OCDDY - Ocado Group plc (OCDGF) Q2 2025 Earnings Call Transcript

2025-07-17 12:14:08 ET

Ocado Group plc (OCDGF)

Q2 2025 Earnings Conference Call

July 17 2025, 04:30 AM ET

Company Participants

Adam Hugh Warby - Corporate Participant

Independent Non-Executive Chair of the Board - Corporate Participant

Stephen Wayne Daintith - CFO & Executive Director

Timothy Steiner - CEO & Executive Director

Conference Call Participants

Giles Thorne - Jefferies LLC, Research Division

Marcus Diebel - JPMorgan Chase & Co, Research Division

Maria Christina Stormont - Deutsche Bank AG, Research Division

Oliver Tipping - Peel Hunt LLP, Research Division

Sarah Roberts - Barclays Bank PLC, Research Division

Sreedhar Mahamkali - UBS Investment Bank, Research Division

Presentation

Adam Hugh Warby

Independent Non-Executive Chair of the Board

Well, good morning, everyone. I was sometimes used to the voice of God announcement when you get up on the stage, but it was just quiet whispers from Nick. But it's good to be back here. My first time to be with you all was at the fiscal year '24 presentation. Well I was still relatively new, 4 or 5 months have passed since then. So I'm delighted to be here to share some reflections over the last 4 or 5 months, spent time, as you expect, with colleagues, partners and shareholders listening to the various perspectives of you all. And we've also spent time as a Board looking at Ocado Group strategy. So it's really with that, that I want to spend just a brief moment ahead of the presentation sharing some of those into -- I was in charge of my own clicking you see, Nick. I've done this before. We -- I'll let you do it, if you want to do it.

Well, look, it's no surprise, and you've seen it in the announcement. Our first priority is to become cash flow positive in FY '26. And you'll hear more details of that, obviously, from both Stephen and Tim. And that has to be through keen and sharp execution, lean operations and disciplined capital allocation. We've come to the end of a significant R&D wave. So more discipline, more focus on that is obviously a key priority....

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