MD Medical Group IPJSC (“MD Medical”, "Group" or the "Company"; MOEX: MDMG), a leading Russian private healthcare provider, announces its operating and unaudited financial results for Q4 and 12M of 2025.

Key financial highlights for Q4 2025:

• The Group’s total revenue grew by 38.5% y-o-y to the record quarterly value of RUB 12,586 million, driven by increased demand for out-patient and in-patient care across the company’s facilities, strong uptake of delivery services, and contribution from the newly integrated Expert medical centres network (16% of total revenue).
• Like-for-like (LFL) revenue increased by 15.5% y-o-y to RUB 10,502 million.
• Revenue of Moscow hospitals rose by 17.2% y-o-y to RUB 5,175 million, primarily due to high demand for delivery, notably supported by patient inflows from our new clinics launched in 2024 and 2025, for inpatient medical care in the areas of oncology, surgery, traumatology, gynecology and due to robust out-patient performance in obstetrics and gynaecology, paediatrics and diagnostics.
• Revenue of the Group’s regional hospitals grew by 35.9% y-o-y to RUB 3,338 million, driven by higher revenue from out-patient treatments, in-patient care, performing complex surgical interventions with a higher cost, and deliveries.
• Revenue from out-patient clinics in Moscow increased by 25.9% y-o-y to RUB 1,148 million, reflecting strong demand for out-patient care, including that at our new clinics launched in 2024 and 2025.
• Revenue from out-patient clinics in other regions surged by 2.3 times y-o-y to RUB 2,880 million, mainly due to contributions from newly opened and acquired clinics which boosted out-patient traffic and IVF services alike. 
• As at the end of Q4 2025, the Group’s cash position stood at RUB 2,729 million (vs RUB 3,792 million as at 30.09.2025), with sufficient funds utilised in Q4 for dividend payment and acquisition of real estate for the opening of a new hospital in Moscow. The Company has not raised any debt financing.
• In Q4 2025, total Capex was RUB 2,249 million.

Key operational highlights for Q4 2025:

• Total out-patient treatments increased by 2.1 times y-o-y to 1,377,026, with the average ticket up 12.3% y-o-y to RUB 7.2 thousand in Moscow and up 6.4% y-o-y to RUB 2.8 thousand in other regions.

• Total in-patient treatments decreased by 2.8% y-o-y to 37,563, the number of surgeries grew 48% that inter alia caused the average in-patient care ticket up 14.2% y-o-y to RUB 131.6 thousand in Moscow and up 27% y-o-y to RUB 56.9 thousand in other regions.

• Total deliveries increased by 8.5% y-o-y to 3,143, with the average ticket up 16.8% y-o-y to RUB 703.3 thousand in Moscow and up 21.9% y-o-y to RUB 290.2 thousand in other regions.

• Total IVF punctures went up by 6.6% y-o-y to 5,704, with the average ticket up 3.9% to RUB 341.0 thousand in Moscow and up 8.1% y-o-y to RUB 347.9 thousand in other regions.

Key financial highlights for 12M 2025:

• The Group’s total revenue grew by 31.2% y-o-y to RUB 43,455 million. The share of revenue of Expert medical centers in total revenue was 10.7%.

• Like-for-like (LFL) revenue increased by 15.6% y-o-y to RUB 38,281 million.

• Revenue of Moscow hospitals rose by 17.1% y-o-y to RUB 19,081 million, due to higher revenue from deliveries, out-patient services and in-patient treatment.

• Revenue of the Group’s regional hospitals grew by 30.2% y-o-y to RUB 11,586 million, supported by growth in revenue from out-patient and in-patient treatments, and delivery services.

• Revenue from out-patient clinics in Moscow increased by 26.5% y-o-y to RUB 4,039 million, reflecting higher out-patient revenue largely due to contributions from new clinics opened in 2024–2025 and strong demand for IVF services.

• Revenue from out-patient clinics in other regions surged by 84.6% y-o-y to RUB 8,623 million, mainly due to contributions from newly opened and acquired facilities, which boosted out-patient traffic and IVF services alike. 

• Total 2025 Capex was RUB 4,266 million.

Key operational highlights for 12M 2025:

• Total out-patient treatments increased by 76.2% y-o-y to 4,302,821, with the average ticket up 13.2% y-o-y to RUB 7.0 thousand in Moscow and up 7.3% y-o-y to RUB 2.7 thousand in other regions.

• Total in-patient treatments decreased by 2.7% y-o-y to 144,367, the number of surgeries grew 31% that inter alia caused the average in-patient care ticket up 16.6% y-o-y to RUB 127.2 thousand in Moscow and up 21% y-o-y to RUB 51.9 thousand in other regions.

