FY26 Results
Gear4music (Holdings) plc Investor Presentation June 2026
Why Gear4music Wins 2
A unique combination of specialist expertise, scale and customer focus
Gear4music
Digital-first platform
Centralised logistics hubs supporting breadth & depth
Broad catalogue across all categories, including high margin own-brand
Traditional Retailers
Store-led model Fragmented inventory
Limited catalogue breadth
Own-Brand Margin Advantage
Proprietary E-commerce
Platform
Technology-led European
Music Equipment Platform
Broad Product Catalogue
Scalable trade-in & resale ecosystem
Operational leverage & scalability
Weak second-hand capability High fixed-cost structure
Second-Hand Trade-In Capability
Europe-wide Logistics Infrastructure
Pan-European localised experience Local market focus
Gear4music (Holdings) plc | Investor Presentation | June 2026
FY26 Overview 3
Transformative financial performance Strong operational progress Positive trading outlook
Total revenue of £190.7m up by 30%
FY25 revenue: £146.7m
Gross profit of £54.2m up by 37%
FY25 Gross profit: £39.7m
Gross margin of 28.4% up by 140bps
FY25 Gross margin: 27.0%
EBITDA of £18.4m up by 84%
FY25 EBITDA: £10.0m
EBITDA margin of 9.7%
FY25 EBITDA margin: 6.8%
Profit before tax of £10.3m up by £8.7m
FY25 PBT: £1.6m
Record year for orders processed; 1.2m orders fulfilled including a record over 14,000 shipped in a single day on Cyber Monday
Maximum UK capacity reached during FY26 peak trading period; Capacity restrictions unlocked ahead of FY27 peak trading period with new UK warehouse
New resources & capabilities in place to support further growth in FY27 and beyond
Systems deployed include AI based inventory forecasting & purchasing, CRM & Promotions and website AI search
FY26 Profits ahead of recently upgraded market expectations
Well positioned for further momentum
Significant resources available to invest where appropriate & capitalise on emerging opportunities; new £45m RCF secured
New UK warehouse on-track to be operational in Q3 FY27
Strong FY26 exit run rate with 26% Q4 revenue growth
YTD double-digit revenue growth
Trading in line with Board expectations
Gear4music (Holdings) plc | Investor Presentation | June 2026
FY24 - FY26 Financial Trends 4
TOTAL REVENUES
£190.7m
+30%
UK REVENUES
£114.1m
+26%
AVERAGE ORDER VALUE
£158
+7%
FY26 | 190.7 | |||
FY25 | 146.7 | |||
FY24 | 144.4 | |||
FY26 | 114.1 | |||
FY25 | 90.2 | |||
FY24 | 83.1 | |||
FY26 | 158 | |||
FY25 | 147 | |||
FY24 | 153 | |||
EBITDA
INTERNATIONAL REVENUES
NET DEBT
£18.4m
+84%
£76.6M
+36%
£5.0m
-22%
FY26 | 18.4 | |||
FY25 | 10.0 | |||
FY24 | 9.4 | |||
FY26 | 76.6 | |||
FY25 | 56.5 | |||
FY24 | 61.3 | |||
FY26 | 5.0 | |||
FY25 | 6.4 | |||
FY24 | 7.3 | |||
Gear4music (Holdings) plc | Investor Presentation | June 2026
FY26 Commercial KPIs 5
Other brand sales
+32%
Reflects sales shift to G4M following competitor failures
Own brand sales
+24%
Strong performance; failed retailers mainly sold other brands
Digital sales
+40%
Increasing awareness and product portfolio
Second hand sales
+20%
Growth elsewhere prioritised & capacity currently restricted by space
Education sales
+36%
Government funding increase; reduced competition
Showroom sales
+39%
Destination store status increasing; no local alternatives
Home Audio & Visual sales
+14%
Strong performance; market not affected by retailer failures (yet)
Average order value
+7%
Increased sales of higher value products
SKUs in stock
+28%
Increased range of products available for immediate dispatch
Influencer content
+202%
Significant increase in influencer content being published; strong ROI
On hand stock
+28%
Reflects targeted investment in line with increased activity
Website sessions
+32%
Increase in traffic as market consolidates
Email subscriber database
+10%
2.0m to 2.2m email subscribers
Session conversion
-12bps
Reflecting website traffic increases & competitor domain acquisitions
Marketing costs
+21%
Strong ROI reflects restructured team & system improvements
Labour costs
+17%
Labour efficiency improved as the business scales
Gear4music (Holdings) plc | Investor Presentation | June 2026
Growth Strategy Enablers 6
Key initiatives driving the next phase of growth
LAUNCHED H2 FY26
CRM & Promotions
LAUNCHED MARCH 2026
AI-Powered Forecasting & purchasing
Delivers more personalised customer interactions
Improves promotional effectiveness
Enhances customer engagement
Strengthens our customer proposition
reases productivity through AI-powered forecasting •
Inc
& returns Sup
Improves purchasing decisions • Enhances product availability • Supports revenue growth •
