Alfa-Bank becomes a minority shareholder in Medsi

Minority investment in the clinic network

Alfa-Bank has acquired a 4.85% shareholding in Medsi from PJSC AFK Sistema. Sistema remains the clinic group's controlling shareholder with 90.64%. The parties have not disclosed the transaction's financial terms.

Vladimir Voeikov, Alfa-Bank's First Deputy Management Board Chairman and Director for Large and Medium Business, described the acquisition as the start of a long-term financial partnership ahead of Medsi's possible stock exchange listing.

Development priorities

Medsi's business strategy includes these areas:

• regional expansion;
• research and development;
• innovation and digital services.

Sistema considers the investment a step in preparations for a possible medium-term listing. The corporation also reports interest from other institutional groups and funds, which could participate in a pre-IPO round or a public offering. Those possibilities remain part of its financing plans.

Operating profile before the transaction

Medsi reported consolidated revenue of RUB 61.4 billion for 2025, up 22%, excluding construction revenue under a concession agreement. Its broader brand-network revenue was RUB 62.9 billion. That operating measure includes franchise clinics, whose revenue falls outside the group's consolidated IFRS revenue. Net profit in the audited 2025 results reached RUB 5.2 billion.

At December 31, 2025, the network comprised 138 clinics and a home-care service, with assets covering 330,000 square metres. Four additions during the year included facilities in Nizhny Novgorod, Ufa and Krasnodar, and a franchise project at Pavlovo Podvorye in the Moscow region.

Appointments and service activity

Unique patients exceeded 1.8 million in 2025, increasing 5% from the previous year. Daily clinic visits reached 45,000, while services delivered averaged 97,000 per day. These operating indicators cover the branded network, including franchised clinics, rather than only the entities consolidated in the financial statements.

Appointment bookings through the SmartMed application rose 32% to 8.8 million during 2025. Medsi also opened its first flagship pharmacy on Moscow's Novy Arbat, occupying 50 square metres.