Ozon (OZON) Q4 2024 earnings summary

Executive summary

• FY 2024 GMV exceeded RUB 2.8 trillion, up 64% YoY, in line with guidance; total revenue rose 45% YoY to RUB 615.7 billion, with Q4 revenue up 69% YoY to RUB 216.6 billion.

• Record adjusted EBITDA of RUB 40.1 billion for FY 2024, positive in both E-commerce and Fintech segments; Q4 adjusted EBITDA reached RUB 16.8 billion.

• Net cash from operating activities tripled YoY to RUB 286.3 billion in FY 2024, with Q4 net cash at RUB 167.6 billion.

Financial highlights

• Gross profit increased 126% YoY to RUB 99.9 billion in FY 2024 and 164% YoY to RUB 35.7 billion in Q4 2024.

• Loss before income tax widened 35% YoY to RUB 55.2 billion in FY 2024; loss for the period was RUB 59.4 billion.

• Cash and cash equivalents at year-end were RUB 349.2 billion, up 106% YoY.

• Net cash used in investing activities rose to RUB 77.5 billion in FY 2024, mainly due to logistics expansion and debt securities acquisition.

• Net cash used in financing activities was RUB 28.6 billion in FY 2024, reflecting lower borrowings and a one-off derivative settlement.

Outlook and guidance

• FY 2025 GMV incl. services expected to grow 30–40% YoY; adjusted EBITDA guidance set at RUB 70–90 billion.

• Fintech revenue projected to grow over 70% YoY; non-marketplace Ozon Card operations to surpass marketplace usage.