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Brødrene A & O Johansen (AOJ) investor relations material
Brødrene A & O Johansen Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Q3 2025 revenue grew 10.5% year-over-year, with 8.8% organic and 1.7% acquisitive growth; B2C segment grew 14% organically and surpassed DKK 1 billion in annual sales.
Margins improved year-over-year, with B2C EBITDA margin at 11.5% and gross margin up 1.5 percentage points, adjusted for last year's property sale gain.
B2C now represents over 17% of group sales, with B2B and B2C segments both showing strong performance.
All employees completed ESG training, supporting sustainability and green transition priorities.
Project activities in Denmark and Sweden continue to face significant margin pressure due to intense competition.
Financial highlights
Q3 2025 revenue: DKK 1,465.2m (Q3 2024: DKK 1,326.1m); organic growth was 8.8%.
EBITDA for Q3 was DKK 98.2m; underlying EBITDA up 30% year-over-year after adjusting for one-off items.
Gross margin improved from 21.8% to 23.3% year-over-year, adjusted for property gain.
Net interest bank debt at DKK 1.2 billion, down from DKK 1.3 billion; net debt/EBITDA at 3.0, expected to reach 2–2.5x by end of 2025.
Cash flow from operations DKK 219m higher than prior year, driven by payment timing.
Outlook and guidance
2025 revenue guidance narrowed to DKK 6,000–6,100m, with expected growth of 10.5%–12.4%.
EBITDA guidance for 2025 set at DKK 420–440m; EBT expected at DKK 245–265m, both with the upper end lowered due to project margin pressure.
Q4 organic growth expected to be more modest due to a strong prior year and one less sales day.
Gross margin in Q4 expected to be about 1 percentage point higher year-over-year.
What is the strategy for B2B project margins?
How will B2C sustain >10% EBITDA margin?
What is the plan to improve operating cash flow?
Project segment competitive dynamics outlook
B2C growth strategy in Sweden and Norway
Future growth: new trades vs geographic expansion
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Next Brødrene A & O Johansen earnings date
Q4 202528 Feb, 2026
Next Brødrene A & O Johansen earnings date
Q4 202528 Feb, 2026
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Frequently asked questions
Brødrene A & O Johansen A/S sells and distributes technical installation materials and tools in Denmark, Sweden, and Norway. The company sells installation materials, such as heating systems, ventilation, cables and cable accessories, valves, pipes and pipe accessories, water meters, automation products for domestic appliances and industrial applications; heating solutions comprising commercial heat pumps for the pre-heat customers to supply the local supermarket chain with hot water for washing vegetables; industrial furnaces for civil engineering contractors; district heating solutions for hospitals; solar heating solutions for detached houses; municipal waste-to-energy plants; calculation tools for heat pump design and selection
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