Ratings and Performance Highlights

Operating Indicators 2022 2023 2024 9M 2024 9M 2025
Freight turnover, mln. tones-kilometers 4 164 3 804 3 922 2 988 2 797
Passenger turnover, mln. passenger-kilometers 401 538 478 388 318

Financial Highlights 2022 2023 2024 9M 2024 9M 2025
Revenue '000 Gel 674 773 627 173 648 337 482 084 454 194
Adjusted EBITDA 283 517 167 822 220 576 170 009 118 976
Adjusted EBITDA margin 42,02% 26,76% 34,02% 35,27% 26,19%

Credit Ratings

First issued LT Outlook ST Last issued LT Outlook ST
Standard & Poor's 2010 B+ Stable B 2024 BB- Stable B
Fitch Ratings 2010 B+ Stable B 2025 BB- Stable B

Standard and Poor`s Fitch
Date LT Outlook ST Date LT Outlook ST
Dec-25 BB- Stable B
Dec-24 BB- Stable B Dec-24 BB- Stable B
Dec-22 BB- Stable B Jul-24 BB- Positive B
Mar-22 B+ Positive B Dec-23 BB- Positive B
Dec-21 B+ Stable B Feb-23 BB- Positive B
May-21 B+ Negative B Dec-22 BB- Stable B
Jun-20 B+ Negative B Dec-21 BB- Stable B
Sep-19 B+ Developing B Aug-21 BB- Stable B
Apr-19 B+ Positive B May-20 BB- Negative B
Sep-18 B+ Stable B Mar-19 BB- Stable B
Sep-17 B+ Negative B Nov-18 B+ Positive B
Sep-16 B+ Stable B Jan-17 B+ Stable B
Mar-12 BB- Stable B Sep-16 BB- Negative B
Jun-10 B+ Stable B Dec-14 BB- Stable B
Nov-13 BB- Negative B
Dec-11 BB- Stable B
Mar-11 B+ Positive B
May-10 B+ Stable B