Bang & Olufsen a/s (0MRM) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

At this time, I would like to welcome everyone to this Bang & Olufsen webcast presentation. Today's call is being recorded. If you have any objections, please disconnect at this time. All participants will be on listen-only mode throughout the presentation, and afterwards, there will be a question-and-answer session. I would now like to introduce CEO Christian Ter and CFO Nirav Venbo. Christian, you may now begin. Hello, everyone, and thank you for joining the call. With me today, as always, is our CFO, Nicolai Wendelbo. As reported during our last webcast, we are now publishing trading statements for Q1 and Q3 instead of a full quarterly report. Today, I will begin by outlining our key highlights for the past quarter and providing an overview of our business performance as it aligns to our strategy. Following that, Nicolai will take us through the financials and our outlook in more detail before we open the session for questions. So please move to slide three. Let us begin by looking at Q1 performance highlights. After our full year 24-25, which was our best year within the last two decades, and covered our efforts to successfully rebuild a solid foundation and ensure a resilient business, we have been moving forward according to plan. Therefore, our focus for Q1 has been on investments for future profitable growth with particular attention to retail excellence, marketing, and product development. In Q1, we continued to post a record high gross margin of 58.7%. Then our company-owned stores and e-commerce posted double-digit growth. Revenue fell 4% in local currencies due to monobrand partners reducing inventories. We continue to see positive momentum in key areas. including growth in like-for-like sell-out and strong demand across our four wind cities, which posted...