Nasdaq CopenhagenIFRS · DKK

BRØDRENE A. & O. JOHANSEN A/S

BRØDRENE A. & O. JOHANSEN A/S is a Danish multi-channel retailer and distributor of tools, hardware, building-supply and home-improvement products. The company serves both professional trade customers and consumers through a network of stores, warehouses and related sales channels in Denmark, with a smaller footprint in Sweden.

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Revenue6,121m DKK
+12.7 %y/y
Operating profit (EBIT)293m DKK
+18.9 %y/y
EBIT margin4.8%
+0.2 ppy/y
Net income201m DKK
+22.8 %y/y
Free cash flow178m DKK
+114.5 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

02,0004,0006,0008,000m DKK2021: 4,801 m DKK2021: EBIT 317 m DKK20212022: 5,375 m DKK2022: EBIT 384 m DKK20222023: 5,261 m DKK2023: EBIT 292 m DKK20232024: 5,429 m DKK2024: EBIT 246 m DKK20242025: 6,121 m DKK2025: EBIT 293 m DKK20256,121293
RevenueOperating profit (EBIT)
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Business

Share of revenue
B2B trade assortment82 %

Products sold to professional customers for construction, maintenance and trades work.

B2C retail assortment18 %

Consumer-facing products sold through stores for DIY, home repair and improvement.

Stores and physical distribution0 %

Store and warehouse network used to display, stock and deliver the assortment.

Customers

The company sells to a mix of professional B2B customers and retail B2C shoppers, with the professional channel accounting for the larger share of revenue. Professional buyers likely include contractors, builders and tradespeople that need recurring access to a broad assortment and reliable local availability, while consumers buy for DIY and household projects.

B2B professional customers

Contractors, tradespeople and business accounts buying tools, hardware and building-supply items for project and maintenance work.

B2C retail customers

Households and DIY shoppers buying home-improvement and repair products through stores.

Strategy

The company’s position depends on maintaining a dense branch and warehouse network that supports both professional and consumer demand. Its strategy appears centered on assortment breadth, local availability and a dual-channel model that serves different buying occasions and customer types.

Strengthen physical distribution networkMedium term

Local availability and fast fulfillment are central to a hardware-and-tools retailer.

Balance B2B and B2C channelsMedium term

The two customer groups have different purchase patterns and margin structures.

Protect assortment availabilityShort term

Stock breadth and product availability are critical in building-supply retail.

Geography

The business is centered in Denmark, where it operates an extensive store and warehouse network, and it also has a smaller presence in Sweden. The geographic mix matters because the company relies on local physical coverage, inventory availability and delivery reach rather than a purely digital model.

Risks

The main business risk is demand sensitivity to construction activity, renovation spend and consumer confidence, because the company sells discretionary and project-related products. It also faces inventory, logistics and store-network execution risk, while its physical footprint exposes it to lease, property and operating-cost pressures.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Cyclical demand in construction and DIY markets1Lease and property footprint risk2Operational complexity across many sites3Inventory obsolescence and write-downs4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Cyclical demand in construction and DIY marketsImpact: HighLikelihood: High

    Sales of tools and building-supply items rise and fall with project activity and consumer spending.

    Exposure: B2B and B2C revenue

  2. Lease and property footprint riskImpact: MediumLikelihood: High

    The store and warehouse model depends on leased and owned properties that create fixed obligations.

    Exposure: Store network and distribution sites

  3. Operational complexity across many sitesImpact: MediumLikelihood: High

    A large branch network requires consistent replenishment, staffing and service execution.

    Exposure: Denmark and Sweden operations

  4. Inventory obsolescence and write-downsImpact: MediumLikelihood: Medium

    A broad physical assortment requires careful stock management to avoid markdowns and wastage.

    Exposure: Working capital and gross margin

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Accounting

Judgemental items
Inventory write-downs

The company holds significant inventory, so slow-moving or obsolete stock can require valuation adjustments.

Impact: Affects cost of sales, gross margin and working capital

IFRS 16 leases

Stores, warehouses and other site agreements create right-of-use assets and lease liabilities.

Impact: Affects EBITDA, depreciation, interest and leverage metrics

Goodwill impairment

The balance sheet includes large goodwill balances from acquisitions and needs periodic testing.

Impact: Could create non-cash impairment charges

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Last updated: 24/10/2026