Just caught Ocado's FY25 results and the market reaction is interesting - stock down over 9% despite some solid numbers on paper. Looking at their pro forma basis, they actually swung to a 402.9 million pound profit versus a 352.8 million pound loss the year before, which is a massive turnaround. Revenue also climbed to 1.36 billion on a pro forma basis, up 12.1% year-on-year, so the underlying business momentum seems decent.

But here's where it gets messy - their reported loss before tax was 377.6 million pounds, worse than the prior 339.8 million. The adjusted EBITDA did improve though, jumping to 178.0 million from 111.7 million, so there's definitely operational improvement happening underneath. I think the market's struggling to parse the pro forma adjustments versus the actual reported numbers, which is probably why we're seeing this sell-off despite the positive signals.

Loss per share came in at 47.2 pence on the reported basis, but on a pro forma basis it was 47.3 pence profit. Pretty wild how different the story looks depending on which set of numbers you're reading. Could be a good entry point for value hunters if you think the operational improvements are real.