Slide 1: Full Year 2025 Results Announcement
Full Year 2025 Results Announcement 26TH FEBRUARY 2026
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: Financial Review
Financial Review Stephen Daintith Chief Financial Officer, Ocado Group 4
Slide 5: FY25 Financial progress
FY25 Financial progress1 • Revenue +12% Technology Solutions +13% and Logistics +11% Group revenue2 Group adjusted EBITDA* • EBITDA up £66m £1.36bn £178m Technology Solutions £60m and Logistics £6m • Retail JV 100% +15% YoY +12%1 +£66m1 100% EBITDA £84m, 3.8% underlying margin Underlying cash flow •
Slide 6: Revenue and EBITDA up across Ocado Group
Revenue and EBITDA up across Ocado Group £M FY25 FY24 CHANGE (%)/(£M) Revenue Technology Solutions 561 497 +13% Logistics 800 718 +11% Group 1,362 1,215 +12% Adjusted EBITDA*4 Technology Solutions 140 81 +59 Logistics 38 31 +7 Group 178 112 +66 Share of results of JV/Assocs (14) (24) +10 Depreciatio
Slide 7: Ocado Group – FY25 Adjusting items
Ocado Group – FY25 Adjusting items £M FY25 FY24 CHANGE ORL deconsolidation 783 - +783 Jones Food deconsolidation (23) - (23) Kroger Pre-FY25 Letter of Credit 20 - +20 Organisational restructure (15) (5) (10) ORL adjusting items (Ocado Group (8) (6) (2) 50% share) HR and Finance system transformation
Slide 8: Technology Solutions
/- ADO GROUP FINANCIAL REVIE w Technology Solutions
Slide 9: Recurring revenue growth of 7% with cost discipline a key focus
Recurring revenue growth of 7% with cost discipline a key focus £M FY25 FY24 CHANGE (%) Revenue +13%: Average number of live • Recurring revenues +7% driven principally by the increase in 121 116 +4% modules module drawdown and annualisation of PY openings Revenue 561 497 +13% • Non-recurring revenu
Slide 10: Higher average modules and fees underpin our recurring revenue growth
Higher average modules and fees underpin our recurring revenue growth A growing base of live modules With better revenue per module Drives our recurring revenues Average live modules5 Annualised recurring revenue per module Recurring revenue # £m £m 121 116 105 47 55 41 3.6 3.7 444 3.5 416 363 64 69
Slide 11: Go-Live CFCs and drawdowns to drive growth following resets
Go-Live CFCs and drawdowns to drive growth following resets Year-end live modules6 # FY25: • Warsaw live in Q4 (FY25) 125-130+ • Further drawdowns from Kroger and ORL 123 122 • Offsetting Morrisons Erith cessation 111 99 FY26: 54 57 • Go-live CFCs expected Busan & Tokyo 2 (FY26), Phoenix 43 (FY26/27
Slide 12: Cost discipline and focus across all areas
Cost discipline and focus across all areas Direct operating costs to benefit from Technology spend reducing as we SG&A to reduce as we focus on further efficiencies complete our Re:Imagined investment a leaner operating model Technology Solutions direct operating costs and Technology spend (R&D CapE
Slide 13: Ocado Logistics
Ocado Logistics
Slide 14: Ocado Logistics: strong performance and EBITDA generation
Ocado Logistics: strong performance and EBITDA generation CHANGE £M FY25 FY24 (£M)/(%) Revenue 800 718 +11% Revenue +11%: driven by +11% growth in cost recoveries from our UK partners and +12% growth in fees Costs (765) (691) +74 of which: Other Income 2 4 (2) Costs +11%: ahead of orders +1% and eac
Slide 15: UK partner gains in both CFC and DP8 delivery efficiency
UK partner gains in both CFC and DP8 delivery efficiency OSP CFCs overall productivity UPH10 +8% YoY Deliveries/8hr shift (DP811) slightly higher YoY OSP CFC UPH Drops per van route (normalised for an 8-hour shift) # # 227 245 21.5 21.5 208 21.0 FY23 FY24 FY25 FY23 FY24 FY25 • Continued gains in CFC
Slide 16: Ocado Retail
Ocado Retail
Slide 17: Ocado Retail: market-leading growth; underlying margin of 3.8%
Ocado Retail: market-leading growth; underlying margin of 3.8% CHANGE £M FY25 FY24 (£M) /(%) • Revenue +15%: strong growth in customers with our Revenue 3,099 2,686 +15% online grocery market share +1.1ppt to 14.0% Gross profit 1,041 914 +14% • Gross profit +14%: lower than sales growth reflecting a
