Interim Financial
Report 2025
CVR no. 5 8 2 1 0 6 1 7
Company Announcement No. 7/2025
For the period
1 January – 30 June 2025
Contents
3 Highlights for the second quarter
and first half of 2025
4 AO Sweden expands geographically
5 Expectations for the year
6 Financial and operating data for the AO Group
7 Management’s review
10 B2B and B2C business development
12 Additional information
13 Management’s statement
14 Income statement and statement of
comprehensive income
15 Balance sheet
17 Cash flow statement
18 Statement of changes in equity
19 Notes
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Interim financial report for H1 2025
“
1,301.81,266.1 1,496.7
Q2 2024Q2 2023 Q2 2025
1.43
1.40
1.40
75.192.6 93.2
Q2 2024Q2 2023 Q2 2025
5.8%
7.3%
6.2%
Highlights for the second quarter
and first half of 2025
Revenue (DKKm)
EBITDA (DKKm)
EBITDA
Margin
Net revenue
Revenue per employee
· Revenue growth continued in the second quarter of
2025. The quarter was well in line with expectations
and saw a high level of activity in both the organic
and the acquired parts of the business.
· Revenue growth of 15.0% for the quarter with one
less sales day. Organic growth was 7.3% while
acquired companies contributed an additional 7.7%.
· EBITDA for the quarter improved compared to 2024
driven by gross margins and revenue growth.
· Positive effect on margins from segment mix and
acquisitions.
· Continued high level of activity within logistics
increases costs.
· The first half and second quarter saw solid results
from the B2B segment. Organic growth and stable
margins delivered a higher segment result.
· Solid growth combined with higher margins from
acquired businesses contributed to B2C having a
strong quarter and first half of 2025.
· In Sweden two new stores opened in Q2, one in
Västerås and another in Uppsala. In January 2026,
an additional store will be opened, bringing the total
number of stores in the Greater Stockholm area up to
four.
· Guidance from the 2024 annual report has been updated
in the sense that guidance ranges have been narrowed
towards the high end of the range. Revenue for 2025
is expected to be in the range of DKK 5,950 - 6,100m,
EBITDA is expected to range between DKK 420 - 450m
and EBT between DKK 245 - 275m.
The second quarter results confirmed the
trend we saw after Q1 and our expectations
for the year. Given the market conditions
which continue to be tough I am satisfied
with our performance”
Niels A. Johansen, CEO
Interim financial report for H1 2025
AO Sweden expands
geographically
AO Sweden is a wholesaler operating within the
water supply and drainage systems segment and has
covered the southern and western part of Sweden with
five stores. AO has a solid market share in a limited
geographical area of Sweden.
Geographical expansion
After entering the Stockholm area in 2024 focus has
been on using the new site as a foothold to expand in
the Greater Stockholm area. The stores in Västerås and
Uppsala opened in the second quarter of 2025, and a
third store is planned to open in Örebro in January 2026.
Göteborg
Borås
Kristianstad
Helsingborg
Malmö
Vallentuna
Örebro
Uppsala
Västerås
Map of our stores in Sweden:
198.0160.9153.9
47.1
12.6
5.0
1.9
18.318.420.2
H1 2025H1 2024H1 2023
H1 2025H1 2024H1 2023
* 2025 EBITDA is excluding start-up and integration costs
Revenue
in Sweden
(DKKm)
EBITDA
in Sweden
(DKKm)
Organic
Acquired
Organic
Acquired
AO Sweden has a solid share of the water supply and
drainage systems market in the southern and western part of
Sweden. After acquiring Svenska VA Grossisten, AO Sweden
has established a foothold in the Greater Stockholm area.
Market conditions
The Swedish market is characterised by a few
dominant competitors, and AO Sweden aims to
establish itself as a strong and viable alternative
in this competitive landscape.
Growth
First half of 2025 showed a satisfactory 41%
growth in AO Sweden with 20% being acquired
growth and 21% being organic/green field
growth. Typically, our green-field openings are
reaching break-even results within the first 12
months.
Existing stores
Planned store
Interim financial report for H1 2025
Expectations for the year
The Q2 development was well in line with expectations and
confirmed our assumptions regarding the 2025 guidance. Both the
B2B and the B2C segments showed revenue growth on organic
levels. Earning margins were positively affected by revenue growth
and improved gross margins. Guidance for 2025 is narrowed
towards the high end of the range.
