Ozon (OZON) Q1 2025 earnings summary

Executive summary

• Revenue grew 65% year-over-year to ₽202.9 billion in Q1 2025, driven by service and interest revenue growth, with gross profit up 119% to ₽47.2 billion.

• Adjusted EBITDA surged 220% year-over-year to ₽32.4 billion, reflecting higher gross profit and cost control, with margin improving to 3.9%.

• Net operating cash flow increased 21 times year-over-year to ₽32.5 billion, supported by EBITDA growth and working capital improvements.

• Cash and equivalents more than doubled year-over-year to ₽346.5 billion.

• Loss for the period narrowed by 40% YoY to ₽7.9 billion, aided by EBITDA growth but offset by higher finance and depreciation expenses.

Financial highlights

• Group revenue: ₽202.9 billion (+65% YoY); gross profit: ₽47.2 billion (+119% YoY); gross margin as a percentage of GMV incl. services up 1.8 p.p. to 5.6%.

• Adjusted EBITDA: ₽32.4 billion (+220% YoY); operating cash flow: ₽32.5 billion (21x YoY).

• E-commerce GMV (incl. services): ₽837.8 billion (+47% YoY); segment EBITDA: ₽19.3 billion (+361% YoY).

• Fintech revenue: ₽39.0 billion (+167% YoY); pre-tax profit: ₽11.0 billion (+138% YoY); adjusted EBITDA up 121% YoY to ₽13.1 billion.

• Service revenue grew 68% YoY to ₽120.8 billion; interest revenue jumped 185% YoY to ₽23.0 billion.

Outlook and guidance

• GMV (incl. services) expected to grow 30–40% year-over-year in 2025.

• Adjusted EBITDA guidance for 2025: ₽70–90 billion.

• Fintech targets >70% revenue growth and ~30% ROE for 2025.

• Management notes ongoing geopolitical and macroeconomic uncertainties, including sanctions and regulatory measures, which may impact future results.

• Forward-looking statements are subject to significant risks and uncertainties, including market and regulatory developments.