METRO increased both sales and earnings in the third quarter of 2025/26. Sales in local currency rose by 2.3%, while reported sales grew by 2.8% to €8.6 billion. Once again, the delivery business remained the key growth driver, while METRO MARKETS also continued its positive development. Adjusted EBITDA increased to €362 million, driven primarily by the positive development in the West segment.
“In the third quarter, we continued our growth trajectory, achieving increases in both sales and earnings, despite macroeconomic challenges. Particularly encouraging is the sustained strong performance of our delivery business, which remains METRO’s most important growth lever. At the same time, we are making progress in transforming our German operations, laying the foundation for sustainable and profitable growth,” summarised Dr Steffen Greubel, CEO of METRO AG, regarding the quarter.
Delivery sales grew by 8.3% in local currency to €2.5 billion. The store-based and other business remained almost stable at €6.0 billion, with a slight decrease of -0.1%. METRO MARKETS achieved a sales increase of 10.5% to €65 million in local currency.
In Q3 2025/26, adjusted EBITDA rose to €362 million (Q3 2024/25: €336 million). Contributions from real estate transactions amounted to €3 million in Q3 2025/26 (Q3 2024/25: €1 million). Adjusted for currency effects, adjusted EBITDA increased by €24 million compared to the previous year. Transformation costs amounted to €17 million (Q3 2024/25: €46 million), mainly driven by global cost-saving initiatives.
The improvement in free cash flow to -€406 million in 9M was primarily due to changes in net working capital.
METRO confirms the outlook for the 2025/26 financial year, with a tendency towards the lower end of the original outlook. The Management Board expects currency- and portfolio-adjusted sales growth of 3% to 6% and an increase in adjusted EBITDA of €50 to €150 million compared to the 2024/25 financial year (comparison base from 2024/25: €1,192 million).
Further information can be found in the quarterly report:
