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X5 Group
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X5 Group
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X5 Group (previously known as X5 Retail Group and commonly known as X5) is Russia's largest food retailer.[4][5] In 2012, the organization of X5-Retail Group LLC was liquidated, and in 2018 X5 Group LLC was opened.[6][7]

Key Information

The company operates several retail formats: convenience stores under the Pyaterochka brand, supermarkets under the Perekrestok brand, and hypermarkets under the Karusel supermarket [ru] brand, as well as the Perekrestok.ru online market, the 5Post parcel and Dostavka.Pyaterochka and Perekrestok.Bystro food delivery services.

The company's global depositary receipts are listed on the London Stock Exchange (LSE) and the Moscow Stock Exchange (MSE).[8]

Its share of the food retail market rose up from 47th to 42nd place among the world’s Top-250 retailers in the Global Powers of Retailing 2020 and took 11th place in the Top-50 fast-growing global retailers (according to Deloitte);[9] it was ranked 41st among the Top 50 Global Retailers (according to Kantar Consulting).[10]

In March 2021, after trials at 52 supermarkets, the group (in partnership with Visa and Sber) launched ‘pay with a glance’ biometrics at self-service checkout terminals in its supermarkets and convenience stores. The facial recognition payment system is expected to be expanded to 3,000 X5-owned stores by the end of 2021.[11]

History

[edit]

In 1995, the first Perekrestok store was opened in Moscow. In 1999, Pyaterochka retail chain was founded and the first store was opened in Saint Petersburg. In 2005, Pyaterochka completed an IPO on the London Stock Exchange.

X5 was founded in May 2006 after the merger of the Pyaterochka and Perekrestok retail formats.[12] In 2008, X5 acquired the Karusel hypermarket chain.[13]

Other major acquisitions included: 82 Paterson supermarkets (2009),[14][15] more than 660 Kopeyka stores (2010),[16] 103 Pokupochka stores in the Samara region (2014),[17][18] 104 stores owned by the Rosinka Group in Southwest Russia[19] and 100 stores owned by the Soseddushka retail chain in the Orenburg region[20][21] (2015) and 99 Polushka stores in Bashkortostan (2018),[22][23][24] as well as 85 stores Telezhka, Tverskoy kupets and Volny kupets in four regions (2019).[25] In 2018, X5 GDRs started trading on the Moscow Exchange.[8]

Shareholder structure

[edit]

X5’s shareholder structure is as follows: CTF Holdings S.A.,47.86%; Intertrust Trustees Ltd (Axon Trust), 11.43%; X5 directors, 0.10%; treasury shares, 0.01%; shareholders with less than 3%, 40.60%.[26]

Dividend policy

[edit]

In 2017, the Company approved its dividend policy.

The key principles of the dividend policy are as follows:[27][28]

1) The dividend policy sets a target payout ratio of at least 25% of X5 Retail Group’s consolidated IFRS net profit, provided that the Company’s financial position allows for it.

2) When considering a dividend proposal to the General Meeting of Shareholders, the Supervisory Board will be guided by a target consolidated net debt/EBITDA ratio of below 2.0x, in line with the Company’s financing strategy. The ultimate decision on payment of dividends will always be subject to approval of the General Meeting of Shareholders.

2017 dividends amounted to RUB 21.6 bn and 2018 dividends amounted to RUB 25 bn, whereas the planned figure for 2019 is RUB 30 bn.[29]

Management

[edit]

In 2012, Stephan DuCharme was appointed the Company’s CEO and the Chairman of the Management Board.[30][31]

In 2015, Igor Shekhterman [ru] was appointed as the Company’s CEO and Stephan DuCharme appointed as the Chairman of Supervisory Board.[32][33][34]

Offline-retail formats

[edit]

Each of the Company’s brands offers a unique customer value proposition and targets key parts of the Russian consumer population. This multifaceted strategy enables X5 Retail Group to capture a significant portion of the growth that is forecast for each of the three largest segments of Russia’s food retail market.

Moscow proximity stores Pyaterochka in the new concept of 2019

Pyaterochka

[edit]
Main article: Pyaterochka

Pyaterochka is a retail chain of proximity food stores.

Pyaterochka launched a new store refurbishment program in 2019. The new Pyaterochka will offer almost twice as many fresh products in a selling area of around 150 sq m, which is about half of the sales floor. Vegetables, fruits and some of the perishable items are laid out in the dedicated fresh zone. On top of that, the rebranded Pyaterochka sells a wide assortment of foods to go and ready-to-eat meals and has a special area where customers can have coffee or fresh orange juice and charge their gadgets. An in-house bakery made it possible to expand the offering of bread and pastry.[35][36]

In 2019, the Pyaterochka retail chain consisted of 15,354 stores with a turnover of RUB 1.37 trn.[37]

Moscow supermarket Perekrestok in the new concept of 2020

Perekrestok

[edit]
Main article: Perekrestok (supermarket chain)

Perekrestok is a retail chain of food supermarkets.

In May 2019, Russia’s biggest and most up-to-date smart kitchen was launched for producing semi-prepared foods for stores, allowing a 2.5-fold increase in the ready-to-eat and ready-to-cook range under the Perekrestok Chef brand in the company’s supermarkets and also boosted quality.[38]

In February 2020 Perekrestok has begun the roll-out of new store concept. Among the highlights of the new concept are updated interior and exterior designs, and a selection of new services offered in-store. The new Perekrestok concept is designed to meet the needs of today's customers, including frequent purchases of ready-to-eat and ready-to-go products. About 50% of the selling space will be dedicated to fresh categories (fruits, vegetables, dairy products, cheese, deli meats, as well as fresh fish and meat) or salad bars, bakeries and cafés. A special area will be focused on the health foods category.[39]

St. Petersburg hypermarket Karusel in the new concept of 2018

Perekrestok is Russia’s largest supermarket chain, consisting, at 2019 closing, of 852 supermarkets with a turnover of RUB 273 bn.[37]

Karusel

[edit]

Karusel is a retail chain of food hypermarkets.

In 2019, Х5 Retail Group announced its decision to transform the Karusel hypermarket chain within two years: - 34 stores to become large format supermarkets managed by the Perekrestok retail chain by the beginning of 2021; - 20 stores to close by 2022; - 37 hypermarkets to continue operating under the Karusel brand.[40]

At the close of 2019, the Karusel retail chain had 91 hypermarkets with a turnover of RUB 87 bn.[37]

Chizhik

[edit]

In October 2020, X5 Group launched a new hard discounter “Chizhik” in Moscow and in Balashikha with expectations of its federal expansion.[41] A year after, 27 Chizhik hard discounters were opened in Moscow and in Moscow Oblast with 70 expected, in regions as well, by the end of the year 2021. In 2022, X5 Group announced 3000 Chizhik stores to be opened in 3 years, despite so called “cannibalization” which means audience loss in other stores of X5 group, attracted by Chizhik.[42]

Online retail and services

[edit]

In addition to the retail chains, X5 Retail Group manages the Perekrestok.ru online supermarket and the Dostavka.Pyaterochka and Perekrestok.Bystro food and 5Post parcel delivery services.

Moscow's dark-store of Perekrestok.ru online supermarket

Perekrestok.ru

[edit]

In 2017, the Perekrestok.ru online store was introduced in Moscow[43] and, in October 2018, in St Petersburg.[44]

A dark store combines features of a traditional store and a warehouse: it is not intended for making purchases but the merchandising display is similar to that of a store. In contrast to a traditional warehouse, a dark store services online orders and goods are displayed individually.

