Metro : Half-yearly financial report H1/Q2 2023/24

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METRO WITH 8.2% SALES GROWTH (PORTFOLIO AND CURRENCY- ADJUSTED) IN H1

GROWTH IN ALL SEGMENTS AND CHANNELS

H1:

• In the guidance view (portfolio and currency adjusted), sales grew by 8.2% and adjusted EBITDA was €49 million below the previous year's level
• Total sales in local currency grew by 5.1%. This includes a negative portfolio effect1 of around 3%p. Reported sales were impacted by negative currency effects and grew by 0.1% to €15.0 billion. Inflation continues to decline, with slight deflation in Germany
• Growth of sales channels (portfolio and currency adjusted): sales in the store-based business increased to €11.3 billion (+4.4%), delivery sales to €3.7 billion (+21.0%) and METRO MARKETS sales to €70 million (+52.8%)
• Adjusted EBITDA amounted to €478 million (H1 2022/23: €577 million), earnings contributions from real
  estate transactions amounted to €30 million (H1 2022/23: €207 million) resulting primarily from two real estate transactions in Turkey. In the previous year, the figure contained the proceeds from the sale of part of the METRO Campus. Transformation gains of €11 million (H1 2022/23: €3 million) were generated.
  EBITDA decreased to €519 million (H1 2022/23: €787 million)
• Earnings per share amounted to €-0.17 (H1 2022/23: €1.14). In the previous year, earnings were significantly influenced by the sale of part of the METRO Campus and non-cash currency effects in the net financial result.
• Outlook for sales and adjusted EBITDA for financial year 2023/24 (sales growth 3-7%, adjusted EBITDA year-on-year change of €-100 million to €50 million) confirmed
• Growth targets until 2030 confirmed (average sales growth: 5-10%, average EBITDA growth: 5-7%)

Q2:

• In the outlook view (portfolio and currency adjusted), sales grew by 7.2% and adjusted EBITDA was €26 million below the previous year's level
• Total sales in local currency grew by 3.9%. Reported sales were impacted by negative currency effects and remained at previous year's level, at €6.9 billion
• Growth of sales channels (portfolio and currency adjusted): sales in the store-based business increased to €5.1 billion (+3.7%), delivery sales to €1.8 billion (+18.0%) and METRO MARKETS sales to €35 billion (+45.1%)
• Adjusted EBITDA amounted to €73 million (Q2 2022/23: €111 million), earnings contributions from real
  estate transactions amounted to €2 million (Q2 2022/23: €0 million). Transformation gains of €8 million
  (Q2 2022/23: €2 million) were generated. EBITDA decreased to €84 million (Q2 2022/23: €114 million)
• Earnings per share amounted to €-0.53 (Q2 2022/23: €-0.29). The decline is primarily attributable to non-cash currency effects in the net financial result in the previous year

1 Sales of METRO India (closed on 11. May 2023).

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OVERVIEW

H1 2023/24

METRO IN FIGURES

MULTICHANNEL DEVELOPMENT

1 Total volume of METRO MARKETS platform (and third-party platforms) excluding VAT and after cancellations but before any deductions; includes seller sales in full.

NETWORK

1. DISH POS is a cloud-basedall-in-one POS system with solutions for the hospitality industry. The product was developed by POS provider Eijsink. The product has undergone further development and been integrated into the offering of digital DISH tools since it was acquired by DISH Digital Solutions (formerly Hospitality Digital) in March 2022. The system is called Booq in the Netherlands and Belgium.
2. OOS refers to the existing METRO location portfolio and includes METRO stores that deliver from the store on the one hand and stores that operate their own depot in the store on the other.

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INTERIM GROUP MANAGEMENT REPORT

MACROECONOMIC CONDITIONS2

Against the backdrop of ongoing geopolitical tensions, global economic growth in the first half of the current financial year remained roughly on a level with the previous half-year. Growth in the reported regions, Germany and West, was significantly lower than in the previous year. German gross domestic product declined slightly. By contrast, the Russian economy and the East region are likely to have developed positively, based on current forecasts. Growth here was roughly on a level with the second half of the financial year 2022/23.

