Metro (B4B) Q1 2026 earnings summary

Executive summary

• Q1 2025/26 saw sales in local currency grow by 3.2%, with all segments except Germany contributing to growth; delivery business was a key driver.

• Reported total sales increased by 2.6% to €8.8 billion, impacted by negative currency effects, especially in Türkiye.

• Adjusted EBITDA rose to €431 million from €412 million year-over-year, reflecting sales-driven growth and productivity improvements.

Financial highlights

• Delivery sales increased 12.9% (currency-adjusted) to €2.4 billion; store-based sales remained flat at €6.4 billion.

• Profit for the period attributable to shareholders increased to €82 million from €75 million; EPS rose to €0.22 from €0.21.

• Free cash flow improved to -€119 million from -€324 million year-over-year.

• Cash and cash equivalents at quarter-end were €776 million, down from €1,010 million a year earlier.

Outlook and guidance

• Management expects total sales growth of 3% to 6% for FY 2025/26 (currency- and portfolio-adjusted).

• Adjusted EBITDA is forecast to rise by €50–150 million versus FY 2024/25, with Germany expected to see significant improvement.

• Russia and East segments are expected to grow within or above guidance ranges, while West is expected to grow below the range.