X5's EBITDA down 9.8% in Q1, net profit falls 24%

MOSCOW. May 5 (Interfax) - X5's EBITDA to International Financial Reporting Standards (IFRS) 17 fell 9.8% to 50 billion rubles in Q1, the company said.

Profitability declined to 4.7% from 6.3% in Q1 2024.

Adjusted EBITDA in the reporting period decreased 8% to 51.1 billion rubles. Profitability dropped to 4.8% from 6.3% a year earlier.

Net profit in the reporting period declined 24%, amounting to 18.35 billion rubles.

However, gross profit increased 19.2% to 250 billion rubles. The margin for this indicator decreased to 23.4% from 23.7% due to increased inventory shrinkage amid an expansion of the ready-to-eat food category, as well as rising logistics costs.

The group's revenue grew 20.7% year-on-year to 1.07 trillion rubles, driven by expansion of retail space and LfL sales.

Commercial, general and administrative expenses (excluding depreciation, impairment, LTI and management compensation expenses) increased as a percentage of revenue from 18.1% to 19.2%, primarily due to higher personnel costs, delivery expenses and other operating expenses.

As of December 31, net debt stood at 273.745 billion rubles, with the net debt/EBITDA ratio at 1.11x compared to 0.88x at the end of December 2024.

X5 is Russia's largest retailer by revenue. As of March 31, 2025, the group operated 27,536 stores.