Ozon Holdings Approaches Peak Valuation on Strong Profitability Shift

Ozon Holdings PLC is trading near its highest levels of the year, a move fueled by the company's successful pivot to sustainable profitability. Recent quarterly performance and a concluded corporate restructuring have significantly bolstered investor confidence in the equity. The central question now is whether the Russian e-commerce leader can surpass its own upgraded annual guidance.

The third quarter of 2025 marked a definitive inflection point for Ozon. The company reported its second consecutive quarter of net profit, firmly moving past its previous phase of loss-driven growth. Key financial metrics from the period underscore this transformation:

• Q3 2025 Net Profit: 2.9 billion RUB
• Q3 2025 Revenue: 258.9 billion RUB, representing year-over-year growth of 69%
• Q3 2025 Adjusted EBITDA: 41.5 billion RUB, a more than threefold increase
• Gross Merchandise Value (GMV): Exceeded 1.1 trillion RUB, up 53%
• Customer Base: 63 million active buyers, averaging 34 orders per customer annually

The share price closed its last session at 4,450.50 RUB, sitting less than 4% below its annual peak.

Operational Scale and Diversification Drive Results

Beyond top-line growth, operational efficiency saw substantial improvement. The leap in Adjusted EBITDA highlights stronger margin performance. This was partly supported by the rapid expansion of Ozon's fintech segment, which saw revenue surge 131% to 53.9 billion RUB. The overall GMV crossing the 1.1 trillion RUB threshold reflects the effective scaling of its core marketplace business.

Corporate Restructuring and Shareholder Base

A major source of geopolitical and regulatory uncertainty has been removed with the formal completion of Ozon's redomiciliation to Russia. The company is now registered as MKPAO Ozon in the Kaliningrad Special Administrative Region.

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

Concurrently, the conversion process for its American Depositary Receipts (ADRs) is underway. The mandatory conversion period commenced in early December and runs through the end of March, a critical timeline for both institutional and private holders. Full completion is expected to further stabilize trading liquidity on the Moscow Exchange.

The shareholder structure has also become more consolidated. By mid-2025, structures associated with Alexander Chachava secured approximately 27.71% of the company, an action that reduces potential near-term selling pressure.

Guidance and Upcoming Catalysts

The market is currently pricing in Ozon's evolution into a profitable entity. The immediate focus is on whether fourth-quarter results—particularly during the key holiday shopping season—will confirm or exceed management's raised outlook. The company has upwardly revised its full-year 2025 Adjusted EBITDA target to 140 billion RUB.

Audited annual figures are scheduled for release on February 24th. These results will serve as a critical validation point: achieving the 140 billion RUB Adjusted EBITDA goal would support the current valuation re-rating, while a miss could dampen momentum. Furthermore, the conclusion of the ADR conversion window at the end of March stands as another significant date for assessing the stock's liquidity profile.