Interim Report for Q1 2024

Company Announcement No. 4 - 2024
to Nasdaq Copenhagen

2024.04.24

Interim Report for Q1 2024

In the first quarter of 2024 AO achieved a revenue of DKK 1,251m, an EBITDA of DKK 68m, and an EBT of DKK 34m. The results were in line with the expectations, and guidance for 2024 is unchanged.

Market activity in general was lower than last year. In addition, rough weather conditions at the start of the year and the timing of Easter resulted in a reported sales index of 89. Second quarter is expected to show flat growth rates while a return to positive growth is expected during the second half of the year.

Financial Highlights (DKKm)	Q1 2024	Q1 2023

Net Revenue	1,250.9	1,404.3
Gross Margin	292.9	333.9
EBITDA	68.2	121.9
EBT	34.2	83.2

Key ratios (%)
Revenue Growth Rate	(10.9)	12.2
Gross Margin	23.4	23.8
EBITDA Margin	5.5	8.7
EBT Margin	2.7	5.9

Revenue

AO gained market shares within repair and maintenance in the B2B segment. In the B2B segment project sales were under pressure from low market activity and price competition. The B2C segment posted positive growth rates for the second quarter in a row. There are indications that the B2C segment has returned to the growth trend seen before COVID-19 lock downs. The Q1 revenue was DKK 1,251m.

EBITDA

EBITDA amounted to DKK 68m, equivalent to an EBITDA margin of 5.5%.

EBT

EBT amounted to DKK 34m, corresponding to a margin of 2.7%.

Guidance for 2024

Revenue for 2024 is expected to be in the range of DKK 5,000 to 5,200m.
EBITDA is expected to be in the range of DKK 340 to 370m.
Profit before tax (EBT) is expected to be in the range of DKK 200 to 230m.
Reference is made to the financial outlook assumptions outlined in the annual report.

Webcast

The Interim Report for Q1 2024 will be presented in English via webcast on April 25, 2024, at 13:00 CET. It is possible to participate in the webcast from the Investor Relations page on AO.dk or from the link below:

Brødrene A&O Johansen A/S | Interim Report Q1 2024 (eventcdn.net)

For further information, please contact:

CEO Niels A. Johansen
CFO/Deputy CEO Per Toelstang
Brødrene A & O Johansen A/S
Rørvang 3
DK- 2620 Albertslund
Denmark
Tel.: +45 70 28 00 00

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