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Finance
Georgia’s Pension Fund Assets Surpass GEL 9 Billion

Pension portfolios showed strong growth in April after a volatile March. The fund said that easing tensions in the Middle East, in particular a ceasefire between the US and Iran, and better-than-expected quarterly results from major technology companies, had a positive impact on investor sentiment.The most profitable portfolio in April was the dynamic portfolio (with a high share of equities), which increased by 5.12%. During the same period, the balanced portfolio increased by 3.79%, and the conservative portfolio - by 2.25%.Since the beginning of the year (YTD), all three portfolios are in the positive range: Dynamic: 6.35% Balanced: 5.35% Conservative: 4.57% “Optimism related to artificial intelligence and the growth of the semiconductor sector had a particular impact on those portfolios with a high share of international equities,” the fund said.According to the fund, the number of participants in the pension scheme reached 1.735 million people. As of April 30, 2026, 31,286 individuals have already benefited from the accumulated pension, to whom a total of GEL 153.2 million has been issued.The total investment income received since the foundation of the fund (since August 2023) is GEL 2.6 billion. During the same period, the annualized return of the dynamic portfolio reached 15%, making it the highest-yielding portfolio.

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Only Lion Finance Group shares are in the plus

Lion Finance Group (BGEO LN) shares closed at GBP 110.30/share (+1.66% w/w and +2.22% m/m). More than 353k shares traded in the range of GBP 105.70 - 117.40/share. Average daily traded volume was 62k in the last 4 weeks. The volume of BGEO shares traded was at 0.82% of its capitalization.TBC Bank Group (TBCG LN) closed the week at GBP 46.62/share (- 2.18% w/w and -0.43% m/m). More than 303k shares changed hands in the range of GBP 45.06 - 48.74/share. Average daily traded volume was 47k in the last 4 weeks. The volume of TBCG shares traded was at 0.54% of its capitalization.Georgia Capital (CGEO LN) shares closed at GBP 38.75/share unchanged w/w and -3.37% m/m). More than 253k shares traded in the range of GBP 37.95 - 39.50/share. Average daily traded volume was 63k in the last 4 weeks. The volume of CGEO shares traded was at 0.74% of its capitalization.

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The unemployment rate in 2025 has not changed – 13.9%

In 2025, the labour force participation rate decreased by 0.3 percentage points compared to the previous year, to 54.5 percent, while the employment rate decreased by 0.2 percentage points, to 46.9 percent. The labour force participation rate in urban settlements decreased by 0.5 percentage points, while in rural settlements it remained unchanged compared to the previous year. The employment rate in urban settlements decreased by 1.2 percentage points, while in rural settlements it increased by 1.1 percentage points, to 47.3 percent and 46.3 percent, respectively.In 2025, the share of employees in total employment was 69.3 percent, which is 0.8 percentage points higher than the previous year.In 2025, the unemployment rate in urban settlements increased by 1.3 percentage points compared to the previous year, while in rural settlements it decreased by 2.1 percentage points.In 2025, compared to the previous year, the unemployment rate decreased the most in RachaLechkhumi and Kvemo-Svaneti, Kvemo Kartli and Guria, by 3.1, 2.9 and 2.0 percentage points, respectively.Traditionally, the unemployment rate is higher for men than for women. In 2025, compared to the previous year, this rate increased by 0.2 percentage points for women, while it decreased by 0.3 percentage points for men.The labour force participation rate is higher for men than for women. In 2025, the rate was 44.2 percent for women and 66.3 percent for men. Compared to the previous year, the labour force participation rate decreased by 0.7 percentage points for women, while it increased by 0.1 percentage points for men.In 2025, the employment rate decreased by 0.7 percentage points for women, while it increased by 0.2 percentage points for men compared to the previous year.In 2025, the highest rate of unemployment was in the age group of 15-19 years (39.0 percent), while this indicator was the lowest in the population aged 65 and over (3.5 percent) due to the low activity of the population in this age group.

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TBC To Pay GEL 1.75 Per Share In 1Q26

