#1FY21 Results Presentation 8th February 2022 ocado GROUP ⒸOcado Group plc. All rights reserved. 1#2Forward-looking statements DISCLAIMER This presentation contains oral and written statements that are or may be "forward-looking statements" with respect to certain of Ocado's plans and its current goals and expectations relating to its future financial condition, performance and results. These forward-looking statements are usually identified by words such as 'anticipate', 'target', 'expect', 'estimate', 'intend', 'plan', 'goal', 'believe' or other words of similar meaning. By their nature, all forward-looking statements involve risk and uncertainty because they are based on current expectations and assumptions but relate to future events and circumstances which may be beyond Ocado's control. There are important factors that could cause Ocado's actual financial condition, performance and results to differ materially from those expressed or implied by these forward-looking statements, including, among other things, UK domestic and global political, social, economic and business conditions, market-related risks such as fluctuations in interest rates and exchange rates, the policies and actions of regulatory authorities, the impact of competition, the possible effects of inflation or deflation, variations in commodity prices and other costs, the ability of Ocado to manage supply chain sources and its offering to customers, the effect of any acquisitions by Ocado, combinations within relevant industries and the impact of changes to tax and other legislation in the jurisdictions in which Ocado and its affiliates operate. Further details of certain risks and uncertainties are set out in our Annual Report for 2021 which can be found at www.ocadogroup.com. Ocado expressly disclaims any undertaking or obligation to update the forward-looking statements made in this presentation or any other forward-looking statements we may make except as required by law. Persons receiving this presentation should not place undue reliance on forward-looking statements which are current only as of the date on which such statements are made. Ⓒ2021 Ocado Group plc. All rights reserved. 2#3The Chair's Introduction Rick Haythornthwaite Ⓒ2021 Ocado Group plc. All rights reserved. 98 LLA BA W84 tocado#4Opening Remarks Tim Steiner, CEO Ⓒ2021 Ocado Group plc. All rights reserved. B-W56 NOW egein IOA Com 0*0 FORS DA 555#5Financial Review Stephen Daintith, CFO Ⓒ2021 Ocado Group plc. All rights reserved. PHILIPS#6Update on priorities Priorities to support sustained growth OSP economics Capital allocation Balance sheet Evolution of Group Operations functions to support growth Progress so far Solutions focused KPIs announced today Improved clarity around OSP economics Ocado Re:Imagined; investments expected to strengthen our position as lowest cost operator, driving growth and returns £500m senior unsecured note successfully raised Sept-21 Continued strong liquidity position of £1.5bn New accounting and treasury systems implemented Finance team strengthened and restructured to enable greater specialisation and business partnering Empowering the business to make the most of a large and growing opportunity set Ⓒ2021 Ocado Group plc. All rights reserved. 6#7Financial Summary £ million Revenue¹ EBITDA Loss before tax² Cash and cash equivalents and treasury deposits FY 2021 2,498.8 61.0 (176.9) 1,468.6 FY 2020 restated³ 2,331.8 73.1 (52.3) 2,076.8 Change 7.2% (12.1m) (124.6m) (608.2m) Revenue growth (+7%) driven by: O Continued strong demand for Retail proposition; period compares to exceptional 2020 and is inclusive of the challenges associated with the UK labour market and disruption as a result of the Erith fire in the second half Strong fee revenue growth in both UK and International Solutions segments reflecting increased capacity roll out EBITDA performance reflects good revenue and gross margin performance in Retail and increased partner capacity and productivity improvements in UK Solutions & Logistics, offset by disruption at Erith and investment (total cash investment of £255m) to support platform development Increase in loss before tax as a result of increased depreciation, amortisation and impairment costs (+41%) related to investment in and increasing roll out of OSP, partially offset by lower net exceptional income and reduced net finance costs Healthy liquidity position supported by successful refinancing activity in the year, including issuance of £500m unsecured bond Note: (1) Revenue is online sales (net of returns) including charges for delivery but excluding relevant vouchers/offers and value added tax. The recharge of costs and associated fees to our UK Solutions clients and International Solutions clients are also included in revenue with the exception of recharges to Ocado Retail which are eliminated on consolidation. (2) Loss before tax is stated post-exceptional items (3) Reflecting a change in accounting policy in respect of IAS 38 7 Intangible Assets, FY20 loss before tax has been restated to derecognise previously capitalised SaaS related costs amounting to £8.3 million. This amount has been expensed as an exceptional item. Ⓒ2021 Ocado Group plc. All rights reserved.