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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.
Ocado Group
Ocado Group (OCDO) investor relations material
Ocado Group H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary16 Jul, 2026
Executive summary
Achieved 27% year-over-year volume growth across international CFCs, excluding closed Kroger and Sobeys sites, and signed major new OSP partners, accelerating the Ocado Mobile Robot System business.
Announced a clear succession plan and completed organizational changes to simplify structure, supporting strategy execution and shareholder value.
Strong commercial momentum with new partnerships, end of exclusivity in key markets, and a robust pipeline of prospects, especially in the US.
Revenue surged 54% year-over-year to £1,037m, driven by non-recurring closure fees from Kroger and Sobeys, with underlying revenue up 1% excluding these impacts.
On track to turn cash flow positive in H2 2026 and for full-year FY2027.
Financial highlights
Group revenue (excluding closure receipts) up 1% year-on-year to £684m; Technology Solutions up 5% like-for-like; Logistics up 8%.
Adjusted EBITDA at £81m, £11m lower year-on-year, impacted by closure phasing; reported EBITDA including closure impacts at £432m.
Underlying cash flow at £(147)m; reported net cash inflow £25m due to £260–263m net closure receipts.
Liquidity over £1.1bn, including £765m cash and £300m undrawn RCF.
Gross debt at £1.438bn, down £50m from FY2025; net debt reduced by £79m to £(970)m.
Outlook and guidance
On track to turn cash flow positive in H2 2026 and for full-year FY2027.
FY26 Technology Solutions revenue expected at ~£500m (excluding closure fees), with ~30% EBITDA margin; Logistics targeting high mid-single-digit revenue growth.
Cost savings of £150m annualized to be realized in H2 and FY2027.
Capital expenditure for FY26 guided at ~£250m.
Sufficient cash to fund 10% module growth year-on-year and reduce gross debt to £700–800m in 12–18 months.
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Latest events from Ocado Group
- 12% revenue and EBITDA growth, with cash flow positivity targeted for FY27.OCDO
H2 2025 - Revenue up 13% and EBITDA up 76.5%, with strong cash discipline and a one-off profit gain.OCDOH1 2025
- Q3 revenue up 15.5%, customer base and orders surged, full-year guidance upgraded.OCDOQ3 2024 TU
- Revenue up 13%, EBITDA tripled, loss halved, guidance raised, cash flow positive by FY26.OCDOH1 2024
- 14% revenue growth, EBITDA up £102m, and cash flow gains support FY26 positive outlook.OCDOH2 2024
- Q4 revenue up 17.5% year-over-year, with record sales and strong customer growth.OCDOQ4 2024 TU
Next Ocado Group earnings date
H2 202625 Feb, 2027
Ocado Group
Next Ocado Group earnings date
H2 202625 Feb, 2027
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Frequently asked questions
Revolutionary Retailing Solutions
Ocado, headquartered in Hatfield, United Kingdom, is one of the pioneers in the world of online grocery retailing. Established in 2000 by three former Goldman Sachs employees, Ocado has reimagined the way people shop for groceries. With its groundbreaking technology, Ocado has risen to become a leader in online grocery retailing, serving customers across the UK and beyond.
Robot-Powered Warehouses
The most innovative part of Ocado's operation is its robotic warehouse systems. These state-of-the-art systems use a fleet of robots to pick up and pack groceries in an efficient and accurate manner. The robots operate on a three-dimensional grid system, known as "The Hive", allowing them to move in any direction to retrieve items. They are capable of managing a vast range of different products while operating at remarkable speed and precision, and significantly reducing the time required to pack groceries for delivery and shipping.
Driven by technology
This technology has not only revolutionized Ocado's own operations but it's also being licensed to other retailers around the world. The Ocado Smart Platform (OSP) is an end-to-end system that combines hardware and software solutions. It offers other businesses a comprehensive method for digitizing their grocery operations, marking Ocado's transition from a pure e-grocery to a technology provider as well. Ocado's unique selling proposition is its technology. By investing heavily in its warehouse automation and advanced systems, Ocado has managed to stay ahead of many competitors and has set new standards for efficiency and speed in the grocery industry.
A Key Player
Despite being a relatively young company, Ocado has secured a strong position within the online grocery and retail industry, especially in the UK market. It operates a successful partnership model with well-known chains like Marks & Spencer in the UK, ICA in Sweden, and Kroger in the US. Through these partnerships, Ocado combines its technological expertise with the established customer base and brand power of traditional grocers, creating a formidable force in the online grocery sector.