kmda-20260630

Exhibit 99.3

KAMADA LTD.

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2026

TABLE OF CONTENTS

		Page

Condensed Consolidated interim Statements of Financial Position		F-2

Condensed Consolidated interim Statements of Profit or Loss and Other Comprehensive Income		F-3

Condensed Consolidated interim Statements of Changes in Equity		F-4 - F-6

Condensed Consolidated interim Statements of Cash Flows		F-7 - F-8

Notes to the Condensed Consolidated Interim Financial Statements		F-9 - F-14

- - - - - - - - - - -

F-1

KAMADA LTD.

Condensed Consolidated Interim Statements of Financial Position

	As of						As of
	June 30,						December 31,
	2026			2025			2025
	Unaudited
	U.S. Dollars in Thousands

Assets
Current Assets
Cash and cash equivalents	$	29,473		$	65,985		$	75,469
Short-term investments		40,660			-			-
Trade receivables, net		36,707			30,501			27,007
Other accounts receivables		5,859			4,704			5,656
Inventories		86,875			82,079			84,943
Total Current Assets		199,574			183,269			193,075

Non-Current Assets
Property, plant and equipment, net		43,271			37,894			41,367
Right-of-use assets		8,730			9,250			8,900
Intangible assets, and other long-term assets		93,967			99,640			97,511
Goodwill		30,313			30,313			30,313
Contract assets		7,307			7,807			7,544
Total Non-Current Assets		183,588			184,904			185,635
Total Assets	$	383,162		$	368,173		$	378,710
Liabilities
Current Liabilities
Current maturities of lease liabilities		2,286			1,866			2,121
Current maturities of other long term liabilities		6,031			9,850			9,923
Trade payables		28,351			25,077			23,242
Other accounts payables		12,330			8,804			12,108
Deferred revenues		161			177			-
Total Current Liabilities		49,159			45,774			47,394

Non-Current Liabilities
Lease liabilities		9,515			9,549			9,440
Contingent consideration		21,327			18,884			20,372
Other long-term liabilities		28,962			32,782			30,113
Deferred taxes		3,820			659			1,651
Employee benefit liabilities, net		821			571			670
Total Non-Current Liabilities		64,445			62,445			62,246

Shareholder’s Equity
Ordinary shares		15,081			15,077			15,078
Additional paid in capital net		268,404			268,243			268,283
Capital reserve due to translation to presentation currency		(3,490	)		(3,490	)		(3,490	)
Capital reserve from hedges		160			456			177
Capital reserve from share-based payments		7,110			5,226			5,711
Capital reserve from employee benefits		394			374			385
Accumulated deficit		(18,101	)		(25,932	)		(17,074	)
Total Shareholder’s Equity		269,558			259,954			269,070
Total Liabilities and Shareholder’s Equity	$	383,162		$	368,173		$	378,710

The accompanying Notes are an integral part of the Condensed Consolidated Interim Financial Statements.

F-2

KAMADA LTD.

Condensed Consolidated Interim Statements of Profit or Loss and Other Comprehensive Income

	Six months period ended						Three months period ended						Year ended
	June 30,						June 30,						December 31,
	2026			2025			2026			2025			2025
	Unaudited						Unaudited
	U.S. Dollars in Thousands

Revenues from proprietary products	$	83,926		$	78,453		$	47,699		$	38,436		$	156,206
Revenues from distribution		16,235			10,319			7,222			6,318			24,254

Total revenues		100,161			88,772			54,921			44,754			180,460

Cost of revenues from proprietary products		44,806			40,580			26,604			20,842			83,928
Cost of revenues from distribution		13,772			8,514			5,850			4,983			20,125

Total cost of revenues		58,578			49,094			32,454			25,825			104,053

Gross profit		41,583			39,678			22,467			18,929			76,407

Research and development expenses		4,381			7,465			2,200			3,219			12,995
Selling and marketing expenses		9,691			9,068			4,938			4,558			18,455
General and administrative expenses		11,048			8,265			5,819			4,067			18,724
Other expenses		-			14			-			14			-
Operating income		16,463			14,866			9,510			7,071			26,233

