თიბისი კაპიტალი

^¹ Cost/income of 85.2% is on finSPOT's basis, which carries ₾180K of one-off items (intangible impairment and client-account loss compensation) below operating profit; on the filed basis cost/income is 86.5%.

^² Net income is after a one-off ₾1.95M corporate income tax charge accrued on the intra-group reorganisation planned for 2026 (Note 9); net margin and ROAE (28.4%) are after it. Pre-tax income of ₾6.53M is the comparable earnings line.

^³ Net revenues = gross fee revenue + net interest income. Own-investment and associate income, provisions and FX sit below net revenues; ratios use net revenues as the denominator.

^⁴ Management-report and note disclosures, not audited statement lines. For TBC Capital, client assets are the assets entrusted to the company (Note 6 of the financial statements). Client assets are held off-balance-sheet and the two firms define them differently, so they are not comparable. Placement volumes count the deals the firm participated in, so the two firms' figures are neither additive nor comparable.