Brødrene A & O Johansen (AOJ) investor relations material

Executive summary

• Achieved highest Q1 sales ever with 6.5% year-over-year growth, driven by strong March and robust B2C performance; organic growth was 5.3% excluding VVS-Eksperten.dk.

• B2B revenues grew 4.5%, B2C surged 16% (9.2% organic, 6.9% from VVS-Eksperten.dk); B2C margin rose 0.8 points to 32%.

• Gross margin improved to 24% from 23.9% last year.

• Expansion in Sweden continued, doubling store count to 10 in two years; new store opened in Falkenberg.

• Announced acquisition of JMV Cables A/S (DKK 125 million revenue, 7% EBITDA margin), pending regulatory approval.

Financial highlights

• Revenue reached DKK 1,582.0m (Q1 2025: DKK 1,486.1m), with gross profit of DKK 380.3m.

• EBITDA was DKK 99 million (Q1 2025: DKK 93.5m), margin stable at 6.3%.

• EBT was DKK 54 million, a 7.6% increase from last year.

• Dividend payout in Q1 was DKK 86 million, up from DKK 66 million last year.

• Interest-bearing debt/EBITDA improved to 2.9x from 3.4x year-over-year.

Outlook and guidance

• 2026 guidance unchanged: sales expected at DKK 6,400–6,600m (growth of 4.6–7.8%), EBITDA of DKK 460–500 million, and EBT of DKK 260–300 million.

• Guidance excludes JMV Cables acquisition.

• Market growth assumed at 1%-3%, with additional growth from VVS-Eksperten and market share gains.

• Additional DKK 25 million in costs and DKK 25 million in depreciation expected in 2026.

• Sensitivity to geopolitical, macroeconomic, and supply chain risks noted.