Slide 1: Q3 2023/24 Results Presentation
Q3 2023/24 RESULTS PRESENTATION 15 August 2024
Slide 2: With you today
WITH YOU TODAY DR STEFFEN GREUBEL CHIEF EXECUTIVE OFFICER ERIC RIEGGER CHIEF FINANCIAL OFFICER 2 15 August 2024 © METRO AG. Q3 result call
Slide 3: Solid Q3 performance
SOLID Q3 PERFORMANCE Q3 DEVELOPMENT IN LINE WITH THE PLAN ALL CHANNELS GREW, ZOOM ON FSD CHANNEL FINANCIALS: PRODUCTIVITY MEASURES FOR EBITDA AND CASH FLOW FY GUIDANCE AND AMBITIONS CONFIRMED 3 15 August 2024 © METRO AG. Q3 result call
Slide 4: Sales and EBITDA in line with expectations
SALES AND EBITDA IN LINE WITH EXPECTATIONS Q3 9M GUIDANCE 2023/24 2023/24 2023/24 SALES1 +4% +7% +3-7% ADJ EBITDA1 vs. PY -8 -57 -100 to +50 1 At constant currency, portfolio adj. Adj. EBIITDA in € m. 4 15 August 2024 © METRO AG. Q3 result call
Slide 5: Growth in all channels
GROWTH IN ALL CHANNELS Growth stores: +1% sales1 Growth FSD: +16% sales1 +4%1 Roll-out METRO MARKETS: +43% sales1 DISH: +~8 k new subscribers2 1 Figures Q3 23/24 FY vs Q3 PY (at constant currency, portfolio adj). 2 In Q3 23/24 selective FY 5 15 August 2024 © METRO AG. Q3 result call
Slide 6: More details about FSD channel
MORE DETAILS ABOUT FSD CHANNEL Why FSD Casual Dining Fine Dining Organized HoReCa • Market METRO/Makro, CFF, R Express, JHB Pro a Pro Aviludo • Profit/Synergy • Learnings Wide assortment Premium assortment, Pull-assortment large # of customers exclusive brands defined by tender C&C + FSD (OoS) Pure
Slide 7: FSD initiatives progress well…
FSD INITIATIVES PROGRESS WELL… NETWORK TRANSFORMATION PROJECTS: NEW ACQUISITION IN FINLAND: +91 incl. 2 depots Donier Gastronomy WEST • Signed Jun 2024 Clermond-Ferrand • Recognized premium food supplier: meat (own production), Madrid cheese, fish • ~900 customers nationwide Bolzano • strengthens JH
Slide 8: …and all sCore KPIs improve
…AND ALL SCORE KPIS IMPROVE 9M 20/21 9M 23/24 Ambition 2030 Strategic Customer > sales share FSD > sale share Own Brand > sale share Digital ~ 1 sale share 1 Digital sales based on estimated value; KPI n/a calendarized for FY20/21 8 15 August 2024 © METRO AG. Q3 result call
Slide 9: New management board strengthens operational business even more
NEW MANAGEMENT BOARD STRENGTHENS OPERATIONAL BUSINESS EVEN MORE CEO Dr Steffen Greubel Chief Strategy & Chief Information Transformation Officer Security Officer Chief Central Chief HoReCa Officer Function Officer COO CCMO CFO Christiane Giesen Guillaume Deruyter Eric Riegger West Central East FSD C
Slide 10: Our growth ambitions confirmed
OUR GROWTH AMBITIONS CONFIRMED GROWTH TARGET AMBITION (FY22-30) 2030 SALES +5-10% CAGR >€40 bn EBITDA +5-7% CAGR >€2 bn FREE CASH FLOW >€0.6 bn Targets based comparison vs FY 20/21 10 15 August 2024 © METRO AG. Q3 result call
Slide 11: Q3 financial performance
Q3 FINANCIAL PERFORMANCE
Slide 12: Q3 stable growth in line with plan
Q3 STABLE GROWTH Total sales growth1 Inflation adjusted IN LINE WITH PLAN growth1 +4% +2% Adj. EBITDA2 (€ m) EPS (€)3 327 0.04 (PY: 332) (PY: 0.48) FCF (€ m) Net debt (€ m) 239 3,288 (PY: 384) (PY: 3,209) 1 At constant currency, portfolio-adjusted. 2 Adj. EBITDA - EBITDA pre transformation costs, re
Slide 13: Sales growth driven mostly by East
SALES GROWTH DRIVEN MOSTLY BY EAST SALES GROWTH ADJ. EBITDA2 Δ to PY1 Q3 Δ to PY1 Q3 +4% €-8 m PORTF. ADJ. +3% €7,975 m €-9 m €327 m -2% €1,227 m GERMANY +€5 m €41 m -1% €3,335 m WEST €-3 m €191 m +13% €597 m RUSSIA +€8 m €42 m +9% €2,739 m EAST +€10 m €106 m +30% €77 m OTHERS €-29 m €-53 m 1 At con
Slide 14: EPS w/o special PY effects stable
EPS W/O SPECIAL PY EFFECTS STABLE Q3 €m 22/23 23/24 EBITDA Adj. EBITDA 332 327 thereof FX 4 • Adj. EBITDA is almost on PY, licence fee until Apr PY Adj. EBITDA margin 4.3% 4.1% • Stable margin development • Transformation gains from sale of METRO India in PY Transformation gains 148 3 Real estate ga
Slide 15: sCore initiatives drives productivity