Slide 18: Ocado Retail: enduring and structural volume-led sales growth
Ocado Retail: enduring and structural volume-led sales growth FY25 FY24 CHANGE (%) • Strong volume-led growth with orders at +13.1% driven Revenue £m 3,099 2,686 +15.4% by active customers +12.5%; well over one million customers avg. orders per week 500 442 +13.1% • High quality growth with mature c
Slide 19: Ocado Retail KPIs: high growth, stable baskets and increasing asset turn
Ocado Retail KPIs: high growth, stable baskets and increasing asset turn High quality and compounding Basket items broadly stable with We expect to leverage our CFCs beyond customer growth improved frequency their designed capacity Ocado.com year-end active customers14 Ocado.com eaches per basket CF
Slide 20: Ocado Group Cash Flow
all Orn, Ocado Group Cash Flow
Slide 21: EBITDA growth and lower CapEx driving cash flow improvement in FY25
EBITDA growth and lower CapEx driving cash flow improvement in FY25 £M FY25 FY24 YOY £M Adjusted EBITDA* 178 112 +66 • Adjusted EBITDA* increasing by £66m to £178m Cash received into contract liabilities 65 99 (34) • Lower upfront fees with fewer CFC go- (upfront fees) lives and higher deferred reve
Slide 22: Net cash inflows of £8m
Net cash inflows of £8m Reported cash inflow of £8m Reported cash flow £m +£108M 13 8 (100) 58 • Total cash inflow of £8m • £113m related to proceeds from the Letter of Credit • £37m of the Adjusting items including the last AutoStore litigation payment of £58m • £58m from net proceeds of new bond i
Slide 23: Ocado Group Outlook
Ocado Group Outlook
Slide 24: Technology spend reducing as Re:Imagined development cycle completes
Technology spend reducing as Re:Imagined development cycle completes Technology CapEx intensity reduces as volumes scale; FY27 to around 20% of recurring revenue • FY26 a year of transition: marks the end of a multi- year development cycle 60% • Significant investment in the OSP platform to build Te
Slide 25: Technology spend to reduce through to FY27
Technology spend to reduce through to FY27 FY25 Technology R&D CapEx FY25 Technology R&D CapEx: weighted to the Re:Imagined suite of technologies 30 • CFC technologies £80m: core OSP - grid, bots, peripherals, AFL and OGRP optimising capital, costs and functionality Technology R&D CapEx £m • Ecommer
Slide 26: Lowering and leveraging our Support (SG&A) costs remains a focus
Lowering and leveraging our Support (SG&A) costs remains a focus Support costs17 (including partner facing teams) £m • FY25 Support (SG&A) costs flat YoY at £174m 208 • G&A down £6m, savings re-invested in Partner-facing 191 teams 30 174 174 • Continue to drive efficiencies without compromising our
Slide 27: Technology spend and Support (SG&A) costs to reduce by c.£150m for FY27
Technology spend and Support (SG&A) costs to reduce by c.£150m for FY27 Technology Spend and Support (SG&A) Costs18 £m • Tech. spend and Support (SG&A) costs to reduce 476 483 following a period of rapid growth and development 464 422 • Laser focus on all operating expenses reinforcing a lean-cost c
Slide 28: 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 • Live modules of 125-130+ in FY27 • Contribution of around £400m with cash contribution per module of c.£3m* (199) • Total Technology spend and Support (SG&A) (213) costs of around
Slide 29: 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 post-YE Summary Net Debt Profile £m • £300m Jun-30 debt issuance in May-25 COUPON % FY25 FY24 with £203m tender repurchase Cash and cash equivalents 740 733 • £100m Jun-30 debt issuance a
Slide 30: Summary guidance for FY26
Summary 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 CAPITAL EXPENDITURE CASH FLOW Around £200m outflow Ocado Group Around £
Slide 31: Key messages
