Transfers from Russia returned to growth

According to G&T, the Z-spread of newly placed securities is currently 209.8 bps (basis point – %pX100).Investor sentiment and correspondingly high demand are maintained. With low debt, sufficient reserves and other macro parameters, the Georgian economy deserves confidence.5-year bonds were placed in January at 5.125%. The new issue refinanced the previous one. 

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Lion Finance Group (BGEO LN) shares closed at GBP 97.00/share (-2.95% w/w and +3.74% m/m). More than 213k shares traded in the range of GBP 95.30 - 100.80/share. Average daily traded volume was 54k in the last 4 weeks. The volume of BGEO shares traded was at 0.49% of its capitalization.TBC Bank Group (TBCG LN) closed the week at GBP 42.50/share (-0.35% w/w and +8.42% m/m). More than 347k shares changed hands in the range of GBP 42.05 - 43.85/share. Average daily traded volume was 74k in the last 4 weeks. The volume of TBCG shares traded was at 0.62% of its capitalization.Georgia Capital (CGEO LN) shares closed at GBP 33.15/share (+1.84% w/w and +5.57% m/m). More than 331k shares traded in the range of GBP 32.35 - 34.75/share. Average daily traded volume was 61k in the last 4 weeks. The volume of CGEO shares traded was at 0.95% of its capitalization. 

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“This is a big mistake to allow the aggressor to take something. It was a big mistake at the very beginning, starting with 2014. And even before that, during the attack and occupation of parts of Georgia. And even before that, when Chechnya was occupied, with total destruction and one million casualties – both killed and wounded,” wrote Ukrainian President Volodymyr Zelenskyy on the X Platform.According to the Ukrainian President, other whould not commit the same mistake, since Putin will not stop with “kisses or flowers,” but become stronger and attack them.“Many mistakes were made. That’s why now I don’t want to be the President who will repeat the mistakes made by my predecessors or other people. I’m not just speaking about Ukraine. I’m speaking about the leaders of different countries that allowed an aggressive country like Russia to come onto their territory.Because you can’t stop Putin with your kisses or flowers. I never did it and that’s why I don’t feel that it’s the right way. My advice to everybody – don’t do that with Putin.Otherwise, there will be a first step, then in five years, he will rebuild his military, increase the number of soldiers, his army will be well trained. Because he has lost a lot of well-trained people. He is losing 30–35 thousand people per month now.Can you imagine this in the 21st century? Can you imagine – he’s losing 35,000 each month? I’m not sure that he knows about it,” he said.