Inflation has peaked and is on a sharp downward trend in most countries. Food prices increased moderately, and in some countries, even declined. Inflation remains very high in Turkey and Pakistan. Easing inflation and frequent high wage settlements are leading to a slight recovery in private

consumption, particularly in Germany and the West region. This is also reflected in the positive consumer confidence trend in the eurozone over the last six months. Overall, consumer confidence remains well below the long-term average.

Based on available data, the hospitality industry also recorded positive nominal growth in the first half of the current financial year compared with the previous year. Due to a significant delay in reporting on sectoral development by the statistical offices, data is only available for the first four months or the first quarter of the current financial year, if at all. However, the pace of growth is not only significantly lower than in the previous year, it also slowed considerably in many countries over the course of the first few months compared with the previous year.

The following table shows the development of GDP by METRO region.

1 Real GDP growth based on USD and adjusted for purchasing power - except for 'World'. The values are based on the financial year. Source: Oxford Economics. 2Regions only include continuing portfolio countries.

2 The underlying data was collected as of the closing date on 12 April 2024. The statistics are based on assumptions, particularly for the second quarter, and are therefore provisional. Because of the war, statistics on Russia and Ukraine are only of limited reliability.

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SALES, EARNING AND FINANCIAL POSITION

Sales

In H1 2023/24, sales in local currency grew by 5.1%. All segments and sales channels contributed to the growth. Despite negative portfolio effects3, sales in local currency in the store-based business increased to €11.3 billion (+1.6%), delivery sales to €3.7 billion (+16.9%) and METRO MARKETS sales to €70 million (+52.8%). Reported total sales grew slightly by 0.1% to €15.0 billion and were heavily impacted by negative exchange rate effects, especially in Russia and Turkey.

In Q2 2023/24, sales in local currency grew noticeably by 3.9%. All segments and sales channels contributed to the growth. Sales in local currency in the store-based business increased slightly to €5.1 billion (+0.8%), delivery sales to €1.8 billion (+13.1%) and METRO MARKETS sales to €35 billion (+45.1%). Reported sales remained at previous year's level, at €6.9 billion.

Earnings

Adjusted EBITDA decreased to €478 million in H1 2023/24 (H1 2022/23: €577 million). The sales growth from the sCore strategy generally leads to EBITDA growth. In H1 2023/24, this was offset by the discontinuation of licensing income from WM Holding (HK) Limited and other post-transaction effects (segment Others), as well as a transformation-related development in Germany. Adjusted for exchange rates, adjusted EBITDA declined by €59 million compared to the previous year's period. There were negative exchange rate effects primarily in Russia and in Turkey.

Earnings contributions from real estate transactions amounted to €30 million (H1 2022/23: €207 million) and were primarily the result of two real estate transactions in Turkey. In the previous year, the earnings contribution from real estate transactions included the sale of part of the METRO Campus. Transformation gains amounted to €11 million (H1 2022/23: €3 million). EBITDA decreased to a total of €519 million (H1 2022/23: €787 million).

Adjusted EBITDA decreased to €73 million in Q2 2023/24 (Q2 2022/23: €111 million). The decrease is primarily attributable to the discontinuation of licensing income from WM Holding (HK) Limited and other post-transaction effects (segment Others). Whereas adjusted EBITDA grew in the segments West and East, Germany and Russia remained roughly at previous year's level. Adjusted for exchange rates, adjusted EBITDA declined by €33 million compared to the previous year's period. Transformation gains amounted to €8 million (Q2 2022/23: €2 million). EBITDA amounted to €84 million (Q2 2022/23: €114 million).

Depreciation/amortisation in H1 2023/24 amounted to €428 million (H1 2022/23: €418 million) and was up slightly year-on-year.

Net financial income amounted to €−97 million in H1 2023/24 (H1 2022/23: €137 million). This largely reflects the interest expense (including interest on leases and pension provisions) in the reporting period. Compared with the previous year's period - when non-cash positive measurement effects from intragroup Russian rouble positions were reported - the stable Russian rouble exchange rate movements in the reporting period did not result in any material measurement effect.

