Metro (B4B) Q3 2025 earnings summary

Executive summary

• Sales in local currency grew 5.9% year-over-year to €24.0 billion for 9M 2024/25, with all segments and channels contributing.

• Q3 2024/25 sales in local currency rose 7.4% year-over-year, with reported sales up 4.8% to €8.4 billion, impacted by negative FX effects, especially in Turkey.

• Adjusted EBITDA for 9M 2024/25 was €803 million, slightly below prior year, mainly due to transformation costs in Germany.

• Profit for the period attributable to shareholders was -€122 million for 9M 2024/25, compared to -€48 million in the prior year.

Financial highlights

• 9M 2024/25 reported sales: €23,988 million (+4.3% year-over-year); Q3: €8,357 million (+4.8%).

• 9M adjusted EBITDA: €803 million (prior year: €819 million); Q3 adjusted EBITDA: €336 million (prior year: €335 million).

• EBIT for 9M: €177 million (prior year: €211 million); Q3: €78 million (prior year: €118 million).

• Free cash flow for 9M: -€587 million (prior year: -€404 million).

• Earnings per share for 9M: -€0.34 (prior year: -€0.13).

Outlook and guidance

• Management expects total sales growth of 3% to 7% (currency- and portfolio-adjusted) for FY 2024/25.

• Adjusted EBITDA is expected to increase slightly versus prior year, with transformation costs up to €150 million.

• Germany and West segments expected to grow below guidance range; East and Other segments to exceed it.

• Russia segment sales growth expected within guidance range, but volatility remains.