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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Bellis Finco
Bellis Finco (ASDA) investor relations material
Bellis Finco has been private
Bellis Finco Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Mar, 2026
Executive summary
Revenue declined 3.3% year-over-year to £25,878m, with ex-fuel revenue at £20,997m, impacted by technology transition and market headwinds.
Operating loss increased to £351m (FY24: £44m), driven by margin investment, higher employment costs, and Project Future disruption.
Net loss widened to £716m from £487m, reflecting higher interest costs and impairment charges.
Free Operating Cash Flow remained strong at £363m, despite lower EBITDA and higher exceptional costs.
Significant investments made in technology, store refresh, and colleague pay to support long-term growth.
Financial highlights
Revenue: £25,878m (down from £26,847m); ex-fuel revenue: £20,997m (down from £21,713m).
Adjusted EBITDA: £761m (FY24: £1,141m), reflecting price investment and system transition costs.
Operating loss: £351m (FY24: £44m); net loss: £716m (FY24: £487m).
Capital expenditure: £298m (FY24: £366m), with 15% allocated to Project Future IT separation.
Net debt (excl. leases): £3,110m; pro forma adjusted leverage: 4.0x (up from 2.9x).
Outlook and guidance
UK grocery market remains highly competitive amid macroeconomic pressures and fragile consumer confidence.
Focus remains on value leadership, expanding Rollback and Asda Price, and growing the Asda Express convenience estate.
Online and convenience channels expected to outperform, with continued investment in digital and smaller formats.
No material post-balance sheet events requiring disclosure.
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Latest events from Bellis Finco
Next Bellis Finco earnings date
Q4 202622 Apr, 2027
Bellis Finco
Next Bellis Finco earnings date
Q4 202622 Apr, 2027
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Frequently asked questions
Asda Stores Limited is a British supermarket chain offering a wide range of groceries, clothing, household goods, and general merchandise. Operating large-format stores, convenience locations, and an online platform, Asda provides fresh produce, packaged foods, personal care items, electronics, and apparel under its own brands and third-party labels. The company also offers additional services such as pharmacy, financial, and fuel services across many locations. Asda focuses on providing value-driven options for consumers, with an emphasis on affordability and accessibility. The company is headquartered in Leeds, United Kingdom.