Interim Financial Report for the Period 1 January - 30 June 2026
Company Announcement No. 17 - 2026
to Nasdaq Copenhagen
2026.08.17
Interim Report for the second quarter and first half of 2026
AO delivered strong revenue growth and improved earnings in the second quarter of 2026. Revenue increased by 11.6% to DKK 1,671m, while EBITDA increased by 20.9% to DKK 113m. The EBITDA margin improved to 6.7% from 6.2% in Q2 2025.
Market activity increased during the quarter, particularly in the B2B segment, and AO continued to gain market share. Organic revenue growth, excluding VVS-Eksperten.dk, was 10.6% in the second quarter. Revenue growth was higher than expected.
Both the B2B and B2C segments delivered strong growth in the quarter. B2B revenue increased by 10.9%, with growth picking up pace during the quarter, while margins improved slightly. The B2C segment delivered solid organic growth supplemented by the addition of VVS-Eksperten.dk.
For the first half of 2026, Group revenue increased by 9.1% to DKK 3,253m, while EBITDA increased by 13.4% to DKK 212m.
Based on the strong underlying performance, AO has raised its revenue guidance for 2026.
| Financial Highlights (DKKm) | Q2 2026 | Q2 2025 | H1 2026 | H1 2025 | ||
| Net Revenue | 1,671.0 | 1,496.7 | 3,253.0 | 2,982.8 | ||
| Gross Margin | 411.9 | 358.9 | 792.2 | 714.8 | ||
| EBITDA | 112.7 | 93.2 | 211.6 | 186.6 | ||
| EBT | 62.4 | 52.6 | 116.2 | 102.6 | ||
| Key ratios (%) | ||||||
| Revenue Growth Rate | 11.6 | 15.0 | 9.1 | 16.8 | ||
| Gross Margin | 24.6 | 24.0 | 24.4 | 24.0 | ||
| EBITDA Margin | 6.7 | 6.2 | 6.5 | 6.3 | ||
| EBT Margin | 3.6 | 3.5 | 3.7 | 3.4 |
Business development
B2B
The B2B segment delivered strong growth in the second quarter, with revenue increasing by 10.9% to DKK 1,382m. Activity picked up during the quarter and growth exceeded expectations.
Gross profit increased to DKK 316m from DKK 281m, corresponding to a gross margin of 22.9% compared with 22.5% in Q2 2025. EBITDA before indirect expenses increased to DKK 159m from DKK 138m.
B2B
The B2C segment continued its positive development, supported by solid organic growth and the addition of VVS-Eksperten.dk. Revenue increased by 15.4% to DKK 289m.
Gross profit increased to DKK 96m from DKK 78m, corresponding to a gross margin of 33.1% compared with 31.3% in Q2 2025. EBITDA before indirect expenses increased to DKK 30m from DKK 23m.
Acquisitions
During the quarter, AO received approval for the acquisition of JMV Cables, a Danish supplier of cable solutions for the construction, industry and infrastructure markets. JMV Cables has been included in the AO Group from 1 August 2026.
AO's offer for Elektroimportøren achieved more than 90% shareholder acceptance. The acquisition is expected to be completed by the end of August 2026. Revenue, earnings and financing costs related to Elektroimportøren are not included in the updated guidance and will be incorporated following completion of the transaction.
Guidance for 2026
Based on the strong underlying development in the first half of the year, revenue guidance for 2026 has been raised.
Revenue is now expected to be in the range of DKK 6,600–6,750m compared with the previous guidance of DKK 6,400–6,600m.
EBITDA guidance is maintained at DKK 460–500m and EBT guidance is maintained at DKK 260–300m. The updated EBITDA and EBT guidance include DKK 20m of transaction and integration costs related to acquisitions.
The updated guidance includes organic growth and JMV Cables. Revenue, earnings and financing costs related to Elektroimportøren are not included and will be incorporated in the guidance following completion of the acquisition.
Further details on the assumptions underlying the financial outlook are provided in the interim financial report.
Webcast
The Interim Report for the second quarter and first half of 2026 will be presented in English via webcast on 18 August 2026 at 13:00 CET.
The webcast and presentation can be accessed via the Investor Relations section of AO.dk. or through the link below.
https://ao.nexahub.io/events/offentliggrelse-af-delarsrapport-for-1-halvar-2026
For further information, please contact:
CEO Niels A. Johansen
CFO/Deputy CEO Per Toelstang
Brødrene A & O Johansen A/S
Rørvang 3
DK- 2620 Albertslund
Denmark
Tlf.: +45 70 28 00 00
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