Perekrestok.ru online supermarket results
Parameter / Year 2018[45] 2019[46]
Net revenues, Russian Rouble, million Increase 1 290 Increase 4 310
Number of orders, thousand Increase 408 Increase 1 367
Average bill, Russian Rouble Increase 3 526 Increase 3 584

As of 31 December 2019, the online supermarket had two dark stores in Moscow and one dark store in St Petersburg.[37]

Food delivery services

[edit]

The Dostavka.Pyaterochka express delivery service was launched in 2019; orders are collected at Pyaterochka stores. For the project, the company developed its own software covering all the project’s operational and auxiliary processes. The IT system is integrated into the Х5 Retail Group infrastructure, allowing new stores to be hooked up to the service in just a few hours and goods balances to be monitored virtually in real time. There is a patented system operating for collecting orders at a store; this cuts assembly time considerably and optimises staff work. As of April 2020, the service was live in Moscow, Skhodnya, Lyubertsy and Kazan.[47]

The Perekrestok.Bystro express delivery service was started up in 2020, with orders being collected at Perekrestok supermarkets. The software is similar to the IT system used by the Dostavka.Pyaterochka service. As of April 2020, the service was operating in Moscow.[48]

5Post

[edit]

5Post is a subdivision of X5 Retail Group, a developing service for delivering orders from online stores and marketplaces to the company’s stores. In the summer of 2018, the subdivision started opening the first lockers and order collection points.

In June 2019, X5 Retail Group and the Unitrade customs broker developed an end-to-end service for foreign online stores. Partners pick up orders from the online store warehouses in China, bring them to Russia, clear them through customs and deliver them to the X5 distribution centre in Novosibirsk. Then 5Post delivers the parcels to stores.[49]

At the end of 2019, 5Post was managing 12 sorting facilities at Х5 Retail Group distribution centres and 8,000 postamats and order collection points. During 2019, over five million parcels were delivered to clients.[37]

Activities

[edit]

The company’s market position

[edit]

The company’s market share by revenues at the close of 2019 was 11.5%.[46] The closest competitor was Magnit, with a food retail market share of 7.6% (together with non-food and non-retail business – 9.6%).[50]

Market share, %Years0246810122013201420152016201720182019X5 Retail GroupMagnitDKBRLentaAuchanMarket share of retail food companies in Russia
View source data.
Share of the food retail market
The company / Year 2013[51][52] 2014[52][53] 2015[53][54] 2016[54] 2017[55] 2018[45] 2019[46]
X5 Retail Group 5,5 % Increase 5,9 % Increase 6,3 % Increase 8,0 % Increase 9,5 % Increase 10,7 % Increase 11,5 %
Magnit 5,8 % Increase 6,9 % Decrease 6,8 % Increase 7,4 % Increase 7,5 % Increase 7,7 % Decrease 7,6 %
DKBR 1,8 % Increase 2,1 % Increase 2,9 % Increase 3,6 % Increase 3,9 % Increase 5,1 % Increase 5,7 %
Lenta 1,5 % Increase 1,8 % 1,8 % Increase 2,1 % Increase 2,5 % Increase 2,8 % Decrease 2,5 %
Auchan 3,9 % Decrease 3,1 % Decrease 2,8 % Increase 2,9 % Decrease 2,2 % Decrease 1,9 % Decrease 1,5 %
1. Magnit’s revenues include those from food formats only
2. In 2013-2014, only the share of Dixy Group was calculated; in 2015-2017 – the aggregate of Dixy Group and Krasnoe & Beloe, not including the Bristol alcoholic beverages markets; in 2018-2019 - DKBR (in January 2019, Dixy Group merged with the Bristol alcoholic beverages markets and Krasnoe & Beloe chains)

Operational and financial results

[edit]

As of 31 December 2019, the Company operated 16,297 stores, including 15,354 Pyaterochka proximity stores, 852 Perekrestok supermarkets and 91 Karusel hypermarkets, the Perekrestok.ru online supermarket (two dark stores in Moscow and one dark store in St Petersburg) and the 5Post delivery service for online store and marketplace orders (8,000 postamats and order collection points).

Key financial indicators
Parameter / Year 2013[56][57] 2014[57][58] 2015[58][59] 2016[60][59] 2017[60] 2018[61] 2019[37]
Revenue, Russian Rouble, million Increase 534 560 Increase 633 873 Increase 808 818 Increase 1 033 667 Increase 1 295 008 Increase 1 532 537 Increase 1 734 347
Gross profit, Russian Rouble, million Increase 130 348 Increase 154 982 Increase 198 390 Increase 249 985 Increase 308 938 Increase 369 720 Increase 425 798
Gross profit margin, % Increase 24,4 Increase 24,5 24,5 Decrease 24,2 Decrease 23,9 Increase 24,1 Increase 24,6
EBITDA, Russian Rouble, million Increase 38 350 Increase 45 860 Increase 55 233 Increase 76 267 Increase 96 193 Increase 107 628 Increase 122 585
EBITDA margin, % Increase 7,2 7,2 Decrease 6,8 Increase 7,4 7,4 Decrease 7,0 Increase 7,1
Operating profit, Russian Rouble, million Increase 25 296 Increase 28 288 Increase 34 449 Increase 45 631 Increase 57 758 Increase 58 154 Increase 60 251
Operating profit margin, % Increase 4,7 Decrease 4,5 Decrease 4,3 Increase 4,4 Increase 4,5 Decrease 3,8 Decrease 3,5
Net profit, Russian Rouble, million Increase 10 984 Increase 12 691 Increase 14 174 Increase 22 291 Increase 31 394 Decrease 28 642 Decrease 25 908
Net profit margin, % Increase 2,1 Decrease 2,0 Decrease 1,8 Increase 2,2 Increase 2,4 Decrease 1,9 Decrease 1,5
Liquidity update
Parameter / Year 2013[56][57] 2014[57][58] 2015[58][59] 2016[60][59] 2017[60] 2018[61] 2019[37]
Total debt, Russian Rouble, million, incl.: Decrease 110 523 Increase 130 986 Increase 144 215 Increase 156 033 Increase 194 296 Increase 207 764 Increase 227 933
Short-term debt, Russian Rouble, million Decrease 30 680 Decrease 15 834 Increase 42 670 Increase 45 168 Increase 58 674 Increase 60 435 Increase 74 755
Long-term debt, Russian Rouble, million Increase 79 843 Increase 115 152 Decrease 101 545 Increase 110 865 Increase 135 622 Increase 147 329 Increase 153 178
Net debt, Russian Rouble, million 102 912 Increase 105 363 Increase 135 257 Increase 137 843 Increase 166 691 Increase 183 396 Increase 209 331
Net debt/EBITDA 2,68х Decrease 2,30х Increase 2,45х Decrease 1,81х Decrease 1,73х Decrease 1,70х Increase 1,71х
Number of stores (As of 31 December)
Brand / Year 2008[62] 2009[63] 2010[64] 2011[65] 2012[66] 2013[51] 2014[52] 2015[53] 2016[54] 2017[55] 2018[45] 2019[46]
Pyaterochka 848 Increase 1 039 Increase 1 392 Increase 2 525 Increase 3 220 Increase 3 882 Increase 4 789 Increase 6 265 Increase 8 363 Increase 11 225 Increase 13 522 Increase 15 354
Kopeyka - - 660 - - - - - - - - -
Perekrestok 207 Increase 275 Increase 301 Increase 330 Increase 370 Increase 390 Increase 403 Increase 478 Increase 539 Increase 638 Increase 760 Increase 852
Karusel 46 Increase 58 Increase 71 Increase 77 Increase 78 Increase 83 Decrease 82 Increase 90 Increase 91 Increase 93 Increase 94 Decrease 91
Convenience store Express[67][68] - - 45 Increase 70 Increase 134 Increase 189 Increase 209 Decrease 187 Increase 194 Decrease 165 Decrease 55 -

Partnership projects

[edit]

In 2013, X5 Retail Group kicked off a programme to attract sublessees, and by the end of 2017, over 29,000 retail outlets were opened in X5 stores by 5,500 private enterprises.[69][70] With 5,000 sublessees, Pyaterochka leads the way in the number of partners accounting for over 8% of its total selling space. More than 3,000 of them are farmers and small and medium-sized enterprises selling food and children’s goods and providing everyday services near the cash desks outside Pyaterochka’s shopping area or inside as a shop-in-shop.

