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Brødrene A & O Johansen
Brødrene A & O Johansen (AOJ) investor relations material
Brødrene A & O Johansen Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
FY 2025 revenue reached DKK 6.121 billion, up 12.7% year-over-year and slightly above guidance, with EBITDA at DKK 434 million and EBT at DKK 260 million, both within guided ranges.
Q4 sales hit a record high, up 8% year-over-year, with strong organic growth in both B2B and B2C segments.
Customer numbers and daily store visits reached all-time highs, and B2C sales surpassed DKK 1 billion for the first time.
Acquisitions in 2024 contributed 23% revenue growth and 85% earnings improvement over prior year.
Proposed dividend of DKK 3.75 per share, representing 52% of net result, continuing a five-year trend of 50%+ payout.
Financial highlights
Full-year organic growth was 8.4%, with an additional 4.3% from acquisitions.
Gross margin improved to 24.3% from 23.3% in 2024, driven by higher B2C margins and product mix.
EBITDA for FY 2025 was DKK 434 million (7.1% margin), up from DKK 366 million (6.7%) in 2024.
Net working capital rose to 7.6% of revenue from 7.1% last year, reflecting broader assortment and increased credit demand.
Net interest-bearing debt/EBITDA ended below 2.5x, down from 2.7x.
Outlook and guidance
2026 revenue guidance: DKK 6.4–6.6 billion, 4.6%–7.8% growth over 2025, with market growth of 1%–3% and additional growth from acquisitions and market share gains.
EBITDA guidance for 2026 is DKK 460–500 million (7.0%–7.8% margin), with EBT of DKK 260–300 million (3.9%–4.7% margin).
Margins expected to be slightly higher, but cost and salary inflation (3%) and additional investments will increase SG&A by 5%–6%.
Additional DKK 25 million in depreciation expected in 2026 due to higher investments and growth initiatives.
Q1 2026 activity lower than expected due to climate, but full-year guidance unchanged.
Working capital: plans to reduce 7.6% of revenue
Project segment growth strategy given margin pressure
Future scalability from current investment levels
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Next Brødrene A & O Johansen earnings date
Q1 20261 May, 2026
Brødrene A & O Johansen
Next Brødrene A & O Johansen earnings date
Q1 20261 May, 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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