Key financial highlights for Q3 2025:

• The Group’s total revenue grew by 40.3% y-o-y to RUB 11,605 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 (15.7% of total revenue).

• Like-for-like (LFL) revenue increased by 16.3% y-o-y to RUB 9,623 million.

• Revenue of Moscow hospitals rose by 18.9% y-o-y to RUB 4,818 million, primarily due to high demand for delivery and IVF 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 diagnostics, obstetrics and gynaecology, and paediatrics, and an increased share of commercial in-patient revenue.

• Revenue of the Group’s regional hospitals grew by 37.7% y-o-y to RUB 3,100 million, driven by higher revenue from out-patient treatments, 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 30.1% y-o-y to RUB 1,038 million, reflecting strong demand for prenatal care contracts, gynecologists and multidisciplinary doctors’ consultations, as well as robust IVF performance, 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 2,625 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 Q3 2025, the Group’s cash position stood at RUB 3,792 million (vs RUB 3,459 million as at 30.06.2025), with funds utilised in Q3 for financing of the Expert medical centres acquired in May this year. The Company has not raised any debt financing.

• In Q3 2025, total Capex was RUB 662 million.

Key operational highlights for Q3 2025:

• Total out-patient treatments increased by 2.2 times y-o-y to 1,353,134, with the average ticket up 13.5% y-o-y to RUB 7.0 thousand in Moscow and up 2.9% y-o-y to RUB 2.6 thousand in other regions.

• Total in-patient treatments decreased by 1.4% y-o-y to 34,204, the number of surgeries grew 48.3% that inter alia caused the average in-patient care ticket up 8.1% y-o-y to RUB 127.7 thousand in Moscow and up 21.7% y-o-y to RUB 52.8 thousand in other regions.

• Total deliveries increased by 20.8% y-o-y to 3,522, with the average ticket up 12.6% y-o-y to RUB 655.7 thousand in Moscow and up 13.9% y-o-y to RUB 268.7 thousand in other regions.

• Total IVF punctures went up by 9.2% y-o-y to 5,365, with the average ticket up 6.1% to RUB 337.4 thousand in Moscow and up 9.9% y-o-y to RUB 325.3 thousand in other regions.

Key financial highlights for 9M 2025:

• The Group’s total revenue grew by 28.4% y-o-y to RUB 30,869 million, driven by increased revenue from out-patient care, delivery services and inpatient care.

• Like-for-like (LFL) revenue increased by 15.6% y-o-y to RUB 27,779 million.

• Revenue of Moscow hospitals rose by 17.1% y-o-y to RUB 13,906 million, due to higher revenue from deliveries, out-patient services and in-patient treatment.

• Revenue of the Group’s regional hospitals grew by 28.1% y-o-y to RUB 8,248 million, supported by growth in revenue from out-patient and in-patient treatments, and delivery services.

• Revenue from out-patient clinics in Moscow and the Moscow Region increased by 26.8% y-o-y to RUB 2,891 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 69.3% y-o-y to RUB 5,743 million, mainly due to contributions from newly opened and acquired Expert medical centres, which boosted out-patient traffic and IVF services alike. 

• Total Capex for 9M 2025 was RUB 2,017 million

Key operational highlights for 9M 2025:

• Total out-patient treatments increased by 63.1% y-o-y to 2,925,795, with the average ticket up 13.6% y-o-y to RUB 6.9 thousand in Moscow and up 7.2% y-o-y to RUB 2.6 thousand in other regions.

• Total in-patient treatments decreased by 3.1% y-o-y to 106,804, the number of surgeries grew 24.4% that inter alia caused the average in-patient care ticket up 17.5% y-o-y to RUB 125.6 thousand in Moscow and up 19.6% y-o-y to RUB 50.2 thousand in other regions.

• Total deliveries increased by 14.0% y-o-y to 9,480, with the average ticket up 13.0% y-o-y to RUB 638.6 thousand in Moscow and up 12.1% y-o-y to RUB 255.9 thousand in other regions.

• Total IVF punctures went up by 8.6% y-o-y to 15,867, with the average ticket up 7.5% to RUB 328.1 thousand in Moscow and up 7.2% y-o-y to RUB 312.9 thousand in other regions.

Key events during Q3 2025 and after the reporting period:

• 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, representing a cumulative payout of 62% of the Group's IFRS consolidated net profit for 6M 2025. Dividend payments are scheduled to be made before mid-November.

• MD Group Michurinsky hospital development. On 23 September 2025 the Company opened an Ophthalmology and Eye Microsurgery Centre at its MD Group Michurinsky hospital where the combination of world-class staff and cutting-edge technology allows for procedures of any complexity, including highly specialised surgeries performed by only a handful of experts in Russia 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 new clinic is designed to accommodate 12,000 visits and 800 IVF cycles annually. Mother & Child Surgut 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 – 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.

MD Medical CEO Mark Kurtser said:

“Our company delivered a truly outstanding third quarter: 40% revenue growth validates our strategy and reflects the trust placed in us by our patients.

While our network of high-tech hospitals remains core, providing 68% of the Group's revenue, we are also expanding our out-patient segment. We are pursuing growth both organically and through targeted M&A deals. We now have the industry's most extensive geographical footprint of healthcare facilities, whose robust performance was key to achieving the strong operational and financial metrics recorded in Q3.

Out-patient appointments have more than doubled, a success largely attributable to the new facilities opened and acquired over the last two years.

We are continuously enhancing our in-patient services, which are seeing growing demand across specialised surgical areas, including oncology, traumatology, and urology. The volume of surgeries soared by 48%.

Strong demand for deliveries and IVF services across our facilities confirms our market leadership and our commitment to state-of-the-art reproductive health solutions. The number of deliveries in our hospitals increased by 21% in Q3. This volume is partly supported by patient referrals from our growing network of out-patient clinics. The volume of IVF punctures also continued to expand: +9%. Driven by the unique services, technology, and equipment in our women's health segment, revenue growth proved even more impressive: +39% for deliveries and +18% for IVF.

Our core competitive advantage lies in our ability to build and open new facilities, execute strategic acquisitions, and consistently return capital to shareholders. We will shortly pay the previously announced dividends for H1 2025.

We are proud of these results and remain confident that we are well-positioned for future achievements.”

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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 87 state-of-the-art healthcare facilities, including 14 multidisciplinary hospitals and 73 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).