Denmark · Delayed Price · Currency is DKK Brødrene A & O Johansen Earnings Call Transcripts
Fiscal Year 2026
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Q1 delivered record sales and margin improvements, with strong B2C growth and stable B2B performance. Guidance for 2026 is unchanged, with continued investment and expansion, while risks remain from fierce competition and macroeconomic uncertainty.
Fiscal Year 2025
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Revenue and earnings for 2025 slightly exceeded guidance, with record sales and margin improvements in both B2B and B2C. 2026 guidance anticipates 5%-8% sales growth, higher investments, and continued margin pressure in projects, but overall positive outlook.
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Q3 2025 saw 10.5% organic growth, margin improvements, and strong B2C performance, but project activities in Denmark and Sweden continue to face margin pressure. Guidance for 2025 was narrowed, with EBITDA expected at DKK 420–440 million and risks centered on project margins.
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Q2 2025 saw record sales and EBITDA, with strong B2C growth and margin improvements. Guidance for 2025 was raised, but risks remain from competition, low basket sizes, and macro uncertainty. Expansion in Sweden and successful integration of acquisitions continue to drive performance.
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Record Q1 sales driven by strong B2B and B2C growth, with EBITDA up 37% year-over-year. Margin pressure and macroeconomic uncertainty persist, but guidance for 2025 remains unchanged, targeting 7–12% sales growth and higher profitability.
Fiscal Year 2024
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2024 revenue and earnings met guidance, with record Q4 sales and strong customer growth. Margin pressure persisted but stabilized, and digital sales increased. 2025 guidance anticipates 7–12% sales growth and higher EBITDA, with risks from competition and macroeconomic uncertainty.
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Q3 saw near-record sales and a return to organic growth in both B2B and B2C, but margin pressure from fierce competition and cost inflation persisted. Guidance for 2024 is unchanged, with leverage expected to decrease and dividend payout maintained.
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Q2 2024 delivered better-than-expected revenue growth, though organic like-for-like sales declined. Margin pressure persists due to fierce competition and cost inflation, but guidance for 2024 revenue was raised, with earnings expected to double in H2, supported by acquisitions and operational improvements.