Avenir Invest ApS
Axeltorv 2
1609 København V
CVR-no. 37 76 77 78
Financial Statement 2025
Approved on the company’s general meeting
on 20 March 2026
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Chairman
TABLE OF CONTENTS
COMPANY INFORMATION 3
KEY FIGURES FOR THE GROUP
4
MANAGEMENT REVIEW
5
CONSOLIDATED FINANCIAL STATEMENTS FOR 1 JANUARY – 31 DECEMBER
MANAGEMENT'S REPORT
18
INDEPENDENT AUDITOR'S AUDIT REPORT
19
INCOME AND COMPREHENSIVE INCOME STATEMENT
22
BALANCE SHEET
24
CASH FLOW STATEMENT
26
EQUITY STATEMENT
27
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
28
PARENT FINANCIAL STATEMENTS FOR 1 JANUARY – 31 DECEMBER
59
INCOME STATEMENT
60
BALANCE SHEET
61
CASH FLOW STATEMENT
62
EQUITY STATEMENT
63
NOTES TO THE PARENT FINANCIAL STATEMENTS
64
DEFINITIONS OF KEY FIGURES
69
GROUP CHART
70
COMPANY INFORMATION
Company
Avenir Invest ApS
Axeltorv 2
1609 København V
CVR-no.: 37 76 77 78
Etablished: 20 May 2016
Location: Copenhagen
Financial period: 1 January 2025 – 31 December 2025
Executive Board
Niels Axel Johansen
Lili Johansen
Klaus Søgaard
Management
Klaus Søgaard
Auditor firm
PricewaterhouseCoopers, Statsautoriseret Revisionspartnerselskab
CONSOLIDATED FIVE-YEAR SUMMARY
(DKKm)
Key figures***
2025 2024 2023 2022 2021
Revenue 6.120,8 5.429,3 5.261,0 5.375,0 4.800,5
Gross margin 1.485,0 1.266,3 1.234,3 1.310,3 1.119,3
Earnings before interest, taxes, depreciation and amortisation (EBITDA) 434,0 366,0 405,2 491,6 471,0
Operating profit or loss (EBIT) 292,6 246,1 292,1 383,5 316,5
Financial income and expenses, net (32,5) (36,0) (30,4) (6,1) 9,4
Profit or loss before tax (EBT) 260,1 210,1 261,7 377,3 325,9
Tax on profit or loss for the year (59,4) (46,7) (55,7) (82,6) (72,3)
Net profit or loss for the year 200,7 163,4 206,0 294,7 253,6
Non-current assets 2.378,5 2.231,1 1.805,9 1.727,3 1.472,7
Current assets 1.721,2 1.571,7 1.446,2 1.588,2 1.235,9
Total assets 4.099,7 3.802,8 3.252,1 3.315,5 2.708,6
Share capital 50,0 50,0 50,0 50,0 50,0
Equity 1.669,3 1.537,1 1.476,3 1.408,0 1.240,0
Non-current liabilities 766,4 831,6 535,2 539,5 295,9
Current liabilities 1.664,0 1.434,1 1.240,6 1.368,0 1.172,7
Cash flow from operating activities 306,3 204,8 347,9 223,1 307,9
Cash flow from investing activities (200,1) (465,4) (130,2) (333,3) (212,7)
(134,5) (116,2) (94,8) (164,5) (170,5)
Cash flow from financing activities (105,0) 232,1 (161,1) 15,8 (91,4)
Cash flow for the year 1,2 (28,5) 56,6 (94,3) 3,8
Financial ratios
Gross profit margin 24,3% 23,3% 23,3% 24,4% 23,3%
Profit margin 4,8% 4,5% 5,6% 7,1% 6,6%
Return on capital employed 7,4% 7,0% 8,9% 12,7% 12,4%
Return on equity 12,5% 10,8% 14,3% 22,3% 22,3%
Solvency ratio 40,7% 40,4% 45,4% 42,5% 45,8%
Number of employees (FTE average)* 1.078 968 912 889 784
Number of employees excluding temporary workers (FTE average)* 1.004 899 841 822 705
Key figures are calculated according to the Danish Financial Services Association's "Recommendations and Key Figures".
