Company Announcement No. 20 - 2026
to Nasdaq Copenhagen
2026.10.28
Interim Financial Report for the Period 1 January - 30 September 2026
AO delivered strong revenue growth and improved earnings in the third quarter of 2026. Revenue increased by 22.9% to DKK 1,800m, while EBITDA increased by 28.0% to DKK 126m. The EBITDA margin improved to 7.0% from 6.7% in Q3 2025. EBITDA was affected by transaction costs of DKK 17.5m; excluding these costs, the EBITDA margin was 8.0%.
Market activity remained high, and AO continued to gain market share. Organic revenue growth was 12.5% in the third quarter, exceeding expectations. Acquisitions contributed a further 10.4 percentage points to reported revenue growth.
The B2B segment delivered revenue growth of 14.4% and an improved gross profit margin. B2C revenue increased by 16.4%, while the gross profit margin declined due to changes in the product mix. Elektroimportøren was consolidated from 26 August 2026 and contributed DKK 119m in revenue and DKK 17m in EBITDA.
In the first nine months of 2026, Group revenue increased by 13.6% to DKK 5,053m, while EBITDA increased by 18.4% to DKK 337m.
Based on the strong underlying performance in the third quarter and the start of October, AO has raised its full-year guidance for revenue, EBITDA and EBT.
| Financial Highlights (DKKm) | Q3 2026 | Q3 2025 | Q3 2026 YTD | Q3 2025 YTD | ||
| Net Revenue | 1,800.4 | 1,465.2 | 5,053.4 | 4,448.0 | ||
| Gross Margin | 444.8 | 341.3 | 1,237.0 | 1,056.1 | ||
| EBITDA | 125.7 | 98.2 | 337.3 | 284.9 | ||
| EBT | 57.2 | 51.9 | 173.4 | 154.5 | ||
| Key ratios (%) | ||||||
| Revenue Growth Rate | 22.9 | 10.5 | 13.6 | 14.7 | ||
| Gross Margin | 24.7 | 23.3 | 24.5 | 23.7 | ||
| EBITDA Margin | 7.0 | 6.7 | 6.7 | 6.4 | ||
| EBT Margin | 3.2 | 3.5 | 3.4 | 3.5 |
Business development
B2B
B2B revenue increased by 14.4% to DKK 1,386m in the third quarter. Organic revenue growth was 13.1%, and growth exceeded expectations.
Gross profit increased to DKK 308m from DKK 258m, corresponding to a gross profit margin of 22.2% compared with 21.3% in Q3 2025. EBITDA before indirect expenses increased to DKK 161m from DKK 127m.
B2B
B2C revenue increased by 16.4% to DKK 295m. Organic revenue growth was 9.6%, supplemented by a contribution of 6.8 percentage points from VVS-Eksperten.dk.
Gross profit increased to DKK 92m from DKK 84m. The gross profit margin declined to 31.0% from 33.0% in Q3 2025 due to changes in the product mix. EBITDA before indirect expenses decreased to DKK 28m from DKK 29m.
Elektroimportøren
Elektroimportøren's revenue for September of DKK 119m was included in the Group's third-quarter results.
Gross profit amounted to DKK 45m, corresponding to a gross profit margin of 38.1%. EBITDA before indirect expenses amounted to DKK 17m, corresponding to an EBITDA margin of 14.2%.
Guidance for 2026
Based on organic growth in the third quarter and the start of October, AO has raised its full-year guidance as follows:
| DKKm | Previous guidance | Updated guidance |
Revenue | 7,100-7,300 | 7,250-7,400 |
| EBITDA | 530-570 | 550-580 |
| EBT | 280-320 | 290-320 |
The EBITDA and EBT guidance include DKK 20m in transaction costs related to M&A activities.
The updated guidance includes contributions from the acquired businesses. Earnings guidance assumes stable margins and continued revenue growth throughout the fourth quarter.
Further details on the assumptions underlying the guidance are provided in the interim financial report.
Webcast
The Interim Report for Q3 2026 will be presented in English via webcast on 29 October 2026 at 13:00 CET.
The webcast and presentation can be accessed via the Investor Relations section of AO.dk. or through the link below.
https://ao.nexahub.io/events/interim-report-q3-2026
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
