Metro (B4B) Q4 2025 earnings summary

Executive summary

• Achieved 6% year-over-year revenue growth in FY 2024/25, with significant gains in operational EBITDA, supporting further growth investments.

• Delivery segment was the main growth driver, increasing by 14% and surpassing €9 billion in revenue.

• Strategic initiatives, including the sCore strategy, transformation in Germany, and cost leadership, are delivering measurable improvements in KPIs and productivity.

Financial highlights

• Revenue reached €32.4 billion, up 6% year-over-year on a currency-adjusted basis.

• Adjusted EBITDA increased by €112 million to €1,192 million compared to the previous year.

• EBITDA reported at €1,131 million after transformation costs and real estate gains.

• Net income remained negative at -€218 million, with EPS at -€0.60, impacted by higher transformation costs and financing expenses.

• Free cash flow was negative at -€271 million, mainly due to technical NWC effects and planned investments.

Outlook and guidance

• Forecasts 3–6% revenue growth and €50–150 million increase in adjusted EBITDA for FY 2025/26.

• Reaffirms 2030 ambitions: revenue >€40 billion, adjusted EBITDA >€2 billion, and FCF of €0.6 billion.