OZON Q1 2026: Revenue Growth Accelerates, Fourth Consecutive Net Profit
OZON reported Q1 2026 revenue of RUB 300.9 bn, up 48.9% YoY, accelerating from 43.7% YoY in Q4 2025. EBITDA rose 78.6% YoY to RUB 45.7 bn, while net profit reached RUB 4.5 bn versus a loss of RUB 7.9 bn a year ago — the fourth consecutive profitable quarter.
Key Metrics YoY Growth (%)
What Drove the Result
E-commerce revenue rose 46% YoY to RUB 250.1 bn, with adj. EBITDA margin as % of GMV improving 0.4 pp to 2.8%. Fintech revenue surged 59% YoY to RUB 58.9 bn, driven by interest revenue (+74% YoY). Service revenue grew 55% YoY to RUB 185.6 bn, supported by a 36% GMV increase and 83% order growth — orders accelerating for the third consecutive quarter. High-frequency buyers nearly doubled YoY to ~18 mn.
Key Figures (RUB bn)
| Metric | Q1 2025 | Q1 2026 | Change |
|---|---|---|---|
| Revenue | 202.1 | 300.9 | +48.9% |
| EBITDA | 25.6 | 45.7 | +78.6% |
| Net Profit | -7.9 | 4.5 | n/m |
| E-commerce Revenue | 171.3 | 250.1 | +46% |
| Fintech Revenue | 37.0 | 58.9 | +59% |
Outlook
Management targets full-year profitability for 2026, supported by continued fintech scaling and service revenue growth. The acceleration in orders and frequency suggests structural demand. Net debt rose RUB 92.7 bn vs end-2025 to RUB 476.6 bn, but EBITDA growth is outpacing debt accumulation. No dividend is paid.