METRO with record growth in 2021/22 - positive net income and dividend payment expected for 2022/23

14 December 2022

For METRO, the consistent implementation of the sCore strategy has led to significant growth in financial year 2021/22

  • The financial year 2021/22 is characterized by the consistent implementation of the sCore growth strategy, supported by rising inflation:
    • Sales grow by more than 20% in local currency
    • Adjusted EBITDA increases to €1,389 million (2020/21: €1,171 million)
    • Sales and EBITDA reach upper half of the twice-raised outlook
    • Due to war-related effects, net income1 is at €–331 million and earnings per share at €–0.92; according to dividend policy no dividend distribution planned
  • Successful multichannel business model with strong growth in all 3 channels in a challenging environment:
    • Store-based business grows by 13.3% to €23.3 billion (2020/21: €20.6 billion)
    • Delivery sales grow by 53.4% to €6.4 billion (2020/21: €4.2 billion) 
    • METRO MARKETS sales increase by over 100% to €69 million (2020/21: €33 million)
  • Outlook for financial year 2022/23:
    • 5-10% sales growth
    • Decrease in the adjusted EBITDA by €75-225 million, primarily because of cost increases related to inflation
    • Return to positive EPS and dividend payment expected
  • Mid-term ambition (20/21-24/25) increased due to rise in inflation
    • 5-10% sales CAGR (before: 3-5%)
    • 5-7% EBITDA CAGR (before: 3-5%)

For METRO, the consistent implementation of the sCore strategy has led to significant growth in financial year 2021/22, which can be attributed to a combination of rising inflation and strong momentum with strategic customers. Sales in local currency grew by more than 20% and pre-pandemic levels have been far surpassed. A high single-digit volume growth compared to the previous year and additional market shares gains demonstrate that METRO grew significantly in core business, even without taking into account the effect of inflation. All 3 channels (store-based business, delivery and METRO MARKETS) and all segments contributed to this growth. The adjusted EBITDA reached a total of €1,389 million in financial year 2021/22 (2020/21: €1,171 million). Because of better than expected business development during the year, the management board increased the sales and earnings outlook twice, and achieved the upper half of the outlook range for sales and EBITDA.

At the same time, the past financial year was also influenced by various external effects. Rising inflation, Russia’s war in Ukraine and the associated impairments and effects on the Russian currency all had an impact. Furthermore, 3 strategic acquisitions (AGM, Eijsink and Günther-Gruppe) and 1 sale (operational business in Belgium) were carried out.

“In the first year of our sCore growth strategy, we have achieved visible successes despite a challenging environment. All our channels and segments are growing, we are expanding our core business and our strategic customer share consistently and we are winning market shares. We were able to increase our sales and earnings outlook twice and we are closing the year with record sales growth of over 20% in the upper half of the outlook range. Growth remains our focus for the coming year. Precisely in times of high inflation and volatility, the benefits of our multichannel business model become apparent – attractive prices in the wholesale stores, need-based delivery, a broad online range and personal customer service by a growing sales force. This is why we expect significant sales growth for the coming year too. At the same time, inflation-related cost increases are clearly apparent in the EBITDA. However, we expect a positive EPS and therefore a return to dividend payments. which is also reflected in the increase of our mid-term ambitions” says Dr Steffen Greubel, CEO of METRO AG.

sCore implementation drives sales and EBITDA development

The successful implementation of the sCore strategy in the countries is reflected clearly in the strategic key performance indicators (KPIs). The strategic customer sales share increased to 71% (2020/21: 66%), the own brand sales share to 19% (2020/21: 17%), the stock availability slightly to 95% (2020/21: 95%), the Food Service Distribution (FSD) sales share to 21% (2020/21: 17%) and the digital sales share to 9% (2020/21: 6%).

As a consequence, the reported sales grew by more than 20% to €29.8 billion, where negative currency effects in Turkey were largely offset by positive currency effects in Russia and other countries.

METRO’s store-based business grew by 13.3% to €23.3 billion in financial year 2021/22 (2020/21: €20.6 billion). Delivery sales increased by 53.4% to €6.4 billion (2020/21: €4.2 billion) and achieved a record sales share of 21% (2020/21: 17%). Also, METRO MARKETS sales increased by over 100% to €69 million (2020/21: €33 million).

Adjusted for currency effects, the adjusted EBITDA increased compared to the same period in the previous year by more than €200 million to €1,389 million (2020/21: €1,171 million), given that negative currency effects from the Turkish currency were overcompensated by positive currency effects from Russia and other countries. Financial year 2021/22 saw transformation costs amounting to €123 million (2020/21: €65 million), arising primarily from the disposal of Belgian operational business. Earnings contributions from real estate transactions amounted to €137 million (2020/21: €60 million).

From a guidance perspective, METRO has thus achieved its adjusted sales and earnings targets for financial year 2021/22. The total sales in local currency rose by more than 20%2 (17-22% outlook). The adjusted EBITDA increased by more than €200 million to €1,394 million (+€150-230 million outlook).

The net income for the period was €-331 million (2020/21: €-45 million). In financial year 2021/22, METRO recorded earnings per share of €-0.92 (2020/21: €-0.15). The decreases resulted from currency-related negative effects in the financial result (mainly non-cash from intra-company relationships), effects from the sale of the Belgian business (transformation costs, partly cash-relevant) and impairments. Without these impairments, the net income would have increased significantly. In line with METRO’s dividend policy (payout rate of 45% to 55% of the EPS), a dividend distribution for the 2021/22 financial year is not planned for ordinary shares or preference shares.

