The Q2 and first half 2026. Then we will turn to our CEOs of our large portfolio companies, and Tornike, Giorgi, and Irakli, CEOs of respective pharmacy, insurance, and the healthcare businesses will talk about their results.

Then Giorgi, our CFO, will talk about the valuations of our portfolio companies, and then he will talk about liquidity and dividend income outlook. As traditionally I will do a wrap-up followed by Q&A session.

Let me start with the highlights first. As you all know, our Q1 NAV was strong, up 13% to around 50-- more than 50 pounds.

It was driven primarily by the Lion Finance Group share price increase and private portfolio companies' great operating results, which basically recorded almost record-high revenue growth of nearly 20%. We are observing acceleration of the revenue growth.

We are also pleased to dispose our housing business, which basically decreased the leverage on our other portfolio companies significantly. The debt-to-EBITDA of our other portfolio companies went to nearly 4 times to 2 times.

Our deleveraging story continues, and I will talk about the leverage later in the presentation because it's one of the important milestones which we are achieving, meaning deleveraging not only the HoldCo, but also portfolio companies. Again, at NCC ratio here, we have a big improvement.

It went to negative of nearly 3%. We are getting upgrade, obviously, by the S&P credit rating to double B, which is basically ceiling for us as the sovereign is rated at double B, we are at the same credit rating.

Another big milestone which we achieved is completion of the 700 million GEL of capital return program. We will be doing the last pieces of retiring the debt of $50 million, which we already called, and I think that by the end of the month, we will have a zero debt at our HoldCo company as well as we will be completing the last portion of the buybacks.

In light of this, we are announcing new program. We call it capital allocation program, not capital return program.

It's a 1 billion GEL, and I will talk about later why this name is important for our 1 billion capital allocation program. The new $50 million buyback, we will launch it as soon as we finish the previous buyback program, which we expect in Q4 to start this $50 million buyback and cancellation program.

On the next slide, you see a breakdown of our NAV growth. You see that Lion Finance share price increase contributed to nearly 9.5% growth, and then around 4.5% contribution is due to our operating performance.

Buybacks and operating expense offsetting each other at 0.3 percentage point, and liquidity management and FX contributed a little bit negatively of -0.9%. This way, we arrived at 13% growth in the quarter of our NAV.

We are very pleased with the operating performance of our private portfolio companies, and CEOs will talk about the performance later on. Here is another slide which we are pleased with as well as we have achieved the 20% CAGR in NAV per share growth since inception, since 2018.

Last 3 years is nearly 34%, and last 5 years 26%. 26% is our aspiration in general to have a CAGR of 26%.

Last 5 years, we've been doing better than in last 8 years or so. If we look at the NCC overview, the decrease in NCC ratio mainly was contributed the increasing cash balances as we trimmed some of the Lion Finance Group holding due to our PFIC management, and that was a main contributor of leading to the negative territory of NCC ratio.

Our firepower has been increased dramatically. NCC ratio development over time, you see we were as high as 42.5% of NCC ratio.

Now we are at negative. Our over-the-cycle target is around 10%, we are well below the target.

Leverage is important. I talked about that deleveraging process what we've been undertaking.

Not only we are at now the zero leverage at GCAP level, but overall private portfolio businesses went down from 4.5 times EBITDA in December 2019 to 2.1 times. It's a significant deleveraging we have been undertaking in past years.

As I said that we are now at investment mode again with strong cash balance, no leverage at GCAP level, and very low leverage at our portfolio company level. On individual companies, we are seeing here decrease.

Again, pharmacy at 0.8, healthcare services a little bit higher at 3.5, but it came down from high of 5 times, and insurance is obviously at low level. It got leverage due to the acquisition of the Ardi, our high-end healthcare insurance company.

Again, the next slide, on slide 10, we have a share buyback and cancellation program. 35% of our share capital we retired, which I'm pleased that we've been investing at this pace and at this rate.

We have done a nearly $300 million of buybacks during this year and bought back nearly 17 million shares repurchased. If you look at the average price, we have been buying at very low price thanks to our colleagues.

Now to have a just brief look at 700 million GEL capital return program, you see a repurchase of shares. You see a redemption of the bond, $150 million bond, and we only have a 28 million GEL of buybacks currently is ongoing, and that's what we'll be spending in Q3 and buying back more shares.