LAUNCHING SEPTEMBER 2026 LAUNCHED JUNE 2026
Investing in Scalable UK Infrastructure Range Expansion & G4M Courier
Provides up to 2.5x additional UK capacity
Enhances operational efficiency
Supports future growth
Creates space to expand showroom, second-hand
Supports growth in high-value orders •
Expands addressable market •
Enables entry into new product categories •
ports growth in premium digital and acoustic pianos •
Gear4music (Holdings) plc | Investor Presentation | June 2026
G4M in-house courier to drive high-value orders 7
Opening opportunities for range expansion & high-end customer experience
The Opportunity
High-end products & educational sales drove a 55% rise in orders over £2,500 during FY26
Certain premium products are subject to supplier-mandated delivery and installation requirements
Examples include high-end digital & acoustic pianos
Missed sales opportunity estimated at £3m - £4m
The Solution
G4M In-house courier team, launched June '26
UK-wide 'White-Glove' delivery & installation service
Directly employed drivers with specific product training
Launched with two G4M branded vehicles
Comparable cost to existing third party large-item services
Meets supplier requirements, and enhances delivery experience
Opportunity to quickly scale-up with low investment
Gear4music (Holdings) plc | Investor Presentation | June 2026
UK Logistics Transformation 8
New UK warehouse fit-out underway; high degree of automation efficiency
Expected to deliver increased capacity of 3,000 orders per day ahead of FY27 peak trading period
Phase-1 covers 60% of SKUs (small/medium size products), with phase 2 covering larger products
Fully completed capacity of up to 18,000 orders per day is 2.5x higher than current UK facilities
Retained space in York provides expansion capacity for Showrooms, Second-Hand & Returns
Payback in 3 to 5 years; labour efficiency improvements providing stronger operating leverage
Roadmap*
New warehouse in Yorkshire on a 15-year lease; 2-years rent free with £1.1m annual lease cost
Existing Bacup site to be closed from FY28; current annual operational costs of £0.6m
FY27 Phase-1 currently on schedule and on budget with capex estimated at £10.2m
Duplicated Opex costs of up to £1m in FY27 &
£0.5m in FY28
Phase-2 capex estimated at £8.8m; due to be completed in FY28
Agreement to lease signed
Lease commenced; 2-years rent free
Begin operating warehouses in parallel
Bacup operation wound down
Showroom & Second Hand facilities extended
FY26
FY27
FY28
Future capacity up 18k orders per day
Concept designs | Design sign-off | Phase-1 on-site | Phase-1 | 3k orders | 6k orders | Phase-2 completion, | |
developed | and installation | fit out | final | per day | per day | All Phase-1 orders | subject to demand |
orders began | commenced | testing | capacity | capacity | dispatched from new | and operational | |
facility | requirements *N.B. timeline & capacities may change |
Gear4music (Holdings) plc | Investor Presentation | June 2026
FY26 Results
f i n a n c i a l o v e r v i e w
Gear4music (Holdings) plc | Investor Presentation | June 2026
FY26 Financial Highlights 10
Profitability
Gross profit +37%
£54.2m
FY26 FY25 FY24
54.2
39.7
39.4
£'000
FY26
FY25
% of total sales
FY24
Revenue | 190,735 | 100.0% | 146,720 | 144,384 | |
Gross profit | 54,245 | 28.4% | 27.0% | 27.3% | |
European Distribution | (3,781) | (2.0%) | (2.2%) | (2.3%) | |
Marketing costs | (12,559) | (6.6%) | (7.1%) | (7.0%) | |
UK labour costs | (12,967) | (6.8%) | (7.5%) | (7.6%) | |
Other costs | (6,512) | (3.3%) | (3.4%) | (3.5%) | |
EBITDA margin | 18,426 | 9.7% | 6.8% | 6.9%* |
Full year gross margin
30%
28%
26%
24%
22%
20%
FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26
Gear4music (Holdings) plc | Investor Presentation | June 2026
* FY24 EBITDA margin is adjusted to add back £487,000 of one-off redundancy costs
Product Margin analysis 11
£'000
FY26
FY25
% of total sales
FY24
Product profit | 58,508 | 30.7% | 29.8% | 29.9% | |
Carriage Income | 7,116 | 3.7% | 3.9% | 4.0% | |
Carriage & packaging cost | (11,379) | (6.0%) | (6.7%) | (6.6%) | |
Gross profit | 54,245 | 28.4% | 27.0% | 27.3% | |
Product Margin | |||||
Own brand margin | 22,315 | 50.3% | 46.7% | 45.3% | |
Other brand margin | 36,193 | 26.2% | 25.9% | 26.1% | • |
Total product margin | 58,508 | 32.0% | 31.2% | 31.3% | |
Gross margin improvement of 140bps made up of an 80bps increase in product margin and a 50bps decrease in net carriage and packaging cost:
