Bang & Olufsen’s investor disclosures show a company in transition: FY2024/25 revenue was DKK 2,553 million, while gross margin reached 55.0% and branded-channel revenue increased 3%. The figures below use the company’s fiscal-year labels, which end in May unless otherwise stated, and distinguish observed results from management forecasts.
Key Bang & Olufsen Statistics
The most broadly useful Bang & Olufsen statistics are:
- DKK 2,553 million in group revenue was reported for FY2024/25 by the global group.
- 55.0% group gross margin was recorded in FY2024/25.
- DKK 271 million EBITDA before special items was reported for the group in FY2024/25.
- DKK 26 million EBIT before special items was reported for the group in FY2024/25.
- 4% like-for-like sell-out growth was recorded across comparable selling locations in FY2024/25.
- 9% branded-channel like-for-like sell-out growth was recorded in FY2024/25.
- 30% Win Cities sell-out growth was recorded year over year in FY2024/25 across company-designated priority cities.
- 346 monobrand stores comprised the global network at 31 May 2025.
- 19% customer-base growth was reported for Bang & Olufsen in FY2023/24.
- 14% growth in customers owning at least two products was reported in FY2023/24.
- Eight Cradle to Cradle-certified products were reported by FY2024/25 year end.
- 3% FY2023/24 EMEA revenue decline was reported for the EMEA region.
- 8% FY2023/24 Americas revenue decline was reported for the Americas region.
- 9% FY2023/24 APAC revenue decline was reported for the APAC region.
- 1% to 8% FY2025/26 revenue-growth guidance was issued for the group in local currencies.
- Negative DKK 100 million to zero FY2025/26 free-cash-flow guidance was issued for the group.
Contents
- Bang & Olufsen revenue and growth statistics
- Bang & Olufsen profitability and cash-flow data
- Regional and channel sales trends
- Customer, store and sell-out statistics
- Product, partnering and sustainability metrics
- Financial outlook and capital statistics
Bang & Olufsen Revenue and Growth Statistics
Bang & Olufsen’s reported group revenue declined over the first two fiscal years in this series, then remained close to the FY2023/24 level in FY2024/25. These are company-reported fiscal-year figures, not estimates.
| Fiscal year | Group revenue | Reported or local-currency change |
|---|---|---|
| FY2022/23 | DKK 2,752 million | — |
| FY2023/24 | DKK 2,588 million | 5% decline in local currencies |
| FY2024/25 | DKK 2,553 million | 1.4% reported-currency decline; 1% local-currency decline |
Sources: FY2024/25 annual report and FY2023/24 annual report; the FY2022/23 figure is from the FY2022/23 annual report.
The quarterly picture was stronger at the end of FY2024/25. Q4 FY2024/25 revenue was DKK 680 million, up 3.7% year over year in reported currency, while FY2022/23 product sales had declined 9.8%; product sales exclude Brand Partnering and other activities.
Bang & Olufsen Profitability, Margins and Cash-Flow Data
The margin series shows improvement across the three reported fiscal years, even though EBITDA before special items was lower in FY2024/25 than in FY2023/24. Gross margin is the company-defined measure and should not be treated as a universal industry definition.
| Fiscal year | Gross margin | EBITDA before special items | Other reported cash-flow measure |
|---|---|---|---|
| FY2022/23 | 44.2% | DKK 117 million | Free cash flow: negative DKK 20 million |
| FY2023/24 | 53.3% | DKK 300 million | Free cash flow: DKK 11 million |
| FY2024/25 | 55.0% | DKK 271 million | EBIT before special items: DKK 26 million |
Sources: FY2024/25 annual report, FY2023/24 annual report, and FY2022/23 annual report.
Q4 FY2024/25 gross margin was 55.8%. FY2024/25 profit before tax was DKK 2 million; EBITDA and EBIT figures labelled “before special items” exclude items under Bang & Olufsen’s reporting definition.
Bang & Olufsen Regional and Channel Sales Trends
Regional performance differed materially in FY2023/24. The company reported declines in all three broad regions, with the Americas down 8%, APAC down 9% and EMEA down 3%.
| Geography | FY2023/24 change | Earlier reported comparison |
|---|---|---|
| EMEA | 3% decline | FY2022/23: 6% decline |
| Americas | 8% decline | FY2022/23: 2% growth |
| APAC | 9% decline | FY2022/23 Asia: 19% decline |
| China | — | FY2022/23: 28% decline |
Sources: FY2023/24 annual report and FY2022/23 annual report. The regional labels are not identical across disclosures: the earlier report separately identifies Asia and China, while the later report uses APAC.