SCORE INITIATIVES DRIVES PRODUCTIVITY1 OPERATIONAL PRODUCTIVITY1= ADMIN PRODUCTIVITY1 = +5.6% +1.7% Total Sales/Operational CFTE Total sales/Admin CFTE TOTAL PRODUCTIVITY1 = +5.3% Total Sales/Total CFTE 1 YTD June 24 vs PY growth, productivity inflation adjusted. Sum of countries. Operational produc
Slide 16: Positive FCF drives net debt reduction
POSITIVE FCF DRIVES NET DEBT REDUCTION Q3 23/24 (€ m) Δ1(€ m) EBITDA2 339 -141 OPERATING CASH FLOW • Δ NWC: in line with expectation, decrease vs strong Q3 NWC 196 -120 in PY (after cyber attack recovery) Other OCF -15 +125 • Δ Other OCF: PY incl. deconsolidation of IN (reversal OCF 520 -136 effect
Slide 17: FY23/24: Outlook reiterated
FY23/24: OUTLOOK REITERATED CONTINUOUS SALES PRODUCTIVITY GAINS GROWTH & COST INFLATION Sales growth 3-7% Δ Adj. EBITDA €-100 to +50 m NORMALIZATION OF D&A, NET CONTINUING GROWTH LEASE PORTFOLIO EXTENSION FINANCIAL RESULT, TAXES INVESTMENTS EPS ~0 Slightly negative FCF Increase in net debt 17 15 Aug
Slide 18: Q&A
Q&A DR STEFFEN GREUBEL CHIEF EXECUTIVE OFFICER ERIC RIEGGER CHIEF FINANCIAL OFFICER 18 15 August 2024 © METRO AG. Q3 result call
Slide 19: Events and financial calendar
EVENTS AND FINANCIAL CALENDAR UPCOMING EVENTS 21 Aug 24 Hamburger Investors Days in Hamburg, Germany 25 Sep 2024 Baader Investment Conference in Munich, Germany FINANCIAL CALENDAR 23/24 21 Oct 24 Trading Statement 10 Dec 24 12M/FY 2023/24 (11 Dec Analyst & Press Event, BPC) 19 15 August 2024 © METRO
Slide 20: mPulse
MPULSE Topics and background – from wholesale and from the world of our customers PRINT MAGAZINE ONLINE www.mpulse.de Connects sCore strategy with proof stories and customer benefits Systematically Special publication for METRO’s 60th anniversary focusing on professional customers – Topics o
Slide 21: Contact
CONTACT METRO AG METRO AG Investor Relations Corporate Communications Metro-Straße 1 Metro-Straße 1 40235 Düsseldorf, Germany 40235 Düsseldorf T +49 211 6886-4252 F +49 211 6886-73-3759 F +49 211 6886-2001 E investorrelations@metro.de E presse@metro.de W www.metroag.de W www.metroag.de 21 15 August
Slide 22: Portfolio adjusted guidance basis
PORTFOLIO ADJUSTED GUIDANCE BASIS 22/23: reporting 22/23: guidance 23/24: guidance Exits1 JP/MM, BE excl. JP/MM, BE, IN excl. JP/MM, BE, IN excl. Japan and Myanmar Belgium IN incl. India Acquisitions2 incl. since consolidation incl. since consolidation incl. since consolidation Davigel3 only
Slide 23: Free cash flow details
FREE CASH FLOW DETAILS € million Q3 22/23 Q3 23/24 EBIT 275 118 Depreciation/amortisation/impairment losses/reversal of impairment losses of 205 220 fixed assets excl. financial investments Change in provisions for pensions and other provisions -14 -16 Change in net working capital 317 196 Paid (-)
Slide 24: Segments: Sales to EBITDA (1/3)
SEGMENTS: SALES TO EBITDA 1/3 Germany West €m / % Q3 22/23 Q3 23/24 €m / % Q3 22/23 Q3 23/24 Sales 1,257 1,227 Sales 3,355 3,335 Growth in local currency 1.8% -2.4% Growth in local currency 1.6% -0.6% Reported growth 1.9% -2.4% Reported growth 1.6% -0.6% Adj. EBITDA 1 36 41 Adj. EBITDA 195 191 there
Slide 25: Segments: Sales to EBITDA (2/3)
SEGMENTS: SALES TO EBITDA 2/3 Russia East €m / % Q3 22/23 Q3 23/24 €m / % Q3 22/23 Q3 23/24 Sales 557 597 Sales 2,413 2,739 Growth in local currency -2.7% 13.0% Growth in local currency 4.2% 9.1% Reported growth -21.1% 7.0% Reported growth -8.6% 13.5% Adj. EBITDA 37 42 Adj. EBITDA 89 106 thereof FX
Slide 26: Segments: Sales to EBITDA (3/3)
SEGMENTS: SALES TO EBITDA 3/3 Others METRO €m / % Q3 22/23 Q3 23/24 €m / % Q3 22/23 Q3 23/24 Sales 60 77 Sales 7,642 7,975 Growth in local currency 2.5% 3.4% Growth in local currency 30.2% Reported growth -3.4% 4.4% Reported growth 30.2% Adj. EBITDA 332 327 1 Adj. EBITDA -24 -53 thereof FX 4 Transfo
Slide 27: Disclaimer and notes
DISCLAIMER AND NOTES To the extent that statements in this presentation do not relate to historical or current facts, they constitute forward-looking statements. All forward-looking statements herein are based on certain estimates, expectations and assumptions at the time of publication of this pres