Brødrene A & O Johansen (AOJ) Q1 2025 earnings summary

Executive summary

• Achieved record Q1 sales and activity, with revenue up 18.8% year-over-year and organic growth of 10.1%, adding over DKK 200 million to revenues compared to the same quarter last year.

• Both B2B and B2C segments delivered strong quarters; B2C revenue surged 60.4% with significant margin improvement, largely due to acquisitions.

• Integration of acquired businesses is progressing well, contributing positively to profitability.

• Guidance for 2025 remains unchanged, with expectations of continued growth and stable margins.

• Acquisition agreement for VVS-eksperten.dk to strengthen B2C presence from January 2026.

Financial highlights

• Q1 2025 revenue reached DKK 1,486.1 million, up from DKK 1,250.9 million in Q1 2024.

• Gross profit increased by 21.5% to DKK 355.4 million; gross margin rose to 23.9% from 23.4% year-over-year.

• EBITDA was DKK 94 million, up 37% year-over-year, with margin improving to 6.3% from 5.5%.

• EBIT improved to DKK 60.4 million from DKK 40.6 million; EBT rose to DKK 50.0 million from DKK 34.2 million.

• Net interest-bearing debt increased to DKK 1,339.8 million, mainly due to higher working capital and dividend payout; debt/EBITDA at 3.4x.

Outlook and guidance

• 2025 guidance unchanged: revenue of DKK 5.8–6.1 billion, EBITDA of DKK 410–450 million, EBT of DKK 235–275 million.

• Expected revenue growth of 7–12% for 2025, with market growth assumptions of 2–5%.

• EBITDA margin projected at 7.1%–7.4% for the full year.

• Guidance remains unchanged despite macroeconomic and geopolitical uncertainties.