In April 2017, X5 Retail Group launched a cooperation project with the Central Union of Consumer Societies of the Russian Federation (Centrosoyuz).[71][72][73] The COOP-Pyaterochka format has the potential to add up to 1,000 stores over a three-year period. The parties have also agreed to open up to 5,000 Pyaterocka-based shop-in-shop corners by 2021 to sell farmers’ and consumer cooperatives’ products.

In November 2021, X5 Group and Alfa-Bank launched joint financial service “X5 Bank”, 49,99% each held by the retailer and by the bank with 0,02% owned by “Alfa Investments”. X5 Bank is a part of X5 Group strategy to be represented at every step of customer journey from product to purchase.[74]

IT and innovations

[edit]

Х5 entered the innovations market in 2017: by July 2019, Х5 innovations had drawn in over 800 start-ups. Four hundred solutions underwent thorough assessment by business experts and some of them progressed to the business modelling phase. More than 100 start-ups advanced to the prototype/pilot phase and 14 projects were implemented. Х5 considers technological solutions for four key retail spheres: customer experience, operations in stores, supply chain and back office. Х5 is focusing particularly on smart shelving projects, flexible pricing systems, robotisation, automation of quality and freshness control for foodstuffs, and goods tracking.[75][76][77]

Developing innovation

In June 2017, X5 Retail Group and the Internet Initiatives Development Fund (IIDF) launched a specialised retail accelerator, with the Petrovich and Sportmaster chains among its partners.[78][79][80] Start-up companies joining the IIDF accelerator programme are able not only to attract from RUB 2 mn to RUB 25 mn of investments from the fund, but also to get advice from X5 experts and test their business ideas on X5’s anonymised database of over 3 bn purchases.

In May 2018, X5 and Innopolis University launched joint work on scientific research projects, in particular on a pilot store for the future project.[81] In March 2019, X5 became a resident of the Innopolis Special Economic Zone and opened an X5 Development Centre.[82]

In October 2018, Х5 Retail Group opened a laboratory store at a Pyaterochka proximity store for testing the possibility of introducing new technologies. At the store, technologies for ESL, video analysis, smart shelves, digital information panels, self-scanning and payment scenarios, and other smart store technologies are all being tested under "field conditions".[83] In November 2019, a second laboratory store was opened at a Perekrestok supermarket.[84]

In June 2019, X5 Retail Group, together with the Israel-Russia Chamber of Commerce (IRCC), launched the X5 Retail-Tech Challenge start-up competition.[85] In July 2019, X5 started selecting start-ups from Estonia, Latvia and Lithuania.[76] In October 2019, X5 Retail Group summed up the results of a competition of start-ups held jointly with the Spanish Institute for Foreign Trade (ICEX).[86]

In July 2019, the Sberbank venture fund, Fort Ross Ventures and X5 Retail Group signed an agreement on strategic partnership in innovation, exchange of technologies and looking for start-ups.[87] In December that year, X5 Retail Group and start-up accelerator Orange Fab started a joint programme for seeking and introducing innovations in Russia.[88][89]

IT infrastructure

In April 2019, X5 launched a digital parcel delivery platform. The solution used information systems to bring together postamats, sorting facility and warehouse equipment. For deliveries within Russia, online stores and marketplaces deliver to the X5 distribution centres, while the retailer picks up cross-border deliveries at the Customs. The platform has a capacity of up to one million dispatches a day.[90]

Sales

In November 2017, X5 introduced machine learning to bolster targeted marketing at the Perekrestok supermarket chain, and developed personalised offers for all members of the Perekrestok Club loyalty program.[91][92]

In December 2017, Mail.Ru Group and X5 launched a partnership in online advertising targeting and assessing its impact on offline sales in certain stores. MyTarget platform clients gain access to X5’s anonymised data on consumer behaviour with a view to enhancing the accuracy of ad targeting and linking ad impression data with sales performance at the Pyaterochka, Perekrestok and Karusel chains.[93][94]

In June 2018, X5 started implementing video analytics and computer vision technology based on neural networks and artificial intelligence. It speeds up control of store layouts and the number of products on shelves by a factor of ten, and reduces the number of people leaving the store without a purchase and shrinkage levels by 10% and 20%, respectively.[95][96]

In May 2018, X5 successfully completed a large-scale project to automate the processes of demand and replenishment planning at both stores and at Perekrestok and Karusel distribution centres. To this end, the Company redesigned its core logistics, marketing and sales processes, and introduced an end-to-end system of supply chain management, boosting forecast accuracy by 17% and increasing on-shelf availability of products by 5%. The Company also reduced inventory levels by 13%.[97][98]

In May 2018, X5 introduced automated detailed planogramming for hypermarkets. It factors in store equipment characteristics, customer preferences, historical data on inventory turnover by type of product, assortment by category, packaging size and type, etc. After three months of its use, the system boosted sales by up to 10.5% in some categories.[99][98]

In the summer of 2019, X5 Retail Group started producing self-service cash registers. The company developed the device and the software itself: the machines are equipped with a multi-touch screen, 2D barcode scanner, stereo speakers, a microphone for audio apps and voice services, and a 3D camera. At the second stage, X5 added a goods weighing platform and there are plans for a rapid payment system using QR codes and Face ID technology.[100]

Real estate transactions

In February 2018, X5 launched an online service that helps real estate owners to calculate the average rent at any location where Pyaterochka has a presence. The service also enables landlords to offer premises or a property for lease or sale instantly, if the property meets all the criteria for store opening, or offer a land plot for building a store.[101]

Logistics

[edit]

X5 started implementing its logistics separation strategy in 2013, with a view to splitting product flows for convenience stores, on the one hand, and supermarkets and hypermarkets, on the other hand.

As of 31 December 2019, X5 Retail Group operated 42 distribution centres spanning 1.2 million sq m, including 31 centres catering to Pyaterochka and 11 centres serving the super- and hypermarket formats (Perekrestok and Karusel).[46]

As of 31 December 2019, X5’s fleet comprises 4,124 owned trucks.[46]

References

[edit]
[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia

X5 Group

View on Grokipedia
from Grokipedia
X5 Group is Russia's largest retailer, structured as a Netherlands-based that oversees a network of grocery stores and related services across the country. The company operates primarily through three key retail formats: Pyaterochka proximity stores, Perekrestok supermarkets, and Chizhik hard discounters, alongside other specialized offerings such as online hypermarkets, express delivery, and ready-to-eat meal services. As of December 31, 2024, X5 Group managed 27,015 stores, employed 417,000 people, and served about 22 million daily customers, generating net sales of 3.908 trillion Russian rubles and capturing a 15.6% share of the national retail market. Its operations emphasize digitalization, , and customer-centric innovation to maintain leadership in a competitive sector. The company's origins trace back to the mid-1990s, with the opening of the first Perekrestok supermarket in in 1995 and the inaugural Pyaterochka store in St. Petersburg in 1999. X5 Group was formally established in through the merger of these two chains, marking the beginning of its rapid expansion as X5 Retail Group N.V. Subsequent growth included the 2008 acquisition of the Karusel chain and the 2010 purchase of Kopeyka stores, which were integrated into the Pyaterochka format. By 2017, the store count surpassed 12,000, and it exceeded 21,000 by 2023, driven by organic openings and strategic adaptations like the launch of the Chizhik discounter format to address shifting consumer preferences toward value-oriented shopping. In recent years, X5 Group has focused on and efficiency, with online grocery revenue reaching 200.1 billion Russian rubles in 2024 and comprising 16.1% of the online market. The company reported 1,286 net new store openings in the first half of 2025 alone, signaling continued expansion amid economic challenges. Committed to ethical practices, X5 maintains robust policies, including a dedicated and regular compliance .

