BRØDRENE A. & O. JOHANSEN A/S
Industrials·AOJ-B · Nasdaq Copenhagen·Fiscal year to 31/12/2025
AO works with more than 1,000 suppliers and is continuously expanding our range of products to target more customers and support one-stop-shopping.
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
Labour and wages
Raw materials and inputs
DriverNegative impact: weakens
“Structural Shortage of Skilled Labour The shortage of skilled labour is a structural megatrend in the installation sector and is expected to intensify. Capacity constraints are increasingly limiting customers’ ability to take on new projects, with Denmark facing a projected shortfall of up to 10,000 electrical and technical workers by 2035. This drives demand for more efficient sales processes, logistics and digital solutions that help customers through streamlined sales processes, reliable and flexible logistics, and digital documentation solutions— enabling customers to do more with fewer resources.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“· AO aims to attract and retain the industry’s best employees, fostering a culture defined by agility, professionalism and well-being. · At AO, we have the best team in the industry. An organisation rounded out by AO's culture and with the industry's most loyal and experienced employees.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“AO has established strategic sustainability focus areas which is linked to AO’s material impacts, risks and opportunities. The focus areas are set to support AO’s goals on CO₂e reduction, high employee satisfaction, strong supplier relationships and a solid value chain.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Employees are the core at AO and crucial to the company’s success and results, hence health and safety, education and job satisfaction are of high importance.”
Annual report 2025A · The company itself
Chemicals and specialty chemicals
Raw materials and inputs
InputNegative impact: weakens
“The largest Scope 3 impacts stem from “use of sold products” from electricity usage and “purchased goods and services”, particularly ceramics, plastics, and metals. Emission reductions therefore rely on engagement with direct suppliers and customers to drive behavioural and material changes.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“AO wants to phase out selling products containing SVHC.”
Annual report 2025A · The company itself
Nordics
Geography
StrategyPositive impact: strengthens
“In the private DIY market, it's AO’s ambition to be the leading online trading platform for the sale of technical home improvement materials in Denmark and one of the leading online platforms in Sweden and Norway.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“We aim to increase the business in Sweden too as we see a strong potential for organic growth.”
Annual report 2025A · The company itself
Geography
“We lend a hand The Group’s strategy is to serve the professional market via AO in Denmark and Sweden and to serve the private markets in Denmark, Norway and Sweden via our portfolio of differentiated webshops run on a common platform. In the professional market, it is AO's ambition to be the preferred supplier of technical installation materials for tradesmen and large construction customers.”
Annual report 2025A · The company itself
Geography
“The Group holds leading positions within online DIY bathroom sales in Norway and within workwear in Denmark.”
Annual report 2025A · The company itself
Geography
“The acquisition of Svenska VA Grossisten in Vallentuna in 2024 marked AO´s entrance to the Stockholm area. In 2025, three additional stores have been opened in Västerås, Uppsala and Örebro.”
Annual report 2025A · The company itself
Geography
“Operations in Sweden are certified according to ISO 9001, ISO 14001, ISO 27001, ISO 27701 and ISO 45001.”
Annual report 2025A · The company itself
EU climate and energy policy
Regulation
DriverMixed impact: mixed
“AO anticipates a gradual transition toward a low-carbon economy, with increased renewable energy use and technological advancements affecting costs and operations. Financial impact on AO’s own operations is expected to be limited, while business opportunities are foreseen within climate adaptation and mitigation product areas.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“That is why our climate ambitions are aligned with science-based targets validated by the Science Based Targets initiative (SBTi), committing AO to significant reductions in greenhouse gas emissions across Scope 1, Scope 2 and Scope 3 as part of our long-term net-zero ambition.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“AO has committed and been approved by SBTi to reduce GHG emissions, become carbon neutral in AO’s own operations and enable the reduction of GHG emissions in AO’s value chain.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Through prioritisation and dialogue, AO aim to shift customer focus towards more sustainable products · Inspiring partners and the industry to support a sustainable value chain, also leveraging AO's influence in industry associations Climate change adaptation: · Addressing the consequences of climate change by adapting locations to the climate · Providing goods and solutions that assist customers and local communities with necessary climate adaptation Energy efficiency and renewable energy deployment: · Reducing the annual energy consumption and increasing the share of renewable energy · Investing in energy-efficient solutions and promoting energy and CO₂e saving initiatives among both AO’s customers and suppliers AO wants to cooperate with its suppliers and encourage practices across the value chain that increase use of recycled material and encourage them on their transition from conventional electricity to renewables.”
