Kamada (NASDAQ: KMDA) posts record 2025 results, sets dividend and reaffirms 2026 growth
Rhea-AI Filing Summary
Kamada Ltd. reported record 2025 results and introduced an ongoing dividend. Total revenues reached $180.5 million, up 12% year over year, with adjusted EBITDA of $42.0 million, a 23% increase. Net income was $20.2 million, or $0.35 per share, and cash and cash equivalents were $75.5 million as of December 31, 2025.
The Board declared a cash dividend of $0.25 per share, totaling about $14.4 million, payable April 6, 2026 to shareholders of record on March 23, 2026. Kamada also adopted an annual dividend policy targeting distributions of at least 50% of annual net income, subject to Board discretion and Israeli law tests.
For 2026, management affirmed guidance of $200–$205 million in revenues and $50–$53 million in adjusted EBITDA, implying continued double-digit organic growth. The company highlights multiple growth pillars, including specialty plasma therapies, distribution partnerships, plasma collection, and potential M&A.
Positive
- Record 2025 financial performance: revenue of $180.5 million and adjusted EBITDA of $42.0 million, representing year-over-year growth of 12% and 23%, respectively, alongside net income of $20.2 million and EPS of $0.35.
- Dividend initiation and policy: Board declared a $0.25 per-share cash dividend (~$14.4 million) and adopted an annual dividend policy targeting distributions of at least 50% of annual net income, while maintaining discretion and legal safeguards.
- Reaffirmed growth guidance: 2026 outlook calls for $200–$205 million in revenues and $50–$53 million in adjusted EBITDA, which management states reflect continued double-digit organic profitable growth from the 2025 base.
Negative
- None.
Insights
Record 2025 performance, new dividend policy and reaffirmed double-digit 2026 growth guidance.
Kamada delivered strong 2025 fundamentals with revenues of
The Board introduced a shareholder-return layer by declaring a
Management reaffirmed 2026 guidance of
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For the Month of March 2026
Commission File Number 001-35948
Kamada Ltd.
(Translation of registrant’s name into English)
2 Holzman Street
Science Park, P.O. Box 4081
Rehovot 7670402
Israel
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
This Form 6-K is being incorporated by reference into the Registrant’s Form S-8 Registration Statements, File Nos. 333-192720, 333-207933, 333-215983, 333-222891, 333-233267 and 333-265866.
The following exhibits are attached:
| 99.1 | Kamada Declares Cash Dividend of $0.25 Per Share, to be Paid in Accordance with an Adopted Annual Cash Dividend Policy | |
| 99.2 | Kamada Reports Record Top and Bottom-Line 2025 Financial Results and Affirms 2026 Guidance Representing Continued Double-Digit Organic Profitable Growth | |
| 99.3 | Investors Deck |
1
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: March 11, 2026 | KAMADA LTD. | |
| By: | /s/ Nir Livneh | |
|
Nir Livneh Vice President General Counsel and | ||
2
EXHIBIT INDEX
| EXHIBIT NO. | DESCRIPTION | |
| 99.1 | Kamada Declares Cash Dividend of $0.25 Per Share, to be Paid in Accordance with an Adopted Annual Cash Dividend Policy | |
| 99.2 | Kamada Reports Record Top and Bottom-Line 2025 Financial Results and Affirms 2026 Guidance Representing Continued Double-Digit Organic Profitable Growth | |
| 99.3 | Investors Deck |
3
Exhibit 99.1
Kamada Declares Cash Dividend of $0.25 Per Share, to be Paid in Accordance with an Adopted Annual Cash Dividend Policy
Company Reports Record Revenue and Profitability for Full-Year 2025
REHOVOT, Israel, and HOBOKEN, NJ – March 11, 2026 – Kamada Ltd. (NASDAQ: KMDA; TASE: KMDA.TA), a global biopharmaceutical company with a portfolio of marketed products indicated for rare and serious conditions and a leader in the specialty plasma-derived field, today announced that its Board of Directors has declared a cash dividend of $0.25 (approximately NIS 0.77) per share on the Company’s ordinary shares (totaling approximately $14.4 million). The cash dividend will be payable on April 6, 2026, to shareholders of record at the close of business on March 23, 2026.
The dividend payment is made in accordance with the Company’s annual cash dividend policy newly adopted by the Board of Directors, pursuant to which the Company intends to distribute to its shareholders of record an annual dividend of at least 50% of its annual net income, subject to the Board of Directors’ discretion at the time of any such distribution and satisfaction of the applicable dividend distribution tests under the Israeli Companies Law at the time of distribution.
“Based on the Company’s strong financial results for 2025 and our solid cash position, we are pleased to announce a cash dividend to be paid to our shareholders,” said Amir London, Kamada’s Chief Executive Officer. “This dividend payment reinforces our confidence of the Company’s business prospects and liquidity to continue investing in our commercial growth, while aiming to secure new business development and M&A transactions, while also paying dividend to our shareholders. I would like to thank our shareholders for their continued support and trust in Kamada.”
The Company will withhold tax on the dividend in accordance with Israeli tax law. The Company applied for a ruling from the Israel Tax Authority in connection with tax withholding to non-Israeli shareholders and will announce the main terms of such ruling once obtained.
About Kamada
Kamada Ltd. (the “Company”) is a global biopharmaceutical company with a portfolio of marketed products indicated for rare and serious conditions and a leader in the specialty plasma-derived therapies field. FIMI Opportunity Funds, the leading private equity firm in Israel, is the Company’s controlling shareholder, beneficially owning approximately 38% of the outstanding ordinary shares. The Company’s strategy is focused on driving profitable growth through four primary growth pillars: First, organic growth of its commercial portfolio, including continued investment in the commercialization and life cycle management of its proprietary products, consisting of six FDA-approved specialty plasma-derived products: KEDRAB®, GLASSIA®, CYTOGAM®, VARIZIG®, WINRHO SDF® and HEPAGAM B®, as well as KAMRAB®, and two types of equine-based anti-snake venom products. Second, distribution of third parties’ pharmaceutical products in Israel & the MENA region through in-licensing partnerships, including the launch of several biosimilar products in Israel. Third, the Company is ramping up its plasma collection operations to support revenue growth through the sale of normal source plasma to other plasma-derived manufacturers, and to support its increasing demand for hyper-immune plasma. The Company currently owns three operating plasma collection centers in the United States, in Beaumont, Houston, and San Antonio, Texas. Fourth, the Company aims to secure new mergers and acquisitions, business development, in-licensing and/or collaboration opportunities, which are anticipated to enhance the Company’s marketed products portfolio and leverage its financial strength and existing commercial infrastructure to drive long-term profitable growth. The Company is leveraging its manufacturing, research and development expertise to advance the development and commercialization of additional product candidates, targeting areas of significant unmet medical need.
