Ozon announces second quarter 2021 financial results and raises GMV guidance for full-year 2021 to 110% year-on-year

Ozon Holdings PLC (NASDAQ and MOEX: “OZON”, thereafter referred to as “Ozon” or the “Company”), a leading Russian e-commerce platform, announces its unaudited financial results for the second quarter ended June 30, 2021.

Second Quarter 2021 Financial and Operating Results Highlights
  • Number of orders increased to 40.9 million, up from 14.6 million orders delivered in Q2 2020, with growth accelerating to 180% year-on-year, on the back of 80% growth in customer base and strong cohort performance with 40% higher order frequency.
  • GMV incl. services increased to RUB 89.0 billion, growing by 94% year-on-year, compared to RUB 45.8 billion in Q2 2020, despite the high base effect of 188% year-on-year growth in Q2 2020.
  • Share of Marketplace reached 62.1% as a percentage of GMV incl. services, compared to 47.4% in Q2 2020, supported by the merchant base more than tripling in the last twelve months and boosting availability and choice as assortment reached approximately 27 million SKUs as of June 30, 2021.
  • Adjusted EBITDA was a negative RUB 9.1 billion, compared to negative RUB 1.8 billion in Q2 2020, implying Adjusted EBITDA as a percentage of GMV incl. services of 10.3% in Q2 2021 compared to 3.9% in Q2 2020, on the back of strategic investments deployed to build scale and increase our market share.
  • Cash flow from operating activities was negative RUB 7.7 billion, compared to negative RUB 2.1 billion in Q2 2020.
  • The Company had cash and cash equivalents of RUB 122.9 billion as of June 30, 2021.
Alexander Shulgin, Chief Executive Officer of Ozon commented:Since 2018 we transformed Ozon into one of the largest e-commerce players in Russia with 18 million customers and close to RUB 1 billion GMV per day! Yet we see an enormous market growth opportunity in core e-commerce business as well as the new Fintech vertical, which already boasts 1 million users, and our quick commerce business unit Ozon Express. Despite very tough comps, our GMV was up by 94%, on the back of a tremendous order growth of 180% year-on-year. The 40% increase in order frequencies is a testimony to the stellar performance of our cohorts. We significantly enhanced our last mile operations, increased our seller base and more than doubled the assortment since the start of the year. We expect our order growth to remain strong for the remainder of the year and raise our GMV growth guidance to 110% for the full year.”

Financial Outlook

The below forward-looking statements reflect Ozon’s expectations as of August 17, 2021, considering trends year to date and could be subject to change, and involve inherent risks which we are not able to control, for example the overall impact of the coronavirus pandemic and any ongoing or new potential disruptions caused by COVID-19. The below forecasts assume no further escalation of the COVID-19 pandemic.

Based on the recent performance and current outlook:
  • Ozon raises its growth guidance for the Company’s GMV incl. services to 110% for Full-Year 2021, compared to Full-Year 2020.
  • Ozon reiterates capital expenditure plans of between RUB 20 billion to RUB 25 billion for the Full-Year 2021.
Summary: Key Operating and Financial Metrics

The following table sets forth a summary of the key operating and financial data for the quarter and the six months ended June 30, 2021. The quarterly information for the quarter and the six months ended June 30, 2021 and June 30, 2020 has not been audited by the Company’s auditors.

Note that Adjusted EBITDA and Free cash flow are non-IFRS financial measures. See “Presentation of Financial and Other Information” section of this press release for a definition of such non-IFRS measures, a discussion of the limitations on their use, and reconciliations of the non-IFRS measures to the applicable IFRS measures. See the definitions of metrics such as GMV incl. services, Gross Profit, number of orders, number of active buyers, share of Marketplace GMV in the “Other Key Operating Measures” section of this press release.

Key Highlights and Business Developments

Ozon e-commerce business demonstrated strong GMV growth of 94% year-on-year, despite the high base effect of Q2 2020 which was impacted by COVID-19 restrictions and during which the Company achieved GMV growth of 188% year-on-year. The GMV growth trend improved during the second quarter of 2021.

The order growth in Q2 2021 accelerated significantly and reached 180% year-on-year, on the back of the rising order frequency, underpinned by fast expansion of the last mile logistics which resulted in greater proximity to the customer base, making the service more convenient for Ozon customers across a number of regions.
  • In Q2 2021 order frequency reached 6.6, implying a 40% increase year-on-year, indicating improvement in the customer cohort characteristics.
  • The notable increase in user engagement is attributable to Ozon’s continuous efforts to enhance customer value proposition in terms of selection, value and convenience.
  • Ozon’s offline pickup locations exceeded 15,000 as of June 30, 2021 compared to around 10,000 as of the 2020 year-end. The rapid expansion of the Ozon logistics infrastructure makes Ozon one of the leading last mile network operators among e-commerce players and logistics companies in Russia.
  • Ozon’s fulfillment footprint reached 268,000 sqm following the expansion of fulfillment center in Saint Petersburg and the launch of a fulfillment facility in Khabarovsk in the Far East.
  • An accelerated growth in the number of merchants on Ozon platform led to a greater assortment breadth which reached approximately 27 million SKUs.
GMV growth for the first half 2021 amounted to 111% year-on-year, giving the Сompany confidence to raise its Full-Year 2021 GMV growth guidance to 110%.

