Interim Report for Q1 2025

Company Announcement No. 5 - 2025
to Nasdaq Copenhagen

2025.04.30

Interim Report for Q1 2025

In the first quarter of 2025, AO achieved revenue of DKK 1,486.1 million, EBITDA of DKK 93.5 million, and EBT of DKK 50.0 million. The results were in line with expectations, and the 2025 guidance remains unchanged.

Overall market activity was higher than last year, contributing to organic growth in both segments, in addition to growth from acquisitions.

Financial highlights (DKKm)			Q1 2025	Q1 2024
Net revenue			1,486.1	1,250.9
Gross margin			355.8	292.9
EBITDA			93.5	68.2
EBT			50.0	34.2
Key ratios (%)
Revenue growth rate			18.8	(10.9)
Gross margin			23.9	23.4
EBITDA margin			6.3	5.5
EBT margin			3.3	2.7

Revenue

AO delivered satisfactory growth in the B2B segment, with project sales benefiting from higher activity levels compared to Q1 2024. The B2C segment also continued its positive trajectory, recording significant growth, particularly through acquisitions. Q1 revenue totalled DKK 1,486.1 million.

EBITDA

EBITDA amounted to DKK 93.5m, equivalent to an EBITDA margin of 6.3%.

EBT

EBT amounted to DKK 50.0m, corresponding to a margin of 3.3%.

Guidance for 2025

The guidance for 2025 remains unchanged.
Revenue is expected to be in the range of DKK 5,800–6,100 million.
EBITDA is expected to range between DKK 410–450 million.
Profit before tax (EBT) is expected to be between DKK 235–275 million.
This guidance is based on the financial outlook assumptions detailed in the annual report.

Webcast

The Interim Report for Q1 2025 will be presented in English via webcast on May 1, 2025, at 13:00 CET. It is possible to participate in the webcast from the Investor Relations page on AO.dk or from the link below:

https://ao.eventcdn.net/events/interim-report-q1-2025

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

Attachment

• AO_Q1-2025_UK_final