Ex-Dividend Date: 13 August 2026 Record Date: 14 August 2026 Currency Conversion Date: 21 August 2026 Payment Date: 11 September 2026 The Georgian Lari to Pound Sterling exchange rate that will apply to the 1Q 2026 quarterly dividend payments on the conversion date of 21 August 2026 will be the average exchange rate of the National Bank of Georgia for the period of 17 August 2026 to and including of 21 August 2026 (5 days average).The Board of Directors of TBC Bank Group PLC ("TBC PLC"), subject to shareholders' approval, is recommending a final dividend for the year 2025 of GEL 3.87 per TBC PLC share (the "Final Dividend"). If approved, the Final Dividend will be paid on 22 June 2026 to shareholders who are on the register of members at 6:00 PM (BST) on the record date of 22 May 2026, in accordance with the following timetable: Ex-Dividend Date: 21 May 2026 Record Date: 22 May 2026 Currency Conversion Date: 5 June 2026 Payment Date: 22 June 2026 The Georgian Lari to Pound S The Final Dividend, together with the aggregate previously paid interim dividends of GEL 5.0 per TBC PLC share (which were paid quarterly), will equate to a total dividend in respect of the year ended 31 December 2025 of GEL 8.87 per share, up by 10% year-on-year. This brings the total dividend payout ratio for 2025 to 35% and total distribution as a share of net profit to 40%, including a buyback of GEL 75 million.The total number of voting rights in TBC PLC as at 28 February 2026 is therefore 55,726,793 (the "Total Voting Rights").

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TBC Uzbekistan posts $8 million profit in 1Q26

The total audience of the ecosystem, which includes TBC Bank in Uzbekistan, payment service payme, installment service TBC BNPL, digital insurance platform TBC Sug'urta and SaaS solution for retail BILLZ, reached 24.2 million registered users as of March 31, 2026 - 23% more than a year ago. The monthly active audience was 5.8 million people.The volume of payments made through the ecosystem platforms increased by 31.1% year-on-year and reached 31.8 trillion soums (≈ $2.62 billion). The deposit portfolio increased by 24.3% to 7.1 trillion soums (≈ $585 million), and the credit portfolio increased by 3.4% to 10.4 trillion soums (≈ $857 million).Among retail products, the dynamics of the flagship debit card TBC Salom deserves special attention:The number of TBC Salom debit cards issued during the quarter exceeded 1 million, which is five times more than the figure of 230 thousand in the same period last year. The balances on these cards make up about 4% of the total deposit portfolio. The TBC Osmon credit card has reached 183 thousand units, and the balances on it account for 9% of the total credit portfolio. The company positions itself as one of the leaders in the emerging credit card market in Uzbekistan, which, according to its estimates, is showing rapid growth along with the spread of the product among consumers.Subscription packages available in TBC Bank and the payment application Payme attracted 1.1 million users, which is seven times more than in the previous year. The installment service TBC BNPL reached 190 thousand active users; the deferred payment function was integrated into the Payme application and Payme travel section, which doubled the sales of reservations and tickets through this channel compared to the first quarter of 2025.TBC is also preparing to launch auto loans in Uzbekistan this year with instant approval in less than a minute. Preliminary partnership agreements have already been signed with a number of manufacturers, dealers and distributors.The business direction TBC Biznes has 67 thousand registered clients, of which 21 thousand are active. The total number of loans issued to small and medium-sized businesses, including the self-employed, exceeded 185 thousand, which is 18% of the total loan portfolio. During the quarter, a new application TBC Biznes was launched, a multi-level subscription service was introduced to the market, and the maximum loan amount for entrepreneurs was increased to 600 million soums (≈ $49.4 thousand).SaaS platform BILLZ processed more than 11 million transactions in the first quarter, with a total volume of 5.8 trillion soums (≈ $478 million). By the end of March, the number of its users amounted to more than 4 thousand registered business clients, and the network of active merchants exceeded 6 thousand. To cover micro and small businesses, it launched BILLZ lite, a simplified mobile version of the platform.In the technological sphere, the company completed the implementation of the AI-assistant Lola for the entire user base, after successful testing in the Friends & Family mode at the end of 2025. In April 2026, the assistant was awarded by Global Finance as the best fintech innovation in the Asia-Pacific region. Other technological innovations of the quarter included the integration of QR-payments in TBC Bank using MSQR and CSQR formats, as well as the integration of payme into the bank’s partner network, which opened up access to more than 20 thousand merchants for TBC Bank customers.“The past quarter was marked by significant achievements that lay the foundation for a new stage of further growth and development of our ecosystem as the region’s leading unified platform for consumers and entrepreneurs,” said Nika Kurdiani, CEO of TBC Uzbekistan. According to him, the flagship card products are rapidly growing their audience, the business direction is already yielding visible results, and the AI-assistant Lola will in the future turn into a full-fledged personal assistant that will connect corporate and retail clients into a single ecosystem.