Annual report 2025A · The company itself
Chains out: this strengthens Circular economy and recycling, strengthens Energy efficiency
Construction
End markets
StrategyPositive impact: strengthens
“AO's projects department creates a secure framework for large construction projects. We are not only focused on the offer, but also on ensuring that your project gets done better, cheaper and faster. It is our strategy to become one of the best partners to construction customers, by developing new digital support services.”
Annual report 2025A · The company itself
Market
“As a wholesaler within the construction industry, and with a wide range of products and product types, AO sources goods from many suppliers.”
Annual report 2025A · The company itself
Market
“AO's most significant climate and environmental impact lie within our value chain, meaning a crucial part of our task is collaborating with customers and suppliers to drive change in our industry.”
Annual report 2025A · The company itself
Chains in: Interest rates weakens, Housing market strengthens, Public investment and infrastructure strengthens, Business cycle and GDP growth strengthens, Reconstruction of Ukraine strengthens
Artificial intelligence
Technology
DriverPositive impact: strengthens
“The digital customer journey is shifting from basic solutions to AI-based services such as ChatGPT and AI agents. AO must deliver visibility and relevance across AI-driven purchasing journeys in both B2B and B2C.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“· AI has been heralded as the most important technology of our time. We believe in a proactive approach to the use of artificial intelligence across AO. · AO has made substantial investments in optimising efficiency and increasing capacity at the central warehouse in Albertslund and the Logistics Centre West in Horsens.”
Annual report 2025A · The company itself
Chains out: this strengthens Data centres, strengthens Semiconductors and electronic components, strengthens Semiconductor industry
Automation and robotics
Technology
StrategyPositive impact: strengthens
“90% of all products are picked automatically, thus ensuring both high ser vice quality and efficiency.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“New growth opportunities await in new business segments and in AO Sweden. · AO´s omnichannel strategy secures both digital efficiency and close customer relations · It's AO´s ambition to beat the market with a minimum of 2% each year via organic and acquisitive growth High efficiency · AO aims to continuously optimise internal and external processes, enabling our teams to focus on complex, value-creating tasks for our customers while automating simpler manual activities.”
Annual report 2025A · The company itself
Carbon tax and ETS prices
Regulation
StrategyPositive impact: strengthens
“AO has committed and been approved by SBTi to reduce GHG emissions, become carbon neutral in AO’s own operations and enable the reduction of GHG emissions in AO’s value chain.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Energy consumption and mix Energy efficiency and the transition to renewable energy are central to AO’s climate strategy, both within the operations and across the value chain. Internally, AO focuses on reducing energy consumption by implementing energy-efficient technologies and installing solar panels to increase the share of renewable energy in the operations. Additionally, AO is committed to phasing out conventional fossil fuels in heating, company vehicles, and forklifts, directly supporting AO's Science Based Targets for scope 1 and 2.”
Annual report 2025A · The company itself
Chains out: this weakens Shipping and logistics, strengthens Energy efficiency, weakens Cement and building materials
Digitalisation
Technology
StrategyPositive impact: strengthens
“Our strategy is to continue to innovate and develop our omni-channel offerings – a hybrid business strategy, embracing the human touch in physical and digital touchpoints and securing efficiency, flexibility and scalability via digitalised stores and harvesting the best of two worlds.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“The most important thing for AO's future competitiveness is the employees. · IT plays a decisive role in AO's transformational power. It is crucial that AO has an IT landscape that is agile, scalable and future-proof, so that we can use as many resources as possible on development rather than operation. · AO has a strong balance sheet and a robust capital structure, enabling AO to resist headwind and to seize opportunities.”
Annual report 2025A · The company itself
Chains in: Cybersecurity (products and services) strengthens, Public investment and infrastructure strengthens
Chains out: this strengthens IT consulting and public-sector IT
E-commerce
Technology
StrategyPositive impact: strengthens
“Our strategy is to continue to innovate and develop our omni-channel offerings – a hybrid business strategy, embracing the human touch in physical and digital touchpoints and securing efficiency, flexibility and scalability via digitalised stores and harvesting the best of two worlds.”
Annual report 2025A · The company itself
Market
“Digital share of sales makes up 53% of revenue.”