#8Ocado Retail: strong underlying momentum and resilient trading through temporary challenges £ million Revenue¹ EBITDA² ● Average OPW (000s) Basket size (£) Eaches per basket Revenue and EBITDA performance demonstrate operating step change compared with pre-pandemic 2019 Continued revenue growth against exceptional 2020, notwithstanding operational disruption associated with the Erith fire and UK labour market challenges in the second half, as well as continued reversion to pre pandemic shopping habits (smaller baskets, more peaks and troughs). Underlying demand remains strong Progress on Retail KPIs evidences strong demand: FY 2021 FY 2020 2,188.6 2,289.9 150.4 148.5 FY 2019 1,618.1 Change 40.6 vs 2020 4.6% vs 2019 41.5% Orders driving revenue growth, with basket size and ASP broadly flat Changes (%) +1.9m +109.8m 1H +20 2H +5 (12) (2) (12) FY +12 (6) (7) Active customers +22% to 832k vs. 680k in FY20 Orders per week (OPW) +12% to 357k vs. 319k in FY20³ Improving gross margin inclusive of investment in retail prices Cost growth ahead of revenue growth as underlying efficiency gains in fulfilment and delivery offset by a combination of temporary costs related to additional incentives to attract and retain staff and disruption from the Erith fire, as well as investments in marketing made to support long term growth Note: (1) Retail segment includes results from Speciality Stores Limited ("Fetch") until its disposal on 31 January 2021. Revenue growth excluding results from Fetch in 2020 and 2021 was +6.3% (2) EBITDA* does not include the impact of exceptional items (3) Orders per week (OPW) calculated on actual basket sizes. Not normalised to pre-Covid basket size Ⓒ2021 Ocado Group plc. All rights reserved. 8#9Ocado Retail: a closer look at operating performance FY 2020 change restated² (bps) 232 % revenue Gross margin (incl. media) Trunking and delivery costs CFC costs Other operating costs Marketing costs Fees (OSP fee only) Operating contribution Admin costs EBITDA FY 2021 35.9% (11.0)% (7.9)% (0.7)% (1.8)% (3.9)% 10.7% (4.1)% 6.6% 33.6% (10.8)% (7.2)% (0.5)% (1.0)% (3.4)% 10.7% (4.0)% 6.8% -19 -65 -10 -75 -54 10 -31 -22 Strong underlying margin due to unique online model; large range, low waste, value added insight for suppliers. Further benefit from higher order volumes, improved product mix, changes in sourcing arrangements, and cost savings Non repeating Covid costs, offset by investments in labour incentives and Drops per van per week (DPV) of 177 Immaturity of three new CFCs launched in year, operational disruption in Erith and temporary labour incentives. Underlying efficiency improved with Units per Hour (UPH) up to 170², 172 excluding fire disruption Investing in brand and multi channel approach, to drive growth, versus reduced marketing activity in 2020 Significant growth in available capacity with opening of new CFCs in Bristol (1Q), Andover (3Q) and Purfleet (4Q) Investments in platforms and teams made to support growth, partially offset by reduced accounting charge related to management incentive scheme Note: (1) Payment processing costs of £14.5 million (2020: £13.9 million) have been reclassified from distribution costs to cost of sales, to more accurately reflect the nature of these costs. Other operating costs reflect capital recharge elements of fees (2) UPH means average units processed per labour hour at mature sites. Mature sites are Hatfield, Dordon and Erith CFCs (CFC 1, 2, 4). Ⓒ2021 Ocado Group plc. All rights reserved. 9#10Labour challenges of 2H easing Erith disruption, compounded by labour shortages, constrained growth into fresh capacity in 2H21 Significant increase in live capacity in FY21, with weighting to the second half Total capacity (100%) FY20 Share of capacity utilised FY21 2H21 Impact of entry into FY22 on lower utilisation already reflected in guidance Expect strong mid teens revenue growth in Ocado Retail in FY22, driving improved capacity utilisation Good progress on labour shortages; expected resolution in 2Q22 £7m 2H21 investment in temporary labour incentives 3.5% vacancy rate, down from 8% at Oct-21 peak Operating leverage supports EBITDA margin recovery in medium term Ambition for EBITDA margin to rebuild towards FY21 levels following significant year of investment in FY22 Ⓒ2021 Ocado Group plc. All rights reserved. 