Ozon Pharm Q2 2026: Revenue Growth Accelerates to +15.6% as Net Profit More Than Doubles

Ozon Pharm reported Q2 2026 revenue of RUB 7,410.2 mln (+15.6% y/y), EBITDA of RUB 2,733.9 mln (+34.5% y/y) and net profit of RUB 1,623.6 mln (+125.8% y/y). Revenue growth accelerated from +11.7% in H1 2026 to +15.6% in Q2 2026, while EBITDA growth also accelerated from +20.8% in H1 2026 to +34.5% in Q2 2026, marking a clear inflection after the soft Q2 2025 base (revenue -4.2%, EBITDA -12.3%).

Q2 2026 vs Q2 2025: headline y/y growth

What drove the result

The margin story is the standout: EBITDA margin expanded to 36.9% in Q2 2026 from 31.7% in Q2 2025, while net margin rose to 21.9% from 11.2%. The operating leverage is visible in the absolute figures — EBITDA grew RUB 700.7 mln y/y on a RUB 1,001.1 mln revenue increase, and net profit added RUB 904.5 mln. Sequentially, Q2 2026 revenue of RUB 7,410.2 mln was slightly below Q3 2025's RUB 8,169.0 mln, but profitability held up: Q2 2026 EBITDA of RUB 2,733.9 mln compares with RUB 3,194.5 mln in Q3 2025, a seasonally stronger quarter. H1 2026 revenue of RUB 14,821.2 mln (+11.7% y/y) and net profit of RUB 3,247.2 mln (+89.7% y/y) confirm the improving earnings trajectory.

Key figures

Outlook

The Q2 2026 print marks the second consecutive period of accelerating revenue growth (+11.7% in H1 2026 vs +15.6% in Q2 2026) and a sharp rebound in profitability from the depressed Q2 2025 base. With H1 2026 net profit already at RUB 3,247.2 mln versus RUB 6,169.1 mln for the full FY 2025, the company is on track for a strong full-year earnings recovery if the margin gains hold. The key watch item is whether the EBITDA margin can be sustained above 35% as revenue growth normalizes; the Q3 2025 comparison (EBITDA margin 39.1%) sets a high bar for the next quarter.