Ocado Group (OCDO) H1 2026 earnings summary

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.