Slide 1: Half Year 2026 Results Announcement
Half Year 2026 Results Announcement 16TH JULY 2026 1
Slide 2: Forward-looking statements
Forward-looking statements Disclaimer This presentation contains oral and written statements that are or may be “forward-looking statements” with respect to certain of Ocado’s plans and its current goals and expectations relating to its future financial condition, performance and results. These forw
Slide 3: Introduction
Introduction Adam Warby Chair, Ocado Group 3
Slide 4: Strategic Review
Strategic Review Tim Steiner Chief Executive Officer, Ocado Group 4
Slide 5: First Half Highlights
First Half Highlights: Accelerating volume Renewed commercial Good progress towards A healthy pipeline of growth across the momentum, with new turning Cash Flow new prospects, with platform, with 27% YoY partners committing to a Positive in 2H, with multiple grocers volume growth across wide range o
Slide 6: Recent OSP live partners driving strong growth
Recent OSP live partners driving strong growth “Our CFC volumes increased in Growth 65% (Madrid) 21% 70% the half with sales growth again outpacing total supermarkets e-commerce sales growth” “Our CFCs allow us to provide the 97% 94% 97% Perfect biggest range, better availability and improved freshn
Slide 7: Increasing flexibility in deployment
Increasing flexibility in deployment 7
Slide 8: Increasing flexibility in deployment
Increasing flexibility in deployment 8
Slide 9: o LOTTE SHOPPING
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Slide 11: @ocado
@ocado
Slide 12: Building Commercial Momentum
Building Commercial Momentum Nick de la Vega Chief Revenue Officer, Ocado Group 12
Slide 13: Ocado's Commercial Focus
Ocado's Commercial Focus A refocused Doubling down Tilting toward and & consolidated on grocery validating the US commercial team opportunity post- exclusivity rolling off 13
Slide 14: Sales Momentum Growing
Sales Momentum Growing Major new OSP Significant acceleration A strong pipeline partner signed in Ocado Mobile Robot of new prospects System (OMRS) business in multiple markets 14
Slide 15: Capturing the US opportunity
Capturing the c. 90% of online grocery in the U.S. is currently fulfilled from stores US opportunity U.S. grocers are not adding meaningful square footage in the coming years Manual store-based fulfilment begins to reach structural limits at roughly 12-15% online penetration An estimated core servic
Slide 16: Feedback from the industry
Feedback from the industry What is the challenge? What is driving interest in Ocado’s SBA? Many stores are now beginning No issue with physical store to >25% online penetration, constraints. Can be installed putting pressure on operations within stores from 5,000 sq ft, and costs and no need to rais
Slide 17: Financial Review
Financial Review Stephen Daintith Chief Financial Officer, Ocado Group 17
Slide 18: HY26 Financial progress
HY26 Financial progress1 • Revenue +1% Technology Solutions +5% on LFL basis; Logistics +8% (Excluding net closure fee receipts from Kroger/Sobeys) • EBITDA run rate to improve Technology Solutions £13m lower from phasing of closures Group revenue Group adjusted EBITDA* with 2H openings and benefits
Slide 19: Summary Group Income Statement
Summary Group Income Statement CHANGE EXCL. 1H26 EXCL. KROGER/SOBEYS 1H26 1H25 £M CHANGE CLOSURE CLOSURE IMPACTS CLOSURE IMPACTS PRO- FORMA* IMPACTS Revenue Recurring fees 231 - 231 239 (3%) (3%) Non-recurring and other revenue 25 354 378 39 +875% (36%) Technology Solutions 256 354 609 277 +120% (8%
Slide 20: Technology Solutions
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Slide 21: 1H26 reflects January closures with recurring fees and savings to drive EBITDA
