Ozon Shares Defy Strong Financial Performance with Market Decline

Despite posting exceptional financial results, Ozon Holdings PLC is experiencing a persistent downward trend in its share price. The Russian e-commerce leader concluded Friday’s trading session on the Moscow Exchange at 3,914 rubles, marking a 1.82 percent decline. Throughout the day, the stock traded between 3,885.50 and 3,995 rubles, consistently facing selling pressure. This market behavior presents a puzzling contrast to the company’s fundamentally robust operational performance.

Stellar Nine-Month Financial Achievement

The current stock market valuation appears disconnected from Ozon’s impressive financial report for the initial three quarters of 2025. The company achieved a dramatic reduction in net loss, which narrowed substantially to 4.597 billion rubles compared to the staggering 41.877 billion ruble deficit recorded during the same period last year.

Revenue performance was even more remarkable, surging 73 percent to reach 688.637 billion rubles.

Key financial highlights include:
* Gross Profit: Soared 157 percent to 164.767 billion rubles
* Adjusted EBITDA: Expanded significantly to 113.19 billion rubles (from 23.275 billion previously)

These figures demonstrate extraordinary operational improvement and suggest the company has reached a sustainable profitability inflection point.

Should investors sell immediately? Or is it worth buying Ozon Holdings PLC?

Second Quarter 2025: A Historic Turning Point

The April-June period of 2025 represents a watershed moment for Ozon. For the first time in corporate history, the company generated operating net profit of 359 million rubles—a spectacular reversal from the 28 billion ruble loss reported in the second quarter of 2024.

Operational metrics confirm this positive trajectory:
* Revenue expansion: +87% to 227.6 billion rubles
* E-commerce revenue: +73% to 189.4 billion rubles
* Gross merchandise volume (GMV): +51% to 958.4 billion rubles
* Gross profit: Tripled to 57.5 billion rubles
* Operating cash flow: +330% to 179.9 billion rubles

Strategic Expansion Amid Market Challenges

While equity investors remain cautious, Ozon continues to aggressively pursue growth initiatives. The platform’s active customer base expanded by 9.4 million users, reaching 60.5 million total shoppers.

Infrastructure development has been equally impressive:
* Warehouse capacity increased by one-third to 3.7 million square meters
* Pick-up point network grew 45 percent to exceed 75,000 locations

The divergence between operational excellence and stock performance suggests investors are prioritizing macroeconomic concerns and geopolitical uncertainties over the company’s strong business fundamentals.