Brødrene A & O Johansen reported Q2 revenue of DKK 1.61 billion, an 11.6% increase from the prior year, narrowly missing its DKK 1.63 billion forecast. Organic growth excluding VVS-Eksperten reached 10.6%, with B2B sales—accounting for 83% of revenue—rising 10.9% and B2C revenue climbing 15.4%.
EBITDA rose 21% to DKK 113 million, while earnings before tax increased 18% to DKK 62 million. Gross margins improved to 24.6% from 24.0%, supported by price increases and operational efficiency. Cash flow from operations before working capital changes grew 20% to DKK 114 million, though working capital absorbed DKK 60 million more than a year ago due to higher inventories.
The company’s debt-to-EBITDA ratio declined to 2.7x from 2.9x, reflecting disciplined capital management. Capital expenditures totaled DKK 48 million, primarily directed toward digitalization and IT infrastructure. The cost-of-doing-business ratio remained stable at 17.9% of revenue, including DKK 10 million in strategic growth initiatives.
Brødrene A & O Johansen also outlined its acquisition pipeline. The DKK 125 million JMV Cables deal, approved on August 1, is expected to contribute DKK 50 million in revenue for the remainder of 2026 at an EBITDA margin near 10%. The pending Elektroimportøren acquisition, backed by over 90% of shareholders, will expand the company’s Scandinavian footprint with nearly 2 billion NOK in annual sales across 34 stores in Norway and Sweden. Financing for Elektroimportøren includes DKK 500 million in loans and sale-and-leaseback arrangements, with borrowing costs pegged to CIBOR or NIBOR plus less than 1.5%.
Full-year 2026 guidance was raised, with organic revenue now projected between DKK 6.55 billion and DKK 6.7 billion, up from DKK 6.4 billion–6.6 billion. Total revenue guidance, including JMV Cables, was lifted to DKK 6.6 billion–6.75 billion. Underlying EBITDA guidance increased to DKK 480 million–520 million, while EBT guidance was raised to DKK 280 million–320 million. Final guidance remains unchanged at DKK 460 million–500 million for EBITDA and DKK 260 million–300 million for EBT, pending the inclusion of Elektroimportøren’s post-closing impact.
CEO Niels A. Johansen highlighted the record Q2 sales and emphasized margin discipline alongside project growth. CFO Per Toelstang noted that the Elektroimportøren acquisition is expected to deliver growth synergies rather than cost savings, reinforcing the company’s push into Scandinavia.
