OZON: profit up 27-fold, but operating cash flow turned negative by RUB 106 bn

On August 7, OZON reported Q2 2026 results: revenue grew 46.8% YoY to RUB 334.2 bn, net profit reached RUB 10.1 bn versus RUB 0.4 bn a year earlier. This review examines what drove the profit jump and why operating cash flow turned negative for the first time in six quarters.

Key takeaways

— Net profit grew 27-fold thanks to operating leverage and lower finance costs

— EBITDA margin reached 16.5% – a record level for the second quarter

— Fintech contributed RUB 18.9 bn of operating profit, almost all of the group's profit

— Operating cash flow turned negative at RUB 106.2 bn due to fintech portfolio growth

— Debt rose by RUB 92.7 bn in the quarter to RUB 476.6 bn

— Capex increased 22% YoY to RUB 15.4 bn

— Shares fell 1.8% after the report, but over the year delivered 9.7% dividend yield

Key figures, RUB bn

Net profit grew 27-fold thanks to operating leverage and lower finance costs

In Q2 2026, OZON's net profit reached RUB 10.1 bn versus RUB 0.4 bn a year earlier. The 27-fold growth was driven not only by a 46.8% revenue increase but also by faster EBITDA growth of 82.0% to RUB 55.2 bn. Operating profit rose 53.8% to RUB 31.3 bn.

Finance costs, by contrast, declined: net finance costs for the quarter were RUB 16.7 bn versus RUB 17.3 bn a year earlier. This happened despite debt growing by RUB 191.7 bn over the year – the effect came from lower borrowing rates and higher interest income on fintech cash placements.

EBITDA margin reached 16.5% – a record level for the second quarter

EBITDA margin in Q2 2026 was 16.5% versus 13.3% a year earlier. The 3.2 pp improvement came from operating leverage: revenue is growing faster than operating expenses due to marketplace scaling and a rising share of service revenue.

Net margin also improved from 0.2% to 3.0%. This is the best Q2 figure in the company's history, confirming the sustainability of the profitability trend.

Fintech contributed RUB 18.9 bn of operating profit, almost all of the group's profit

The fintech segment earned RUB 18.9 bn of operating profit in Q2 2026, while e-commerce contributed only RUB 12.4 bn. Fintech revenue grew 56.2% YoY to RUB 60.8 bn, and adjusted EBITDA rose 37.4% to RUB 19.7 bn.

The main driver was interest revenue, which grew 56.0% to RUB 45.7 bn. The fintech loan book expanded from RUB 130.1 bn to RUB 175.7 bn over the year, boosting interest income. E-commerce, by contrast, remains low-margin: its operating profit is only 4.5% of segment revenue.

Operating cash flow turned negative at RUB 106.2 bn due to fintech portfolio growth

Operating cash flow in Q2 2026 was minus RUB 106.2 bn – the first negative quarter in six quarters. The reason is active fintech lending: loans to customers grew by RUB 54.1 bn in the half-year, while client funds increased by RUB 262.0 bn, but that was not enough to offset the outflow.

For the first half, operating cash flow remains positive at RUB 285.3 bn, but it is 34% lower than a year earlier. This reflects the rapid growth of the loan book, which requires significant cash outflows.

Debt rose by RUB 92.7 bn in the quarter to RUB 476.6 bn

Net debt at the end of Q2 2026 stood at RUB 476.6 bn, up RUB 92.7 bn in the quarter and RUB 191.7 bn over the year. The net debt to EBITDA ratio for the last 12 months – 2.38 – remains at a level the company considers comfortable.

The debt increase is linked to financing the fintech portfolio and capital expenditures. At the same time, cash on the balance sheet grew to RUB 718.7 bn, providing a safety cushion.

Capex increased 22% YoY to RUB 15.4 bn

Capex in Q2 2026 was RUB 15.4 bn versus RUB 12.6 bn a year earlier. The 22% increase reflects continued investment in logistics infrastructure, though at a slower pace than in previous years.

For the first half, capex reached RUB 29.5 bn, up 15% YoY. The company continues to expand its fulfillment network, but not as rapidly as before.

Shares fell 1.8% after the report, but over the year delivered 9.7% dividend yield

On the day of the report, OZON shares fell 1.8%, and from the release to August 17 – another 0.7%. The market apparently was disappointed by the negative operating cash flow, despite strong financial results.

Over the last 12 months, the company paid dividends of RUB 213.55 per share, providing a dividend yield of 9.7%. At the current price of RUB 2,908 per share and P/E of 29.1, the market values the company quite richly, but EV/EBITDA of 5.3 looks moderate.

Valuation on the latest reported figures

Bottom line

OZON delivered a strong quarter: profit grew 27-fold, margins hit record levels, and fintech became the main profit generator. However, operating cash flow turned negative due to active lending, and this is the key question for shareholders. If the company can slow loan book growth without losing revenue momentum, cash flow will recover, but that is not yet clear. Meanwhile, the 9.7% dividend yield remains attractive, but its sustainability depends on the ability to generate free cash flow.