10#11Underlying dynamics reinforce confidence in long term trajectory Strong underlying demand supports investments to accelerate growth Demand for online grocery is strong 17.9% 2025 expected online share of UK grocery market¹ 22% Ocado Retail active customer growth in FY21 Ocado Retail is investing to successfully seize this opportunity for the long term Capacity Transformation - Marketing Pipeline to 700k Brand-driven, multi channel OPW in FY23 +60% vs FY20 Note: (1) per GlobalData m Data capabilities, IT infrastructure, buying and marketing teams Announced today: two CFCs in the North-West and South-East to c200k OPW, planned for 2024 Technology underpins long term margins In addition to operating leverage, significant efficiency improvements still to come 170 UPH FY21 200 UPH Target - robotic sites 300+ UPH Ocado Reimagined Ⓒ2021 Ocado Group plc. All rights reserved. 11#12UK Solutions & Logistics: progress reflects client capacity growth £ million Fee revenue Cost recharges¹ Revenue EBITDA FY 2021 149.7 560.7 710.4 68.5 FY 2020 117.1 537.2 654.3 44.4 Change 27.8% 4.4% 8.6% +24.1m Strong fee growth with the opening of three new CFCs in Bristol (Q1), Andover (Q3) and Purfleet (Q4) and the return of Morrisons to Erith. All new CFCs showed strong early ramp ups, with total potential CFC capacity now over 750k OPW (of which 600k Ocado Retail) Cost recharges grew slightly ahead of growth in total volume throughput (+4%) reflecting higher costs as new sites ramp to full efficiency and investments made in labour incentives, partially offset by improving efficiencies Note: (1) Cost recharges include cost recharges to Ocado Retail of £447.8m which eliminate on consolidation Productivity (UPH) at CFCs launched in 2021 is approaching or ahead of mature site UPH Engineering costs (included in distribution costs) down 36% on a cost per each basis at Erith, progressing towards target and ahead of plan, despite the operational disruption as a result of the fire. Engineering costs at Bristol are in line with Erith less than a year after opening Ⓒ2021 Ocado Group plc. All rights reserved. 12#13International Solutions: starting to recognise material revenue £ million Fees invoiced Revenue¹ EBITDA FY 2021 143.0 66.6 (119.3) FY 2020 123.9 16.6 (83.3) Change 15.4% 301.2% (36.0)m Starting to deliver material revenue; £49m of OSP fee revenue recognised from partners with CFCs ramping in France and Canada and the go-live of the first two CFCs in the US. Sites opened on time and ramping in line with expectations. Three more CFCs in Sweden, Canada and the US launched since year end. Acceleration of OSP rollout drives cost increase (+£84m) through a higher allocation of investments made in technology talent to develop the platform, and personnel and cloud costs to support clients in CFC go-live and early ramp Travel restrictions remained a constraint during much of the year, reflected in fees invoiced. We maintain a strong pipeline of CFC and ISF commitments from partners, including our tenth partner, Alcampo, added during the year. Note: (1) Revenue includes £9.6 million revenue from Kindred Systems, and £8.1 million of equipment sales to retail partners recognised as revenue under IFRS 15. The cost of this equipment is recognised in Cost of sales, with the resulting impact on EBITDA of [nil] Ⓒ2021 Ocado Group plc. All rights reserved. 13#14Scaling up and investing to support our growth ambitions International expansion underpins uplift in CFC capital investment Step up in capex as OSP roll out picks up globally 21 sites in development at the start of FY22 £157m £250m £273m FY21 Capex UK Platform development International £680m £83m £157m £440m FY21 Capex Other Platform development CFCs c50% of platform development spend focused on delivering transformational innovation int >60% of FY21 CFC capex related to international roll out £440m £352m £191m £161m 47 £273m FY20 FY21 Sites live by end of FY22 will represent 3x the FY19 capacity base, in modules, when at maturity 63 FY19 £167m 90 FY20 UK CFCS International CFCs FY22e Notes: (1) Capital expenditure includes tangible and intangible assets (2) Capital expenditure excludes assets leased from MHE JVCO under lease liability arrangements (3) Capital expenditure includes MHE JVCo capital expenditure in 2021 of £2.8 million and in 2020 of £3.4 million (4) 2020 reflects changes in the allocation of certain expenditure between UK Operations, International CFCs and Technology, Fulfilment Development and Innovation to support appropriate comparison with 2021 Ⓒ2021 Ocado Group plc. All rights reserved. FY21 145 14#15Strong cash position supports our significant growth plans £1.5bn: healthy liquidity position to meet existing commitments and deliver future growth in the near term Investing for growth 2,077¹ FY20 Cash position Operating cash flow reflects growing scale of the business 61 107 EBITDA (135) Strong performance in Retail, and growth in unrecognised OSP partner fees partly offset by a net increase in working capital due to increased trading volumes in Retail (49) Contract Other liabilities working Capital Other 588 (691) Net financing2 (190) Proceeds from £500m SUN (offset by £225m SSN redemption) and drawdown of treasury deposits not formerly in cash to fund investments in OSP roll out and development, including Kindred and Haddington acquisitions completed after year end 71 Note: (1) including £370m of treasury deposits, not recognised in cash (2) inclusive of £370m drawdown of treasury deposits Capex Acquisitions Other 1,469 1,828 FY21 FY21 Cash Gross position debt 360 FY21 Net Debt Ⓒ2021 Ocado Group plc. All rights reserved. 15#16Outlook for FY22 Revenue Ocado Retail: return to strong, mid-teens revenue growth in 2022 UK Solutions & Logistics: Fee growth of over 30% reflecting the accelerated capacity build out in UK Cost recharges to grow at least in line with Retail revenue growth as we support our clients to build into the growing capacity International Solutions: EBITDA O OSP fee revenue to more than double with increase of live international CFCs from 4 to 12, and continued ramp in ISF volumes Double digit growth in Kindred revenues from £10m in FY21 Ocado Retail: as previously announced, increased investments of around £50m to support long term growth. Ambition for EBITDA margin to rebuild towards 2021 levels following a significant year of investment in 2022, with long-term margins underpinned by technology and operating leverage UK Solutions & Logistics: EBITDA to increase by around 50%, reflecting increased fees due to the increasing live capacity for clients and then engineering costs growing at a slower rate relative to this new capacity International Solutions: flat versus 2021; rising margin contribution as revenues grow, offset by increased investments in platform development and a minimum level of engineering cost required to support new CFCs in the early stages of ramp Ⓒ2021 Ocado Group plc. All rights reserved. 16#17Outlook for FY22 Central P&L costs associated with Group Operations and Technology costs, to grow broadly in line with Group revenue growth £30m increase in Technology investments in key areas of OSP platform development including additional focus areas such as autonomy £5m increase in Group Operations to around £80m; focused on building capabilities to support increased complexity and scale Central P&L costs are allocated across UK Solutions & Logistics (c. ½) and International Solutions (c. %) and are expected to grow significantly below Group revenue growth after 2022, reflecting inherent operational leverage when at scale Capex forecast of around £800m driven by accelerating roll out of OSP worldwide O O 30% UK of which 60% dedicated to the continued roll out of CFC and Zoom sites, inclusive of land, build and MHE cost, given consolidation of the Ocado Retail joint venture O 50% International, reflecting an additional 8 CFCs to go-live during the year, of a total of 13 CFCs in build internationally at the end of 2021 20% Technology investment to support key areas of OSP platform development including additional focus areas such as autonomy Ⓒ2021 Ocado Group plc. All rights reserved. 17#18Ocado Re:Imagined Tim Steiner, CEO Ⓒ2021 Ocado Group plc. All rights reserved. Jocado TECHNOLO FE 0 ocado TECHNOLOGY 18#19Ocado Reimagined: the next leap in innovation In January 2022, we unveiled the next leap of game-changing technology underpinning the unique and proprietary Ocado Smart Platform. This initiative brings together groundbreaking innovation across seven key aspects of the platform: The new 600 Series bot The 600 grid and optimised site design Automated Frameload On-Grid Robotic Pick Ocado Orbit (the world's first Virtual Distribution Centre) Ocado Swift Router Ocado Flex Ⓒ2021 Ocado Group plc. All rights reserved. 19#20The 600 series bot The world's lightest and most efficient grocery fulfilment bot, enabled by advances in topology optimisation and additive manufacturing in design O Benefits Lower cost to build: 3D printed, 5x lighter Lower cost to maintain: ultra energy efficient, less stress on grid O Lower carbon footprint o Higher throughput: almost no down time with continual software updates and on demand parts Timeline: available for CFCs launching from 2H23 ocado ocado Ⓒ2021 Ocado Group plc. All rights reserved. 