AO earnings rose in the third quarter of 2026 as revenue increased 22.9% to DKK 1.80 billion. Brødrene A & O Johansen raised its full-year revenue and earnings forecasts after stronger-than-expected organic growth.

AO earnings and revenue growth

The company reported third-quarter EBITDA of DKK 125.7 million, up from DKK 98.2 million a year earlier. Its EBITDA margin rose to 7.0% from 6.7%, despite DKK 17.5 million in transaction costs. Excluding those costs, the margin was 8.0%.

Organic revenue grew 12.5%, while acquisitions contributed a further 10.4 percentage points to reported revenue growth. Elektroimportøren, consolidated from August 26, contributed DKK 119 million in revenue and DKK 17 million in EBITDA.

For the first nine months of 2026, revenue increased 13.6% to DKK 5.05 billion and EBITDA rose 18.4% to DKK 337.3 million. AO’s 2026 financial calendar had scheduled the interim report for October 28, after market close.

Business segments

B2B revenue rose 14.4% to DKK 1.39 billion in the quarter, with organic growth of 13.1%. The segment’s gross profit margin improved to 22.2% from 21.3% a year earlier.

B2C revenue increased 16.4% to DKK 295 million, including organic growth of 9.6%. Its gross profit margin fell to 31.0% from 33.0%, which AO attributed to changes in the product mix.

Higher full-year guidance

AO raised its 2026 revenue forecast to DKK 7.25 billion–7.40 billion from DKK 7.10 billion–7.30 billion. It now expects EBITDA of DKK 550 million–580 million, up from DKK 530 million–570 million, and earnings before tax of DKK 290 million–320 million, compared with DKK 280 million–320 million previously.

The forecasts include contributions from acquired businesses and DKK 20 million in transaction costs related to mergers and acquisitions. The earnings outlook assumes stable margins and continued revenue growth in the fourth quarter.

Next milestone

AO is scheduled to present the interim report in an English-language webcast on October 29, 2026, at 13:00 CET.

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