London · Delayed Price · Currency is GBP · Price in GBX Ocado Group Earnings Call Transcripts
Fiscal Year 2026
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Revenue and EBITDA growth were driven by strong international and retail performance, with Ocado Retail up 15% and international volumes up 27% year-on-year. Cost reductions and organizational changes are expected to deliver cash flow positivity in H2 and FY2027, while new partnerships and automation products support future growth.
Fiscal Year 2025
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FY25 saw 12% revenue growth, strong EBITDA gains, and robust liquidity, with cost reductions and tech investments positioning the business for cash flow positivity by FY27. Segment growth was driven by tech solutions and logistics, while site closures and debt management improved long-term resilience.
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Revenue grew 13% year-over-year, with strong gains in Technology Solutions and Logistics, and Ocado Retail delivering 16% revenue growth. Cash flow improvement and cost discipline support the goal of turning cash flow positive by FY 2026.
Fiscal Year 2024
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Revenue grew 14% to £3.2bn with adjusted EBITDA up £102m, and cash flow improved by £249m year-over-year. Technology and retail segments delivered strong growth, while disciplined R&D and cost control support a positive free cash flow outlook for 2026.
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Retail revenue grew 17.5% in Q4 and 13.9% for the year, driven by strong customer acquisition, improved service, and operational efficiency. Capacity constraints emerged at Christmas, but ongoing automation and expansion are expected to support further growth.
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Retail revenue rose 15.5% to £658 million in Q3, with active customers up 10.3% and weekly orders up 14.7%. Full-year revenue guidance was upgraded to low double-digit growth, while price investment and technology adoption supported market share gains.
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Revenue grew 13% to £1.5bn and adjusted EBITDA nearly tripled, driven by strong performance in Technology Solutions and Retail. Cash flow guidance was raised, with breakeven expected in H2 2026, and CapEx guidance reduced. Online grocery and automation markets continue to show robust growth.