MD Medical Group IPJSC ("MD Medical", "Group" or the "Company"; MOEX: MDMG), a leading Russian private healthcare provider, announces audited consolidated financial results for 2025 under IFRS.

Key financial highlights for 2025:

• Total revenue increased by 31.2% year-on-year (y-o-y) to RUB 43,455 million.

• EBITDA went up by 24.4% y-o-y to RUB 13,289 million. EBITDA margin was 30.6%, compared to 32.2% in 2024, reflecting a higher share of personnel costs and functional expenses driven by business growth, including the consolidation of the Expert medical centres.

• Net profit grew by 8.5% y-o-y to RUB 11,035 million. Net profit margin was 25.4%, compared to 30.7% in 2024, due to a decline in net finance income and a substantial increase in depreciation and amortisation charges related to the acquisition of the Expert medical centres.

• Operating cash flow increased by 26% y-o-y to RUB 13,939 million.

• Capex totalled RUB 4,266 million.

• As at the end of 2025, the Group’s cash position stood at RUB 2,729 million, with no debt financing raised by the Company. The Group’s total lease liabilities recognised as debt under IFRS 16 amounted to RUB 3,098 million.

Key operational highlights for 2025[1]:

• Total out-patient treatments increased by 76.2% y-o-y to 4,302,821.

• Total in-patient treatments decreased by 2.7% y-o-y to 144,367, the number of surgeries grew 31%.

• Total deliveries increased by 12.6% y-o-y to 12,623.

• Total IVF punctures went up by 8% y-o-y to 21,571.

Key events during 2025 and after the reporting period:

Opening new clinic in Moscow. On 20 March 2026 MD Medical Group opened its clinic in Kurkino district of Moscow with a total area of 289 sq m. Total investment in opening and equipping the clinic came to RUB 55 million.

New clinic in Novorossiysk launched. On 9 February 2026 MD Medical Group opened Mother & Child Novorossiysk clinic spanning 206 sq m. Total investment in opening and equipping the clinic came to RUB 60 million.

Real estate acquisition to open a new hospital in Moscow. On 29 December 2025 MD Medical announced the acquisition of the eight-story building, with an area of ​​17,954 square meters, for a new multifunctional hospital in Moscow. The transaction is valued at RUB 2.4 billion.

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.

New clinic in Ufa launch. On 26 November 2025 the Group opened Mother & Child Ufa clinic spanning 355 sq m. The clinic has received a total investment of RUB 60 million for its opening and outfitting.

H1 2025 Dividends announcement. At the meeting held on 30 September 2025, the Company’s Board of Directors decided to distribute dividends for 6M 2025 in the amount of RUB 3.2 billion, or RUB 42 per ordinary share.

MD Group Michurinsky hospital development. On 23 September 2025 the Company opened an Ophthalmology and Eye Microsurgery Centre at its MD Group Michurinsky hospital. Total investment in opening and equipping the Centre was RUB 280 million.

Strengthening presence in Khanty-Mansi Autonomous Area.  On 9 September 2025 the Company opened its IVF clinic in Surgut with a total area of 558 sq m. The clinic has received a total investment of RUB 163 million for the acquisition of real estate, its opening and outfitting.

Expansion of the children’s clinic in Samara. On 24 July 2025, MDMG children’s out-patient clinic IDK, operating for more than 15 years, moved to spacious new premises with a total area of 853 sq m. Total investment in opening and equipping the clinic came to RUB 100 million.

Acquisition of the Expert medical centres network. On 22 May 2025, MD Medical Group announced the acquisition of medical centres that are part of a nationwide chain run by Expert Group – one of the largest healthcare networks in the country, ranking eighth amongst Russia's largest private clinics. The transaction perimeter included 3 hospitals and 18 clinics with a total area of 33,595 sq m scattered across 13 Russian cities. The transaction amount was RUB 8.5 billion, paid with the Company's own cash.

Opening of the clinic on Mira Avenue in Moscow. On 21 May 2025, MD Medical Group opened its clinic in Mira Avenue with a total area of 209 sq m. Total investment in opening and equipping the clinic came to RUB 44 million.

