Ocado - comment

A bearish note on Ocado is pressurising the equity. Our worst-case scenario is that the Kroger rollout is halted; this equity note presumes two existing CFCs are shuttered. Having just finished our review of Ocado, we are not changing our forecast. Kroger will provide details on its strategic review in its Q3 2025 numbers due at the end of November (no confirmed date yet).