‘WHOLESALE. MORE THAN EVER’: Successful continuation of the growth path in FY 2023/24

METRO continued to drive its sCore growth strategy and further improved its market position in the financial year 2023/24 despite a challenging environment. At today's virtual Annual General Meeting, METRO AG CEO Dr Steffen Greubel therefore draws a positive balance: ‘Three years ago, we set out on a consistent growth path with a focus on professional customers and multichannel wholesale. And with this strategy, we have succeeded in achieving sales growth for the third year in a row – and in continuing this growth in the current financial year. Despite the difficult geopolitical and economic situation, we are growing across all channels and segments – and we are now more wholesale than ever before. This is demonstrated by the development of our strategic key performance indicators – whether the strong expansion of delivery, the online business, our own brands or the strategic costumer share. At the same time, EBITDA reflects the result of the sharp increase in costs and the challenging conditions which, exacerbated by negative currency effects, led to a negative net result and negative earnings per share of € -0.33 in the last financial year. As a consequence, we will focus even more strongly on the productivity and profitability of our business in the future, without losing sight of sustainable growth. I am firmly convinced that this will enable us to make METRO an ever better and stronger company and achieve our 2030 ambitions.’

Visible progress in strategy implementation

In financial year 2023/24, METRO again made strong progress in strengthening its Food Service Distribution, in its online business and in optimising the store-based wholesale business. Sales in local currency grew by 5.9% and adjusted for currency and portfolio effects by 4.2%. All sales channels and segments contributed to the sales growth. Adjusted EBITDA decreased to €1,058 million in financial year 2023/24 (2022/23: €1,174 million). Earnings were reduced by cost pressure, ongoing transformation requirements in wholesale, the expiration of license earnings from WM Holding (HK) Limited, and other post-transaction effects (Segment Others).

In financial year 2023/24, net income amounted to €-125 million and was thus €-564 million below the net income for the period of the previous year (2022/23: €439 million). In the previous year, earnings were significantly impacted by the sale of part of the METRO Campus, the sale of the Indian business and non-cash currency effects in the net financial result. METRO generated earnings per share of €-0.33 in financial year 2023/24 (2022/23: €1.21).

Agreement on the delisting of METRO AG

On 5 February 2025, METRO AG and EP Global Commerce GmbH (‘EPGC’), a holding company controlled by Daniel Křetínský, signed an agreement for the delisting of METRO AG. The delisting agreement confirms the joint commitment of the EPGC and METRO AG management to the long-term implementation of METRO's sCore strategy and the associated growth investments. EPGC and METRO have also agreed on other key points such as management continuity, corporate governance and the fundamental scope of METRO AG's business activities.

As a consequence, EPGC has announced its decision to launch a public delisting tender offer for all outstanding METRO AG shares not directly held by EPGC. The other anchor shareholders of METRO, BC Equities GmbH & Co. KG and Beisheim Holding GmbH as well as Palatin Verwaltungsgesellschaft mbH have entered into a non-tender agreement with EPGC, according to which they will not sell their METRO shares into the delisting offer. The Management Board and the Supervisory Board of METRO AG will comment on the appropriateness of the offer price in the reasoned statement.

Elections to the Supervisory Board

The agenda of today's Annual General Meeting also includes new and re-elections to the Supervisory Board. The Supervisory Board recommends the election of Martin Plavec (EP Equity Investment S.à r.l. Luxembourg) to the Supervisory Board. The Supervisory Board members Eva-Lotta Sjöstedt (independent business consultant, UK) and Marek Spurný (EP Group a.s., Prague) are proposed for re-election to the Annual General Meeting.

The present Chairman of the Supervisory Board, Jürgen Steinemann (JBS Holding GmbH Mönchengladbach), is no longer available for a further term of office and is therefore leaving the Board.

METRO is a leading international food wholesaler which specialises in serving the needs of hotels, restaurants, and caterers (HoReCa) as well as independent resellers (Traders). Around the world, METRO has approx. 15 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 85,000 people worldwide. In financial year 2023/24, METRO generated sales of €31 billion.

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