Brødrene A & O Johansen (AOJ) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 22.9% YoY to DKK 1,800.4m, including 12.5% organic growth; growth exceeded expectations.

• Q3 EBITDA increased to DKK 125.7m; EBT was DKK 57.2m, up 10.2% reported and ~45% excluding transaction costs.

• Acquisitions contributed to growth, and FY 2026 revenue, EBITDA and EBT guidance increased.

Financial highlights

• Q3 reported revenue was DKK 1,800.4m versus DKK 1,465.2m; gross profit was DKK 444.8m versus DKK 341.3m.

• Gross margin rose to 24.7% from 23.3%; supplier price increases contributed ~0.2 percentage points, or DKK 3.5m, as a one-off gain.

• Q3 EBITDA was DKK 125.7m versus DKK 98.2m; EBIT was DKK 72.7m versus DKK 61.1m, and EBT was DKK 57.2m versus DKK 51.9m.

• Q1–Q3 revenue was DKK 5,053.4m, up 13.6%, with 9.5% organic growth; EBITDA was DKK 337.3m versus DKK 284.9m.

• Operating costs included ~DKK 10m for investments, growth initiatives, technology and added logistics night shifts.

Outlook and guidance

• FY 2026 revenue guidance increased to DKK 7,250–7,400m from DKK 7,100–7,300m; expected growth is 18.0%–21.3%.

• EBITDA guidance rose to DKK 550–580m from DKK 530–570m; guidance margin is 7.6%–7.9%.

• EBT guidance increased to DKK 290–320m from DKK 280–320m; EBITDA and EBT guidance include DKK 20m of M&A transaction costs.

• Guidance assumes Q4 organic revenue growth of 5%–14%, stable margins and continued revenue growth.

• Financial gearing is expected below 3.0x by end-2027; Namron products are expected in Denmark in H2 2027.