OZON Q3 2026: revenue re-accelerates to +62.7% y/y, EBITDA +71.6%

OZON reported Q3 2026 revenue of RUB 421,233 mn (+62.7% y/y), EBITDA of RUB 58,315 mn (+71.6% y/y) and net profit of RUB 3,674 mn (+25.1% y/y). Revenue growth accelerated from +46.8% in Q2 2026 to +62.7% in Q3 2026, while EBITDA growth decelerated from the Q2 comparison base; the quarter marks a return to positive EBITDA after the Q2 2026 EBITDA loss of RUB 212,762 mn.

Q3 2026 vs Q3 2025: headline y/y growth

What drove the result

The revenue re-acceleration is consistent with the structural drivers flagged in the Q1 2026 disclosure: service revenue and Fintech interest income scaling, purchase frequency up +53% y/y and a high-frequency buyer base near 18 mn. EBITDA margin on the reported figures was 13.8% in Q3 2026 versus 13.1% in Q3 2025, a modest expansion despite the heavy revenue growth. Net profit of RUB 3,674 mn compares with RUB 2,938 mn a year earlier; the Q2 2026 net loss of RUB 191,014 mn makes the Q3 swing the key profitability datapoint.

Key figures

Outlook

Management has targeted full-year profitability for 2026, and Q3 delivers a fourth consecutive profitable quarter on the Q1 2026 framing. The key watch items are whether revenue growth above 60% is sustained into Q4 2026 and whether EBITDA margin holds above 13% as Fintech and service revenue mix shifts. No dividend is paid. Net debt rose in absolute terms over both the quarter and the trailing twelve months, so leverage remains a monitoring item even as EBITDA scales.