2024 Dividends announcement. At its meeting on 6 May 2025, the General Meeting of Shareholders approved a dividend payment of RUB 1.7 billion, or RUB 22 per ordinary share of MD Medical Group.

Expansion of the clinic in Mytishchi. On 28 March 2025 “Mother and Child Mytishchi” Women's Center began servicing patients at additional area. Investments in the clinic expansion amounted to RUB 18.5 mln.

Opening of an IVF center on the basis of the Syktyvkar clinic. On 25 March 2025 the Group opened the IVF center on the basis of the Syktyvkar clinic acquired in June 2024. The total investment in the renovation and equipment of the IVF center amounted to RUB 80 million.

The Company’s shares are included in the Moscow Exchange Index. Starting from 21 March 2025 MD Medical Group IPJSC ordinary shares are included in the Moscow Exchange Index and RTS Index calculation bases. 

Expansion of the clinic in Odintsovo. On 26 February 2025 launched in 2016, the out-patient clinic in Odintsovo has now moved to a new, spacious three-storey building covering an area of 1,094 sq m. The total investment to cover its opening and equipment amounted to RUB 202.5 million.

New clinic in Khabarovsk launch – expansion to new region. On 30 January 2025 the Group opened Mother & Child Khabarovsk clinic spanning 560 sq m. The cllinic has received a total investment of RUB 113 million for its opening and outfitting.

New clinic in Krasnogorsk of Moscow region launch. On 16 January 2025 the Group opened Mother & Child Krasnogorsk clinic with a total area of 242 sq m. Total investments in the project came in at RUB 44 million.

MD Medical CEO Mark Kurtser said:

“I am pleased to present the Company's financial results for 2025, which confirm our core priority: growth alongside high margins. We grew revenue by 31%, while EBITDA margin came in at 31% as well.

The organic growth of our out-patient segment, steady demand for our women’s and children’s health services, and strong utilisation of in-patient care at our hospitals ensured a well-balanced revenue structure. I would particularly like to highlight the strong performance of our delivery services, where revenue increased by 30%. The acquisition of the Expert chain during the reporting period strengthened our position in the diagnostics segment and enabled us to tap into new regions, increasing the share of multidisciplinary services in revenue to 47%.

In 2025, we made significant investments in the development of our hospital segment. We acquired a state-of-the-art robotic surgical system for two of our hospitals, opened the Ophthalmology and Eye Microsurgery Centre at the MD GROUP Michurinsky hospital in Moscow, and acquired real estate for a new multidisciplinary hospital in Moscow. All these investments will provide a solid platform for growth in future reporting periods.

We take an ambitious view of our further development, both organically and through M&A transactions. At the same time, we remain committed to regular dividend payments and, as part of the Annual General Meeting of Shareholders, plan for the Board of Directors to consider the issue of profit distribution for 2025 in the near future.

I would like to express my sincere gratitude to everyone. The professionalism and dedication of our employees, the trust of our patients, and the support of our partners and shareholders set the stage for our achievements in 2025.”

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[1] For more details on operational highlights, see our press release dated 5 February 2026

Notes:

1. This announcement contains inside information
2. Minor deviations in the calculation of totals, subtotals and/or percent changes are due to rounding
3. The Group’s consolidated financial statements are available on the Group’s website: www.mcclinics.com/investors/financial-reports/

Analyst and investor conference call:

Date: 29 August 2025

Time: 12.00 PM MSK

Event Language:  Russian

Speakers:   

• Mark Kurtser, CEO

• Iya Lukianova, CFO

• Olesya Lapina , IR Director

Registration for the call is available following the link.

A replay of the call will be available on the Company’s website shortly after the end of the live event.

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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 90 state-of-the-art healthcare facilities, including 14 multidisciplinary hospitals and 76 out-patient clinics in 35 regions of the Russian Federation. In 2025, MD Medical Group's revenue amounted to RUB 43.5 bln while EBITDA stood at RUB 13.3 bln. The Company's ordinary shares are traded on Moscow Exchange (MOEX: MDMG).