Overview

Company profile

X5 Group is Russia's largest food retailer, with operational headquarters in Moscow and incorporated in the Netherlands. It was founded in 2006 through the merger of the Pyaterochka proximity store chain and the Perekrestok supermarket chain. The company operates a vast network of over 29,000 stores across various formats, including proximity stores, supermarkets, hypermarkets, and hard discounters; as of September 30, 2025, the network includes 29,011 stores, employing approximately 432,000 people as of 2025. Its core business centers on food retail, serving customers nationwide with a focus on accessible grocery options. Pyaterochka remains the flagship brand, underscoring X5 Group's market leadership in the sector. X5 Group is publicly listed on the Moscow Exchange under the ticker symbol FIVE. It originally had global depositary receipts traded on the London Stock Exchange, which were delisted in October 2024 amid geopolitical developments. Key subsidiaries include X5 Import for direct sourcing of international goods, X5 Food for production and supply chain management, and X5 Transport for logistics operations.

Market position

X5 Group holds the leading position in the Russian food retail market, with an estimated of approximately 15.6% as of the end of 2024, making it the largest player in the sector. This dominance is driven by its extensive network of over 29,000 stores, including a strong focus on proximity formats, which contribute the majority of its revenue. In comparison, key competitors such as hold about 13.2% with over 31,000 stores but lower revenue efficiency, while Lenta commands roughly 3.5% with a focus on hypermarkets and around 2,800 locations. Dixy, now integrated into larger networks, represents a smaller player in the discount segment with limited standalone presence. The company's growth is propelled by aggressive expansion in proximity and discount stores, particularly under the Pyaterochka brand, where it opened 619 new locations in 2024 alone, enhancing accessibility in urban and regional areas. Additionally, e-grocery penetration has accelerated, with X5 achieving market leadership in online FMCG sales, reporting a 48.9% year-on-year increase to RUB 67.6 billion in Q4 2024, supported by integrated delivery from its store network. These strategies have enabled X5 to outpace the overall food retail market growth of about 15% in 2024. Facing economic challenges from Western sanctions imposed since 2022, X5 has adapted by prioritizing domestic supply chains, investing in private-label products, and forging partnerships with local farmers to mitigate import disruptions and pressures. This resilience has sustained revenue growth at 24.2% for , reaching RUB 3.9 trillion, compared to Magnit's RUB 3 trillion. Through 2025, the company anticipates continued 20% revenue expansion amid ongoing geopolitical tensions. In segment-specific positioning, X5 dominates the discount and proximity categories via , which accounts for over 77% of its stores and leads in sales density in major cities like and St. Petersburg. Its Chizhik hard-discounter format has expanded rapidly to over 3,000 stores and leads the hard discount segment as of mid-2025. Conversely, in the premium supermarket segment, Perekrestok provides a competitive edge with higher-margin offerings, though it represents a smaller portion of overall operations at about 12.6% of stores. This diversified portfolio strengthens X5's strategic standing against format-specific rivals.

History

Founding and early years

X5 Group's origins trace back to the mid-1990s amid Russia's post-Soviet economic transition, when modern retail formats were emerging to meet growing consumer demand for organized grocery shopping. Perekrestok was founded in 1995 by entrepreneur Andrey Vereshchagin and partners, opening its first Western-style in Moscow's Mitino district on Angelov Pereulok, targeting middle- and upper-income customers with a focus on quality products and professional service. This marked one of the earliest attempts to introduce concepts in a market previously dominated by small, informal stores and street vendors, facing significant hurdles such as unstable supply chains and limited consumer . By the late 1990s, Perekrestok had established a centralized in 1998 to address logistics challenges, including poor infrastructure and unreliable suppliers in the fragmented post-Soviet economy. In 1999, was launched in St. Petersburg by founders Andrei Rogachev and Alexander Girda as a discount retail emphasizing low prices and proximity to residential areas, quickly gaining traction among budget-conscious shoppers. The 's soft-discounter model, with smaller stores and everyday essentials, contrasted with Perekrestok's upscale approach and helped it expand rapidly in urban centers. Both formats navigated early challenges like , regulatory uncertainties, and building vendor networks from scratch, with reaching 100 stores by 2004, primarily in St. Petersburg and . Perekrestok similarly grew to about 90 stores in those cities by the same period, concentrating on organic expansion while overcoming supply disruptions common in Russia's nascent retail sector. The formation of X5 Retail Group occurred through the merger of Holding N.V. and Perekrestok Holdings Limited on May 16, 2006, creating a combined entity with over 600 stores and establishing it as a leading Russian retailer. The merger, structured as a reverse acquisition under IFRS, was backed by and retained stakes for 's founders at 21.2%. Following the integration, X5's global depositary receipts (GDRs) were listed on the London Stock Exchange, building on 's prior 2005 IPO, which had raised capital for further growth. In 2007, the company issued RUB 34 billion in bonds to support ongoing operations. Early expansion in the centered on and St. Petersburg, with store openings accelerating post-merger to capitalize on urban population density and improving consumer habits. By the end of 2007, X5 operated around 491 stores, growing to 589 by late 2008 through a mix of new builds and small acquisitions, while enhancing its supply chain with additional distribution centers to mitigate regional delivery issues. Leadership during this phase was led by Lev Khasis, appointed CEO and Chairman of the Management Board in 2006 following the merger; he guided the company through initial integration until his resignation in March 2011, after which Gusev succeeded him. In 2012, Stephan DuCharme assumed the CEO role, continuing pre-2015 efforts to consolidate operations amid economic volatility.

Expansion and key acquisitions

In 2008, X5 Retail Group acquired the Karusel hypermarket chain, adding 23 operational stores and three under construction, which facilitated entry into new regions including , , Perm, , , , and Rostov. This move strengthened X5's segment and contributed to the company's total store count surpassing 1,100 by the end of that year. During the early 2010s, X5 pursued aggressive expansion through key acquisitions to bolster its discount and proximity retail presence. In 2010, the company acquired the Kopeyka discounter chain for approximately 51.5 billion rubles (about $1.65 billion), integrating over 1,000 stores and significantly enhancing its footprint in Russia's soft discount market. This deal, one of the largest in Russian retail history at the time, helped X5's overall store network exceed 2,400 outlets, with reaching its 1,000th store. By 2015, further acquisitions such as , Gurman (27 stores), SoseDDushka (100 stores), Rosinka Group (104 stores), and a 100% stake in SPAR Retail propelled the total store count beyond 6,000, emphasizing growth in proximity formats. The late 2010s marked a strategic pivot toward proximity and hard discount retail, aligning with shifting consumer preferences for convenient, value-driven shopping. Post-2015, X5 intensified investments in smaller-format stores, including the 2018 acquisition and integration of 99 Polushka outlets and lease rights to 85 stores from RITM-2000 (operating under like Volny), which supported regional consolidation. , X5's flagship proximity chain, achieved a major milestone by surpassing 10,000 stores in 2018, driving the group's total network to over 14,000 outlets. Concurrently, the company ventured into online retail during the decade, increasing its stake in IT Business to 82% in 2010 to develop platforms like E5.RU and Perekrestok.ru. Internationally, X5 piloted operations in with Perekrestok stores prior to 2014, operating around 12 locations by late 2013 before divesting due to geopolitical tensions. In 2020, X5 launched the Chizhik hard discounter format as a pilot in and , aiming to test low-price strategies with plans for federal rollout. This initiative reflected the ongoing emphasis on discount proximity retail, with Chizhik expanding to multiple regions by 2022. In , X5 established X5 Group LLC as part of its corporate evolution, though full rebranding to X5 Group occurred in 2021 to reflect its diversified portfolio. Ahead of geopolitical disruptions, the company prepared for delisting its global depositary receipts from international exchanges, with trading suspensions on the beginning in April 2022 amid sanctions. These steps underscored X5's adaptation to a challenging environment while maintaining focus on domestic growth.