Cautionary Note Regarding Forward-Looking Statements
This release includes forward-looking statements within the meaning of Section 21E of the U.S. Securities Exchange Act of 1934, as amended, and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts, including statements regarding: 1) Kamada’s intention of future payment of annual cash dividend of at least 50% of its annual net income, pursuant to Kamada’s annual cash dividend policy, 2) Kamada’s confidence of its business prospects and liquidity, and 3) Kamada’s continued investment in its commercial growth, including its aim to secure new business development and M&A transactions, while also paying dividend to its shareholders. Forward-looking statements are based on Kamada’s current knowledge and its present beliefs and expectations regarding possible future events and are subject to risks, uncertainties and assumptions. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of several factors including, but not limited to the evolving nature of the conflicts in the Middle East with bombing of Iran by the U.S. and Israel, and the impact of such conflicts in Israel, the Middle East and the rest of the world, the impact of these conflicts on market conditions and the general economic, industry and political conditions in Israel, the U.S. and globally, effect of potential imposed tariff on overall international trade and specifically on Kamada’s ability to continue maintaining expected sales and profit levels in light of such potential tariff, the effect on establishment and timing of business initiatives, Kamada’s ability to leverage new business opportunities and integrate it with its existing product portfolio, unexpected results of clinical and development programs, regulatory delays, and other risks detailed in Kamada’s filings with the U.S. Securities and Exchange Commission (the “SEC”) including those discussed in its most recent Annual Report on Form 20-F and in any subsequent reports on Form 6-K, each of which is on file or furnished with the SEC and available at the SEC’s website at www.sec.gov. The forward-looking statements made herein speak only as of the date of this announcement and Kamada undertakes no obligation to update publicly such forward-looking statements to reflect subsequent events or circumstances, except as otherwise required by law.
CONTACTS:
Chaime Orlev
Chief Financial Officer
IR@kamada.com
Brian Ritchie
LifeSci Advisors, LLC
212-915-2578
britchie@LifeSciAdvisors.com
Exhibit 99.2
Kamada Reports Record Top- and Bottom-line 2025 Financial Results and Affirms 2026 Guidance Representing Continued Double-Digit Organic Profitable Growth
| ● | 2025 Full Year Revenue of $180.5 Million, up 12% Year-over-Year; Adjusted EBITDA of $42.0 Million, up 23% Year-over-Year; Net Income of $20.2 Million, up 40% Year-over-Year |
| ● | Company Affirms 2026 Annual Guidance of $200 Million – $205 Million in Revenues and $50 Million – $53 Million of Adjusted EBITDA, Representing Double-Digit Organic Growth |
| ● | Generated $25.5 Million of Cash from Operations in 2025; as of December 31, 2025 had $75.5 Million of Available Cash |
| ● | Company Aims to Secure New Business Development and M&A Transactions to Accelerate Profitable Growth |
| ● | Company Adopted an Annual Cash Dividend Policy and Declares Cash Dividend of $0.25 Per Share (Totaling Approximately $14.4 Million) |
| ● | Conference Call and Live Webcast Today at 8:30am ET |
REHOVOT, Israel, and HOBOKEN, NJ – March 11, 2026 -- Kamada Ltd. (NASDAQ: KMDA; TASE: KMDA.TA), a global biopharmaceutical company with a portfolio of marketed products indicated for rare and serious conditions and a leader in the specialty plasma-derived field, today announced financial results for the three months and full-year ended December 31, 2025.
“Our operational and financial performance in 2025 was excellent, with record total revenues of $180.5 million, representing a 12% year-over-year increase, and record adjusted EBITDA of $42.0 million, up 23% year-over-year,” said Amir London, Kamada’s Chief Executive Officer. “Results for the year were well within our 2025 annual guidance, and a testament to our ability to execute on our strategy and generate significant profitable growth through the diversity of our product portfolio. We also demonstrated our ability to convert profitability to operational cash flow, generating $25.5 million of cash from operating activities for the year, contributing to our strong cash position of $75.5 million at year-end 2025.”
“We enter 2026 from a position of significant strength, continuing to benefit from growth across our commercial portfolio. Based on our positive outlook and consistent performance, we affirm our 2026 annual guidance of $200 million to $205 million in revenues and $50 million to $53 million of adjusted EBITDA, which respectively represent 13% and 23% growth when comparing 2026 guidance mid-points to 2025 results,” continued Mr. London.
“In 2026, we will focus on the expansion of our entire commercial product portfolio, including continued investment in the commercialization and life cycle management of our six FDA-approved specialty plasma-derived products, supporting organic commercial growth in U.S. and ex-U.S. markets. We also anticipate growth of our Distribution segment through the launch of additional biosimilar products in the Israeli market, as well as the expansion of the Distribution business to the MENA region. We further expect to continue ramping up plasma collection in our three plasma centers with the aim of strengthening our vertical integration, reducing specialty plasma costs and supporting continued growth through sales of normal-source plasma. Lastly, we aim to secure new business development and M&A transactions, which will accelerate our profitable growth and expect these transactions to enrich our current portfolio of marketed products and generate synergies with our existing commercial operations,” concluded Mr. London.
