Ozon (OZON) Q2 2024 earnings summary

Executive summary

• GMV including services grew 70% year-over-year to RUB 633.2 billion in Q2 2024, with a 60% increase in order volume and 30% more active buyers, reflecting robust e-commerce demand.

• Total revenue rose 30% year-over-year to RUB 122.5 billion, driven by strong advertising and interest revenue growth.

• Adjusted EBITDA was negative RUB 0.7 billion, down from positive RUB 0.06 billion a year ago, due to growth investments and labor cost inflation, partially offset by Fintech profitability.

• Net cash from operating activities quadrupled year-over-year to RUB 41.8 billion, supported by favorable working capital movements.

• Loss for the period widened to RUB 28.0 billion from RUB 13.1 billion, mainly due to higher finance costs and depreciation.

Financial highlights

• Gross profit increased 59% year-over-year to RUB 15.6 billion, with gross margin as a percentage of GMV broadly flat.

• Operating expenses rose 56% year-over-year, mainly from increased marketing and technology spend.

• Net finance expense more than doubled, reflecting higher interest-bearing liabilities and increased borrowing costs.

• Cash and cash equivalents stood at RUB 164.7 billion at quarter-end, with RUB 113.3 billion held by Fintech credit institutions.

Outlook and guidance

• GMV including services is expected to grow by approximately 70% for full-year 2024 versus 2023.

• Adjusted EBITDA is projected to be positive for full-year 2024.