In the first quarter, sales increased by 3.2% in local currency, while reported sales grew by 2.6% to €8.8 billion. The delivery business once again recorded the strongest growth. Adjusted EBITDA improved to €431 million. Currency effects, particularly in Türkiye, had a negative impact but were partially offset by positive developments in Russia.
“METRO has made a solid start to the financial year 2025/26 in a persistently challenging economic environment. The sales growth and increase in EBITDA confirm the effectiveness of our sCore strategy and our multichannel sales model. The delivery business remains the central growth driver. At the same time, we are consistently improving our productivity and cost structures and are driving strategic initiatives with great energy. Against this backdrop, we see ourselves on track for the full year and will implement promising projects that primarily address our core target group in the gastronomy sector,” says Dr Steffen Greubel, CEO of METRO AG.
The delivery business continued to develop dynamically, with sales increasing to €2.4 billion (up 12.9% in local currency). The store-based business remained at the previous year’s level at €6.4 billion (0.0% in local currency). METRO MARKETS achieved sales of €40 million, roughly on par with the previous year, while overall marketplace sales continued to grow.
Adjusted EBITDA rose to €431 million in the first quarter (Q1 2024/25: €412 million). This was driven by sales-related growth as part of the sCore strategy and productivity improvements. However, a decline in other income had a counteracting effect. Adjusted for currency effects, adjusted EBITDA increased by €22 million compared to the same period of last year. Transformation costs amounted to €18 million and were related to global cost-saving and efficiency programmes.
The improved operating cash flow of €179 million compared to -€14 million in the financial year 2024/25 is primarily due to changes in the net working capital.
METRO confirms its forecast for the financial year 2025/26. The Management Board continues to expect currency- and portfolio-adjusted sales growth of 3% to 6%.
Additionally, an increase in adjusted EBITDA of €50 million to €150 million compared to the financial year 2024/25 is anticipated. This is based on further sales growth, effects from the sCore strategy, and additional cost efficiency measures.
Further information can be found in the Quarterly Statement Q1 2025/26.
