Ocado Group reported profit growth in its half year results, driven by continued progress in its technology solutions.

Group adjusted EBITDA hit £91.8m for the 26 weeks ended 1 June, up 76% from its £52m the same time last year. Within this, its technology solutions rose to £72.8m from £34.8m the year prior.

Sales for the group were up 13.2% over the period from £595.4m to £674m, driven by a 14.9% surge in its technology solutions business and 12.1% increase in logistics.

Ocado Retail, which is a joint venture with M&S, saw adjusted EBITDA hit £33.3m, up from £20.7m last year, while revenue increased 16.3% to £1.52bn.

The technology giant noted that it had refinanced £300m in debt during FY25, with a further £100m issuance in June and a £112m letter of credit in aggregate, enabling it to address its residual FY25-27 maturities from existing liquidity.

Looking ahead, the retailer noted that its FY25 expectations remained unchanged and that its core priority was to turn cash flow positive during FY26.

Ocado Group CEO Tim Steiner said: “Ocado Group has delivered a strong first half and we have reached important milestones both in our UK business, as well as across our international partnerships. 

“Our technology solutions division has more than doubled EBITDA and our underlying cash flow has improved significantly, ending the period with liquidity in excess of £1bn.” 

He continued: “Our focus remains on turning cash flow positive during FY26, supported by continued growth with our partners and cost discipline across the business.”

The results come after it was reported that the business was facing renewed scrutiny over its heavy reliance on debt in June, amid soaring interest costs that threatened its path to profitability.

The online grocery technology firm saw its annual debt interest bill jump from around £27m last year to nearly £100m in 2025 following a recent £300m bond refinancing at an 11% coupon rate.

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