Key messages Strong FY25 financial Cost and capital discipline performance Clear actions to realign our Group Adjusted EBITDA organisational structure +£66m to £178m Active management of our Core priority: turn cash positive Balance Sheet during second half FY26 £1bn of liquidity underpinned by Robu
Slide 32: Strategic Update
Strategic Update Tim Steiner Chief Executive Officer, Ocado Group 32
Slide 33: Core OSP business: Operations and tech performance are improving
Core OSP business: Operations and tech performance are improving Partners are growing well Delivering best in class With radical advances in into their capacity outcomes for shoppers efficiency over the year 26% 72m 21 International CFC volume OSP orders shipped weighted DP8 achieved growth in 2025*
Slide 34: Targeted Ocado intervention improves DP8
Targeted Ocado DP8 (Indexed) 100= Point of intervention 8 months intervention 140 135 improves DP8 130 Pre Ocado intervention on last mile Post Ocado intervention on last mile delivery efficiency 125 120 115 110 105 100 95 DP8 improved by 34% 90 since the intervention point 34
Slide 35: New tech rollout and operational support drives strong UPH uplift
New tech rollout UPH (indexed) 100= Point of rollout 5 months and operational 140 Rollout of Re:Imagined kit* support drives 135 130 strong UPH uplift 125 UPH improved by 34% since 120 rollout of kit 115 110 105 100 95 Point of rollout 90 35
Slide 36: Latest CFCs driving growth ahead of the market
Latest CFCs driving growth ahead of the market The opening of the distribution centre in And we continued to see strong Food e-commerce and the acceleration Wilcza Góra is a key investment in the e-commerce sales growth of 27.9%. The towards an omnichannel offer are a development of our e-business,
Slide 37: CFCs moving from next day
ORDERED YESTERDAY, DELIVERY TODAY CFCs moving from next day 37
Slide 38: CFCs moving from next day, to same day
ORDERED YESTERDAY, DELIVERY TODAY ORDERED SAME DAY, CFCs moving DELIVERY 1 HR+ from next day, to same day Deployed in Driving up to 9 CFCs 40% with multiple partners same day delivery in one international CFC Record delivery time 73 min for a full-basket, 40-item order 38
Slide 39: New flexibility: integrating aggregators
ORDERED YESTERDAY, DELIVERY TODAY ORDERED ONLINE AGGREGATOR SAME DAY, New flexibility: CFC’s moving DELIVERY <1 HR+ from next day, Integrating to same day aggregators Deployed in Driven up to 9 CFCs 40% with multiple partners same day delivery in one international CFC Morrisons able to expand Monopr
Slide 40: Ocado's Platform evolution: OSP in 2018
Ocado’s Platform evolution: OSP in 2018 40
Slide 41: Ocado's Platform evolution: OSP in 2018
Shopper Ocado’s Platform Lead Times evolution: OSP in 2018 41
Slide 42: Webshop and Shopper Lead Times
Webshop and Shopper Lead Times Front-End 42
Slide 43: Fulfilment and Webshop Front-End
Fulfilment and Webshop Front-End 43
Slide 44: Last mile
Last mile HOME DELIVERY VIA SPOKE HOME DELIVERY COLLECT LOCKER COURIER a | ocado
Slide 45: Platform evolved: OSP in 2026 – Ocado's Last mile
Ocado’s Last mile Platform evolved: OSP in 2026 45
Slide 46: Ocado Worldwide
Ocado Worldwide Live in: With: 70 431 Customers On-Grid Arms 127 17,000 Warehouses Bots 1000+ 2,500 Stores AMRs 46
Slide 47: Expanding solutions in the Grocery/CPG supply chain
Expanding solutions in the Grocery/CPG supply chain 47
Slide 48: Expanding solutions in the Grocery/CPG supply chain
Expanding solutions in the Grocery/CPG supply chain 48
Slide 49: The right fulfilment for the right market
The right fulfilment for the right market Manual pick Manual pick Store Based Automated Automated in store in dark stores Automation Micro FC CFC DENSITY Low High Low to mid Low to mid Mid to high LABOUR INTENSITY High High Low Low Low* RANGE (SKUS) 10k+ 25k 20k & store range 10-15k 40k+ SALES £0 -
Slide 50: CFCs: Retailer economics
