Ozon Reports Fourth-Quarter and Full-Year 2024 Financial Results

FY 2024 GMV Exceeded RUB 2.8 trillion with Solid Growth of 64% YoY in Line with Company’s Guidance. Record Adj. EBITDA of RUB 40.1 billion with Positive Adj. EBITDA in E-commerce and Fintech Segments

February 27, 2025 – Ozon Holdings PLC (hereafter referred to as “we”, “us”, “our”, “Ozon”, “the Company”, or “the Group”) today announces its unaudited financial results for the fourth quarter and year ended December 31, 2024.

Fourth-Quarter and Full-Year 2024 Operating and Unaudited Financial Highlights

Group
  • Total revenue increased by 69% YoY to RUB 216.6 billion in Q4 2024 and by 45% YoY to RUB 615.7 billion in FY 2024 mainly due to a strong growth in service and interest revenue.
  • Despite continued cost pressure in fulfillment and logistics, gross profit increased by 2.6 times YoY to RUB 35.7 billion in Q4 2024 and by 126% YoY to RUB 99.9 billion in FY 2024, due to improved monetization of our marketplace operations and expansion of Fintech services.
  • Adjusted EBITDA increased by RUB 15.4 billion YoY to a record RUB 16.8 billion in Q4 2024, driven by significantly higher gross profit and operating leverage effect. FY 2024 adjusted EBITDA was RUB 40.1 billion and was positive for both E-commerce and Fintech individually.
  • Net cash generated from operating activities grew by 229% YoY in Q4 2024 to a record RUB 167.6 billion and tripled YoY to RUB 286.3 billion in FY 2024., bolstered by greater contribution from working capital in E-commerce and our fast-growing Fintech segment. 
E-commerce
  • E-commerce revenue increased by 60% YoY to RUB 190.2 billion in Q4 2024 and  by 36% YoY to RUB 548.3 billion in FY 2024 primarily driven by growth in revenue from marketing and information services.
  • E-commerce adjusted EBITDA improved by RUB 8.7 billion YoY to RUB 4.9 billion in Q4 2024 and by RUB 14.6 billion YoY to RUB 7.6 billion in FY 2024, despite continued strategic growth investments and unwavering labor cost inflation. A significant improvement in segment adjusted EBITDA was mostly driven by improved unit economics due to higher take rate and better operating leverage.
  • GMV incl. services increased by 52% YoY and by 64% YoY in FY 2024, underpinned by 41% YoY and 52% YoY growth in the number of orders respectively, as well as modest inflation in an average order value.
  • The number of active buyers1 increased by 10 million YoY and reached 57 million as of December 31, 2024, while order frequency grew by 24% YoY and exceeded 26 orders per customer per annum.
Fintech
  • Fintech revenue increased by 169% YoY to RUB 35.8 billion in Q4 2024 and by 191% YoY to RUB 93.3 billion in FY 2024, as our Fintech segment continued expand both its credit operations and transaction business.
  • Fintech adjusted EBITDA increased by 129% YoY to RUB 11.9 billion, while profit before income tax increased by 125% YoY to RUB 10.1 billion, in Q4 2024 and was RUB 32.4 billion and 26.4 billion in FY 2024 respectively, driven by strong growth in interest and service revenue streams.
  • Fintech loans to customers2 amounted to RUB 89.1 billion as of December 31, 2024 and increased by 28% compared with RUB 69.7 billion as of September 30, 2024 and by 91% compared with RUB 46.7 billion as of December 31, 2023, as our credit products continued to gain traction with our clients.
  • Customer deposits, including saving accounts, term deposits and outstanding balances on current accounts, amounted to RUB 193.0 billion as of December 31, 2024 and increased by 29% compared with RUB 149.8 billion as of September 30, 2024 and grew by 3.6 times compared with RUB 53.0 billion as of December 31, 2023, mostly driven by an increase in the number of Fintech’s active users and growing popularity of our deposit and saving products.
  • The number of Fintech active users3 increased by 63% YoY to 30.3 million as of December 31, 2024. Ozon Card remained the leading payment method on Ozon platform. Our Fintech services are also rapidly growing beyond our marketplace. The non-marketplace operations exceeded 40% of the total value of transactions made using Ozon Card in Q4 2024.
  • Credit loss allowance coverage ratio of non-performing loans overdue past 90 days was 1.4x as of December 31, 2024, compared with 1.5x as of September 30, 2024.        