Financial Highlights for the Year Ended December 31, 2025
| ● | Total revenues for 2025 were $180.5 million, a 12% increase from the $161.0 million generated in 2024. The overall increase in revenues was driven by the diversity of the Company’s portfolio, primarily attributable to increased sales of VARIZIG® and KEDRAB® in the U.S. market, sales of KAMRAB® and GLASSIA® in ex-U.S. markets, and an overall increased sales in the Distribution segment through the launch of biosimilar and other products in our portfolio. |
| ● | Gross profit and gross margins for 2025 were $76.4 million and 42%, respectively, compared to $70.0 million and 43%, respectively, in 2024. The increase in gross profit is in line with the increase in total revenues. The slight decrease in gross margin is due to product and markets sales mix. |
| ● | Operating expenses, including R&D, S&M, G&A and other expenses, totaled $50.2 million in 2025, as compared to $49.9 million in 2024. The reduction in R&D expenses, year-over-year, related to the discontinuation of the Inhaled AAT clinical study was offset by an increase in G&A expenses required to support the growing commercial operation. |
| ● | Net income for 2025 was $20.2 million, or $0.35 per diluted share, a 40% increase as compared to net income of $14.5 million, or $0.25 per diluted share, in 2024. |
| ● | Adjusted EBITDA, as detailed in the tables below, was $42.0 million in 2025, a 23% increase as compared to $34.1 million in 2024. |
| ● | Cash provided by operating activities in the year ended December 31, 2025, was approximately $25.5 million, as compared to $47.6 million for the prior year. The decrease is correlated to the increase in the Company’s working capital. |
Financial Highlights for the Three Months Ended December 31, 2025
| ● | Total revenues were $44.7 million in the fourth quarter of 2025, an increase of 15% compared to $39.0 million in the fourth quarter of 2024. |
| ● | Gross profit and gross margins were $17.0 million and 38%, respectively, in the fourth quarter of 2025, compared to $17.0 million and 44%, respectively, in the fourth quarter of 2024. The reduction in gross margin is related to a change during the fourth quarter in product and markets sales mix. |
| ● | Operating expenses, including R&D, S&M, G&A and other expenses, totaled $13.4 million in the fourth quarter of 2025, compared to $12.0 million in the fourth quarter of 2024. The overall increase was in support of the growing commercial operation. |
| ● | Net income was $3.6 million, or $0.06 per diluted share, in the fourth quarter of 2025, as compared to $3.8 million, or $0.07 per diluted share, in the fourth quarter of 2024. |
| ● | Adjusted EBITDA, as detailed in the tables below, was $7.8 million in the fourth quarter of 2025, compared with $8.8 million achieved in the fourth quarter of 2024. |
| ● | Cash provided by operating activities was $7.6 million in the fourth quarter of 2025, as compared to cash provided by operating activities of $10.4 million in the fourth quarter of 2024. |
Balance Sheet Highlights
As of December 31, 2025, Kamada had cash and cash equivalents of $75.5 million, as compared to $78.4 million as of December 31, 2024. The Company generated $25.5 million from operating activities, and recorded net cash used in investment activities of $9.8 million and net cash used in financing activities of $18.3 million, of which $11.5 million was associated with the payment of a special cash dividend, collectively resulting in the overall decrease in cash balance.
Recent Corporate Highlights
| ● | Adopted an annual cash dividend policy and announced the payment of a cash dividend of $0.25 (approximately NIS 0.77) per share on the Company’s ordinary shares (totaling approximately $14.4 million) based on Kamada’s strong financial results for 2025 and solid cash position. The cash dividend will be payable on April 6, 2026, to shareholders of record at the close of business on March 23, 2026. |
| ● | Announced a $10 million to $14 million extension of an existing tender from the Canadian Blood Services (CBS) for the supply of four specialty plasma-derived products, WINRHO®, HEPAGAM®, CYTOGAM®, and VARIZIG®, for an additional two years. The award secures ongoing sales of those products in the Canadian market between Q2-26 and Q1-28. |
| ● | Announced discontinuation of the Company’s Phase 3 Inhaled AAT clinical trial. |
2
Fiscal 2026 Guidance
Kamada is reiterating its 2026 annual financial guidance of total revenues in the range of $200 million to $205 million and adjusted EBITDA in the range of $50 million to $53 million, representing year-over-year increase of 13% in revenues and 23% in adjusted EBITDA based on 2026 annual guidance mid-points.
Conference Call Details
Kamada’s management will host an investment community conference call on Wednesday, March 11, at 8:30am Eastern Time to discuss these results and answer questions. Shareholders and other interested parties may participate in the call by dialing 1-877-407-0792 (from within the U.S.), 1-809-406-247 (from Israel), or 1-201-689-8263 (International) using conference I.D. 13758519. The call will be webcast live on the internet at: https://viavid.webcasts.com/starthere.jsp?ei=1751343&tp_key=e8c73d1516.
Non-IFRS financial measures
We present EBITDA and adjusted EBITDA because we use these non-IFRS financial measures to assess our operational performance for financial and operational decision-making, and as a means to evaluate period-to-period comparisons on a consistent basis. Management believes these non-IFRS financial measures are useful to investors because: (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and provide investors with a meaningful perspective on the current underlying performance of the Company’s core ongoing operations; and (2) they exclude the impact of certain items that are not directly attributable to our core operating performance and that may obscure trends in the core operating performance of the business. Non-IFRS financial measures have limitations as an analytical tool and should not be considered in isolation from, or as a substitute for, our IFRS results. We expect to continue reporting non-IFRS financial measures, adjusting for the items described below, and we expect to continue to incur expenses similar to certain of the non-cash, non-IFRS adjustments described below. Accordingly, unless otherwise stated, the exclusion of these and other similar items in the presentation of non-IFRS financial measures should not be construed as an inference that these items are unusual, infrequent or non-recurring. EBITDA and adjusted EBITDA are not recognized terms under IFRS and do not purport to be an alternative to IFRS terms as an indicator of operating performance or any other IFRS measure. Moreover, because not all companies use identical measures and calculations, the presentation of EBITDA and adjusted EBITDA may not be comparable to other similarly titled measures of other companies. EBITDA is defined as net income (loss), plus income tax expense, plus or minus financial income or expenses, net, plus or minus income or expense in respect of securities measured at fair value, net, plus or minus income or expenses in respect of currency exchange differences and derivatives instruments, net, plus depreciation and amortization expense, whereas adjusted EBITDA is the EBITDA plus non-cash share-based compensation expenses and certain other costs.