Now if you look at the cash generation and cash balance. After trimming the LFG, we are at 500 million GEL cash, and we will need around 200 million GEL to fully retire our debt, and the pro forma will be around 310 million GEL of cash balance.

Now let's talk about the interesting part: billion GEL capital allocation program. Here, we say that capital allocation program consists not only buybacks, dividends, and deleveraging, but also the investments, and we are guiding that we will be investing over time, and it will be a investment in Georgia and Armenia.

Out of 1 billion GEL, at least half a billion GEL will be either on buybacks or dividends, it will be in capital repatriation basically, half a billion GEL. Another half a billion GEL, if we don't invest for some reason, it could happen, we are still committing to do a buyback or dividends there.

Deleveraging won't happen because we don't have any more deleveraging. Basically, what we are saying that 1 billion GEL by end of 2029 2029 it will be deployed either at least buybacks and dividends, and another half in investments.

If we don't invest, we'll do a buyback investments. Again, there will be more investments than half a billion GEL, and that half a billion GEL more than half a billion GEL investments over the next 3 years may come from the sale of different assets what we have in portfolio in investing.

Mainly, this billion GEL of investments, we want to fund mainly through the cash balance what we have and the cash generation what we're going to make for next 3 years. We will need some money from the sell-downs, et cetera, but basically, the main source of cash will be from cash generation, free cash flow generation at GCAP level, and the current cash balance.

Now macro is firing on all cylinders again. GDP growth is 7% in Q2, amazing GDP growth we have in place.

We have a current account deficit is also narrowing. If you look at the Q1 last year and Q1 this year, it halved basically.

You see a huge interventions by National Bank. National Bank is buying massively dollars.

It's a $1.5 billion was bought in Q2. We have achieved $7 billion of reserves, which is unimaginable basically.

It's unbelievable how much foreign currency is generated by the National Bank. On interest rates, we are flat around at 8.25%.

Headline inflation is 5.8%, 8.25% is the monetary policy rate, and core inflation 3.5%. At the rate of growth what we are growing the economy, I think it's still a good results regarding the inflation.

Now let's talk about the aggregate results of our portfolio companies, and as I said that our CEOs will talk about the individual companies. Q2, 19.1% revenue growth; first half, 16.4% revenue growth.

As you see, the acceleration of the revenue growth. Aggregate EBITDA, Q1 21% growth, first half 24% growth in EBITDA.

Now if you look at the next slide, on slide 17, we have here a comparison of our revenue growth and nominal GDP growth. As you see, our revenue growth is accelerating.

It was 14%, 13% around, and went to 19%. The gap between the nominal GDP growth and our revenue growth is increasing, which is big, which really speaks high of our CEOs of our portfolio companies.

When you can grow faster than the nominal GDP. In Q2, that decoupling was nearly 800 bps over the nominal GDP growth rate.

Now on the next slide, the cash balances. Operating cash increased by 41% in Q2, and the first half, it was 36%.

Year-over-year, cash balance is increased by 21%. Very strong cash generation.

I'm really pleased that the growth of the net operating cash flow is higher than EBITDA growth rate. It means that cash conversion is more than 100% on aggregate level.

Now let me pass the stage to our chief pharmacists, Tornike, who is our CEO for retail pharmacy business. He used to be a chief brewmaster, now he was requalified to the pharmacy.

Tornike?

Thank you, Irakli, and hello, everyone. I'm pleased to talk and walk you through a brief update on the performance of our retail pharmacy business for the second quarter of 2026.

Another quarter of strong momentum with solid results across all key metrics. Let me say a few words regarding our business.

We remain the largest player in Georgia's retail pharmacy market, holding around 34% market share in organized trade. Retail continues to be our core business, generating around 85% of total revenue.

We operate two well-positioned pharmacy brands: GPC, focused on the high-end segment, and Pharmadepot, serving the mass market. Alongside these, we run two franchise brands, The Body Shop and Alain Afflelou Optics, and maintain a presence in Armenia and Azerbaijan.

During the second quarter, we grew our network by six pharmacies, including one in Armenia, mostly through cost-efficient formats requiring limited capital investment. As of June 2026, our network comprises of 464 pharmacies, 14 Body Shop stores, and five optic stores.

