Ocado Says Core Priority To Turn Cash Flow Positive During FY26

Ocado Group PLC OCDO:

• OCADO GROUP PLC - HALF-YEAR RESULTS

• OCADO H1 REVENUE GBP 674 MILLION

• OCADO - SUMMARY FINANCIAL GUIDANCE FOR FY25 - UNCHANGED

• OCADO - HY UNDERLYING CASH OUTFLOW OF -£108M

• OCADO H1 ADJUSTED EBITDA GBP 91.8 MILLION

• OCADO - EXPECT GROUP CAPITAL EXPENDITURE ACROSS CFC AND TECHNOLOGY TO BE AROUND £300M FOR FY25

• OCADO - REFINANCED £300M DEBT IN HY25; LIQUIDITY AT £1,046 MLN IN HY

• OCADO - CORE PRIORITY TO TURN CASH FLOW POSITIVE DURING FY26; EXPECTS TO BE FULL YEAR CASH FLOW POSITIVE IN FY27

• OCADO - ADDITIONAL MODULES EXPECTED IN FY25 (INCLUDING FROM ORL, KROGER AND AUCHAN) OFFSETTING THE MORRISON ERITH EXIT

• OCADO - FROM FY27, EXPECT TECHNOLOGY R&D CAPEX TO BE NO MORE THAN 20% OF RECURRING REVENUES

• OCADO - REMAIN ON TRACK TO REDUCE TECHNOLOGY SPEND TO NO MORE THAN £250M IN FY25

• OCADO - IN H2 OF THIS YEAR, EXPECT EXISTING EXCLUSIVITY TERMS TO ROLL OFF IN MAJORITY OF MARKETS WHERE OCADO'S TECHNOLOGY IS ALREADY LIVE