Slides
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June 2026 – August 2026 Webcast Presentation Q1 2026/27
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Disclaimer 2 Webcast Presentation – Q1 2026/27 This presentation does not constitute or form part of and should not be construed as an offer to sell or issue or the solicitation of an offer to buy or acquire securities issued by Bang & Olufsen a/s in any jurisdiction, including the United States of America, Canada, Australia, Japan or the United Kingdom, or an inducement to enter into investment activity in any jurisdiction. This presentation contains forward looking statements. Such statements concern management’s current expectations, beliefs, intentions or strategies relating to future events and hence involve substantial risks and uncertainties. Actual future results and performance may differ materially from those contained in such statements. This presentation does not imply that Bang & Olufsen a/s has undertaken to revise these forward- looking statements, except what is required under applicable law or stock exchange regulation. No part of the information contained in this presentation should form the basis of or be relied upon in connection with any contract or commitment or investment decision whatsoever. Neither Bang & Olufsen a/s nor any of its affiliates, advisors or other representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents.
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3 Webcast Presentation – Q1 2026/27 | Highlights New executive leadership team established CEO Gianfilippo Testa joined on 13 August 2026 – CCO & Deputy CEO Jesper Hessel to join Jesper Hessel Chief Commercial Officer & Deputy CEO Gianfilippo Testa Chief Executive Officer Nikolaj Wendelboe EVP, Chief Financial Officer & Chief Operating Officer
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Revenue growth of 2.2% in local currencies, with a record-high gross margin of 59.4% and positive free cash flow 4 Webcast Presentation – Q1 2026/27 | Highlights DKK 530m 2.2% growth in local currencies Revenue Gross margin EBIT margin bsi* Free cash flow • Like-for-like sell-out growth of 7%, with branded channels up 14% and Win Cities delivering 19% collective sell-out growth. • Group revenue grew by 2.2% in local currencies and 2.5% in reported revenue to DKK 530m, with branded channels up 9.9% in local currencies. • Gross margin improved to a record-high 59.4%, up 0.7pp from last year, with product gross margin at 54.4%. • Free cash flow was positive at DKK 6m, the third consecutive quarter of positive free cash flow. • Beosystem 3000c Dune Grey Edition launched under the Recreated Classics programme. • We opened our largest store in Asia Pacific at Scotts Square in Singapore, the first location of our Culture Store concept in Southeast Asia. • We opened of our 260 m² store in Palo Alto, California, completing the three planned California openings alongside our San Francisco and West Hollywood flagships. • John Legend was appointed Global Brand Ambassador under a two-year partnership. • In August, our new executive leadership team was announced: Gianfilippo Testa as Chief Executive Officer, Nikolaj Wendelboe as Chief Operating Officer alongside his role as Chief Financial Officer, and Jesper Hessel as Chief Commercial Officer and Deputy CEO. Up 2.1pp from 55.4% Down 1.9pp from 3.8% Up from DKK 18m Q1 2026/27 DKK 6m (up from DKK -135m) -4.3% (up from -5.2%) 59.4% (up from 58.7%)
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Business highlights included openings of flagship stores, the launch of a Recreated Classic, and the introduction of our global brand ambassador 5 Webcast Presentation – Q1 2026/27 | Highlights Multi-platinum musician and EGOT-winning artist John Legend was appointed Global Brand Ambassador. Release of a new Recreated Classic: Beosystem 3000c Dune Grey Edition Opening celebrations of our new flagship stores on Scotts Square, Singapore and in Palo Alto, California
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Financial performance in Q1 & Outlook 26/27 6 Webcast Presentation – Q1 2026/27
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Sell-out Growth | Like-for-like sell-out growth of 7% and branded channels up 14%, with Win Cities sell-out growth of 19% 7 Webcast Presentation – Q1 2026/27 | Financial Performance & Outlook • EMEA: Branded channels reported double- digit growth, driven by company-owned stores and monobrand, while e-commerce declined. Non-branded channels saw double-digit sell- out declines. • Americas: Branded channels reported double- digit growth driven by company-owned stores and e-commerce, while monobrand declined by a single-digit. The regional decline reflected a double-digit fall in sell-out reported from eTail. • APAC: Branded channels reported double-digit growth, led by company-owned stores and e- commerce. Multibrand grew by a high double- digit, while eTail declined by a single-digit. Regions • Double-digit growth for the ninth consecutive quarter. Win Cities 7% Like-for-like Sell-out growth Group 6% EMEA 14% APAC -2% Americas Regions 19% Sell-out growth Win Cities
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Revenue growth of 2.2% in local currencies, a record-high gross margin of 59.4% and an improved EBIT margin year-on-year 8 Webcast Presentation – Q1 2026/27 | Financial Performance & Outlook *Before special items. 517 676 621 654 530 Q1 25/26 Q2 25/26 Q3 25/26 Q4 25/26 Q1 26/27 +2.5% (LC: +2.2%) Group revenue DKKm Gross margin % EBIT margin before special items % Q1 25/26 Q2 25/26 Q3 25/26 Q4 25/26 Q1 26/27 58.7 57.9 57.5 58.7 59.4 +0.7pp Q1 25/26 Q2 25/26 Q3 25/26 Q4 25/26 Q1 25/26 -5.2 -5.3 1.9 5.7 -4.3 +0.9pp • Revenue grew by 2.2% in local currencies and by 2.5% in reported revenue, driven by APAC, which grew by 11.5% in local currencies across all channels. • Branded channels grew by 9.9% in local currencies, with double-digit growth in company-owned stores and own e-commerce. • Gross margin rose 0.7pp to a record-high 59.4%, driven by a shift in mix towards higher- margin products and further margin expansion in the On-the-go category. • Brand Partnering & other activities delivered a gross margin of 95.4%, up 2.2pp, on a higher share of license income. • EBIT margin bsi* was -4.3%, an improvement of 0.9pp compared to Q1 last year, reflecting growth in revenue and improved gross margin, partly off-set by one-off and timing of cost. • Q1 is seasonally the smallest quarter of our financial year.
