AO World (AO) Trading update summary

Financial performance highlights

• Total group revenue growth expected at approximately 11% for FY26, with B2C growth around 9.5% driven by market share gains in all key categories.

• Adjusted profit before tax anticipated at the top end of £45–£50m, reflecting about 15% year-on-year growth despite cost headwinds.

• Free cash flow projected at around £65m for FY26, up from £23m in FY25, with period-end liquidity expected to be about £200m.

Operational and strategic updates

• Hedging arrangements cover roughly 80% of forecast fuel and 100% of electricity usage for the full FY27 trading period.

• Continued momentum attributed to a shared economics strategy and membership model, with ongoing improvements in key metrics and a pipeline of new initiatives.

Customer and market recognition

• On track to become the first company globally to reach one million Trustpilot reviews with a 4.9 rating.

• Market share gains confirmed by Gfk data for the 11 months to 28 February 2026.

• Reputation as the UK's most trusted electrical retailer highlighted as a structural advantage.