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Ozon (OZON) investor relations material
Ozon Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.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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