Financial income		859			987			434			453			1,921
Income (expenses) in respect of currency exchange differences and derivatives instruments, net		(693	)		(723	)		(432	)		(974	)		(1,171	)
Revaluation of long- term liabilities		(490	)		(2,380	)		1,048			(605	)		(2,652	)
Financial expenses		(559	)		(384	)		(371	)		(192	)		(864	)
Income before tax on income		15,580			12,366			10,189			5,753			23,467
Taxes on income		(2,186	)		(1,026	)		(927	)		1,623			(3,269	)

Net Income	$	13,394		$	11,340		$	9,262		$	7,376		$	20,198

Other Comprehensive Income (loss) :
Amounts that will be or that have been reclassified to profit or loss when specific conditions are met
Gain on cash flow hedges		784			563			694			677			1,069
Net amounts transferred to the statement of profit or loss for cash flow hedges		(801	)		(158	)		(528	)		(104	)		(943	)
Items that will not be reclassified to profit or loss in subsequent periods:
Remeasurement gain from defined benefit plan		9			10			20			2			21
Total comprehensive income (loss)	$	13,386		$	11,755		$	9,448		$	7,951		$	20,345

Earnings per share attributable to equity holders of the Company:
Basic net earnings per share	$	0.23		$	0.20		$	0.16		$	0.13		$	0.35
Diluted net earnings per share	$	0.23		$	0.19		$	0.16		$	0.13		$	0.35

The accompanying Notes are an integral part of the Condensed Consolidated Interim Financial Statements.

F-3

KAMADA LTD.

Condensed Consolidated Interim Statements of Changes in Equity

					Capital						Capital
					reserve						reserve			Capital
					due to			Capital			from			reserve
			Additional		translation to			reserve			Share			from
	Share		paid in		presentation			from			based			employee		Accumulated			Total
	capital		capital		currency			hedges			payments			benefits		deficit			equity
	Unaudited
	U.S. Dollars in Thousands
Balance as of January 1, 2026	$	15,078	$	268,283	$	(3,490	)	$	177		$	5,711		$	385	$	(17,074	)	$	269,070
Net income		-		-		-			-			-			-		13,394			13,394
Other comprehensive income (loss), net of tax		-		-		-			(17	)		-			9		-			(8	)
Total comprehensive income (loss)		-		-		-			(17	)		-			9		13,394			13,386
Exercise and forfeiture of share-based payment into shares		3		121		-			-			(121	)		-		-			3
Cost of share-based payment		-		-		-			-			1,520			-		-			1,520
Dividend declared ($0.25 per share)		-		-		-			-			-			-		(14,421	)		(14,421	)
Balance as of June 30, 2026	$	15,081	$	268,404	$	(3,490	)	$	160		$	7,110		$	394	$	(18,101	)	$	269,558

					Capital					Capital
					reserve					reserve			Capital
					due to			Capital		from			reserve
			Additional		translation to			reserve		Share			from
	Share		paid in		presentation			from		based			employee		Accumulated			Total
	capital		capital		currency			hedges		payments			benefits		deficit			equity
	Unaudited
	U.S. Dollars in Thousands
Balance as of January 1, 2025	$	15,028	$	266,933	$	(3,490	)	$	51	$	6,316		$	364	$	(25,738	)	$	259,464
Net income		-		-		-			-		-			-		11,340			11,340
Other comprehensive income (loss), net of tax		-		-		-			405		-			10		-			415
Total comprehensive income (loss)		-		-		-			405		-			10		11,340			11,755
Exercise and forfeiture of share-based payment into shares		49		1,310		-			-		(1,360	)		-		-			(1	)
Cost of share-based payment		-		-		-			-		270			-		-			270
Dividend declared ($0.20 per share)		-		-		-			-		-			-		(11,534	)		(11,534	)
Balance as of June 30, 2025	$	15,077	$	268,243	$	(3,490	)	$	456	$	5,226		$	374	$	(25,932	)	$	259,954

The accompanying Notes are an integral part of the Condensed Consolidated Interim Financial Statements.

F-4

KAMADA LTD.