On the performance side, our retail revenue grew by 13.7% year-over-year in second quarter 2026 and 11.1% in first half 2026, driven by same-store revenue growth of 8.5% and 6.5% over the respective periods. Alongside the strong ramp-up from newly opened pharmacies, we have added 34 new pharmacies over the past 12 months.

Revenue growth was further supported by 4% increase in the number of bills issued and 9.3% increase in the average bill size, both in second quarter 2026. We find this trend encouraging as it reflects healthy consumer demand and strong execution at the store level.

Our wholesale business delivered year-over-year revenue growth of 16.5% in second quarter 2026 and 11.6% in first half of 2026, reflecting continued progress on our strategic priorities. This growth was mainly driven by broader product offering across distribution channels and higher revenue from state healthcare programs.

At the same time, we continue to deliver consistent gross profit margin improvement year-over-year, reaching 34.1% in second quarter 2026, which is up by 1.4%, and 34% in first half 2026, up by 1.5%, reflecting the initiatives we have undertaken to shift our sales mix towards higher-margin products and secure improved supplier terms. Turning the next slide, let's look how this translated into very strong financial results marked by record high EBITDA and solid balance sheet position.

Improved profitability, supported by disciplined cost management across the business, resulted in EBITDA of 29.8 million in second quarter, up by 22.3% year-over-year, and in first half 2026, EBITDA grew by 21.4%, reaching 58.9 million. Importantly, this growth was accompanied by robust cash flow generation with EBITDA-to-cash conversion at 100.9% in first half, which is up by 11.6% year-over-year, and it's comfortably above our 90% target.

This reflects better working capital management and highlights the quality of our earnings and operational discipline. The combination of EBITDA growth and strong cash generation translated into a solid leverage position with adjusted net debt to LTM EBITDA at 0.8 times, which is comfortably below our target level of 1.5.

We also distributed GEL 12 million in dividends during the second quarter. On the final slide, to summarize: first, we are delivering sustained revenue growth supported by same-store revenue growth and strong wholesale performance; second, we are consistently improving profitability and achieving record earnings through margin expansion and disciplined execution; and third, we are maintaining a healthy level of leverage supported by strong business performance and solid cash generation, giving us flexibility for future investments and potential 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 Irakli Gogia.

Hello, everyone. Thank you, Tornike.

I'm pleased to share the results of another strong quarter in the healthcare services business. Revenue was up 18% year-over-year while EBITDA grew 25% to GEL 30 million, and EBITDA margin improved by 1.3 percentage points to 21%.

On a last 12 months basis, EBITDA has now passed 100 million GEL for the first time. Leverage also improved.

Net debt to EBITDA declined from 3.7 in March to 3.5 in June 2026. We continued to expand our clinical capabilities and service offerings, both in Tbilisi and in regions.

We introduced robotic-assisted surgery, enabling greater precision in complex procedures and strengthening our position in high-acuity, higher-margin surgical care. Being a minimally invasive approach, it is associated with faster recovery and shorter average length of stay.

In June, we opened the fully renovated and expanded outpatient department at our largest hospital. It is already contributing to revenue and should further increase outpatient revenue share in the coming quarters.

We also expanded TAVI, transcatheter aortic valve implantation, to a second hospital within our network. This minimally invasive alternative to open-heart surgery meets growing demand and consolidates our position as country's leader in cardiology.

New services were added in underserved regions, including angiology and vascular surgery, full-scale urology, and ophthalmic surgery as well. In two regional cities, we merged the newly acquired government hospitals with our existing facilities there.

Two hospitals became one upgraded site in each city, reducing duplicated costs and driving efficiency further. Our polyclinics and diagnostics segment further expanded its diagnostics network footprint, adding six locations since March to reach 20 retail points with further growth planned ahead.

Let's turn to our hospitals business slide, please. Revenue grew by 18% in the hospitals business, and EBITDA grew by 24% with the margin improving to 19.8%.

Operating cash flow reached 19 million, up 17% with an EBITDA-to-cash conversion ratio comprising 83% for the quarter. Occupancy rate rose by 2 percentage points year-over-year to 71% while average length of stay shortened from 4.5 days to 4 days.

We are treating more patients and treating them faster. Admissions also grew by 26% across the settings.

Moving to the next slide, in our polyclinics business, admissions increased by 6%, and a favorable shift in revenue composition towards higher-value services supported revenue growth of 14%. In diagnostics, we stayed focused on building our retail and B2B, the main profitability drivers for the division.

