Brødrene A&O Johansen A/S Due Diligence

Run due diligence on Brødrene A&O Johansen A/S: check compliance and get alerts when suppliers or ownership change.

Denmark · owned by Avenir Invest ApS (Denmark) · ao.dk · 32 vendors

AO.dk is the Danish online retail operation of AO World plc, selling household appliances and consumer electronics directly to consumers. The platform offers products such as washing machines, refrigerators, televisions, and other home appliances with delivery and installation services. AO entered the Danish market as part of its European expansion strategy.

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Last updated 2026-10-15 · revision 44

32 direct vendors, 288 subvendors

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Compliance

11 in-scope frameworks identified; showing 3.

CPR — No public evidence

As a distributor of construction products, including electrical equipment, plumbing, and sanitary products, within the EU, the company is subject to the provisions of the Construction Products Regulation.

ISAE 3000 (source) — No public evidence

ISAE 3000 is an international standard for assurance engagements other than audits or reviews of historical financial information. It could be used to provide assurance over non-financial information, such as sustainability reports or cybersecurity controls.

Danish EPR for Packaging — No public evidence

As a company that places packaged goods on the Danish market, Brødrene A&O Johansen A/S is subject to the Extended Producer Responsibility (EPR) obligations for packaging in Denmark.

Financials

Three-year financials

Financial Resilience Score: 7/10

Brødrene A&O Johansen demonstrates solid financial resilience as a 110+ year-old family-controlled Danish wholesaler of technical installation materials. The company achieved its solvency ratio target of 40.7% in 2025 (above the 40% minimum target), delivered strong revenue growth of 12.7% to DKK 6,120.8M, and recovered EBITDA margin to 7.1% from 6.7% in 2024. The capital structure is supported by a conservative dividend payout of ~52% (DKK 3.75/share proposed) and net gearing of 2.4x EBITDA remains within the 1.0-2.5x target range. Omnichannel scale with 55 Danish stores, 9 Swedish stores, 600,000 SKUs, 53% digital sales share, and ~90% automated central warehouse picking provide meaningful competitive moats. The geographic footprint is low-risk, operating only in well-regulated Nordic countries (Denmark, Sweden, Norway) with 81% of purchases sourced from Europe. The 2024 acquisitions (Svenska VA Grossisten, DesignKupp, Work Wear Group) delivered 23% combined revenue growth and 85% earnings growth in 2025, validating M&A execution. ISO certifications across quality, environment and information security plus SBTi-validated climate targets support operational resilience. Key risks include high customer consolidation pressure from installers increasing bargaining power, elevated geopolitical uncertainty throughout 2025, and increased net interest-bearing debt (DKK 1,049M at end-2025 vs. DKK 522M at end-2023) following the 2024 acquisition wave. Margin volatility is evident: EBITDA margin fell from 7.7% in 2023 to 6.7% in 2024 before recovering. However, 2026 guidance of DKK 6,400-6,600M revenue and EBITDA DKK 460-500M suggests continued momentum.

Key strengths: Solvency ratio of 40.7% meeting target of 40%+, Revenue growth of 12.7% in 2025 with 8.4% organic growth, Omnichannel scale: 55 Danish + 9 Swedish B2B stores, 20+ webshops, 600,000 SKUs, 53% digital sales share with highly automated central warehouse (~90% automated picking), Successful M&A integration (2024 acquisitions: +23% revenue, +85% earnings in 2025), Low-risk Nordic-only geographic footprint with 81% European sourcing, Family-controlled (Avenir Invest 20.82% capital / 71.65% voting rights) with long-term orientation, ISO-certified management systems and SBTi-validated climate targets

Risk factors: Customer consolidation among installers increasing bargaining power (High/High risk), Elevated geopolitical and macroeconomic uncertainty (High/Medium risk), Net interest-bearing debt doubled from DKK 522M (2023) to DKK 1,049M (2025) after acquisitions, Margin volatility: EBITDA margin dropped from 7.7% (2023) to 6.7% (2024), Global supply chain risk (High probability/Medium impact), IT risks and cyberattack exposure, Credit management risk (Medium/Medium), High geographic concentration in Denmark (~87% of revenue)

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