Recent developments

In 2023, X5 Group demonstrated financial recovery following the imposition of related to geopolitical tensions, achieving a 20.6% increase in net sales year-over-year, driven by resilient domestic operations and store expansions. This rebound was supported by the opening of three new distribution centers in , , and Samara during the fourth quarter, enhancing supply chain efficiency amid ongoing challenges. The period from 2022 to 2025 saw significant regulatory adaptations for X5 Group due to escalating geopolitical events, including Western sanctions that prompted the completion of its delisting from the London Stock Exchange in October 2024. These pressures culminated in a forced redomiciliation from the to in April 2024, under Russian Federal Law No. 470-FZ, suspending corporate rights of its Russian subsidiary to facilitate the move. Full trading of shares resumed on the in January 2025, marking a return to unrestricted domestic market access. Infrastructure investments accelerated in 2025 to bolster operational resilience. In April, X5 broke ground on a in the Region, a 6,000-square-meter facility set to host IT systems for , , and trade management, with operations slated for Q3 2026. Complementing this, a new opened in in September, featuring a daily throughput of 1,600 pallets and capacity for over 5,000 SKUs to supply up to 300 stores in the region. Segment-specific growth highlighted strategic priorities in 2025. The ready-to-eat category expanded by 40% in the first half of the year, reflecting heightened demand for convenience foods and supported by targeted investments. As outlined in the Q2 2025 investor presentation, e-grocery operations, led by X5 Digital, continued to capture , reaching 19.4% in Q2, while the hard discounter format, including Chizhik, pursued aggressive store openings to target value-conscious shoppers. In Q3 2025, net sales increased by 18.5% year-over-year. Looking ahead, X5 Group's 2025 guidance projects growth of approximately 20%, with an adjusted EBITDA margin of 5.8-6.0%, factoring in increased capital expenditures for distribution and digital infrastructure while navigating macroeconomic headwinds.

Corporate governance

Ownership structure

X5 Group, operating as PJSC X5 Corporate Center following its 2024 redomiciliation, has a base dominated by a few key entities. As of the latest available data from early 2025, CTF Holdings S.A. maintains a controlling stake of approximately 47.86%, while Intertrust Trustees Ltd. holds 11.43%, and the remaining 40.71% consists of free float and minor holdings by directors and shares. The corporate structure underwent a significant transformation in 2024 due to a forced redomiciliation initiated by Russian authorities, with trading of shares resuming on the on January 9, 2025. Prior to this, X5 operated under a Dutch , X5 Retail Group N.V., but a decision in April 2024 suspended corporate rights in its Russian and transferred a 99.994187% to the itself, leading to its reorganization into PJSC X5 Corporate Center on July 1, 2024. This shift to full Russian domiciliation enabled the allocation of ordinary shares to former holders of global depositary receipts (GDRs) from the Dutch entity, preserving the pre-existing ownership proportions while complying with local regulations. Governance is structured under a two-tier board system, with the providing strategic oversight to the Management Board. The includes independent directors alongside representatives affiliated with major shareholders, such as those linked to CTF Holdings, ensuring balanced decision-making. Post-redomiciliation, voting rights are exercised through the shares of PJSC X5 Corporate Center, listed on the , with control mechanisms governed by Russian federal law on joint-stock companies. Major shareholders retain significant influence via their stakes, including enhanced voting powers for controlling interests under standard provisions that prevent dilution without consent. Historically, the ownership structure reflects the influence of through its vehicle, CTF Holdings S.A., which has held a substantial stake since the company's founding in as a merger of retail entities backed by Alfa. This affiliation has shaped strategic decisions, though the 2024 redomiciliation introduced new layers of Russian regulatory oversight without altering the core shareholder dynamics.

Management

Igor Shekhterman has served as of X5 Group since September 2015, leading the company's strategic direction in the competitive Russian retail sector. With a background in finance and retail operations, Shekhterman previously held roles as Managing Partner and CEO at RosExpert, a consulting firm, and as Finance Manager for at Beoluna, gaining expertise in operational efficiency and market expansion. Under his leadership, X5 has accelerated its , investing in platforms, data analytics, and technologies to enhance and operational resilience. The executive team includes key figures such as Nikolay Ivanov, appointed in October 2025, who oversees financial planning, , and following prior roles in within the retail industry. Additional leaders include Vladimir Salakhutdinov, First Deputy CEO as of 2025, responsible for and , including oversight of retail formats like and Perekrestok. X5 Group's management board operates within a two-tier corporate structure, comprising the Management Board for executive oversight and a Supervisory Board for strategic guidance. The Management Board, chaired by the CEO, holds primary responsibility for operational execution, including retail expansion, supply chain optimization, and financial performance, while ensuring alignment with the company's growth objectives. Since 2022, X5's leadership has demonstrated notable stability amid geopolitical challenges and market volatility, with minimal turnover in top roles to maintain continuity in strategy implementation. Shekhterman's tenure has remained uninterrupted, and recent appointments like Ivanov's reflect a focus on retaining experienced executives to navigate sanctions and economic pressures. Executive compensation at X5 is structured to align with interests, featuring a balanced mix of fixed base salaries and performance-based variable pay tied to key metrics such as revenue growth, EBITDA margins, and . This framework, approved by the , emphasizes long-term incentives to promote sustainable performance without disclosing specific figures.

Dividend policy

X5 Group's , approved by its in 2017, establishes a target payout of at least 25% of the company's consolidated net profit under (IFRS), subject to maintaining a consolidated net to adjusted EBITDA below 2.0x. The policy was amended in November 2020 to introduce semi-annual payments, with management recommending an interim following the third-quarter results announcement, aiming to provide stable or growing annual payouts in Russian roubles while balancing investment needs and financial health. Historically, X5 distributed s consistently prior to 2022, with examples including an interim payout of RUB 73.65 per share for the first nine months of , representing approximately 57% of the period's IFRS net profit, and a final for 2020 of RUB 441.99 per share. However, dividends were suspended for through 2023 due to heightened market uncertainty following geopolitical events, suspended trading of shares on the , and new Russian regulatory restrictions on cross-border payments, leading the to recommend retaining profits instead. Payments resumed in 2025 for the 2024 fiscal year, with the Board recommending RUB 648 per share on March 21, 2025. This recommendation was approved by shareholders at the Annual General Meeting on June 27, 2025, with a record date of July 9, 2025, equivalent to a substantial portion of that year's earnings after accounting for accumulated retained profits from prior non-distribution years. In March 2025, the Board approved a new four-year aligned with the company's redomiciliation to , completed amid forced structural changes in early 2025, targeting a net debt to EBITDA ratio of 1.2x to 1.4x and basing distributions on generation. This framework considers factors such as requirements for store expansions and the volatile macroeconomic environment, prioritizing long-term stability over aggressive payouts; for instance, 2025 guidance incorporates moderated EBITDA margins due to cooling and in discount formats like Chizhik. On November 13, 2025, X5's Board recommended an interim of RUB 368 per share for the first nine months of 2025, subject to shareholder approval, reflecting continued commitment to returning value to shareholders. The approval process requires the to propose dividend amounts based on financial results and policy guidelines, followed by a vote at the Annual General Meeting of Shareholders to adopt the annual accounts and allocate profits. Compared to peers in the Russian retail sector, such as and Lenta, X5's approach remains conservative, emphasizing debt management and reinvestment amid sanctions-related volatility and regulatory hurdles that uniquely affected its international structure, whereas domestic-focused rivals maintained more consistent distributions during 2022-2023.

