Interim Report Q2 2025
2025.08.14
Interim Report 2nd quarter 2025
In the second quarter of 2025, AO achieved revenue of DKK 1,497m, EBITDA of DKK 93m, and EBT of DKK 53m. Revenue development was well in line with expectations.
A high level of activity resulted in both organic and acquisitive growth. With one fewer working day in the quarter, like-for-like sales maintained the momentum from the first quarter of 2025. Organic revenue growth, adjusted for acquisitions and the number of working days, was 9.1% for the quarter. Reported revenue growth was 15.0%.
| Financial highlights (DKKm) | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | ||
| Net Revenue | 1,496.7 | 1,301.8 | 2,982.8 | 2,552.8 | ||
| Gross Margin | 358.9 | 296.3 | 714.8 | 589.2 | ||
| EBITDA | 93.2 | 75.1 | 186.7 | 143.3 | ||
| EBT | 52.6 | 37.7 | 102.6 | 71.9 | ||
| Key ratios (%) | ||||||
| Revenue Growth Rate | 15.0 | 2.8 | 16.8 | (4.4) | ||
| Gross Margin | 24.0 | 22.8 | 24.0 | 23.1 | ||
| EBITDA Margin | 6.2 | 5.8 | 6.3 | 5.6 | ||
| EBT Margin | 3.5 | 2.9 | 3.4 | 2.8 |
Revenue
AO continued to gain market share in the B2B segment. Competition remains fierce and continues to put pressure on margins. The B2C segment posted positive growth rates for the seventh quarter in a row. Q2 revenue was DKK 1,497m (DKK 1,302m).
EBITDA
EBITDA amounted to DKK 93m, corresponding to an EBITDA margin of 6.2%.
EBT
EBT amounted to DKK 53m, corresponding to a margin of 3.5%.
Guidance for 2025
Guidance has been narrowed towards the high end of the range compared to the guidance stated in the 2024 Annual Report.
Revenue for 2025 is expected to be in the range of DKK 5,950–6,100m (previous guidance: DKK 5,800–6,100m).EBITDA is expected to be in the range of DKK 420–450m (previous guidance: DKK 410–450m).Profit before tax (EBT) is expected to be in the range of DKK 245–275m (previous guidance: DKK 235–275m).Financial outlook assumptions are detailed in the interim financial report.
Webcast
The Interim Report for Q2 2025 will be presented in English via webcast on August 15, 2025, at 13:00 CET. Participation is possible via the Investor Relations page on AO.dk or through 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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