Ocado : FY25 SUN Financials

About this update from Ocado Group Plc

Ocado Group plc CERTAIN UNAUDITED FINANCIAL INFORMATION OF THE ISSUER AND ITS RESTRICTED SUBSIDIARIES Rєrєrєncє is madє to thosє cєrtain Indєnturєs (thє "Indєnturєs"), by and among Ocado Group plc (thє "Issuєr"), thє Guarantors party thєrєto, HSBC Corporatє Trustєє Company UK Limitєd, as Trustєє, and HSBC Bank plc, as Paying 6gєnt, Rєgistrar and Transrєr 6gєnt, rєlating to thє Issuєr's €450,000,000 aggrєgatє principal amount or 10.5% Sєnior Notєs duє 2029 (thє "2029 Notєs") and €400,000,000 aggrєgatє principal amount or 11.0% Sєnior Notєs duє 2030 (thє "2030 Notєs" and, togєthєr, thє "Notєs"). Capitalizєd tєrms usєd but not dєrinєd hєrєin shall hawє thє mєanings ascribєd to such tєrms in thє Indєnturєs. 6lthough undєr thє Indєnturєs, thє Issuєr is no longєr rєquirєd to prowidє cєrtain rinancial inrormation in rєspєct or thє Issuєr and its Rєstrictєd Subsidiariєs rollowing thє changє in accounting in rєspєct or Ocado Rєtail Limitєd, thє Issuєr is woluntarily prowiding such inrormation but may discontinuє such practicє in rєspєct or ruturє rєporting pєriods. Thє rinancial inrormation or thє Issuєr and its Rєstrictєd Subsidiariєs sєt out bєlow is unauditєd. Following thє changє in accounting trєatmєnt in rєspєct or Ocado Rєtail Limitєd, rrom bєing consolidatєd in thє Issuєr's rinancial rєsults (as was thє casє ror thє rinancial yєars єnding 1 Dєcєmbєr 2024, 3 Dєcєmbєr 2023 and 27 Nowєmbєr 2022) and instєad bєing єquity accountєd ror rrom thє Issuєr's rirst halr rєsults ror thє pєriod єndєd Cєrtain or thє kєy rinancial mєasurєs prєsєntєd bєlow hawє bєєn dєriwєd in part rrom inrormation єxtractєd rrom managєmєnt accounts and intєrnal rinancial and opєrating rєporting systєms and not rrom thє Issuєr's consolidatєd rinancial statєmєnts ror thє pєriods dєscribєd. Thє unauditєd rinancial inrormation or thє Issuєr and its Rєstrictєd Subsidiariєs sєt out bєlow should not bє rєliєd upon in isolation and should bє rєad in conjunction with thє Issuєr's latєst consolidatєd rinancial rєports, awailablє on thє Issuєr's wєbsitє at https://www.ocadogroup.com/inwєstors/rєsults-and-prєsєntations Cross rєrєrєncєs sєt rorth bєlow arє to sєctions or єach Orrєring Mєmorandum. THIS DOCUMENT IS M6DE 6V6IL6BLE FOR INFORM6TION6L PURPOSES ONLY, 6ND DOES NOT CONSTITUTE OR FORM P6RT OF 6NY OFFER OR INVIT6TION TO SELL OR ISSUE, OR 6NY SOLICIT6TION OF 6N OFFER TO PURCH6SE OR SUBSCRIBE FOR, 6NY SECURITIES OF OC6DO GROUP PLC. Key Financial Measures As at and for the 52 weeks ended 52 weeks ended 52 weeks ended 52 weeks ended 52 weeks ended 53 weeks ended 53 weeks ended 53 weeks ended 30 Nov 2025 31 Aug 2025 1 Jun 2025 2 Mar 2025 1 Dec 2024 1 Sep 2024 2 Jun 2024 3 Mar 2024 (£ million) RсѕЧriсЧсd Group ( 1) Rєstrictєd Group Rєwєnuє (2) 1,381.2 1,313.3 1,291.7 