Ocado Group
Full Year Results
2025
The financial highlights
£1,362m
£178m
FY24: £112m
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+15.4%
£(213)m
£395m
FY24:£(374)m
£1.0bn
£400m
The results highlights
Operational and strategic progress
- Growth in average modules; +4% to 121 average live modules3 (FY24:116); Live modules at year end: 122 (FY24: 123) following the cessation of Morrisons deliveries from our Erith CFC (5 modules); 4 modules added across our CFCs in the US, UK and Poland
- OSP network growth and Re:Imagined rollout; 72m orders shipped worldwide in FY25, +26%4 growth in international weekly CFC volumes; OGRP rolled out in 10 CFCs with most advanced CFC now picking c.50% volumes robotically; 3-module Warsaw CFC optimised-site design built and opened in 12 months
- Resetting our Kroger and Sobeys partnerships; now a combined base of 7 live CFCs; following 4 site closures. Key learnings addressed with North American market now fully open to Ocado
- Rolling off exclusivity across wider global markets; enabling a return to multiple mature grocery markets with a significantly evolved solutions proposition
- New solutions and more flexibility; rolling out same-day and short lead-time deliveries from CFCs, already achieving up to 40% same-day in most advanced site; integrating global online aggregators; well positioned to take advantage of a clear opportunity in the US and globally with Store Based Automation
- Ocado Retail, enabled by Ocado Logistics, delivering market-leading12 growth with orders +13.1%; 3.8% EBITDA margin* (excl. Hatfield fees); total CFC costs, incl. labour, at 6% sales with UPH efficiency +8%
Our progress
FY25 was a year of tangible progress for Ocado. EBITDA grew strongly, and we saw an increase of 26% in volumes processed through our international sites. Our latest CFC was delivered in record time and we accelerated the roll-out of our latest technologies around the world. We remain on track to turn cash flow positive during FY26 and deliver full year cash generation in FY27.
We have largely completed a very significant phase of investment in our robotics and automation capabilities. As that development cycle concludes and we accelerate deployment of our latest products, we expect aggregate Technology and Support costs to continue reducing. Our ongoing R&D investment will be concentrated on areas where we see the clearest path to value creation for Ocado and our partners. We are also reshaping parts of our organisation to focus our commercial strategy and simplify our operating model as we re-engage in multiple international markets, following the end of exclusivity arrangements.
These changes will also reflect the lower structural cost base that we have signalled over recent years. Regrettably, this means a significant number of roles will no longer be required. We are grateful to colleagues who are affected by these changes, and whose talent and hard work have made a lasting contribution to Ocado. We will support those impacted through this process.
In North America, we have worked constructively with partners around their decisions to close underutilised sites and concentrate activity in locations delivering stronger operational and financial performance. These were difficult decisions, but they have strengthened the foundations and long-term outlook of those partnerships.
With exclusivity arrangements concluded in most markets, we have greater flexibility to pursue new partnerships and growth opportunities. We are well set to re-enter multiple markets with an evolved technology platform, designed to be more flexible, offering a wider range of solutions to help retailers to run more efficiently and deliver a better service for shoppers, in any market environment, at any stage in their online journey."
- Tim Steiner, CEO, Ocado Group
Financial results table
| £m | FY25 pro forma* | FY24 pro forma* | Change (£m) | Change (%) |
|---|---|---|---|---|
| Revenue*6 | ||||
| Technology Solutions | 561.2 | 496.5 | 64.7 | 13.0% |
| Logistics | 800.3 | 718.0 | 82.3 | 11.5% |
| Group | 1,361.5 | 1,214.5 | 147.0 | 12.1% |
| Adjusted EBITDA* | ||||
| Technology Solutions | 140.3 | 80.6 | 59.7 | 74.1% |
| Logistics | 37.7 | 31.1 | 6.6 | 21.2% |
| Group | 178.0 | 111.7 | 66.3 | 59.4% |
| Share of results of JV and associate | (13.5) | (24.0) | 10.5 | 43.8% |
| Depreciation, amortisation and impairment*7 | (411.4) | (413.9) | 2.5 | 0.6% |
| Finance Income*8 | 45.7 | 49.6 | (3.9) | (7.9)% |
| Finance costs | (146.7) | (98.6) | (48.1) | (48.8)% |
| Other finance gains and losses*9 | (5.2) | 10.0 | (15.2) | (152.0)% |
| Adjusted EBT* | (353.1) | (365.2) | 12.1 | 3.3% |
| Adjusting items*10 | 756.0 | 12.4 | 743.6 | - |
| EBT | 402.9 | (352.8) | 755.7 | 214.2% |
1. Adjusted EBITDA* is defined as earnings before net finance cost, taxation, depreciation, amortisation, impairment and adjusting items*10.
2. Underlying cash flow* is the movement in cash and cash equivalents excluding adjusting items*, proceeds from the disposal of assets held for sale, loans to investee companies, cash received in respect of contingent consideration, costs of financing, proceeds from the disposal of unlisted equity investments and FX movements.
3. A module is considered live when it has been fully installed and is available for use by our partner or where fees are being received for the module. This includes 14 modules for the Hatfield CFC, and Leeds and Canning Town Zooms, which were not actively trading at the end of the period, but for which fees are being received in full.
4. Exit rate of P12-25 vs. P12-24 used, excludes the CFCs closed in January 2026 and February 2026, those being Baltimore, Groveland, Pleasant Prairie and Calgary.
5. Excludes the impact of the closure fees from Kroger of £261m and from Sobeys of £18m received in January 2026 and February 2026, respectively.
6. Revenue is a. Technology Solutions - the fees charged to partners and clients and b. Logistics - the recharge of costs and associated fees from Ocado Logistics to our UK partners.
7. Depreciation, amortisation and impairment of £404.6m (FY24: £413.9m) excludes £4.7m (FY24: £1.6m) recognised in adjusting items*.
8. Finance income of £45.7m (FY24: £49.6m) excludes £2.1m (FY24: £11.4m) recognised in adjusting items*.
9. Other finance gains and losses of £(5.2)m loss (FY24: £10.0m gain) excludes a £4.1m gain (FY24: £43.6m gain) recognised in adjusting items*.
10. Adjusting items* of £756.0m income (FY24: £12.4m income) comprise largely 1. the gain on the statutory valuation of the Group’s investment in Ocado Retail of £782.6m, 2. loss on deconsolidation of Jones Food Company of £23.0m, 3. £20.2m income recognised relating to Letter of Credit and attributable to prior periods, and 4. organisational restructuring costs of £14.8m.
11. DP8 represents the customer deliveries per standardised eight-hour shift for Ocado Retail only.
12. NIQ Total Till and NIQ Homescan from Nielsen Consumer LLC, figures stated relate to the last four weeks ending 29 November 2025.
13. Customers are classified as active if they have shopped at Ocado.com within the previous 12 weeks. Average active customers represents the average number of active customers over the 52-week period.
