Photo by Egor Aleev / TASS
For the first time in its 28-year history, the Ozon marketplace has reported a net profit from its core business operations. In Q2 2025, the company posted a profit of RUB 359 million, compared with a loss of RUB 28 billion in the same period last year. What drove Ozon’s growth — and can investors expect this momentum to continue?
Ozon by the Numbers
Ozon Holding, one of Russia’s largest marketplaces (ranked second among the most valuable Runet companies by Forbes), has become profitable for the first time in its existence. In Q2, the company recorded a net profit of RUB 359 million, compared with a RUB 28 billion loss a year earlier.
Revenue in Q2 rose 87% year-on-year to RUB 227.6 billion. The marketplace also reported a record adjusted quarterly EBITDA of RUB 39.2 billion.
Ozon’s core business is e-commerce. Revenue from this segment in Q2 2025 reached RUB 189.4 billion, up 73% year-on-year, driven by a 61% increase in orders and a 51% increase in turnover. However, the e-commerce segment remained loss-making, posting a pre-tax loss of RUB 9.5 billion.
The holding owes much of its first-ever net profit (excluding one-off items) to its fintech arm, which includes Ozon Bank. This segment generated RUB 46.2 billion in revenue — 17% of the group’s total — but contributed 37.5% of EBITDA. The fintech segment recorded pre-tax profit of RUB 13 billion, supported by growth in Ozon Bank’s credit and transaction business. The bank offers credit and debit cards, installment payment options for marketplace purchases, SME lending, deposits, and savings accounts.
The fintech customer base grew by 43% year-on-year to 34.4 million, according to the report. Ozon Bank cards are actively used beyond the marketplace: in 55% of cases, clients use them for purchases elsewhere. The total volume of loans issued rose 73% year-on-year to RUB 100.2 billion.
What matters in these results is that they are driven by structural, rather than one-off, factors, notes Evgeny Shatov, partner at Capital Lab. “For a long time, the company actively invested in development — building logistics, attracting and retaining users, gaining and maintaining market share. Many were skeptical that this would pay off or ever lead to positive results,” he says.
Ozon PLC’s receipts saw only a modest reaction to the earnings, rising about 2% to RUB 4,406.
A Full-Fledged Bank
The main driver of Ozon’s future growth will be the expansion of its fintech operations and Ozon Bank, says Alexander Bakhtin, investment strategist at Garda Capital. “Essentially, the company has built its own ecosystem to extract maximum value from payments for goods that pass through its marketplace,” he notes.
“Ozon’s bank has become a full-fledged institution, whose clients save, borrow, and spend — using cards widely for payments everywhere, not just to get discounts on the marketplace,” adds Shatov.
The marketplace will continue to grow through warehouse expansion, automation, an increasing network of pickup points and courier delivery. Shorter delivery times encourage repeat purchases. Order volumes are also rising due to regional expansion and deliveries to remote locations, Shatov explains.
“Ozon is growing faster than the market. This is supported by the natural consolidation of the sector around the largest e-commerce players. The growth potential of marketplaces is not yet exhausted — the number of customers and their activity are still increasing,” says Alexey Kornilov, investment strategist at VTB My Investments.
The main risk for Ozon remains intensifying competition across its core business lines, notes Maria Sukhanova, analyst at BCS World of Investments. However, she adds, this has so far not hindered the company’s growth.
What’s Next
Currently, only qualified investors can purchase Ozon PLC receipts, reminds Anna Kazaryan, head of equity analysis at Sirius Capital. This is because the holding is classified as a “quasi-foreign” company, whose securities have been unavailable to the general public since late last year.
Ozon is preparing to relocate from Cyprus to Russia: on July 30, the company received approval from the Cypriot regulator to transfer its business. The redomiciliation is expected to be completed by year-end. Like many other Russian companies, Ozon will operate as an International Public Joint-Stock Company (MKPAO). The holding company will be registered in the special administrative district on Oktyabrsky Island in the Kaliningrad region.
The move will bring Ozon’s governance structure in line with Russian government requirements and reduce regulatory risks, says Sergey Nunuparov, managing director at PSK‑Solutions.
Once the process is completed, Ozon PLC receipts will be converted into shares of the new joint-stock company, which will trade on Russian exchanges. When this happens, prices could decline due to an oversupply from sellers who previously held the receipts in foreign depositories, warns Stepan Gorbunov, project manager at Aspring Capital.
According to Sukhanova at BCS, receipts in foreign infrastructure account for around 30% of the company’s capital. However, she believes this volume will not hit the market all at once — the relocation and conversion process will be gradual, minimizing the impact on share prices.
This article has been translated to English by PSK‑Solutions LLC. The original version in Russian is available here.
This is an unofficial translation provided for informational purposes only. All rights to the original content belong to the original author(s), and no copyright infringement is intended. While we strive for accuracy, slight discrepancies may occur in the translated version.