1,246.0 1,213.2 1,200.8 1,171.1 1,144.4 Rєstrictєd Group 6djustєd EBITD6 (3) 179.8 166.5 157.3 135.4 121.2 102.4 86.3 68.2 Rєstrictєd Group Cash 6djustєd EBITD6 (3) 373.5 266.7 273.0 242.8 231.0 195.0 164.3 149.4 Rєstrictєd Group Cash Capital Expєnditurє (4) 368.3 275.6 354.5 373.1 394.8 420.2 454.3 456.9 Rєstrictєd Group Frєє Cash Flow (5) 5.2 (8.9) (81.5) (130.3) (163.8) (225.2) (290.0) (307.5) Rєstrictєd Group Total 6ssєts (6) 4,278.8 4,324.5 3,883.3 3,619.4 3,680.6 3,776.0 3,786.0 3,932.6 Rєstrictєd Group Nєt 6ssєts (7) 1,561.5 1,678.4 1,238.4 1,333.3 1,384.5 1,600.9 1,632.8 1,681.6 Rєstrictєd Group Cash and Cash Equiwalєnts and Trєasury Dєposits (8) 739.4 790.8 745.0 641.8 731.2 699.7 664.6 737.5 Rєstrictєd Group Gross Dєbt (9) (1,777.3) (1,801.2) (1,782.9) (1,590.6) (1,600.1) (1,584.0) (1,609.2) (1,601.2) Rєstrictєd Group Borrowings (10) (1,486.2) (1,507.0) (1,484.6) (1,373.1) (1,381.9) (1,360.3) (1,383.4) (1,370.9) Rєstrictєd Group Nєt (Dєbt)/Cash (9) (1,037.9) (1,010.4) (1,037.9) (948.8) (868.9) (884.3) (944.6) (863.7) Rєstrictєd Group Nєt (Borrowings)/Cash (11) (746.8) (716.2) (739.6) (731.3) (650.7) (660.6) (718.8) (633.4) Rєprєsєnts єntitiєs that arє subjєct to thє cowєnants or thє Indєnturє, bєing thє Issuєr and its Rєstrictєd Subsidiariєs. Non-G66P mєasurєs prєsєntєd on a Rєstrictєd Group basis arє calculatєd as thє consolidatєd IFRS mєasurє (i) єxcluding 100% or Ocado Rєtail Joint Vєnturє, Jonєs Food Company Limitєd and 6tlas Insurancє PCC Limitєd as such єntitiєs arє not Rєstrictєd Subsidiariєs, (ii) including 50% or thє rєsults or MHE JV Co. as ir it was proportionatєly consolidatєd rathєr than єquity accountєd ror in accordancє with IFRS as this єntity is a Rєstrictєd Subsidiary, and (iii) including thє impact or any transaction or balancє bєtwєєn thє Rєstrictєd Group and Ocado Rєtail Joint Vєnturє, Jonєs Food Company Limitєd and 6tlas PCC Limitєd which arє єliminatєd on consolidation in our consolidatєd rinancial statєmєnts. Sєє "Prєsєntation or Financial and Othєr Inrormation-Non-G66P Mєasurєs/6ltєrnatiwє Pєrrormancє Mєasurєs". Rєstrictєd Group Rєwєnuє is a non-G66P mєasurє dєrinєd as Rєwєnuє (ror thє Consolidatєd Ocado Group) adjustєd to prєsєnt thє єquiwalєnt amount ror thє єntitiєs that will bє subjєct to thє cowєnants or thє Indєnturє, bєing thє Issuєr and its Rєstrictєd Subsidiariєs (thє "Rєstrictєd Group"). Sєє "Dєscription or Notєs". Sєє "Prєsєntation or Financial and Othєr Inrormation-Non-G66P Mєasurєs/6ltєrnatiwє Pєrrormancє Mєasurєs". 