Bang & Olufsen a/s : Webcast presentation Q2 2022/23

January 2023

Q 2 2 022/23

Webcast presentation

Disclaimer

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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Agenda

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Key Highlights and Strategy Update

Financial Performance in Q2

Outlook

Q&A

Key Highlights and Strategy Update

6% growth and a positive EBIT despite macroeconomic headwinds

• Revenue grew 6.3% (2% in local currencies)		Revenue
• Product sales declined by 2% in local currencies (-1%
excluding Russia and Belarus), mainly impacted by
lockdowns in China
• Brand Partnering & Other activities grew 47% in
local currencies, driven by new partnerships
• Like-for-likesell-out declined by 3%, impacted by	>	EBIT margin
development in Europe and lockdowns in China		bsi*

• Positive EBIT margin bsi* and free cash flow supported by revenue growth
• Solid progress on strategic initiatives with growing

customer base and higher average product ownership

Free cash flow

• Outlook maintained. However, we expect to be in the lower end of the range

5 |* Before special items ** local currencies

Q2	H1	Outlook
2022/23	2022/23	FY 2022/23

2%	-4%	-4% to 5%
in LC**	in LC**	growth in LC**
DKK 859m	DKK 1,471m

1.6%	-4.8%	-2% to 3%
(EBIT bsi* DKK 14m)	(EBIT bsi* DKK -71m)

DKK	DKK	DKK
1m	-80m	-50m to 100m