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The total number of active livestock and poultry slaughterhouses in Georgia in the IV quarter of 2025 was 115, of which 19.1 percent were located in Kakheti region, 18.3 percent in Kvemo Kartli region, 16.5 percent in Shida Kartli region, 15.7 percent in Imereti region, 9.6 percent in SamegreloZemo Svaneti region, 7.8 percent in Mtskheta-Mtianeti region and the remaining 13.0 percent — in other regions.According to the survey, 148.6 thousand heads of livestock were slaughtered in slaughterhouses in the IV quarter of 2025, of which 29.1 percent were cattle, 65.8 percent – pigs and 3.1 percent – sheep and goats. The share of other livestock (excluding poultry) slaughtered was 1.9 percent. In addition, the number of poultry slaughtered in slaughterhouses during the reporting period amounted to 3 046.1 thousand.In total 17.5 thousand tons of meet (i.e. slaughtered weight, including poultry meat) was produced by slaughterhouses during the IV quarter of 2025, of which 28.4 percent was beef, 32.2 percent – poultry, 38.9 percent – pork, 0.4 percent – mutton and goat meat, while the share of other meet was negligible.The service was provided to 9.0 thousand persons, 53.3 percent of which were households. Average monthly number of persons employed in slaughterhouses equaled 969 persons.The average prices of the slaughter services were: 40.7 GEL per cattle, 33.1 GEL per pig, and 14.1 GEL per sheep or goat.In the IV quarter of 2025 the number of active cold storage facilities in Georgia was 353 and most of them were located in Shida Kartli region (66.9 percent). Active cold storage facilities were also located in Tbilisi (11.6 percent), Kvemo Kartli region (5.7 percent), Imereti region (4.8 percent), Kakheti region (3.4 percent), Adjara AR (3.1 percent), Samegrelo-Zemo Svaneti region (1.7 percent), Samtskhe-Javakheti region (1.4 percent), Mtskheta-Mtianeti region (1.1 percent) and Racha-Lechkhumi and Kvemo Svaneti region (0.3 percent).In the IV quarter of 2025, the service was provided to 375 customers. The number of producers and resellers, from whom the products were purchased, amounted to 804 persons. Average monthly number of persons employed in cold storage facilities was 1 742.In total 97.2 thousand tons of products were stored in cold storage facilities during the IV quarter of 2025, of which 26.6 percent was chicken meat (including frozen meat), 20.9 percent – meat and meat products (including semi-finished products, excluding chicken meat), 15.6 percent – fish, 24.1 percent – fruits and vegetables, 6.5 percent – milk products and 6.3 percent – other products.In the IV quarter of 2025, the share of own production in the total volume of products stored in cold storage facilities was 19.2 percent, while the share of products purchased for further resale was 27.7 percent and the share of products stored as services was 53.1 percent. The service fee in the same period amounted to 6.1 million GEL. In the IV quarter of 2025, the total value of products (27.6 thousand tons) sold by cold storage facilities amounted to 241.8 million GEL, of which the share of imported products was 39.5 percent, share of own production was 12.6 percent and the share of products (local) purchased for resale was 47.9 percent. Herewith, 35.2 percent of own production sold by cold storage facilities was chicken meat. Significant share of imported products was milk products (35.1 percent), meat and meat products (including semi-finished products) (19.7 percent), chicken meat (including frozen) (15.7 percent) and fish (8.0 percent). In the IV quarter of 2025, the value of products sold by cold storage facilities on the foreign market amounted to 6.0 million GEL, which constituted to 2.5 percent of the total value of products sold in the same period. Mostly chicken meat, fruits and vegetables were sold on the foreign markets. According to the survey results, the average daily load per storage (out of total storage capacity in percentage) was 59.3 percent in October, 57.2 percent in November and 50.3 percent in December.The total number of active elevators in Georgia in the IV quarter of 2025 was 33 and most of them were located in Kvemo Kartli (33.3 percent) region, while 21.2 percent of active elevators were located in Samegrelo-Zemo Svaneti region, 15.2 percent in Kakheti region, 12.1 percent in Shida Kartli region, 9.1 percent in Tbilisi, 6.1 percent in Imereti region and 3.0 percent in Guria region.In the IV quarter of 2025, the service was provided to 19 customers. The number of producers and resellers, from whom the product were purchased for resale, was 68 persons, while the average monthly number of persons employed in elevators equaled 423. In total 157.0 thousand tons of products were stored in elevators during the IV quarter of 2025, 66.4 percent of which was wheat and 15.2 percent – soybean meal. The share of products purchased by the elevators for resale in the total amount of products stored in the elevators was 67.7 percent in the same period.Total amount of products sold by the elevators during the IV quarter of 2025 amounted to 75.7 thousand tons with total value of 80.5 million GEL. 40.2 percent of this value was imported production and 51.5 percent was local (own produced) products. The biggest share in own production, in terms of volume as well as value, had wheat flour, which constituted to 79.0 percent of total own production sold by the elevators in the same period. According to survey results, average daily load of storages (out of total capacity of storages in percentage) amounted to 49.7 percent in October, 49.5 percent in November and 46.5 percent in December.

