AFK Sistema has presented consolidated financial results under IFRS for 2025. Revenue increased by 8.3% year–on-year to 1,332.5 billion rubles, adjusted operating profit before depreciation reached 378.2 billion rubles, showing an increase of 15.1% year-on-year, and profitability exceeded 28%. The corporation has been increasing its OIBDA margin for the third year in a row. AFK Sistema also demonstrated an increase in key indicators based on the results of the 4th quarter of 2025: revenue - by more than 5% to 360.4 billion rubles, OIBDA – by 15.7% to almost 97 billion rubles.
The total assets of AFK Sistema Group increased by 3.6% and reached 2.9 trillion rubles at the end of last year, and investments in fixed assets amounted to about 167 billion rubles, including investments in the development of modern infrastructure and increasing production capacities in various sectors of the economy.
The leaders in terms of annual revenue growth in AFK Sistema's portfolio are medical, hotel and development assets. Along with medicine and construction, the telecommunications business, which generated record revenue of over 800 billion rubles in 2025, supported the positive dynamics of OIBDA, which is close to 280 billion rubles for the corporation's largest asset. MTS' key non-telecom businesses grew faster than telecom throughout the past year, and their contribution to revenue reached 42%. At the same time, the ratio of net debt to OIBDA decreased to the lowest level in the last four years – 1.6.
As previously stated by AFK Sistema President Tagir Sitdekov, in conditions of a high key interest rate, monitoring the debt burden is a top priority. During the last reporting quarter, the financial obligations of the corporate center decreased by 4.8% compared to September 30, 2025, and the share of bonds in the debt portfolio increased from 50% to 53% due to the placement of two debut issues of green bonds and the repayment of some loans. Funds from the sale of shares in Element Group earlier this year were also used to repay the debt.
During the reporting period and after the reporting date, a number of other strategic transactions were implemented. As a result of the SPO, Sistema's development asset attracted 18.4 billion rubles, which it used to purchase 42 land plots for the construction of residential and commercial real estate in attractive locations in Moscow and St. Petersburg and to develop business in the premium segment, as well as to reduce the debt burden. By the end of 2025, Etalon Group's sales and cash receipts increased by 5% year–on-year to 153.5 billion and 100.5 billion rubles, respectively, including through the sale of large commercial facilities in the capital. The developer from the corporation's portfolio has sold 671 thousand square meters. Last year, the volume of commissioning of new areas tripled to 483 thousand square meters. m. As a result, revenue increased by 17% year-on-year to 154 billion rubles, and adjusted EBITDA increased by 11% and reached 30.6 billion rubles. The average annual growth rate of these indicators for the period 2023-2025. It was 30%.
In addition, last year AFK Sistema's agro-industrial asset acquired control of the RZ Agro Group of Companies with a land bank of about 130,000 hectares, which opens up opportunities to attract investors to the corporation's agricultural business, which has retained leadership in dairy farming and increased gross yield by 21% to 267,000 tons by the end of 2025. of the year. Over the past 5 years, the gross yield on the farms of the Agroholding "Steppe" has increased by more than 3 times.
The Corporation has also confirmed its leadership in the healthcare sector. Sistema, the largest federal network of private clinics, increased its annual revenue by 22% to 61.4 billion rubles, OIBDA increased by 35%, exceeding the 13 billion mark, and net profit amounted to 5.2 billion rubles. Last year, the network expanded with three new clinics in Nizhny Novgorod, Ufa and Krasnodar, as well as a clinic in the Moscow region, which was opened under a franchise. Thus, the number of medical institutions has reached 138, and their total area is 330 thousand square meters. m as of December 31, 2025. The corporation's medical ecosystem has been complemented by Russia's leading digital mental health platform, which has become a strategic partner of Medsi.
According to Tagir Sitdekov, today it is "a company with a comfortable level of debt, stable and growing cash flow," which is extremely attractive to investors, as is the hotel business of AFK Sistema, which also continued its dynamic growth, including through a franchise model. "This is the No. 1 player in the hospitality market. The company has gone through the integration of the Wenaas network, which we acquired in 2023, and is at the stage of transition from the asset heavy to asset light business model, completing a number of strategic construction projects for us," the head of the corporation said in a recent interview with Interfax.
In 2025, the revenue of its portfolio asset in the hospitality segment increased by 20% and approached 21 billion rubles, including due to effective pricing management, an increase in the number of rooms by 10%, an increase in the number of guests and an average hotel load exceeding 67%, which is 2 percentage points more than in 2024. OIBDA increased by 27% year-on-year to RUB 7.3 billion, while profitability increased from 33% to 35%. Under the brand and management of the hotel operator Cosmos Hotel Group, 6 hotels have opened in Moscow and the region, the Republic of North Ossetia – Alania, Primorsky Krai and Sochi. Thus, at the end of the reporting period, the total number of hotels in the chain reached 44 locations in 28 cities. In addition, new franchise and management contracts were signed for a total of 24,121 rooms for future hotel facilities. As a result, AFK Sistema's hotel portfolio, based on the asset-light model, already includes more than 80 projects that will be phased into operation by 2030.
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