The Management Board of METRO AG (METRO) has decided to increase its outlook for sales and EBITDA (adjusted) for the financial year 2021/22. Business in Q3 2021/22 has developed better than expected. This is driven by a combination of rising inflation and a strong Horeca momentum as the ‘sCore’ strategy execution progresses well.

• Sales to grow by approximately 17% to 22% vs. previous year (previously: 9% to 15%)
• EBITDA adjusted to grow by approximately EUR 150-230 million vs. previous year (previously: grow slightly to moderately)

The outlook assumes stable exchange rates and no further adjustments to the portfolio. The 2021/22 financials will not be adjusted for the sale of the Belgian operations (announced on 15 June 2022). Further escalation of the war and/or further sanctions could lead to additional negative impact on the business, particularly in Ukraine and Russia.
Sales in the segments West and East are expected to grow over-proportionately. Germany and Russia are expected to grow below the group range. The development of EBITDA adjusted across the segments is expected to follow the sales development. The segment Others is expected to be noticeably below the level of the previous year.
In the cumulative 9M 2021/22 guidance view (constant currency and portfolio-adjusted), sales growth (preliminary, unaudited) is above 24%. METRO continues the execution of its ‘sCore’ strategy and reconfirms its mid-term ambition of 3-5% sales and EBITDA CAGR in the period 2022-2025.
The war in Ukraine continues to drive the RUB FX-volatility, which leads to non-cash valuation effects on METRO’s intercompany positions. In Q3 2021/22, around 300 million euros negative non-cash impact on the financial result is expected. A weakening RUB would result in a positive valuation effect in Q4 2021/22 or thereafter.
The Q3 2021/22 report will be published as scheduled on 10 August 2022 at 6:30pm, followed by an analyst conference call on 11 August 2022 at 8:45am.
Definitions of EBITDA and other performance indicators can be found in the Glossary of the Annual Report 2020/21 – Consolidated financial statement from page 290 on. The Annual Report 2020/21 may be accessed under https://investors.metroag.de/~/assets/common-newsroom/documents/financial-statements/2020-21-metro-annual-report_en.pdf?dl=1.

Contact:
METRO AG
Sabrina Ley
Director Investor Relations