Ocado Regulatory News (OCDO)

OCADO GROUP PLC

2nd November 2020

Upgrade to 2019/20 full year expectations

Trading at Ocado Retail Ltd ("Ocado"), a joint venture between Ocado Group plc ("Ocado Group") and Marks & Spencer Group plc ("M&S"), has remained strong through the fourth quarter of the current financial year. Ocado continues to see high demand as consumers migrate to online grocery in record numbers. Sales are in line with the trends reported in the Third Quarter although growth rates reflect the seasonality of the quarter. As a result of this strong performance, Ocado Group today announces that it expects full year EBITDA for the group to be over £60m, versus previous guidance of over £40m.

There will be a Fourth Quarter trading update from Ocado on the 10th of December. Full year results for the financial year ending 30th of November will be published on the 9th of February 2021. M&S is due to report interim results for the 26 weeks to the 20th of September on the 4th of November.

Contacts

● Duncan Tatton-Brown, Chief Financial Officer, Ocado Group plc, on 01707 228 000

● David Shriver, Director of Communications, Ocado Group plc, on 01707 228 000

● Martin Robinson at Tulchan Communications on 020 7353 4200

The person responsible for arranging the release of this announcement:

Neill Abrams

Group General Counsel and Company Secretary

Ocado Group plc

Buildings One & Two Trident Place

Mosquito Way

Hatfield

Hertfordshire

AL10 9UL

Tel: +44 (0)1707 228 000

Email: company.secretary@ocado.com

Ocado Group plc LEI: 213800LO8F61YB8MBC74

Cautionary statement

Certain statements made in this announcement are forward-looking statements. Such statements are based on current expectations and assumptions and are subject to a number of risks and uncertainties that could cause actual events or results to differ materially from any expected future events or results expressed or implied in these forward-looking statements. Persons receiving this announcement should not place undue reliance on forward-looking statements. Unless otherwise required by applicable law, regulation or accounting standard, Ocado does not undertake to update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.