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Interim Financial Report H1

Written by Customer Service on . Posted in Earnings Releases And Operating Results.

Company Announcement No. 6 – 2024
to Nasdaq Copenhagen

2024.08.14

Interim Report 2nd quarter 2024

In the second quarter of 2024 AO achieved a revenue of DKK 1,302m, an EBITDA of DKK 75m, and an EBT of DKK 38m. The revenue development was slightly better than expected.

Market activity in general was similar to the same period last year. With one more working day in the quarter the like-for-like sales improved over the quarter returning to positive growth towards the end of the quarter. Organic revenue development adjusted for acquisitions and number of working days was -1.6% for the quarter. Reported revenue growth was 2.8%.

Financial Highlights (DKKm)   Q2 2024 Q2 2023 H1 2024 H1 2023  
             
Net Revenue   1,301.8      1,266.1      2,552.8 2,670.3  
Gross Margin   296.3         299.0         589.2 632.9  
EBITDA   75.1         92.6         143.3 214.5  
EBT   37.7         57.5            71.9 140.8  
             
Key ratios (%)            
Revenue Growth Rate   2.8                      (4.4)    
Gross Margin   22.8            23.6            23.1 23.7  
EBITDA Margin   5.8              7.3              5.6 8.0  
EBT Margin   2.9              4.5              2.8 5.3  

Revenue

AO continued to gain market shares in the B2B segment. Project sales are still under pressure from low market activity and price competition. The B2C segment posted positive growth rates for the third quarter in a row. The Q2 revenue was DKK 1,302m (DKK 1,266m).

EBITDA

EBITDA amounted to DKK 75m, equivalent to an EBITDA margin of 5.8%.

EBT

EBT amounted to DKK 38m, corresponding to a margin of 2.9%.

Guidance for 2024

Guidance is updated after the three acquisitions announced during Q2.

Revenue for 2024 is expected to be in the range of DKK 5,300 to 5,500m. Previous guidance was revenue of DKK 5,000 – 5,200.

EBITDA expectation is unchanged in the range of DKK 340 to 370m.

Profit before tax (EBT) expectation is unchanged in the range of DKK 200 to 230m.

Financial outlook assumptions are detailed in the interim financial report.

Webcast

The Interim Report for Q2 2024 will be presented in English via webcast on August 15, 2024, 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:

Brødrene A&O Johansen A/S | Interim Report Q2 2024 (eventcdn.net)

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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