Fourth-Quarter and Full-Year 2024 Unaudited Consolidated Financial Results

The following table sets forth a summary of the key operating and financial information for the three and twelve months ended December 31, 2024, December 31, 2023, as well as of December 31, 2024, September 30, 2024 and December 31, 2023.4
See also the “Presentation of Financial and Other Information – Use of Non-IFRS Financial Measures” section of this press release for a definition of the non-IFRS measures and a discussion of the limitations of their use, and for reconciliations of the non-IFRS measures to applicable IFRS measures. See the definitions of metrics such as GMV incl. services, number of orders, number of active buyers, share of Marketplace GMV, and number of active users of Fintech in the “Presentation of Financial and Other Information – Key Operating Measures” section of this press release.

Total revenue grew by 45% YoY to RUB 615.7 billion in FY 2024 and by 69% YoY in Q4 2024 due to strong growth of 52% YoY in service revenue (Q4 2024: 81% YoY) and 250% YoY in interest revenue (Q4 2024: 200% YoY). Interest revenue increase was driven by development and wider adoption of our B2B and B2C credit products and a substantial increase of the Central Bank of Russia’s key rate in FY 2024.

Service revenue growth was augmented by stellar growth in revenue from marketing and information services. Revenue from marketing and information services10 increased by 95% YoY to RUB 137.1 billion in FY 2024 and by 99% YoY in Q4 2024, as we continued to develop and expand our product suite for sellers. Revenue from marketing and information services as a percentage of GMV incl. services increased by 0.8 p.p. YoY to 4.8% in FY 2024 and by 1.3 p.p. YoY to 5.3% in Q4 2024. In addition, in Q4 2024 growth in marketplace commissions and services accelerated sequentially to 64% YoY, compared with 41% YoY in Q3 2024, partly due to phasing out of the effect of transitioning to an agency model.  
Gross profit increased by 126% YoY to RUB 99.9 billion in FY 2024 and by 164% YoY in Q4 2024, despite continued headwinds from high labor cost inflation.       
Gross profit improved significantly as a percentage of GMV incl. services: up by 1.0 p.p. YoY to 3.5% in FY 2024 and by 1.5 p.p. YoY to 3.7% in Q4 2024, due to better performance in e-commerce and greater positive contribution from our Fintech operations.

Total operating expenses before losses and insurance recoveries related to the fire incident (“Total operating expenses”) increased by 52% YoY to RUB 115,7 billion but decreased as a percentage of GMV by 0.3 p.p. YoY to 4.0% for FY 2024 due to the operating leverage effect and cost discipline. In Q4 2024 total operating expenses grew by 51% YoY and remained flat YoY as a percentage of GMV incl. services. Expected credit losses on Fintech financial assets grew by 259% YoY for FY 2024 and by 113% YoY in Q4 2024, as Ozon Fintech segment significantly expanded its credit operations.      
Net finance expense increased from RUB 5.8 billion in FY 2023 to RUB 44.7 billion in FY 2024, stemming from higher interest-bearing liabilities and rising borrowing costs on a portion of our debt, which is linked to the Bank of Russia key rate14, as well as the recognition of a one-off RUB 18.5 billion gain related to the restructuring of convertible bonds in FY 2023.  Net finance expense increased by RUB 8.1 billion YoY to RUB 14.6 billion in Q4 2024.

Net cash generated from operating activities tripled YoY and reached RUB 286.3 billion in FY 2024 and increased by RUB 116.7 billion YoY to RUB 167.6 billion in Q4 2024, mostly driven by higher contribution from changes in liabilities to marketplace sellers and customers and Fintech customer deposits and other financial liabilities.

Net cash used in investing activities increased from RUB 27.3 billion in FY 2023 to RUB 77.5 billion in FY 2024, driven by RUB 40.7 billion YoY increase in capital expenditures due to continued and future planned expansion of logistics infrastructure and an acquisition of investments in debt securities15 in the amount of RUB 12.1 billion. The Company’s total logistics footprint increased by 47% YoY and exceeded 3.5 million square meters as of December 31, 2024. 