Total revenue grew by 22%, and retail revenue in particular came close to doubling against the same quarter of 2025. On a combined basis, polyclinics and diagnostics segment revenue grew by 17% and EBITDA by 27% with a margin up by 1.9 percentage points to 24.7%.

Moving on to our summary slide, to summarize, the second quarter was strong both on the financial and strategic side. Top-line growth was strong across all segments.

EBITDA grew significantly. Leverage and margins improved further.

We also kept investing where it matters most: in our facilities, our specialists, and the depth of clinical expertise across the network. That concludes my presentation.

I will hand over to Giorgi, who will take you through the results of the insurance business. Thank you.

Thank you, Irakli. Hello, ladies and gentlemen.

I'm going to overview the insurance business. Just a quick reminder that we divide our business into two main lines: it's the property and casualty and medical.

I would say that we had a record-high Q2. We had 32% increase in insurance revenues in Q2 while we had a 30% increase in first half of 2026.

Pre-tax profits grew by 13% in Q1 and in first half by 36%. Just to underline because we are also adjusting our profit, because we had a one-off big hailstorm in Tbilisi, unfortunately, in Q2 where we had a severe claim for our motor fleet.

If we adjust it, without the claim, we had 34% increase in first half and in the first in Q2, and in first half, it translates into 50% growth, 5 5 5 0 for a first half over first half in 2026. Our net premium income grew by 37% overall in Q2 2026.

Now I will deep dive into each business of line, and I will touch the property and casualty business. Our property and casualty business remains still undisputed leader on the market.

We had an 11% increase in revenues in Q1 in Q2 and 12% in first half 2026. The revenue growth was mainly driven by the expansion of our property portfolio, secondly, by credit life, and lastly, the expansion of our retail and corporate motor policies coupled with the increase in the corporate insurance rate.

Our pre-tax profit, unadjusted, was down by 11% because of the hailstorm, but without the hailstorm that is what we consider as a one-off event because we never seen a hailstorm like this before in Tbilisi, the growth was almost 23% in Q2 and 25% in first half 2026. We paid almost 6 million GEL in dividends in Q2 to our shareholder that translates into almost 12 million in first half 2026 despite the hailstorm.

That's what I want to underline. Our key operating metrics remain still very solid.

We had a 21% increase in net premiums written in our P&C line. Our combined ratios are still, including the one-off event, at 89%, but without the one-off hailstorm event, it was down by 1.5% and stood at 82%.

Our individual insurance grew by 11% while the written policies grew by 30%. The renewal rates are still something to underline, and it stands at 80% in Q2 2026.

Moving to health insurance line, I would say that our medical insurance is entering the period of renaissance. There we have a 50%, 5 0%, increase in Q2 in our revenues and 43% growth in first half 2026 while we remain still undisputed leader also in this line of business with 50% market share.

Our pre-tax profits grew even more. That's why I am very proud and happy of the teams because the revenues that we are generating is translated in even more growth in terms of the pre-tax profit.

In Q2, we saw 53% in growth of the profit, and in first half, we had doubling, our profits doubled where we saw 100% increase in health insurance. Mainly, the growth in the revenue was driven by the tenders that I announced and said in the beginning of the year that translated into the revenues already, plus the organic growth of our corporate portfolio and mid-teen growth in the insurance rates, plus the strategy that we announced few years ago of the retail and diversification of the medical products in our total composition.

On the other hand, our key operating metrics remained very, very strong, that I'm really proud of. As I said, our net premiums grew by 55% while the combined ratio still stays very healthy at 92%.

Mainly, the improvement of the combined ratio reflects the lower expense ratio as the higher insurance revenues improved the operating leverage. Our individual insured grew by 40% almost, and the renewal rates throughout the portfolio still remains very strong at 77%.

To have a small dive into each line of business, our B2C business grows really fast in line with our announced strategy, and we have 44% increase in premiums in Q2 2026, and we have 60%, 6 0 per- 60% increase in first half 2026 in terms of the gross written premiums while the introduction of the mandatory inbound travel insurance played a significant role in diversification of the health insurance portfolio, contributing to a healthy revenue streams plus the healthy profitability and sustainability of our portfolio in terms of the profitability. Our B2B business remains very solid, and we managed to increase our insurance tariff by double-digit figures that also affects our profitability and translates into the high double-digit growth in terms of the profitability.