Ozon Marketplace

In Q2 2021, Ozon Marketplace GMV increased by more than 150% year-on-year, with the Share of Marketplace (3P) as a percentage of GMVreaching 62.1%, compared to 47.4% in Q2 2020. The fast expansion of the marketplace has been driven by the growing number of merchants trading on the platform which more than doubled since the start of the year, as well as customer base increasing by 80% year-on-year, propelling the flywheel effect.


The number of sellers more than tripled year-over-year and reached nearly 50 thousand. Notably, more than 60% of the new merchant registrations in Q2 2021 were generated outside of Moscow. The Company is constantly developing new, innovative ways to support growth and development of the businesses of Ozon’s merchants on Ozon marketplace, including new modes of fulfillment and delivery, that allow sellers to get their goods to customers quickly and reliably as well as market intelligence and business analytics tools, advertising solutions and financial services.
  • Our physical infrastructure, consisting of fulfillment centers, sorting hubs and last mile infrastructure facilitates a variety of marketplace models (FBO, FBS, Storefront) and provides maximum flexibility for sellers vis-à-vis fulfillment and delivery modes that best suit their business requirements which helps to lower barriers to entry for the sellers.
  • Our digital infrastructure and technology-driven tools enable us to accelerate the digital transformation for the Ozon merchant base, increasing sellers’ efficiency and boosting their sales. Ozon offers analytical and trading tool kits, an intuitive interface and best-in-class functionality, and a wide range of promotion mechanisms.
  • Content: Ozon improved content creation and moderation procedures, which expedited the merchant onboarding.
  • Advertising. Ozon offers its sellers over 30 types of advertising tools and is constantly developing and adding new ones. Every third seller on Ozon platform currently uses advertising tools and the Company sees further growth potential for enhancement and monetization of advertising services on Ozon’s platform.
  • Our Fintech services for the merchants offer access to the financial products and solutions that merchants require to scale up their businesses.

Number of active customers on Ozon’s platform increased by 80% year-on-year, reaching 18.4 million as of June 30, 2021, compared to 10.2 million as of June 30, 2020. Annual order frequency of Ozon’s buyers increased by 40% to 6.6 in Q2 2021, compared to 4.7 in Q2 2020. Significant growth in order frequency is attributable to both more active new buyers and increased activity from the existing customers.


Ozon assortment reached approximately 27 million SKUs as of June 30, 2021, fueled by accelerated onboarding of merchants on Ozon’s marketplace and more efficient content creation process.

Ozon Fulfillment & Logistics

Fulfillment and logistics network expansion remains one of the key strategic priorities for Ozon and underpins the growth of its e-commerce business. The Company continues to scale its nation-wide fulfillment and logistics infrastructure both in existing locations as well as the new regions, thereby ensuring the widest assortment availability as well as fast and reliable delivery of goods to 18 million Ozon customers across Russia.

  • As of June 30, 2021, Ozon fulfillment footprint reached 268 thousand square meters across Moscow, Moscow region, Tver, Saint-Petersburg, Kazan, Rostov-on-Don, Yekaterinburg, Novosibirsk, and a newly launched fulfillment center in Khabarovsk.
  • As of June 30, 2021, Ozon operated over 15,000 offline pick-up locations, with the dominant share operated by the franchisees across Russia.
  • Logistics plays an increasingly important role in augmenting fast growth of the Ozon marketplace. In Q2 2021 the Ozon logistics business was able to process and deliver parcels with 98% on time delivery.
Third Party Logistics Services
  • This year Ozon launched 3P logistics services which creates an additional revenue stream for Ozon and drives higher utilization levels and faster ramp up of Ozon logistics infrastructure.
  • In Q2 2021 the Company continued to expand its third party logistics operations, with over 100 partners leveraging Ozon’s nation-wide network.
Ozon New Initiatives & Verticals

Ozon Financial Services

Ozon FinTech is an area of strategic focus for Ozon and is progressively becoming a more notable lever of the growth for the platform. As part of Ozon’s fintech strategy on April 12, 2021 Ozon entered into an agreement to acquire Oney Bank LLC. The acquisition of Oney Bank enabled Ozon to obtain a banking license in a fast and efficient manner which gave Ozon full flexibility to structure and launch financial service products that allow the customers and marketplace sellers on the platform to transact in a frictionless way. Ozon will also be able to structure lending products in accordance with the desired specifications of its customer base and merchants.