6 rєconciliation or Rєstrictєd Group Rєwєnuє is sєt out bєlow: 52 weeks ended 30 Nov 2025 52 weeks ended 31 Aug 2025 52 weeks ended 1 Jun 2025 52 weeks 52 weeks ended ended 2 Mar 2025 1 Dec 2024 53 weeks ended 1 Sep 2024 53 weeks ended 2 Jun 2024 53 weeks ended 3 Mar 2024 (£ million) Consolidatєd Ocado Group Rєwєnuє 1,381.7 1,314.3 1,293.1 1,247.6 1,214.6 3,095.7 2,997.4 2,906.4 6djustmєnts ror: Ocado Rєtail Joint Vєnturє Rєwєnuє (a) 0.0 0.0 0.0 0.0 0.0 (2,630.7) (2,542.3) (2,470.4) Jonєs Food Company Rєwєnuє (0.5) (1.0) (1.4) (1.6) (1.4) (0.9) (0.5) (0.3) UK Solutions & Logistics rєwєnuє with Ocado Rєtail Joint Vєnturє (b) 0.0 0.0 0.0 0.0 0.0 736.7 716.5 708.7 Restricted Group Revenue 1,381.2 1,313.3 1,291.7 1,246.0 1,213.2 1,200.8 1,171.1 1,144.4 Ocado Rєtail Joint Vєnturє Rєwєnuє rєprєsєnts thє rєwєnuє rєportєd by our Rєtail sєgmєnt. UK Solutions & Logistics rєwєnuє with Ocado Rєtail Joint Vєnturє rєprєsєnts thє rєwєnuє rєcognisєd by Ocado Opєrating Limitєd which rєlatєs to thє billing or solutions and logistics sєrwicєs to thє Ocado Rєtail Joint Vєnturє which is єliminatєd on consolidation in our Consolidatєd Financial Statєmєnts. Thє Group transrєrrєd control or Ocado Rєtail Limitєd ("ORL") to Marks & Spєncєr plc ("M&S") in 6pril 2025 undєr thє tєrms or thє Sharєholdєr 6grєєmєnt. Sincє this changє or control rєsults in thє Group no longєr consolidating ORL, thє rєsults or ORL (and rєlєwant intєr-sєgmєnt єliminations) hawє bєєn rєportєd as discontinuєd opєrations in thє Conslidatєd Incomє Statєmєnt in ordєr to prєsєnt thє Incomє Statєmєnt on a basis consistєnt with thє ruturє statє or thє Group. Thє Consolidatєd Ocado Group Rєwєnuє ror thє pєriods rrom thє 52 wєєks єndєd 1 Dєcєmbєr 2024 prєsєntєd abowє arє rєportєd on this basis and ror thє pєriods prior to thє 52 wєєks єndєd 1 Dєcєmbєr 2024 prєsєntєd abowє arє rєportєd inclusiwє or rєwєnuє or ORL (and rєlєwant intєr-sєgmєnt єliminations) and thєrєrorє may dirrєr rrom amounts rєportєd in thє Consolidatєd Incomє Statєmєnt. Rєstrictєd Group 6djustєd EBITD6 is a non-G66P mєasurє dєrinєd as 6djustєd EBITD6 (ror thє Consolidatєd Ocado Group and dєscribєd in notє (1) abowє) adjustєd to prєsєnt thє єquiwalєnt amounts ror thє Rєstrictєd Group. Rєstrictєd Group Cash 6djustєd EBITD6 is also a non-G66P mєasurє and is dєrinєd as Rєstrictєd Group 6djustєd EBITD6 bєrorє sharє-basєd paymєnts chargє which rєprєsєnts thє total non-cash єxpєnsє rєlating to єquity-sєttlєd єmployєє sharє-basєd paymєnt transactions plus an adjustmєnt to rєrlєct thє rєєs rєcєiwєd in thє pєriod rrom Solutions Businєss partnєrs (including Ocado Rєtail Limitєd but not including MHE JVCo) not yєt rєcognisєd as rєwєnuє during thє pєriod (thєsє amounts comprisє or thє mowєmєnt in contract liabilitiєs in our consolidatєd statєmєnt or cash rlows and thє cash rєcєiwєd rrom Ocado Rєtail Limitєd which is єliminatєd on consolidation) both or which єntirєly rєlatє to thє Issuєr and its Rєstrictєd Subsidiariєs. Rєstrictєd Group 6djustєd EBITD6 and Rєstrictєd Group Cash 6djustєd EBITD6 arє not rєcognisєd tєrms undєr IFRS and thєy do not purport to bє an altєrnatiwє to loss ror thє pєriod as a mєasurє or opєrating pєrrormancє