Condensed Consolidated Interim Statements of Changes in Equity

	Share		Additional paid in		Capital reserve due to translation to presentation			Capital reserve from			Capital reserve from share based			Capital reserve from employee		Accumulated			Total
	capital		capital		currency			hedges			payments			benefits		deficit			equity
	Unaudited
	U.S. Dollars In thousands
Balance as of April 1, 2026	$	15,078	$	268,360	$	(3,490	)	$	(6	)	$	6,434		$	374	$	(27,363	)	$	259,387
Net income		-		-		-			-			-			-		9,262			9,262
Other comprehensive income (loss), net of tax		-		-		-			166			-			20		-			186
Total comprehensive income (loss)		-		-		-			166			-			20		9,262			9,448
Exercise and forfeiture of share-based payment into shares		3		44		-			-			(44	)		-		-			3
Cost of share-based payment		-		-		-			-			720			-		-			720
Balance as of June 30, 2026	$	15,081	$	268,404	$	(3,490	)	$	160		$	7,110		$	394	$	(18,101	)	$	269,558

	Share		Additional paid in		Capital reserve due to translation to presentation			Capital reserve from			Capital reserve from share based			Capital reserve from employee		Accumulated			Total
	capital		capital		currency			hedges			payments			benefits		deficit			equity
	Unaudited
	U.S. Dollars In thousands
Balance as of April 1, 2025	$	15,074	$	268,160	$	(3,490	)	$	(117	)	$	5,266		$	372	$	(33,308	)	$	251,957
Net income		-		-		-			-			-			-		7,376			7,376
Other comprehensive income (loss), net of tax		-		-		-			573			-			2		-			575
Total comprehensive income (loss)		-		-		-			573			-			2		7,376			7,951
Exercise and forfeiture of share-based payment into shares		3		83		-			-			(133	)		-		-			(47	)
Cost of share-based payment		-		-		-			-			93			-		-			93
Balance as of June 30, 2025	$	15,077	$	268,243	$	(3,490	)	$	456		$	5,226		$	374	$	(25,932	)	$	259,954

The accompanying Notes are an integral part of the Condensed Consolidated Interim Financial Statements.

F-5

KAMADA LTD.

Condensed Consolidated Interim Statements of Changes in Equity

	Share		Additional paid in			Capital reserve due to translation to presentation			Capital reserve from		Capital reserve from share based			Capital reserve from employee		Accumulated			Total
	capital		capital			currency			hedges		payments			benefits		deficit			equity
	U.S. Dollars in Thousands
Balance as of January 1, 2025 (audited)	$	15,028	$	266,933		$	(3,490	)	$	51	$	6,316		$	364	$	(25,738	)	$	259,464
Net income		-		-			-			-		-			-		20,198			20,198
Other comprehensive income (loss), net of tax)		-		-			-			126		-			21		-			147
Total comprehensive income (loss)		-		-			-			126		-			21		20,198			20,345
Exercise and forfeiture of share-based payment into shares		50		1450			-			-		(1,450	)		-		-			50
Cost of share-based payment		-		-			-			-		845			-		-			845
Dividend declared ($0.20 per share)																	(11,534	)		(11,534	)
Income tax impact associated with issuance of shares		-		(100	)		-			-							-			(100	)
Balance as of December 31, 2025	$	15,078	$	268,283		$	(3,490	)	$	177	$	5,711		$	385	$	(17,074	)	$	269,070

The accompanying Notes are an integral part of the Condensed Consolidated Interim Financial Statements.

F-6

KAMADA LTD.

Condensed Consolidated Interim Statements of Cash Flows

	Six months period Ended						Three months period Ended						Year Ended
	June 30,						June 30,						December 31,
	2026			2025			2026			2025			2025
	Unaudited
	U.S Dollars In thousands
Cash Flows from Operating Activities
Net income	$	13,394		$	11,340		$	9,262		$	7,376		$	20,198

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

Adjustments to the profit or loss items:

Depreciation and amortization		7,742			7,357			3,891			3,746			14,918
Financial expenses net		883			2,500			(679	)		1,318			2,766
Cost of share-based payment		1,520			270			720			95			845
Taxes on income		2,186			1,026			927			(1,623	)		3,269
Gain from sale of property and equipment		-			(8	)		-			-			(8	)
Change in employee benefit liabilities, net		165			74			134			58			183
		12,496			11,219			4,993			3,594			21,973
Changes in asset and liability items:

Increase in trade receivables, net		(9,948	)		(8,670	)		(191	)		(2,113	)		(5,407	)
Decrease (increase) in other accounts receivables		(697	)		1,078			(1,985	)		1,749			(535	)
Increase in inventories		(1,932	)		(3,260	)		(1,438	)		(3,721	)		(6,124	)
Decrease in contract asset		237			212			118			118			475
Increase (decrease) in trade payables		3,912			(4,131	)		5,358			(383	)		(6,870	)
Increase (decrease) in other accounts payables		(87	)		(883	)		1,810			1,161			950
Increase (decrease) in deferred revenues		161			6			94			(28	)		(171	)
		(8,354	)		(15,648	)		3,766			(3,217	)		(17,682	)
Cash received (paid) during the period for:

