Bang & Olufsen A/s · OMXCOP:BO
Bang & Olufsen A/s — Q2 2025 Earnings Presentation
18 slides from Bang & Olufsen A/s's earnings presentation, Jan 10, 2025
Slide 1: Q2 2024/25 Webcast presentation
10 January 2025 Q2 2024/25 - September-November 2024 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: Agenda
Agenda # Key Highlights # Business review # Financial review # Outlook 24/25 3|
Slide 4: Key highlights – Q2 in line with our plans and expectations
Key highlights – Q2 in line with our plans and expectations Q2 2024/25 H1 2024/25 Revenue • While the EMEA region and the Americas generated positive DKK 698m DKK 1,242m revenue growth year-on-year group revenue was 1% lower -1% growth in local currencies -6% growth in local currencies due to negati
Slide 5: Directed issue completed
Directed issue completed • On 27 November 2024, we successfully completed a capital increase as a directed issue and private placement without pre-emptive rights for existing shareholders. • The offering raised gross proceeds of DKK 228 million through the issuance of 24,554,416 new shares at an off
Slide 6: Strategy acceleration
Strategy acceleration • Investments to strengthen our position in the luxury audio market by • increasing global brand awareness. • optimising the retail network. • invest in our product portfolio. • To ensure better and faster execution of our growth plans, we are changing our sales organisation. •
Slide 7: Channel development - preparing for strategy acceleration
Channel development - preparing for strategy acceleration Monobrand * Multibrand EMEA Opening of monobrand store in Abu Dhabi. PoS Q2 2024/25 Q2 2023/24 Q2 2024/25 Q2 2023/24 Reduction in multibrand, primarily in Germany. EMEA 270 298 961 1,422 Americas Reduction of 5 monobrand stores. We will open
Slide 8: New product launches and product collabs
New product launches and product collabs Beoplay H100 Beoplay Eleven Special Ferrari edition 8|
Slide 9: Financial Review Q2
Financial Review Q2
Slide 10: Like-for-like sell-out growth of 5% in branded channels
Like-for-like sell-out growth of 5% in branded channels Regions Product Categories Regions 0% 9% • EMEA: Excluding EOL deals, like-for- like sell-out grew year-on-year. EMEA Staged Company-owned stores, monobrand 1% and eTail grew. Multibrand declined. • Americas: Company-owned stores and 8% -10% mo
Slide 11: Group revenue in local currencies declined marginally, in line with our expectations
Group revenue in local currencies declined marginally, in line with our expectations DKKm Group revenue Product sales Brand partnering & other activities -0.4% -0.8% 700 698 625 620 4.0% 655 75 78 619 614 On the go 212 223 544 Flexible Living 135 100 Staged 278 297 Q2 23/24 Q2 24/25 Q2 23/24 Q2 24/2
Slide 12: EMEA and Americas generated positive revenue growth, group revenue 1% lower
The EMEA region and the Americas generated positive revenue growth, while group revenue was 1% lower due to negative growth in China EMEA Americas APAC DKKm DKKm DKKm 2.9% 342 352 +19.4% 311 -13.1% 303 293 86 211 251 78 72 180 182 67 70 68 172 165 163 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4
Slide 13: Gross margin above Q2 LY. EBIT margin bsi impacted by higher development costs
Gross margin above Q2 LY. EBIT margin bsi mainly impacted by higher development costs % Gross margin % EBIT margin bsi* +0.6 pp -1.3 pp 54.3% 55.2% 53.7% 3.0% 52.6% 53.1% 53.2% 2.6% 1.8% 1.8% 1.7% Q1 Q2 Q3 Q4 Q1 Q2 -3.1% 23/24 23/24 23/24 23/24 24/25 24/25 Q1 Q2 Q3 Q4 Q1 Q2 23/24 23/24 23/24 23/24 2
Slide 14: Capacity costs increased due to development costs. Net working capital improved
Capacity costs increased mainly due to increased development costs. Networking capital improved during the quarter Capacity costs Net working capital DKKm DKKm Administration costs Distribution and marketing Development costs +3% 380 311 -11% 355 366 297 37 286 282 38 317 321 41 263 309 250 31 29 36
Slide 15: Free cash flow improved by DKK 6m year-on-year
Free cash flow improved by DKK 6m year-on-year Free cash Flow CAPEX Capital resources DKKm DKKm DKKm Intangible Tangible +6 -3 43 71 547 30 24 57 54 228 5 48 42 323 344 40 310 318 299 38 60 33 43 32 34 -36 319 19 15 -61 10 11 6 11 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 23/24 23/24 23/
Slide 16: Outlook for 2024/25 maintained
Outlook for 2024/25 maintained Mid-term financial ambitions Revenue growth in EBIT margin bsi* Free cash flow Organic growth local currencies 8% CAGR** 25/26-27/28 DKK Outlook -3% to 3% -2% to 1% EBIT margin bsi* -100m to 0m FY 2024/25 8% in 27/28 Free cash flow Actuals DKK 250m -1% 1.7% DKK 30m Q2
Slide 17: Q&A
Q&A
Slide 18: Investor Relations Contact
INVESTOR RELATIONS CONTACT Cristina Rønde Hefting +45 41 53 73 03 crrh@bang-olufsen.dk 18 |