Channel results were more positive than total group revenue in FY2024/25. Branded-channel revenue increased 3% for the full fiscal year and 14% in Q4 FY2024/25, using Bang & Olufsen’s company-defined branded-channel measure.
Bang & Olufsen Customer, Store and Sell-Out Statistics
Sell-out measures describe comparable selling locations rather than all audio consumers. On that basis, like-for-like sell-out grew 4% in FY2024/25, after 3% growth in FY2023/24 and a 2% decline in FY2022/23.
| Measure | FY2022/23 | FY2023/24 | FY2024/25 |
|---|---|---|---|
| Like-for-like sell-out | 2% decline | 3% growth | 4% growth |
| Branded-channel like-for-like sell-out | — | — | 9% growth |
| Win Cities sell-out | — | — | 30% growth year over year |
Sources: FY2024/25 annual report, FY2023/24 annual report, and FY2022/23 annual report. Like-for-like excludes locations that are not comparable under the company’s methodology, and Win Cities is a company-defined group of priority cities.
The monobrand network comprised 346 stores at 31 May 2025. During FY2024/25, Bang & Olufsen opened 15 monobrand stores and closed 56, producing a company-reported net reduction of 41 stores year over year; the network includes company-owned stores.
The customer base grew 19% in FY2023/24, although no absolute customer count was provided. Within that base, the number of customers owning at least two Bang & Olufsen products grew 14% in FY2023/24.
Bang & Olufsen Product, Partnering and Sustainability Metrics
Bang & Olufsen reported seven product innovations in FY2022/23 and six new product innovations in FY2023/24. These are company-defined innovation counts, not a standardized industry measure of every product or model released.
Brand Partnering and other activities revenue grew 21.8% in FY2022/23, then declined 10% in FY2023/24. That segment measure should not be combined with product sales or total group revenue as though the populations were identical.
Sustainability certification expanded in FY2024/25: six products gained Cradle to Cradle certification during the fiscal year, bringing the cumulative total to eight products by FY2024/25 year end. The total is a company-reported portfolio count.
Customers owning at least two products increased 27% in FY2022/23 and 14% in FY2023/24. The measure indicates change in a company-defined multi-product customer group, not the share of all customers with multiple products.
Supply-chain component and logistics costs were estimated at around DKK 160 million in FY2022/23. Bang & Olufsen describes this as an estimate of additional costs for that fiscal year, rather than a recurring cost benchmark.
Sources: FY2024/25 annual report, FY2023/24 annual report, and FY2022/23 annual report.
Bang & Olufsen Financial Outlook and Capital Statistics
Bang & Olufsen’s FY2025/26 guidance is a forecast, not a realized result. Management guided to revenue growth of 1% to 8% in local currencies, an EBIT margin before special items of negative 3% to positive 1%, and free cash flow between negative DKK 100 million and zero.
| Outlook or capital measure | Value | Period or date |
|---|---|---|
| Revenue-growth guidance | 1% to 8% in local currencies | FY2025/26 outlook |
| EBIT margin before special items guidance | Negative 3% to positive 1% | FY2025/26 outlook |
| Free-cash-flow guidance | Negative DKK 100 million to zero | FY2025/26 outlook |
| Net proceeds from directed issue | DKK 217 million | November 2024 |
| Revolving credit facility | Increased from DKK 200 million to DKK 300 million | May 2025 |
Source: FY2024/25 annual report. The revolving credit facility figure describes facility size, not drawn debt or cash balance.
Earlier guidance provides historical context but should not be read as a current forecast. The FY2023/24 revenue-growth outlook issued in July 2023 was 0% to 9% in local currencies, while the FY2024/25 outlook issued in July 2024 was negative 3% to positive 3% in local currencies.
At 31 May 2023, available liquidity was DKK 224 million and net working capital was DKK 222 million. These are point-in-time FY2022/23 balance-sheet measures, not averages for the fiscal year.
Source: FY2022/23 annual report for the FY2023/24 outlook, liquidity and working-capital figures; FY2023/24 annual report for the FY2024/25 outlook.