Half Year Results 2025
Results at a glance
£674m
£91.8m
(HY24: £52.0m)
£611.8m
(1H24 £(153.3)m)
£(108)m
£1,046m
Highlights
Financial progress
- Group Revenue £674.0m, +13.2%; Technology Solutions +14.9%, Ocado Logistics +12.1%
- Group Adjusted EBITDA*1 £91.8m (1H24: £52.0m); Technology Solutions £72.8m, (1H24: £34.8m), (margin growth from 14.4% to 26.3%) and Ocado Logistics £19.0m, (1H24: £17.2m)
- Ocado Retail (“ORL”) revenue +16.3%; EBITDA £33.3m (1H24: £20.7m); now reported as an associated undertaking following its deconsolidation in April 2025; Ocado’s economic interest remains unchanged
- Statutory profit £611.8m (1H24: £(153.3)m); after adjusting items of £741.8m (1H24: £7.3m) including a reported gain of £782.6m on the statutory valuation of 50% ORL’s equity upon deconsolidation
- Underlying cash outflow*2 of £(108)m, +£93m improvement vs 1H24 £(201)m; higher revenues, increasing EBITDA, lower capex and targeted cost control to more than offset increased finance costs
- Strong liquidity at £1,046m (1H24: £969m); cash and cash equivalents of £745.8m (1H24: £669.1m)
- Refinanced £300m debt in HY25; further £100m issuance in Jun-25 (post HY) and £112m letter of credit; in aggregate allowing the Group to address its residual FY25-27 maturities from existing liquidity
Operational and strategic progress
- Growth in average modules; +8.9% to 122 average live modules3 (1H24: 112); 119 live modules (1H24: 112) at period end following the cessation of Morrison deliveries from our Erith CFC
- Partner support and Re:Imagined rollout; continuing to support with specialist resources; first international CFCs approaching design capacity; 265 OGRP arms installed worldwide
- CFC network improvements; growth in weekly volumes of +23% YoY; orders placed for incremental capacity and Re:Imagined rollout well underway across the network. Detroit now expected to achieve 50% more than initial design capacity
- Cost discipline and efficiency; £40m annualised savings achieved with £12m of restructuring costs
- Ocado Logistics; OSP overall CFC productivity +8.1%; c.40% Luton volumes picked robotically
- Ocado Retail; market-leading10 and volume-driven sales growth +16.3% and orders +14.7%; 3.3% adjusted EBITDA margin* (excluding Hatfield fees). Full customer transition to OSP complete
Downloads
"Ocado Group has delivered a strong first half and we have reached important milestones both in our UK business, as well as across our international partnerships. Our Technology Solutions division has more than doubled EBITDA and our underlying cash flow has improved significantly, ending the period with liquidity in excess of £1 billion. Our focus remains on turning cash flow positive during FY26, supported by continued growth with our partners and cost discipline across the business.
In recent months we have gone live in one of the most highly developed online markets, with Lotte in Korea, as well as a market in an early stage of online development with Panda in KSA. We have also expanded our long-standing partnership with Bon Preu in Catalonia. Meanwhile, Ocado Retail has maintained its position as the fastest-growing grocer in the UK, reflecting strong customer growth and continued market share gains. We continue to work hard with our partners to make sure they are all able to take full advantage of Ocado's technology.
Our current exclusivity terms are expected to roll off in multiple markets towards the end of this year, and we will start ramping up commercial conversations across global regions. Many of these markets have developed substantially in recent years and the online channel is fully established as the major growth driver in grocery globally. This is an exciting moment to bring the proven, enhanced and even more flexible Ocado offering back to these markets."
Tim Steiner, CEO and Co-Founder of Ocado Group
Group summary
| £m | 1H25 pro-forma | 1H24 pro-forma | Change |
|---|---|---|---|
| Revenue | |||
| Technology Solutions | 277.3 | 241.4 | 14.9% |
| Logistics | 396.7 | 354.0 | 12.1% |
| Group | 674.0 | 595.4 | 13.2% |
| Operating costs | |||
| Technology Solutions | (204.5) | (206.6) | 1.0% |
| Logistics | (377.7) | (336.8) | (12.1)% |
| Group | (582.2) | (543.4) | (7.1)% |
| Adjusted EBITDA* | |||
| Technology Solutions | 72.8 | 34.8 | £38.0m |
| Logistics | 19.0 | 17.2 | £1.8m |
| Group | 91.8 | 52.0 | £39.8m |
| Share of results JV / Assocs | (8.4) | (12.7) | 33.9% |
| Depreciation and amortisation | (174.2) | (186.1) | 6.4% |
| Finance income | 22.4 | 25.6 | (12.5)% |
| Finance costs | (66.1) | (42.3) | (56.3)% |
| Other finance gains and losses | (2.6) | 10.9 | (123.9)% |
| Adjusted EBT | (137.1) | (152.6) | £15.5m |
| Adjusting items* | 744.4 | 8.4 | £736.0m |
| EBT | 607.3 | (144.2) | £751.5m |
| Tax | (2.4) | 0.6 | (500.0)% |
| Profit / (loss) after tax* | 604.9 | (143.6) | £748.5m |
1. Depreciation, amortisation and impairment of £174.2m (1H24: £186.1m) excludes £4.7m (1H24: £1.6m) recognised in adjusting items*.
2. Finance income of £22.4m (1H24: £25.6m) excludes £2.0m (1H24: £6.9m) recognised in adjusting items*.
3. Other finance gains and losses of £(2.6)m loss (1H24: £10.9m gain) excludes a £2.3m gain (1H24: £nil) recognised in adjusting items*.
