METRO continues growth path and strategy implementation in 2022/23 – dividend proposed

13 December 2023

Successful implementation of the sCore strategy led to further growth in financial year 2022/23

  • Financial year 2022/23 was characterised by the successful implementation of the sCore growth strategy in a challenging environment:
    • Sales in local currency grow by 5.6%
    • Adjusted EBITDA at €1,174 million (2021/22: €1,389 million)
    • Outlook achieved: sales in the upper half of the outlook range, adjusted EBITDA in the lower half
    • Net income amounts to €439 million (2021/22: €-331 million), earnings per share (EPS) increases to €1.21 (2021/22: €–0.92)
    • Dividend of €0.551 per share proposed
  • Further growth in all 3 sales channels:
    • Store-based business grows by 0.2% to €23.3 billion
    • Delivery sales grow by 11.2% to €7.1 billion
    • METRO MARKETS sales grow by 60.1% to €0.1 billion
  • Outlook for financial year 2023/24:
    • 3%–7% sales growth
    • Adjusted EBITDA €-100 million to €+50 million compared to previous financial year as operational growth is unlikely to fully compensate for cost inflation and other effects
  • Growth targets by 2030 confirmed:
    • 5%–10% average sales growth
    • 5%–7% average EBITDA growth

In financial year 2022/23, METRO successfully continued the implementation of its sCore growth strategy and defended market shares. The wholesaler made significant progress in the strengthening of its delivery and online businesses, as well as in the optimisation of the wholesale approach of its stores. Overall, the past financial year was characterised by a challenging environment due to the continued inflation, rising costs and the cyberattack in Q1 2022/23. In financial year 2022/23, sales in local currency increased by 5.6% despite of the sales lost during the cyberattack (low 3-digit million-euro amount). All 3 sales channels (store-based business, delivery and METRO MARKETS) as well as all segments except Russia contributed to this growth. As expected, EBITDA decreased and amounted to €1,174 million (2021/22: €1,389 million), due to significant cost inflation, the expiration of positive post-transaction effects (Real and China), the declining business development in Russia and the cyberattack.

‘METRO stayed on track in financial year 2022/23. Despite of a challenging market environment and strong figures from the preceding year, we successfully continued our growth strategy in the past financial year,’ said Dr Steffen Greubel, Chief Executive Officer of METRO AG. ‘When we introduced sCore, we promised to consequently focus on wholesale, to substantially expand the multichannel business and to strongly drive digital sales. We have made significant progress in all of these ambitions. The wholesale transformation of our stores with a focused assortment, a more efficient presentation of our goods and the roll-out of the ‘buy more, pay less’ pricing model are taking shape everywhere. We are strengthening our delivery infrastructure for the long term by converting our stores into multichannel fullfilment centres, while at the same time expanding our depots. And, last but not least, we are continuously increasing our digital sales share with our online marketplace METRO MARKETS, our M Shop ordering platform and our digital DISH tools. In addition, we continued with the optimisation of our portfolio through the sale of the Indian business and further bolstered our delivery business through the acquisition of Swedish specialist JHB. We therefore look confidently towards the achievement of our growth ambitions for 2030. And, thanks to our positive EPS, we are pleased to propose the payment of a dividend to our shareholders of €0.55 for the past financial year.’

sCore sets the course for further growth

The progress in the implementation of sCore in financial year 2022/23 is also reflected in the strategic KPIs METRO uses to measure implementation of the growth strategy. Strategic customer sales share (HoReCa and trader) increased to 74% (2021/22: 71%), own-brands sales share increased to 22% (2021/22: 19%) and stock availability increased to 96% (2021/22: 95%). In financial year 2022/23, METRO’s FSD sales improved by 11% to €7.1 billion (2021/22: €6.4 billion), thus reaching a sales share of 23% (2021/22: 21%). The digital sales share was 11% (2021/22: 9%).

Reported sales rose by 2.7% to €30.6 billion, adjusted for primarily negative currency effects in Turkey, Russia, Ukraine and Pakistan.

Sales in the store-based business rose in the past financial year to €23.3 billion (+0.2%), delivery sales to €7.1 billion (+11.2%) and METRO MARKETS sales to €0.1 billion (+60.1%).
The adjusted EBITDA declined to €1,174 million in financial year 2022/23 (2021/22: €1,389 million). Generally, the sales growth from sCore led to EBITDA growth. In financial year 2022/23, however, this was countered by measurable cost inflation, the expiration of post-transaction effects (Real and China), the additional effort for cybersecurity and the declining business development in Russia. Transformation gain of €153 million (2021/22: €123 million transformation costs) was incurred in financial year 2022/23, in particular from the sale of the business in India. Earnings contributions from real estate transactions amounted to €208 million (2021/22: €137 million) and were primarily the result of the sale of parts of the METRO Campus in Düsseldorf.

From the outlook view, METRO achieved the sales and EBITDA targets for financial year 2022/23 within the outlook range. Total sales in local currency grew by 9%2 and reached the upper half of the outlook range (5% to 10%). Adjusted EBITDA decreased by €170 million in the outlook view and thus reached the lower half of the outlook range (expected decline of €75 million to €225 million).

The net income in financial year 2022/23 was €439 million and thus €770 million above the net profit for the period of the previous year (2021/22: €–331 million). The increase was the result of one-time effects. In addition, there were non-cash currency effects in the financial result. METRO achieved earnings per share of €1.21 in financial year 2022/23 (2021/22: €–0.92).

Segment development

In Germany, reported sales rose by 3.5% to €4.9 billion. The successful implementation of the sCore strategy is also reflected in the sales development with HoReCa customers. We defended the market shares gained. Adjusted EBITDA declined to €135 million in financial year 2022/23 (2021/22: €167 million). This was due to already-expected cost inflation, continued investments in price positioning and selective assortment and inventory adjustments.

