Ocado’s joint venture with Marks & Spencer delivered a profit in the first half of the year, as group CEO Tim Steiner said the brand’s technology arm was eyeing new deals internationally.

For the 26 weeks to May 31, 2026, Ocado reported that its retail arm delivered adjusted EBIT of £12m, having delivered a £17m loss for the first half of 2025. Revenues soared 15%, while EBITDA more than doubled to £73m.

The retailer also reported group revenue and adjusted EBITDA for the period, split into two, both including and excluding Kroger and Sobeys closure impacts.

Revenue, including the closure impacts, soared 54% to over £1bn, while group adjusted EBITDA was £432m. Excluding the impacts, revenues inched up 1% to £684m, while group adjusted EBITDA fell to £81m.

The group reported a return to statutory EBIT growth of £17m, while it finished the period with total net cash of £25m and liquidity of £1.1bn.

During the period, Ocado announced a new fulfilment partnership with Asda, delivered £150m in cost savings, and continued its rollout of its Re: Imagined OSP on-grid robotic pick.

CEO Tim Steiner said that moving forward, the business would be targeting new international clients, particularly in the US, and said he was “pleased” to have put the issue of his succession to bed in recent weeks.

“The first half of the year has seen accelerating international volume growth, strong commercial momentum, improved organisational efficiency, and rigorous cost discipline. Since the start of the year, we’ve been re-engaging retailers across some of the world’s largest grocery markets, with the USA a particular focus, supported by a significantly evolved portfolio of technology solutions.

“Alongside a more focused R&D investment strategy, we have made significant organisational changes to strengthen cost and capital discipline while improving the effectiveness of our commercial operations. As we continue to focus on delivering growth and efficiency, we will achieve positive cash flow in the second half of the year and be full-year cash flow positive in FY27.

“I remain fully focused on executing our strategy and creating value. I am pleased that, in recent weeks, we have established a clear process for long-term succession planning at Ocado. We have the best technology in the industry, exceptional talent, and a tremendous opportunity ahead of us. I am as excited and energised about Ocado’s future as I have ever been”.

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