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 Q2 and H1 2025.

Key financial highlights for Q2 2025:

• The Group’s total revenue grew by 27.3% y-o-y to RUB 10,308 million, driven by increased demand for out-patient and in-patient care across the company’s facilities, strong uptake of prenatal care and delivery services at hospitals, and contribution from the newly integrated Expert medical centres network (7.8% of total revenue).

• Like-for-like (LFL) revenue increased by 15.1% y-o-y to RUB 9,323 million.

• Revenue of Moscow hospitals rose by 17.3% y-o-y to RUB 4,658 million, primarily due to high demand for delivery services at the Group’s hospitals, notably supported by patient inflows from our new clinics launched in 2024 and 2025, as well due to robust out-patient performance in obstetrics and gynaecology, diagnostics, and paediatrics, and an increased share of commercial in-patient revenue.

• Revenue of the Group’s regional hospitals grew by 27.5% y-o-y to RUB 2,758 million, driven by higher revenue from out-patient treatments (including contribution from the Expert network hospitals), in-patient care, and deliveries, particularly due to high delivery rates at the MD Group Lakhta hospital in St Petersburg.

• Revenue from out-patient clinics in Moscow and the Moscow Region increased by 25.0% y-o-y to RUB 971 million, reflecting strong demand for prenatal care contracts and fertility consultations amid robust IVF performance, including that at our new clinics launched in 2024 and 2025.

• Revenue from out-patient clinics in other regions surged by 61.5% y-o-y to RUB 1,893 million, mainly due to contributions from both newly acquired Expert clinics driving out-patient treatments growth, and other clinics opened and acquired in 2024–2025, which boosted out-patient traffic and IVF services alike. 

• As at the end of Q2 2025, the Group’s cash position stood at RUB 3,459 million (vs RUB 8,260 million as at the start of Q2 2025), with funds utilised in Q2 for 2024 dividend payments and financing of the Expert medical centres acquisition. The Company has not raised any debt financing.

• In Q2 2025, total Capex was RUB 739 million.

Key operational highlights for Q2 2025:

• Total out-patient treatments increased by 53.2% y-o-y to 943,785, with the average ticket up 13.7% y-o-y to RUB 6.7 thousand in Moscow and up 11.0% y-o-y to RUB 2.6 thousand in other regions.

• Total in-patient treatments decreased by 2.0% y-o-y to 36,136 despite a 19.9% uptick in surgeries driven primarily by the Expert medical centres, with the average in-patient care ticket up 24.6% y-o-y to RUB 127.7 thousand in Moscow and up 17.7% y-o-y to RUB 50.0 thousand in other regions.

• Total deliveries increased by 13.1% y-o-y to 3,162, with the average ticket up 13.0% y-o-y to RUB 634.9 thousand in Moscow and up 12.3% y-o-y to RUB 256.4 thousand in other regions.

• Total IVF punctures went up by 8.2% y-o-y to 5,703, with the average ticket up 6.3% to RUB 313.6 thousand in Moscow and up 4.9% y-o-y to RUB 307.8 thousand in other regions.

Key financial highlights for 6M 2025:

• Total revenue grew by 22.2% y-o-y to RUB 19,264 million, driven primarily by growth in revenue from in-patient and out-patient treatments and deliveries.

• Like-for-like (LFL) revenue increased by 15.2% y-o-y to RUB 18,155 million.

• Revenue from the Group's hospitals in Moscow went up by 16.1% y-o-y to RUB 9,088 million due to higher revenue from out-patient services combined with strong performance in both deliveries and in-patient treatment revenue.

• Revenue of the Group’s regional hospitals increased by 22.9% y-o-y to RUB 5,148 million supported by growth in revenue from both out-patient and in-patient treatments, including strong revenue performance at the Expert network hospitals.

• Revenue from out-patient clinics in Moscow and the Moscow Region increased by 25.0% y-o-y to RUB 1,853 million, reflecting higher outpatient 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 39.5% y-o-y to RUB 3,118 million, mainly due to contributions from both newly acquired Expert clinics driving out-patient treatments growth, and other clinics opened and acquired in 2024–2025, which boosted out-patient traffic and IVF services alike.

• In H1 2025, total Capex was RUB 1,355 million.

