Annual Report 2025
Company Announcement No. 1 - 2026
to Nasdaq Copenhagen
2026.02.26
Annual Report 2025
In 2025, AO achieved a turnover of DKK 6,121m, an EBITDA of DKK 434m and an EBT of DKK 260m. The results were in line with the latest announced outlook. At the Annual General Meeting, the Board of Directors will propose a dividend of DKK 3.75 per share.
Market activity developed in line with expectations during 2025. Revenue growth was primarily organic, supported by continued momentum in the core B2B business and a stable performance in B2C. First half of 2025 was supported by acquisitive growth.
For 2026, AO expects organic revenue growth supported by moderate market growth and internal initiatives. EBITDA margins are expected to remain stable.
| Financial Highlights (DKKm) | Q4 2025 | Q4 2024 | 2025 | 2024 | ||
| Net Revenue | 1,672.8 | 1,550.4 | 6,120.8 | 5,429.3 | ||
| Gross Margin | 429.1 | 374.0 | 1,485.0 | 1,266.3 | ||
| EBITDA | 149.3 | 123.1 | 434.0 | 366.0 | ||
| EBT | 105.8 | 80.0 | 260.1 | 210.1 | ||
| Key Ratios (%) | ||||||
| Revenue Growth Rate | 7.9 | 13.9 | 12.7 | 3.2 | ||
| Gross Margin | 25.6 | 24.1 | 24.3 | 23.3 | ||
| EBITDA Margin | 8.9 | 7.9 | 7.1 | 6.7 | ||
| EBT Margin | 6.3 | 5.2 | 4.2 | 3.9 |
Revenue
Organic revenue development was 8.4% (-1.0%), and revenue for 2025 was DKK 6,121m (DKK 5,429m), in line with the latest outlook from the Q3 report. On an organic level, revenue development showed growth throughout the year.
EBITDA
EBITDA ended at DKK 434m (DKK 366m), corresponding to an EBITDA margin of 7.1% (6.7%). Margins were under pressure due to cost inflation and lower basket sizes. EBITDA margins improved in both segments with notable improvement in the B2C segment after the full year effect of acquisitions.
EBT
EBT amounted to DKK 260m, corresponding to a margin of 4.2%.
Dividend
At the Company's Annual General Meeting on March 20, 2026, a proposal will be made for a dividend payment of DKK 3.75 per 1 DKK share, equivalent to approximately 52% of the year's profit after tax and 375% of the share capital.
Guidance for 2026
Revenue for 2026 is expected to be in the range of DKK 6,400 to 6,600m.
EBITDA is expected to be in the range of DKK 460 to 500m.
Profit before tax (EBT) is expected to be in the range of DKK 260 to 300m.
Reference is made to the financial outlook assumptions outlined in the annual report.
Webcast
The Annual Report for 2025 will be presented in English via webcast on February 26, 2026, at 13:00 CET. It is possible to participate in the webcast from the Investor Relations page on AO.dk or from the link below:
For further information, please contact:
CEO Niels A. Johansen
CFO/Deputy CEO Per Toelstang
Brødrene A & O Johansen A/S
Rørvang 3
DK- 2620 Albertslund
Denmark
Tlf.:
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