Brødrene A & O Johansen (AOJ) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue grew 11.6% year-over-year, reaching DKK 1,671.0m, with strong contributions from both B2B and B2C segments and continued market share gains.

• Organic growth for the quarter was 10.6%, excluding VVS-Eksperten.dk.

• Major acquisitions: JMV Cables (DKK 125m annual revenue, completed August 2026) and Elektroimportøren (NOK 2bn sales, closing expected end of August 2026), expanding presence in Denmark, Norway, and Sweden.

• Investments in new shops, digitalization, and project activities are driving growth but increasing costs.

• Guidance for 2026 was revised upwards, reflecting strong organic performance and recent acquisitions.

Financial highlights

• Q2 2026 EBITDA reached DKK 112.7m, up 21% year-over-year; EBT was DKK 62.4m, up 18.6%.

• Gross margin improved to 24.6% from 24.0% last year; B2B margin up 0.4pp, B2C margin up 1.8pp to 33.1%.

• Cost of doing business ratio stable at 17.9% of revenue; DKK 10m in strategic investment costs in Q2.

• Cash flow from operations before working capital changes was DKK 114m, up 20%.

• Inventory increased by DKK 60m, mainly due to higher activity and precautionary stockpiling.

Outlook and guidance

• 2026 revenue guidance raised to DKK 6.6–6.75bn, including JMV Cables.

• EBITDA guidance: DKK 460–500m (including DKK 20m transaction/integration costs); EBT: DKK 260–300m.

• Guidance does not yet include Elektroimportøren impact; further update expected after acquisition closes.