Bang & Olufsen A/s · OMXCOP:BO
Bang & Olufsen A/s — Q2 2025/26 Earnings Presentation
18 slides from Bang & Olufsen A/s's earnings presentation, Jan 14, 2026
Slide 1: Investor presentation Q2 2025/26
Investor presentation Q2 2025/26
Slide 2: Disclaimer
Disclaimer This presentation does not constitute or form part of and should not be construed as an offer to sell or issue or the solicitation of an offer to buy or acquire securities issued by Bang & Olufsen a/s in any jurisdiction, including the United States of America, Canada, Australia, Japan or
Slide 3: Kristian Teär has stepped down as CEO
• Kristian Teär has stepped down as CEO after six years • Nikolaj Wendelboe appointed Interim CEO, in addition to his current role as CFO 3
Slide 4: Strategic direction unchanged
Strategic direction unchanged 4
Slide 5: Like-for-like sell-out grew by 7%, while revenue declined by 1%
Like-for-like sell-out grew by 7%, while revenue declined by 1%. Gross margin was 57.9% and record-high for product sales Q2 2025/26 H1 2025/26 • 7% like-for-like sell-out growth year-over-year in Q2 (8% for Revenue DKK 676m DKK 1,193m • branded channels) and 19% sell-out growth for our Win Cities.
Slide 6: Celebrating 100 years globally – Harrods window take-over
Celebrating 100 years globally – a three-week window take- over of Harrods generated strong store performance Celebrating 100 years and elevating sound for the next century Bringing “Sound. Elevated.” to life at our store in Harrods Our centennial campaign tells a cinematic story of how Bang & Olufs
Slide 7: Elevating our product portfolio with three new innovations
Elevating our product portfolio with three new innovations Beo Grace Reloved Beosound Premiere Redefining the in-earphone category Giving timeless Bang & Olufsen design a new life A sculptural soundbar for immersive audio experience Grace expands our in-ear offering within the On-the- Reloved is a s
Slide 8: Strengthening our retail excellence through flagship store openings
Strengthening our retail excellence through flagship store openings and strategic relocations and uplifts Paris San Francisco Store network actions during the quarter Win City flagship store in the Opera district Win City flagship store at Union Square • Two openings and two relocation were complete
Slide 9: Financial performance in Q2 & Outlook 25/26
INVESTOR PRESENTATION – Q2 2025/26 Financial performance in Q2 & Outlook 25/26
Slide 10: Q2 like-for-like sell-out growth of 7% and 19% Win City sell-out growth
Q2 like-for-like sell-out growth of 7% and 19% Win City sell-out growth Group Regions Win Cities Regions • EMEA: Branded channels grew across the board, driven by double-digit growth in 2% company-owned stores and e-commerce, while multibrand and e-tail declined. EMEA • Americas: Branded channels de
Slide 11: Small decline in group revenue of 1.2% in local currencies
Small decline in group revenue of 1.2% in local currencies, while the branded channels reported growth of 5.5% Group revenue Product sales Brand partnering & other activities DKKm DKKm DKKm -2.2% (LC+0.2%) -9.7% (LC: -12.3%) -3.2% (LC: -1.2%) 698 680 676 620 606 78 631 70 On the go 223 161 544 517 1
Slide 12: Revenue from regional product sales overall flat in local currencies
Revenue from regional product sales overall flat in local currencies with record-high gross margin Brand partnering & other EMEA Americas APAC activities DKKm DKKm DKKm DKKm -2.7% (LC: -2.2%) -7.8% (LC: -2.4%) +1.5% (LC: +6.1%) -9.7% (LC: -12.3%) 352 339 342 86 86 182 182 185 82 79 78 311 77 165 164
Slide 13: High gross margin of 57.9% kept, EBIT margin bsi around 0% excluding anniversary costs
High gross margin of 57.9% kept, while EBIT margin bsi was around 0% when excluding extraordinary 100-year anniversary costs EBIT margin bsi* bridge Gross margin EBIT margin bsi* % ~-1.7pp +4.2pp -7pp 58.7% 3.8% 57.9% 1.7 5.7pp ~0 55.2% 55.4% 55.8% 3.2pp 9.5pp 1.7% 53.7% 1.0% -5.3 EBIT Change in Cha
Slide 14: Extraordinary costs related to 100-year campaign led to increased capacity costs
Extraordinary costs related to 100-year campaign and events led to increased capacity costs Capacity costs Net working capital DKKm DKKm Administration costs Development costs +39 Distribution and marketing 316 +18% 289 282 250 255 433 375 40 216 366 321 326 41 338 41 35 32 36 297 234 242 220 206 21
Slide 15: Free cash flow and CAPEX level reflecting planned investments
Free cash flow and CAPEX level reflecting planned investments in product and retail development Free cash flow CAPEX Capital resources DKKm DKKm DKKm -63 Intangible -52 30 Tangible 18 600 +20 4 532 86 448 74 -36 -33 59 59 319 54 299 267 40 75 51 43 48 46 34 23 -135 6 11 11 11 13 Q1 Q2 Q3 Q4 Q1 Q2 Q1
Slide 16: Outlook for 2025/26 narrowed
Outlook for 2025/26 narrowed Revenue growth EBIT margin bsi* Free cash flow Local currencies DKK Outlook FY 2025/26 1% to 5% -3% to 1% -100m to -50m Previously Previously 1% to 8% DKK -100m to DKK 0m Actuals H1 2025/26 -2.3% -5.3% -168m CAPEX expected to be around DKK 320-360 million. Capacity costs
Slide 17: Nikolaj Wendelboe Juha Christensen
INVESTOR PRESENTATION – Q2 2025/26 Nikolaj Wendelboe Juha Christensen
Slide 18: Investor relations contact
INVESTOR PRESENTATION – Q2 2025/26 Investor relations contact Cristina Rønde Hefting +45 41 53 73 03 crrh@bang-olufsen.dk