Ao World Plc · LSE:AO.
Ao World — FY2025 Earnings Presentation
24 slides from Ao World's earnings presentation, Jun 18, 2025
Slide 1: FY25 Full Year Results
FY25 Full Year Results John Roberts, Founder and CEO Mark Higgins, Group CFO and COO 18th June 2025 © 2025 AO World All Rights Reserved
Slide 2: Contents
Contents • Welcome • Financial performance • Strategic update • Summary • Questions 2
Slide 3: Welcome
Welcome John Roberts Group CEO & Founder 3
Slide 4: A record year – exceeding expectations again
A record year – exceeding expectations again LFL PBT £45.2m (up 32% YoY) Original guidance: £36m - £41m B2C Revenue growth of 12% Original guidance: +10% Global number 1 rated on Trustpilot at scale LFL PBT – Like-for- like is defined as profits from continuing operations of the Group. it excludes t
Slide 5: A £28.2bn market opportunity
A £28.2bn market opportunity FY25 Addressable Market Size (£bn) and AO Share (%) 10.0 1% 9.0 9.7bn 8.0 1% 7.0 16.0% 3.1% 1.2% 1.1% 1.0% 0.5% 0.4% 1% 6.0 1% 5.0 4.0 1% 4.3bn 4.1bn 3.0 3.9bn 0% 2.0 2.4bn 2.3bn 0% 1.0 1.6bn 0.0 0% TV Audio Mobile CE Others Major Domestic Small Domestic Appliances Appli
Slide 6: A £28.2bn market opportunity
A £28.2bn market opportunity 0.08 FY25 Addressable Market Size (£bn) and AO Share (%) 0.0 0.07 0.0 9.7bn 0.06 4.3bn 2.4bn 3.9bn 4.1bn 2.3bn 1.6bn 0.0 0.05 16.0% 0.04 0.0 0.03 0.0 0.02 0.0 3.1% 0.01 1.2% 1.1% 1.0% 0.5% 0.4% 0.0 0 Analysis of GFK data for the twelve months to 1 April 2025 6
Slide 7: Slide 7
Slide 8: Financial Performance
Financial Performance Mark Higgins Group CFO and COO 8
Slide 9: Basis of financial information
Basis of financial information Financial years (FY) refer to the annual periods ended on the 31st March of the reference year. Acquisition of musicMagpie • musicMagpie was acquired on the 12th December 2024 • The period 12th December to 31st March is consolidated into the FY25 group accounts • Previ
Slide 10: FY25 exceeding guidance
FY25 exceeding guidance FY24 FY25 £ms Group incl. Group LFL YoY var YoY var mM B2C Retail Revenue 743 832 +12% 832 +12% Group Revenue 1,039 1,108 +7% 1,138 +9% Gross Margin 243 268 +10% 276 +13% SG&A [excl. adjustments] (208) (222) +7% (232) +12% Adjusted PBT 34 45 +32% 44 +27% Adjusted PBT % 3.3% 4
Slide 11: Resilient model
Resilient model MACRO RESILIENCE SELF HELP Weak Consumer MDA Distress Membership Finance Environment Purchase Employment Cost 12.5m AO Trade In Efficiency Inflation Experiences & Automation Cost Inflation Amazing AO Care Customer Service Consumer Savings 4.9 out of 5 11
Slide 12: Mobile is changing
Mobile is changing 7.0m 6.6m 6.0m 6.2m 5.5m 5.0m 5.1m 4.5m 4.3m 4.0m 3.0m 3.0m 2.5m 2.0m 2.2m 1.0m 0.0m New Contracts Upgrades Sim Free FY23 FY24 FY25 FY23 FY24 FY25 FY23 FY24 FY25 Market size data source - GfK 12
Slide 13: Mobile future
Mobile future Mobile network Finance innovations Trade-in 13
Slide 14: Cash generative and £147m of available liquidity
100.0 120.0 140.0 - 20.0 40.0 60.0 80.0 Op en ing Ca sh 40.1 Ad jus ted EB I TD A 71.1 No n- Ca sh SB Pc ha rge 7.3 Tax pa id (9.3) Re pa y (In men c. i t o nte f d res ebt t) (26.0) Wo rki ng Operational Ca pit al (9.0) Ca pe x (8.8) Ot he r 1.2 Un d erl yin gc los i ng cas h 66.6 (In Ac c. p q. ay
Slide 15: Capital expenditure
Capital expenditure Strategy evolved FY25 vehicle replacement and extruder FY26 £20m capex: vehicle refresh - reduction in lease payments 15
Slide 16: mM integration and FY26 Outlook
FY25 AO UK 45.2 FY25 mM run rate (5.9) FY26 Outlook FY25 Group annuali sed 39.3 FY26 N I and N MW impact (8.5) FY26 run rat e 30.8 Growth Effici encies Membership Leverage mM Integration Mobile strategy Mobile Strategy mM integration Efficiencies Growth FY26 Guidance 50.0 40.0 16
Slide 17: Strategic Update
Strategic Update John Roberts Founder and CEO 17
Slide 18: Strategic competitive moats
Strategic competitive moats 18
Slide 19: Growing loyal customers, expanding categories
Growing loyal customers, expanding categories • Membership performing well • Over 500k finance customers with just under £1bn of available finance to spend with us • Over 1m AO Care insurance customers paying monthly • 650,000 new customers experienced AO • Fixed the unit economics in newer, non-MDA
Slide 20: Fix or close our post-pay mobile business
• Fix or close our post-pay mobile business • Welcomed the team to AO in December 2024 • Significant opportunities with their capabilities plugged into ao.com including: • Enhanced trade-in options • Leverage from AO trade-in volumes • The biggest seller on eBay and Amazon 20
Slide 21: Summary
Summary 21
Slide 22: Questions
Questions 22
Slide 23: Slide 23
Slide 24: 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