Strong performance in all segments

In Germany, the reported sales increased by 6.2% to €4.7 billion. Growth was primarily driven by Rungis Express, and the excellent HoReCa business, which again outperformed the market. There was also support from inflation. In financial year 2021/22, the adjusted EBITDA reached sales-related growth to €167 million (2020/21: €149 million).

In the segment West, sales in local currency and reported sales increased significantly by 28.3% to €12.0 billion in financial year 2021/22, with all countries except Belgium contributing with double-digit growth. France, Italy and Spain recorded the largest sales increases with growth rates over 30%. Once again, the HoReCa business in France, Spain and Italy outperformed the market. In financial year 2021/22, the adjusted EBITDA reached sales-related growth to €576 million (2020/21: €394 million), a significant improvement on the previous year. The sale of the Belgian business incurred transformation costs of €125 million (2020/21: €0 million).

In Russia, sales in local currency grew by 7.9% in financial year 2021/22. Sales growth was driven by all customer groups, particularly by the FSD business. However, business development over the financial year was impacted by Russia’s war in Ukraine and the effect of sanctions on goods availability. In financial year 2021/22, the adjusted EBITDA was €231 million (2020/21: €197 million) and rose adjusted for currency effects by €8 million.

In the segment East, sales in local currency increased by 22.4%. Nearly all countries contributed to this growth, which was primarily driven by the strongly positive development of the HoReCa business. Turkey recorded the highest sales growth however strongly supported by inflation. The adjusted EBITDA reached sales-related growth to €417 million (2020/21: €373 million). Earnings contributions from real estate transactions amounted to €132 million and resulted primarily from the sale of remaining real estate in Japan (2020/21: €0 million). Adjusted for currency effects, the adjusted EBITDA increased by €64 million.

Sales in the Others segment increased by €72 million to €122 million (2020/21: €49 million). This rise can be attributed to the strong growth of METRO MARKETS in Germany and Spain and the expansion into Italy. Eijsink also contributed positively to sales since 31 March 2022. In financial year 2021/22 the EBITDA was €-1 million (2020/21: €59 million).

As of 30 September 2022, the store network comprised 661 locations, thereof 567 Out-of-Store (OOS)3 locations, and 64 depots.

Outlook for METRO AG4


The Management Board expects a total sales growth of 5% to 10% (2021/22: 21.4%2) for FY 2022/23, with a measurable decrease in inflation compared to the previous year. Growth will be driven by strategic customers and all channels. The segments Germany, West and East are expected to grow within the guidance range while Russia will decrease against previous year level. Sales in the Others segment will grow significantly above the guidance range as METRO MARKETS and applications of Hospitality Digital will be rolled out further.


The Management Board expects adjusted EBITDA to decline by €75–225 million compared to financial year 2021/22 (2021/22: +€204 million to €1,394 million). The sales growth from sCore generally leads to EBITDA growth. In financial year 2022/23, however, this is countered by measurable cost inflation and impacts from the cyberattack, hence leading to the expected decline on group level. In the segment West, adjusted EBITDA will grow moderately. The segments Germany and East are expected roughly on previous year level and Russia will decrease strongly. The segment Others will also decline strongly due to the expiration of post transaction effects (mainly China and Real) and further investments in digitalization.

Increased Mid-term ambitions

The Management board increases mid-term ambitions for the period 2020/21-24/25 due to rise in inflation and expects now 5-10% average sales growth (before: 3-5%) and 5-7% average EBITDA growth (before: 3-5%) over FY 2020/21.

Key sales figures

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
  2020/21 2021/22      
24,765 29,754 20.1% -0.2% 20.4%
4,457 4,732 6.2% 0.0% 6.1%
9,384 12,042 28.3% 0.0% 28.3%
 Russia 2,374 2,904 22.3% 14.4% 7.9%
 East1 8,500 9,955 17.1% -5.2% 22.4%
 Others 49 122 - - -

1 As of financial year 2021/22, the Asia Segment is reported together with the previous Eastern Europe Segment as Segment East. The previous year’s figures have been adjusted.

EBITDA key figures

Adjusted EBITDA Transformation costs Earnings contributions
from real estate
€ million
Change (€) 2020
Total 1,171 1,389 219 65 123 60 137 1,166 1,403
Germany 149 167 18 10 0 0 0 138 167
394 576 182 0 125 18 1 412 453
Russia 197 231 35 0 0 0 1 197 232
East1 373 417 44 45 0 0 132 328 548
59 -1 -60 10 -2 42 3 91 5
-1 -2 -1 0 0 0 0 -1 -2

1 As of financial year 2021/22, the Asia Segment is reported together with the previous Eastern Europe Segment as Segment East. The previous year’s figures have been adjusted.


1 attributable to METRO shareholders.
2 Exchange rate-adjusted, excluding Japan and Myanmar, with Aviludo and Pro à Pro Spain. Including Belgium. Until May 2022.
3 OOS relates to the existing METRO store network and includes both METRO stores which deliver directly from the store’s own inventory as well as stores that operate a separate depot inside the store.
4 The outlook is based on the assumption of stable exchange rates and no further portfolio adjustments.

METRO is a leading international food wholesale company which specialises in serving the needs of hotels, restaurants and caterers (HoReCa) as well as independent merchants (Traders). Around the world, METRO has some 17 million customers who benefit from the wholesale company’s unique multichannel mix. Customers can shop for their goods in one of the large stores in their area or have them delivered (Food Service Distribution, FSD) – all with digital support and connection. At the same time, METRO MARKETS is an international online marketplace for professional customers that 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 for many years, including FTSE4Good, MSCI, CDP and the Dow Jones Sustainability Index. METRO operates in more than 30 countries and employs over 93,000 people worldwide. In financial year 2021/22, METRO generated sales of €29.8 billion. More information can be found at, our online magazine.

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