BANG & OLUFSEN A/S BANG & OLUFS (0MRM.IL)

Bang & Olufsen adjusts financial outlook due to China lockdowns

Bang & Olufsen is adjusting its outlook for the financial year 2021/22 (ending on 31 May 2022) primarily due to expected impact from continued lockdowns in China. The company now expects revenue to grow to a range between DKK 2.85bn and DKK 2.95bn. The lower revenue growth will also impact the company’s EBIT margin before special items and free cash flow. EBIT margin before special items is expected to be between -2% and 2%, while free cash flow is expected to be between DKK -180m and DKK -140m.