Morrisons - comment

The company has an equal pay case similar to ASDA. If the workers are successful, we estimate the potential costs of £150m - £190m (7,500 workers * £20k – 25k each). An award of this size would equate to around 0.25x of 2024 EBITDA. The Morrisons case has yet to be adjudicated by the employment tribunal and would be subject to appeal, so any cash impact is not imminent.