Overview of group business development

In financial year 2023/24, sales in local currency increased by 4.2%. Growth was driven by all segments and all sales channels. Despite negative portfolio effects¹, sales in local currency in store-based business rose to €22.9 billion (+0.8%), delivery sales to €7.9 billion (+14.7%) and METRO MARKETS sales to €0.2 billion (+49.3%). Reported sales increased by 1.6% to €31.0 billion, driven to a major extent by negative currency effects, especially in Russia and Turkey.

The adjusted EBITDA declined to €1,058 million in financial year 2023/24 (2022/23: €1,174 million). The sales growth from sCore generally lead to EBITDA growth. Offsetting effects in financial year 2023/24 included the continuing transformation requirements in the wholesale business, the expiry of licence earnings from WM Holding (HK) Limited in the previous year and other post-transaction effects (segment Others) as well as cost pressure. Adapted for exchange rates, adjusted EBITDA declined by €78 million compared to the previous year’s period. There were negative currency effects primarily in Russia and in Turkey.

In financial year 2023/24, transformation gains of €22 million (2022/23: transformation gains of €153 million) were recognised from previous portfolio measures. In the previous year, transformation gains had resulted in particular from the sale of the business in India.

Earnings contributions from real estate transactions amounted to €42 million (2022/23: €208 million); they were primarily the result of 2 real estate transactions in Turkey. In the previous year, the earnings contribution from real estate transactions had mainly included the sale of part of the METRO Campus. The EBITDA reached a total of €1,122 million (2022/23: €1,534 million).

In financial year 2023/24, METRO made good progress with the implementation of the strategy in the countries. This is also reflected in the strategic KPIs that METRO uses to implement the sCore strategy: