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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.
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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