EarningsQ2 2026 Earnings Report
OCDGF Q2 2026 EPS Results
Actual EPS$0.03
Consensus EPS$0.22
Beat/MissMissed by -$0.19
One Year Ago EPS-$0.22
OCDGF Q2 2026 Revenue Results
Actual Revenue$1.38B
Expected Revenue$1.29B
Beat/MissBeat by +$85.07M
YoY Revenue Growth+53.86%
Earnings Announcement Details
QuarterQ2 2026
Date07/16/2026
TimeBefore Open
Conference CallThursday, July 16, 2026
OCDGF Upcoming Earnings
Ocado Group's next earnings date is estimated for February 25, 2027, based on past reporting schedules.
Q2 2026 Earnings Call Audio
OCDGF Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented strong operational momentum in core areas: international volumes (+27%), notable retail performance (Ocado Retail revenue +15%, EBITDA +119%), improving productivity (UPH +12%, deliveries/van +6%), accelerating AMR sales and a strengthened commercial pipeline (Asda, Lotte, Coles, strong partner growth in Spain, Japan, Poland). Management has executed a structured cost reduction program with ~£150m annualized savings targeted and retains healthy liquidity (>£1bn). Key challenges remain: modest group revenue growth (+1% excluding closures), underutilized partner capacity limiting near‑term revenue conversion, delays/closures at some CFCs (Kroger/Sobeys impacts), elevated gross debt (~£1.44bn) and notable interest costs. Management reiterated guidance, expects to turn cash flow positive in H2 and be cash flow positive for FY2027, and outlined a credible path to materially reduce gross debt. Overall, positive operational progress and a clear plan to address financial challenges, but near‑term risks and timing of fee recognition remain.Company Guidance
Strong International Volume Growth
International volumes up 27% year‑on‑year (excludes closed Kroger and Sobeys CFCs). Management notes this represents robust underlying operational growth that will translate into higher revenue as partner sites draw capacity.
Ocado Retail Growth and Customer Metrics
Ocado Retail revenue +15% YoY driven by orders +13% and active customers +11% (1.28m active customers vs ~688k five years ago; five‑year CAGR ~+13%). Average basket/ASP up ~1.9%–2%. Online share increased to 13.7%; Ocado Retail cited as the U.K.'s fastest growing retailer for 12 consecutive months.
Profitability and Operational Leverage at Ocado Retail
Ocado Retail EBITDA improved materially from £33m to £73m (≈+119% YoY); adjusted EBT moved to positive £12m. Gross profit grew ~17% YoY with a slight gross margin improvement despite industry inflation.
Productivity Improvements Delivering Quantifiable Savings
Units per hour (UPH) improved to 268 UPH (+12% YoY), delivering an estimated ~£10m pa efficiency for Ocado Retail. Deliveries per van per shift improved ~6% to 22.5, delivering an estimated ~£20m pa efficiency. Management cites ~£30m combined annualized benefit from these productivity gains.
Commercial Momentum and New Partnerships
Notable new/expanded commercial wins and strong partner performance: Asda partnership (will power 3 of UK’s top 5 grocers online when live), Lotte Korea CFC imminent (first Auto Freezer and multi‑temperature totes; dawn delivery), Alcampo Madrid +65% YoY growth (perfect order 97%), Aeon Japan ~70% YoY, Auchan Poland ~21% YoY. Management reports a healthier, less lumpy pipeline and more U.S. engagement.
AMR / OMRS Momentum
Sales of 'Chuck' in H1 exceeded total 2025 sales. New 'Porter' AMR gaining interest and will be generally available in coming weeks — supporting growth in the robotics/AMR product line.
Cost Reduction Program Executed and Targeted Savings
Organizational and cost restructuring executed (major actions implemented in April/May). Targeted annualized savings ~£150m. Identified buckets include organizational efficiency (£30–40m), location optimization (~£10m), technology spend reductions (~£18–19m) and non‑people cost optimization.
Liquidity and Path to Cash Flow Positive
Liquidity >£1bn (≈£765m cash + £300m undrawn RCF). Underlying cash flow in H1 reported at £147m (lower YoY but positive liquidity). Reported H1 cash inflow £25m aided by £260m closure receipts. Management reaffirmed guidance and expects to turn cash flow positive in H2 FY2026 and be cash flow positive for full FY2027; plans to reduce gross debt materially (target gross debt ~£700–800m within 12–18 months possible).
Technology Solutions: Margin Discipline
Technology Solutions like‑for‑like revenue +5% (removing closure fees and prior year one‑offs). Contribution margin for Tech Solutions remains healthy (~74% reported contribution), and management reaffirmed a Technology Solutions EBITDA margin target of at least 30% for FY2026.
OCDGF Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed