Gemabank’s Revenue Growth Exceeds 40% Over Four Years

International Medical Center for Biomaterials Processing and Cryostorage (Gemabank, MOEX: GEMA) has published its operating results for the 12 months of 2025, prepared in accordance with Russian Accounting Standards (RAS).

Gemabank is a biotechnology company, part of the Artgen Biotech Group (MOEX: ABIO), developing drugs and services for prevention and therapy in oncohematology, immunology, and neurology.

During the period from 2021 to 2025, the Company demonstrates consistently positive dynamics in key financial indicators. Total cumulative revenue growth over the last four years amounted to 41.7%, corresponding to a compound annual growth rate (CAGR) of 9.1%. In 2025, revenue growth amounted to 8%.

Dynamics of Key Indicators Over the Last 5 Years

RUB, thousands	2021	2022	2023	2024	2025
Revenue	265 889	254 677	283 512	348 604	376 736
EBITDA^[1]	119 030	112 107	152 051	166 623	180 406
Net profit	129 170	98 169	125 780	151 216	158 388
EBITDA / revenue, %	45%	44%	54%	48%	48%
Net profit / revenue, %	49%	39%	44%	43%	42%

EBITDA grew from RUB 119.03 million in 2021 to RUB 180.4 million in 2025, increasing by 51.6% over four years (CAGR 11%). Over the last two years (2023 to 2025), the indicator grew by 18.6%, confirming the continuation of positive dynamics and operational efficiency.

Net profit increased by 22.6% over the period 2021-2025 (CAGR 5.2%), with growth rates accelerating to 25.9% over the last two years. Profitability levels remain consistently high: based on the results of 2025, EBITDA margin remained at 48%, net profit margin at 42%.

Key Events in 2025:

The Board of Directors of Gemabank elected a new CEO — Ivan Viktorovich Potapov.
The sample storage base increased to 48,000 samples. In total, over the 12 months of 2025, samples accepted for storage were 15% higher than in 2024.
An analysis of the personal stem cell bank market in the Russian Federation in 2025 showed that Gemabank holds the largest share of samples, accounting for 42%.
ACRA confirmed Gemabank's credit rating at BBB-(RU) with a STABLE outlook.
Nine samples were released for transplantation. The samples were used to treat autism, organic brain damage, and cerebral palsy. In total, Gemabank has released 72 samples for transplantation.
Prices for the basic umbilical cord blood storage tariff were increased to RUB 69,000 per year, and for the basic umbilical cord storage tariff to RUB 9,000 per year.
Positive in-vitro test results were obtained for previously developed gene therapy constructs of drug candidates for the treatment of hemophilia A and B. In-vivo testing (in mice) of the drug candidates has been initiated to select the minimum effective dose.
Alor Broker published an analytical research report on Gemabank with a "Buy" recommendation and a target price of RUB 199.4 per ordinary share.
During 2025, dividends totaling RUB 111.469 million were paid.

Factors Driving the Company's Revenue Growth in 2025:

Expansion of geographic presence in cities with populations under 500,000 people, including remote regions, while simultaneously developing logistics infrastructure to ensure high-quality delivery of biosamples to Moscow.
Increase in household incomes in the regions against the backdrop of overall industrial growth, which contributes to increased solvency and demand for the Company's services.
Implementation of new approaches in advertising campaigns with an emphasis on practical examples of using umbilical cord blood stem cells, which increases interest and engagement of potential clients.
Growth in demand for biostorage services in 2025 compared to 2024: 7% for umbilical cord blood, 22% for umbilical cord cells and tissue.
A 40% increase in storage fees under basic annual contracts.

Taken together, these factors form a sustainable foundation for the Company's revenue growth, strengthen its market position, and contribute to long-term development.

Strategic Goals the Company Has Set for Itself for 2026-2027:

Maintaining a leading position and market share of 40% among umbilical cord blood banks in the Russian Federation.
Development of innovative gene therapy drugs, building the Company's own drug portfolio.
Expansion of the partner clinic network for the use of hematopoietic stem cells in regenerative medicine in Moscow and other regions.
Expansion of Gemabank's geographic presence within the Russian Federation.

Key Indicators of P&L Statement for 2025

RUB, thousands	January - December 2025	January - December 2024	% change
Revenue	376 736	348 604	8%
Cost of sales	(72 700)	(58 717)	24%
Commercial expenses	(90 024)	(78 257)	15%
Management expenses	(32 212)	(33 479)	-4%
Profit (loss) from sales	181 800	178 151	2%
Income from participation in other entities	-	9 000	-
Interest receivable	27 883	23 853	17%
Interest payable	(34 531)	(34 566)	-0,1%
Other income (expenses), net	(16 764)	(25 222)	-34%
Net profit (loss)	158 388	151 216	5%
Net profit, %	42%	43%	-
EBITDA*	180 406	166 623	8%
EBITDA, %	48%	48%	-

Key balance sheet indicators in 2025

RUB, thousands	December 31, 2025	December 31, 2024	% change
ASSETS	1111	11111	111
Intangible assets	72 504	78 640	-8%
Fixed assets	57 002	64 667	-12%
Financial investments	656 090	730 480	-10%
Total non-current assets	785 597	873 787	*-10%*
Accounts receivable	25 139	29 405	-15%
Financial investments (excluding cash equivalents)	237 700	47 000	406%
Cash and cash equivalents	145 875	276 895	-47%
Total current assets	417 920	362 150	*15%*

TOTAL ASSETS	1 203 517	1 235 937	*-3%*
LIABILITIES
Accumulated revaluation of non-current assets	-86 400	24 600	-451%
Additional capital (excluding accumulated revaluation)	242 504	242 504	0%
Undistributed profits (outstanding loss)	42 137	36 598	15%
Total capital and reserves	198 398	303 859	*-35%*
Borrowed funds	224 584	228 108	-2%
Other liabilities	548 101	515 574	6%
Total long-term liabilities	772 685	743 682	4%
Borrowed funds	12 083	11 954	1%
Accounts payable	220 084	175 933	25%
Estimated liabilities	268	508	-47%
Total current liabilities	232 435	188 395	*23%*

TOTAL LIABILITIES	1 203 517	1 235 937	*-3%*

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