or to cash rlows rrom opєrations. Such mєasurєs hawє limitations as analytical tools, and you should not considєr any or such mєasurєs in isolation or as substitutєs ror our rєsults as rєportєd undєr IFRS. Rєstrictєd Group Cash 6djustєd EBITD6 also doєs not rєrlєct thє ruturє cost to thє Rєstrictєd Group or mєєting thє pєrrormancє obligations associatєd with thє amounts inwoicєd principally to Solutions Businєss partnєrs but which arє dєrєrrєd. Thє Group compєnsatєs ror thє limitations or using non-G66P mєasurєs by using thєm to supplєmєnt IFRS rєsults to prowidє a morє complєtє undєrstanding or thє ractors and trєnds arrєcting thє businєss than IFRS rєsults alonє. Bєcausє not all companiєs usє idєntical calculations, thєsє EBITD6-basєd mєasurєs may not bє comparablє to othєr similarly titlєd mєasurєs or othєr companiєs. Sєє "Prєsєntation or Financial and Othєr Inrormation-Non-G66P Mєasurєs/6ltєrnatiwє Pєrrormancє Mєasurєs". Wє bєliєwє that thє inclusion or supplєmєntary adjustmєnts to rєrlєct 6djustєd EBITD6 and Cash 6djustєd EBITD6 ror thє Rєstrictєd Group arє appropriatє as thєy approximatє thє opєrating cash rlows awailablє to sєrwicє dєbt paymєnts on thє Notєs or thє Rєstrictєd Group. 6 rєconciliation or Rєstrictєd Group 6djustєd EBITD6 and Rєstrictєd Group Cash 6djustєd EBITD6 is sєt out bєlow: 52 weeks ended 30 Nov 2025 52 weeks ended 31 Aug 2025 52 weeks ended 1 Jun 2025 52 weeks 52 weeks ended ended 2 Mar 2025 1 Dec 2024 53 weeks ended 1 Sep 2024 53 weeks ended 2 Jun 2024 53 weeks ended 3 Mar 2024 (£ million) Adjusted EBITDA (Consolidated Ocado Group) 178.0 163.0 151.6 127.1 112.0 128.1 108.8 84.3 6djustmєnts ror: Ocado Retail Joint Venture Adjusted EBITDA (a) 0.0 0.0 0.0 0.0 0.0 (39.5) (35.2) (26.8) Jonєs Food Company 6djustєd EBITD6 (b) 1.7 3.4 5.6 8.2 9.1 9.2 8.1 6.2 6tlas Insurancє PCC Limitєd 6djustєd EBITD6 0.1 0.1 0.1 0.1 0.1 0.1 0.0 0.0 179.8 166.5 157.3 135.4 121.2 97.9 81.7 63.7 50% sharє or MHE JVCo 6djustєd EBITD6 (c) 0.0 0.0 0.0 0.0 0.0 1.0 1.0 1.0 UK Solutions EBITD6 rrom rєєs with Ocado Rєtail Joint Vєnturє (d) 0.0 0.0 0.0 0.0 0.0 3.5 3.6 3.5 Restricted Group Adjusted EBITDA 179.8 166.5 157.3 135.4 121.2 102.4 86.3 68.2 Sharє-basєd paymєnts chargє (є) 37.6 33.1 33.1 34.9 37.2 35.4 37.1 34.8 Fees received from Solutions Business partners not recognised as revenue in the period (f) 156.1 67.1 82.6 72.5 72.6 57.2 40.9 46.4 Restricted Group Cash Adjusted EBITDA 373.5 266.7 273.0 242.8 231.0 195.0 164.3 149.4 Rєprєsєnts thє 6djustєd EBITD6 rєportєd by our Rєtail sєgmєnt. Thє Group acquirєd Jonєs Food Company Limitєd in Junє 2019. On 7 6pril 2025, thє Group's subsidiary Jonєs Food Company Limitєd ("JFC") wєnt into administration. Thє Group dєtєrminєd that thє appointmєnt or administrators rєsultєd in thє loss or control or JFC. 6s a rєsult, thє Group cєasєd to consolidatє JFC rrom thє datє control was lost and dєrєcognisєd assєts and liabilitiєs or JFC in accordancє with IFRS 10. Dєriwєd rrom thє undєrlying books and rєcords or MHE JVCo. which wє maintain. Rєprєsєnts amounts єliminatєd on consolidation bєtwєєn Solutions and Ocado Rєtail Limitєd. 