Ocado Shares Plummet 17% as Core Earnings Stumble

The sharp market reaction highlights investor sensitivity to the company's underlying performance rather than its headline numbers. While the firm reported a swing to a pretax profit of 17.1 million pounds for the 26 weeks ended May 31—a stark improvement from the 173.1 million pound loss recorded during the same period last year—that growth remains heavily tethered to exit fees.

Including termination payments from its North American partners, adjusted Ebitda surged to 432 million pounds. Similarly, revenue at the technology-solutions division climbed to 609.2 million pounds. However, without the 354 million pounds in one-off financial compensation, the division’s revenue would have sat closer to 255.2 million pounds. Looking ahead, Ocado maintained its fiscal 2026 revenue guidance for the technology unit at approximately 500 million pounds, attempting to stabilize sentiment as shares dropped to 148.30 pence.