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Bang & Olufsen (BO) investor relations material

Bang & Olufsen Q1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q1 2026 earnings summary9 Oct, 2025

Executive summary

  • Achieved record-high gross margin of 58.7% in Q1 2025/26, up from 55.2% year-over-year, despite a 4% revenue decline in local currencies due to monobrand partners reducing inventories.

  • Company-owned stores and e-commerce posted double-digit growth, while like-for-like sell-out grew 1% overall and 16% in key win cities.

  • Strategic investments continued in retail excellence, marketing, and product development, including the launch of Beo Grace earpieces for the 100th anniversary.

  • Strategic execution included new store openings, upgrades, and expansion in key cities, such as the U.S. West Coast, Paris, and Harrods in London.

  • Free cash flow and EBIT margin were impacted by ongoing investments and seasonality.

Financial highlights

  • Q1 revenue was DKK 517m, down 4% in local currencies compared to last year.

  • Gross margin reached a record 58.7%, up from 55.2% year-over-year.

  • EBIT margin before special items was -5.2%, down from -3.1% last year.

  • Free cash flow was DKK -135m, reflecting investments and seasonality.

  • Net available liquidity at DKK 198m at quarter-end.

Outlook and guidance

  • Full-year 2025/26 outlook maintained: revenue growth in local currencies expected at 1% to 8%.

  • EBIT margin before special items forecasted at -3% to +1%.

  • Free cash flow guidance set between DKK -100m and 0.

  • Growth initiatives include new store openings, product launches, and continued investment in retail and marketing.

  • CAPEX expected at DKK 320-360m; capacity costs to rise by DKK 150m.

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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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