Guidance range for
2025 is narrowed
Revenue
Revenue guidance as stated in the 2024 annual report
was DKKK 5,800 - 6,100m. Revenue guidance for 2025
is now narrowed to DKK 5,950 - 6,100m
Including impact from acquired companies revenue
growth for the year is expected to be 9-12%.
EBITDA and EBT
Full-year EBITDA guidance has been narrowed from DKK
410 - 450m to DKK 420 - 450m.
Full-year EBT guidance has been narrowed from DKK
235 - 275m to DKK 245 - 275m.
Albertslund, 14 August 2025
Niels A. Johansen Per Toelstang
CEO CFO/Deputy CEO
Original guidance from
2024 annual report Updated guidance
Revenue (DKKm) Revenue (DKKm)
5,800 6,100 5,950 6,100
EBITDA (DKKm) EBITDA (DKKm)
410 450 420 450
EBT (DKKm) EBT (DKKm)
235 275 245 275
AO is sourcing 99% of its goods from within Europe and from Asia, and has no sales outside
of Europe. Currently, there are no signs of geopolitical tension in the sales numbers or order
pipeline at AO. The potential indirect implications of the US tariff policy are difficult to evaluate
for now. Ascenario of rising inflation and increased uncertainty may lead to a lower appetite for
investing, which is likely to have an adverse effect on demand and thereby sales.
Interim financial report for H1 2025
Financial and operating data for the AO Group
DKK millions
H1
2025
H1
2024
Q2
2025
Q2
2024
Full Year
2024
Key figures
Consolidated revenue 2,982.8 2,552.8 1,496.7 1,301.8 5,429.3
Gross margin 714.8 589.2 358.9 296.3 1,266.3
Earnings before interest, taxes, depreciation
and amortisation (EBITDA) 186.7 143.3 93.2 75.1 366.0
Profit or loss before financial income and expenses (EBIT) 119.5 86.3 59.1 45.6 246.1
Financial income and expenses, net (16.9) (14.4) (6.5) (8.0) (36.0)
Profit or loss before tax (EBT) 102.6 71.9 52.6 37.7 210.1
Tax on profit or loss for the period (22.8) (16.0) (12.8) (8.6) (46.7)
Net profit or loss for the period 79.8 55.9 39.8 29.1 163.4
Non-current assets 2,302.9 1,948.8 2,302.9 1,948.8 2,231.1
Current assets 1,729.3 1,505.6 1,729.3 1,505.6 1,556.3
Total assets 4,032.1 3,454.4 4,032.1 3,454.4 3,787.4
Share capital 28.0 28.0 28.0 28.0 28.0
Equity 1,539.9 1,427.5 1,539.9 1,427.5 1,536.3
Non-current liabilities 873.4 555.2 873.4 555.2 831.6
Current liabilities 1,618.8 1,471.6 1,618.8 1,471.6 1,419.5
Net interest bearing debt 1,167. 9 800.5 1,167. 9 800.5 992.6
Cash flow from operating activities 42.1 14.1 241.3 68.0 199.2
Cash flow from investing activities (73.8) (173.1) (46.1) (121.7) (465.4)
Of which investments in property, plant and
equipment, net (48.1) (67.7 ) (32.8) (19.8) (116.2)
Cash flow from financing activities 34.0 105.4 (178.5) 44.9 232.1
Cash flow for the period 2.4 (53.6) 16.8 (8.8) (34.1)
H1
2025
H1
2024
Q2
2025
Q2
2024
Full Year
2024
Financial ratios*
Organic growth adjusted for acquired companies 8.6% (4.9%) 7.3 % 1.8% -1.0%
Gross profit margin 24.0% 23.1% 24.0% 22.8% 23.3%
EBITDA margin 6.3% 5.6% 6.2% 5.8% 6.7%
EBIT margin 4.0% 3.4% 4.0% 3.5% 4.5%
Return on capital employed** 3.1% 2.6% 1.5% 1.4% 7.0 %
Return on equity** 5.2% 3.8% 2.6% 2.2% 10.9%
Net gearing 2.9 2.4 2.9 2.4 2.7
Solvency ratio 38.2% 41.3% 38.2% 41.3% 40.6%
Book value 55.0 51.0 55.0 51.0 54.9
Share price at the end of the period 88.5 77.7 88.5 77.7 78.6
Earnings per share (EPS Basic), DKK*** 2.9 2.1 1.5 1.1 6.0
Diluted earnings per share (EPS-D), DKK*** 2.9 2.1 1.5 1.1 6.0
Average number of employees 994 836 1,000 846 899
Average number of employees, incl. external
temporary workers 1,059 905 1,067 913 981
* Other financial ratios have been calculated in accordance with CFA Society Denmark’s "Recommendations and Financial Ratios".
