AO World delivered an impressive FY26 performance ahead of prior guidance, demonstrating strong strategic execution and a confident outlook supported by a strong working capital performance and customer‑led growth. Key financial metrics were robust. Revenue grew c.11%, with adjusted PBT of c.£50m, EPS of 6.1p, and free cash flow of c.£65m. AO’s strategy continues to deliver. Performance was underpinned by excellent customer service, evidenced by nearly one million Trustpilot reviews, alongside sustained trading momentum and energy hedging providing resilience into FY27E. The 22% fall in AO’s stock price so far this year leaves the stock trading on only 0.4x EV/Revenues, c.6x EV/EBITDA and c.12x PER (all cal 2027), significantly below our 170p Fair Value per share (equivalent to a c.5% cal 27 FCF yield).