METRO Raises Outlook for Financial Year 2020/21

METRO now expects:

• Sales (both total sales and like-for-like) to decline by approximately -0.5% to -3.5% vs. previous year (previously: -3% to -6% below previous year)
• A development of EBITDA adjusted of +50 million EUR to -75 million EUR to previous year (previously: decline by roughly EUR -50 million to EUR -175 million to previous year)

The outlook assumes stable exchange rates and no further adjustments to the portfolio. A partial re-introduction of restrictions is reflected with the lower end of the outlook corridor considering the still high level of uncertainty and volatility regarding the further development of the pandemic.

For the financial year, regions with a high share of hospitality customers, like the Western Europe segment, experience the largest impact of government restrictions on sales and earnings. Positive sales developments are expected in the segments Russia, Eastern Europe and Asia. On the earnings side, a heterogeneous development in the segments is expected, with the group result being determined in particular by the further sales-dependent development in Western Europe.

According to preliminary figures for Q3 2020/21, like-for-like sales grew by 15.0% compared to previous year. EBITDA adjusted (excluding transformation costs and earnings contributions from real estate transactions) grew to around EUR 310 million. In the cumulative 9M 2020/21 perspective, this results in the following development for sales and EBITDA:

• Total sales and like-for-like sales declined by -3.5% and -3.7% respectively
• EBITDA adjusted grew by 24 million EUR (at constant currency)  compared to previous year

The 9M/Q3 2020/21 report will be published as scheduled on July 28, 2021 at 6:30pm.