Product margin of 32.0% reflects a continued focus on buying and pricing discipline whilst delivering sales growth:
Own-brand margin 360bps up on FY25
Other-brand margin 30bps up on FY25
Sales mix effect - Own-brand accounts for 24.3% of product sales compared to 25.4% last year
Net carriage & packaging costs decreased from 2.8% of sales to 2.3%, reflecting lower average carriage costs and a 7% increase in AOV
Gear4music (Holdings) plc | Investor Presentation | June 2026
Year ended | 31 Mar 26 | 31 Mar 25 | 31 Mar 24 |
Rate of overall sales growth | 30.0% | 1.6% | (5.0%) |
Rate of UK sales growth | 26.5% | 8.6% | 1.2% |
Rate of International sales growth | 35.6% | (7.8%) | (12.4%) |
Own-brand sales (£'000) | 44,358 | 35,665 | 37,607 |
Own-brand growth | 24.4% | (5.2%) | (3.2%) |
Other-brand sales (£'000) | 138,349 | 104,677 | 100,404 |
Other-brand growth | 32.2% | 4.3% | (5.4%) |
Own-brand % of total sales | 23.3% | 24.3% | 26.0% |
Marketing costs (£'000) | 12,559 | 10,420 | 10,077 |
Marketing as % of sales | 6.6% | 7.1% | 7.0% |
Labour costs (£'000) | 15,902 | 13,624 | 13,521 |
Labour costs as % of sales | 8.3% | 9.3% | 9.4% |
Gear4music (Holdings) plc | Investor Presentation | June 2026 |
Trading KPIs
12
Sales +30% on FY25 at £190.7m - momentum consistent through the year - FY26 H1 up 31% & H2 up 29%
UK sales increased by £23.9m (26%) to £114.1m reflecting improved competitive landscape and strength of brand and proposition in our most mature market. Estimated market share c.13.1%
International sales returned to strong growth with a £20.1m (36%) to £76.6m reflecting improved market conditions across European
territories
Other-branded sales performed relatively better than own-brand sales; failed retailers
mainly sold other brands
Marketing return improved to 6.6% of sales, reflecting greater efficiency as we brought PPC-management back in-house, and
improved market conditions
Labour costs increased 17% relative to a 30% increase in revenue. Increase reflects a 9% increase in average headcount (451 to 492) and a 7% increase in average pay
Income statements 13
Total Sales Product Profit Product Margin Gross Profit Gross Margin EBITDA
EBITDA as % of sales
£'000 190,735 58,508 32.0% 54,245 28.4% 18,426 9.7%£'000 146,720
43,799
31.2%
39,663
27.0%
10,041
6.8%
£'000
144,384
43,225
31.3%
39,437
27.3%
9,406
6.5%
Depreciation & Amortisation Net Finance expenses
Tax
Net profit
Basic earnings per share
(6,893) (1,190) (3,028) 7,315 34.9p(6,803)
(1,676)
(730)
832
4.0p
(6,643)
(2,179)
67
651
3.1p
Year ended
31 Mar 26
31 Mar 25
31 Mar 24
Significant increase in sales reflects Growth Strategy progress positioning G4M to take share as market consolidates
Gross margin of 28.4% was 140bps up on FY25 reflecting disciplined focus on margin retention and improved market conditions
Admin expenses of £43.7m were just 17% (£6.4m) higher than FY25, as operational leverage translated higher revenue into earnings
European admin expenses of £5.4m (FY25:
£4.7m) comprises £3.8m overheads and £1.6m PPE and right-of-use asset depreciation
Net financial expenses decreased £0.5m to
£1.2m principally due to a £0.1m net translational forex gain (FY25: £0.2m forex loss), and £0.1m lower bank interest
New UK-DC lease increases IFRS16 depreciation and interest by £1.3m in FY27; first rent of £1.1m payable FY29
Gear4music (Holdings) plc | Investor Presentation | June 2026
Balance Sheet overview 14
As at
31 Mar 26
31 Mar 25
31 Mar 24
£'000
£'000
£'000
Freehold land and buildings
6,745
7,392
7,556
Other PPE including Right of Use assets
7,407
9,221
11,405
Intangible asset - software platform
11,484
12,312
12,814
Intangible assets - brand and goodwill
9,283
9,294
9,235
Fixed assets
34,919
38,219
41,010
Inventories
42,776
34,193
25,643
Trade and other receivables
7,010
3,386
3,847
Cash and cash equivalents
8,015
5,576
4,696
Current assets
57,801
43,155
34,186
Trade and other payables
(24,904)
(19,921)
(13,478)
Leases
(1,857)
(1,869)
(1,794)
Current liabilities
(26,761)
(21,790)
(15,272)
Net current assets
31,040
21,365
18,914
Loans and borrowings
(13,000)
(12,000)
(12,000)
Leases
(4,571)
(5,940)
(7,599)
Other long-term liabilities
(2,091)
(2,341)
(1,959)
Non-current liabilities
(19,662)
(20,281)
(21,558)
Net assets
46,297
39,303
38,366
Gear4music (Holdings) plc | Investor Presentation | June 2026
Strong balance sheet - £46.3m net assets and
£45m committed RCF with HSBC
Net bank debt down £1.4m to £5.0m (31 March 25: £6.4m) notwithstanding an £8.6m increase in inventory and £3.1m prepayments relating to new UK-DC that unwind in FY27 H1
