Ozon (OZON) Q1 2026 earnings summary

Executive summary

• Achieved net profit for the fourth consecutive quarter, with strong revenue and EBITDA growth year-over-year.

• Maintained leadership in Russian e-commerce with a 27% market share and continued expansion in fintech.

• GMV grew 36% year-over-year to ₽1,135.4bn in Q1 2026, with record quarterly EBITDA margin of 4.3% of GMV.

• Revenue increased 49% year-over-year to ₽300.9bn, driven by services and interest income.

• Net profit reached ₽4.5bn in Q1 2026, compared to a loss of ₽7.9bn in Q1 2025.

Financial highlights

• Group revenue for Q1 2026 reached ₽300.9bn, up 49% year-over-year.

• Gross profit rose 45% year-over-year to ₽68.2bn, with a gross margin of 6.0%.

• Adjusted EBITDA increased by 50% to ₽48.8bn, margin at 4.3%.

• Operating cash flow surged 271% to ₽120.5bn, mainly from working capital improvements and EBITDA growth.

• Service revenue grew 55% to ₽185.6bn; product sales up 27% to ₽75.2bn; interest income up 74% to ₽40.1bn.

Outlook and guidance

• GMV growth for 2026 expected at 25–30% year-over-year.

• Targeting adjusted EBITDA of ~₽200bn and net profit for the full year.

• Plans to pay ~₽30bn in dividends in 2026; dividend of ₽70 per share recommended, AGM scheduled for May 15, 2026.