Offline retail formats

Pyaterochka

Pyaterochka operates as X5 Group's flagship soft-discount proximity store format, focusing on convenience retail for daily essentials such as groceries, , and fresh produce. These stores are designed for quick shopping trips, with an average selling space of 391 square meters and an assortment exceeding 4,500 stock-keeping units (SKUs), emphasizing affordability and accessibility. The format targets value-conscious consumers in residential areas, offering a streamlined layout that prioritizes high-traffic categories like dairy, baked goods, and basic non-food items to support frequent, low-basket purchases. As of December 31, 2024, comprised 22,976 stores, distributed across 74 regions in seven , with the largest concentrations in the Central (7,714 stores) and (5,682 stores) districts, primarily serving urban and suburban populations. The business model revolves around low pricing to drive high sales volume and turnover, supported by efficient operations and a significant emphasis on private-label products, which account for about 25% of the assortment and are priced 20-25% below comparable national brands. Examples include over 1,000 SKUs in categories like groceries, dairy, and beverages, enabling cost savings for customers while maintaining quality through vetted suppliers. Pyaterochka's growth strategy centers on aggressive expansion through annual store openings, with 717 gross new-concept stores added in the fourth quarter of 2024 alone, contributing to over 1,000 net additions for the year and supporting a target of at least 2,000 new stores company-wide in 2025, predominantly in this format. Complementing direct ownership, the format employs a franchise model under the Okolo brand, which has expanded to over 200 stores in by mid-2024, allowing regional partners to operate under X5's supply and branding standards for faster . Unique features include seamless integration with the 5Post service, enabling parcel pickup at store lockers and counters to enhance convenience, as well as sustainability initiatives like eco-friendly for private-label items to reduce .

Perekrestok

Perekrestok is X5 Group's premium format, targeting urban customers seeking high-quality fresh , products, and a diverse selection of everyday essentials in a comfortable shopping environment. These mid-to-upscale stores emphasize fresh and organic offerings, including seasonal fruits and , artisanal cheeses, and specialty imported , alongside a broad range of household items. With an average selling space of approximately 1,000 square meters—ranging up to 3,000 square meters in larger locations—Perekrestok stores are designed for efficient navigation and an enhanced customer experience, distinguishing them through superior product quality and in-store ambiance. As of September 2025, the Perekrestok network comprised 1,000 stores, primarily concentrated in major Russian cities such as and St. Petersburg, with ongoing expansion into other urban centers; this positions it as Russia's largest chain by store count. The format offers a wider assortment than X5's other proximity stores, typically exceeding 15,000 stock-keeping units (SKUs), including up to 18,000 items focused on premium and health-conscious categories. Customer loyalty is bolstered by the X5 Club program, a unified initiative across X5 formats that allows earning and redeeming points on purchases, with high penetration rates among Perekrestok shoppers. Originating as an independent chain, Perekrestok's first store opened in Moscow's Mitino in 1995, initially focusing on a modest assortment that grew to 10,000 SKUs by 1997 amid rapid urban expansion. Following its integration into X5 Retail Group in , the format evolved into a multi-concept lineup, incorporating specialized sub-formats like the compact urban-oriented Perekrestok Forward stores tailored for dense city settings. Innovations have included the introduction of in-store Select cafés, which reached 405 locations by mid-2025, offering ready-to-eat meals and coffee to enhance dwell time and convenience, alongside expanded sections for organic and sustainable products to meet growing demand for eco-friendly options. Perekrestok integrates seamlessly with X5's online platforms for shopping.

Karusel

Karusel was X5 Group's retail format, designed to provide a comprehensive one-stop shopping experience for families by offering a broad assortment of groceries, non-food items, and in large-scale stores. These hypermarkets typically ranged in size from 4,000 to 11,000 square of selling space, enabling extensive product ranges that included fresh produce, household essentials, and seasonal merchandise to cater to needs. X5 acquired the Karusel chain in 2008 from Formata, initially integrating 23 operating stores and three under construction, which expanded X5's presence into the hypermarket segment. Following the acquisition, X5 undertook rebranding and modernization efforts, including the introduction of a new store concept in 2017 with updated logos and layouts, as well as expansions into regional areas such as the Orenburg, Tambov, and Smolensk regions between 2011 and 2013. By September 2019, the chain had grown to 91 stores, primarily located in regional hubs across Russia. Key features of Karusel stores emphasized value-driven shopping, with competitive pricing, promotional campaigns tied to seasonal events, and a to foster . Additional services included in-store banking partnerships for convenient financial transactions and options like click-and-collect introduced in select locations in 2019. These elements positioned Karusel as a family-oriented destination within X5's diversified portfolio, supported by shared for efficient bulk supply. Facing structural challenges in the sector, including rising competition and shifting consumer preferences toward convenience and proximity formats, X5 initiated a transformation of Karusel in 2019. This involved converting over 40 stores to Perekrestok supermarkets, repurposing others as dark stores for online operations, and closing underperforming locations, culminating in the shutdown of the last Karusel-branded in February 2023. As a result, the format was fully discontinued, with no Karusel stores operating as of 2025, allowing X5 to optimize resources amid post-2020 market dynamics.

Chizhik

Chizhik is a hard discounter developed by X5 Group, featuring compact urban stores optimized for quick access to essential everyday items. Each store typically spans a total area of about 400 square meters, with a floor of 250–300 square meters, focusing on efficient layouts for fast experiences in densely populated city environments. Launched in October 2020 as a pilot in and nearby areas, the format emphasizes affordability and simplicity to serve budget-oriented urban consumers seeking on-the-go purchases. As of November 2025, the Chizhik network comprises 3,000 stores, with a significant concentration in high-traffic urban zones, including over 170 locations in alone. This rapid expansion reflects X5 Group's strategy to build a dense footprint in metropolitan and regional cities, positioning Chizhik as a key player in proximity retailing for value-driven customers. The format complements in the proximity segment by providing even sharper pricing on core necessities, helping to capture incremental sales in competitive urban markets. Chizhik stores offer a curated assortment of approximately 1,000 high-demand stock-keeping units (SKUs), prioritizing snacks, beverages, household basics, and , with more than half sourced from X5's exclusive private labels to ensure low costs and consistent quality. The selection highlights essential, everyday products tailored to quick trips, including fresh produce and local suppliers where feasible, without extensive variety to maintain and price competitiveness. This approach supports X5's broader goal of piloting scalable , enabling the format to integrate into high-footfall neighborhoods and adapt to evolving consumer preferences for convenient, economical shopping.

Online retail and services

E-commerce platforms

X5 Group's primary e-commerce platform is Perekrestok.ru, an online launched in 2017 that offers a wide range of groceries and household goods with app-based ordering capabilities. The platform integrates multi-format options, allowing customers to order from Perekrestok supermarkets as well as proximity stores for express delivery, enabling seamless access to over 8,800 locations by late 2024. Key features include personalized recommendations powered by the X5 ID unified customer identification system, which provides access across services and analyzes user spending patterns to tailor suggestions. The platform's growth has been robust, with X5 Digital—the division encompassing Perekrestok.ru—achieving net revenue exceeding RUB 200 billion for digital services by the end of 2024, more than doubling from prior years and contributing significantly to overall sales expansion. In Q3 2025, X5 Digital sales reached 72.7 billion RUB, an increase of 47.3% year-on-year. E-grocery sales as a share of X5's total revenue rose steadily, reaching approximately 5% in 2024 and about 6% by mid-2025. To support this, X5 has invested in dark stores dedicated to online fulfillment, including a major 37,000 sq m facility in opened in 2021, enhancing order processing efficiency for rapid delivery. Technologically, the for Perekrestok.ru (also known as Vprok.ru) surpassed 10 million downloads by 2021, facilitating features like contactless shopping and loyalty integration, while AI-driven tools optimize inventory management across operations to improve availability and reduce stockouts. However, post-2022 geopolitical tensions have posed challenges, particularly in remote areas, where disruptions and labor shortages have strained delivery networks despite ongoing investments in and regional expansion.