Net bank debt equates to x0.3 times EBITDA and is secured by freehold properties valued at
£6.7m
PPE capex held to £0.3m (FY25: £0.3m)
Capitalised £3.4m of software development costs (FY25: £3.6m) and amortised £4.2m (FY25: £4.1m) resulting in year-end NBV of
£11.5m (31 March 2025: £12.3m)
Stock increased £8.6m (25%) in-line with increased activity and reflecting broader own-brand range and SKU availability across all DCs, and investment in selected branded products as and when the opportunity arises
Stock turned x3.7 times (FY25: x3.6)
Cash Flow overview
14,000
15
Increase
12,000
10,000
18,426
Decrease Total
8,000
6,000
£'000
4,000
(6,886)
2,000
0
(2,000)
(3,295)
(3,109)
(4,000)
(6,000)
(8,000)
(6,424)
(2,104)
(1,136) (304) (153) (4,985)
Opening net debt
Reported EBITDA
Net working capital
Software development
New DC prepayments
Lease Payments
Net Interest
Other Capex
Other items Closing net debt
Gear4music (Holdings) plc | Investor Presentation | June 2026
FY26 Results
K P I r e v i e w
Gear4music (Holdings) plc | Investor Presentation | June 2026
FY26 Website metrics
Millions
12-Month website conversion & traffic
17 | ||||
Website data | ||||
Diff. | FY26 | FY25** | FY24* | |
Total unique sessions | +32% | 82.4m | 62.2m | 49.9m |
UK sessions | +28% | 50.5m | 39.4m | 28.7m |
European sessions | +40% | 31.9m | 22.8m | 21.2m |
Total pages viewed | +22% | 237m | 194m | 171m |
Mobile sessions as % of total | -500bps | 48% | 53% | 58% |
UK session conversion rate | -10bps | 1.31% | 1.41% | 1.82% |
European session conversion rate | -18bps | 1.51% | 1.69% | 1.94% |
Weekly Website traffic since Oct 2023
Millions
5
4
3
2
-
04/25 07/25 10/25 01/26
UK Sessions EU Sessions Session Conversion Rate1
10 | 2.50% |
9 | |
8 | 2.00% |
7 | |
6 | 1.50% |
5 | |
4 | 1.00% |
3 | |
2 | 0.50% |
1 |
0.00%
UK Sessions EU Sessions Total
Gear4music (Holdings) plc | Investor Presentation | June 2026
*Data compiled using Google Analytics v3 (GA3)
**Data compiled using Google Analytics v4 (GA4)
FY26 Customer metrics
Profitable from the first transaction Customer retention improving
18
4.6
£14Cost of acquisition
£158Average order value
£45Retention rates | FY26 | FY25 | FY24 |
3-month | 19.7% | 18.9% | 18.2% |
6-month | 26.4% | 25.1% | 24.1% |
12-month | 32.1% | 31.7% | 30.2% |
GP per transaction
FY26 | FY25 FY24 | |
Average order value Gross profit per transaction Cost of acquisition | £158 £45 £14 | £147 £153 £40 £42 £15 £15 |
35.00%
30.00%
Customer Profiles | FY26 | FY25 | FY24 |
Active Customers | 1,029,000 | 846,000 | 799,000 |
New Customers | 877,000 | 716,000 | 674,000 |
Repeat Customers | 201,000 | 168,000 | 163,000 |
Email subscriber database | 2.22m | 2.02m | 1.83m |
25.00%
20.00%
15.00%
10.00%
5.00%
2023
2024
2025
Gear4music (Holdings) plc | Investor Presentation | June 2026
0.00%
0 3 6 9 12
Months after 1st transaction
Becoming more influential 19
Significant influencer progress reducing reliance on PPC and strengthening brand awareness
%
Y25
5%
Total content views: Total monthly content output:
58.8m
+765%
125pieces +315
Up from 6.8m in FY25 Up from 30 pieces per month in F
Total engagements: Engagement rate:
3.9m
+900%
6.6%
+89bps
Up from 0.4m in FY25 Exceeding industry benchmark of
Gear4music (Holdings) plc | Investor Presentation | June 2026
FY26 Product sales
30%
Guitars
Electric, acoustic & bass guitars
14%
Keys
Pianos, synths, digital keyboards
11%
Drums
Electric, acoustic & percussion
5%
Home audio & visual
HiFi, TVs, Projectors, Surround Sound
Revenue
£55.2m
Growth
+39%
Revenue
£25.4m
Growth
+21%
Revenue
£20.8m
Growth
+33%
Revenue
£8.3m
Growth
+14%
22%
Live & PA
Speakers, lighting & microphones
11%
Studio
Mixers, headphones, monitors, interfaces
6%
Orchestral
String instruments, brass, woodwind
2%
Second-hand
All product categories
20
Revenue
£39.7m
Growth
+27%
Revenue
£21.1m
Growth
+31%
Revenue
£10.2m
Growth
+28%
Revenue
£3.6m
Growth
+20%
Gear4music (Holdings) plc | Investor Presentation | June 2026
Summary & outlook 21
Financial Strategy
Delivered transformational financial performance with growth in revenue, profit and margin expansion
Net bank debt reduced for the fifth consecutive year, strengthening balance sheet flexibility
Secured a £45m revolving credit facility to support warehouse expansion and strategic growth opportunities
Robust financial position supports continued investment in operational efficiency, automation and customer experience
Year-to-date trading in line with Board expectations
Strong execution against the growth strategy refreshed in June 2025
