Ao World Plc · LSE:AO.
Ao World — H1 FY26 Earnings Presentation
23 slides from Ao World's earnings presentation, Nov 25, 2025
Slide 1: FY26 Interim Results
FY26 Interim Results John Roberts, Founder and CEO Mark Higgins, Group CFO and COO 25 November 2025 © 2025 AO World All Rights Reserved
Slide 2: Contents
Contents • Welcome • Strategic update • Financial Performance • Outlook • Questions 2
Slide 3: Welcome
Welcome John Roberts Founder and CEO
Slide 4: Strategic Update
Strategic Update
Slide 5: Solid H1 performance
Solid H1 performance Group Sales £586m Up 14.4% PBT £18m Up 10.4% FCF £57m Up £43m Liquidity £200m Trustpilot 4.9 / 5 Over 850,000 reviews 5
Slide 6: Our strategy and business model
Our strategy and business model 6 6
Slide 7: Membership progress
Membership progress • Membership is central to our flywheel • Member KPI’s higher than ever • Share of wallet increasing • Membership retention rates increasing 7 7
Slide 8: What is Switch24?
What is Switch24? • iPhone17 from only £17 per month for members • Upgrade to latest Apple handset every two years • UK first to market 8 8
Slide 9: What's the latest on mobile?
What’s the latest on mobile? • Mobile is the most important electricals category for customers • Shifting market dynamics from contract to SIM free • New principles agreed with networks Sim Only • Post-pay business expected to continue New contract • Switch24 and MNVO are key drivers of membership f
Slide 10: Why did AO buy musicMagpie?
Why did AO buy musicMagpie? • Magpie capabilities fundamental to Switch 24 price levels and risk mitigation • Leading recommerce business in the UK • eBay lifetime achievement award as its most successful seller ever • Magpie has achieved break even run rate • Lots more upside from wider group lever
Slide 11: Is AO's margin target achievable and sustainable?
Is AO’s margin target achievable and sustainable? • Full Year PBT guidance c4% • Medium term, realistic ambition to get to c7% PBT • Central overhead well invested and leverages with growth • Clear plan to reduce costs per order via automation, AI and scale • Invest in our flywheel on the journey to
Slide 12: How does consumer sentiment affect AO?
How does consumer sentiment affect AO? • Relatively well protected from any consumer sentiment downturn • Over the last 25 years, AO tends to grow during economic downturns S • Products are consumer essentials and will be replaced if they stop working • Consumers seek better value and service – AO s
Slide 13: AI versus search as the front door
AI versus search as the front door • AO’s service is complex and hard to commoditise • AI algorithms prioritise: • Best price • Best service and trust • Fast delivery • Membership programme is an inherent strength: • Member pricing can be surfaced to AI • Members already loyal and invested in buying
Slide 14: Summary
Summary
Slide 15: Financial Performance
Financial Performance Mark Higgins Group CFO and COO
Slide 16: Strong retail revenue growth driven by market share wins
Strong retail revenue growth driven by market share wins 16 All numbers are on a statutory basis. 16
Slide 17: Gross profit margin progression
Gross profit margin progression Gross Margin 17 17
Slide 18: Inflationary headwinds and integration of Magpie
Inflationary headwinds and integration of Magpie 18 18
Slide 19: Liquidity increased to £200m
Liquidity increased to £200m 19 19
Slide 20: FY26 Outlook
FY26 Outlook • Consumer confidence remains at current levels • Continued right first-time approach to service • Loyal, invested membership base • New products: Switch24 and MVNO • Business and balance sheet in good shape • PBT upgraded to around the top end of £45m - £50m • FCF c£50m 20 20
Slide 21: Questions
Questions
Slide 22: Slide 22
Slide 23: Forward-looking statements disclaimer
Forward-looking statements disclaimer This presentation contains oral and written statements that are, or may be, “forward-looking statements” with respect to certain of AO World PLC’s (“AO” or "Company") plans and its current goals and expectations relating to its future financial condition, perfor