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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
Bang & Olufsen
Bang & Olufsen (BO) investor relations material
Bang & Olufsen Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary14 Jan, 2026
Executive summary
CEO Kristian Teär stepped down, with CFO Nikolaj Wendelboe appointed Interim CEO; leadership transition did not alter strategic direction.
Q2 marked the 100-year anniversary, celebrated with global campaigns, new product launches (Beo Grace earpieces, Beosound Premiere soundbar), and a refreshed brand identity.
Strategic focus remains on operational excellence, product innovation, and retail network expansion.
Financial highlights
Q2 revenue was DKK 676m, down 1.2% in local currencies year-over-year; group revenue in local currencies declined by 1.2%.
Gross margin reached a record 57.9%, up 4.2pp year-over-year.
EBIT margin before special items was -5.3%, impacted by centennial campaign costs; adjusted EBIT margin before special items was around 0%.
Free cash flow was DKK -33m, reflecting ongoing investments and campaign costs.
Product gross margin (excluding Brand Partnering) was 54.4%, up 5.8pp year-over-year.
Outlook and guidance
FY 2025/26 revenue growth in local currencies expected at 1%–5% (narrowed from 1%–8%).
EBIT margin before special items guidance remains at -3% to +1%.
Free cash flow guidance narrowed to DKK -100m to -50m.
CAPEX expected at DKK 320–360m; capacity costs to rise by DKK 150m.
Quantify H2 revenue impact from new products
Drivers for record product gross margin sustainability
Path to positive EBIT margin post-centennial costs
Which operational areas need sharpened execution?
Gross margin drivers and sustainability outlook?
What drives sell-out vs. revenue divergence?
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Next Bang & Olufsen earnings date
Q3 202616 Apr, 2026
Bang & Olufsen
Next Bang & Olufsen earnings date
Q3 202616 Apr, 2026
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Frequently asked questions
Bang & Olufsen a/s designs, develops, and markets audio and video products. The company offers TVs, radios, radioscopes, loudspeakers, music systems, personal and automotive sound systems, high-end telephones, wall brackets for TV sets, stands for TVs and other products. It also provides high-end audio and video products for private homes; and services to Bang & Olufsen stereo products and televisions. The company was founded in 1925 and is based in Struer, Denmark with additional locations internationally.
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