• Total deliveries increased by 12.6% y-o-y to 12,623, with the average ticket up 14.1% y-o-y to RUB 655.2 thousand in Moscow and up 14.4% y-o-y to RUB 264.2 thousand in other regions.

• Total IVF punctures went up by 8% y-o-y to 21,571, with the average ticket up 6.3% to RUB 331.7 thousand in Moscow and up 7.4% y-o-y to RUB 321.7 thousand in other regions.

Key events during Q4 2025 and after the reporting period:

New clinic in Ufa launch. On 26 November 2025 the Group opened Mother & Child Ufa clinic. Spanning 355 sq m, the facility will offer a wide range of medical services and specialties for the diagnostics, treatment, and prevention of health issues for all family members. The new clinic is designed to accommodate 42,000 visits a year. The clinic has received a total investment of RUB 60 million for its opening and outfitting.

Opening of a new maternity department at the Lapino Clinical Hospital. On 27 November 2025 the third maternity department within the clinical hospital's obstetrics service was opened at the operated since 2021 Lapino-4 building, enabling about 2,000 additional births annually. Lapino-4 will pioneer a new "comfortable birth" concept, which will offer accessible medical care at affordable prices while maintaining the high quality standards of the Group's medical services. Outpatient and inpatient capacity will be 24,000 outpatient visits and 2,190 inpatient days

Real estate acquisition to open a new hospital in Moscow. On 29 December 2025 MD Medical acquired eight-story building, with an area of ​​17,954 square meters, is located in Moscow's North-Eastern Administrative District at 15 Zubarev Lane, Bldg. 1. The transaction is valued at RUB 2.4 billion. After the building is renovated and equipped with medical equipment, the Company plans to launch a new multidisciplinary hospital in the second half of 2027. The new hospital will offer a wide range of outpatient and inpatient services for adults and children, including surgery, and provide medical care in the fields of deliveries and IVF.

MD Medical CEO Mark Kurtser said:

"I am proud to share our accomplishments from the past year defined by effective transformation and rapid growth for our Company.

We have moved beyond mere scaling to fortify our fundamental positions and broaden opportunities for further development. We completed the acquisition of 21 Expert medical centres, successfully integrating them into our operations. We also opened five new clinics and expanded four existing ones, enhancing access to our high-demand outpatient services.

These steps were a key growth driver for the Company in 2025, enabling a significant expansion of our geographical footprint, service portfolio, and patient reach – with the number of patients more than doubling. We maintained a robust financial position, pursuing both organic growth and acquisitions without resorting to external financing.

All these development streams, alongside the launch of new medical services across our hospitals and clinics, and the investment in high-tech equipment for advanced modern procedures, drove a 31% increase revenue in 2025. This growth was driven primarily by strong demand for our expanding out-patient services (revenue up 68%), sustained demand for in-patient care – particularly across diverse surgical services, gynaecology, oncology, and traumatology – and by patients choosing our facilities for childbirth. Revenue from the delivery segment grew by 30%, reflecting in part the strong performance of our infertility treatment and IVF programmes. In 2025, we also expanded our delivery capacity by opening a third maternity ward at the Lapino clinical hospital (Lapino-4) – a move set to boost our delivery volumes from 2026 onwards.

Furthermore, our professional accomplishments were recognised in 2025 with the prestigious Vocation healthcare award, and the Company's investment appeal was reinforced through the inclusion of its shares in major stock market indices.

We adhered to our dividend policy by paying dividends twice during the reporting year, with the total payout exceeding 60% of net profit.

Developing our medical staff's professional capabilities and strengthening the Company's expert resources remain our highest priorities: the 2025/2026 academic year intake at our MGIMO-Med University has, for the first time, reached full enrolment capacity.

We look to 2026 with optimism and will continue our development. Our plans include commencing the reconstruction of a recently acquired building in Moscow to establish a new multifunctional hospital, advancing our portfolio of medical facility construction projects, and actively evaluating all promising M&A opportunities in the market."

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Notes:
1.     Data is based on management accounts
2.     Minor variations in calculation of totals, subtotals and/or percentage change are due to rounding of decimals

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About MD Medical Group

MD Medical Group is a leading provider in the highly attractive Russian private healthcare service market. Today, the Company manages 88 state-of-the-art healthcare facilities, including 14 multidisciplinary hospitals and 74 out-patient clinics in 35 regions of the Russian Federation. In 2025, MD Medical Group's revenue amounted to RUB 43.5 bln. The Company's ordinary shares are traded on Moscow Exchange (MOEX: MDMG).