For the projected 2026 adjusted EBITDA information presented herein, the Company is unable to provide a reconciliation of this forward measure to the most comparable IFRS financial measure because the information for these measures is dependent on future events, many of which are outside of the Company’s control. Additionally, estimating such forward-looking measures and providing a meaningful reconciliation consistent with the Company’s accounting policies for future periods is meaningfully difficult and requires a level of precision that is unavailable for these future periods and cannot be accomplished without unreasonable effort. Forward-looking non-IFRS measures are estimated in a manner consistent with the relevant definitions and assumptions noted in the Company’s adjusted EBITDA for historical periods.
About Kamada
Kamada Ltd. (the “Company”) is a global biopharmaceutical company with a portfolio of marketed products indicated for rare and serious conditions and a leader in the specialty plasma-derived therapies field. FIMI Opportunity Funds, the leading private equity firm in Israel, is the Company’s controlling shareholder, beneficially owning approximately 38% of the outstanding ordinary shares. The Company’s strategy is focused on driving profitable growth through four primary growth pillars: First, organic growth of its commercial portfolio, including continued investment in the commercialization and life cycle management of its proprietary products, consisting of six FDA-approved specialty plasma-derived products: KEDRAB®, GLASSIA®, CYTOGAM®, VARIZIG®, WINRHO SDF® and HEPAGAM B®, as well as KAMRAB®, and two types of equine-based anti-snake venom products. Second, distribution of third parties’ pharmaceutical products in Israel & the MENA region through in-licensing partnerships, including the launch of several biosimilar products in Israel. Third, the Company is ramping up its plasma collection operations to support revenue growth through the sale of normal source plasma to other plasma-derived manufacturers, and to support its increasing demand for hyper-immune plasma. The Company currently owns three operating plasma collection centers in the United States, in Beaumont, Houston, and San Antonio, Texas. Fourth, the Company aims to secure new mergers and acquisitions, business development, in-licensing and/or collaboration opportunities, which are anticipated to enhance the Company’s marketed products portfolio and leverage its financial strength and existing commercial infrastructure to drive long-term profitable growth. The Company is leveraging its manufacturing, research and development expertise to advance the development and commercialization of additional product candidates, targeting areas of significant unmet medical need.
3
Cautionary Note Regarding Forward-Looking Statements
This release includes forward-looking statements within the meaning of Section 21E of the U.S. Securities Exchange Act of 1934, as amended, and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts, including statements regarding Mr. London’s statements that Kamada 1) is entering 2026 from a position of significant strength and will continue to benefit from growth across its commercial portfolio; 2) is focused in 2026 on expansion of its entire commercial product portfolio, supporting organic commercial growth in U.S. and ex-U.S. markets, and its aim to secure new business development and M&A transactions expected to accelerate our profitable growth and enrich Kamada’s current portfolio of marketed products and generate synergies with its existing commercial operations; 3) anticipates growth of its Distribution segment through the launch of additional biosimilar products in the Israeli market and expansion of the Distribution business to the MENA region; 4) will continue to ramp up plasma collection in its three plasma centers, reduce specialty plasma costs and support continued growth through sales of normal source plasma; 5) Kamada’s 2026 annual guidance of $200 million to $205 million in revenues and $50 million to $53 million of adjusted EBITDA; and 6) Canadian Blood Services (CBS) tender extension secures ongoing sales of approximately $10 million-$14 million for the period between Q2-26 and Q1-28. Forward-looking statements are based on Kamada’s current knowledge and its present beliefs and expectations regarding possible future events and are subject to risks, uncertainties and assumptions. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of several factors including, but not limited to the evolving nature of the conflicts in the Middle East with bombing of Iran by the U.S. and Israel, and the impact of such conflicts in Israel, the Middle East and the rest of the world, the impact of these conflicts on market conditions and the general economic, industry and political conditions in Israel, the U.S. and globally, effect of potential imposed tariff on overall international trade and specifically on Kamada’s ability to continue maintaining expected sales and profit levels in light of such potential tariff, the effect on establishment and timing of business initiatives, Kamada’s ability to leverage new business opportunities and integrate it with its existing product portfolio, regulatory delays, Kamada’s ability and board discretion to declare and pay annual cash dividends, and other risks detailed in Kamada’s filings with the U.S. Securities and Exchange Commission (the “SEC”) including those discussed in its most recent Annual Report on Form 20-F and in any subsequent reports on Form 6-K, each of which is on file or furnished with the SEC and available at the SEC’s website at www.sec.gov. The forward-looking statements made herein speak only as of the date of this announcement and Kamada undertakes no obligation to update publicly such forward-looking statements to reflect subsequent events or circumstances, except as otherwise required by law.
