Tbilisi (GBC) - Greenway Georgia (GWG), a subsidiary of Georgia Capital (GCAP), a periodic technical inspection company, serviced 548,125 vehicles (+22.1% y.y) in 2025, of which 467,689 were initial inspections. With this indicator, Greenway occupied a 42% market share.
Revenue of the business increased by 25.8% y-o-y to GEL 6.7 million in 1Q26. The growth was driven by a 32.3% y-o-y increase in the number of cars serviced during the quarter. Operating expenses were up by 6.2% y-o-y in 1Q26, primarily reflecting higher salary expenses associated with the business expansion. Consequently, the 1Q26 EBITDA increased by 38.9% y-o-y to GEL 3.5 million.
Periodic technical inspection (PTI) business | Revenue of the business increased by 32.3% y-o-y to GEL 7.6 million in 4Q25 and by 19.0% y-o-y to GEL 27.8 million in FY25. The growth was driven by a 38.6% and 22.1% yo-y increase in the number of cars serviced during 4Q25 and FY25, respectively. Operating expenses were up by 31.4% y-o-y in 4Q25 (up 17.3% y-o-y in FY25), primarily reflecting higher salary expenses associated with the business expansion. Consequently, the 4Q25 EBITDA increased by 37.0% y-o-y to GEL 3.8 million (up 23.8% y-oy to GEL 15.2 million in FY25).