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Revenue from product sales grew by 2.0% in local currencies, driven by double-digit growth in APAC . Product gross margin improved to 54.4% 9 Webcast Presentation – Q1 2026/27 | Financial Performance & Outlook The product gross margin (gross margin excluding Brand Partnering & other activities) was 54.4%, an increase of 0.4pp vs. Q1 25/26. EMEA DKKm 62 79 73 70 62 Q1 25/26 Q2 25/26 Q3 25/26 Q4 25/26 Q1 26/27 -0.4% (LC: -1.4%) 62 70 61 77 65 Q1 25/26 Q2 25/26 Q3 25/26 Q4 25/26 Q1 26/27 +4.4% (LC: +4.1) Gross margin 159 185 178 208 177 Q1 25/26 Q2 25/26 Q3 25/26 Q4 25/26 Q1 26/27 +11.7% (LC: +11.5%) 39.3% 56.4% 51.8% 78.5% 51.7% Americas DKKm APAC DKKm Brand Partnering & other activities DKKm • Revenue down 3.6% in local currencies (-3.4% reported). • Gross margin was 50.6%, down by 3.3pp from 53.9% last year. Improved category margins and a mix shift towards Staged were more than offset by higher indirect production costs on a lower revenue base for the region. • Revenue down by 1.4% in local currencies (-0.4% reported). • Gross margin was 51.7%, up by 12.4pp from 39.3% last year. The non-recurrence of last year's US tariff costs lifted the On-the-go margin, supported by a mix shift towards higher- margin categories. 234 342 309 299 226 Q1 25/26 Q2 25/26 Q3 25/26 Q4 25/26 Q1 26/27 -3.4% (LC: -3.6) • Revenue up by 11.5% in local currencies (+11.7% reported). • Gross margin was 60.1%, up by 0.3pp from 59.8% last year. Gross margin improvements were seen across all product categories. • Revenue up by 4.1% in local currencies (+4.4% reported). • Gross margin was 95.4%, up by 2.2pp from 93.2% last year on a higher share of license income. 53.9% 51.0% 51.9% 51.2% 50.6% 59.8% 59.7% 58.7% 54.9% 60.1% 93.2% 89.7% 89.4% 80.4% 95.4%
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Net working capital reduced and free cash flow turned positive year- on-year, while capital resources declined 10 Webcast Presentation – Q1 2026/27 | Financial Performance & Outlook -33 22 5 6 Q1 25/26 Q2 25/26 Q3 25/26 Q4 25/26 Q1 26/27 -135 +141 367 362 344 330 Q1 25/26 Q2 25/26 Q3 25/26 Q4 25/26 Q1 26/27 448 -14 Free cash flow DKKm 316 289 270 349 313 Q1 25/26 Q2 25/26 Q3 25/26 Q4 25/26 Q1 26/27 -36 Net working capital DKKm Capital resources DKKm • Net working capital decreased by DKK 36m during the quarter to DKK 313m, mainly due to the timing of receivables. • Inventories increased by DKK 20m during the quarter to DKK 438m and were DKK 36m below the level at the end of Q1 last year. • The increased inventory level reflected general seasonality and procurement of memory chips to secure production in the coming year as communicated in connection with the release of the annual report in July 2026. • Free cash flow for the quarter was DKK 6m compared to DKK -135m in Q1 last year, an improvement of DKK 141m, reflecting improved earnings and the reduction in net working capital. • Capex investments were DKK 54m compared to DKK 58m in Q1 last year. • Available liquidity was DKK 80m compared to DKK 94m at year-end. The development since year-end was driven by financing activities. • Capital resources were DKK 330m compared to DKK 344m at year-end. Year-end 2025/26 has been adjusted for a more accurate reflection of the capital resources available to the company. • Q1 25/26 through Q3 2025/26 have also been adjusted.
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1% to 5% 2.2% 25m to 100m 6m 1% to 3% -4.3% Outlook for 2026/27 maintained 11 Webcast Presentation – Q1 2026/27 | Financial Performance & Outlook *Before special items. CAPEX is expected to be in the range of DKK 270-310m. The expected year-on-year increase is driven by retail investments and product development. Capacity costs excluding special items are expected to be broadly flat compared with 2025/26. Revenue growth Local currencies Free cash flow DKK Outlook FY 2026/27 Actuals Q1 2026/27 EBIT margin bsi*
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12 Webcast Presentation – Q1 2026/27 | Q&A Nikolaj Wendelboe Gianfilippo Testa
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13 Webcast Presentation – Q1 2026/27 Investor relations contact: Cristina Rønde Hefting +45 41 53 73 03 crrh@bang-olufsen.dk