Brødrene A & O Johansen (AOJ) Q4 2024 earnings summary

Executive summary

• Revenue for 2024 reached DKK 5,430 million, in line with guidance, with EBITDA at DKK 366 million and EBIT at DKK 210 million.

• Q4 marked record-high quarterly sales, surpassing DKK 1.5 billion for the first time, with organic growth in both B2B and B2C segments.

• Customer numbers in stores reached an all-time high, with daily averages up 10% year-over-year.

Financial highlights

• Q4 EBITDA was DKK 123 million (7.9% margin), up from DKK 95 million (7.0%) in Q4 last year.

• Q4 EBIT was DKK 80 million, up from DKK 58 million last year.

• Full-year organic revenue growth was 3% in H2, with acquisitions contributing an additional 4%.

• Salaries and external costs rose 9% (3% organic, 6% from acquisitions).

• Working capital at year-end was 7.1% of revenue, up from 5.6% last year.

• Net interest-bearing debt ended at DKK 993 million, with debt/EBITDA at 2.7x.

Outlook and guidance

• 2025 sales expected to grow 7–12%, driven by market growth, full-year impact from acquisitions, and market share gains.

• 2025 EBITDA guidance: DKK 410–450 million; EBIT: DKK 235–275 million.

• Margin pressure and macro/geopolitical risks are key uncertainties for 2025.

• Mid-guidance EBITDA for 2025 is DKK 430 million (7.2% margin), up DKK 64 million from 2024.