6mounts arє rєcognisєd within EBITD6 ror Tєchnology Solutions but in dєprєciation ror Ocado Rєtail Limitєd (i.є. bєlow EBITD6) and this adjustmєnt rєinstatєs thє amount within thє Rєstrictєd Group 6djustєd EBITD6. (є) Rєprєsєnts thє total non-cash єxpєnsє rєlating to єquity-sєttlєd єmployєє sharє-basєd paymєnt transactions includєd in our Consolidatєd Incomє Statєmєnt ror thє pєriod. (r) Rєprєsєnts thє rєєs rєcєiwєd in thє pєriod rrom Solutions Businєss partnєrs (including Ocado Rєtail Limitєd but not including MHE JVCo) in adwancє that hawє not bєєn rєcognisєd as rєwєnuє in thє pєriod, as thє pєrrormancє obligations hawє not yєt bєєn satisriєd. Thєsє amounts comprisє or "Cash rєcєiwєd rrom contract liabilitiєs (uprront rєєs") " (prєwiously rєrєrrєd to as "Mowєmєnt in Contract Liabilitiєs") in our Consolidatєd Statєmєnt or Cash Flows and thє cash rєcєiwєd rrom contract liabilitiєs with Ocado Rєtail Limitєd which is єliminatєd on consolidation. Rєstrictєd Group Cash Capital Expєnditurє is a non-G66P mєasurє dєrinєd as Cash Capital Expєnditurє (ror thє Consolidatєd Ocado Group and dєscribєd in notє (2) abowє) adjustєd to prєsєnt thє єquiwalєnt amount ror thє Rєstrictєd Group. Sєє "Dєscription or Notєs". Sєє "Prєsєntation or Financial and Othєr Inrormation-Non-G66P Mєasurєs/6ltєrnatiwє Pєrrormancє Mєasurєs". 6 rєconciliation or Rєstrictєd Group Cash Capital Expєnditurє is sєt out bєlow: 52 weeks ended 52 weeks ended 52 weeks ended 52 weeks 52 weeks ended ended 53 weeks ended 53 weeks ended 53 weeks ended 30 Nov 2025 31 Aug 2025 1 Jun 2025 2 Mar 2025 1 Dec 2024 1 Sep 2024 2 Jun 2024 3 Mar 2024 (£ million) Cash Capital Expєnditurє (Consolidatєd Ocado Group) 373.3 280.2 361.5 379.6 399.4 429.4 461.8 468.1 6djustmєnts ror: Ocado Rєtail Joint Vєnturє cash paymєnts to acquirє intangiblє assєts and propєrty, plant and єquipmєnt (a) (5.0) (4.6) (7.0) (6.5) (4.6) (9.7) (9.2) (12.9) 50% sharє or MHE JVCo cash paymєnts to acquirє intangiblє assєts and propєrty, plant and єquipmєnt 0.0 0.0 0.0 0.0 0.0 0.5 1.7 1.7 Restricted Group Cash Capital Expenditure 368.3 275.6 354.5 373.1 394.8 420.2 454.3 456.9 (a) Thєsє amounts єxcludє amounts capitalisєd in rєspєct or dєsign rєєs chargєd by Ocado Group which єliminatє on conolidation. Rєstrictєd Group Frєє Cash Flow is a non-G66P mєasurє and is dєrinєd as Rєstrictєd Group Cash 6djustєd EBITD6 lєss Rєstrictєd Group Cash Capital Expєnditurє. Sєє "Prєsєntation or Financial and Othєr Data-Non-G66P Mєasurєs/6ltєrnatiwє Pєrrormancє Mєasurєs". 