Interest paid		(559	)		(384	)		(372	)		(208	)		(864	)
Interest received		859			987			434			453			1,921
Taxes (paid) received		(59	)		(6	)		(15	)		23			(56	)
		241			597			47			268			1,001

Net cash provided by operating activities	$	17,777		$	7,508		$	18,068		$	8,021		$	25,490

The accompanying Notes are an integral part of the Condensed Consolidated Interim Financial Statements.

F-7

KAMADA LTD.

Condensed Consolidated Interim Statements of Cash Flows

	Six months period Ended						Three months period Ended						Year Ended
	June 30,						June 30,						December 31,
	2026			2025			2026			2025			2025
	Unaudited
	U.S Dollars In thousands
Cash Flows from Investing Activities
Purchase of property and equipment and intangible assets		(3,080	)		(3,482	)		(2,107	)		(2,014	)		(9,846	)
Investment in short term investments		(40,660	)		-			(435	)		-			-
Proceeds from sale of property and equipment		-			8			-			-			8
Net cash used in investing activities		(43,740	)		(3,474	)		(2,542	)		(2,014	)		(9,838	)

Cash Flows from Financing Activities

Proceeds from exercise of share base payments		3			49			3			3			50
Repayment of lease liabilities		(857	)		(418	)		(468	)		(404	)		(972	)
Repayment of other long-term liabilities		(4,577	)		(4,509	)		(4,110	)		(4,184	)		(5,889	)
Dividends Paid		(14,421	)		(11,534	)		(14,421	)		(11,534	)		(11,534	)
Net cash used in financing activities		(19,852	)		(16,412	)		(18,996	)		(16,119	)		(18,345	)

Exchange differences on balances of cash and cash equivalent		(181	)		(72	)		21			(153	)		(273	)

Decrease in cash and cash equivalents		(45,996	)		(12,450	)		(3,449	)		(10,265	)		(2,966	)

Cash and cash equivalents at the beginning of the period		75,469			78,435			32,922			76,250			78,435

Cash and cash equivalents at the end of the period	$	29,473		$	65,985		$	29,473		$	65,985		$	75,469

Significant non-cash transactions
Right-of-use asset recognized with corresponding lease liability	$	685		$	509		$	246		$	157		$	1,221
Purchase of property and equipment and Intangible assets	$	1,743		$	1,030		$	1,743		$	1,030		$	2,523

The accompanying Notes are an integral part of the Condensed Consolidated Interim Financial Statements.

F-8

KAMADA LTD.

Notes to the Condensed Consolidated Interim Financial Statements

Note 1:- General

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. 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 equine-based anti-snake venom products. Second, distribution of third parties’ pharmaceutical products in Israel and 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 FDA approved 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.

In November 2021, the Company acquired, pursuant to an Asset Purchase Agreement, CYTOGAM, WINRHO SDF, VARIZIG and HEPAGAM B from Saol Therapeutics Ltd. The acquisition of this portfolio furthered the Company’s core objective to become a fully integrated specialty plasma company with strong commercial capabilities in the U.S. market, as well as to expand to new markets, mainly in the Middle East/North Africa region, and to broaden the Company’s portfolio offering in existing markets. The Company’s wholly owned U.S. subsidiary, Kamada Inc., is responsible for the commercialization of the four products in the U.S. market, including direct sales to wholesalers and local distributers.

In accordance with an agreement with Takeda Pharmaceuticals Company Limited (“Takeda”), starting from the first quarter of 2022, Takeda pays the Company royalties on sales of GLASSIA manufactured by Takeda in the United States and, commencing in 2024, in Canada, at a rate of 12% on net sales through August 2025 and at a rate of 6% thereafter until 2040, with a minimum of $5 million annually for each year from 2022 to 2040. The Company will also be entitled to royalty income on sales of GLASSIA by Takeda in Australia and New Zealand, to the extent that GLASSIA will be approved, and sales will be generated in these markets by Takeda in the future.

The Company’s ordinary shares are listed for trading on the Tel Aviv Stock Exchange and the NASDAQ Global Select Market.

