Ozon (OZON) Q3 2025 earnings summary

Executive summary

• Achieved net profit from Q2 2025, maintaining high growth rates year-over-year, with Q3 2025 revenue up 69% YoY to ₽258.9bn and net profit of ₽2.9bn, driven by service and interest income growth.

• Marketplace and Fintech segments both delivered strong revenue and profitability growth.

• Raised full-year 2025 guidance for both GMV and EBITDA based on robust 9M 2025 results.

• Initiated first-ever dividend and share buyback program, with Board recommending ₽143.55/share dividend and a ₽25bn buyback through 2026.

• Completed redomiciliation to Russia, with shares now listed on Moscow Exchange.

Financial highlights

• Q3 2025 revenue: ₽258.9bn (+69% YoY); 9M 2025 revenue: ₽688.6bn (+73% YoY).

• Q3 2025 gross profit: ₽60.1bn (+122% YoY); 9M 2025 gross profit: ₽164.8bn (+157% YoY).

• Q3 2025 adjusted EBITDA: ₽41.5bn (3.9% margin); 9M 2025 adjusted EBITDA: ₽113.2bn (3.9% margin).

• Q3 2025 net profit: ₽2.9bn (vs. loss prior year); 9M 2025 net profit: ₽3.8bn.

• Cash and equivalents at September 30, 2025: ₽565.7bn.

Outlook and guidance

• GMV growth for 2025 expected at 41–43% YoY.

• Group adjusted EBITDA for 2025 projected at ~₽140bn.

• Fintech segment revenue growth forecasted at ~110% for 2025; ROE ~30% medium-term.

• Ozon Card transactions outside the platform to exceed those on-platform.