Strategic initiatives launched during FY26 expected to drive growth and operational benefits in FY27 and beyond
New UK warehouse on track to be operational ahead of the FY27 peak season, increasing capacity and efficiency
Ongoing diversification of sales channels and customer verticals to support sustainable longterm growth
Gear4music (Holdings) plc | Investor Presentation | June 2026
FY26 Results
b a c k g r o u n d i n f o r m a t i o n
Gear4music (Holdings) plc | Investor Presentation | June 2026
Board of directors 23
Executive Non-executive
Chair Andrew Wass
Launched Gear4music in 2003
Responsible for strategy and implementation, Andrew has taken Gear4music from concept to a multisite international business with revenues of £190m
Previously ran a recording studio business, before setting up an IT business supplying other studios with recording equipment
CEO Gareth Bevan
Joined Gear4music in July 2012, taking responsibility for Commercial strategy execution, Purchasing, Pricing & Supplier relations
Over 23 years' experience in music equipment retail
Previously at DV247, the largest music equipment retailer at that time, where he was responsible for purchasing, sales & marketing
CFO Chris Scott
Joined Gear4music in October 2012, and is responsible for Finance and Governance, and is Company Secretary
An experienced stakeholder communicator, playing a key role in the 2015 IPO and subsequent reporting & investor roadshows
Chartered Accountant & Executive MBA graduate, 12 years with KPMG in the advisory practice, and previous industry experience as CFO of Officers Club and a 15-month secondment at Barclays Bank
Senior Independent Director (SID) Neil Catto
CFO of Revolution Beauty
NED and Audit Committee Chair of tinyBuild Inc.
Former CFO of BooHoo Group Plc 2011-2022
Neil has significant UK plc experience with previous positions at Dabs.com plc, BT Plc and Carphone Warehouse Group
Qualified as a chartered accountant with EY
Non-Executive Director Harriet Williams
Joined Gear4music in January 2021
Vice President of Global E-commerce at the LEGO Group & NED of Lindex Group
Former Chief Digital Officer at The Body Shop
Previous industry experience: Gucci, Debenhams, Marakon Associates
Non-Executive Director Sharon Daly
NED of Warpaint London PLC , and member of their Audit and Remuneration Committees
NED and a member of Audit, Remuneration and Nominations Committees at BRCK Group Plc and Billington Holdings plc
Co-founded Venture Life Group in 2010, who joined AIM in 2014
More than 30 years of business experience
Gear4music (Holdings) plc | Investor Presentation | June 2026
Key Milestones
Gear4music: Launched in 2003
Revenue (£m)
£250
£200
£150
New Swedish distribution hub & website refresh
£4.2m equity fundraising
COVID
lockdowns
begin
AV.com launched, New Spanish &
Irish hubs
BREXIT
Second Hand system launched
24
New Purchasing, forecasting & CRM platforms
Market consolidation accelerates
Refreshed Growth Strategy launched
£100
£50
Moved into new 135,000 sq ft premises, and website update
Multilingual European websites launched
£3.4m Private Equity investment
£28m
IPO
First European
hub launched
£0
FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26
Gear4music (Holdings) plc | Investor Presentation | June 2026
UK Market
2025 Market consolidation
GAK - The Guitar, Amp & Keyboard Centre
GAK fell into administration in April 2025
Revenues to September 2024: £20.4m
Gear4music acquired certain assets from the Administrators:
£1.6m of stock purchased for £0.35m
Websites, brands & trademarks purchased for £0.18m
25
Estimated UK market: £873m
Gear4music FY26 market share c.13.1%, up c.3.0% on FY25
Estimated UK online market c.£314m
Market size decreased 1.6% in 2024 (Source: Music Trades)
Fragmented UK market is consolidating; accelerating shift to online
Estimated UK Internet Traffic Share, FY26
S&T Audio trading as PMT - Play Music Today
PMT fell into administration in June 2025
Revenue to April 2024: £43.0m
Gear4music acquired certain assets from the Administrators:
£2.0m of stock purchased for £0.89m
Websites, brands & trademarks purchased for £0.20m
Bax Music, Netherlands, operating bax.co.uk
Bax Music filed for Bankruptcy in March 2025
Group revenues to December 2023: €148.6m (UK estimate: €30m)
Founder & investor rescues the business; websites back online from June 2025 after two months offline
4
Millions
3
3
2
2
1
1
-
04/25 07/25 10/25 01/26
Andertons BaxShop Gear4music GuitarGuitar Thomann
Gear4music (Holdings) plc | Investor Presentation | June 2026
*Source: SEMRush
Estimated European market: £4.1bn 26