6 rєconciliation or Rєstrictєd Group Frєє Cash Flow is sєt out bєlow: 52 weeks 52 weeks 52 weeks 52 weeks 52 weeks 53 weeks 53 weeks 53 weeks ended ended ended ended ended ended ended ended 30 Nov 2025 31 Aug 2025 1 Jun 2025 2 Mar 2025 1 Dec 2024 1 Sep 2024 2 Jun 2024 3 Mar 2024 (£ million) Rєstrictєd Group Cash 6djustєd EBITD6 373.5 266.7 273.0 242.8 231.0 195.0 164.3 149.4 Lєss: Rєstrictєd Group Cash Capital Expєnditurє (368.3) (275.6) (354.5) (373.1) (394.8) (420.2) (454.3) (456.9) Restricted Group Free Cash Flow 5.2 (8.9) (81.5) (130.3) (163.8) (225.2) (290.0) (307.5) Rєstrictєd Group Total 6ssєts is a non-G66P mєasurє dєrinєd as Total 6ssєts (ror thє Consolidatєd Ocado Group) adjustєd to prєsєnt thє єquiwalєnt amount ror thє Rєstrictєd Group. Sєє "Dєscription or Notєs". Sєє "Prєsєntation or Financial and Othєr Inrormation-Non-G66P Mєasurєs/6ltєrnatiwє Pєrrormancє Mєasurєs". 6 rєconciliation or Rєstrictєd Group Total 6ssєts is sєt out bєlow: As at 30 Nov 2025 31 Aug 2025 1 Jun 2025 2 Mar 2025 1 Dec 2024 1 Sep 2024 2 Jun 2024 3 Mar 2024 (£ million) Total 6ssєts (Consolidatєd Ocado Group) 6djustmєnts ror: Lєss: Ocado Rєtail Joint Vєnturє Total 6ssєts 4,279.0 0.0 4,324.2 0.0 3,883.0 0.0 4,092.3 (768.7) 4,156.5 (767.2) 4,232.3 (743.9) 4,283.8 (780.2) 4,331.8 (776.6) Jonєs Food Company Total 6ssєts 0.0 0.0 0.0 (24.8) (25.4) (26.8) (30.0) (27.8) 6tlas Insurancє PCC Limitєd Total 6ssєts (1.2) (1.2) (1.2) (1.3) (1.2) (1.2) (1.2) (1.3) Plus: Rєstrictєd Group nєt rєcєiwablє duє rrom Ocado Rєtail Joint Vєnturє 0.0 0.0 0.0 46.0 41.9 39.1 37.1 130.3 4,277.8 4,323.0 3,881.8 3,343.5 3,404.6 3,499.5 3,509.5 3,656.4 Lєss: Inwєstmєnt in MHE JVCo (6.5) (7.2) (7.2) (7.1) (7.0) (9.8) (9.7) (9.6) Plus: 50% sharє or MHE JVCo Total 6ssєts 6.3 7.5 7.5 7.1 7.1 10.4 10.3 9.9 Restricted Group Total Assets before investments in non-restricted group 4,277.6 4,323.3 3,882.1 3,343.5 3,404.7 3,500.1 3,510.1 3,656.7 Plus: Investments in Ocado Retail Limited (a) 0.0 0.0 0.0 247.2 247.2 247.2 247.2 247.2 Plus: Investments in Jones Food Company (a) 0.0 0.0 0.0 27.5 27.5 27.5 27.5 27.5 Plus: Inwєstmєnts in 6tlas Insurancє PCC Limitєd (a) 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.2 Restricted Group Total Assets 4,278.8 4,324.5 3,883.3 3,619.4 3,680.6 3,776.0 3,786.0 3,932.6 (a) Thєsє adjustmєnts rєprєsєnt thє carrying waluєs or inwєstmєnts in non-rєstrictєd group єntitiєs hєld by thє Rєstrictєd Group. Thєsє amounts єliminatє on consolidation but rєprєsєnt assєts or thє Rєstrictєd Group and hawє bєєn addєd back accordingly. Rєstrictєd Group Nєt 6ssєts is a non-G66P mєasurє dєrinєd as Nєt 6ssєts (ror thє Consolidatєd Ocado Group) adjustєd to prєsєnt thє єquiwalєnt amount ror thє Rєstrictєd Group. Sєє "Dєscription or Notєs". Sєє "Prєsєntation or Financial and Othєr Inrormation-Non-G66P Mєasurєs/6ltєrnatiwє Pєrrormancє Mєasurєs". 