CONTACTS:
Chaime Orlev
Chief Financial Officer
IR@kamada.com
Brian Ritchie
LifeSci Advisors, LLC
212-915-2578
britchie@LifeSciAdvisors.com
---tables to follow---
4
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
| As of December 31, | ||||||||
| 2025 | 2024 | |||||||
| U.S. Dollars in thousands | ||||||||
| Assets | ||||||||
| Current Assets | ||||||||
| Cash and cash equivalents | $ | 75,469 | $ | 78,435 | ||||
| Trade receivables, net | 27,007 | 21,547 | ||||||
| Other accounts receivables | 5,656 | 5,546 | ||||||
| Inventories | 84,943 | 78,819 | ||||||
| Total Current Assets | 193,075 | 184,347 | ||||||
| Non-Current Assets | ||||||||
| Property, plant and equipment, net | 41,367 | 36,245 | ||||||
| Right-of-use assets | 8,900 | 9,617 | ||||||
| Intangible assets and other long-term assets | 97,511 | 103,226 | ||||||
| Goodwill | 30,313 | 30,313 | ||||||
| Contract asset | 7,544 | 8,019 | ||||||
| Deferred taxes | - | 488 | ||||||
| Total Non-Current Assets | 185,635 | 187,908 | ||||||
| Total Assets | $ | 378,710 | $ | 372,255 | ||||
| Liabilities | ||||||||
| Current Liabilities | ||||||||
| Current maturities of lease liabilities | 2,121 | 1,631 | ||||||
| Current maturities of other long term liabilities | 9,923 | 10,181 | ||||||
| Trade payables | 23,242 | 27,735 | ||||||
| Other accounts payables | 12,108 | 9,671 | ||||||
| Deferred revenues | - | 171 | ||||||
| Total Current Liabilities | 47,394 | 49,389 | ||||||
| Non-Current Liabilities | ||||||||
| Lease liabilities | 9,440 | 9,431 | ||||||
| Contingent consideration | 20,372 | 20,646 | ||||||
| Other long-term liabilities | 30,113 | 32,816 | ||||||
| Deferred taxes | 1,651 | - | ||||||
| Employee benefit liabilities, net | 670 | 509 | ||||||
| Total Non-Current Liabilities | 62,246 | 63,402 | ||||||
| Shareholder’s Equity | ||||||||
| Ordinary shares | 15,078 | 15,028 | ||||||
| Additional paid in capital net | 268,283 | 266,933 | ||||||
| Capital reserve due to translation to presentation currency | (3,490 | ) | (3,490 | ) | ||||
| Capital reserve from hedges | 177 | 51 | ||||||
| Capital reserve from share-based payments | 5,711 | 6,316 | ||||||
| Capital reserve from employee benefits | 385 | 364 | ||||||
| Accumulated deficit | (17,074 | ) | (25,738 | ) | ||||
| Total Shareholder’s Equity | 269,070 | 259,464 | ||||||
| Total Liabilities and Shareholder’s Equity | $ | 378,710 | $ | 372,255 | ||||
5
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
| For the Year Ended December 31, | For the Three Months Ended December 31, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| U.S. Dollars in thousands, except for per share data | U.S. Dollars in thousands, except for per share data | |||||||||||||||
| Revenues from proprietary products | $ | 156,206 | $ | 141,447 | $ | 38,230 | $ | 31,415 | ||||||||
| Revenues from distribution | 24,254 | 19,506 | 6,448 | 7,590 | ||||||||||||
| Total revenues | 180,460 | 160,953 | 44,678 | 39,005 | ||||||||||||
| Cost of revenues from proprietary products | 83,928 | 73,708 | 22,464 | 14,501 | ||||||||||||
| Cost of revenues from distribution | 20,125 | 17,278 | 5,247 | 7,473 | ||||||||||||
| Total cost of revenues | 104,053 | 90,986 | 27,711 | 21,974 | ||||||||||||
| Gross profit | 76,407 | 69,967 | 16,967 | 17,031 | ||||||||||||
| Research and development expenses | 12,995 | 15,185 | 2,894 | 2,673 | ||||||||||||
| Selling and marketing expenses | 18,455 | 18,428 | 4,882 | 4,566 | ||||||||||||
| General and administrative expenses | 18,724 | 15,702 | 5,640 | 4,124 | ||||||||||||
| Other expense | - | 601 | - | 590 | ||||||||||||
| Operating income | 26,233 | 20,051 | 3,551 | 5,078 | ||||||||||||
| Financial income | 1,921 | 2,118 | 442 | 684 | ||||||||||||
| Income (expenses) in respect of currency exchange differences and derivatives instruments, net | (1,171 | ) | (94 | ) | (405 | ) | (349 | ) | ||||||||
| Revaluation of long-term liabilities | (2,652 | ) | (8,081 | ) | 1,405 | (2,765 | ) | |||||||||
| Financial expense | (864 | ) | (660 | ) | (259 | ) | (189 | ) | ||||||||
| Income before tax on income | 23,467 | 13,334 | 4,734 | 2,459 | ||||||||||||
| Taxes on income | (3,269 | ) | 1,128 | (1,172 | ) | 1,349 | ||||||||||
| Net Income | $ | 20,198 | $ | 14,462 | $ | 3,562 | $ | 3,808 | ||||||||
| Other Comprehensive Income: | ||||||||||||||||
| Amounts that will be or that have been reclassified to profit or loss when specific conditions are met, net of tax | ||||||||||||||||
| Gain (loss) on cash flow hedges | 1,069 | (30 | ) | 299 | 33 | |||||||||||
| Net amounts transferred to the statement of profit or loss for cash flow hedges | (943 | ) | (59 | ) | (468 | ) | 2 | |||||||||
| Items that will not be reclassified to profit or loss in subsequent periods: | ||||||||||||||||
| Remeasurement gain (loss) from defined benefit plan | 21 | 89 | 11 | 81 | ||||||||||||
| Total comprehensive income | $ | 20,345 | $ | 14,462 | $ | 3,404 | $ | 3,924 | ||||||||
| Earnings per share attributable to equity holders of the Company: | ||||||||||||||||
| Basic net earnings per share | $ | 0.35 | $ | 0.25 | $ | 0.06 | $ | 0.07 | ||||||||
| Diluted net earnings per share | $ | 0.35 | $ | 0.25 | $ | 0.06 | $ | 0.07 | ||||||||
6
CONSOLIDATED STATEMENTS OF CASH FLOWS
| For the year ended | For the Three Months Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| U.S. Dollars in thousands | U.S. Dollars in thousands | |||||||||||||||
| Cash Flows from Operating Activities | ||||||||||||||||
| Net income | $ | 20,198 | $ | 14,462 | $ | 3,562 | $ | 3,808 | ||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||
| Adjustments to the profit or loss items: | ||||||||||||||||
| Depreciation and amortization | 14,918 | 13,808 | 3,801 | 4,100 | ||||||||||||
| Financial expense, net | 2,766 | 6,717 | (1,183 | ) | 2,619 | |||||||||||
| Cost of share-based payment | 845 | 874 | 458 | 174 | ||||||||||||
| Taxes on income | 3,269 | (1,128 | ) | 1,172 | (1,349 | ) | ||||||||||
| Loss (gain) from sale of property and equipment | (8 | ) | 11 | - | - | |||||||||||
| Change in employee benefit liabilities, net | 183 | 52 | 92 | 46 | ||||||||||||
| 21,973 | 20,334 | 4,340 | 5,590 | |||||||||||||
| Changes in asset and liability items: | ||||||||||||||||
| Decrease (increase) in trade receivables, net | (5,407 | ) | (1,977 | ) | 4,298 | (5,226 | ||||||||||
| Decrease (increase) in other accounts receivables | (535 | ) | 593 | (2,201 | ) | (859 | ) | |||||||||
| Decrease (increase) in inventories | (6,124 | ) | 9,659 | 469 | (7,261 | ) | ||||||||||
| Decrease (increase) in contract asset | 475 | 476 | 144 | 140 | ||||||||||||
| Increase (decrease) in trade payables | (6,870 | ) | 1,226 | (3,373 | ) | 11,973 | ||||||||||