** Not translated into full-year figures.
*** Basic EPS and diluted EPS have been calculated in accordance with IAS 33.
Interim financial report for H1 2025
Management’s review
Q2
Revenue
Organic revenue development was +7.3%, and total
revenue was DKK 1,496.7m (DKK 1,302m).
Total revenue growth in the quarter of 15.0% was
satisfactory and in line with expectations. Growth in the
B2B segment was 7.8%, and in the B2C segment it was
71.3%.
Gross profit
Gross profit ended at DKK 358.9m (DKK 296m).
Continued focus on margins have kept B2B margins
stable while margins in the B2C segment have increased
driven by acquisitions. Basket sizes have been kept
stable compared to last year.
External costs and staff costs
In total, external operating costs and staff costs were
DKK 265.7m or 17.8% of revenue (DKK 221m/17.0%).
Development is driven by activity level as well as salary
and cost inflation. Adjusted for the effect of acquired
companies, external costs and staff costs made up DKK
243.4m.
The number of FTEs was 1,000 in Q2 2025 compared to
846 in Q2 2024.
Second quarter revenue and
earnings were well in line with
expectations. Organic sales
showed 7.3% growth in the
quarter with one less sales
day. Acquired companies
contributed with additional
7.7 percentage points to
the second quarter growth,
making the total growth for
the period 15.0%.
Q2 development (DKKm)
Q2
2024
Organic
growth
Acqisition
effect
Q2
2025
Revenue 1,301.8 94.6 100.3 1,496.7
Gross profit 296.3 27.5 35.1 358.9
EBITDA 75.1 5.2 12.9 93.2
H1 development (DKKm)
H1
2024
Organic
growth
Acqisition
effect
H1
2025
Revenue 2,552.8 220.5 209.5 2,982.8
Gross profit 589.2 52.8 72.8 714.8
EBITDA 143.3 16.7 26.7 186.7
Interim financial report for H1 2025
Q2 continued
EBITDA
EBITDA ended at DKK 93.2m (DKK 75m), corresponding
to an EBITDA margin of 6.2% (5.8%)
Net financials
Net financials amounted to DKK -6.5m (DKK -8m).
Earnings before tax (EBT)
EBT ended at DKK 56.2m (DKK 38m).
Income tax
Income tax amounted to DKK -12.8m (DKK -9m).
Earnings after tax (EAT)
EAT ended at DKK 39.8m (DKK 29m).
H1
Revenue
As expected, revenue increased by 16.8% to DKK
2,982.8m (DKK 2,553m) in the first half of 2025.
Revenue growth has confirmed expectations for 2025.
Gross profit
Gross profit ended at DKK 714.8m (DKK 589m) corre-
sponding to a gross profit margin of 24.0% (23.1%).
External expenses and staff costs
In total, external operating costs and staff costs made
up 17.7% of revenue (17.5%). Cost of doing business
is still under pressure from cost inflation as well as
increased administrative burdens increasing adminis-
trative FTEs.
FTEs for the first half of 2025 were 994 (836).
EBITDA
EBITDA ended at DKK 186.7m (DKK 143m) corre-
sponding to an EBITDA margin of 6.3% (5.6%).
Financials
Net financials amounted to DKK -16.9m (-14m). Interest
rates have been reduced resulting in unchanged net
financials despite higher average debt level following
investments.
Interim financial report for H1 2025
NIBD
Jun 30
NIBD
Apr 1
Leasing Dividend
payment
Invest-
ments
Trade
and
other
payables
Other Inven-
tories
Re-
ceivables
EBITDA
-1,168
-1,340
93
-46
-8
-16
-8
208
-45
-7
Development in net debt (DKKm)
Earnings before tax (EBT)
EBT ended at DKK 102.6m (DKK 72m).