As I said, the medical tenders played a significant role in terms of the growth of the revenue, but on the other hand, of course, the adjustment and the enhanced underwriting translates into the positive impact on overall loss ratio plus the profitability. That is really something to underline.

Lastly, the few things that I would like to underline about our Q2 fantastic figures and performance, I would say, that we remain really strong in terms of the profitability in Q2, improving by 23% year-over-year. Our medical insurance has entered the phase, I would say, of the renaissance with a strong 53% year-over-year growth in profit driven by the newly awarded tenders plus the diversification of the health products in total composition.

Our total insurance revenue grew by 32% in Q2 while the pre-tax profit grew by 13% despite the hailstorm. It demonstrates the resilience and the diversification of the portfolio.

We paid more than 6 million GEL in dividends in Q2 to our shareholder, to GCAP. That concludes my part, and I will pass the word to Giorgi.

Thanks very much.

Thank you, Giorgi. Hello, everyone.

I will briefly summarize the impact of these excellent results from our large portfolio companies on our valuations over the next few slides. This is the half-year results release, as you know.

Every half-year, we use independent valuation company, Kroll, which has done the valuations again this time around. As you can see, our portfolio value grew to 5.4 billion GEL during this first half and the second quarter.

Half of the portfolio, about 47%, is our investment in Lion Finance Group, which at the time of this press release was 14.9% in terms of the equity stake. In the private portfolio, the large portfolio companies continue to be the vast majority of our private portfolio.

They make up around 40% of the non-public portfolio. Here, the retail pharmacy group was valued for the first time above 1 billion GEL thanks to a very strong results that were delivered during the quarter, and healthcare services and insurance continue to be the two other large portfolio company businesses that we carry within our valuations.

One important thing I would highlight is on the discount rates. During the quarter, we saw about 50 bps reduction within the WACCs as a result of the updates that we carry every quarter.

This time, we noticed that the equity risk premiums were reduced due to the spreads tightening within this region in the second quarter primarily. We saw that the discount rates came down, which had a slight impact on the multiples.

We will see those on the next slides as they grew. Before we go to the next slide, I would also highlight that the other portfolio's percentage reduced down to 10%.

That was because the large portfolio emerging and other portfolio didn't grow as much as the rest of the portfolio, partially because we also had a disposal of the housing business from this group. Now on the next slide, you see the developments within the multiples.

Pharmacy multiple was slightly up to 8.3 while the healthcare services business was also slightly up to 10.4, and the insurance was around 10 times, 9.9 times. Overall, they were slightly up, but still within the zip codes where we have seen them over the last 12 months.

All this growth was related to the decreases in the discount rates. Now in terms of the actual portfolio movement, our portfolio grew by 400 million GEL.

However, there are a few pieces that are important to highlight, maybe starting with the Lion Finance Group. As we sold down the stake within the Lion Finance Group down to 14.9% during the quarter.

Even with this sale, the value that was created by Lion Finance Group during the quarter was higher than the sale, we ended up with our value of the stake in Lion Finance Group growing by 154 million GEL during the quarter. The bank's share price itself was up by around 22% during the quarter.

On the private portfolio side, the growth of 222 million GEL was primarily a product of an excellent value creation, which was around 240 million GEL, that was then slightly offset by the dividends that were paid by the private portfolio companies that impacted their net debt balances. We didn't have much change in the other portfolio.

We had a few small investments and also the reduction due to the sale of the housing business. That's how we ended up with our portfolio value of 5.4 billion GEL in the second quarter.

This excellent value creation, where the largest value creation came in the retail pharmacy business, as you saw earlier, of 120 million GEL plus, that was split about 50 million GEL came organically from the EBITDA growth. Another 12 million GEL was delivered through the dividend payment to Georgia Capital and an excellent operating cash flow conversion, and about 62 million GEL was because of the increase in the multiple.

Healthcare services also delivered excellent results, as you saw earlier. That was 45 million GEL value creation to us because of the increase in the EBITDA, and about 25 million GEL because of the change in the multiple.

Similarly, insurance delivered 16 million GEL growth organically because of the growth in the net income, and about 26 million GEL because of the multiple change. That's largely about the valuations.