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The placement was conducted in the domestic market in accordance with local regulations. Although the subscription period was initially scheduled from 2 February 2026 to 29 May 2026, the offering has already been fully subscribed, demonstrating exceptionally strong investor demand.Key details of the Notes are as follows: Denomination: USD, with a face value of USD 10,000 per Note. Minimum Investment: A minimum purchase quantity of five (5) Notes. Term: The Notes are perpetual, with an option for the Bank to call them for early repayment after the fifth year. Coupon: An 8.5% coupon rate, payable semi-annually. Ameriabank CJSC acted as the arranger for the placement. The Notes are expected to be listed on the Armenia Securities Exchange.“The strong demand for our AT1 notes is a clear testament to the market’s trust in our credit story and disciplined balance sheet management. By enhancing our capital adequacy ratios, this transaction provides additional headroom to pursue our growth ambitions and reinforce our role as the largest lender to the Armenian economy”, - Hovhannes Toroyan, Ameriabank’s CFO, commented.“We are pleased to announce the successful placement of Ameriabank’s inaugural AT1 notes on the local market. The swift subscription underscores investor trust and is a testament to the strength of the Bank’s wealth management franchise and distribution capabilities. This issuance enables Ameriabank to create capital buffers, reinforcing its flexibility to pursue further growth and deliver on its strategic objectives”, - Archil Gachechiladze, Group CEO, said. 

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As of the document, the number of pigs equaled 122 thousand heads which are 11.8 percent less than at the same period of the previous year.The number of poultry reached 8.7 million heads which is 8.3 percent more compared to the same period of the previous year.According to preliminary data, milk production in the 4th quarter of 2025 decreased by 6.4 percent compared to the same period in the previous year, totaling 97.2 million liters. The annual milk production of 2025 decreased by 5.0 percent compared to the results of 2024, and it amounted to 545.7 million litres.In the 4th quarter of 2025 meat production was 3.7 percent more than in the same period of 2024 and it has consisted of 28.1 thousand tons. In 2025, the annual production of meat was 7.7 percent less than in 2024 and it amounted to 81.9 thousand tons.

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The report reviews trends, strengths and weaknesses, key challenges, and macroeconomic risks in the banking sector of the Central Asia and Caucasus region. It gives particularly high marks to Georgia’s institutional framework, noting that banking regulation and supervision are among the most advanced in the region.According to S&P, Georgian banks have the best asset quality in the region, measured by the share of IFRS Stage 3 loans, while the cost of credit risk is minimal - thanks to a favorable macroeconomic environment and effective work by the National bank of Georgia (NBG) as the regulator. The report also highlights ongoing improvements in the governance of the National Bank.The agency expects Georgia, as a regional innovator, to further align its bank resolution framework with the EU Bank Recovery and Resolution Directive (BRRD).

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Nine qvevri wine cellars participated in the international exhibition of natural wines “RAW Wine Paris”, while the large-scale international exhibition of wine and alcoholic beverages “Wine Paris” featured products from about 30 Georgian wine-producing companies.Wine Paris is one of the most important exhibitions in the wine industry worldwide, where wine professionals, importers, and media representatives traditionally gather, along with thousands of visitors.Another outstanding international exhibition of wine and alcoholic beverages is “RAW Wine”, where producers of high-quality natural, organic and biodynamic wines gather. The exhibition is organized by the famous wine master from France, Isabelle Legeron.During the exhibitions, the Chairman of the National Wine Agency, Levan Mekhuzla, and the Deputy Chairman of the Agency, Tamta Kvelaidze, held meetings with representatives of marketing companies from various countries.The Wine Paris exhibition was attended by the Ambassador Extraordinary and Plenipotentiary of Georgia to the Republic of France, Irakli Kurashvili.John Barker, President of the International Organization of Vine and Wine (OIV), visited the Georgian stand at the Wine Paris exhibition and tasted Georgian wines."This year's wine exhibitions traditionally started with Paris. Both exhibitions are very important for Georgian winemakers. The Georgian stand was constantly crowded with visitors and professionals. The meetings held here and the contacts established will help Georgian winemakers attract new trade partners and increase wine exports. The National Wine Agency will continue to support Georgian producers this year, both in participating in traditional exhibitions and in presenting their products at important events of various formats," said Levan Mekhuzla, Chairman of the National Wine Agency.

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