Please refer to definitions of key figures in the notes
* Number of employees includes external temporary workers.
Of which investments in property, plant and
equipment, net
MANAGEMENT REVIEW
HIGHLIGHTS AND FINANCIAL TARGETS
In general, the group saw a high growth and good activity level in 2025 which has resulted in total growth of 12.7% for the year.
The Group expects revenue growth to continue in 2026.
During 2025, the Group gained market share and therefore performed better than the market overall.
The Group maintains its financial targets:
•
Annual growth exceeding market growth
, achieved through a combination of investments in organic growth and
acquisitions. Based on available market data, the Group gained market share in HVAC, Electrical, Tools, and Water &
Sewerage (VA) in 2025.
•
EBITDA margin of 10%
, primarily achieved through continuous economies of scale from increased revenue. The
EBITDA margin was 7.1% in 2025. While gross margin development met expectations, the Group was impacted by
rising costs driven by inflation.
•
Operating cash flow of 7.5% of revenue.
Operating cash flow was 5.0% of revenue in 2025, increasing from 3.8% of
revenue in 2024.
•
Strong capital readiness
in accordance with the adopted capital readiness policy. Strong capital readiness is
measured both by equity ratio (solidity) and financial leverage, defined as interest-bearing debt relative to 12-month
EBITDA. At the end of 2025, equity ratio is 40.7% and financial leverage 2.4 – solidity and leverage is within target.
The financial leverage target is set at 1.0–2.5.
STRATEGY AND EXPECTATIONS
STRATEGY
The customer is at the heart of everything we do and develop. We want to create value for our professional and private
customers. That’s something we aim to do every single day, and why we say: “We lend a hand”. It builds on the Group’s
genuine and heartfelt interest in understanding the present and future needs of our customers and being able to support them.
The fact that the customer is king is nothing new. It has been this way since AO's establishment in 1914. High customer
service is the very foundation of our establishment. Every day since 1914, this has been our mantra. We describe it as "AO –
we lend a hand!" The basis for the Group's continued competitiveness is competent, committed and change-minded
employees, combined with high service, innovation and knowledge sharing supported by user-friendly IT and logistics
solutions.
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, the Group's vision is to be the tradesmen's preferred supplier of technical installation materials for
the ReMoVe market and one of the preferred suppliers in the project market for new construction. As a rule of thumb, the
ReMoVe market accounts for approx. 70%, while project sales account for approx. 30%.
The main concept is one-stop shopping, both digitally and in tradesmen's stores, where customers are offered a complete
product range in a collection and delivery system, supported by strong IT and e-commerce solutions. The Group participates in
international collaborations through WIM and FEGIME, which are networks of wholesalers in Europe within plumbing and
electrical. The goal of these collaborations is to exchange experiences and purchase at competitive prices.
In the private market, the Group's vision is to be the leading e-commerce platform for the sale of technical installation materials
in Denmark and one of the leading e-commerce platforms in Sweden and Norway.
The Group currently has more than twenty webshops. While a unique expression is maintained in the front-end systems, the
Group has chosen a strategy where the back-office functions in the B2C activities are all integrated on the Group's common
back-office platform.
The Group seeks to actively utilize digitalization in both B2B and B2C. Digitalization helps to optimize the customer's various
options for making their purchase.
Digital commerce is summarized as commerce via websites and the digital sales forms, where the customer makes his
purchase via digital means and without being in direct contact with sales personnel.
The scope of digital commerce has increased considerably in recent years and in 2025 amounted to approximately 53%. There
is still an underlying increasing trend in the digital share of B2B sales. The Group wants to create added value for the
company's customers, partly by being a trendsetter with new services and digital concepts, and partly by developing the
Group's decentralized profile with artisan shops that are close to the customers. This is supported by the Group's concepts and
culture, where the employees with their extensive product knowledge and reliable customer service are the core that makes
the difference.
Modern wholesale business is not only about having the right range at the right prices, but also about making the customer's
everyday life as simple and flexible as possible. The AO365 concept is an example of this. This solution helps the customer to
shop in all of the Group's 55 stores 24 hours a day, 365 days a year. Our store is the customer's store. Our warehouse is the
customer's warehouse.
