Brødrene A & O Johansen (AOJ) Q2 2025 earnings summary

Executive summary

• Q2 2025 sales grew 15% year-over-year, with organic growth at 7.3%–7.5% and acquisitive growth at 7.7%, despite one less sales day.

• B2B and B2C segments both delivered strong results, with B2C revenues up 71.3% year-over-year, driven by 2024 acquisitions.

• Gross profit margin increased by 1.2 percentage points to 24.0%, and EBITDA rose 24% to DKK 93.2 million.

• AO Sweden posted 41% growth in H1 2025, with new stores in Stockholm exceeding forecasts and further expansion planned.

Financial highlights

• Highest-ever Q2 and H1 revenue recorded: Q2 2025 revenue DKK 1,496.7m, H1 2025 revenue DKK 2,982.8m.

• Q2 2025 EBITDA: DKK 93.2m (margin 6.2%); H1 2025 EBITDA: DKK 186.7m (margin 6.3%).

• Net interest-bearing debt at DKK 1.168 billion, with net debt/EBITDA at 2.9x.

• Cash flow from operations reached DKK 173 million in Q2 and DKK 42.1 million in H1 2025.

• Cost of doing business ratio increased to 17.8% from 17% due to higher costs in acquired companies.

Outlook and guidance

• 2025 sales growth guidance narrowed to 9.5%–12% (DKK 5,950–6,100m), up from 7%–12%.

• EBITDA guidance raised to DKK 420–450 million, with the lower end increased by DKK 10 million.

• EBT guidance for 2025 narrowed to DKK 245–275m.

• No material gross margin improvement assumed for 2025; higher earnings expected in H2 due to seasonal factors.

• Main risks: margin pressure, low basket sizes, increased logistics costs, and macro/geopolitical uncertainty.