Russia's Ozon Group (MOEX: OZON) reported a net profit of RUB4.5bn ($54.7mn) for the first quarter of 2026, against a net loss of RUB7.9bn in the same period last year, the e-commerce group said in unaudited financial statements carried by Kommersant on April 28.

Ozon is one of Russia's two largest online marketplaces alongside Wildberries, and one of the country's biggest internet companies. The Moscow-based group runs a multi-category e-commerce platform connecting more than 150,000 sellers and over 31mn active customers, alongside Russia's most extensive private fulfilment and delivery network. The group has also expanded into fintech, online travel, grocery delivery and digital services, and was originally listed on Nasdaq in November 2020 before redomiciling from Cyprus to Russia's Oktyabrsky Island special administrative region in Kaliningrad in 2025.

The return to profit was driven by growth in adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) and the optimisation of financial costs, the company said.

Adjusted EBITDA reached RUB48.8bn in the quarter, up RUB16.4bn year on year, supported by gross profit growth. Adjusted EBITDA margin as a share of gross merchandise value (GMV) including services rose by 0.4 percentage points to a record 4.3%.

GMV grew 36% to RUB1.14 trillion ($13.85bn).

Gross profit climbed 45% to RUB68.2bn, with the company citing growth in services revenue and the development of its fintech segment, alongside cost control on marketplace services through automation and process optimisation. Gross profit as a share of GMV including services rose 0.4 percentage points to 6%.

Revenue rose 49% to RUB300.9bn ($3.65bn), driven by growth in services revenue and interest income.

Net cash flow reached RUB120bn ($1.46bn), supported by an increased positive contribution from changes in working capital in the fintech segment and adjusted EBITDA growth across the e-commerce and fintech operations.

The Q1 results come as Russia's e-commerce market enters a phase of slower headline growth. Combined with rival Wildberries, Ozon's market share is set to reach 77% by end-2026 according to consultancy Euler, but year-on-year growth is moderating sharply as consumers cut non-food spending and third-party sellers exit the platforms.