Net cash used in investing activities increased by 4.7x YoY to RUB 37.5 billion in Q4 2024.Net cash used in financing activities was RUB 28.6 billion in FY 2024 and RUB 10.8 billion in Q4 2024, compared with a net cash inflow generated from financing activities of RUB 18.6 billion in FY 2023 and an inflow of RUB 36.5 billion in Q4 2023 respectively, primarily due to lower proceeds from borrowings, repayment of borrowings and a one-off effect of RUB 15.9 billion settlement of a derivative instrument in November 2024.

Cash and cash equivalents amounted to RUB 349.2 billion as of December 31, 2024, compared with RUB 230.5 billion as of September 30, 2024.      

Full-Year 2025 Outlook

Based on the current trends and outlook, Ozon expects changes in the following operating and financial performance in FY 202516:
  • GMV incl. services to grow by approximately 30-40% YoY.
  • Adjusted EBITDA of RUB 70-90 billion.
  • Fintech revenue to grow more than 70% YoY.  
  • The non-marketplace operations to exceed on-marketplace operations using Ozon Card.      

Risks and Uncertainties Related to the Current Environment

As the global and economic consequences of the current geopolitical crisis continue to evolve in a manner that is unpredictable and beyond the Company’s control, it is difficult to accurately assess the full impact of this crisis on the Company’s business and the results of its operations.

The United States, the European Union, the United Kingdom and other jurisdictions imposed severe sanctions targeting companies and businesspersons with links to Russia, as well as export and import restrictions. In response, Russia designated a number of states, including the United States, all European Union member states and the United Kingdom, as unfriendly and introduced a number of economic measures in connection with their actions, as well as economic measures aimed at ensuring financial stability in Russia. These sanctions, along with regulatory countermeasures taken by the Russian authorities, have had a significant, and in many cases unprecedented, impact on companies operating in Russia.

At various times over the last two decades (and in some cases to this day), the Russian economy has experienced significant GDP volatility, high levels of inflation, increases in, or high, interest rates, sudden price drop in oil and other natural resources, and instability in the local currency market.

Please refer to our Annual Report for the year ended December 31, 2023 and other public disclosures concerning factors that could impact the Company’s business and the results of operations.    

Disclaimer

This press release contains forward-looking statements that reflect the current views of Ozon Holdings PLC (“we”, “our”, “us”, or the “Company”) about future events and financial performance. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements and are applicable only as of the date on which they are made.

These forward-looking statements are based on management’s current expectations. However, it is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. These statements are neither promises nor guarantees but involve known and unknown risks, uncertainties and other important factors and circumstances that may cause Ozon’s actual results, performance or achievements to be materially different from the expectations expressed or implied by the forward-looking statements. Such factors include conditions in the relevant capital markets, negative global economic conditions, the ongoing geopolitical crisis, sanctions and governmental measures imposed in various jurisdictions in which we operate and other developments negatively impacting Ozon’s business or unfavorable legislative or regulatory developments. We therefore caution you against relying on these forward-looking statements, and we qualify all of our forward-looking statements with these cautionary statements. Please refer to our Annual Report for the year ended December 31, 2023 as well as other public disclosures of the Company concerning factors that could cause actual results to differ materially from those described in our forward-looking statements.

These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While Ozon may elect to update such forward-looking statements at some point in the future, Ozon disclaims any obligation to do so, even if subsequent events cause its views to change. These forward-looking statements should not be relied upon as representing Ozon’s views as of any date subsequent to the date of this press release.

This press release includes “Adjusted EBITDA,” a financial measure not presented in accordance with IFRS. This financial measure is not a measure of financial performance or liquidity in accordance with IFRS and may exclude items that are significant in understanding and assessing our financial results. Therefore, this measure should not be considered in isolation or as an alternative to loss for the period or other measures of profitability, liquidity or performance under IFRS. You should be aware that the Company’s presentation of this measure may not be comparable to similarly named measures used by other companies, which may be defined and calculated differently. See “Presentation of Financial and Other Information – Use of Non-IFRS Financial Measures” in this press release for a reconciliation of this non-IFRS measure to the most directly comparable IFRS measure.