6 rєconciliation or Rєstrictєd Group Nєt 6ssєts is sєt out bєlow: As at 30 Nov 2025 31 Aug 2025 1 Jun 2025 2 Mar 2025 1 Dec 2024 1 Sep 2024 2 Jun 2024 3 Mar 2024 (£ million) Nєt 6ssєts (Consolidatєd Ocado Group) 6djustmєnts ror: Lєss: Ocado Rєtail Joint Vєnturє Nєt 6ssєts 1,561.3 0.0 1,678.1 0.0 1,238.2 0.0 1,111.4 (96.7) 1,171.1 (98.6) 1,317.3 (22.8) 1,372.2 (40.2) 1,437.1 (145.9) Jonєs Food Company Nєt 6ssєts 0.0 0.0 0.0 (2.3) (4.9) (7.7) (11.3) (14.9) 6tlas Insurancє PCC Limitєd Nєt 6ssєts (0.7) (0.7) (0.8) (0.8) (0.7) (0.8) (0.8) (0.8) Plus: Rєstrictєd Group nєt rєcєiwablє duє rrom Ocado Rєtail Joint Vєnturє 0.0 0.0 0.0 46.0 41.9 39.1 37.1 130.3 1,560.6 1,677.4 1,237.4 1,057.6 1,108.8 1,325.1 1,357.0 1,405.8 Lєss: Inwєstmєnt in MHE JVCo (6.5) (7.2) (7.2) (7.1) (7.0) (9.8) (9.7) (9.6) Plus: 50% sharє or MHE JVCo Nєt 6ssєts 6.2 7.0 7.0 6.9 6.8 9.7 9.6 9.5 Restricted Group Net Assets as previously reported 1,560.3 1,677.2 1,237.2 1,057.4 1,108.6 1,325.0 1,356.9 1,405.7 Plus: Inwєstmєnts in Ocado Rєtail Limitєd 0.0 0.0 0.0 247.2 247.2 247.2 247.2 247.2 Plus: Inwєstmєnts in Jonєs Food Company 0.0 0.0 0.0 27.5 27.5 27.5 27.5 27.5 Plus: Inwєstmєnts in 6tlas Insurancє PCC Limitєd 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.2 Restricted Group Net Assets 1,561.5 1,678.4 1,238.4 1,333.3 1,384.5 1,600.9 1,632.8 1,681.6 Rєstrictєd Group Cash and Cash Equiwalєnts and Trєasury Dєposits is a non-G66P mєasurє dєrinєd as Cash and Cash Equiwalєnts and Trєasury Dєposits (ror thє Consolidatєd Ocado Group) adjustєd to prєsєnt thє єquiwalєnt amount ror thє Rєstrictєd Group. Sєє "Dєscription or Notєs". Sєє "Prєsєntation or Financial and Othєr Inrormation-Non-G66P Mєasurєs/6ltєrnatiwє Pєrrormancє Mєasurєs". 6 rєconciliation or Rєstrictєd Group Cash and Cash Equiwalєnts and Trєasury Dєposits is sєt out bєlow: As at 30 Nov 2025 31 Aug 2025 1 Jun 2025 2 Mar 2025 1 Dec 2024 1 Sep 2024 2 Jun 2024 3 Mar 2024 (£ million) Cash and Cash Equiwalєnts and Trєasury Dєposits (Consolidatєd Ocado Group) 6djustmєnts ror: Ocado Rєtail Joint Vєnturє Cash and cash єquiwalєnts 740.0 0.0 791.5 0.0 745.8 0.0 642.9 0.0 732.5 0.0 752.3 (50.5) 746.6 (77.5) 807.3 (67.6) Jonєs Food Company Cash and cash єquiwalєnts 0.0 0.0 0.0 (0.4) (0.7) (1.3) (3.8) (1.5) 6tlas Insurancє PCC Limitєd Cash and cash єquiwalєnts (1.0) (1.0) (1.0) (1.1) (1.0) (1.0) (1.0) (1.1) 739.0 790.5 744.8 641.4 730.8 699.5 664.3 737.1 Plus: 50% sharє or MHE JVCo Cash and cash єquiwalєnts 0.4 0.3 0.2 0.4 0.4 0.2 0.3 0.4 Restricted Group Cash and Cash Equivalents and Treasury Deposits 739.4 790.8 745.0 641.8 731.2 699.7 664.6 737.5 Rєstrictєd Group Gross Dєbt is a non-G66P mєasurє and is dєrinєd as Gross Dєbt ror thє Consolidatєd Ocado Group adjustєd to prєsєnt thє єquiwalєnt amount ror thє Rєstrictєd Group. Sєє "Dєscription or Notєs". Sєє "Prєsєntation or Financial and Othєr Inrormation-Non-G66P Mєasurєs/6ltєrnatiwє Pєrrormancє Mєasurєs". 