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Revia: The path to the most ambitious goal begins with small steps

The theme of 2026 was “Small Steps”. The concept reflects both the history of the development of “Crystal”, which began its activities 28 years ago with small steps, as well as the creation of small, but critically important impulses that help people and businesses.These values ​​​​have defined the corporate culture of “Crystal” since its founding, and support for TEDxTbilisi 2026 is part of these values.“TEDx has become a space for many around the world, where they often find inspiration for changes in their personal or public lives. The stories and visions shared at the event can become motivation for realizing new opportunities. The path to the most ambitious goals begins with small steps,” said Ilia Revia, General Director of “Crystal”.Tbilisi joined TEDx, a global space for sharing ideas, in 2012 and, under the TED license, TEDxTbilisi hosts speakers from various fields.

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LFG to pay 1Q26 dividend of GEL 2.85 per share

Ex-Dividend Date: 25 June 2026 Record Date: 26 June 2026 Currency Conversion Date: 26 June 2026 Payment Date: 10 July 2026 The National Bank of Georgia's Lari/British Pounds Sterling average exchange rate for the period of 22 June to 26 June 2026 will be used as the exchange rate on the Currency Conversion Date and will be announced in due course.

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LFG will reduce its capital by an additional GEL 55 MLN

The Programme is consistent with the Group's capital return policy to target a dividend/share buyback payout ratio in the range of 30-50% of annual profits.The programme will commence shortly and end no later than the Company's Annual General Meeting 2026 (on 22 May 2026, the "2026 AGM") and renewed shareholder authority for buybacks will be sought at the Annual General Meeting 2026.The shares will be purchased in the open market.  The purpose of the buyback is to reduce the Group's share capital, and the cancellation of the treasury shares repurchased will be executed on a monthly basis.The Programme will be conducted within certain pre-set parameters, and in accordance with the general authority to repurchase shares granted at the 2025Annual General Meeting, Chapter 9 of the FCA UK Listing Rules, and the provisions of the Market Abuse Regulation 596/2014/EU and of the Commission Delegated Regulation (EU) 2016/1052 (as they form part of UK domestic law).The maximum number of shares that may be repurchased under the programme is 3,698,973. The Company has appointed Cavendish Capital Markets Limited ("Cavendish") to manage the Programme. During any closed periods the Company and its directors have no power to invoke any changes to the Programme and it will be executed at the sole discretion of Cavendish.The Company will make further announcements in due course following the completion of any share repurchases.PLC (the "Company"- LSE: BGEO LN) announces that the Company has cancelled 141,978 treasury shares bought back under the GEL 53.5 million share buyback and cancellation programme announced on 25 February 2026, which was an extension of the GEL 98.0 million and GEL 51.5 million share buyback and cancellation programmes announced on 20 August 2025 and 20 November 2025 respectively (the "Buyback Programme").The Company has completed the GEL 53.5 million share buyback and the total number of shares cancelled since the launch of the Buyback Programme in August 2025 is 639,647. All the treasury shares purchased in the Buyback Programme have now been cancelled.

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Gachechiladze: We expect the National Bank to maintain a moderately ti...

According to him, ongoing strong loan demand in key segments positions the Group to capitalise on this favorable rate environment, which will support the net interest income.“At the same time, we see lower currency volatility translating into reduced foreign exchange gains. Beyond our core activities, we continue to experiment and deploy different AI applications, including personalised product recommendations and process automations, to improve customer experience and operational efficiency. While it is too early to exactly pinpoint the financial impact of these initiatives, we are focused on developing technologies that create tangible value for both our customers and investors”, - Gachechiladze said.According to Gachechiladze, macroeconomic conditions in Georgia and Armenia remained strong in early 2026, underpinned by solid domestic demand and resilient external inflows. Reflecting the sustained resilience of both economies and their strong early-year performance, we have revised our 2026 real GDP growth forecasts upward, to 7% for Georgia and 6% for Armenia.Although conflict escalation in the Middle East may weigh on the near-term outlook primarily through energy market volatility and higher inflation, both economies remain well positioned, supported by ample reserves, prudent fiscal policies, and credible monetary management. A prolonged conflict could also create upside through the Middle Corridor and shifting capital and tourism flows.

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NBG raises the refinancing rate preventively

According to National Bank President Natia Turnava, inflationary pressures largely stem from external markets, in particular, from rising prices for oil and petroleum products.“If we look at the April inflation rate in Georgia, it was largely the effects coming from external markets that made a significant contribution to inflation,” Turnava said.According to him, Georgia, as an importer of oil products, is vulnerable to fluctuations in international prices, which is further exacerbated by the ongoing conflict in the Middle East.According to the NBG, the small increase in the rate is preventive in nature and aims to stabilize inflationary expectations. In April, annual inflation in Georgia amounted to 5.9%, which significantly exceeds the target of 3%.The National Bank states that it is ready to continue the tightened monetary policy until the inflationary shocks subside and the price level returns to the target.The next meeting of the Monetary Policy Committee will be held on June 17, 2026.

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