Georgia Capital PLC (2IX) Q3 2026 Earnings Report
DE:2IX Q3 2026 EPS Results
- Actual EPS
- ―
- Consensus EPS
- ―
- Beat/Miss
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- One Year Ago EPS
- EUR 9.61
DE:2IX Q3 2026 Revenue Results
- Actual Revenue
- ―
- Expected Revenue
- ―
- Beat/Miss
- ―
- YoY Revenue Growth
- ―
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/28/2026
- Time
- Before Open
- Conference Call
- Wednesday, October 28, 2026
DE:2IX Upcoming Earnings
Georgia Capital PLC's next earnings date is estimated for February 24, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q3 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive, led by 13.6% quarter-over-quarter NAV growth, accelerating private portfolio revenue and EBITDA, record portfolio value, full HoldCo deleveraging, expanded buybacks, strong pharmacy and healthcare performance, insurance growth, and rising dividend capacity. The main negative points were the prior-period hailstorm impact on insurance, lower Armenian pharmacy margins, timing-related cash-conversion variation, and the lack of healthcare distributable capital in 2026. Highlights significantly outweighed the lowlights.
Company Guidance
Management expects full-year dividends to be “in the GEL 200 million area,” with “double-digit growth” in dividend income in 2027 and “in excess of GEL 220 million for the next year”; health care services is expected to generate “small but distributable capital in 2027,” with GEL 53 million of investment planned “over the next 3 years,” while a potential listing is considered in “3 to 5 years’ time” at “maybe $80 million to $100 million EBITDA”; retail pharmacy expects “around 90% cash conversion” for 2026 year-end, and health care services indicated cash conversion “should be around 100%” when growth is 15%, implying 85%; P&C combined ratios are expected to be “from 80% to 85%” and “in the range of 85%,” health insurance is “somewhere in the 92%,” Georgia Capital is comfortable with a “10% NCC ratio,” and the GEL 1 billion capital allocation program runs “until the end of 2029.”
- Strong NAV GrowthNAV per share increased 13.6% quarter-over-quarter in Lari terms and 15% in pound terms, with the pound-denominated growth benefiting from Lari appreciation.
- Robust Portfolio Operating GrowthPrivate portfolio company revenue increased 18.5% year-over-year, EBITDA increased 26.3%, and operating cash flow increased 12.3% year-over-year in Q3. For the first nine months, revenue growth was 17.1%, EBITDA growth was 24.7%, and operating cash flow growth was 26.7%.
- HoldCo Fully DeleveredThe HoldCo fully repaid its remaining debt and ended the quarter with zero leverage. The NCC ratio moved into negative territory, described as the lowest ever, after declining from a peak of 42.7%.
- Expanded Share Buyback ProgramGeorgia Capital announced a new $50 million share buyback program, bringing the total under the new program to $100 million. It bought 1 million shares during the previous four months and expects annual share buybacks to approach $400 million this year.
- Long-Term Capital Returns and NAV Track RecordNearly 37% of GCAP share capital has been bought back since inception. The GEL 1 billion capital return program had approximately GEL 260 million already completed or committed, with the program running through the end of 2029. NAV per share CAGR was 21.4% since inception, 27% over five years, and 37% over three years.
- Strong Georgian Macroeconomic IndicatorsGeorgia's eight-month GDP growth was 7.6%, following 7.7% growth last year. The first-half current account deficit narrowed from 5.8% to 2.5%, while National Bank foreign-exchange reserves reached an all-time high of more than $8 billion after $1.3 billion of purchases in Q3 and $1.6 billion in Q2.
- Record Portfolio Value and Valuation GainsThe gross portfolio value reached a record GEL 6.2 billion at the end of Q3, increasing by close to GEL 800 million during the quarter. Lion Finance Group generated GEL 657 million of valuation gains, while private portfolio companies generated GEL 153 million of value creation, equivalent to roughly 5% or more of private portfolio value.
- Lion Finance Group Share Price ContributionLion Finance Group's share price increased close to 27% during the quarter and represented 51% of GCAP's gross portfolio value at quarter-end, up from 47% at the end of Q2.
- Retail Pharmacy Revenue and Network ExpansionRetail pharmacy revenue increased 16% year-over-year in Q3 and 13% in the first nine months. Same-store revenue grew 8.7% in Q3 and 7.3% in the first nine months, while 12 new pharmacies opened in Q3. The network reached 476 pharmacies, 15 Body Shop stores, and 6 Alain Afflelou Optics stores as of September 2026.
- Retail Pharmacy Demand and Wholesale GrowthRetail pharmacy bills issued increased 5% and average bill size increased 10% in Q3. Wholesale revenue grew 10% year-over-year in Q3 and 11% in the first nine months, while wholesale gross profit increased 23% in Q3.
- Retail Pharmacy Margin and EBITDA ExpansionRetail pharmacy gross margin reached 35.4% in Q3, up 2 percentage points, and 34.5% for the first nine months, up 1.7%. Q3 EBITDA increased 34% year-over-year, with EBITDA margin expanding 1.8 percentage points to 12.7%. Nine-month EBITDA was GEL 93 million, up 26%.
- Pharmacy Acquisition and Armenia GrowthThe pharmacy business acquired a premium baby-care distributor for GEL 6 million at an implied 3.5x EV/EBITDA multiple. Armenia revenue increased 42% year-over-year to GEL 10 million in Q3 and 35% to GEL 26 million for the first nine months, driven by network expansion, stronger retail branding, broader wholesale offerings, and higher state-tender revenue.
