Gemabank’s RAS Results for 9M 2025

International Medical Center for Biomaterials Processing and Cryostorage (Gemabank, MOEX: GEMA) has published its operating results for the 9 months of 2025, prepared in accordance with Russian Accounting Standards (RAS).

Gemabank is a biotechnology company, part of the Artgen Biotech Group (MOEX: ABIO), specializing in private blood stem cells banking and the development of gene therapy treatments for blood and immune-related diseases.

For 9M 2025, Gemabank demonstrated growth in its financial indicators. Net profit amounted to RUB 120.166 million, which is 4.4% higher than in the same period of 2024. Revenue increased by 9.2%, reaching RUB 280.324 million. EBITDA (excluding income from participation in other entities) grew by 5.6% to RUB 134.340 million, or 48% of revenue.

Key events in 9M 2025:

The sample storage base increased to 46,000 samples. In 9M 2025, samples accepted for storage were 22% higher than in the same period of 2024.
An analysis of the personal stem cell bank market in the Russian Federation showed that Gemabank holds the largest share of samples, accounting for 42%.
In collaboration with Swiftgen, the design of gene therapy constructs — drug candidates for the treatment of hemophilia A and B, and HIV infection — was developed. The first results of in-vitro testing of construct elements have been obtained. In-vivo testing of the drug candidates is scheduled for the near future.
Six samples were released for transplantation. The samples were used to treat autism and organic brain damage.
Alor Broker published an analytical research report on Gemabank with a "Buy" recommendation and a target price of RUB 199.4 per ordinary share.
Prices for basic umbilical cord blood storage tariffs and umbilical cord storage tariffs were increased. A new 50-year tariff, "Dolgoletie" (Longevity), as well as comprehensive biomaterial storage, were introduced.
ACRA confirmed Gemabank's credit rating at BBB- (RU) with a STABLE outlook.
During 9M 2025, dividends were declared for 2024 and for 6M 2025 in the total amount of RUB 110.5 million.

Key Indicators of P&L Statement for 9M 2025

RUB, thousands	January – September 2025	January – September 2024	% change
Revenue	280 324	256 603	*9,24%*
Cost of sales	-53 526	-42 026	27,36%
Commercial expenses	-66 780	-54 896	21,65%
Management expenses	-23 686	-25 825	-8,28%
Profit (loss) from sales	136 332	133 856	*1,85%*
Income from participation in other entities	-	9 000	-
Interest on loans, net	-2 494	-11 243	-77,82%
Other income (expenses), net	-13 672	-16 495	-17,11%
Net profit (loss)	120 166	115 118	*4,39%*
Net profit margin, %	42,87%	44,86%	-
EBITDA¹	134 340	127 172	*5,64%*
EBITDA margin, %	47,92%	49,56%	-

¹EBITDA — earnings before interest, taxes, depreciation and amortization, excluding interest income and income from participation in other entities. This indicator reflects the operating cash flow available to creditors, investors, and founders.

Key Balance Sheet Indicators as of 9M 2025

*RUB, thousands*	September 30, 2025	December 31, 2024	*% change*
ASSETS
Intangible assets	74 038	78 640	-5,85%
Fixed assets	59 091	64 667	-8,62%
Financial investments	648 440	730 480	-11,23%
Total non-current assets	781 569	873 787	*-10,55%*
Accounts receivable	24 433	29 405	-16,91%
Financial investments (excluding cash equivalents)	216 000	47 000	359,57%
Cash and cash equivalents	144 697	276 895	-47,74%
Total current assets	395 283	362 150	*9,15%*
TOTAL ASSETS	1 176 852	1 235 937	*-4,78%*
LIABILITIES
Accumulated revaluation of non-current assets	-66 750	24 600	-371,34%
Additional capital (excluding accumulated revaluation)	242 504	242 504	0,00%
Undistributed profits (outstanding loss)	46 283	36 598	26,46%
Total capital and reserves	222 194	303 859	*-26,88%*
Borrowed funds	228 108	228 108	0,00%
Other liabilities	516 240	515 574	0,13%
Total long-term liabilities	744 348	743 682	*0,09%*
Borrowed funds	4 973	11 954	-58,40%
Accounts payable	204 525	175 933	16,25%
Estimated liabilities	812	508	59,84%
Total current liabilities	210 310	188 395	*11,63%*
TOTAL LIABILITIES	1 176 852	1 235 937	*-4,78%*

The financial statements of Gemabank for 9M 2025 are available on the Company's corporate website in the "Investors" section.