out new services, and also we will continue optimizing beds, to increase the number of beds in the departments where the demand is higher, etc. On the margin side, we think that 25% EBITDA margin is achievable, given the last 2 years we increased the EBITDA margin by 4%, 4 4.5 or something like that.

We believe we will get to 25 in mid-term. The increase in outpatient revenue will help that agenda as well.

Thank you, Irakli.

I guess no further questions. Thank you Anna for your mediation and the questions.

Thanks everybody for being engaged and finding time to attend our call. As I said, our portfolio companies are continuing a good performance in the 2026.

The year started strong, stay tuned for the Q1 results.