| Increase in other accounts payables | 950 | 1,413 | 1,203 | 1,570 | ||||||||||||
| Increase (decrease) in deferred revenues | (171 | ) | 23 | (1,022 | ) | 130 | ||||||||||
| (17,682 | ) | 11,413 | (482 | ) | 467 | |||||||||||
| Cash (paid) received during the year for: | ||||||||||||||||
| Interest paid | (864 | ) | (594 | ) | (259 | ) | (170 | ) | ||||||||
| Interest received | 1,921 | 2,118 | 442 | 684 | ||||||||||||
| Taxes paid | (56 | ) | (139 | ) | (37 | ) | 19 | |||||||||
| 1,001 | 1,385 | 146 | 533 | |||||||||||||
| Net cash provided by operating activities | $ | 25,490 | $ | 47,594 | $ | 7,566 | $ | 10,398 | ||||||||
7
CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
| For the year ended December 31, | For the Three Months Ended December 31, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| U.S. Dollars in thousands | U.S. Dollars in thousands | |||||||||||||||
| Cash Flows from Investing Activities | ||||||||||||||||
| Purchase of property and equipment and intangible assets | $ | (9,846 | ) | $ | (10,740 | ) | $ | (2,775 | ) | $ | (2,924 | ) | ||||
| Proceeds from sale of property and equipment | 8 | 1 | - | - | ||||||||||||
| Net cash used in investing activities | (9,838 | ) | (10,739 | ) | (2,775 | ) | (2,924 | ) | ||||||||
| Cash Flows from Financing Activities | ||||||||||||||||
| Proceeds from exercise of share base payments | 50 | 7 | 1 | 4 | ||||||||||||
| Repayment of lease liabilities | (972 | ) | (1,251 | ) | (139 | ) | (361 | ) | ||||||||
| Dividend Paid | (11,534 | ) | - | - | - | |||||||||||
| Repayment of other long-term liabilities | (5,889 | ) | (12,667 | ) | (1,041 | ) | (351 | ) | ||||||||
| Net cash provided by (used in) financing activities | (18,345 | ) | (13,911 | ) | (1,179 | ) | (708 | ) | ||||||||
| Exchange differences on balances of cash and cash equivalent | (273 | ) | (150 | ) | (140 | ) | (332 | ) | ||||||||
| Increase in cash and cash equivalents | (2,966 | ) | 22,794 | 3,472 | 6,434 | |||||||||||
| Cash and cash equivalents at the beginning of the year | 78,435 | 55,641 | 71,997 | 72,001 | ||||||||||||
| Cash and cash equivalents at the end of the year | $ | 75,469 | $ | 78,435 | $ | 75,469 | $ | 78,435 | ||||||||
| Significant non-cash transactions | ||||||||||||||||
| Right-of-use asset recognized with corresponding lease liability | $ | 1,221 | $ | 3,304 | $ | 351 | 141 | |||||||||
| Purchase of property and equipment in credit | $ | 2,523 | $ | 1,955 | $ | 2,523 | 1,955 | |||||||||
8
NON-IFRS MEASURES
| For the year ended | Three months period ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| U.S. Dollars in thousands | ||||||||||||||||
| Net income | $ | 20,198 | $ | 14,462 | $ | 3,562 | $ | 3,808 | ||||||||
| Taxes on income | 3,269 | (1,128 | ) | 1,172 | (1,349 | ) | ||||||||||
| Financial expense (income), net | 2,766 | 6,717 | (1,183 | ) | 2,619 | |||||||||||
| Depreciation and amortization expense | 14,924 | 13,218 | 3,802 | 3,510 | ||||||||||||
| Non-cash share-based compensation expenses | 845 | 867 | 458 | 167 | ||||||||||||
| Adjusted EBITDA | $ | 42,002 | $ | 34,136 | $ | 7,811 | $ | 8,755 | ||||||||
9
Exhibit 99.3
March 2026 Year Ended December 31, 2025 Investors Call NASDAQ: KMDA; TASE: KMDA.TA
2 FORWARD - LOOKING STATEMENT This presentation is not intended to provide investment or medical advice . This presentation contains forward - looking statements, which express the current beliefs and expectations of Kamada’s management . Such statements include 2026 financial guidance ; roadmap for continued double - digit profitable growth strategy ; expected minimum revenues from KEDRAB® for 2026 and 2027 , GLASSIA® related sales growth prospects and estimated range of royalty income in the future years, expected increase in CYTOGAM® growth to be supported by new clinical data demonstrating product’s properties to physicians’, expected launch of additional biosimilar products in the Israeli market and expected sales range driven by the biosimilar portfolio in the next four to five years, expansion of the distribution segment to the MENA, aiming to secure new business development and M&A opportunities to support continued growth, and advancement and future expected revenues driven by our plasma collection operation . These statements involve a number of known and unknown risks and uncertainties that could cause Kamada's future results, performance or achievements to differ significantly from the projected results, performances or achievements expressed or implied by such forward - looking statements . Important factors that could cause or contribute to such differences include, but are not limited to, risks relating to Kamada's ability to successfully develop and commercialize its products and product candidates, progress and results of any clinical trials, introduction of competing products, continued market acceptance of Kamada’s commercial products portfolio, impact of geo - political environment in the middle east, impact of any changes in regulation and legislation that could affect the pharmaceutical industry, difficulty in predicting, obtaining or maintaining U . S . Food and Drug Administration, European Medicines Agency and other regulatory authority approvals, restrains related to third parties’ IP rights and changes in the health policies and structures of various countries, success of M&A strategies, environmental risks, changes in the worldwide pharmaceutical industry and other factors that are discussed under the heading “Risk Factors” of Kamada’s 2025 Annual Report on Form 20 - F (filed on March 11 , 2026 ), as well as in Kamada’s recent Forms 6 - K filed with the U . S . Securities and Exchange Commission . This presentation includes certain non - IFRS financial information, which is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with IFRS . The non - IFRS financial measures may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies . In accordance with the requirement of the SEC regulations a reconciliation of these non - IFRS financial measures to the comparable IFRS measures is included in an appendix to this presentation . Management uses these non - IFRS financial measures for financial and operational decision - making and as a means to evaluate period - to - period comparisons . Management believes that these non - IFRS financial measures provide meaningful supplemental information regarding Kamada’s performance and liquidity . Forward - looking statements speak only as of the date they are made, and Kamada undertakes no obligation to update any forward - looking statement to reflect the impact of circumstances or events that arise after the date the forward - looking statement was made, except as required by applicable law .