Income tax
Income tax amounted to DKK -22.8m (DKK -16m).
Earnings after tax (EAT)
EAT ended at DKK 79.8m (DKK 56m).
Equity
Equity end of June 2025 amounted to DKK 1,539.9m
(DKK 1,428m). Thus, the solvency ratio at period-end
was 38.2% (41.3%). The decrease in sovency is driven
by payout of dividends as well as the M&A activites in
2024.
Cash flows
Net working capital at the end of the period was 9.1%
(7.6%) of LTM revenue.
Cash flow from operating activities totalled DKK 42.1m
(DKK 14m).
Change in receivables was DKK -123.8m (DKK -89m)
mainly driven by activity level towards the end of the
period.
Change in inventories contributed with DKK -50.6m
(DKK -2m). Inventory levels have been built up towards
the end of the period preparing for Q3 sales.
Change in payables contributed with DKK 65.7m (DKK
10m).
Cash flow from investing activities totalled DKK -73.8m
(DKK -173m).
Cash flow from financing activities was DKK 34.0m (DKK
105m) reflecting dividend payouts as well as increased
level of interest bearing debt after acquisitions.
Net interest bearing debt amounted to DKK 1,167.9m
(DKK 801m) at period-end. Financial gearing was 2.9
times EBITDA (2.4 times). Gearing is expected to be
approximately 2.5 at year end.
Interim financial report for H1 2025
B2B and B2C business development
B2B business development
AO's B2B segment services the professional tradesmen as well
as large construction companies out of 54 stores in Denmark
and eight stores in Sweden. Roughly 70% of the B2B revenue
originates from repair and maintenance and 30% from projects.
As a true omni-channel business almost half of the B2B sales are
digital sales. The B2B business saw healthy growth as the second
quarter continued the first quarter trend.
Revenue
Segment revenue was DKK 1,246.6m (DKK 1,156m) for
the quarter with 7.2% organic growth. The develop-
ment was in line with expectations. Revenue growth is
expected throughout 2025 but at a lower level in the
second half of the year due to stronger comparison
figures as well as effect of M&A activities only affecting
the first half of 2025.
Gross profit
Gross profit of DKK 280.7m (DKK 257m) corresponds to
a gross margin of 22.5% (22.2%). Margins continue to
be impacted by price pressure, but margin improvement
initiatives are taking effect.
Direct expenses
Direct expenses were DKK 143.0m (DKK 128m). During
2024 and the first half of 2025 new hires were made in
the B2B segment to allow for future growth.
EBITDA
Segment EBITDA ended at DKK 137.7m (DKK 130m).
Distribution of B2B sales channels LTM
DKK millions Q2 2025 Q2 2024
Revenue 1,246.6 1,155.9
Cost of goods sold (919.5) (855.0)
Product margin 327.1 300.9
Distribution (46.4) (43.8)
Gross profit 280.7 257.1
Direct expenses (143.0) (127.5)
EBITDA before indirect expenses 137.7 129.6
Key figures
Gross margin % 22.5% 22.2%
EBITDA % 11.0% 11.2%
Physical
54%
Digital
46%
Interim financial report for H1 2025
DKK
B2C business development
AO is the market leader within online home improvement DIY
sales in Denmark. More than 20 webshops operating on shared
back-end platforms are servicing sales across Scandinavia.
The B2C segment is on a growth trendline that started in 2023.
Increased scale of the B2C business increases the earnings
margins.
Revenue
Segment revenue was DKK 250.1m (DKK 146m) for the
period. Reported growth in the segment was 71.3%
with 7.5% being organic growth. The segment showed
organic growth for the seventh consecutive quarter.
Gross profit
Gross profit of DKK 78.2m (DKK 39m) corresponds to a
gross profit margin of 31.3% (26.8%). The gross margin
in the B2C segment was 4.5 percentage points higher
compared to Q2 2024. The acquired businesses bring a
higher gross profit margin.
Direct expenses
The expense level follows the activity level in the B2C
segment. Significant M&A impact on direct expenses
as acquired businesses bring higher gross profit margin
but also higher cost margin.
EBITDA
Segment EBITDA ended at DKK 22.8m (DKK 10m).
Segment EBITDA margin should reach at least 10% over
time which is to be achieved through growing the top
line and improving the scale of the business.
