Ozon (OZON) Q2 2025 earnings summary

Executive summary

• Total revenue surged 87% YoY to RUB 227.6 billion in Q2 2025, with gross profit up nearly fourfold to RUB 57.5 billion and net profit of RUB 0.4 billion, reversing a RUB 28.0 billion loss YoY.

• Adjusted EBITDA reached RUB 39.2 billion in Q2 2025 (4.1% margin), sustaining positive results for the fourth consecutive quarter.

• Net cash from operating activities rose over fourfold YoY to RUB 179.9 billion.

• Continued infrastructure investments since 2020 exceeded RUB 180 billion, supporting platform growth and profitability.

• Loss for the period narrowed significantly to RUB 7.5 billion from RUB 41.1 billion YoY.

Financial highlights

• Service revenue doubled YoY to RUB 140.9 billion; sales of goods rose 38% to RUB 57.4 billion; interest revenue tripled to RUB 29.3 billion.

• Gross profit margin as % of GMV incl. services increased to 6.0% from 2.5% YoY.

• Cash and cash equivalents stood at RUB 460.5 billion as of June 30, 2025.

• Loans reduced by RUB 42 billion in H1 2025; end-Q2 debt at RUB 76.1 billion.

• Net operating cash flow up 330% YoY.

Outlook and guidance

• FY 2025 GMV incl. services expected to grow ~40% YoY.

• Adjusted EBITDA for 2025 projected at RUB 100–120 billion.

• Fintech revenue projected to increase by over 80% YoY; segment targets ~30% ROE.

• Non-marketplace operations using Ozon Card expected to exceed marketplace operations.