Annual report 2025A · The company itself
Energy efficiency
Technology
StrategyPositive impact: strengthens
“Energy consumption and mix Energy efficiency and the transition to renewable energy are central to AO’s climate strategy, both within the operations and across the value chain. Internally, AO focuses on reducing energy consumption by implementing energy-efficient technologies and installing solar panels to increase the share of renewable energy in the operations. Additionally, AO is committed to phasing out conventional fossil fuels in heating, company vehicles, and forklifts, directly supporting AO's Science Based Targets for scope 1 and 2.”
Annual report 2025A · The company itself
Chains in: Carbon tax and ETS prices strengthens, EU climate and energy policy strengthens
ESG and sustainability reporting
Regulation
StrategyPositive impact: strengthens
“ESG is now fully incorporated in our strategy and represents a cornerstone in the strategic vision. At AO sustainability is seen as a way to help customers reach their objectives more effectively and responsibly.”
Annual report 2025A · The company itself
IT operations and cloud
Raw materials and inputs
StrategyPositive impact: strengthens
“The most important thing for AO's future competitiveness is the employees. · IT plays a decisive role in AO's transformational power. It is crucial that AO has an IT landscape that is agile, scalable and future-proof, so that we can use as many resources as possible on development rather than operation. · AO has a strong balance sheet and a robust capital structure, enabling AO to resist headwind and to seize opportunities.”
Annual report 2025A · The company itself
Retail
End markets
Market
“It pays to start in the right place AO has the industry's most complete B2C offer within simple home improvements and DIY.”
Annual report 2025A · The company itself
Chains in: Consumer spending strengthens
Warehouse and logistics automation
Technology
StrategyPositive impact: strengthens
“The automated central warehouse in Albertslund and the logistics centre in Horsens are corner stones in AO.”
Annual report 2025A · The company itself
Business cycle and GDP growth
Macro
DriverMixed impact: mixed
“We expect the market in 2026 to show modest organic growth.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Probability: ■ High Impact: ■ High Geopolitical uncertainties can lead to macroeconomic downturns involving inflation, rising interest rates, increasing energy costs, etc. This could impact the construction industry overall and decrease market demand.”
Annual report 2025A · The company itself
Chains out: this strengthens Global trade volumes, strengthens Construction
Inflation
Macro
DriverNegative impact: weakens
“Continued change in the geopolitical and macroeconomic climate, supply disruptions and developments in raw material prices and interest rates may impact outlook for 2026.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Probability: ■ High Impact: ■ High Geopolitical uncertainties can lead to macroeconomic downturns involving inflation, rising interest rates, increasing energy costs, etc. This could impact the construction industry overall and decrease market demand.”
Annual report 2025A · The company itself
Chains out: this weakens Consumer spending, strengthens Interest rates
M&A and consolidation
Macro
DriverNegative impact: weakens
“More installers are joining forces through mergers or by becoming part of purchasing associations. This enables them to buy at lower prices and offer a broader range of solutions. Consolidation increases competition among the major players and poses a growing risk to AO’s earnings, as it leads to a relatively weaker negotiating position.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“The risk of increased consolidation in the Danish market creating stronger competitors and customers with higher bargaining power could mean that AO loses competitive advantages and is unable to meet the goal of gaining market share or maintaining profit margins. Probability: ■ High Impact: ■ High Geopolitical uncertainties can lead to macroeconomic downturns involving inflation, rising interest rates, increasing energy costs, etc.”
Annual report 2025A · The company itself
Electrification
Technology
DriverPositive impact: strengthens
“Electrification involves replacing fossil fuels with electricity and the associated infrastructure. The transport sector plays a key role, alongside the electrification of buildings and industry, where fossil fuels are phased out in favour of electric solutions such as heat pumps and energy-efficient systems. AO supports electrification by offering a broad product range that enables the electrification of society and will continue to expand its competencies and assortment.”
Annual report 2025A · The company itself
Chains out: this strengthens Electricity, strengthens Power grid expansion, strengthens Copper
Plastics and polymers
Raw materials and inputs
InputNegative impact: weakens
“The largest Scope 3 impacts stem from “use of sold products” from electricity usage and “purchased goods and services”, particularly ceramics, plastics, and metals. Emission reductions therefore rely on engagement with direct suppliers and customers to drive behavioural and material changes.”