DKK millions Q2 2025 Q2 2024
Revenue 250.1 146.0
Cost of goods sold (155.2) (96.3)
Product margin 94.9 49.7
Distribution (16.7) (10.5)
Gross profit 78.2 39.2
Direct expenses (55.4) (29.3)
EBITDA before indirect expenses 22.8 9.9
Key figures
Gross margin % 31.3% 26.8%
EBITDA % 9.1% 6.8%
B2C revenue per quarter*
Revenue Revenue trend
* Growth is measured by comparing the quarter to the same quarter last year.
Interim financial report for H1 2025
Additional information
Financial calendar
29 October 2025 Interim Financial Report for the period 1 January - 30 September 2025
Company announcements in 2025
2025-02-27 No. 1 Annual Report 2024
2025-02-27 No. 2 Notice of Annual General Meeting 2025
2025-03-21 No. 3 Annual General Meeting 2025
2025-03-26 No. 4 Introduction of share-based incentive programme
2025-04-30 No. 5 Interim financial report for the period 1 January - 31 March 2025
2025-05-01 no. 6 Notification of transactions of persons discharging managerial
responsibilities
Investor contacts
CEO Niels A. Johansen
CFO, Deputy CEO Per Toelstang
Head of IR Nicolaj Harmundal Petersen
IR@AO.dk
Brødrene A & O Johansen A/S
Rørvang 3, DK-2620 Albertslund, Denmark
CVR no. 58 21 06 17
Forward-looking
statements
This interim report contains statements relating to the
future, including statements regarding AO's future
operating results, financial position, cash flows,
business strategy and future targets. Such statements
are based on Management’s reasonable expectations
and forecasts at the time of release of this report.
Forward-looking statements are subject to risks and
uncertainties and a number of other factors, many of
which are beyond AO’s control. This may have the effect
that actual results may differ significantly from the
expectations expressed in the report. Without being
exhaustive, such factors include general economic and
commercial factors, including market and competitive
conditions, supplier issues and financial and regulatory
issues, potential impacts from implementation of tariffs
and IT failures.
Interim financial report for H1 2025
Management’s statement
Executive Board
Board of Directors
Interim financial report for H1 2025
Income statement and statement of
comprehensive income
DKK millions Note
H1
2025
H1
2024
Q2
2025
Q2
2024
Full Year
2024
Revenue 3 2,982.8 2,552.8 1,496.7 1,301.9 5,429.3
Cost of sales (2,140.8 ) (1,858.9 ) (1,075.1 ) (952.2 ) (3,945.6 )
Distribution costs (128.0 ) (106.0 ) (63.1 ) (54.3 ) (233.8 )
Gross profit 713.9 587.8 358.5 295.4 1,249.9
Other operating income 0.8 1.4 0.4 0.9 16.4
Gross margin 714.8 589.2 358.9 296.3 1,266.3
External expenses (194.6 ) (157.6 ) (98.4 ) (75.3 ) (331.1 )
Staff costs (333.5 ) (288.3 ) (167.3 ) (145.5 ) (569.2 )
Earnings before interest, taxes, depreciation
and amortisation (EBITDA) 186.7 143.3 93.2 75.1 366.0
Depreciation and amortisation (67.2 ) (57.0 ) (34.1 ) (29.5 ) (119.9 )
Operating profit or loss (EBIT) 119.5 86.3 59.1 45.6 246.1
Financial income 3.5 5.8 3.5 3.1 12.3
Financial expenses (20.4 ) (20.2 ) (10.0 ) (11.0 ) (48.3 )
Profit or loss before tax (EBT) 102.6 71.9 52.6 37.7 210.1
Tax on profit or loss for the period (22.8 ) (16.0 ) (12.8 ) (8.6 ) (46.7 )
Net profit or loss for the period 79.8 55.9 39.8 29.1 163.4
DKK millions Note
H1
2025
H1
2024
Q2
2025
Q2
2024
Full Year
2024
Other comprehensive income
Items reclassified to the income statement
Foreign currency translation adjustment relating
to foreign entities 3.2 (3.5 ) (5.5 ) (2.5 ) (4.1 )
