Bang & Olufsen A/s · OMXCOP:BO
Bang & Olufsen A/s — Q1 2026 Earnings Presentation
13 slides from Bang & Olufsen A/s's earnings presentation, Oct 9, 2025
Slide 1: Webcast presentation
October 2025 Q1 2025/26 – June 2025-August 2025 Webcast presentation
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: Record-high gross margin of 58.7%; revenue fell 4% in local currencies
Record-high gross margin of 58.7%. Company-owned stores and e-commerce posted double-digit growth, while revenue fell 4% in local currencies, due to monobrand partners reducing inventories. We continued the investments in future profitable growth. Q1 2025/26 Revenue • Like-for-like sell-out grew 1%
Slide 4: Strategy Update
Luxury Timeless Technology Strategy Update
Slide 5: Continuing channel optimisation and preparing for new product launches
Continuing channel optimisation and preparing for new product launches - announcement of new earpieces Beo Grace in September New store openings, relocations and upgrades. Preparing for the launch of Beo Grace. 5|
Slide 6: Financial Performance in Q1 & Outlook 25/26
Financial Performance in Q1 & Outlook 25/26
Slide 7: Q1 like-for-like sell-out growth of 1%, double digit win city sell-out growth
Q1 like-for-like sell-out growth of 1%, double digit win city sell-out growth Group Regions Win Cities Regions -5% • EMEA: company-owned stores and EMEA e-commerce grew, while monobrand 1% channel experienced decline in most markets. 18% 16% • Americas: Branded channels reported a single-digit incre
Slide 8: Record-high gross margin, while lower inventory impacted revenue in the monobrand channel
Record-high gross margin, while lower inventory impacted revenue in the monobrand channel. We continued the investments in future profitable growth Group revenue Gross margin EBIT margin bsi DKKm % % -5% 3.5pp -2.1pp 698 680 58.7% 3.8% 631 544 55.2% 55.4% 55.8% 1.7% 517 53.7% 1.0% -3.1% -5.2% Q1 Q2
Slide 9: Reduced inventory in the monobrand channel impacted revenue
Reduced inventory in the monobrand channel impacted revenue, while company- owned stores and ecommerce grew double-digit. Improved gross margins across EMEA and the APAC, whereas Americas declined due to product mix and tariffs. Brand partnering & EMEA Americas APAC other activities DKKm DKKm DKKm D
Slide 10: Free cash flow level reflecting strategic investments and general seasonality
Free cash flow level reflecting strategic investments and general seasonality Free cash Flow Net working capital Capital resources DKKm DKKm DKKm +100 316 -152 -99 282 600 250 255 30 532 18 216 4 448 299 319 -36 -135 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 24/25 24/25 24/25 24/25 25/26 24/25 24
Slide 11: Outlook for 2025/26 maintained
Outlook for 2025/26 maintained Revenue growth in EBIT margin bsi* Free cash flow local currencies Outlook DKK FY 2025/26 1% to 8% -3% to 1% -100m to 0m Actuals -4% -5.2% -135m Q1 2025/26 CAPEX expected to be around DKK 320-360 million. Capacity costs are expected to increase by around DKK 150m from
Slide 12: Q&A
Q&A
Slide 13: Investor Relations Contact
INVESTOR RELATIONS CONTACT Cristina Rønde Hefting +45 41 53 73 03 crrh@bang-olufsen.dk 13 |