This press release includes information for three and twelve months ended December 31, 2024 and 2023 as well as of December 31, 2024, September 30, 2024 and December 31, 2023. The information for the three and twelve months ended December 31, 2024, for the three months ended December 31, 2023, as well as of December 31, 2024 and September 30, 2024 has not been audited by the Company’s auditors. The information disclosed in this press release is based on currently available information.

The trademarks included herein are the property of the owners thereof and are used for reference purposes only. Such use should not be construed as an endorsement of the products or services of the Company.     

About Ozon

Ozon is a multi-category e-commerce platform operating in Russia, Belarus, Kazakhstan, Kyrgyzstan, Armenia, Georgia, Azerbaijan, Uzbekistan, China, and Turkey. Our fulfillment and delivery infrastructure enables us to provide our customers with fast and convenient delivery via couriers, pickup points or parcel lockers. Our extensive logistics footprint and fast-developing marketplace platform help entrepreneurs sell their products across 11 time zones and offer our customers a wide selection of goods across multiple product categories. Ozon Fintech includes B2B and B2C operations and offers an extensive range of transaction and credit products services to more than 30 million users. Ozon is committed to expanding its value-added services, such as Ozon Fresh online grocery delivery. For more information, please visit https://corp.ozon.com.       

Contacts

Investor Relations
ir@ozon.ru

Press Office
pr@ozon.ru         
  1. See the definition of active buyers in the “Presentation of Financial and Other Information – Key Operating Measures” section of this Release. 
  2. Fintech loans to customers include current and non-current loans to legal entities, individual entrepreneurs and individuals, net of allowance for expected credit losses.
  3. See the definition of Fintech active users in the “Presentation of Financial and Other Information – Key Operating Measures” section of this Release.
  4. The information for the three and twelve months ended December 31, 2024, for the three months ended December 31, 2023, as well as of December 31, 2024 and September 30, 2024, has not been audited by the Company’s auditors. Certain comparative information for the three and twelve months ended December 31, 2023 and as of December 31, 2023 was reclassified to comply with the presentation adopted in 2024. Please refer to “Presentation of Financial and Other Information – Changes in Presentation and Reclassifications” for details.
  5. Adjusted EBITDA is a non-IFRS financial measure that is defined in the “Presentation of Financial and Other Information – Key Operating Measures” section of this press release. The definition has been amended from Q4 2024. Comparative information has been revised accordingly.
  6. As of December 31, 2024 and December 31, 2023.
  7. Total Fintech revenue includes interest and service revenues on credit products for B2B and B2C customers, flexible payment schedule and factoring services for sellers, revenues from payment processing services, premium subscription, cash and settlement services and bank cards services.
  8. As of December 31, 2024 and December 31, 2023, net of allowance for expected credit losses.
  9. Outstanding balances on current accounts include saving accounts and outstanding balances on current accounts.
  10. Marketplace marketing platform allows sellers and other customers to promote their products on our website and mobile application, as well as to prioritize their products in responses to buyers’ search queries for a fee. The Company may also arrange placement of customers’ advertising outside of our platform.
  11. By October 2023, we completed the transition to an agency model for the majority of third-party services rendered to sellers. As a result, our revenues from such services were recognized net of the costs of third-party service providers, which resulted in a decrease in our reported net revenue with a corresponding decrease in cost of revenue with no impact on gross profit.
  12. Interest revenue includes revenues from interest and interest-like commissions on Fintech’s financial assets, which are accounted for primarily at amortized costs using the effective interest method.
  13. Cost of services and other revenue mainly includes fulfillment and delivery costs and Fintech interest and service-related costs.
  14. Annual average key rate increased from 10.0% in 2023, to 17.5% in 2024.
  15. Federal Loan Bonds of the Russian Federation.
  16. The forward-looking statements below reflect Ozon’s expectations as of February 27, 2025, and could be subject to change, and they involve inherent risks that we are not able to control – for example, any changes to political and economic conditions globally as well as in our regions of operations.