Tax on other comprehensive income -
Other comprehensive income after tax 3.2 (3.5 ) (5.5 ) (2.5 ) (4.1 )
Total comprehensive income 83.0 52.4 34.3 26.6 159.4
Earnings per share
Earnings per share (EPS) 2.9 2.1 1.5 1.1 6.0
Diluted earnings per share (EPS-D) 2.9 2.1 1.5 1.1 6.0
Interim financial report for H1 2025
Balance sheet
Assets
DKK millions Note
30 June
2025
30 June
2024
31 Dec
2024
Non-current assets
Intangible assets
Goodwill 4 759.1 608.4 757.5
Intellectual property rights 62.2 42.9 63.9
Software 117.8 86.3 106.6
Property, plant and equipment
Land and buildings 975.8 873.7 941.9
Leasehold improvements 14.5 14.8 15.2
Fixtures and operating equipment 243.7 227.3 254.7
Right-of-use assets 129.5 95.2 91.1
Other non-current assets
Other investments 0.2 0.2 0.2
Total non-current assets 2,302.9 1,948.8 2,231.1
DKK millions Note
30 June
2025
30 June
2024
31 Dec
2024
Current assets
Inventories 5 865.1 767.6 814.5
Trade receivables 6 735.1 641.3 608.2
Joint tax contribution 12.5 11.9 16.4
Other receivables 23.7 16.0 36.5
Prepayments and accrued income 35.1 32.9 25.3
Cash and short-term deposits 57.8 35.9 55.4
Total current assets 1,729.3 1,505.6 1,556.3
Total assets 4,032.1 3,454.4 3,787.4
Interim financial report for H1 2025
Balance sheet
Equity and liabilities
DKK millions Note
30 June
2025
30 June
2024
31 Dec
2024
Equity
Share capital 28.0 28.0 28.0
Reserve for foreign currency translation adjustments (8.5 ) (11.1 ) (11.7 )
Retained earnings 1,520.4 1,410.7 1,436.0
Proposed dividend for the financial year - - 84.0
Total equity 1,539.9 1,427.6 1,536.3
Non-current liabilities
Deferred tax 83.2 70.3 83.2
Credit institutions 660.8 408.4 643.6
Lease liabilities 119.3 66.9 93.7
Other non-current liabilities 10.1 9.6 11.1
Total non-current liabilities 873.4 555.2 831.6
DKK millions Note
30 June
2025
30 June
2024
31 Dec
2024
Current liabilities
Credit institutions 402.5 329.2 278.9
Lease liabilities 43.2 31.9 31.8
Trade payables 1,069.7 1,019.8 1,036.8
Corporation tax 3.3 5.0 8.2
Joint taxation contribution payable - -
Other payables 99.6 85.2 63.3
Provisions for liabilities 0.5 0.5 0.5
Total current liabilities 1,618.8 1,471.6 1,419.5
Total liabilities 2,492.2 2,026.8 2,251.1
Total equity and liabilities 4,032.1 3,454.4 3,787.4
Interim financial report for H1 2025
Cash flow statement
DKK millions Note
H1
2025
H1
2024
Q2
2025
Q2
2024
Full Year
2024
Operating profit or loss for the period 119.5 86.3 59.1 45.6 246.1
Depreciation and amortisation 67.2 57.0 34.1 29.5 119.9
Other non-cash operating items, net 2.0 1.8 1.1 0.9 3.5
Cash flow from operations before change in
working capital 188.7 145.1 94.2 76.0 369.5
Change in inventories (50.6 ) (1.7 ) (44.6 ) (9.7 ) (2.4 )
Change in receivables (123.8 ) (89.3 ) (6.6 ) (5.8 ) (65.0 )
Change in trade and other payables 65.7 10.4 207.7 32.3 (11.7 )
Total change in working capital (108.7 ) (80.6 ) 156.5 16.8 (79.1 )
Cash flow from operations 79.9 64.5 250.7 92.8 290.4
Net financials paid (16.9 ) (14.4 ) (5.3 ) (7.9 ) (36.0 )
Corporation tax paid (20.9 ) (36.0 ) (4.1 ) (16.8 ) (55.2 )
Cash flow from operating activities 42.1 14.1 241.3 68.1 199.2
DKK millions Note
H1
2025
H1
2024
Q2
2025
Q2
2024
Full Year
2024
Purchase of intangible assets (25.7 ) (14.1 ) (13.3 ) (10.7 ) (44.1 )
Purchase of property, plant and equipment, net (48.1 ) (67.7 ) (32.8 ) (19.8 ) (116.2 )
Acquisitions - (91.2 ) - (91.2 ) (305.1 )
Cash flow from investing activities (73.8 ) (173.0 ) (46.1 ) (121.7 ) (465.4 )