3 2025 CONTINUING THE GROWTH YoY DOUBLE DIGIT REVENUE AND PROFITABILITY INCREASE Declared cash dividend of $0.25 per share (totaling approximately $14.4M) payable on April 6, 2026, pursuant to an adopted dividend policy GROSS PROFIT REVENUE 9% 2024 $70.0 2025 $ 76.4 12% 2024 $161.0 2025 $ 180.5 Adj. EBITDA EPS 23% 2024 $34.1 2025 $ 42.0 40% 2024 $0.25 2025 $0.35
4 ANNUAL DOUBLE - DIGIT GROWTH TRAJECTORY 6 6% 18 14% 24 17 % 34 21% 42 23% 50 - 53 ~25% 2021 2022 2023 2024 2025 2026 104 129 142 161 180 200 - 205 2021 2022 2023 2024 2025 2026 ADJUSTED EBITDA US$M 53% CAGR 2026 represents annual guidance 2026 represents annual guidance REVENUES US$M 14 % CAGR 2026 annual guidance is based solely on organic growth
DELIVERING ON OUR COMMITMENTS 5
6 KAMADA ’ S ROADMAP FOR CONTINUED ANNUAL DOUBLE - DIGIT PROFITABLE GROWTH Specialty Plasma Therapies Portfolio of 6 FDA - approved products marketed in over 30 territories In - licensing Partnerships Commercialization & Distribution of third parties’ biopharmaceutical products in Israel & MENA Plasma Sales Each of the Houston and San - Antonio centers expected to contribute annual revenues of $ 8 M - $ 10 M at peak capacity New M&A Opportunities Support growth through commercial stage M&A transactions
$ 180 M Total estimated U.S HRIG market size Only anti - Rabies IgG product with FDA approved label confirming safety and effectiveness in children KEDRAB /KAMRAB $ 54 M 2025 U.S. Revenues; $ 90 M Minimum sales expected in 2026 - 2027 Only 2 FDA approved products Leading HRIG in Canada, Australia, Israel, Latin America and additional territories A GLOBAL LEADER IN ANTI - RABIES IMMUNE GLOBULIN (HRIG) For Important Safety Information, visit https://kedrab.com/ 7
8 Licensed to Takeda in the USA, Canada, Australia and New Zealand Commencing in 2022 , Takeda is paying Kamada royalties, at a rate of 6 % through 2040 ; Projected royalties in the range of $ 10 M to $ 20 M per year Outside the Takeda territories, GLASSIA is marketed by Kamada through a network of partners and distributors . Key countries include Argentina, Switzerland, Russia, Israel, and other international markets . Sales in these territories is expected to continue growing, as result of better disease awareness and patients’ diagnosis . GLASSIA $ 16 M 2025 Royality form Takeda LIQUID AAT FOR THE TREATMENT OF AAT DEFICIENCY (AATD) $ 19 M 2025 Glassia sales incl. sales milestone; Up 27 % over 2024
9 CYTOGAM $ 17 M 2025 Revenues CMV IMMUNE GLOBULIN Growth To be supported by new clinical data demonstrating product ’ s unique properties to HCPs CYTOGAM is the only plasma - derived IgG approved in the U.S. and Canada for prophylaxis of CMV disease after Solid Organ Transplantation. CMV is the leading cause for organ rejection post - transplant. Launched, in collaboration with multiple KOLs, a post - marketing research program aimed at generating key data in support of the benefits of CYTOGAM in the management of CMV in solid organ transplantation. Initiated the investigator - initiated SHIELD study, conducted by leading experts and KOLs in CMV and organ transplantation, investigating the benefits of CYTOGAM in reducing the risk of late CMV in kidney transplant recipients.