1H26 reflects January closures with recurring fees and savings to drive EBITDA CHANGE £M 1H26 1H25 (%/£M) Average number of live modules 115 122 (6)% Technology Solutions total revenue (8)%: • Recurring fees (3)% at £256m reflecting Revenue 256 277 (8)% Kroger/Sobeys closures partly offset by Warsaw
Slide 22: Cost discipline and focus across all areas
Cost discipline and focus across all areas Direct operating costs to benefit from Technology spend reducing due to SG&A to reduce as we focus on further efficiencies completed Re:Imagined investment a leaner operating model Technology Solutions direct operating costs Technology spend (R&D CapEx and
Slide 23: Ocado Logistics
INANCIAL REVIEW Ocado Logistics => @ocad
Slide 24: Ocado Logistics: strong 1H26 performance
Ocado Logistics: strong 1H26 performance CHANGE £M 1H26 1H25 (£M)/(%) Revenue Management fees 15 14 +9% • Management fees for Logistics services +9% to Capital Recharges 3 3 - £15m; higher recoverable costs from partner volume Fee Revenue 18 17 +6% growth Cost Recharges 410 380 +8% • Cost recharges
Slide 25: UK partner gains in both CFC and DP8 delivery efficiency
UK partner gains in both CFC and DP8 delivery efficiency OSP CFCs overall productivity UPH7 +12% YoY Deliveries/8hr shift (DP88) +6% YoY OSP CFC UPH Drops per van route (normalised for an 8-hour shift) # # 268 21.0 21.2 22.5 221 239 1H24 1H25 1H26 1H24 1H25 1H26 • Continued gains in CFC direct labou
Slide 26: Ocado Retail
Ocado Retail 26
Slide 27: Ocado Retail: market-leading and high quality customer growth
Ocado Retail: market-leading and high quality customer growth 1H26 1H25 CHANGE (%) • Strong volume-led growth with orders at +13%; active Revenue £m 1,756 1,526 +15% customers9 +11%; 1.3m customers avg. orders per week • High quality growth with mature customers (5 or more 554 491 +13% orders) +10.2
Slide 28: Ocado Retail: market-leading growth, EBT and cash positive
Ocado Retail: market-leading growth, EBT and cash positive £M 1H26 %REV. 1H25 %REV. %CHG. • Revenue +15% and Gross profit +£84m: with gross Revenue 1,756 1,526 +15% margin increasing +0.4ppt Gross profit 594 33.8% 509 33.4% +17% • CFC costs +2%: CFC productivity more than offset labour inflation, re
Slide 29: Ocado Retail KPIs: high growth, stable baskets and increasing asset turn
Ocado Retail KPIs: high growth, stable baskets and increasing asset turn Enduring and structural Basket items stable, order We are leveraging our CFCs customer growth frequency improves again beyond their designed capacity Ocado.com average active customers Ocado.com eaches per basket CFC original d
Slide 30: Ocado Group Cash Flow
OCADO GkO./? FINANCIAL REVIEW Ocado Group Cash Flow
Slide 31: Cash Flow: Reduced CapEx offset by lower EBITDA, upfront fees
Cash Flow: Reduced CapEx offset by lower EBITDA, upfront fees and a working capital outflow £M 1H26 1H25 YOY £M • Adjusted EBITDA* decreasing by £11m Adjusted EBITDA* 81 92 (11) to £81m reflecting the impact from the closure of four CFCs Cash received from contract liabilities (upfront fees) 10 41 (
Slide 32: Net cash inflow of £25m driven by the closure fee receipts
Net cash inflow of £25m driven by the closure fee receipts Reported cash inflow of £25m Reported cash flow £m £(172)M • Total cash inflow of £25m 263 (31) • £263m related to net receipts from Kroger and Sobeys site closures (55) • £(31)m of the Adjusting items principally related (5) 25 to restructu
Slide 33: Ocado Group Outlook
Ocado Group Outlook 33
Slide 34: On track to turn cash flow positive during 2H26 and for full year FY27
On track to turn cash flow positive during 2H26 and for full year FY27 Underlying cash flow* £m 8 (27) (108) (147) (175) (197) (298) (396) (432) 1H22 2H22 1H23 2H23 1H24 2H24 1H25 2H25 1H26 2H26e 1H27e Path to sustainable cash flow positive underpinned by cost savings, Underlying cash flow lower cap