Change in debt to credit institutions 139.4 227.6 (150.1 ) 74.1 16.0
Raising of loans from credit institutions - - 359.7
Repayment of lease liabilities (23.8 ) (20.3 ) (12.3 ) (11.0 ) (41.7 )
Dividends paid (81.5 ) (101.9 ) (16.0 ) (18.2 ) (101.9 )
Cash flow from financing activities 34.0 105.4 (178.5 ) 44.9 232.1
Cash flow for the period 2.4 (53.6 ) 16.8 (8.8 ) (34.1 )
Cash and short-term deposits at beginning of period 55.4 89.5 41.0 44.7 89.5
Cash and short-terms deposits at end of period 57.8 35.9 57.8 35.9 55.4
Interim financial report for H1 2025
Statement of changes in equity
DKK millions
Share
capital
Foreign
currency
translation
adjustment
Proposed
dividend
for the
financial
year
Retained
earnings Total equity
Equity at 1 January 2025 28.0 (11.7 ) 84.0 1,436.0 1,536.3
Net profit for the period - - - 79.8 79.8
Foreign currency translation adjustment - 3.2 - - 3.2
Total comprehensive income - 3.2 - 79.8 83.0
Dividend distribution - - (81.5 ) - (81.5 )
Dividend, treasury shares - - (2.5 ) 2.5 -
Share-based remuneration - - . 2.1 2.1
Total transactions with owners - - (84.0 ) 4.6 (79.4 )
Equity at 30 June 2025 28.0 (8.5 ) - 1,520.4 1,539.9
Equity at 1 January 2024 28.0 (7.6 ) 105.0 1,349.9 1,475.3
Net profit for the period - - - 55.9 55.9
Foreign currency translation adjustment - (3.5 ) - - (3.5 )
Total comprehensive income - (3.5 ) - 55.9 52.4
Dividend distribution - - (101.9 ) - (101.9 )
Dividend, treasury shares - - (3.1 ) 3.1 -
Share-based remuneration - - - 1.8 1.8
Total transactions with owners - - (105.0 ) 4.9 (100.1 )
Equity at 30 June 2024 28.0 (11.1 ) - 1,410.7 1,427.6
DKK millions
Share
capital
Foreign
currency
translation
adjustment
Proposed
dividend
for the
financial
year
Retained
earnings Total equity
Equity at 1 January 2024 28.0 (7.6 ) 105.0 1,349.9 1,475.3
Net profit for the year - - 84.0 79.4 163.4
Foreign currency translation adjustment - (4.1 ) - - (4.1 )
Total comprehensive income - (4.1 ) 84.0 79.4 159.4
Dividend distribution - - (101.9 ) - (101.9 )
Dividend, treasury shares - - (3.1 ) 3.1 -
Sharebased remuneration - - - 3.5 3.5
Total transactions with owners - - (105.0 ) 6.6 (98.4 )
Equity at 31 December 2024 28.0 (11.7 ) 84.0 1,436.0 1,536.3
Interim financial report for H1 2025
Notes
1.0 Accounting policies
The interim financial report has been prepared in accord-
ance with IAS 34 "Interim Financial Reporting" as adopted
by the EU and additional disclosure requirements in the
Danish Financial Statements Act.
The accounting policies are unchanged from the accounting
policies applied in the consolidated and parent company
financial statements for 2024, to which reference is made.
The consolidated and parent company financial statements
for 2024 contain a full description of the accounting poli-
cies.
2.0 Accounting estimates and judgements
Estimation uncertainty
In preparing these interim financial statements, manage-
ment has made accounting estimates and assumptions
which affect the application of accounting policies and
recognised assets, liabilities, income and expenses. Actual
results may deviate from these estimates.
The most significant judgements made by management
in applying the Group’s accounting policies and the key
sources of estimation uncertainty are the same as those
that applied to the consolidated financial statements
and parent company financial statements for 2024. For a
more detailed description of the estimation uncertainty,
reference is made to the consolidated and parent company
financial statements for 2024.
