Overview

• Ocado posted H1 revenue of £674 million, up 13.2% year-on-year, while adjusted EBITDA climbed 76.4% to £91.8 million.
• The group recorded a statutory profit of £611.8 million driven by a one-off £750 million accounting gain from deconsolidating its Marks & Spencer Retail joint venture.
• First-half cash outflow improved by £93 million to £108 million, reflecting stronger EBITDA performance and reduced capital expenditure.
• Ocado has made generating positive free cash flow in its 2025/26 financial year its core priority, enforcing cost discipline and controlled spending.
• Its technology solutions arm grew revenues by 10% with EBITDA margins of 20–25%, and fulfilment centres went live with Lotte in Korea and Panda in Saudi Arabia even as Kroger and Sobeys delay new site roll-outs.