Ocado’s full-year revenue rose 12% to £1.4bn, reflecting double-digit growth across both its Technology Solutions and Logistics businesses.
Underlying cash profit (EBITDA) moved 59% higher to £0.2bn, ahead of market expectations. Growth was driven by higher utilisation in its Technology Solutions business and a tight grip on costs.
Free cash outflows halved to £0.1bn due to improved cash generation and lower capital expenditure. Net debt, including lease liabilities, rose by £0.1bn to £1.0bn
In 2026, Technology Solutions revenue is expected to be around £0.5bn (2025: £0.6bn), which was below market expectations. Logistics revenue is expected to grow by a high mid-single-digit percentage (2025: £0.8bn). The group aims to deliver around £150mn in cost savings over the year and turn free cash flow positive in the second half.
The shares fell 7.4% in early trading.
Our view
HL view to follow.
Ocado key facts
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This article is original Hargreaves Lansdown content, published by Hargreaves Lansdown. It was correct as at the date of publication, and our views may have changed since then. Unless otherwise stated estimates, including prospective yields, are a consensus of analyst forecasts provided by LSEG. These estimates are not a reliable indicator of future performance. Yields are variable and not guaranteed. Investments rise and fall in value so investors could make a loss.
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