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Ozon (OZON) investor relations material

Ozon has been delisted

Ozon Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary26 Feb, 2026

Executive summary

  • Group GMV grew 45% year-over-year in 2025, with Group EBITDA reaching ₽156.4bn, both exceeding guidance.

  • Revenue rose 43% year-over-year to ₽309.4bn in Q4 2025 and 63% to ₽998.0bn for the year, driven by service revenue, improved monetization, and organic traffic growth.

  • Gross profit increased 83% year-over-year to ₽65.4bn in Q4 and 130% to ₽230.1bn for 2025, with margin improvements from logistics optimization and Fintech contributions.

  • Adjusted EBITDA rose to ₽43.2bn in Q4 and ₽156.4bn for 2025, with EBITDA margin up to 3.8% of GMV for the year.

  • Net profit was ₽3.7bn in Q4 2025 versus a ₽17.6bn loss in Q4 2024; annual net loss narrowed to ₽0.9bn from ₽59.4bn in 2024.

Financial highlights

  • Service revenue up 46% year-over-year in Q4 and 67% for 2025; product sales up 25% and 35% respectively.

  • Fintech interest income surged 85% in Q4 and 141% for 2025.

  • Operating expenses rose 22% in Q4 and 37% for 2025, mainly due to tech, content, and personnel costs.

  • Operating cash flow reached ₽503.6bn for 2025, up ₽217.3bn year-over-year.

  • Cash and equivalents at year-end totaled ₽650.7bn.

Outlook and guidance

  • GMV expected to grow 25–30% year-over-year in 2026.

  • Adjusted EBITDA forecasted at approximately ₽200bn for 2026, with net profit anticipated.

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Frequently asked questions

Ozon Holdings plc engages in the online retail of multi-category consumer products in Russia. Its product portfolio includes clothing and accessories, home electronics, top-of-the-line furniture, young children toys and games, kitchen utensils and appliances, health and beauty products, sports goods, wine, and others. The company sells its products through a network of Ozon Group Websites as well as off-line distribution channels. It operates under such brands as OZON.ru Website and other online brand markets; O!SHOP Website; SHOP8 Website; Price RU Website; Shop Hat Website; Nastena Website; Decor Market Website; Dolce Lucido Website; Master-x.ru Website; Babywalla.ru Website; and Supershoprussia.ru Website, as well as other businesses that offer a wide assortment of products across various categories.

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