Bang & Olufsen A/s · OMXCOP:BO
Bang & Olufsen A/s — Q4 2025 Earnings Presentation
25 slides from Bang & Olufsen A/s's earnings presentation, Jul 3, 2025
Slide 1: Full year & Q4 2024/25 Webcast presentation
July 2025 Full year & Q4 2024/25 – March 2025-May 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: Agenda
Agenda 1 Key Highlights 2 Strategy Update 3 Financial Performance in Q4 & Outlook 25/26 4 Q&A 3|
Slide 4: A year of transition, achieving record-high gross margin, positive operating profit, and strengthened branded channel performance
A year of transition, achieving record-high gross margin, positive operating profit, and strengthened branded channel performance Q4 2024/25 FY 2024/25 • Group revenue for Q4 grew by 4% in local currencies, driven by growth across regions in local currencies, leading to a full Revenue year revenue d
Slide 5: Strategy Update
Luxury Timeless Technology Strategy Update
Slide 6: Our strategy is implemented through four pillars to drive profitable growth
STRATEGIC GROWTH PILLARS Our strategy is implemented through four pillars to drive profitable growth Brand positioning Elevated product portfolio New three-year marketing strategy • Continue to create iconic designs and to elevate brand awareness: craftsmanship with superior acoustic performance • B
Slide 7: Standing on a strong foundation
STRATEGIC GROWTH PILLARS Standing on a strong foundation Revenue and gross margin development 2,948 2,752 2,629 2,588 2,553 2,039 • 2024/25 was set to be a transition year, marked by investments in future growth, and providing a strong 53.3% 55.0% foundation for strategic acceleration. 43.3% 45.3% 4
Slide 8: Strengthened brand awareness and desire through cultural relevance and luxury positioning
BRAND POSITIONING – 2024/25 Strengthened brand awareness and desire through cultural relevance and luxury positioning Formula 1 Ferrari driver Charles Leclerc Continuation of Ferrari partnership, Collaboration with luxury yacht brand, global brand ambassador for 2024 and including B&O brand visibili
Slide 9: Achieving retail excellence through optimised footprint & elevated store experience
CHANNEL DEVELOPMENT – 2024/25 Achieving retail excellence through optimised footprint & elevated store Total monobrand footprint actions* 2024/25 experience Openings 15 Uplifts 9 In 2024/25, we continued the optimisation and development of Relocations 7 our global retail channel network to ensure an
Slide 10: Product excellence through innovation, personalisation, and sustainability
ELEVATED PRODUCT PORTFOLIO – 2024/25 Product excellence through innovation, personalisation, and sustainability • Launch of a range of new product innovations; Our new flagship headphones Beoplay H100, built on our proprietary software platform, Amadeus, Beoplay Eleven, Beosound A1 3rd Gen and Beosy
Slide 11: Power growth through audio alliances with iconic global brands
PARTNERSHIP EXPANSION – 2024/25 Power growth through audio alliances with iconic global brands • Six-year technology licensing partnership with TCL, bringing elevated audio experiences to TCL’s premium TV portfolio with our “Audio by Bang & Olufsen” proposition • Expansion of HARMAN Automotive partn
Slide 12: Leading the movement towards more circular product design and processes
Leading the movement towards more circular product design and processes for long-lasting luxury technology icons Climate change We made tangible progress towards our climate commitments , anchored in our science-based targets and Net -Zero ambition by 2040. Our actions reflect measurable improvement
Slide 13: Celebrating a century of B&O and beyond
Celebrating a century of B&O and beyond 13 |
Slide 14: Financial Performance in Q4 & Outlook 25/26
Financial Performance in Q4 & Outlook 25/26
Slide 15: Q4 like-for-like sell-out growth of 8% in branded channels
Q4 like-for-like sell-out growth of 8% in branded channels Regions • EMEA: Branded channels grew Regions Product Categories across channels, supported by double-digit growth from company- owned stores 5% 2% • Americas: Branded channels reported double-digit growth, while EMEA Staged sales through eT
Slide 16: Group revenue grew by 4% in local currencies
Group revenue grew by 4% in local currencies DKKm Group revenue Product sales Brand partnering & other Growth in LC activities 4% in LC 9% in LC 700 698 598 -21% in LC 680 552 655 619 631 103 614 172 On the go 131 82 544 Flexible Living 117 113 -12% -1% 2% 4% Staged 304 313 Q4 23/24 Q4 24/25 Q4 23/2
Slide 17: Growth across all regions in local currencies, particularly in EMEA and APAC
Growth across all regions in local currencies, particularly in EMEA and APAC. Improved gross margins across EMEA and the APAC, while Americas declined due to tariffs EMEA Americas APAC DKKm DKKm DKKm 9.1% 352 -1.6% 342 339 303 311 311 86 86 211 11.2% 293 78 77 72 180 182 182 251 70 68 172 165 67 163
Slide 18: Record-high gross margin of 55.8% and EBIT margin bsi of 1.0%
Record-high gross margin of 55.8% and EBIT margin bsi* of 1.0% Gross margin EBIT margin bsi* +1.5 pp -0.8 pp 55.2% 55.4% 55.8% 3.8% 54.3% 3.0% 53.2% 53.7% 52.6% 53.1% 2.6% 1.8% 1.8% 1.7% 1.0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 -3.1% 23/24 23/24 23/24 23/24 24/25 24/25 24/25 24/25 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 23/24
Slide 19: Capacity costs decreased, mainly due to lower marketing costs
Capacity costs decreased, mainly due to lower marketing costs. Development costs increased year-on-year Capacity costs Net working capital DKKm DKKm Administration costs Distribution and marketing Development costs -1% 380 375 311 -15% 355 366 297 37 286 282 41 326 41 309 38 318 321 263 255 250 29 3
Slide 20: Free cash flow down by DKK 39m, while capital resources increased to DKK 600m
Free cash flow down by DKK 39m against last year, while capital resources increased to DKK 600m Free cash Flow CAPEX Capital resources DKKm DKKm DKKm Intangible Tangible +15 +74% -39 43 86 600 30 532 24 71 18 5 4 57 59 54 48 344 42 75 310 323 318 299 319 40 38 60 33 43 48 -36 32 34 19 15 -61 10 11 6
Slide 21: Tariff impact
Tariff impact • Americas revenue accounts for approx. 12% of total revenue • Q4 tariff costs of around DKK 3m • Annual estimated gross impact from current tariff situation of up to around DKK 40 million • Mitigation factors through price increases 1 May and 1 June and dealer margin structure in the
Slide 22: Outlook for 2025/26
Outlook for 2025/26 Revenue growth in EBIT margin bsi* Free cash flow local currencies Outlook FY 2025/26 DKK 1% to 8% -3% to 1% -100m to 0m CAPEX expected to be around DKK 320-360 million. Capacity costs are expected to increase by around DKK 150m from 2025/26. * Before special items 22 |
Slide 23: Summary slide – a strong foundation for the future
Summary slide – a strong foundation for the future • Record-high gross margin and improved performance within the branded channels. • Capital resources strengthened by the completed capital raise and credit facility. • While navigating uncertain market conditions, we continue making value- creating
Slide 24: Q&A
Q&A
Slide 25: Investor Relations Contact
INVESTOR RELATIONS CONTACT Cristina Rønde Hefting +45 41 53 73 03 crrh@bang-olufsen.dk 25 |