Now moving on to the liquidity of GCAP at the HoldCo level. As we mentioned earlier in this presentation, we are paying down the remaining $50 million bonds this month.

It will be paid down on August 19th, and the size of our bonds will go down to zero in this month. That means that the liquidity that we had at the end of June, which was roughly $200 million, will come down to around $124 counting in the remaining balance of the existing buybacks as well.

We had around $11 million left today, but as of the end of the quarter, that was $20 million. We'll have $124 million left once the bonds reach zero and the existing buyback program is over.

Now lastly, this is the dividend income outlook. Our outlook for this year is we expect around 200 million GEL dividend inflows.

One comment that I would like to make is, previously, we also guided towards 200, 200 plus. The difference now is that our stake in the bank is lower versus 16.5% that we had before, so that's also reducing the dividend inflows that we expect.

However, as you saw on the previous slide, we generated $100 million plus from selling the stake in the bank, our liquidity is still strong. We do expect that our dividends will continue to grow in the coming quarters.

That is largely it. For the wrap-up, I will go back to Irakli.

Irakli, over to you.

Thank you, Giorgi. To wrap up, NAV per share doing great.

Our revenue is accelerating to grow, and it's growing nicely. July was also very strong for all of our portfolio companies.

NCC ratio is also at negative territory, we have a pretty big firepower for investments and buybacks. Disposal of m2, was real estate development business, was also a good sign to delever the other portfolio companies.

Actually, we have a question that whether we sold it above the NAV or not, and we did sell above the NAV. It was a small amount anyway marked in our books.

It was marked below $10 million, I think $5 million or so, the equity value. We sold above $10 million, and basically, leverage was there around gross leverage was around $50 million there.

Basically, we have offloaded $50 million of the leverage. As I mentioned, S&P, they upgraded us to double B, and we completed 700 million GEL capital return program, and we kickstarted the 1 billion capital allocation program, which we are really looking forward to.

We, in line of this capital allocation program, $50 million of buyback has been already committed. Our repurchase of shares are going well.

We want to buy more, obviously, as we see a growth rate accelerating for our portfolio companies, and actually, we are very pleased with the growth rates what we are achieving. Anyway, on the outlook, we expect our NAV per share to continue the strong growth as EBITDA generation is very strong, and we will maintain the NCC ratio below 10.

It's not that difficult. Economy is growing pretty strongly.

As you see, our foreign currency inflows are amazing. Our tourist season is booming, and foreign currency is flowing in.

Okay. Let's move to our Q2 Q&A session, and we are looking forward to receiving your questions.

Please raise your hand to ask the question, or you can type in the question.

Thanks, Irakli. Dmitry Vlasov has his hand raised.

Dmitry, you can talk.

Thank you very much. Again, congrats on strong set of results and new capital allocation program being announced.

I have three questions, if I may. The first one is on Armenia.

It's pretty reassuring that you're flagging Armenia as the next potential source of growth. Just could you maybe provide a bit more color which industries look the most promising to you?

The second question is about the potential dividends, which you also flagged. Could you confirm that unless you start trade at a premium to NAV, you would continue with buybacks and start dividends only potentially if you would trade at a premium?

The third question is actually on pharmacy business and specifically on the wholesale business gross margin. The progress has been very strong, and my question is what is the potential here for the gross margin expansion?

Thank you very much.

Thank you, Dmitry. Let me address the first two questions, and I will ask Tornike to talk about the pharmacy wholesale business.

On Armenian industries, which we are looking the most attractive for us to do a bolt-ons, meaning that for instance, buy the pharmacy chain, going to the healthcare business, capital-light side of the healthcare business in Armenia. We also like insurance, but we are not urging yet to go to insurance business.

Basically, the industries where we are already in, this is our priority because we know these industries well, and we think that we can manage them better than the industries which we are not present. Regarding the dividends, yeah, roughly, yeah, that's where we want to be: NAV premium, that what probably trigger the dividend program, kickstart of the dividend program.

Tornike, do you want to address the wholesale pharmacy business question?

Thank you for the question. Let me say that this is all about mix, and let me divide into two parts the mix.

First, that we grew the non-med sales, product sales, especially to the pharma key accounts, and the second is we grew the sales of our strategic portfolio, which has the higher margin definitely than the third-party products.

Thank you. Just if you maybe you could share what the potential margin could be.

