Annual Report 2024

Company Announcement No. 1 - 2025
to Nasdaq Copenhagen

2025.02.27

Annual Report 2024

In 2024, AO achieved a turnover of DKK 5,429m, an EBITDA of DKK 366m, and an EBT of DKK 210m. The results were thus in line with the latest announced expectations. At the Annual General Meeting, the Board will propose a dividend of DKK 3.00 per share.

After a slow start to 2024, the market improved in the second half of the year, resulting in organic growth. The acquisitions of three companies during 2024 contributed to a reported topline growth of 3% for the year and an 11% growth in the second half of 2024.

For 2025, AO expects both organic revenue growth and acquisitive growth. Driven by a higher B2C share of the business, margins are expected to improve slightly.

Financial Highlights (DKKm)		Q4 2024	Q4 2023		2024	2023
Net Revenue		1,550.4	1,361.4		5,429.3	5,261.0
Gross Margin		374.0	318.2		1,266.3	1,234.3
EBITDA		123.1	95.4		366.0	405.3
EBT		80.0	57.9		210.1	261.8
Key ratios (%)
Revenue Growth Rate		13.9	(7.8)		3.2	(2.1)
Gross Margin		24.1	23.4		23.3	23.5
EBITDA Margin		7.9	7.0		6.7	7.7
EBT Margin		5.2	4.3		3.9	5.0

Revenue

Organic revenue development was -1.0% (-3.3%), and revenue for 2024 was DKK 5,429m (DKK 5,261m), in line with the latest outlook from the Q3 report. On an organic level, revenue development improved over the year, with organic growth of 3.0% in the second half of the year.

EBITDA

EBITDA ended at DKK 366m (DKK 405m), corresponding to an EBITDA margin of 6.7% (7.7%). Margins were under pressure due to cost Inflation and lower basket sizes. EBITDA margins have increased in the B2C business, where a new scale was reached following the acquisitions during 2024.

EBT

EBT amounted to DKK 210m, corresponding to a margin of 3.9%.

Dividend

At the Company's Annual General Meeting on March 21, 2025, a proposal will be made for a dividend payment of DKK 3.00 per 1 DKK share, equivalent to approximately 51% of the year's profit after tax and 300% of the share capital.

Guidance for 2025

Revenue for 2025 is expected to be in the range of DKK 5,800 to 6,100m.
EBITDA is expected to be in the range of DKK 410 to 450m.
Profit before tax (EBT) is expected to be in the range of DKK 235 to 275m.
Reference is made to the financial outlook assumptions outlined in the annual report.

Webcast

The Annual Report for 2024 will be presented in English via webcast on February 27, 2025, 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 | Offentliggørelse af årsrapport 2024

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
Tlf.: +45 70 28 00 00

Attachment

• AO - Annual Report 2024