Ozone reported on the third quarter. Hmm the numbers look shockingly good for a company that had 11 warehouses burned down in that time. how so? Adjusted events increased by 124% year-on-year to 93 billion rubles. The margin of events to GMV is 6%, a historical record. The number of orders increased by 76%, new customers - 10.5 million. Revenue +63%, operating profit almost doubled (+97%). The cost of handling one order decreased by 13%, while the number of orders itself increased by about 450 million units. Operating leverage was at full strength: fixed costs were spread over huge volume. At the same time, the company launched a subsidy package for sellers - reduced commissions, a year of free storage, free logistics for warehouses in Siberia and Kazakhstan. This is a cyclical investment. The issue price was not disclosed, but it is certainly not zero. The company reflected 30.1 billion rubles in a separate line. Losses from UAV attacks on logistics facilities. Negotiations with the insurance companies are ongoing, the outcome is uncertain. A peak of 6% events/GMV is the ceiling. Ozone itself aims for the market to return to the 4-5% range, as labor costs are rising and full disclosure of costs for the seller support program is yet to come. The real question in the fourth quarter is whether the company will make it through the peak season without new infrastructure incidents. Ozone did not revise its forecasts for the events, net profit and turnover. Either there is trust in the margin of safety, or there is a bet that the insurers will pay in the end.

Ozone reported on the third quarter. Hmm the numbers look shockingly good for a company that had 11 warehouses burned down in that time. how so? Adjusted events increased by 124% year-on-year to 93 billion rubles. The margin of events to GMV is 6%, a historical record. The number of orders increased by 76%, new customers - 10.5 million. Revenue +63%, operating profit almost doubled (+97%). The cost of handling one order decreased by 13%, while the number of orders itself increased by about 450 million units. Operating leverage was at full strength: fixed costs were spread over huge volume. At the same time, the company launched a subsidy package for sellers - reduced commissions, a year of free storage, free logistics for warehouses in Siberia and Kazakhstan. This is a cyclical investment. The issue price was not disclosed, but it is certainly not zero. The company reflected 30.1 billion rubles in a separate line. Losses from UAV attacks on logistics facilities. Negotiations with the insurance companies are ongoing, the outcome is uncertain. A peak of 6% events/GMV is the ceiling. Ozone itself aims for the market to return to the 4-5% range, as labor costs are rising and full disclosure of costs for the seller support program is yet to come. The real question in the fourth quarter is whether the company will make it through the peak season without new infrastructure incidents. Ozone did not revise its forecasts for the events, net profit and turnover. Either there is trust in the margin of safety, or there is a bet that the insurers will pay in the end.