Annual report 2025A · The company itself
Chains in: Oil strengthens
Climate change and extreme weather
Macro
DriverPositive impact: strengthens
“Climate change requires both Denmark and Sweden to invest in water infrastructure, local drainage systems, and stormwater management. Climate adaptation includes storing, treating, and reusing rainwater. In urban environments, green roofs, façades, and trees can also help prevent flooding during heavy rainfall. AO is well positioned, together with its suppliers, to benefit from this trend once regulatory frameworks and investment willingness are clarified.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“AO has identified the following material climate-related risks impacting the operations: · Physical risk: Two retail sites are located in high risk of flooding areas, which is posing limited operational and financial risk due to short downtime and proximity to alternative locations.”
Annual report 2025A · The company itself
Chains out: this weakens Agriculture and food production
Geopolitical uncertainty
Macro
DriverNegative impact: weakens
“Continued change in the geopolitical and macroeconomic climate, supply disruptions and developments in raw material prices and interest rates may impact outlook for 2026.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Market and competition dynamics B Geopolitical and macroeconomic uncertainty C Credit Management D Global supply chain E Environmental & products master data F IT risks G Cyberattack H Dependency on service providers Risk map Market and competition dynamics Geopolitical and macroeconomic uncertainty Credit Management Global supply chain Description Risk of new competitors entering into or expanding in the Danish market.”
Annual report 2025A · The company itself
Chains out: this strengthens Defence budgets, strengthens Energy security, strengthens Tariffs and trade policy, weakens Global trade volumes, strengthens Sea freight and freight rates, weakens Reconstruction of Ukraine
Circular economy and recycling
Regulation
DriverPositive impact: strengthens
“As a true omnichannel business AO offers a wide range of services from self-service through AO365 to advanced project advice via our competency centres Green transition The construction sector is among the industries with the greatest negative climate and environmental impact. This increases the focus from legislators and builders on reducing CO₂ emissions and promoting circular solutions, including reuse and recycling. Customers are increasingly choosing certified products and solutions.”
Annual report 2025A · The company itself
Chains in: EU climate and energy policy strengthens
Cybersecurity (products and services)
Technology
DriverNegative impact: weakens
“Probability: ■ Medium Impact: ■ High Business disruption due to compromised data, denial-of-service attacks, ransomware, etc. are among the consequences of a cyberattack. The duration of such a business disruption can be lengthy and have significant impact on AO's ability to conduct business.”
Annual report 2025A · The company itself
Chains in: Cyber attacks and IT security risk strengthens
Chains out: this strengthens Digitalisation
Interest rates
Macro
DriverNegative impact: weakens
“Continued change in the geopolitical and macroeconomic climate, supply disruptions and developments in raw material prices and interest rates may impact outlook for 2026.”
Annual report 2025A · The company itself
Chains in: Public debt and fiscal policy strengthens, Inflation strengthens
Chains out: this weakens Construction, weakens Real estate, weakens Wind power, weakens Housing market, weakens Office and commercial property, weakens Residential rental, weakens Residential construction
Shipping and logistics
End markets
InputNegative impact: weakens
“Sudden discontinued service from key service providers could disrupt AO's ability to deliver goods timely or negatively impact the efficiency of the logistics. A lack of ability to live up to AO's commitments towards customers could result in loss of business affecting revenue and earnings.”
Annual report 2025A · The company itself
Chains in: Carbon tax and ETS prices weakens, Global trade volumes strengthens, Fuel strengthens
Denmark
Geography
Geography
“We lend a hand The Group’s strategy is to serve the professional market via AO in Denmark and Sweden and to serve the private markets in Denmark, Norway and Sweden via our portfolio of differentiated webshops run on a common platform. In the professional market, it is AO's ambition to be the preferred supplier of technical installation materials for tradesmen and large construction customers.”
Annual report 2025A · The company itself
Geography
“And we are proud to be part of the team when the tradesmen renovate, modernise and maintain Denmark.”
Annual report 2025A · The company itself
Geography
“In Denmark, AO currently holds ISO 9001, ISO 14001, ISO 27001 and ISO 27701 certifications.”
Annual report 2025A · The company itself
Competitors mentioned in the report
No named competitors in the report.
Financial figures
| Revenue latest fiscal year | 6.12 bn DKK |
| Revenue growth vs. the year before, same method | 12.7 % |
| EBITDA reported by the company | 0.43 bn DKK |
| Net debt debt incl. leasing minus cash | 1.05 bn DKK |
| Diluted EPS per share | 7.3 DKK |
Source: annual report (ESEF) A. See the report
Criteria
| Profit | ✓ |
| Growing | ✓ |
| Healthy balance sheet | ✓ |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.