Ozon (OZON) Q4 2025 earnings summary

Executive summary

• Revenue for 2025 reached 998.0 billion RUB, with Q4 revenue at 309.4 billion RUB, up 43% year-over-year, driven by service revenue, improved monetization, and organic traffic growth.

• Gross profit for 2025 was 230.1 billion RUB, up 130% year-over-year, with margin improvements from logistics optimization and Fintech contributions.

• Adjusted EBITDA for 2025 was 156.4 billion RUB, with a margin of 3.8% of GMV, and Q4 EBITDA at 43.2 billion RUB.

• Net profit for Q4 2025 was 3.7 billion RUB, while the full year saw a net loss of 0.9 billion RUB, a significant improvement from a 59.4 billion RUB loss in 2024.

• Cash and equivalents at year-end 2025 totaled 650.7 billion RUB, up 86% year-over-year.

Financial highlights

• Operating cash flow for 2025 was 503.6 billion RUB, up 217.3 billion RUB year-over-year.

• Service revenue grew 67% and product sales 35% for 2025; Fintech interest income surged 141%.

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

• Marketplace operating cash flow grew by 30.4 billion RUB, and Fintech by 186.9 billion RUB year-over-year.

• Dividends declared for 2025 amounted to 30 billion RUB, with a net cash position of 32 billion RUB at year-end.

Outlook and guidance

• 2026 guidance projects GMV growth of 25–30%.

• Adjusted EBITDA expected to reach approximately 200 billion RUB.

• Net profit forecasted at no less than 30 billion RUB for 2026.