20#21The 600 grid and optimised site design The lightweight design of 600s bot allows us to build lighter grids, faster, that are cheaper to run Benefits Shorter installation time: ambient and chilled grids built simultaneously Reduced construction costs: lighter grid needs less material, less chill equipment due to lower heat load Lower carbon footprint: less energy use Easier to use existing buildings Timeline: available for CFCs launching from 2H23 Ⓒ2021 Ocado Group plc. All rights reserved. 21#22Automated Frameload (AFL) Automates the loading of totes with ready customer orders onto delivery frames ready for dispatch Benefits lower labour costs higher human productivity o reducing most taxing job in the warehouse; HSE benefit Timeline: first installation in partner CFC in 2H 2022 Ⓒ2021 Ocado Group plc. All rights reserved. 22#23On-Grid Robotic Pick (OGRP) Automates the picking and packing of customer orders Benefits O Lower labour costs (targeting over 50% of range by end of 2023) Faster ramp up o Higher throughput: pick direct from grid enables optimisation of warehouse design Off peak stock management: enabler of virtual distribution centre (Orbit) graze graze Tilda Docado oppo Oocado oppo Timeline: available for CFCs launching from 2H23 Ⓒ2021 Ocado Group plc. All rights reserved. 23#24Ocado Orbit: the world's first Virtual Distribution Centre Brings together the efficiencies of a centralised fulfilment model with the benefit of being closer to the customer for shorter lead times O Benefits minimal supply chain costs of large CFC shorter lead times for large basket shop (nearly all same-day delivery, up to half in 2-4hrs) o ability to offer large ranges with low operating costs (supply chain, waste) Timeline: available for CFCs launching from 2H23 Ⓒ2021 Ocado Group plc. All rights reserved. 24#25Ocado Swift Router Using OSP's processing capability to enable delivery of last minute immediacy orders as well as larger, longer lead-time orders from the same van Benefits partners need no longer make a trade-off between the benefits of immediacy and a today-for-tomorrow service customers can have choice, value and immediacy (<2 hrs): "the best of all worlds" Timeline: available for CFCs launching from 2H23 ocado TECHNOLOGY Ⓒ2021 Ocado Group plc. All rights reserved. ocado TECHNOLOGY 25#26Ocado Flex Partners can power their own digital storefronts with OSP AI and ML processing for increased customer experience, efficiency, and profitability O Benefits Partners can use their own webshop and app solutions while taking advantage of the data-collecting and analytics of OSP Partners no longer need to write-off historic investment in their webshop to be able to benefit from OSP's market-leading customer analytics Timeline: available today Ⓒ2021 Ocado Group plc. All rights reserved. 26#27Implications of Ocado Re:Imagined Tim Steiner, CEO with Stephen Daintith, CFO Ⓒ2021 Ocado Group plc. All rights reserved. o sposo 27#28The virtuous cycle: creating a bigger opportunity, served sooner 4 3 1 Our Virtuous Cycle 2 1. Increased investment 2. Enhanced OSP platform Lowest cost operations Market leading customer offer Unique flexibility 3. Faster partner growth Greater efficiency and market-leading customer service enables them to win share in their market and grow faster with OSP 4. Ability to serve more markets Lower cost to market increases the addressable market opportunity New opportunities to meet demand in 'problematic markets' These innovations significantly expand our serviceable opportunity set Ⓒ2021 Ocado Group plc. All rights reserved. 28#29Resetting the bar in online grocery: today versus tomorrow Targeting step changes in capital and operating costs, for partners and Ocado Group Productivity Flexibility Operational performance indicators Direct labour cost in a site (£m) Robotic site mature productivity (UPH) Time for installation and testing of MHE (months)¹ Share of orders delivered <4hrs from order placed ¹,2 Today variable 200 10 <10% Ocado Re: Imagined 2024 target >30% lower 300+ 5 >50% Clients ordering a CFC today for delivery in 2H23 will have the following features enabled: 600 Series bots; 600 grid and Optimised Site Design; Automated Frameload; On-grid Robotic Pick; Ocado Swift Router; and Ocado Flex. Orders made prior to the launch of Ocado Re:Imagined for delivery at the end of FY23 can be retrofitted to include many of these enhancements. Note: (1) for a standard 6 module CFC (2) lead times are dependent on both the location of CFC relative to its first delivery location ('stem' distance' as well as density within a given delivery area. Short lead time route efficiency can be comparable to current next day delivery efficiency where density is high. High density is defined as a location with 5-10+ orders per week per square kilometre Ⓒ2021 Ocado Group plc. All rights reserved. 