Annual report 2024/25: Bang & Olufsen reports a year of transition, achieving record-high gross margin, positive operating profit, and strengthened branded channel performance

Bang & Olufsen ended the year with 4% revenue growth in Q4 and a 1% decline in local currencies for the full year, bringing total revenue to DKK 2.6bn. The gross margin continued to increase, reaching a record-high 55.8% in Q4, and 55.0% at year end. For the full year, the EBIT margin before special items was 1.0%, and free cash flow amounted to DKK 16m. Overall, the results were in line with plans and aligned with the outlook for the year.

"During our 2024/25 financial year, we set solid foundations by achieving a record-high gross margin, positive operating profit and improving our branded channel performance. The focus on our retail experiences, product portfolio, marketing and win cities have made a positive impact and will continue to be a priority, as we further strengthen our leadership position in the global luxury audio market. While we remain mindful of market uncertainties, we are excited and confident as we look ahead to celebrating Bang & Olufsen’s 100^th anniversary later this year. To mark our centenary milestone, we will be honouring our heritage and shaping the path ahead, as we step into B&O’s second century at the forefront of luxury audio."

Kristian Teär, CEO

Financial highlights, FY 2024/25 (2023/24 in brackets)

Like-for-like sell-out grew by 4% (3%). Like-for-like sell-out for Branded channels grew 9% (-2%).
Revenue declined by 1.4% (-6.0%) year-on-year, or -1% in local currencies (-5%), to DKK 2,553m
(DKK 2,588m).
Revenue from Branded channels increased by 3% (0%), or 2% in local currencies (1%).
Gross margin was up by 1.7pp to 55.0% (53.3%).
EBITDA before special items was DKK 271m (DKK 300m), EBITDA margin before special items of 10.6% (11.6%).
EBIT before special items was DKK 26m (DKK 61m). EBIT margin before special items of 1.0% (2.4%).
Profit before tax was DKK 2m (DKK -7m).
The free cash flow was DKK 16m (DKK 11m).

Financial highlights, Q4 2024/25 (Q4 2023/24 in brackets)

Like-for-like sell-out grew by 7% (-2%). Like-for-like sell-out for Branded channels grew by 8% (-1%).
Revenue increased by 3.7% (1.4%) year-on-year, or 4% in local currencies (3%), to DKK 680m
(DKK 655m).
Revenue from Branded channels increased by 14% (-1%), or 14% in local currencies (0%).
Gross margin was up by 1.5pp to 55.8% (54.3%).
EBITDA before special items was DKK 72m (DKK 72m), EBITDA margin before special items of 10.5% (11.0%).
EBIT before special items was DKK 7m (DKK 12m). EBIT margin before special items of 1.0% (1.8%).
Profit before tax was DKK 11m (DKK -30m)
The free cash flow was DKK 4m (DKK 43m).

Business highlights, FY 2024/25

In November 2024, the company completed a directed issue, raising DKK 217 million in net proceeds to realise the announced three-year growth plan.
In May 2025, the company’s revolving credit facility (RCF) was refinanced and increased from DKK 200 million to DKK 300 million.
During the financial year, new product innovations were launched: Beoplay H100, Beoplay Eleven, A1 3rd Gen, and the recreated Beogram 3000c. In addition, Bang & Olufsen Atelier was introduced, offering custom-made products.
Six products were Cradle to Cradle (C2C) certified, bringing the total number of certified products to eight.
For the full year, Win Cities collectively reported sell-out growth of 30% year-on-year, while Q4 reported 38% year-on-year sell-out growth.
The monobrand network, including company-owned stores, comprised 346 stores—a net reduction of 41 year-on-year. 15 stores were opened and 56 were closed, while uplifts and relocations accounted for nine and seven, respectively.

Outlook 2025/26
The company's outlook for the financial year 2025/26 is as follows:

Revenue growth (in local currencies):	1% to 8%
EBIT margin before special items:	-3% to 1%
Free cash flow (DKK):	-100m to 0m

Please see the Annual Report 2024/25 for further details on outlook and assumptions.

FY 2024/25 conference call
3 July 2025, at 10.00 CEST via https://bangolufsen.eventcdn.net/events/annual-report-202425

Dial-in details (Pin: 193621):
DK: +45 78768490
UK: +44 2037696819
US: +1 6467870157

For further information, please contact:

Cristina Rønde Hefting
Sr. Director, Strategy & Investor Relations
Phone: +45 4153 7303

Marie Elbæk
Global Corporate media relations lead
Phone: +45 6021 2542

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