MD Medical Q1 2026: Revenue Growth Accelerates to 32% YoY, Driven by Эксперт Acquisition
MD Medical reported Q1 2026 revenue of RUB 11,834 mln, up 32.1% YoY, accelerating from the 22.2% growth seen in H1 2025. The operating-only update (no net profit or EBITDA) highlighted a like-for-like (LFL) increase of 9.2%, with the acquired Эксперт network contributing ~17% of total revenue.
YoY Revenue Growth: Q1 2026 vs Prior Periods
Key Financial Highlights
Revenue growth was primarily organic (LFL +9.2%) and augmented by the Эксперт network acquisition in 2025. For FY2025, full-year revenue reached RUB 43,455 mln (+31% YoY), with net profit of RUB 11,035 mln and EBITDA of RUB 13,289 mln. The Q1 2026 update did not include profit or EBITDA figures.
Key Figures (RUB mln)
| Metric | Prior (Q1 2025) | Latest (Q1 2026) | Change |
|---|---|---|---|
| Revenue | 8,958 | 11,834 | +32.1% |
Outlook
With revenue growth accelerating and the Эксперт integration progressing, the key watchpoints are the H1 2026 full financials (due mid-year) for margin and net profit trends. Net debt rose to RUB 0.6 bn as of Dec 2025, up RUB 0.7 bn vs Jun 2025 and RUB 5.0 bn vs Dec 2024, but remains modest relative to EBITDA.