Outlook of METRO

The outlook is based on the assumption of stable exchange rates and no further adjustments to the portfolio (that is, without Japan and Myanmar, with Aviludo and Davigel Spain). The relevant opportunities and risks that influence the outlook are explained in the opportunities and risk report. The sales and earnings outlook depends particularly on the further development of the Covid-19 pandemic in financial year 2021/22. Temporary and limited governmental restrictions on social life, especially in H1 of financial year 2021/22, have been taken into consideration.

Sales

The Management Board expects a total sales growth of 3% to 7% (2020/21: 0.0% with Japan and Myanmar, 0.1% without Japan and Myanmar) for financial year 2021/22, hence reaching the pre-pandemic level¹On a comparable, operational level.. The HoReCa business is expected to be the main growth driver, especially due to high momentum in delivery. All segments will contribute to the growth. For Western Europe (excl. Germany), a significantly overproportionate growth is expected. Germany is expected to grow below the group range, also due to the reduction of the tobacco business.

Earnings

The Management Board further expects an EBITDA adjusted on the level of the past financial year 2020/21 (€1,187 million without Japan and Myanmar). For Western Europe (excl. Germany), a significant growth is expected. The segment Others was supported by one-time effects in the mid double-digit million euro range in financial year 2020/21. Due to this and further digitalisation efforts, it will therefore be noticeably below the level of the previous year.