Fix Price Group (FIXPRICE) Q2 2025 earnings summary

Executive summary

• Revenue for H1 2025 reached RUB 154.5 billion, up 4.1% year-over-year, with retail revenue up 8.0% and wholesale revenue down 28.6%.

• Net profit for H1 2025 was RUB 6.2 billion, down 32.2% year-over-year, with a net profit margin of 4.0%.

• Store network expanded to 7,464 locations, with 299 net new stores opened in H1 2025.

• The company completed the exchange of GDRs for shares of PJSC Fix Price, unlocking full shareholder rights and commencing trading on the Moscow Exchange.

Financial highlights

• Gross profit in H1 2025 rose 4.0% to RUB 51.4 billion; gross margin stable at 33.3%.

• Adjusted EBITDA for H1 2025 was RUB 20.7 billion, down 9.6% year-over-year, with a margin of 13.4%.

• Operating profit for H1 2025 was RUB 11.4 billion, a 20.5% decrease year-over-year.

• SG&A expenses (excluding LTIP and D&A) increased 20.4% year-over-year, reaching RUB 32.3 billion, or 20.9% of revenue.

• Net cash flows from operating activities for H1 2025 were RUB 13.4 billion.

Outlook and guidance

• Management notes temporary EBITDA margin pressure due to a competitive labor market environment.

• Strategic focus remains on store expansion, digitalisation, loyalty programme development, and pricing architecture enhancement.

• Management highlights flexibility due to a nearly debt-free position, supporting growth despite tight monetary policy.