Could it reach something above 30% maybe for this specific business?

I don't think it can reach higher than the 30% as a gross profit margin. I believe it can be from 25% to 30%.

Thank you very much.

Up to 30%, I would say.

Very clear. Thank you.

Thank you.

Thanks, Dmitry, for the interesting questions. Next up, we have Bryan Maher, who also has some questions.

Bryan, you can talk.

Hi. Thank you.

Just got two questions, please. The first one's again on the capital allocation program and the investment side of that program.

It sounds like bolt-ons in Armenia is the preferred, I guess, strategy. What would be the single largest acquisition you would consider, potentially in dollar terms, or is that something you'd think about?

The second question is just on the other portfolio. You mentioned it's decreased down to 10%, but how do you see this portion of the portfolio evolving towards the year-end and also into next year?

Thank you.

Sorry, the last question, can you repeat, please? The other portfolio at 10%, what you're saying?

Yes. The other portfolio, the emerging portfolio.

Yeah. Yeah.

Basically, the Armenia ticket size, hard to say, but I don't think it will be a big ticket size. I don't know.

I don't want to speculate, but it will not be $100 million, more than $100 million. It most likely will not be more than $50 million.

I don't know. There's somewhere, somewhere that ticket size.

For us, important is to buy a market leaders, to buy meaningful businesses with meaningful growth, with meaningful consumer-driven franchise. Basically, that's kind of will be our focus.

Ticket size, it will not be more than 100 for sure. On the other business, how big it's going to be, I don't know.

We as actually had a questions whether we have some things to sell as well in other businesses. There are not many much left there.

We have some wine business. Maybe we will sell that one over time.

It's capital heavy. Depends whether we find the buyers or not.

I think important point that other businesses have been delevered so significantly that it is only upside what we have there. We derisked this side of the portfolio a lot over time by selling the hospitality businesses, some real commercial real estates, now the real estate development business we sold.

We sold some beer business, basically, over time. Basically, the other businesses have been significantly derisked, and the management time and attention has been decreased significantly on that part of the business.

Is it going to be a 10% or is it going to be 5%, hard to say, but basically, it's going to be insignificant over time.

Great. Thank you.

Can I also just quick ask another question, please, if that's okay? It's just on this

Of course. As many as you want.

I think it was slide 17 of the presentation. It was the large private portfolio revenue growth against nominal GDP.

That was a nice slide in the deck. I think it was about 7 percentage point kind of outperformance versus nominal GDP.

I'm just interested how you see that evolving or how sustainable you think that is going forward. Thank you.

I think basically, that really demonstrates the management strength what we have in our private portfolio companies when you can outpace the strong growth of the GDP. Can we grow like a 700-- actually, 780 bps.

Can we grow 780 bps faster than the GDP every quarter? Probably not.

We want to grow faster, significantly faster than the GDP growth. Let's see.

We have another target now. How far can we outpace the nominal GDP growth?

Okay. Might be easier in the UK, but thank you.

In UK, there's no problem of that.

Thank you, Bryan, for the question. We have one question in the question and answer panel which I'm going to read: 'Would it be appropriate to sell down Lion Finance significantly to give plenty of headroom to the ownership holding?'

That was the question.

I don't really understand the meaning of ownership holding to give a headroom. Probably it means that we'll have a significantly below the PFIC ratio, probably.

Probably that's what it means. Basically, the Lion Finance Group is for us, it's still undervalued, we don't want to sell down more.

We are adjusting it that we are comfortable with the PFIC, and now we are below 50%. We are at around 47%.

Basically, we don't want to sell more as we think that the Lion Finance Group prospects are good.

Thanks, Irakli. These were the questions that we had right now currently, but I see that we have one incoming question now: 'Any update on outlook for the education business?

Is this still a strong contender for extra investment?'

Absolutely. We like that industry, and we will be investing in Georgia as well as Armenia, actually.

We will look at opportunities in Armenia, especially international schools. We will have a look at it, but in Georgia, our strategic focus is education.

Thanks a lot. I would like to remind our attendees if you have any questions, you can type those in the question and answers panel or raise your hands.

Seems like all is clear. Thanks, Anano, and thanks to our shareholders for spending time in the holiday season to listen to us.

We had, by the way, a record attendees. Thanks a lot, and see you soon.

Bye-bye. Enjoy the holidays.