METRO AG increased both sales and earnings in the first half of the 2025/26 financial year. All sales channels contributed to the growth, with the delivery business once again performing above average. The transformation in Germany continued to impact earnings, while other segments recorded gains.
“Despite an increasingly volatile market environment with noticeable economic impacts, our early and consistent actions are paying off, as demonstrated by the positive results of the first half-year. By focusing clearly on efficiency, productivity, and strict cost control, we are implementing our growth strategy in a focused way, while also strengthening the resilience of our business. This is how METRO lays the foundation for sustainably successful earnings development,” said Dr Steffen Greubel, CEO of METRO AG.
In the first half of 2025/26, METRO increased sales in local currency by 3.5%. The store-based business grew slightly in local currency by 0.6% to €11.4 billion. Delivery sales rose significantly by 11.5% to €4.6 billion. METRO MARKETS increased sales by 5.4% to €84 million in local currency. Reported total sales rose by 2.9 % to €16.1 billion. Negative currency effects, particularly in Turkey, had a dampening effect on the reported development.
Adjusted EBITDA increased in the first half of 2025/26 to €493 million (H1 2024/25: €468 million). This development was primarily driven by sales growth in the West and East segments, despite opposing transformation-related developments in Germany. Adjusted for currency effects, adjusted EBITDA increased by €30 million compared to the previous year. Transformation costs amounted to €34 million in the half-year (H1 2024/25 transformation costs: €28 million), driven by global cost-saving initiatives. Contributions to earnings from real estate transactions were significantly lower at €1 million compared to the previous year (H1 2024/25: €98 million). The previous year primarily included the real estate transaction in Belgium.
In Q2 2025/26, sales in local currency increased by 3.9%. Reported total sales rose by 3.2% to €7.3 billion, influenced by negative currency effects, particularly in Türkiye. Adjusted EBITDA in Q2 2025/26 increased to €62 million (Q2 2024/25: €56 million). Opposing effects in Q2 2025/26 were mainly due to transformation-related developments in Germany. Reported EBITDA decreased to €47 million (Q2 2024/25: €130 million), primarily impacted by higher real estate transactions in the previous year.
Further information can be found in the half-year financial report:
