Company Announcement No. 8 - 2025
to Nasdaq Copenhagen
2025.10.29
Interim Report 3rd Quarter 2025
In the third quarter of 2025, AO achieved revenue of DKK 1,465.2m, EBITDA of DKK 98.2m, and EBT of DKK 51.9m. Revenue development was in the high end of expectations.
A high level of activity resulted in both organic and acquisitive growth. Like-for-like sales maintained the momentum from the third quarter of 2025. Organic revenue growth, adjusted for acquisitions, was 8.8% for the quarter. Reported revenue growth was 10.5%.
| Financial Highlights (DKKm) | Q3 2025 | Q3 2024 | Q3 2025 YTD | Q3 2024 YTD | |
| Net Revenue | 1,465.2 | 1,326.1 | 4,448.0 | 3,878.9 | |
| Gross Margin | 341.3 | 303.1 | 1,056.0 | 892.3 | |
| EBITDA | 98.2 | 99.6 | 284.9 | 242.9 | |
| EBT | 51.9 | 58.2 | 154.5 | 130.1 | |
| Key ratios (%) | |||||
| Revenue Growth Rate | 10.5 | 7.9 | 14.7 | (0.5) | |
| Gross Margin | 23.3 | 22.9 | 23.7 | 23.0 | |
| EBITDA Margin | 6.7 | 7.5 | 6.4 | 6.3 | |
| EBT Margin | 3.5 | 4.4 | 3.5 | 3.3 |
Revenue
AO continued to gain market share in the B2B segment. Competition remains fierce and continues to put pressure on margins in project sales. The B2C segment posted positive growth rates for the eighth quarter in a row. Q3 revenue was DKK 1,465.2m (DKK 1,326.1m).
EBITDA
EBITDA amounted to DKK 98.2m, corresponding to an EBITDA margin of 6.7%.
EBT
EBT amounted to DKK 51.9m, corresponding to a margin of 3.5%.
Guidance for 2025
Guidance has been further narrowed compared to the latest guidance from the Q2 report.
Revenue for 2025 is expected to be in the range of DKK 6,000-6,100m (latest guidance: DKK 5,950-6,100m).EBITDA is expected to be in the range of DKK 420-440m (latest guidance: DKK 420-450m).Profit before tax (EBT) is expected to be in the range of DKK 245-265m (latest guidance: DKK 245-275m). Financial outlook assumptions are detailed in the interim financial report.
Webcast
The Interim Report for Q3 2025 will be presented in English via webcast on October 30, 2025, at 13:00 CET. Participation is possible via the Investor Relations page on AO.dk or through the link below:
https://ao.eventcdn.net/events/interim-report-q3-2025
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.: +45 70 28 00 00
