Brødrene A & O Johansen A/S reported Q2 2026 revenue of 1,671 million Danish kroner, up 11.6% year-over-year, as the company advanced its Scandinavian expansion following the completion of two acquisitions. The distributor, which operates both business-to-business and business-to-consumer segments, posted EBITDA of 112.7 million DKK, a 21% increase from the prior-year period.
The company’s B2B segment, which accounts for 82.7% of total revenue, generated 1,382.3 million DKK in Q2, a 10.9% rise, while B2C revenue climbed 15.4% to 288.7 million DKK. Gross margin expanded to 24.6% from 24.0%, supported by one-off price increases. EBITDA before indirect expenses reached 189.1 million DKK, up 17.8%, with indirect expenses totaling 4.6% of revenues.
Brødrene A & O Johansen completed the acquisition of JMV Cables A/S on August 1, followed by Elektroimportøren AS on August 26, marking its entry into the Norwegian and Swedish markets. Elektroimportøren operates 32 stores in Norway and two in Sweden, with 2026 consensus revenue projected at 1,964 million Norwegian kroner and EBITDA expected to reach 248 million NOK. The company’s Namron own-brand platform, which accounts for roughly one-third of Elektroimportøren’s revenue, contributed to the group’s margin expansion.
Costs rose 13% year-over-year to 33.5 million DKK, driven by normal inflation, new hires, and higher logistics and fuel distribution expenses. Net interest-bearing debt decreased to 1,227 million DKK from 1,266 million DKK at the end of Q1, while the debt-to-EBITDA ratio improved to 2.7X from 2.9X. Capital expenditures totaled 48 million DKK in Q2, including 10 million DKK for the finalization of an automated warehouse in Albertslund.
The company raised its full-year 2026 revenue guidance to 6.6–6.75 billion DKK, up from its previous organic range of 6.4–6.6 billion DKK, reflecting the impact of the two acquisitions. EBITDA is now expected at 460–500 million DKK, compared with 434 million DKK in 2025, while underlying EBITDA was lifted to 480–520 million DKK. Earnings before tax guidance remains unchanged at 260–300 million DKK, with underlying EBT raised to 280–320 million DKK.
CEO Niels A. Johansen said the Elektroimportøren acquisition represented a strategic shift from a Danish wholesaler to a Scandinavian operator. CFO Per Toelstang highlighted that synergies were expected to drive growth rather than cost reductions.