29#30Judging our progress: refreshing our KPIs Aside from Revenue, EBITDA and PBT, we have a number of KPIs. We are updating these to improve clarity on Solutions performance Current ΚΡΙ FY21 FY20 change Context around changes 22% Ocado Retail UK Solutions & Logistics International Solutions New Group Solutions¹ Active customer base (000s) Orders per week (000s) Average basket value (£) Units per hour (UPH) Drops per van per week (DPV) Fees invoiced from partners (£m) Number of modules live ²,3 Number of modules ordered 3,4 Average of 6 modules per CFC ordered to date Direct operating cost of OSP5 (% of live sales capacity) 832 357 129 170 177 143 61 213 2.7% 680 319 137 169 184 124 44 168 3.7% 12% (6%) 1% (4%) 15% 39% 26% 27% To remove now that we are recognising material revenues Evidences progress on execution Adds clarity around short to medium term build plans Shows progress towards guided 2ppts long term target Note: (1) Group Solutions KPIs reflect performance of aggregated UK and International Solutions segments (2) A module is considered live when it has been fully installed and available for use by our partner (3) A module of capacity is assumed as approximately 5,000 eaches per hour dependent on the specific metrics of a partner (4) A module is classified as ordered when a contractual agreement has been signed with a partner and an invoice has been sent for the associated fees. This excludes modules which are required to be ordered in order to maintain exclusivity agreements, but which have not yet been agreed and invoiced (5) Reflecting the exit rate position in the year. Direct operating costs include engineering, cloud, and other technology support costs. Ⓒ2021 Ocado Group plc. All rights reserved. 30#31Conclusion The grocery market is at an inflection point. A huge market opportunity exists online for grocery retailers who can deliver the best customer proposition, with the best economics, across every customer mission The game-changing innovation driving the development of the Ocado Smart Platform allows our partners to fully take advantage of this opportunity Partners ordering CFCs today will be able to go-live quicker, at lower cost, and achieve higher margins and return on capital For Ocado Group, this means a bigger addressable market, the opportunity to win new partners more quickly, and fresh opportunities for growth Ocado Group has consistently raised the bar in online grocery retailing over the last twenty years. Our deep culture of innovation is enabling us, once again, to reset the bar decisively, for the benefit of our partners, their customers, our shareholders and the communities we serve Ⓒ2021 Ocado Group plc. All rights reserved. 31#32Q&A Dial-in: +44(0)330 336 9601 Code: 3760986 Ⓒ2021 Ocado Group plc. All rights reserved. ecofleet ocado Zoom mindiul delivery 0203 ecole 2386 OCC ZO COOFY Cocado Joan Actor 2 ocado ZOO che CONFES BUZZ ocado ZO ANALOGO pass Jaguione G C 10203 982 3266 ocado Zoom#33Appendix: announced roll out plans equivalent to 57 CFCs so far Kroger Coles 2020 Casino 1 Sobeys 1 ICA JV Aeon 1H 2H 1H 2021 2H 2022 1H 1 1 20 2H 8 2023 1H 1 2 2H 1 to 2030 to 2035 1 20 Alcampo Exclusivity in each market is conditional on partners meeting pre-agreed capacity targets into perpetuity Note: Phasing reflects publicly announced CFC commitments as of 28th November 2021, with CFC capacity commitments reflecting announced sites and/or sales based capacity commitments apportioned into 33 £350m equivalent 'standard' sized CFCs based on average exchange rate since time of announcement. Site sizes will vary. Does not include ISF commitments Ⓒ2020 Ocado Group plc. All rights reserved.#34Appendix: Group and segmental summary: revenue and EBITDA £ million Revenue¹ Retail UK Solutions & Logistics International Solutions Inter-segment and Other Group EBITDA² Retail UK Solutions & Logistics International Solutions Group and other Group FY 2021 2,289.9 710.4 66.6 (568.1) 2,498.8 150.4 68.5 (119.3) (38.6) 61.0 FY 2020 2,188.6 654.3 16.6 (527.7) 2,331.8 148.5 44.4 (83.3) (36.5) 73.1 Change 4.6% 8.6% 301.2% 7.7% 7.2% +1.0 +24.1 (36.0) (2.1) (12.1) Note: (1) Revenue is online sales (net of returns) including charges for delivery but excluding relevant vouchers/offers and value added tax. The recharge of costs and associated fees to our UK Solutions clients and International Solutions clients are also included in revenue with the exception of recharges to Ocado Retail which are eliminated on consolidation (2) EBITDA* is a non-GAAP measure which we define as earnings before net finance cost, taxation, depreciation, amortisation, impairment and exceptional items* Ⓒ2021 Ocado Group plc. All rights reserved. 34