Press release 31 July 2025
O`KEY Group S.A. (MOEX, AIX: OKEY, the “Group” or the “Company”), one of Russia’s leading food retailers, has announced its unaudited operating results for the second quarter (Q2) and the six months (6M) of 2025. All materials published by the Group are available on its website at
www.okeygroup.lu. Q2 2025 operating highlights Group net retail revenue
[1] increased by 4.9% YoY to RUB 54.9 bn in Q2 2025, driven by net retail revenue performance of both O`KEY hypermarkets and DA! discounters. Net retail revenue generated by O`KEY hypermarkets increased by 1.0% YoY to RUB 34.2 bn in Q2 2025. DA! discounters’ net retail revenue rose by 12.2% YoY to RUB 20.7 bn in Q2 2025, led by a 9.9% LFL revenue increase supported by the selling space growth. The Group opened three DA! discounters (net of closures) in Q2 2025. DA! discounters’ share of Group revenue increased by 2.4 pps YoY to 37.6% in Q2 2025. 6M 2025 operating highlights Group net retail revenue rose 3.8% YoY to RUB 108.5 bn. Net retail revenue for O`KEY hypermarkets was RUB 69.4 bn. DA! discounters’ net retail revenue rose by 11.2% YoY to RUB 39.1 bn, driven by 9.4% LFL revenue growth and by the chain’s expansion. Key events in 6M 2025 and after the reporting date In March, the Group’s Extraordinary General Meeting of Shareholders
approved the Company’s redomiciliation from Luxembourg to Russia (Oktyabrsky Island, Kaliningrad Region). In June, Expert RA
affirmed a credit rating of ‘ruA-’ for O`KEY LLC, the main operating subsidiary of O`KEY Group S.A. The outlook of the rating remains Stable. In July, the NCR rating agency
affirmed a credit rating of ‘A.ru’ for O`KEY LLC, the main operating subsidiary of O`KEY Group S.A. Group operating review Group Net Retail Revenue in Q2 and 6M 2025
| Net Retail Revenue, RUB mln (excl. VAT) | Q2 2025 | Q2 2024 | YoY, % | 6M 2025 | 6M 2024 | YoY, % |
| O’KEY Group | 54,887 | 52,316 | 4.9% | 108,506 | 104,568 | 3.8% |
| O'KEY hypermarkets | 34,224 | 33,896 | 1.0% | 69,388 | 69,383 | 0.0% |
| DA! discounters | 20,663 | 18,420 | 12.2% | 39,118 | 35,185 | 11.2% |
Group Net Retail Revenue Dynamics in Q2 and 6M 2025
| Net Retail Revenue, % | Q2 2025 vs Q2 2024 | 6M 2025 ? 6M 2024 |
| Net retail revenue | Traffic | Average ticket | Net retail revenue | Traffic | Average ticket |
| O’KEY Group | 4.9% | (2.5%) | 7.6% | 3.8% | (2.5%) | 6.4% |
| O'KEY hypermarkets | 1.0% | (5.1%) | 6.4% | 0.0% | (5.6%) | 6.0% |
| DA! discounters | 12.2% | 0.2% | 11.9% | 11.2% | 1.0% | 10.0% |
Group LFL Net Retail Revenue Dynamics in Q2 and 6M 2025
| LFL Net Retail Revenue, % | Q2 2025 vs Q2 2024 | 6M 2025 vs 6M 2024 |
| LFL net retail revenue | LFL traffic | LFL average ticket | LFL net retail revenue | LFL traffic | LFL average ticket |
| O’KEY Group | 4.1% | (3.3%) | 7.7% | 3.2% | (3.1%) | 6.5% |
| O'KEY hypermarkets | 1.0% | (5.1%) | 6.4% | 0.0% | (5.6%) | 6.0% |
| DA! discounters | 9.9% | (1.4%) | 11.5% | 9.4% | (0.3%) | 9.8% |
Note: Q2 2025 LFL metrics are calculated based on 77 O`KEY and 216 DA! stores. In Q2 2025, Group net retail revenue increased by 4.9% YoY to RUB 54,887 mln. This growth was due to higher LFL revenue from both retail chains and the expansion of the Group’s discounters. Over 6M 2025, Group net retail revenue increased by 3.8% YoY (4.3% YoY net of the leap-year effect, i.e. excluding the results of the additional day of 29 February 2024 for comparison purposes), reaching RUB 108,506 mln. O`KEY hypermarkets’ net retail revenue grew by 1.0% YoY to RUB 34,224 mln in Q2 2025, driven by corresponding LFL revenue growth. In 6M 2025, O`KEY hypermarkets’ net retail revenue remained flat YoY (up 0.5% YoY net of the leap-year effect) at RUB 69,388 mln. In Q2 2025, DA! discounters’ net retail revenue rose by 12.2% YoY to RUB 20,663 mln, driven by 9.9% LFL revenue growth and new store additions. For 6M 2025, DA! discounters’ net retail revenue grew by 11.2% YoY (11.7% YoY net of the leap-year effect) to RUB 39,118 mln. DA! discounters’ share of Group net retail revenue grew to 37.6% in Q2 2025 and 36.1% in 6M 2025. Group Stores and Selling Space in 6M 2025
| Stores and Selling Space | 6M 2025 | 6M 2024 | Net change | Change, % |
| Number of stores, EoP | 303 | 296 | 7 | 2.4% |
| O'KEY hypermarkets | 77 | 77 | - | - |
| DA! discounters | 226 | 219 | 7 | 3.2% |
| Total selling space (sq m), EoP | 664,817 | 659,973 | 4,844 | 0.7% |
| O'KEY hypermarkets | 512,329 | 512,329 | - | - |
| DA! discounters | 152,488 | 147,644 | 4,844 | 3.3% |
In Q2 2025, the Group opened four and closed one DA! discounter and, as of 30 June 2025, operated 77 O`KEY hypermarkets and 226 DA! discounters with a total selling space of 664,817 sq m. For more information, please contact:
ABOUT O`KEY GROUP O`KEY Group S.A. (AIX, MOEX: OKEY) is one of the leading grocery retailers in Russia, operating hypermarkets under the O`KEY brand and discounters under the DA! brand. As of 30 June 2025, the Group operated 303 stores across Russia (77 hypermarkets and 226 discounters) with a total selling space of 664,817 sq m. O`KEY opened its first hypermarket in St Petersburg in 2002 and has since demonstrated continuous growth. It was the first Russian food retailer to launch e-commerce operations offering a full range of hypermarket products for home delivery. The Group operates e-commerce pick-up and delivery points in O`KEY hypermarkets across the regions of O`KEY presence. In 2015, we launched the first discount chain in Russia under the DA! brand. The Group operates five distribution centres in Russia – three in Moscow and two in St Petersburg – and employs over 19,000 people. In 2024, the Group’s revenue amounted to RUB 219.4 bn, and EBITDA reached RUB 20.5 bn. The O`KEY Group shareholder structure is as follows: NISEMAX Co Ltd, 49.11%; GSU Ltd, 34.14%; free-float and other holders, 16.75%. DISCLAIMER These materials contain statements about future events and expectations that are forward-looking statements. These statements typically include words such as ‘expects’ and ‘anticipates’ and words of similar import. Any statement in these materials that is not a statement of historical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. None of the future projections, expectations, estimates or prospects in this announcement should be taken as forecasts or promises, nor should they be taken as implying any indication, assurance or guarantee that the assumptions on which such future projections, expectations, estimates or prospects have been prepared are correct or exhaustive or, in the case of the assumptions, fully stated in this announcement. We assume no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements.