Earnings before taxes amounted to €-4 million in H1 2023/24 (H1 2022/23: €507 million). The tax expense of €64 million for H1 2023/24 (H1 2022/23: €91 million) was calculated on the basis of the expected consolidated tax expense at the end of the financial year. In the previous year, the tax expense, which was relatively low year-on-year, was mainly attributable to non-tax-deductible income in the other financial result and the sale of parts of the METRO Campus.

The net profit or loss for the period attributable to METRO shareholders amounted to €-63million in H1 2023/24 (H1 2022/23: €415 million).

The net profit or loss for the period attributable to METRO shareholders amounted to €−193 million in Q2 2023/24 (Q2 2022/23: €−107 million).

Earnings per share in H1 2023/24 amounted to €-0.17 (H1 2022/23: €1.14).

Earnings per share in Q2 2023/24 decreased to €-0.53 (Q2 2022/23: €-0.29 €).

3 Sale of METRO India (closed on 11. May 2023)

FREE CASH FLOW

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H1 2023/24

-104

-266

68

-293

-38

-11

-643

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METRO SEGMENTS

METRO key sales figures

In Germany, sales grew by 2.8% in H1 2023/24 in a slightly deflationary environment. Implementation of the sCore strategy made further progress. This is also reflected in the development of sales with HoReCa customers. However, the Germany segment is still in a transformation phase. Reported sales amounted to €2.5 billion. In Q2 2023/24 reported sales in local currency grew by 2.0%.

In the segment West, sales grew by 4.1% in H1 2023/24. Spain, France and Italy, as well as the delivery specialists, contributed to this growth. The business with HoReCa customers recorded a clearly positive development. Reported sales in the segment West amounted to €6.2 billion. In Q2 2023/24 reported sales increased by 2.5% , and in local currency by 2.4%.

In Russia, sales in local currency grew significantly by 16.9% in H1 2023/24. In the previous year, business had been significantly affected by the cyberattack. Reported sales declined by -15.8% due to negative exchange rate effects and amounted to €1.2 billion. In Q2 2023/24, sales in local currency grew significantly by 13.4%. Due to negative exchange rate effects, reported sales declined by 4.6% and amounted to €0.5 billion.

In the segment East, sales in local currency grew by 4.5% in H1 2023/24. This includes a negative portfolio effect4 of around 10%p. All countries, especially Romania, Ukraine and the Czech Republic, contributed to this positive development, which was driven in particular by the significant growth of business with strategic customers. The largest increase in sales was recorded in Turkey, which was heavily supported

4 Sale of METRO India (closed on 11. May 2023)

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by inflation. Because of negative currency effects, especially in Turkey, reported sales declined by 1.9%. In

Q2 2023/24 sales in local currency grew by 4.1%, driven by all countries in the segment East. Reported sales declined by 3.1% due to portfolio effects5 and negative currency effects.

In the segment Others, sales increased to €119 million in H1 2023/24 (H1 2022/23: €98 million) and include in particular METRO MARKETS sales of €70 million (H1 2022/23: €45 million). The increase was driven in particular by growth of the marketplace in all 6 METRO MARKETS countries, in particular France. The sales of DISH Digital Solutions also made a significant contribution to this growth (+>30%) and amounted to €21 million (H1 2022/23: €16 million). In Q2 2023/24, sales increased to €60 million (Q2 2022/23: €47 million) and include in particular METRO MARKETS sales of €35 million (Q2 2022/23: €24 million).

Reported delivery sales grew by 12.0% to €3.7 billion in H1 2023/24 (H1 2022/23: €3.3 billion), and

achieved a sales share of 24% (H1 2022/23: 22%). Negative exchange rate effects and portfolio effects were particularly noticeable here. Portfolio and currency adjusted delivery sales grew by 21%. In addition to the continuing momentum of the HoReCa business, the strong performance is driven in particular by the acceleration of the FSD business as part of the sCore strategy.

In Q2 2023/24, reported delivery sales grew by 9.3% to €1.8 billion (Q2 2022/23: €1.6 billion), thus reaching an all-time high sale share of 26% (Q2 2022/23: 24%). Currency and portfolio adjusted delivery sales grew by 18%.

As of 31 March 2024, the store network comprised 624 stores, of which 525 were out-of-store (OOS) locations, and 86 depots.

5 Sale of METRO India (closed on 11. May 2023)