Sollers FY2025: Revenue Slumps 32%, EBITDA Jumps 42% on H2 Recovery

Sollers reported FY2025 revenue of RUB 62.4bn, down 31.9% YoY, while EBITDA rose 41.9% to RUB 8.2bn, and net profit fell 38.5% to RUB 2.3bn. The sharp divergence reflects a weak H1 (net loss of RUB 1.2bn) followed by a strong H2, where EBITDA surged 429% YoY and net profit grew 65.3%.

FY2025 YoY change

H2 rebound drives profitability

Revenue decelerated sharply: H1 2025 fell 42.2% YoY, and H2 2025 fell 22.4% YoY, though the pace of decline moderated. EBITDA swung from a 65.2% drop in H1 to a 429% surge in H2, lifting the full-year margin to 13.1% (vs 6.3% in FY2024). Net profit turned from a H1 loss to a H2 profit of RUB 3.5bn, resulting in a 3.7% net margin for the year.

Key figures

Outlook

The H2 margin recovery suggests cost discipline and product mix improvements are taking hold, but the revenue decline remains steep. Watch for continued stabilization in revenue growth and whether EBITDA margins can hold above the 13% level. Net debt rose in H2, but the company did not provide guidance.