Ocado Group PLC

Latest Results (20.05.2026):

Ocado Group PLC — Full‑year results for FY25 (52 weeks ended 30 November 2025). The group reported revenue of £1,362m (+12.1%) and strong adjusted EBITDA growth to £178m (FY24: £112m). Technology Solutions delivered particularly strong margin expansion (adjusted EBITDA £140m; 25.0% margin), Ocado Logistics returned positive adjusted EBITDA (£38m), and Ocado Retail (now equity‑accounted) continued fast UK growth. Underlying cash flow remained negative but improved when including a matured letter of credit; the group says it is on track to turn cash‑flow positive in H2 FY26 and fully cash‑generative in FY27.

Headline financials

Group revenue £1,361.5m (+12.1%); Group adjusted EBITDA £178.0m (up £66.3m y/y). Statutory/adjusted P&L materially affected by adjusting items of £756m (largely a £782.6m gain on revaluation of Ocado Retail on deconsolidation). Reported profit before tax £402.9m vs prior year loss.

Technology Solutions — strong margin expansion

Technology Solutions revenue £561.2m (+13.0%); adjusted EBITDA £140.3m (margin 25.0% vs 16.2% FY24). Average live modules 121 (up 4.3% y/y). Non‑recurring and indexed recurring fees both contributed; guidance for FY26: Technology revenue c.£500m (excl. closure fees) and adjusted EBITDA margin ≈30% (excl. closure impacts).

Ocado Logistics and Retail performance

Ocado Logistics revenue £800.3m (+11.5%) with adjusted EBITDA £37.7m (improved on FY24), continuing productivity gains (UPH +7.9%) and DP8 delivery efficiency improvement. Ocado Retail (now an associate) revenue £3,098.8m (+15.4%) and adjusted EBITDA £83.9m; Ocado Group’s share of ORL is equity‑accounted from 7 April 2025.

Cash flow, liquidity and balance sheet

Underlying cash outflow £213m (excluding a £113m LoC receipt); including the LoC and other one‑offs underlying outflow improved to ~£100m. Cash and cash equivalents £740m and undrawn RCF £300m (gross liquidity >£1.0bn). Post‑period receipts: Kroger £261m and Sobeys £18m related to closed CFCs. Net debt position remains leverage‑focused with higher finance costs.

Adjusting items & deconsolidation impact

Adjusting items of £756m mainly reflect a £782.6m gain on the statutory valuation of Ocado Retail on deconsolidation, a £23m loss on deconsolidation of Jones Food Company, £20.2m LoC items and restructuring costs (~£14.8m). These items drive the large statutory vs underlying P&L differences.

Operations and commercial progress

72m orders shipped worldwide in FY25; international weekly CFC volumes +26% (exit‑rate basis). Live modules at year‑end 122 (average 121). Re:Imagined tech rollout (OGRP/AFL) in multiple CFCs, record fast CFC build (Warsaw) and increased same‑day capability (up to ~40% in advanced sites). Kroger/Sobeys network rationalisations closed 4 CFCs; partnerships refocused on 7 live CFCs.

Outlook & guidance

FY26 guidance: Technology Solutions revenue ~£500m (excl. closure fees), Technology adjusted EBITDA margin ~30% (excl. closure fees); c.10 new modules expected in FY26 and c.10–15 in FY27; group capex ~£250m in FY26; Ocado expects to turn cash‑flow positive in H2 FY26 and be fully cash‑generative in FY27. Group also targets ~£150m reduction in aggregate Technology & Support cash costs (FY27 vs FY25) as major R&D cycle completes.