Slide 35: Actions implemented in 1H26 underpin delivery of £150m cost reduction programme
Actions implemented in 1H26 underpin the delivery of our £150m Technology & SG&A cost reduction programme £150m WORKSTREAM KEY ACTIONS CASH FLOW BENEFIT 4Q26 Organisational • Redesigned operating model complete Lower Support (SG&A) costs in Efficiency • Simplified organisational layers 2H26/FY27 £30
Slide 36: Key building blocks to cash flow positive in FY27
Key building blocks to cash flow positive in FY27 Underlying cash flow* £m FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 • FY27 Live modules of 120-125+ plus additional fees • Contribution of around £400m; cash (199) (213) contribution per module of c.£3m† (261) • Total Technology spend and Support c
Slide 37: Managing our debt maturities in an orderly way
Managing our debt maturities in an orderly way Strong liquidity augmented by one-off fees from Kroger and Sobeys in 1H26 Summary Net Debt Profile £m COUPON % 1H26 FY25 CHANGE Cash and cash equivalents 765 740 +25 • £56m stub for the £600m Dec-25 CB redeemed at maturity £600m senior unsecured convert
Slide 38: Unchanged guidance for FY26
Unchanged guidance for FY26 Guidance below excludes Kroger and Sobeys closure fees* REVENUE ADJUSTED EBITDA* Technology Solutions Around £500m c.30% EBITDA margin Ocado Logistics High mid-single digit % growth c.£30-35m UNDERLYING CASH FLOW* CAPITAL EXPENDITURE Around £200m outflow Ocado Group Aroun
Slide 39: Key messages
Key messages Building commercial Cost and capital discipline momentum Underway and on track to Major new OSP partner and a strong deliver our £150m cost saving commercial pipeline; ORL now PBT programme and cash positive, +15% revenue YoY Active management of On track to turn cash positive our Balan
Slide 40: Q&A
Q&A 40
Slide 41: Appendix
Appendix 41
Slide 42: Ocado Group – HY26 Adjusting items
Ocado Group – HY26 Adjusting items £M HY26 HY25 CHANGE ORL deconsolidation - 783 (783) Jones Food deconsolidation - (23) +23 Organisational restructure (42) (12) (30) ORL adjusting items (Ocado Group (7) (4) (3) 50% share) Ocado Group HR system (3) (3) - transformation Other - 4 (4) Total adjusting
Slide 43: HY26 Interest Charges - P&L vs Cash
HY26 Interest Charges - P&L vs Cash MAY-26 CASH INCOME CASH £M COUPON PRINCIPAL STATEMENT FLOW Finance income 22 18 £600m senior unsecured convertible bonds (Dec-25) - 0.88% - - £500m senior unsecured notes (Oct-26) - 3.88% - - £350m senior unsecured convertible bonds (Jan-27) (350) 0.75% (9) (1) £2
Slide 44: Summary of footnotes
Summary of footnotes 1. Comparisons of % changes and £m variances are made between HY26 and HY25 on a 26-week 8. DP8 represents Ocado Retail only basis and exclude Kroger and Sobeys closure impacts from figures 9. Customers are classified as active if they have shopped within the previous 12 weeks.
Slide 45: Glossary (continued)
Glossary (continued) Active customers – a customer who has shopped at Ocado.com within the Live module – means modules that are fully installed and available for use by previous 12 weeks our partners or where fees are being received for the module AFL – Auto frame load Mature customer – defined as a
Slide 46: Glossary (continued)
Glossary (continued) Ocado Retail average basket value (£) – product sales divided by total orders OGRP – On-Grid Robotic Pick Ocado Retail average orders per week (000s) – Ocado.com only OSP – Ocado Smart Platform; the end-to-end solution for operating online in the grocery market which has been de
Slide 47: Trademark notices
Kroger is a registered trademark of The Kroger Co. Morrisons is a registered trademark of Wm Morrison Supermarkets Limited. Sobeys is a registered trademark of Sobeys Inc. Bonpreu is a registered trademark of Bon Preu group. Alcampo is a registered trademark of Auchan Retail España, S.L. Lotte Shopp