FY26 European traffic share
Millions
30
25
20
15
10
5
-
Source: SEMRush
Including Thomann
Gear4music European market share up c.0.5% to c.1.8%; significant opportunity for growth
FY26 European revenues of £74.7m, up 37% on FY25
Four European Distribution hubs
Localised proposition features 15 languages
04/25 07/25 10/25 01/26
BaxShop Gear4music Kytary MusicStore Muziker Sonovente Strumenti Musicali Thomann Woodbrass
and 8 currencies
Top European Markets*
Millions
Country | Estimated Market Size (£m) |
Germany | 1,397 |
France | 1,035 |
Italy | 661 |
Netherlands | 243 |
Austria | 205 |
Spain | 204 |
Switzerland | 166 |
Sweden | 127 |
Norway | 96 |
Total Size | 4,134 |
3 Excluding Thomann
3
2
2
1
1
-
04/25 07/25 10/25 01/26
Gear4music (Holdings) plc | Investor Presentation | June 2026
*Source: Management estimate
**In an 'ideal' distribution of revenue between hubs
Operations and Competitors 27
Gear4music delivery timescales:
Gear4music
1 day road/ economy delivery 2 days road/ economy delivery 3+ days road/ economy delivery
Bankrupt March '25
Bax Shop
Restructured June '25
FY26 Revenues: Σ257m (Growth +30%) FY25 Revenues: Σ198m (Growth: +2%) FY24 Revenues: Σ194m
2024 Revenues Σ195m
2023 Revenues Σ196m
Growth -1%
GuitarGuitar
2024 Revenues Σ63m
2023 Revenues Σ61m
Growth +3%
Andertons
2024 Revenues Σ70m
2023 Revenues Σ75m
Growth -7%
Strumenti Musicali
2024 Revenues Σ57m
2023 Revenues Σ60m
Growth -5%
Thomann
2024 Revenues Σ1,874m
2023 Revenues Σ1,735m
Growth +8%
Muziker
2024 Revenues Σ91m
2023 Revenues Σ90m
Growth +1%
Music Store
2024 Revenues Σ149m
2023 Revenues Σ164m
Growth -9%
Gear4music (Holdings) plc | Investor Presentation | June 2026
Revenue data: MusicTrades
Existing distribution capacity 28
Hub on-hand inventory storage capacities Existing hub capacity forecast
Location
Forecast inventory
UK: York | 116% | 108% | NOW |
Central Europe: Germany | 105% | 82% | 2027/28* |
Ireland: Dublin | 100% | 78% | 2027 |
storage capacity utilisation: Next 12 months
Forecast
sales capacity: Next 12 months
Expected maximum capacity reached
Irish hub
£2.2mUK hubs
£25.0mCentral
Northern European hub
£9.2MNorthern Europe: Sweden UK: Bacup
Southern Europe: Spain
81%
80%
67%
68%
47%
23%
2030**
N/A - Closing 2031
Southern
European hub
£7.3mForecast sales capacities updated taking into account seasonality & most
UK, Ireland & Germany: Third-party off-site storage currently being utilised
*German hub: Potential to increase storage and extend maximum capacity
**Swedish hub: Based on potential to increase capacity within the existing
European hub
£2.3mrecent information
Spanish hub: Lease renewed with footprint reduced in size by 50%
until August 2028 subject to demand
Swedish hub building
Gear4music (Holdings) plc | Investor Presentation | June 2026
Evolved Growth Strategy - detail 29
Develop
Enhance
Diversify
Expand
Bespoke platform
Purchasing & promotions tools
New Forecasting & Purchasing system, being our largest development project to date, delivered Q4 FY26
Enhanced Promotions system rolled out during FY26 to deliver a unique proposition
Embed AI across the business to enhance scalable advantage
AI-first approach to enhance operational efficiency and elevate the user experience
Expand AI integration beyond current use in content creation, marketing, and customer service
Development tools & 3rd party applications
Focus internal development resources on high-value, differentiating enhancements
Leverage specialist third-party applications to minimise in-house development costs and accelerate delivery
Second hand & digital download functionality
Proprietary second-hand platform gaining
Product offer
Channels to market
Second-hand product sales
at 40%+ margin
p30Own-brand product development
p31Targeted brand acquisitions
Strategic brand partnerships
20% growth to £3.6m Revenues in Year 3 with strong 40% product margins, capitalising on growing customer demand for value and sustainability
£10m+ Medium-term revenue opportunity
£44m revenue in FY26 at >50% product margins, underscoring strong profitability
Medium-term potential to exceed £70m+ revenue driven by accelerated investment in the product development team
Studiospares, GAK, and S&T Audio brands acquired in FY25 & FY26 to strengthen category coverage
Ongoing focus on acquiring complementary brands to drive growth, margin, and customer loyalty
Prioritise higher-margin products & optimise SKU ranges to streamline operations
Deepen collaboration with key brand partners to unlock margin and promotional opportunities