3.0 Segment information
The Group operates primarily in Denmark, and no single
foreign country accounted for more than 10% of the Group's
total revenue. This was also the case in the first six months
of 2024.
The Group has not traded with any individual customer
representing more than 10% of the Group’s total revenue.
This was also the case in the first six months of 2024.
The Group has activities within the B2B segment and the
B2C segment. The two segments share the same chief oper-
ating decision maker but are identified as separate oper-
ating segments in the internal management reporting.
Interim financial report for H1 2025
Notes
Segment information Q2 2025
DKK millions B2B B2C Total
Revenue 1,246.6 250.1 1,496.7
Cost of goods sold (919.5) (155.2) (1,074.7)
Product margin 327.1 94.9 422.0
Distribution (46.4) (16.7) (63.1)
Gross margin 280.7 78.2 358.9
Direct expenses (143.0) (55.4) (198.4)
EBITDA before indirect expenses 137.7 22.8 160.5
Indirect expenses (67. 3)
EBITDA 93.2
Key figures
Gross margin % 22.5% 31.3% 24.0%
EBITDA (before indirect expenses) % 11.0% 9.1% 10.7%
EBITDA % 6.2%
Segment information Q2 2024
DKK millions B2B B2C Total
Revenue 1,155.9 146.0 1,301.9
Cost of goods sold (855.0) (96.3) (951.3)
Product margin 300.9 49.7 350.6
Distribution (43.8) (10.5) (54.3)
Gross margin 257.1 39.2 296.3
Direct expenses (127.5) (29.3) (156.8)
EBITDA before indirect expenses 129.6 9.9 139.5
Indirect expenses (64.4)
EBITDA 75.1
Key figures
Gross margin % 22.2% 26.8% 22.8%
EBITDA (before indirect expenses) % 11.2% 6.8% 10.7%
EBITDA % 5.8%
Interim financial report for H1 2025
Notes
Segment information H1 2025
DKK millions B2B B2C Total
Revenue 2 ,4 87.4 495.4 2,982.8
Cost of goods sold (1,832.9) ( 307.1) (2,140.0)
Product margin 654.5 188.3 842.8
Distribution (94.5) (33.5) (128.0)
Gross margin 560.0 154.8 714.8
Direct expenses (282.0) (110.8) (392.8)
EBITDA before indirect expenses 278.0 44.0 322.0
Indirect expenses (135.3)
EBITDA 186.7
Key figures
Gross margin % 22.5% 31.2% 24.0%
EBITDA (before indirect expenses) % 11.2% 8.9% 10.8%
EBITDA % 6.3%
Segment information H1 2024
DKK millions B2B B2C Total
Revenue 2,253.9 298.9 2,552.8
Cost of goods sold (1,662.8) (194.8) (1,857. 6)
Product margin 591.1 104.1 695.2
Distribution (83.8) (22.2) (106.0)
Gross margin 507.3 81.9 589.2
Direct expenses (255.4) (63.1) (318.5)
EBITDA before indirect expenses 251.9 18.8 270.7
Indirect expenses (127. 4)
EBITDA 143.3
Key figures
Gross margin % 22.5% 27. 4% 23.1%
EBITDA (before indirect expenses) % 11.2% 6.3% 10.6%
EBITDA % 5.6%
Interim financial report for H1 2025
Notes
4.0 Goodwill and intangible assets
The annual impairment test of intangible assets, including
goodwill and intellectual property rights, is performed at
31 December 2025, after the completion of budgets and
strategy plans for the coming period.
At 30 June 2025, management is of the opinion that there
has been no indication of impairment of the carrying
amount of goodwill and intellectual property rights, and
therefore no impairment test of goodwill and intellectual
property rights has been performed at 30 June 2025. For a
more detailed description, reference is made to the consoli-
dated and parent company financial statements for 2024.
5.0 Inventories
No unusual inventory write-downs or reversals of inventory
write-downs have been recorded in the period.
6.0 Trade receivables
An estimate is used to assess the recoverability of receiv-
ables according to the same principles as applied in the
financial statements for 2024.
Interim financial report for H1 2025
Brødrene A & O Johansen A/S
Rørvang 3, DK-2620 Albertslund, Denmark
CVR no. 58 21 06 17