AO's total store network consists of 55 stores in Denmark and 9 in Sweden.
EXPECTATIONS
Follow-up on previously announced expectations
The Group's expectations for 2025 were revenue of DKK 5,800 – 6,100 million, EBITDA of DKK 410-450 million and earnings
before tax (EBT) of DKK 235-275 million.
The year's results with revenue of DKK 6,121 million, EBITDA of DKK 434 million and EBT of DKK 260 million meet the original
expectations and exceed expectations for revenue and earnings before tax (EBT). The results achieved are considered
satisfactory.
Events after the end of the financial year
No significant events have occurred since the balance sheet date until the publication of this annual report that has not already
been incorporated into this annual report and that significantly changes the assessment of the Group's financial position.
Outlook for 2026
The Group is in a strong position to continue growing the business, supported by the current momentum in the Group.
Competition and pressure on gross profit margins are expected to remain fierce. However, as residential construction and
project activity are expected to increase and interest rates are expected to remain stable, customer demand and wholesale
supply are expected to gradually become more balanced.
The group expect:
•
Total revenue for the year 2026 is expected to be DKK 6,400-6,600 million.
•
EBITDA for 2026 is expected to be in the range of DKK 460-500 million.
•
Earnings before tax (EBT) is expected to be DKK 260-300 million.
BUSINESS BASIS
The subsidiary Brødrene A & O Johansen A/S was founded in 1914 and listed on the Copenhagen Stock Exchange in 1963.
Avenir Invest ApS controls Brødrene A & O Johansen A/S through its votes.
The group is a knowledge-based IT and logistics company that trades in a wide range of technical products within Heating,
Ventilation and Sanitary Engineering (HVAC), Electrical Engineering (EL), Water and Drainage (VA) and Tools. In addition,
fittings, other fastening materials, work clothing, safety equipment and locking systems, etc. are sold.
The group aims to offer its customers the market's most user-friendly and reliable IT systems to handle planning, purchasing
and delivery tailored to customer needs.
The group has more than 1,000 suppliers and provide the widest product range in the wholesale business, a true omnichannel
business where the group offers wide range of services from self-service through AO365 to advanced project advice via our
competency centers and automated warehouse solution ready to serve growth. 600,000 SKUs available for sale. The product
range is continuously expanded according to customer needs, as the Group wants to be in stock in the product areas that
customers demand.
The Group is active in Denmark, Sweden and Norway. In 2025, foreign turnover accounted for less than 10% of the Group's
total turnover.
The Group targets the following markets:
• The professional market (B2B market), which is served via the Group, is characterized by being fragmented with many
smaller customers.
• The private market (B2C) is characterized by many customers who make online purchases.
THE PROFESSIONAL MARKET (B2B MARKET)
The Group's primary business is the B2B market in Denmark, where a wide range of products is supplied within the
professional areas of plumbing, electrical and sanitary engineering, as well as tools. The above market can be divided into the
following: New construction and ReMoVe (Repair, Modernization and Maintenance).
The ReMoVe market is relatively stable as in prior years, as it is characterized by many smaller tasks. The tasks are difficult to
plan, and the need for material consumption for each task is therefore difficult to predict. This market fits well with the group's
decentralized strategy, where 55 craftsman stores around Denmark offer customers "one-stop shopping". All stores stock a
wide range of technical products within plumbing, electrical, sanitary and tools.
The market for new construction is more sensitive to fluctuations in the economy and can therefore vary greatly from year to
year.
Through an efficient warehouse and distribution system, the group is able to handle fast deliveries to professional craftsmen,
such as installers, carpenters, contractors, sewer masters, construction companies as well as municipalities, utilities and public
institutions.
The group’s products and services are offered across multiple sales channels, enabling customers to interact with AO according
to their individual preferences. Value-adding digital services are combined with close customer relationships through local stores,
delivering the best of both worlds.