European marketplace integrations
Accelerate own-brand growth in Europe through integrations with leading third-party marketplaces
Recently launched on Bol.com, Fnac & Allegro with further platforms in the pipeline
Unlock Growth through enhanced CRM
New CRM platform launched H2 FY26 targeting improved customer retention and repeat revenue
Upgraded reporting and data systems to boost marketing efficiency and support faster multi-channel growth
Diversify marketing channels to reduce PPC dependence
PPC represented 84% (FY25: 88%) of total ad spend in FY26 representing concentration risk
Strategic focus on channel diversification to drive more sustainable and cost-effective customer acquisition
Scale Influencer, Affiliate & Social Channels
Influencer partnerships delivering strong ROI, with plans in place to scale activity
Customer experience
In-house courier service
Establish an in-house courier operation to deliver a differentiated white-glove delivery and installation service.
Drive growth in premium product sales by enhancing the customer experience, building on recent gains in average order value.
Website experience
Continuously enhance UX through iterative improvements, including AI-powered features such as chatbots and intelligent search
Optimise customer interactions by automating key touchpoints and communications
Sales Verticals
AV.com positioned for further growth following strategic proposition redevelopment
Adapt retail offering to effectively serve a broader customer base amid ongoing market consolidation
Distribution capacity
New UK-DC on-track for Phase 1 launch Autumn 2026
strong traction in a global market worth
ξ8bn*
Opportunity to expand digital software downloads, inspired by category specialists generating £20m+ in annual revenue
across key platforms
UK affiliate programme performing well; refreshed European affiliate expansion underway
p19
Evolving scalable infrastructure to ensure seamless delivery and service as volumes increase
Enhancing customer experience through
targeted operational efficiency improvements p8
Gear4music (Holdings) plc | Investor Presentation | June 2026 * Source: Music Trades
Strategy in focus: Second-hand product sales 30
Overview Opportunity in numbers
Proprietary system launched in March 2023
Unique positioning; simplifies equipment trade-in
27,300 products currently available
for trade-in, up from 22,900 in June 2025
Available on Gear4music UK, Europe & AV.com
Accepted conditions now range from 'Fair' to 'Excellent'
Global market size
ξ8bn
FY26 Product margin:
40.2%
FY27 Sales target
£6m
Trade-in requests
>20,100
Average sale value
£295
2yr + opportunity
£10m+
Instant prices calculated & offered
Gear4music arranges collection
Verify product & pay cash or credit on account
Item listed for re-sale
Gear4music advantages
Access to a new & large market
Good resale margins
Follow-on sales: 28% of customers choose 'credit' on account
Increased customer loyalty
SEO & content benefits
Alternative source of product supply
Customer advantages
Quick, low effort process;
no photography or delivery requirements
Selling risks eliminated
Attractive cash price; increased value for G4M account credit to support next purchase
Existing equipment gets reused & value realised
Gear4music (Holdings) plc | Investor Presentation | June 2026 * Source: Music Trades
Strategy in focus: Own-brand product development 31
FY26 new own-brand SKUs:
771
Most ever launched in a single year
Target for FY27:
850+
Great value, premium music gear own-brand launched in June 2023
Achieved FY26 Sales of £1.9m (FY25: £1.1m)
Gear4music Own-brands
Brand Acquisitions
Studiospares brands acquired in 2024, potential revenue of £3m+
Premier & Eden acquired in 2022, and delivering £1m+ sales
Potential for further legacy brand acquisitions
SKUs now live
356
FY27 sales forecast
£2.5M
FY26 product margin:
47.9%
2YR+ opportunity
£4M+
Gear4music (Holdings) plc | Investor Presentation | June 2026
Strategy in focus: AV.com
32
4.8 / 5 RATING
Progress
Home Audio & Visual LFL sales: +14%:
FY26: £8.3m, FY25: £7.3m, FY24: £6.7m
7,040 SKUs listed
147 Brands now online
Multilingual websites
Second-hand live
Strengthened Management, content & merchandising teams in place
Product categories include:
Home Cinema & TV's
HiFi & Speakers
Headphones
Cables & accessories
Specialist AV Furniture
Large European market
£2.7billion
Addressable European market*
Mainly served by store-based retailers
No dominant specialist online retailers
*Management estimate based on extrapolation of Ibis World data for UK market size