CFCs: Retailer economics Typical Online sales range £150-£500m+ Case study: £480m online sales Retailer upfront fee & CapEx £50m Net cost benefit £30-40m vs. Manual in store Retailer cash payback 1-2 yrs
Slide 51: Smarter retail through Store Based Automation
Smarter retail through Store Based Automation
Slide 52: SBA: Retailer economics
SBA: Retailer Smarter retail through economics Store Based Typical Online sales range £5-£40m Automation Case study: $12m online sales Retailer upfront fee & CapEx $2m Net cost benefit <$1m vs. Manual in store Retailer cash payback >2 yrs
Slide 53: US Online Sales: 2018
US Online Sales: 2018 US Online Grocery Sales $30bn in 2018 Source: Global data 53
Slide 54: US Online Sales: 2027
US Online Sales: 2027 2018 US Online US Online Grocery Sales Grocery Sales $30bn $242bn in 2018 in 2027e Source: Global data 54
Slide 55: The Global Opportunity: 2027
US TheOnline Global Sales: Opportunity: 2027 2027 Global Online Sales Growth since 2018 >100% US Online Grocery Sales US Online Grocery Sales $30bn $242bn in 2018 in 2027e Source: Global data 55
Slide 56: We are re-entering global markets with:
We are re-entering global markets with: 1 A Tech Solutions business with a simpler operating model, focussed 2 Strong interest in a massively evolved solutions set, with more commercial operations and a flexibility, a wide fulfilment toolkit, strong R&D base and world leading shopper outcomes 3 Part
Slide 57: Appendix
Appendix
Slide 58: Accounting treatment of the £113m Kroger Letter of Credit
Accounting treatment of the £113m Kroger Letter of Credit • Ocado received a Letter of Credit (LoC) for $152m or £113m from Kroger in 2Q25 • The accounting treatment is similar to cash upfront fees; held in contract liabilities until recognised as revenue • The £113m LoC is allocated across the live
Slide 59: Accounting treatment of the Kroger and Sobeys CFC closure fees
Accounting treatment of the Kroger and Sobeys CFC closure fees UNDERLYING FY25 FY26 £M CASH REVENUE EBITDA CASH REVENUE EBITDA • Kroger and Sobeys closure fee FLOW FLOW impacts are within the definition of Kroger closure fee underlying EBITDA and cash flow impacts: • CFC closures defined to be withi
Slide 60: FY25 Interest Charges - P&L vs Cash
FY25 Interest Charges - P&L vs Cash DEC-25 INCOME CASH £M CASH COUPON STATEMENT FLOW PRINCIPAL Finance income 46 55 £600m senior unsecured convertible bonds (Dec-25) 1 (56) 0.88% (5) (2) £500m senior unsecured notes (Oct-26) - 3.88% (5) (6) £350m senior unsecured convertible bonds (Jan-27) (350) 0.7
Slide 61: Glossary (continued)
Glossary (continued) Active customers – a customer who has shopped at Ocado.com within Live module – means modules that are fully installed and available the previous 12 weeks for use by our partners or where fees are being received for the module Average live modules – based on average weekly live
Slide 62: Glossary (continued)
Glossary (continued) Ocado Retail average basket value (£) – product sales divided by Ordered modules – represent the maximum module capacity of total orders sites for which a contractual agreement has been signed with a partner and an invoice has been sent for the associated fees. Ocado Retail aver
Slide 63: Summary of footnotes
Summary of footnotes 1. Comparisons of % changes and £m variances are made between FY25 and FY24 on a 52-week basis 11. DP8 represents Ocado Retail only 2. Group Revenue reflects Technology Solutions and Ocado Logistics only, Ocado Retail has been 12. Underlying EBITDA margin excludes Hatfield Fees
Slide 64: Trademark notices
Kroger is a registered trademark of The Kroger Co. National Logistics is a registered trademark of National Logistics Services Inc. Lulus is a registered trademark of Lulus Fashion Lounge, LLC. Morrisons is a registered trademark of Wm Morrison Supermarkets Limited. Memorial Hermann is a registered