Sales in the segment West increased by 4.4% to €12.6 billion in financial year 2022/23. The countries France, Spain and Italy contributed to this increase in particular. In addition, delivery specialists Pro à Pro France, Pro a Pro Spain and Aviludo achieved double-digit growth rates. Sales from the Belgian business have no longer been included since the sale in May 2022. Since May 2023, sales from the delivery specialist JHB have also contributed to sales. Adjusted EBITDA rose to €614 million (2021/22: €576 million). The sale of the Belgian business resulted in a transformation gain of €1 million (2021/22: €125 million transformation costs).

In Russia, sales in local currency declined significantly by 7.9% in financial year 2022/23. The reluctance to buy as well as the cyberattack had a particularly negative impact here. Adjusted EBITDA in Russia amounted to €152 million (2021/22: €231 million) and declined by €65 million adjusted for currency effects.

In the segment East, sales in local currency increased substantially by 11.2%. Almost all countries contributed to this positive development, driven primarily by the clearly positive development of the HoReCa business. The largest increase in sales was recorded in Turkey, which was heavily supported by inflation. Adjusted EBITDA declined to €394 million in financial year 2022/23 (2021/22: €417 million). Adjusted for currency effects, EBITDA increased by €7 million. Transformation gains of €150 million (2021/22: €0 million) was incurred in particular from the sale of the business in India.

In the segment Others, sales increased significantly by €91 million to €213 million (2021/22: €122 million) and include METRO MARKETS sales of €110 million (2021/22: €69 million). The increase was driven by the growth of the marketplace in Germany, Spain and Italy as well as the expansion to Portugal, the Netherlands and France. Sales of POS provider Eijsink and the Günther group also contributed to the increase. Adjusted EBITDA amounted to €-131 million in financial year 2022/23 (2021/22: €–1 million). The decrease in earnings is due to the expiration of post-transaction effects (Real, China).

As of 30 September 2023, the store network comprised 625 stores, of which 529 were out-of-store (OOS)3 locations, and 76 depots.

Outlook of METRO AG4


The Management Board expects a total sales growth of 3% to 7% (2022/23: 9%, absolute sales €30.1 billion5) for financial year 2023/24. Growth will be driven by all segments except Russia and all channels. Sales in the segment Russia is expected to be around previous year’s level. The segment Germany is expected to grow below the guidance range. The segment West is expected to grow within the guidance range while the segments East and Others are expected to grow above the guidance range.


The Management Board also expects a change in adjusted EBITDA of between €-100 million and €50 million (2022/23: €1,163 million4) compared to financial year 2022/23. The sales growth from sCore generally leads to EBITDA growth. In financial year 2023/24, however, this is countered by noticeable cost inflation, expiration of post transaction effects (Segment Others), rising costs for cybersecurity and a further decline in the development in Russia. In the segment Others, adjusted EBITDA will strongly decline while in the segments Russia and Germany, adjusted EBITDA will decline moderately. In the segments West and East, adjusted EBITDA will grow moderately.

1 Subject to resolution by the Annual General Meeting.
2 Exchange-rate-adjusted, without Japan, Myanmar, Belgium, India and JHB.
3 OOS refers to the existing METRO store network and includes METRO stores that supply from the store as well as stores that operate their own depot in the store.
4 The outlook is based on the assumption of stable exchange rates and no further adjustments to the portfolio.
5 Exchange-rate-adjusted, excluding India, including JHB.

Key sales figures

In year-on-year comparison Change in % compared with the previous year's period

Sales (€ million) in group currency (€) Currency effects in percentage points in local currency
2021/22 2022/23
29,754 30,551 2.7% -2.9% 5.6%
4,732 4,897 3.5% 0.0% 3.5%
12,042 12,573 4.4% 0.0% 4.4%
Russia 2,904 2,510 -13.6% -5.7% -7.9%
East 9,955 10,359 4.1% -7.1% 11.2%
Others 122 213 - - -

Multichannel sales development (in € million)

2021/22 2022/23
Store-based and other business
23,299 23,342
6,386 7,099
69 110
METRO MARKETS marketplace sales
130 172

EBITDA key figures

Adjusted EBITDA Transformation costs
(+)/transformation (–)
Earnings contributions
(+) from real estate
€ million
Change (€) 2021
Total 1,389 1,174 -215 123 -153 137 208 1,403 1,534
Germany 167 135 -32 0 0 0 0 167 135
576 614 38 125 -1 1 5 453 620
Russia 231 152 -79 0 0 1 0 232 152
East 417 394 -23 0 -150 132 0 548 544
-1 -131 -130 -2 -2 3 203 5 74
-2 10 11 0 0 0 0 -2 10

METRO is a leading international food wholesaler which specialises in serving the needs of hotels, restaurants, and caterers (HoReCa) as well as independent merchants (Traders). Around the world, METRO has approx. 17 million customers who benefit from the wholesale company’s unique multichannel mix: customers can purchase their goods in one of the large stores in their area as well as by delivery (Food Service Distribution, FSD) – all digitally supported and connected. In parallel, METRO MARKETS is being developed as an international online marketplace for the needs of professional customers which has been growing and expanding continuously since 2019. Acting sustainably is one of the company principles of METRO which has been listed in various sustainability indices and rankings, including MSCI, Sustainalytics and CDP. METRO operates in more than 30 countries and employs over 89.000 people worldwide. In financial year 2022/23, METRO generated sales of €30.6 billion. More information can be found at, our online magazine.

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