Key operational highlights for 6M 2025:

• Total out-patient treatments went up by 32.9% y-o-y to 1,572,661, with the average ticket up 13.6% y-o-y to RUB 6.8 thousand in Moscow and up 10.0% y-o-y to RUB 2.6 thousand in other regions.

• Total in-patient treatments decreased by 3.9% y-o-y to 72,600 despite a 13.4% uptick in surgeries, with the average in-patient care ticket up 21.9% y-o-y to RUB 124.7 thousand in Moscow and up 18.5% y-o-y to RUB 49.0 thousand in other regions.

• Total deliveries increased by 10.3% y-o-y to 5,958, with the average ticket up 12.9% to RUB 628.3 thousand in Moscow and up 10.9% y-o-y to RUB 248.5 thousand in other regions.

• Total IVF punctures went up by 8.2% y-o-y to 10,502, with the average ticket up 8.2% to RUB 323.2 thousand in Moscow and up 5.9% y-o-y to RUB 306.7 thousand in other regions.

Key events during Q2 2025 and after the reporting period:

• 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 – double the size of its previous location. This expansion will increase the clinic’s capacity from 50,000 to 104,000 visits per year. 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 three 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, providing a comprehensive range of specialised services for women, with a capacity of 24,000 appointments per year. Total investment in opening and equipping the clinic came to RUB 44 million.

• Holding the Annual General Meeting of Shareholders. On 6 May 2025, at the Company's Annual General Meeting of Shareholders, in addition to adopting other resolutions, the annual report and annual financial (accounting) statements for 2024 were approved, and a decision was made to distribute part of the Company’s net profit for the 2024 financial year in the amount of RUB 1,652,750,220 as dividend payments. The funds for dividend payments were transferred by the Company at the end of May.

MD Medical CEO Mark Kurtser said:

“We have achieved impressive operational results and the highest revenue growth rate since the pandemic period. Strong patient trust and the success of our quality and service excellence efforts have driven patient flow growth in our traditional prenatal care and delivery area, alongside robust demand for our out-patient and in-patient services. This confirms the effectiveness of our organic development strategy and successful mergers and acquisitions, including the Expert medical centres network.

On 22 May, we closed the largest transaction in the Company's history, and today we are posting our first joint results with Expert. In Q2, our consolidated revenue grew by 27%, while the number of out-patient treatments increased by 53%, including diagnostics, which is Expert’s traditional field of expertise.

This strong performance in the out-patient segment is also driven by consistent growth in utilisation of the hospital in Michurinsky Avenue and the work of our new clinics opened and acquired in 2024–2025. Not only do these facilities create their own value but also support high hospital results by generating additional patient flow for deliveries and surgical interventions. The Group’s revenue from delivery contracts increased by 28%. The absolute leader in terms of delivery growth in the reporting quarter was our MD Group Lakhta hospital in St Petersburg – I am pleased that the level of doctor expertise and service in our regional hospitals is highly valued by patients.

Revenue from in-patient treatments in Russian regions grew by 24%, mainly due to strong growth in the number of surgeries performed in our hospitals – up 13% in Q2. Both in Moscow and in other regions, we provide care across a wide range of surgical areas, using advanced techniques and cutting-edge equipment, including surgical robots. Our hospitals also provide care for premature babies and threatened pregnancy management, which has also positively affected our indicators against the backdrop of growth in prenatal care and delivery contracts.

For the second consecutive quarter, reproductive technologies demonstrated solid growth: the total number of IVF punctures in the Group increased by 8%, and in our Moscow clinics, by 20%, largely thanks to the new multidisciplinary centre Lapino City. The high percentage of pregnancies achieved after IVF procedures performed in our medical facilities drives the inflow of new patients.

As previously, we raise no debt financing, responsibly channelling operating cash flow into investment programmes and dividends to fuel even stronger future growth and reinforce our investment case."

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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 86 state-of-the-art healthcare facilities, including 14 multidisciplinary hospitals and 72 out-patient clinics in 35 regions of the Russian Federation. In 2024, MD Medical Group's revenue amounted to RUB 33.1 bln while EBITDA stood at RUB 10.7 bln. The Company's ordinary shares are traded on Moscow Exchange (MOEX: MDMG).