Moscow, Russia – 10 April 2023 – Sistema PJSFC (“Sistema”, the “Corporation”, or together with its subsidiaries and affiliates the “Group”) (LSE: SSA, MOEX: AFKS), a Russian publicly traded investment company, announces its unaudited consolidated financial results in accordance with International Financial Reporting Standards (IFRS) for the fourth quarter of 2022 (4Q 2022) and its audited consolidated financial results in accordance with IFRS for the year ending 31 December 2022 (FY 2022).

Sistema results review

In 2022, Sistema's consolidated revenue amounted to RUB 912.7 billion due to the consolidation of Etalon Group's results since May 2022 as well as higher revenue at a number of key assets:

• MTS – due to continued growth in the telecom, fintech and media business verticals.

• Steppe – thanks to a record harvest and a substantial increase in milk production.

• Segezha Group – due to the growth in production and sales of sawn timber.

• Medsi – thanks to the active expansion of the medical chain. as well as an overall increase in patient flows.

• Binnopharm Group – as a result of a significant increase in sales in the retail and export segments.

The Group's adjusted OIBDA[1] was RUB 310.4 billion in 2022 following the growth in revenue of the Corporation's key assets, as well as on the back of the consolidation of the results of Etalon Group[2].

In 2022, Sistema's net profit reached RUB 19.4 billion, mainly due to the growth in OIBDA and the economic effect of the consolidation of Etalon Group and YIT Russia.

Sistema Group’s capex amounted to RUB 158.6 billion in 2022. The total investment of the Corporate Centre in 2022 was RUB 51.9 billion.

The Corporate Centre's net financial liabilities[3] reached 245.2 billion. The Corporate Centre's cash balance was RUB 9.8 billion.

Tagir Sitdekov, Sistema’s President: “In the reporting year, we encountered new unprecedented challenges and major transformational changes. However, the results achieved by Sistema and its entire 30-year history of sustainable development confirm that we are capable of efficiently managing our investments and our assets are able to grow their businesses in both rising and highly volatile markets. I am confident that even in these difficult times we will continue implementing our strategy aimed at enhancing the efficiency of our investment activities and developing our portfolio companies.”.

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