AV business operations
Freehold property in Bacup acquired with the acquisition of AV Distribution Ltd
Bacup warehouse upgraded in 2023, providing additional storage capacity
Bacup showroom upgraded to support new brands
German showroom now open
Gear4music (Holdings) plc | Investor Presentation | June 2026
ESG 33
Gear4music ESG agenda
Environmental Pillar
Social Pillar
Governance Pillar
Third Climate Report to be published in full Annual Report
ESG sub-committee formed in 2023;
Climate Change
Carbon emissions
Product footprint
Pollution & Waste
Packaging Material & Waste
Electronic waste
Our Products
Product Safety & Quality
Supply chain labour standards
Our People
Health & Safety
Diversity and inclusion
Wellbeing
Charities & Community
Corporate Behaviour
Board Diversity and Structure
Executive Pay
Ethics and Transparency
Anti-Corruption Policies
Board level agenda item
Energy use high on priority list: solar installations completed
Continuing high standards in product procurement and waste management
High growth Second-hand system
New initiatives support the Mental Health of our colleagues
We recognise our responsibility to reduce our environmental impact, and can achieve this through technology, continuous improvements in operational efficiency, and doing things in new ways
We are committed to retailing high quality musical instruments and equipment and
AV products and adopting and improving practices that ensure there
is no slavery or human trafficking in our supply chain
We recognise the success of our business is founded on the hard work of a team of talented and motivated individuals, and
are committed to making Gear4music a great place to work
We are committed to conducting our business with integrity
Partnering with charities where appropriate. Existing charities include:
Gear4music (Holdings) plc | Investor Presentation | June 2026
Major shareholders and price graph 34
Name | Number of shares | % of issued share capital |
Andrew Wass | 4,776,993 | 22.8% |
Liontrust Investment Partners LLP | 2,327,596 | 11.1% |
FIL Limited (Fidelity) | 2,056,306 | 9.8% |
River Global | 1,181,938 | 5.6% |
Crucible Clarity Fund PLC | 1,102,326 | 5.3% |
IG Markets Limited | 758,734 | 3.6% |
Octopus Investments | 634,018 | 3.0% |
Major Shareholders as at 30 April 2026 Share price graph 01 April 2025 to 15 June 2026
Jul 25 Oct 25 Jan 26 Apr 26
300.00
250.00
200.00
150.00
100.00
52 week range:
175p - 332pMarket cap as of 15 June '26
£52.4mGear4music (Holdings) plc | Investor Presentation | June 2026
Important: Disclaimer and notice to readers 35
This presentation is being made only to and directed at: (a) persons who have professional experience in matters relating to investments falling within Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "FPO"); or (b) high net worth entities, and other persons to whom it may otherwise lawfully be communicated, falling within Article 49 of the FPO (all such persons together being referred to as "relevant persons"); or (c) any other person to whom this promotion may lawfully be directed. Any person who is not a relevant person should not act or rely on this presentation or any of its contents.
This presentation may contain forward-looking statements with respect to certain of the plans and current goals and expectations relating to the future financial conditions, business performance and results of Gear4music (Holdings) plc ("G4M"). By their nature, all forward-looking statements involve risk and uncertainty because they relate to future events and circumstances that are beyond the control of G4M, including amongst other things, G4M's future profitability, competition in the markets in which G4M and its subsidiaries operate and its ability to retain existing customers and win new customers, changes in economic conditions generally, terrorist and geopolitical events, legislative and regulatory changes, changes in taxation regimes, exchange rate fluctuations and volatility in G4M's share price. As a result, G4M's actual future financial condition, business performance and results may differ materially from the plans, goals and expectations expressed or implied in these forward-looking statements. G4M undertakes no obligation to publicly update or revise forward-looking statements, except as may be required by applicable law and regulation (including the AIM Rules). No statement in this presentation is intended to be a profit forecast or be relied upon as a guide to future performance.
Gear4music (Holdings) plc | Investor Presentation | June 2026