6 rєconciliation or Rєstrictєd Group Gross Dєbt and Rєstrictєd Group Nєt (Dєbt)/Cash is sєt out bєlow: As at 30 Nov 2025 31 Aug 2025 1 Jun 2025 2 Mar 2025 1 Dec 2024 1 Sep 2024 2 Jun 2024 3 Mar 2024 (£ million) Gross Dєbt (Consolidatєd Ocado Group) (1,788.3) (1,812.6) (1,794.8) (1,969.8) (1,971.6) (1,951.3) (1,968.7) (1,958.3) 6djustmєnts ror: Lєasє liabilitiєs payablє to MHE JVCo 11.0 11.4 11.9 11.8 12.4 12.5 14.0 15.0 Jonєs Food Company Limitєd borrowings 0.0 0.0 0.0 6.1 4.8 5.8 5.1 5.0 Ocado Rєtail Joint Vєnturє gross dєbt 0.0 0.0 0.0 361.3 354.3 349.0 340.4 337.1 Restricted Group Gross Debt (a) (1,777.3) (1,801.2) (1,782.9) (1,590.6) (1,600.1) (1,584.0) (1,609.2) (1,601.2) Rєstrictєd Group Cash and cash єquiwalєnts and Trєasury dєposits 739.4 790.8 745.0 641.8 731.2 699.7 664.6 737.5 Restricted Group Net (Debt)/Cash (1,037.9) (1,010.4) (1,037.9) (948.8) (868.9) (884.3) (944.6) (863.7) (a) Following thє dєconsolidation or Ocado Rєtail Limitєd ("ORL") Rєstrictєd Group Gross Dєbt includєs lєasє liabilitiєs or €73.9m which arє rєcєiwablє rrom ORL undєr sub-lєasє arrangєmєnts and arє now rєportєd as Nєt Inwєstmєnt in Lєasєs. Thєsє amounts had prєwiously єliminatєd on consolidation. Rєstrictєd Group (Borrowings) is a non-G66P mєasurє and is dєrinєd as Borrowings (ror thє Consolidatєd Ocado Group) adjustєd to prєsєnt thє єquiwalєnt amount ror thє Rєstrictєd Group. Sєє "Dєscription or Notєs". Sєє "Prєsєntation or Financial and Othєr Inrormation-Non-G66P Mєasurєs/6ltєrnatiwє Pєrrormancє Mєasurєs" Rєstrictєd Group Nєt (Borrowings)/Cash is a non-G66P mєasurє and is dєrinєd as Rєstrictєd Group Gross Dєbt (Excluding Lєasє Obligations) (ror thє Consolidatєd Ocado Group) adjustєd to prєsєnt thє єquiwalєnt amount ror thє Rєstrictєd Group. Sєє "Dєscription or Notєs". Sєє "Prєsєntation or Financial and Othєr Inrormation-Non-G66P Mєasurєs/6ltєrnatiwє Pєrrormancє Mєasurєs". 6 rєconciliation or Rєstrictєd Group Nєt (Borrowings)/Cash is sєt out bєlow: As at 30 Nov 2025 31 Aug 2025 1 Jun 2025 2 Mar 2025 1 Dec 2024 1 Sep 2024 2 Jun 2024 3 Mar 2024 (£ million) Borrowings (Consolidatєd Ocado Group) (1,486.2) (1,507.0) (1,484.6) (1,479.3) (1,484.8) (1,471.9) (1,482.2) (1,474.2) 6djustmєnts ror: Jonєs Food Company Limitєd borrowings 0.0 0.0 0.0 6.1 4.8 5.8 5.1 11.7 Ocado Rєtail Joint Vєnturє borrowings 0.0 0.0 0.0 100.1 98.1 105.8 93.7 91.6 Restricted Group Borrowings (1,486.2) (1,507.0) (1,484.6) (1,373.1) (1,381.9) (1,360.3) (1,383.4) (1,370.9) 6djustmєnts ror: Rєstrictєd Group Cash and Cash Equiwalєnts and Trєasury Dєposits 739.4 790.8 745.0 641.8 731.2 699.7 664.6 737.5 Restricted Group Net (Borrowings)/Cash (746.8) (716.2) (739.6) (731.3) (650.7) (660.6) (718.8) (633.4) ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) "

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