FIMI Opportunity Funds (“FIMI”), the leading private equity firm in Israel beneficially owns approximately 38% of the Company’s outstanding ordinary shares and is a controlling shareholder of the Company; within the meaning of the Israeli Companies Law, 1999.

The Company’s activity is divided into two operating segments:

	Proprietary Products		Manufacturing, sales and distribution of plasma-derived protein therapeutics and normal source plasma.

	Distribution		Distribute imported drug products in Israel and MENA region, which are manufactured by third parties.

The Company has four wholly-owned subsidiaries – Kamada Inc., Kamada Plasma LLC (wholly owned by Kamada Inc.), KI Biopharma LLC and Kamada Ireland Limited. In addition, the Company owns 74% of Kamada Assets Ltd. (“Kamada Assets”).

F-9

KAMADA LTD.

Notes to the Condensed Consolidated Interim Financial Statements

Note 2:- Material Accounting Policies

Basis of preparation of the condensed consolidated interim financial statements:

The condensed consolidated interim financial statements have been prepared in accordance with generally accepted accounting principles for the preparation of financial statements for interim periods, as prescribed in IAS 34, “Interim Financial Reporting”. The condensed consolidated interim financial statements reflects all normal recurring adjustments that are, in the opinion of management, necessary to fairly present the information set forth herein. The condensed consolidated interim financial statements should be read in conjunction with the Company’s consolidated financial statements for the year ended December 31, 2025, as they do not include all the information and disclosures required in the annual consolidated financial statements. Interim results are not necessarily indicative of the results for a full year.

Forthcoming requirements

Presentation and Disclosure in Financial Statements – IFRS 18

In April 2024, the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements (“IFRS 18”) which replaces IAS 1 Presentation of Financial Statements. IFRS 18 requires an entity to classify all income and expenses within its statement of profit and loss into one of five categories: operating; investing; financing; income taxes; and discontinued operations. The first three categories are new. These categories are complemented by the requirement to present subtotals for “operating profit or loss,” profit or loss before financing income and taxes” and “profit or loss” IFRS 18, and the amendments to the other standards, is effective for reporting periods beginning on or after January 1, 2027, but earlier application is permitted.

The Company is currently assessing the impact of the Standard on its financial statements. As of June 30, 2026, the Company is currently evaluating the impact of this new standard.

Note 3:- Significant events in the reporting period

On March 11, 2026, the company announced that its Board of Directors has declared a special cash dividend of $0.25 (NIS 0.77) per share on the Company’s common stock (totaling $14,421 thousands). The special cash dividend was paid on April 7, 2026, to shareholders of record at the close of business on March 23, 2026.

F-10

KAMADA LTD.

Notes to the Condensed Consolidated Interim Financial Statements

Note 4:- Operating Segments

General:

The company has two operating segments, as follows:

	Proprietary Products		Manufacturing, sales and distribution of plasma-derived protein therapeutics and normal source plasma.
	Distribution		Distribute imported drug products in Israel and MENA region, which are manufactured by third parties.

Reporting on operating segments:

	Six months period ended June 30, 2026
	Proprietary Products		Distribution		Total
	U.S Dollars in thousands
	Unaudited

Revenues	$	83,926	$	16,235	$	100,161
Gross profit	$	39,120	$	2,463	$	41,583
Unallocated corporate expenses						(25,120	)
Finance expenses, net						(883	)
Income before taxes on income					$	15,580

	Six months period ended June 30, 2025
	Proprietary Products		Distribution		Total
	U.S Dollars in thousands
	Unaudited

Revenues	$	78,453	$	10,319	$	88,772
Gross profit	$	37,873	$	1,805	$	39,678
Unallocated corporate expenses						(24,812	)
Finance expenses, net						(2,500	)
Income before taxes on income					$	12,366

	Three months period ended June 30, 2026
	Proprietary Products		Distribution		Total
	U.S Dollars in thousands
	Unaudited

Revenues	$	47,699	$	7,222	$	54,921
Gross profit	$	21,095	$	1,372	$	22,467
Unallocated corporate expenses						(12,957	)
Finance expenses, net						679
Income before taxes on income					$	10,189

F-11

KAMADA LTD.

Notes to the Condensed Consolidated Interim Financial Statements

Note 4:- Operating Segments (cont.)

Reporting on operating segments: (cont.)

