Bang & Olufsen (BO) investor relations material

Executive summary

• Revenue reached DKK 530m, up 2.2% in local currencies; like-for-like sell-out grew 7%, with branded channels up 14%.

• Gross margin reached a record 59.4%, EBIT margin before special items improved to -4.3%, and free cash flow was DKK 6m.

• FY 2026/27 outlook was maintained; executive leadership changes and expansion in key markets supported continued strategic execution.

Financial highlights

• Revenue was DKK 530m, up 2.5% reported and 2.2% in local currencies; branded-channel revenue grew 9.9% in local currencies.

• Gross margin rose 0.7pp to 59.4%; product gross margin increased 0.4pp to 54.4%.

• EBIT before special items was DKK -23m, with margin improving 0.9pp to -4.3%; EBITDA before special items was DKK 42m, with an 8.0% margin.

• Free cash flow was DKK 6m versus DKK -135m a year earlier, a DKK 141m improvement and the third consecutive positive quarter.

• Special items were DKK 1m; capex was DKK 54m versus DKK 58m in Q1 last year.

Outlook and guidance

• FY 2026/27 revenue growth guidance remained 1%–5% reported and 1%–3% in local currencies; free cash flow guidance remained DKK 25m–100m.

• EBIT margin before special items guidance was 1%–3%; capex was expected at DKK 270m–310m, while capacity costs excluding special items were expected broadly flat year over year.