Food delivery services

X5 Group operates food delivery services focused on rapid grocery fulfillment through its retail formats. Dostavka.Pyaterochka, launched in late 2019, enables same-day delivery from Pyaterochka convenience stores, typically within one hour. Perekrestok.Bystro, introduced in April 2020 as an express pilot, offers delivery in under 30 minutes from nearby Perekrestok supermarkets, targeting smaller, urgent orders at standard store prices. These services cover more than 140 cities across as of 2023, with expansion continuing into 2025, and by the end of Q1 2025, express delivery was available from over 9,500 stores, including 7,908 locations and 883 Perekrestok supermarkets. In 2024, X5 Digital processed a total of 119.5 million orders, averaging approximately 10 million monthly, with peak days exceeding 600,000 orders in . The operational model relies on partnerships with courier aggregators such as , Delivery Club, and SberMarket to handle last-mile logistics using a network of riders. X5 supports this with dedicated dark stores optimized for order assembly, numbering 44 for express delivery by the end of 2022 and integrated into broader digital infrastructure by 2025. Growth in these services has been robust, with X5 Digital's gross merchandise value increasing 48.9% year-over-year in Q4 2024 to RUB 67.6 billion. The ready-to-eat category, including meals via services like Mnogo Lososya dark kitchens, expanded by 40% in the first half of 2025, reflecting demand for convenient prepared foods. Pricing strategies include subscription models such as Paket by X5, which provides discounts, cashback, and free delivery benefits for recurring users across and Perekrestok. Free delivery thresholds apply, such as orders over RUB 3,000 through aggregator partnerships, alongside standard fees for smaller baskets. These services integrate briefly with X5's platforms for seamless ordering.

5Post

5Post is a of X5 Group that provides last-mile delivery and parcel pickup services, leveraging the company's extensive retail network for . Launched in 2019, it initially focused on delivering goods from online platforms to parcel lockers and pickup points within X5 stores. By 2025, the service had expanded to over 23,500 pickup and drop-off points across 72 regions, serving more than 4,400 localities. The operations of 5Post center on partnerships with major e-retailers, including Ozon, Yandex Market, Lamoda, and L’Etoile, enabling the fulfillment of orders from these platforms through X5's store infrastructure. Since mid-2023, it has also collaborated with Avito, reaching 4.6 million users via this integration. Over its six years of operation as of July 2025, 5Post has processed 156 million orders for nearly 30 million customers. Key features include click-and-collect options at Pyaterochka stores and handling of returns, enhancing convenience for non-perishable goods. Expansion efforts have emphasized rural and remote coverage by utilizing X5's store footprint, including recent entries into and the in spring 2025, supported by a new sorting center in . This store-based approach provides accessible pickup points in underserved areas. Revenue from 5Post reached 1.948 billion RUB in Q3 2025, reflecting 23.9% year-on-year growth and contributing meaningfully to X5's digital ecosystem. Technologically, 5Post incorporates automated parcel lockers, known as postamats, in select locations, with over 5,000 multi-parcel units operational by late to streamline collections. This infrastructure supports efficient last-mile delivery while tying into broader services like for integrated customer experiences.

Business performance

Operational metrics

X5 Group's operational metrics reflect its focus on efficient retail expansion and across its proximity, , and discount formats. In 2024, like-for-like (LFL) sales growth reached 14.4% for the full year, driven by a 2.9% increase in traffic and an 11.1% rise in average basket size, indicating strong store productivity amid ongoing market challenges. By the first nine months of 2025, LFL sales growth moderated to 12.9%, supported by 2.0% traffic growth and 10.7% basket size expansion, with contributing the majority through 11.8% LFL sales. Customer metrics underscore the effectiveness of X5's loyalty initiatives, with the X5 Club program reaching 92.3 million members by Q3 2025, achieving 85-87% penetration across formats. Average basket sizes have grown consistently, averaging RUB 600 in Q1 2025 (up 9.2% year-over-year), reflecting targeted promotions and assortment optimization that enhance per-visit spending without relying on price inflation. In terms of segment breakdowns, proximity formats like accounted for the bulk of operations, comprising over 90% of net sales in 2024, while and digital services grew to 6.6% of total sales in Q1 2025 (RUB 70.8 billion), signaling a gradual shift toward omnichannel integration. Efficiency KPIs highlight robust network expansion, with a net addition of 2,543 stores in 2024 (including 1,667 and 846 Chizhik outlets) and 1,996 net new stores in the first nine months of 2025. Labor improved by nearly 10% in 2023 through and staffing optimizations, with continued gains expected into 2024-2025 via AI-driven tools. X5 has set waste reduction targets aligned with its sustainability strategy, aiming to increase the proportion of unsaleable food products sent for reprocessing and minimize landfill contributions, supporting broader goals to halve per capita food waste at retail levels by 2030 in line with global standards.
Metric2024 Full Year2025 (9M YTD)
LFL Sales Growth14.4%12.9%
Traffic Growth2.9%2.0%
Basket Size Growth11.1%10.7%
Net Store Openings+2,543+1,996
Loyalty Members (millions)84.5 (Q4)92.3 (Q3)
E-commerce Sales Share5.1%6.6% (Q1)

Financial results

In 2023, X5 Group achieved total revenue of $36.9 billion, reflecting a 20.8% year-on-year increase driven by like-for-like growth and network expansion. Net profit for the year amounted to $1.059 billion, with an adjusted EBITDA of RUB 217.952 billion and a margin of 6.9%. The company's showed total assets of approximately $17.7 billion as of December 31, 2023, while net debt stood at RUB 187.5 billion, resulting in a net debt-to-EBITDA ratio of 0.87x following the redomiciliation to . Looking ahead to , X5 Group guided for approximately 20% growth, amid continued market recovery from the downturn. Profitability metrics included an adjusted EBITDA margin guidance of 5.8-6.0%, supported by operational efficiencies despite inflationary pressures. For the first nine months of , reached RUB 3.404 , up 20.3% year-on-year, with net profit at RUB 65.7 billion. On November 12, , X5 announced a recommended of RUB 368 per share (before taxes and fees) based on this performance. In Q2 2025, X5 reported of RUB 1.174 trillion, a 21.6% increase year-on-year, highlighted by robust e-grocery performance where digital net sales grew 49.4% to RUB 70.1 billion, representing 6.0% of . The adjusted EBITDA margin for the quarter was 6.7%, while net profit was RUB 29.8 billion. Overall trends indicate a sustained recovery, with capital expenditures focused on planned at around RUB 50 billion annually to enhance .
Key Financial Metrics2023 (USD/RUB billion)9M 2025 (RUB billion)2025 Guidance
Revenue$36.93,404~20% growth
Net Profit$1.05965.7-
Adjusted EBITDA Margin6.9%6.0%5.8-6.0%
Total Assets$17.7--
Net DebtRUB 187.5-1.2-1.4x EBITDA ratio

Strategic partnerships

X5 Group has established key strategic partnerships in to enhance customer convenience and expand its beyond traditional retail. In November 2021, X5 launched X5 Bank-branded in collaboration with , enabling users to replenish cards via a dedicated app, access in-store loans, and make seamless payments at checkout terminals across its retail chains. This focuses on integrating banking solutions directly into the experience, supporting X5's aim to provide comprehensive services at every customer touchpoint. In the technology domain, X5 has forged alliances to advance digital payment innovations. A notable example is the 2021 pilot with Sber and Visa, which introduced biometric "pay-with-a-glance" technology at checkouts in Perekrestok and stores, allowing customers to complete transactions using facial recognition linked to their bank cards. This partnership, rolled out after successful trials, has since expanded to thousands of devices, positioning X5 as a leader in contactless retail payments in . Additionally, through initiatives like the Retail Innovation Tech Alliance (RITA), X5 collaborates with accelerators such as to engage startups in developing sustainable and tech-driven solutions for retail operations. To strengthen its amid geopolitical challenges, X5 has deepened vendor partnerships for private-label products and imports. The company actively works with local producers to localize private-label , ensuring cost-effective and reliable sourcing for its stores, as seen in expansions into regions like the area. Post-2022 sanctions, X5 Import has secured import deals, including outreach to Indian suppliers for and agricultural products to maintain product availability and diversity on shelves. These efforts support the development of exclusive brands while mitigating supply disruptions. Recent partnerships have focused on franchise growth and delivery enhancements. For its Okolo franchise model, X5 reached a milestone of 1,500 stores by early 2025, bolstered by strategic alliances such as a with Bashspirt for regional distribution and the acquisition of Forward-Market to accelerate expansion in areas like . In delivery services, X5 has tied up with Eats and Delivery Club since 2023 to offer rapid online fulfillment of groceries and non-food items from its Vprok.ru platform, integrating with these aggregators to reach more customers efficiently. These collaborations have diversified X5's revenue streams, with non-core services like financial and digital offerings contributing to overall business resilience and growth.

