Interim Report for Q1 2026
Company Announcement No. 7 - 2026
to Nasdaq Copenhagen
2026.04.30
Interim Report for Q1 2026
In the first quarter of 2026, AO achieved revenue of DKK 1,582.0 million, EBITDA of DKK 98.9 million, and EBT of DKK 53.8 million. The results were in line with expectations, and the 2026 guidance remains unchanged.
Adverse weather conditions affected the market during the quarter but growth towards the end of the quarter resulted in organic growth which was further supported by the addition of VVS-Eksperten.dk.
| Financial highlights (DKKm) | Q1 2026 | Q1 2025 | ||||
| Net revenue | 1,582.0 | 1,486.1 | ||||
| Gross margin | 380.3 | 355.8 | ||||
| EBITDA | 98.9 | 93.5 | ||||
| EBT | 53.8 | 50.0 | ||||
| Key ratios (%) | ||||||
| Revenue growth rate | 6.5 | 18.8 | ||||
| Gross margin | 24.0 | 23.9 | ||||
| EBITDA margin | 6.3 | 6.3 | ||||
| EBT margin | 3.4 | 3.3 |
Revenue
AO delivered satisfactory growth in the B2B segment improving towards the end of the quarter. The B2C segment also recorded satisfactory organic growth supported by the addition of VVS-Eksperten.dk. Q1 revenue totalled DKK 1,582.0 million.
EBITDA
EBITDA amounted to DKK 98.9m, equivalent to an EBITDA margin of 6.3%.
EBT
EBT amounted to DKK 53.8m, corresponding to a margin of 3.4%.
Guidance for 2026
The guidance for 2026 remains unchanged.
Revenue is expected to be in the range of DKK 6,400–6,600 million.
EBITDA is expected to range between DKK 460–500 million.
Profit before tax (EBT) is expected to be between DKK 260–300 million.
This guidance is based on the financial outlook assumptions detailed in the annual report.
Webcast
The Interim Report for Q1 2026 will be presented in English via webcast on May 1, 2026, 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.nexahub.io/events/interim-report-q1-2026
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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