Gear4music (G4M) Q2 2026 TU earnings summary

Executive summary

• Revenue for the six months to 30 September 2025 increased by 31% year-over-year, reaching £80.7m.

• Growth attributed to enhanced marketing, improved inventory, and a more favorable competitive environment.

• Full-year outlook upgraded, with expectations now ahead of consensus market forecasts.

Financial highlights

• UK revenues rose 31% to £49.6m; European and Rest of World revenues also up 31% to £31.1m.

• Gross margin expected at not less than 28.0%, up 130bps from the prior year.

• Gross profit projected at not less than £22.6m, up from £16.5m year-over-year.

• EBITDA expected to be not less than £6.5m, more than double the prior year (£2.9m).

Outlook and guidance

• Full-year EBITDA now expected to be not less than £13.7m, above previous consensus of £12.0m.

• Revenue guidance for the year ending 31 March 2026 previously at £160.7m.

• Board expresses confidence due to strong year-to-date trading, despite peak trading period still ahead.