- Retail Pharmacy Cash Generation and Low LeverageRetail pharmacy EBITDA-to-cash conversion was 63% in Q3 and 87% for the first nine months, with management expecting approximately 90% cash conversion for full-year 2026. Adjusted net debt to LTM EBITDA declined to 0.8x from 1.3x at year-end and remained below the 1.5x target. The business distributed GEL 15 million in Q3 dividends and GEL 27 million in the first nine months, up from GEL 20 million in the comparable prior-year period.
- Healthcare Revenue and EBITDA GrowthHealthcare revenue increased 16% year-over-year and EBITDA increased 22% to GEL 26 million in Q3. EBITDA margin improved by 1 percentage point to 19.4%, while operating cash flow more than doubled to GEL 25 million and EBITDA-to-cash conversion reached 95%.
- Healthcare Outpatient and IVF ExpansionOutpatient revenue increased 23%, supported by the renovated and expanded outpatient department at the largest hospital. Outpatient services represented 48% of net revenue, up from 46% a year earlier. The business added doctors with a focus on in-vitro fertilization, launched a nursing program co-funded by EB, and opened a new Tbilisi clinic, bringing the polyclinic network to 17 clinics.
- Healthcare Segment PerformanceHospital revenue grew 15% and EBITDA grew 22%, with margin increasing 1.1 percentage points to 18.8%. Hospital operating cash flow rose 157% to GEL 21 million, with EBITDA-to-cash conversion of 103%. Polyclinic admissions increased 11%, while polyclinic revenue and EBITDA rose 16% and 18%. Diagnostics revenue increased 25% on a 6.5% increase in tests, EBITDA increased 36%, and retail revenue in the division increased 86%.
- Healthcare Investment Program and Potential ListingThe healthcare business plans to invest GEL 53 million over the next three years in outpatient expansion and scaling the IVF business. Management said the potential exit route under consideration is an IPO in three to five years, potentially when EBITDA reaches approximately $80 million to $100 million.
- Insurance Revenue and Profit GrowthInsurance revenue increased 30% in both Q3 and the first nine months, while profit increased 19% in Q3 and 29% for the first nine months. Excluding the Q2 severe hailstorm, nine-month growth would have been 36%.
- P&C Insurance MomentumP&C insurance market share increased by 1 percentage point to 36%. P&C insurance revenue grew 12% in Q3 and the first nine months, while profitability increased 12% in Q3 and 8% year-over-year for the first nine months; excluding the hailstorm, nine-month profitability growth would have been 20%. The P&C combined ratio was 83%, and the business recorded an 81.5% Q3 renewal ratio, described as the highest historically.
- Medical Insurance ExpansionMedical insurance market share reached 46%. Medical insurance revenue increased 48% in Q3 and 45% for the first nine months, while profitability increased 31% in Q3 and 68% year-over-year for the first nine months. Retail health insurance revenue grew 40% in Q3 and 51% in the first nine months. The medical insurance combined ratio was 91.7%, with a 2.3 percentage-point improvement.
- Insurance Premiums and DividendsTotal net premiums increased 23% in Q3 and 40% year-over-year for the first nine months. The insurance business reported more than GEL 6 million of Q3 P&C dividends and almost GEL 18 million for the first nine months, while a later overview cited GEL 1.8 million of Q3 dividends and almost GEL 20 million paid in the first nine months.
- Growing Distributable CapitalRetail pharmacy distributable capital was GEL 58 million for the first nine months, up 36.6% year-over-year, while insurance distributable capital increased 38%. The private portfolio companies paid GEL 53 million of dividends but had GEL 88 million of distributable capital capacity. Management expects healthcare to begin generating a small amount of distributable capital in 2027.
- Liquidity and Dividend Income OutlookGeorgia Capital had $111 million of liquid funds at the end of September after repaying the remaining debt and executing buybacks. Dividend income was GEL 139 million for the first nine months, with full-year 2026 expected to be around GEL 200 million. Management expects double-digit percentage growth in dividend income in 2027 and said it will exceed GEL 220 million.
- Capital Allocation Discipline and Armenia OpportunityManagement emphasized that it is not under pressure to invest and will prioritize buybacks when GCAP trades at a discount and suitable investments are unavailable. The company is evaluating opportunities in Georgia and Armenia, including acquisitions and continued organic expansion in Armenia's underpenetrated pharmacy market.
DE:2IX Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 24, 2027 | 2026 (Q4) | ―- | 8.52 | ― | ― |
| Oct 28, 2026 | 2026 (Q3) | ―- | 9.61 | ― | |
| Aug 04, 2026 | 2026 (Q2) | ―7.74 | 9.61 | -19.39% (-1.86) | |
| Apr 28, 2026 | 2026 (Q1) | ―- | 4.75 | ― | |
| Feb 24, 2026 | 2025 (Q4) | ―8.52 | 4.75 | 79.18% (+3.76) | |
| Oct 27, 2025 | 2025 (Q3) | ―- | -1.75 | ― | |
| Aug 06, 2025 | 2025 (Q2) | ―9.61 | -1.75 | 650.34% (+11.35) | |
| May 07, 2025 | 2025 (Q1) | ―- | 3.05 | ― | |
| Feb 24, 2025 | 2024 (Q4) | ―4.75 | 3.05 | 55.92% (+1.70) | |
| Oct 28, 2024 | 2024 (Q3) | ―- | 2.27 | ― |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat Missed