Supply chain and technology

Logistics infrastructure

X5 Group's logistics infrastructure comprises an extensive network of distribution centers (DCs) and transportation assets designed to support its retail operations across Russia. As of September 30, 2025, the company operates 80 distribution centers nationwide, enabling centralized supply to its stores from company-owned facilities. These DCs are strategically located to cover all federal districts of Russia, from the Central and Northwestern regions to the Far East, ensuring efficient distribution to approximately 29,000 stores. The transportation fleet, managed through X5 Transport, includes 7,210 company-owned trucks as of late 2025, supplemented by 43 enterprises and 19 sites. This infrastructure facilitates the handling of diverse product categories, including perishables via dedicated facilities equipped with areas for fruits, , and frozen goods. Recent expansions have enhanced regional coverage and automation. In September 2025, X5 opened a new DC in the , capable of processing 1,600 pallets daily and handling over 5,000 stock-keeping units (SKUs) to supply up to 300 and Victoria stores in the Baltic area. Additionally, in July 2025, construction began on Russia's first automated high-rise in the Noginsky of the , spanning over 43,000 square meters to boost storage and throughput efficiency. Another key addition is a joint DC for Chizhik and in Siberia's , opened in November 2025, featuring sections for , chilled products, and alcohol, with capacity for over 31,000 storage locations. Operational efficiency is achieved through route optimization and under X5 Transport, which has expanded its vehicle count to nearly 7,000 units to minimize delivery times and costs. Individual DCs demonstrate high throughput, such as the Siberian facility supporting over 400 stores with modern CO2 refrigeration systems. In response to , X5 has adapted its by increasing domestic sourcing, partnering with over 7,400 Russian suppliers by the end of 2024 to maintain product availability and reduce reliance on imports. This network underpins X5's retail formats by ensuring timely replenishment and briefly integrates with delivery services for seamless operations.

IT and digital innovations

X5 Group has invested significantly in its , including the construction of its own in the Region, which broke ground on April 10, 2025. This 10MW, 6,000-square-meter facility, set to become operational in the third quarter of 2026, aims to enhance the resilience, scalability, and self-sufficiency of X5's digital operations by hosting critical IT systems for , , and other functions. The company employs models to improve , alongside optimizations in pricing, assortment, and , thereby increasing prediction accuracy and . In 2024, X5 allocated approximately 22.1 billion rubles to projects developing and implementing Russian IT solutions, reflecting its annual commitment exceeding 20 billion rubles to technological advancements. Additionally, X5 has engaged in numerous startup collaborations through its innovation pipeline, fostering R&D via initiatives like the X5 Lab, an experimental store established in for testing proprietary developments such as video analytics and smart shelves. Key innovations include the rollout of biometric facial recognition payments, initially piloted in March 2021 at Perekrestok stores in partnership with Sber and Visa, which by August 2023 had expanded to 15,000 self-checkouts across 4,100 stores, enabling contactless "pay with a glance" transactions. X5's features unified platforms like X5.ID for customer identification, serving millions of users across its retail formats and integrating with services such as express delivery. Looking ahead, X5 is expanding applications of technology, including ongoing tests as of April 2025 for shelf monitoring to control product availability and layout compliance.

Sustainability

ESG strategy

X5 Group's ESG strategy, formally known as the Strategy, was originally adopted by the Supervisory Board in December 2019 and updated in September 2023 to extend key targets through 2025, with a focus on four core pillars: health, planet, employees, and communities. This framework aligns the company's operations with Russia's National Development Goals to 2030 and international benchmarks, emphasizing responsible resource use, , and long-term resilience. In April 2024, a court decision led to the forced redomiciliation of X5's Russian subsidiary from the Netherlands-based parent to , suspending shareholder rights and transferring control, which may influence future ESG governance practices. Governance of the ESG strategy is overseen at the board level by the , which reviews sustainability matters through its strategic committee, while an ESG committee at the management level coordinates implementation, including subcommittees on ESG innovation and government relations. Transparency is prioritized through annual reporting aligned with , as well as recommendations from the Bank of Russia on non-financial disclosures and the Task Force on Climate-related Financial Disclosures. Under the planet pillar, X5 has set a target to reduce greenhouse gas (GHG) emissions intensity from Scope 1 and 2 sources by 15% per square meter of selling space by 2025, compared to 2019 levels, primarily through energy efficiency improvements in stores and distribution centers. Additional environmental goals include achieving 5% renewable or low-carbon energy in operations, reducing the waste-to-sales ratio by 15% versus 2019, and recycling up to 95% of recyclable materials generated from operations by 2025. Long-term, the strategy aims for carbon neutrality across the value chain by 2050, in alignment with the Paris Agreement. For ethical sourcing, the health pillar includes developing principles for responsible supplier practices, with all new suppliers required to undergo audits for compliance with sustainability and quality standards before onboarding. ESG reporting is integrated into X5's broader financial disclosures, with dedicated annual Sustainability Reports detailing progress against targets, alongside semi-annual updates and an ESG databook covering 2019–2024 metrics as of the latest available data. These reports provide verifiable data on key performance indicators, such as GHG emissions and waste recycling rates, ensuring accountability to investors and stakeholders. In the first half of 2024, X5 advanced social initiatives and continued progress on environmental targets, including energy efficiency measures.

Social and environmental initiatives

X5 Group has implemented various social initiatives aimed at supporting communities, employees, and , aligned with its Strategy adopted in December 2019 and updated in September 2023. A key program is the "Basket of Kindness" food drive, launched in 2015, which facilitates donations at checkout points in X5 stores to aid vulnerable populations; by 2022, it had supported nearly 200,000 people across 40 Russian regions. In partnership with Foodbank Rus, X5's initiatives provided to over 465,000 individuals in 2023, with more than 586,000 customers participating in collection campaigns. The company targets a 10% annual increase in beneficiaries to expand community support. To enhance employee well-being, X5 maintains goals for an employee (eNPS) of at least 40 points and an engagement rate of 80% or higher, amid business growth, through initiatives like employer brand enhancement and inclusive workplace culture. In health promotion, Pyaterochka stores offer healthy educational programs, with plans to expand to additional regions, while monitoring supplier practices to ensure product quality and freshness. During the in 2020, X5 broadened its social efforts, providing assistance in healthcare, , and support for vulnerable groups. In March 2024, X5 established the "Helping Out" charitable foundation to systematize and scale these efforts, utilizing its infrastructure and digital platforms to partner with nonprofits and reach more beneficiaries efficiently; as of Q2 2025, the foundation continues to focus on food aid and healthy lifestyles. On the environmental front, X5 focuses on and emissions reduction as part of its strategy, committing to (SBTi) standards and net-zero emissions by 2050. Key targets include a 15% reduction in Scope 1 and 2 (GHG) emissions intensity per square meter of selling space by 2025 (compared to 2019), escalating to 20% by 2030, achieved through energy-efficient technologies and adoption aiming for 5% low-carbon sources in operations by 2025. Waste management efforts target a 15% decrease in the waste-to-sales ratio by 2025 (versus 2019) and 95% of materials, alongside a 25% increase in food reprocessing to minimize expiry waste. Packaging sustainability is prioritized, with goals for 100% sustainable materials in own-production meals and 60% in private-label products by 2025. In 2023, X5 advanced these commitments by implementing energy-efficient solutions across retail formats and reducing food waste through reprocessing and donations, contributing to broader progress in its 30x30 goals for a 30% overall GHG cut and 30% waste reduction by 2030 (baseline 2020). The company also promotes sustainable sourcing, partnering with suppliers to lower Scope 3 emissions intensity. These initiatives are integrated into operations, with annual reporting tracking alignment to UN Sustainable Development Goals such as Zero Hunger and Responsible Consumption.

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