	Three months period ended June 30, 2025
	Proprietary Products		Distribution		Total
	U.S Dollars in thousands
	Unaudited

Revenues	$	38,436	$	6,318	$	44,754
Gross profit	$	17,594	$	1,335	$	18,929
Unallocated corporate expenses						(11,858	)
Finance expenses, net						(1,318	)
Income before taxes on income					$	5,753

	Year Ended December 31, 2025
	Proprietary Products		Distribution		Total
	U.S Dollars in thousands
Revenues	$	156,206	$	24,254	$	180,460
Gross profit	$	72,278	$	4,129	$	76,407
Unallocated corporate expenses						(50,174	)
Finance expenses, net						(2,766	)
Income before taxes on income					$	23,467

Reporting on operating segments by geographic region:

	Six months period ended June 30, 2026
	Proprietary Products		Distribution		Total
	U.S Dollars in thousands
	Unaudited
Geographical markets
U.S.A	$	57,391	$	-	$	57,391
Israel		4,570		16,235		20,805
Latin America		9,410		-		9,410
Canada		5,533		-		5,533
Europe		4,911		-		4,911
Asia		939		-		939
Others		1,172		-		1,172
	$	83,926	$	16,235	$	100,161

	Six months period ended June 30, 2025
	Proprietary Products		Distribution		Total
	U.S Dollars in thousands
	Unaudited
Geographical markets
U.S.A	$	55,494	$	-	$	55,493
Israel		3,036		10,319		13,355
Latin America		9,880				9,880
Canada		5,595				5,595
Europe		2,453		-		2,453
Asia		1,972		-		1,972
Others		23				23
	$	78,453	$	10,319	$	88,772

F-12

KAMADA LTD.

Notes to the Condensed Consolidated Interim Financial Statements

Note 4:- Operating Segments (cont.)

Reporting on operating segments by geographic region: (cont.)

	Three months period ended June 30, 2026
	Proprietary Products		Distribution		Total
	U.S Dollars in thousands
	Unaudited
Geographical markets
U.S.A	$	35,285	$	-	$	35,285
Israel		1,415		7,222		8,637
Canada		2,218				2,218
Europe		3,168		-		3,168
Latin America		4,618		-		4,618
Asia		391		-		391
Others		604		-		604
	$	47,699	$	7,222	$	54,921

	Three months period ended June 30, 2025
	Proprietary Products		Distribution		Total
	U.S Dollars in thousands
	Unaudited
Geographical markets
U.S.A	$	25,336	$	-	$	25,336
Israel		1,683		6,318		8,001
Canada		2,559				2,559
Europe		2,384		-		2,384
Latin America		5,269		-		5,269
Asia		1,182		-		1,182
Others		23		-		23
	$	38,436	$	6,318	$	44,754

	Year ended December 31, 2025
	Proprietary Products		Distribution		Total
	U.S Dollars in thousands
Geographical markets
U.S.A	$	99,644	$	-	$	99,644
Israel		5,309		24,254		29,563
Latin America		24,223		-		24,223
Canada		10,805		-		10,805
Europe		9,449		-		9,449
Asia		6,720		-		6,720
Others		56		-		56
	$	156,206	$	24,254	$	180,460

F-13

KAMADA LTD.

Notes to the Condensed Consolidated Interim Financial Statements

Note 5:- Financial Instruments

Classification of financial instruments by fair value hierarchy

Financial assets (liabilities) measured at fair value

	Level 1		Level 2		Level 3
	U.S Dollars in thousands
June 30, 2026
Derivatives instruments	$	-	$	158	$	-
Contingent consideration	$	-	$	-	$	(21,327	)

June 30, 2025
Derivatives instruments	$	-	$	542	$	-
Contingent consideration	$	-	$	-	$	(21,884	)

December 31, 2025
Derivatives instruments	$	-	$	197	$	-
Contingent consideration	$	-	$	-	$	(23,237	)

During the six months ended on June 30, 2026, there were no transfers due to the fair value measurement of any financial instrument from Level 1 to Level 2, and furthermore, there were no transfers to or from Level 3 due to the fair value measurement of any financial instrument.

Note 6:- Subsequent events

On August 5, 2026, the Company’s shareholders approved the grant of 30,000 options to each of the director nominees and external director nominees under the Company’s 2011 Israeli Share Award Plan. The options have an exercise price of NIS 22.795 per share and vest over a four-year period.

F-14