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Investor Relations14 Oct 2025
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Ocado Group (OCDO) investor relations material
Ocado Group H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2025 earnings summary17 Jul, 2025
Executive summary
Group revenue rose 13% year-over-year to £674m, with strong growth in Technology Solutions and Logistics, and adjusted EBITDA up £40m to £92m, driven by disciplined execution and cost control.
Ocado Retail was deconsolidated in April 2025, now equity accounted, resulting in a non-cash gain of £783m and a statutory profit of £611.8m.
Focus remains on achieving cash flow positivity in FY26 and full-year positive cash flow in FY27, supported by lean operations and capital allocation.
Significant international expansion with launches in South Korea, Saudi Arabia, Spain, and Australia, and strong engagement with partners like Kroger and Coles.
Strategic priorities include evolving the commercial strategy and leveraging new opportunities as exclusivity terms roll off.
Financial highlights
Group revenue up 13% year-over-year to £674m; Technology Solutions up 15%, Logistics up 12%.
Adjusted EBITDA increased to £92m (+£40m YoY), with Technology Solutions EBITDA at £73m and margin at 26% (22% excluding one-off fees).
Underlying cash outflow improved by £93m to £108m; liquidity at end-June near £1.2bn, including £866m cash and a £300m undrawn revolving credit facility.
Ocado Retail revenue up 16% to £1,526m, adjusted EBITDA up £12m to £33m, with underlying margin at 3.3%.
Reported a £783m non-cash gain from the deconsolidation of Ocado Retail.
Outlook and guidance
FY25 guidance reaffirmed: Technology Solutions revenue growth c.10%, Logistics high mid-single digit growth, and group adjusted EBITDA margin 20–25%.
Group underlying cash outflow expected at c.£200m for FY25; on track to achieve cash flow positivity in FY26 and full-year positive in FY27.
Capital expenditure for FY25 expected around £300m.
Focused on reducing fixed costs, especially in technology and support, to support cash flow targets.
c.8 new CFCs to go live over next 3 years; c.150 live modules expected by end FY27.
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Next Ocado Group earnings date
H2 202526 Feb, 2026
Next Ocado Group earnings date
H2 202526 Feb, 2026
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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.
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