10 DISTRIBUTION SEGMENT GROWTH More than 25 products exclusively licensed from leading international pharmaceutical companies, marketed in the Israeli market EXCLUSIVE DISTRIBUTOR IN ISRAEL FOR LEADING BIOPHARMACEUTICAL COMPANIES EXPANDING THE DISTRIBUTION SEGMENT MODEL TO THE MENA REGION Key areas : plasma - derived, respiratory, rare diseases, infectious diseases, biosimilar portfolio of several product candidates, mainly from Alvotech Two biosimilars launched in 2024 - 2025 and two additional expected to be launched in Israel in the coming months Additional biosimilar products are expected to be launched in Israel over the coming years, at a rate of 1 - 3 products per year Biosimilar portfolio expected to generate annual sales of $ 15 - 20 M within the next four to five years
11 KAMADA PLASMA EXPANDING VERTICAL INTEGRATION & REVENUE GROWTH Collecting hyper - immune plasma for our specialty IgG products and normal source plasma (NSP) to support revenue growth Operating three plasma collection centers in Texas; Houston, San Antonio and Beaumont Houston and Beaumont FDA approved; San Antonio expected approval during the first half of 2026 At full collection capacity, each of the Houston and San Antonio centers is expected to generate annual revenues of $ 8 M to $ 10 M from sales of NSP
12 M&A TRANSACTIONS AIMING TO SECURE NEW BUSINESS DEVELOPMENT AND M&A TRANSACTIONS LEVERAGING OVERALL FINANCIAL STRENGTH AND COMMERCIAL INFRASTRUCTURE Screening strategic business development opportunities to identify potential acquisition or in - licensing to accelerate long - term growth Focusing on products synergistic to our existing commercial and/or production activities as well as marketing infrastructure Strong financial position, commercial infrastructure and proven successful M&A capabilities
13 Adjusted EBITDA is defined as net income, plus ( i ) tax expense, (ii) financial income (expense), net, (iii) depreciation and amortization ; and (iv) non - cash share - based compensation expenses RECORD 2025 FINANCIAL RESULTS DETAILS Q 4 / 24 Q4/25 2024 2025 US $ M Increase driven by VARIZIG® & KEDRAB® US sales and GLASSIA® & KAMRAB® Ex - US sales 31.4 38.2 141.4 156.2 PROPRIETARY Increase driven by biosimilar and other products in our portfolio 7.6 6.4 19.5 24.3 DISTRIBUTION 2025 - 12% YoY increase 39.0 44.7 161.0 180.5 TOTAL REVENUES 17.0 17.0 70.0 76.4 GROSS PROFIT 44 % 38 % 43 % 42 % GROSS MARGIN ( 12.0 ) ( 13.4 ) ( 49.9 ) ( 50.2 ) OPEX 2025 - 40% YoY increase 3.8 3.6 14.5 20.2 NET PROFIT 2025 - 23% YoY increase; 23% of revenues 8.8 7.8 34.1 42.0 Adjusted EBITDA Generated $25.5M of cash from operating activities during 2025 78.4 75.5 CASH Including acquisition related intangible assets ($ 122 M @ Dec 25 ) 372.3 378.7 TOTAL ASSETS 11.1 11.6 LEASE LIABILITIES Acquisition related contingent consideration 63.6 60.4 CONTINGENT LIABILITIES 259.5 269.1 EQUITY Available cash net of contingent and lease liabilities 3.7 3.5 NET DEBT
KEDRAB® CYTOGAM® HEPGAM B® VARIZIG® WINRHO® GLASSIA® KAMADA - A GLOBAL BIOPHARMACEUTICAL COMPANY 6 FDA - Approved Products 14 % CAGR (from 2021 ) $ 200 - 205 M 1 2026 Revenues Guidance $ 50 - 53 M 1 2026 Adj. EBIDTA Guidance 4 Growth Drivers A LEADER IN SPECIALTY PLASMA THERAPIES, WITH A PORTFOLIO OF MARKETED PRODUCTS INDICATED FOR RARE AND SERIOUS CONDITIONS $ 7 đ . đ M Audited Cash (Dec 31 , 2025 ) 14 1. Mid points annual 2026 guidance represents 13 % and 23 % increase in revenues and adj. EBITDA, respectively New M&A Opportunities Plasma Sales In - licensing Partnerships Specialty Plasma Therapies
THANK YOU www.kamada.com NASDAQ: KMDA; TASE: KMDA.TA
16 NON - IFRS MEASURES – ADJUSTED EBITDA Adjusted EBITDA is defined as net income, plus ( i ) tax expense, (ii) financial income (expense), net, (iii) depreciation and amortization ; and ( iv ) non - cash share - based compensation expenses Q4/24 Q4/25 2024 2025 US $ M 3.8 3.6 14.5 20.2 NET PROFIT ( 1.3 ) 1.2 ( 1.1 ) 3.3 TAXES ON INCOME 2.8 ( 1.4 ) 8.1 2.7 REVALUATION OF ACQUISITION RELATED CONTINGENT CONSIDERATION ( 0.1 ) 0.2 ( 1.4 ) 0.1 OTHER FINANCIAL EXPENSE, NET 1.8 1.8 7.1 7.1 AMORTIZATION OF ACQUISITION RELATED INTANGIBLE ASSETS 1.7 2.0 6.2 7.9 OTHER DEPRECIATION AND AMORTIZATION EXPENSES 0.2 0.5 0.9 0.8 NON - CASH SHARE - BASED COMPENSATION EXPENSES 8.8 7.8 34.1 42.0 ADJUSTED EBITDA
17 6 FDA - APPROVED SPECIALTY PLASMA PRODUCTS KEY FOCUS ON TRANSPLANTS & RARE CONDITIONS For Important Safety Information, visit www.Kamada.com CYTOGAM® [Cytomegalovirus Immune Globulin (Human)] Prophylaxis of CMV disease associated with transplants GLASSIA® [Alpha 1 - Proteinase Inhibitor (Human)] Augmentation therapy for Alpha - 1 Antitrypsin Deficiency (AATD) KEDRAB® [Rabies Immune Globulin (Human)] Post exposure prophylaxis of rabies infection HEPGAM B® [Hepatitis B Immune Globulin (Human)] Prevention of HBV recurrence following liver transplants VARIZIG® [Varicella Zoster Immune Globulin (Human)] Post - exposure prophylaxis of varicella in high - risk patients WINRHO® [Rho(D) Immune Globulin (Human)] Treatment of ITP & suppression of Rh isoimmunization (HDN)
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Filing Exhibits & Attachments
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