O'KEY Group S.A.
O`KEY GROUP REPORTS NET PROFIT UNDER IFRS IN H1 2025
29-Aug-2025 / 08:45 CET/CEST
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Press release 29 August 2025 O`KEY GROUP REPORTS NET PROFIT UNDER IFRS IN H1 2025 O`KEY Group S.A. (MOEX, AIX: OKEY, the “Group”), one of Russia’s leading food retailers, has announced its financial results for the first half (H1) of 2025 based on consolidated interim financial statements. All materials published by the Group are available on its website at okeygroup.lu. All results are according to IFRS 16 unless stated otherwise. H1 2025 financial highlights - Total Group revenue increased by 3.8% YoY to RUB 109.6 bn, driven mainly by DA! discounters’ retail revenue growth.
- Group gross profit rose by 7.3% YoY to RUB 25.9 bn, while gross margin grew by 0.8 pps to 23.7%, led by efficient procurement and logistics cost management.
- Group EBITDA grew by 0.3% YoY to RUB 9.6 bn, while EBITDA margin decreased by 0.3 pps YoY to 8.8%.
- O`KEY hypermarkets’ EBITDA declined by 10.9% YoY to RUB 5.8 bn, and EBITDA margin was down by 1.0 pp to 8.2%, primarily as a result of a one-off non-cash effect from the renegotiation of lease terms (in accordance with IFRS 16), as well as salary indexations and utility tariffs inflation in H1 2025.
- DA! discounters’ EBITDA surged by 23.3% YoY to RUB 3.9 bn, while EBITDA margin grew by 0.9 pps to 9.9% due to continued improvements to operational efficiency and a higher number of discounters achieving profitability targets amid a steady double-digit increase in the chain’s revenue.
- In H1 2025, the Group reported a RUB 223 mln net profit, compared to RUB 78 mln a year earlier.
Group profit and losses highlights in H1 2025 RUB mln | H1 2025 | H1 2024 | ∆ YoY, % | Total Group revenue | 109,644 | 105,633 | 3.8% | O`KEY | 70,501 | 70,445 | 0.1% | DA! | 39,143 | 35,208 | 11.2% | Gross profit | 25,931 | 24,176 | 7.3% | Gross profit margin, % | 23.7% | 22.9% | 0.8 pps | Selling, general and administrative expenses | (21,735) | (20,843) | 4.3% | Selling, general and administrative expenses, % of revenue | 19.9% | 19.8% | 0.1 | Other operating income | 307 | 714 | (56.9%) | Finance costs, net | (4,762) | (4,018) | 18.5% | Foreign exchange gain | 553 | 73 | 7.6х | Net profit | 223 | 78 | 2.8х | Group EBITDA | 9,649 | 9,616 | 0.3% | Group EBITDA margin, % | 8.8% | 9.1% | (0.3 pps) | O`KEY EBITDA | 5,756 | 6,459 | (10.9%) | O`KEY EBITDA margin, % | 8.2% | 9.2% | (1.0 pps) | DA! EBITDA | 3,892 | 3,157 | 23.3% | DA! EBITDA margin, % | 9.9% | 9.0% | 0.9 pps |
Group revenue RUB mln | H1 2025 | H1 2024 | ∆ YoY, % | Total Group revenue | 109,644 | 105,653 | 3.8% | Retail revenue | 108,506 | 104,568 | 3.8% | Rental income | 1,138 | 1,085 | 4.9% |
In H1 2025, total Group revenue increased by 3.8% YoY to RUB 109,644 mln, driven mainly by retail revenue growth. Group retail revenue was up 3.8% YoY to RUB 108,506 mln in 6M 2025. For more details, please refer to the Group’s Q2 2025 Trading Update. Group gross profit Group gross profit increased by 7.3% YoY to RUB 25,931 mln in H1 2025. Group gross margin grew by 0.8 pps YoY to 23.7%, driven mainly by continued efforts to improve procurement performance and optimise logistics costs. Group selling, general and administrative expenses RUB mln | H1 2025 | % of revenue | H1 2024 | % of revenue | ∆ YoY, pps | Personnel costs | 9,640 | 8.8% | 8,727 | 8.3% | 0.5 | Depreciation and amortisation | 4,958 | 4.5% | 5,372 | 5.1% | (0.6) | Communication and utilities | 2,822 | 2.6% | 2,687 | 2.5% | 0.1 | Advertising and marketing | 935 | 0.9% | 958 | 0.9% | - | Repairs and maintenance | 834 | 0.8% | 846 | 0.8% | - | Insurance and bank commissions | 742 | 0.7% | 705 | 0.7% | - | Operating taxes | 462 | 0.4% | 441 | 0.4% | - | Security expenses | 412 | 0.4% | 372 | 0.4% | - | Legal and professional services | 353 | 0.3% | 291 | 0.3% | - | Operating leases | 342 | 0.3% | 168 | 0.2% | 0.1 | Materials and supplies | 191 | 0.2% | 227 | 0.2% | - | Other costs | |
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