Kristian Teär steps down as CEO of Bang & Olufsen, CFO Nikolaj Wendelboe appointed interim CEO. Preliminary Q2 2025/26 key financials announced, and FY 2025/26 outlook narrowed

Core Insights - Bang & Olufsen's CEO Kristian Teär has stepped down, with Nikolaj Wendelboe appointed as interim CEO while a search for a new CEO is underway [1][2] - The company aims to maintain its strategic direction and ambition to strengthen its position as a global leader in luxury audio despite the leadership change [2] - Preliminary financial results for Q2 and H1 of FY 2025/26 have been announced, indicating a decline in revenue but an increase in gross profit and gross margin [3][6] Leadership Change - Kristian Teär's leadership was pivotal during his tenure, especially through the COVID-19 pandemic, and he has been credited with strengthening the company's financial position [2][3] - The Board of Directors has determined that new leadership is necessary to guide the company through its next phase, approximately six months into a three-year mid-term plan [2] Financial Performance - Preliminary Q2 2025/26 reported revenue was DKK 676 million, a decline of 3.2% year-on-year, with a 5.5% increase in revenue from branded channels [6] - For H1 2025/26, reported revenue was DKK 1,119 million, down 3.9% year-on-year, with a decline of 3.5% in revenue from branded channels [6] - Gross profit for Q2 increased by DKK 17 million to DKK 391 million, with a gross margin increase of 4.2 percentage points to 57.9% [6] - The EBIT margin before special items for Q2 was -5.3%, compared to 1.7% in Q2 2024/25, while for H1 it was -5.3% against -0.4% in H1 2024/25 [6] - Free cash flow was reported at DKK -33 million for Q2 and DKK -168 million for H1 [6] Financial Outlook - The FY 2025/26 outlook for EBIT margin before special items remains unchanged at -3% to 1% [5] - Revenue growth outlook in local currencies has been narrowed to 1% to 5%, down from a previous range of 1% to 8% [6] - Free cash flow outlook has also been narrowed to DKK -100 million to -50 million, previously DKK -100 million to 0 million [6]