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Comparison of outlook with actual business developments

For financial year 2022/23, METRO had forecast sales growth compared to the previous year of around 5% to 10% (2021/22: 21.4%1) and an adjusted EBITDA decline of €75 million to €225 million. The outlook was based on the assumption of stable exchange rates and no further adjustments to the portfolio. Segment expectations were adjusted slightly in Q3 2022/23 due to changes in inflation and a slight change in the trend in Germany. The overall outlook was left unchanged. A gradual decrease of inflation (originally: measurable decrease) compared to the previous year was assumed. We expected growth to be driven by strategic customers and all channels. All strategic KPIs underwent positive development. For the segment West, sales growth within the outlook range was expected, and growth slightly below the outlook range (originally: within the outlook range) for the segment Germany. Growth noticeably above the outlook range (originally: within the outlook range) was assumed for the segment East, partially supported by higher rates of inflation. Sales in Russia were expected to decrease compared to the previous year. Sales in the segment Others were expected to grow significantly above the outlook range as METRO MARKETS and DISH Digital Solutions (formerly Hospitality Digital) products continue to be rolled out. With total sales growth in local currency of 8.8%241, METRO achieved this target in the upper half of the outlook range (5% to 10%). At segment level, the slightly adjusted outlook was also achieved.

The adjusted EBITDA decreased by €170 million241 in financial year 2022/23 in the outlook view and thus reached the lower half of the outlook range (decline of €75 million to €225 million). As forecast, the sales growth from sCore generally led to EBITDA growth. In financial year 2022/23, however, this was countered by measurable cost inflation and impacts from the cyberattack, hence leading to the expected decline on group level. In the segment West, adjusted EBITDA grew moderately as forecast. In the segment East, adjusted EBITDA was at the level of the previous year as forecast. As forecast, adjusted EBITDA noticeably declined (originally: forecast expected roughly at previous year’s level) in the segment Germany, while also declining strongly in Russia as forecast. In the segment Others, adjusted EBITDA also declined strongly as forecast due to the expiration of post-transaction effects (mainly China and Real) and further investments in digitalisation.

METRO achieved the sales and EBITDA targets for financial year 2022/23 within the outlook range.

sCore strategy
METRO’s growth strategy, which is aligned to the year 2030. It highlights the group’s exclusive focus on wholesale.

1 Exchange-rate-adjusted, without Japan and Myanmar, with Aviludo and Pro a Pro Spain. Belgium up to and including May 2022.

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