At Ocado, we’re focused on long-term sustainable growth, disciplined execution and delivering value across our business. We are pleased to share our Half Year Results for 2025 (H1FY25), highlighting continued momentum across our core divisions and meaningful improvements in profitability and financial resilience.
Positive Financial Progress
We delivered Group revenue of £674 million, up 13.2 %compared to the same period last year, reflecting broad-based growth across our Technology Solutions and Logistics businesses.
Our Group Adjusted EBITDA reached £91.8 million, a significant increase from £52.0 million in H1 2024, driven by strong performance in our Technology Solutions division and solid contributions from Ocado Logistics.
This progress was supported by a continued focus on cost discipline, operational efficiency and strong execution across the business.
We also reported a statutory profit of £611.8 million, compared with a loss in the prior period, reflecting the reclassification of Ocado Retail as an associated undertaking following its deconsolidation in April 2025.
Cash performance improved considerably, with an underlying cash outflow of £108 million, a £93 million improvement versus the first half of 2024, and strong liquidity of £1,046 million, underscoring our solid balance sheet position.
Performance Across Our Divisions
Technology Solutions continued to build on its trajectory, achieving notable revenue and margin progress. This division delivered a nearly doubled EBITDA performance compared to last year, highlighting the scalability and resilience of our technology offerings.
Ocado Logistics also contributed positively, with productivity gains in our Customer Fulfilment Centres (CFCs) and increased revenue. At our Luton site, for example, approximately 40 % of volumes were picked robotically — a tangible sign of the meaningful operational efficiencies being delivered through automation and innovation.
Ocado Retail maintained a strong growth profile in a competitive UK grocery market, with revenue up 16.3 %. Orders and customer engagement remained robust, and the transition to the Ocado Smart Platform(OSP) has now been completed for all customers.
Operational Momentum and Strategic Focus
Across our network, weekly volumes grew by over 23 %year-on-year, and we continued to roll out enhancements to our facilities and technology platform. Our global partner ecosystem remains a core strategic pillar — with progress in key markets including Korea, Saudi Arabia and Catalonia.
We also made meaningful strides in cost discipline, delivering £40 million of annualised savings through targeted initiatives.
Looking Ahead
While we continue to navigate a dynamic economic landscape, the first half of 2025 reflects disciplined execution, stronger earnings and an increasingly robust platform for future growth. Our focus remains on driving further operational efficiencies, expanding our technology footprint and progressing towards positive cash flow in FY26.
We would like to thank our teams, partners and customers for their continued trust and collaboration as we shape the future of online grocery, logistics and fulfilment — for good.
[DOWNLOAD] FY25 Half Year Results Presentation (PDF) - https://cdn.prod.website-files.com/667974bf1bf45146cf81ef19/687900c46406b2ee939876cf_fy-2025-ocado-group-half-year-2025-results-annoucement-presentation.pdf
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