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AO World (AO) investor relations material
AO World H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary25 Nov, 2025
Executive summary
Group sales for H1 reached £586m, up 14.4% year-over-year, with profit before tax (PBT) of £18m, a 10.4% increase, despite £4m in government-driven cost increases.
Free cash flow at period end was £57m, with liquidity rising to £200m, supporting a £10m share buyback.
Membership numbers are at record highs, driving improved share of wallet and retention rates, with new products like Switch24 and MVNO enhancing the offering.
Launched Switch24, offering iPhone 17 for £17/month, and on track to launch AO Mobile MVNO by year-end.
Net funds increased to £65m, and continued investment in the Five Star membership proposition.
Financial highlights
B2C retail revenue grew 12% to £423m, while B2B and mobile revenues declined by 22.8% and 26%, respectively.
Recommerce revenue surged 864% to £56m, reflecting the integration of musicMagpie.
Gross margin improved to 25.3% in H1 FY26 from 24.4% in H1 FY25, mainly due to Magpie sales mix and core retail margin improvement.
Underlying profit margin slightly decreased from 3.3% to 3.1% due to higher employment costs and Magpie integration.
SG&A expenses increased to 22.3% of revenue, up from 21.0% year-over-year.
Outlook and guidance
Upgraded full-year PBT guidance to the top end of £45m–£50m for FY26.
Full-year free cash flow expected to be around £50m, with working capital benefits expected to reverse in H2.
Continued focus on cost efficiency, tech investment, automation, and offshoring to drive profitability.
Targeting medium-term PBT margin of 7%, with current performance at about 4%.
Revolving credit facility of £120m expected to remain undrawn.
Switch24: What's its strategic impact?
How will H2 working capital reversal be managed?
musicMagpie: Path to full profitability and scale?
Switch24: What is the expected market impact
7% PBT: Explain margin give-back to members
Music Magpie: Detail its strategic importance
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H2 202617 Jun, 2026
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Frequently asked questions
AO World PLC, together with its subsidiaries, operates as an online retailer of domestic appliances and consumer electronics in the United Kingdom and Europe. It offers washing machines with various load capacities, spin speeds, and energy ratings; fridge/freezer; dishwashers; cookers; ovens; tumble dryers; and hobs.
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