Ocado Group Plc (OCDGF) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone. It's a pleasure to be with you here today and welcome you to Ocado's 2026 first half results. For disappointed England football fans in the room, I can confirm that there are no immediate plans for us to develop our business in Argentina. Before we kick off in earnest, I did want to reflect briefly on last week's announcements about succession planning at Ocado. I appreciate that there's been a lot of public speculation and commentary on this topic over recent weeks. We've announced a clear succession plan that gives certainty to everyone connected with the business and that allows us now to focus on on our full attention on executing our strategy and continuing to deliver for our shareholders and partners. So with that in mind, I hope you'll understand that's all we'll be saying on the matter this morning. Today is about our strategy, updating on our strategy, the progress we're making with our clients and our reinvigorated commercial focus worldwide. I'm going to hand over to Tim shortly, who will take you through the highlights, but I first wanted to reflect briefly on a few key items of progress that we're making towards important goals for Ocado at this midpoint of the financial year. Firstly, following the significant organisational changes at the end of the large R&D cycle that we talked about, we remain on course to turn cash flow positive during the second half of the year, with the expectation of being cash flow positive for the full year of FY27. This remains a very important goal for the business, creating a sustainable financial platform, and I'd like to thank everyone across Ocado who's been impacted by the changes made in the last few months, and as well as those who have worked hard to implement them. Today, Ocado's structure i...