Ratings and Performance Highlights

Financial Highlights 2023 2024 2025 6M 2025 6M 2026
Revenue '000 Gel 627 173 648 337 612 355 295 652 306 812
Adjusted EBITDA 167 822 220 576 192 014 74 298 140 606
Adjusted EBITDA margin 26,76% 34,02% 31,36% 25.13% 45.83%

Credit Ratings

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