B2C Initiatives
  • Number of issued Ozon Cards reached 1 million in Q2 2021.
  • Ozon Card became one of the top-3 most popular payment methods on the Ozon platform.
  • Ozon card holders exhibit greater customer loyalty with 1.6x higher order frequency on average in the 12-month period ended June 30, 2021, compared to the customers using other payment methods
B2B Initiatives
  • With its microcredit license, in 2021 Ozon launched the microfinance company "Ozon Credit", that operates on the Ozon Invest B2B lending platform and offers lending solution for Ozon merchants. Ozon Credit leverages more than 40 different indicators, processed by machine learning, aiding Ozon with faster and more accurate scoring.
  • Ozon “Flexible payment plan”, is a unique solution designed for the merchants, that enables them to arrange a payment schedule that fits the individual business needs of the Ozon sellers. Over 2,000 sellers started to actively employ this product just in few months after the launch to better manage their working capital and increase sales.
Ozon Express

Ozon Express is the Company’s quick commerce business. Ozon Express offers one-hour delivery for more than 20,000 SKUs including food and non-food assortment, such as FMCG, children’s goods and electronics.
  • It continued to gain traction with the Ozon customer base during Q2 2021. The daily average number of orders generated by Ozon Express almost doubled in June 2021 compared to March 2021.
  • As of June 30, 2021 Ozon Express covered all of Moscow and its suburbs with one-hour delivery service.
  • In Q2 2021 Ozon Express started its regional expansion by opening its first dark store in Saint-Petersburg.
  • In June 2021 Ozon Express launched its private label under Ozon which will offer a variety of products such as coffee, snacks and other FMCG.
Ozon Technology

OZON CIS Expansion
  • Ozon continues to increase its presence in Belarus. Since the launch of its operations in February 2021, the number of orders increased three times in June 2021 compared to February.
  • In Q2 2021 the Ozon marketplace launched its partnership with the Belarus national postal operator Belpochta. Belarus customers can pick Ozon parcels from any of approximately 3,000 post offices across the country.
  • Simultaneously Ozon continues to expand its own logistics infrastructure in Belarus with the launch of the sorting facilities. Furthermore, the Company plans to scale its franchising pick-up points network, which will benefit its customers providing better user experience as well as presenting an opportunity for local entrepreneurs to become Ozon’s franchise partners.
  • Ozon aims to onboard Belarus merchants to provide Russian consumers with even greater choice and assortment and enable Belarussian SMEs and bigger brands to tap into the Russian consumer market, one of the largest in Europe.
  • Ozon plans to launch its operations in Kazakhstan in the second half of 2021.
COVID-19 Impact

In March 2020, the World Health Organization declared the COVID-19 virus a global pandemic. The highly contagious disease has spread to most of the countries including Russia, creating a negative impact on customers, workforces, and suppliers, disrupting economies and financial markets, and potentially leading to a worldwide economic downturn. However, the full impact of the COVID-19 outbreak continues to evolve. To prevent the spread of infection, the Russian Government introduced a number of recommendations and restrictions, including restrictions on the movement of citizens, a limitation on commercial activities, measures to stimulate vaccination of population.

Since the restrictions in most regions of Russia eased starting from June 2020, solid GMV growth trends continued at Ozon, with strong customer and merchant engagement, rising order frequencies so far.

Nonetheless, the extent to which COVID-19 and the actions taken by governments to limit the spread of COVID-19 may impact our business depends on future developments, are highly uncertain and cannot be predicted. As such, it is uncertain as to the full magnitude that the pandemic will have on the Group’s financial condition, liquidity, and future results of operations.


Investor Relations
Maryia Berasneva, Head of Investor Relations, OZON
[email protected]

Press Office
Maria Zaikina, Director of Public & Industry Relations, OZON
[email protected]


This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect the current views of Ozon Holdings PLC (“we”, “our” or “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.

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 its expectations expressed or implied by the forward-looking statements, including conditions in the U.S. capital markets, negative global economic conditions, potential negative developments in the COVID-19 pandemic, other negative developments in Ozon’s business or unfavorable legislative or regulatory developments. We caution you therefore against relying on these forward-looking statements, and we qualify all of our forward-looking statements by these cautionary 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 certain non-IFRS financial measures not presented in accordance with IFRS, including but not limited to Contribution Profit/(Loss), Adjusted EBITDA and Free Cash Flow. These financial measures are not measures of financial performance in accordance with IFRS and may exclude items that are significant in understanding and assessing our financial results. Therefore, these measures 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 these measures may not be comparable to similarly titled measures used by other companies, which may be defined and calculated differently. See “Presentation of Financial and Other Information” in this press release for a reconciliation of certain of these non-IFRS measures to the most directly comparable IFRS measure.

This press release includes quarterly information for the three and six months ended June 30, 2021 and the three and six months ended June 30, 2020. This information has not been audited or reviewed by the Company’s auditors.

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.