AO focuses on the need for local presence. Customers use the local presence to purchase goods and to obtain advice within
the various product areas and sales channels. To ensure fast and efficient customer service, all craft shops offer self-service
solutions. Customers are also offered the opportunity to use AO's facilities in connection with the daily operation of their
activities.
Modern wholesaling is about offering the right products at the right prices, delivered at the right time, while making customers’
lives as simple and flexible as possible. The AO365 concept exemplifies this approach by providing customers with a digital
key and 24/7 access to AO’s locations.
The employees are a key resource in executing the business model. Their knowledge and experience create value across the
entire value chain and support the delivery of AO’s omnichannel offering.
The project department is one of AO's competence centers with a focus on major projects within new construction and
renovation as well as "major customers". Here, expertise is gathered in all product areas, which allows offers to be optimized
within all technical disciplines.
In Sweden, the Group's sales to the professional market are made through the nine AO stores with a primary focus on VA and
Tools.
THE PRIVATE MARKET
The private market is serviced through various webshops in Denmark, Sweden and Norway.
The customers are primarily private consumers and small businesses that either need to carry out minor improvements as a
result of, for example, a need to repair existing fixtures or a major renovation of an entire room. Regardless of the need, the
Group's webshops in the private market offer both inspiration and advice across a large range as well as easy shopping and
fast delivery. Customer service is provided on the customer's terms and preferences via Facebook, chat, telephone and e-
mails by trained staff. Via video guides, installation videos and assembly instructions, the Group also makes it easy to do-it-
yourself correctly. By being involved in the entire customer journey, the ambition is to be more than just a webshop.
BUSINESS MODEL
AO’s business model ensures consistent customer experience for all customers across touchpoints. AO works with more than
1,000 suppliers and is continuously expanding its product range to target more customers and support one-stop shopping. The
automated central warehouse in Albertslund and the logistics center in Horsens are the cornerstones of AO. 90% of all products
are picked automatically, ensuring both high service quality and efficiency.
AO’s product range and service are promoted across a number of different sales channels that support the individual customer’s
preference.
AO delivers the best of both worlds through value-added digital services and close customer relationships through our local
stores.
Modern wholesale is about offering the right products at the right prices, delivering them at the right time and making customers’
lives as simple and flexible as possible. The AO365 concept is a good example. With AO365, customers have a digital key to all
AO stores, ensuring both convenience and flexibility for each individual customer. AO's employees are a key resource for our
successful business model. Their knowledge and experience add significant value to the entire value chain.
1. Suppliers - More than 1,000 suppliers provide the widest product range in the wholesale business.
2. Central warehouse - Automated warehouse solution ready to serve growth. 600,000 SKUs available for sale
3. Sales channels - 55 physical stores in Denmark and 9 in Sweden enabling 9,300 daily customer interactions. Digital
share of sales makes up 53% of revenue. B2C customers are served by more than 20 unique webshops.
4. Services - AO offers a wide range of services from self-service to AO365 to advanced project consulting via our
competency centres.
DEVELOPMENT IN 2025
For Avenir Invest ApS and the group, 2025 has been characterized by a positive trend throughout the year.
Revenue in 2025 increased by DKK 692 million or 12.7% to DKK 6,121 million. The group has gained market shares in the B2B
segment and estimates that it has maintained its market shares in the B2C segment affected by the acquisitions.
The gross margin was at a higher level compared to last year.
Salaries and external costs have increased compared to last year, which was expected. Interest costs have increased due to
higher leverage and a higher average debt level in 2025.
Highlights for the year
The revenue in 2025 amounted to DKK 6,121 million and was distributed as DKK 5,028 million from the professional market
(B2B) and DKK 1,094 million from the private market (B2C).
The sales development, combined with a higher gross margin, has resulted in a profit before tax of DKK 260 million in 2025
against DKK 210 million in 2024.
The gross profit amounted to DKK 1,485 million against DKK 1,266 million in 2024.
External costs have increased by DKK 67 million. The increase is due to general inflation in costs and an increase in revenue in
2025.
Personnel costs have increased by DKK 84 million. The average number of employees (FTE), including temporary workers, in
2025 amounted to 1,078 against 968 in 2024. The increase is due to the full year effect of the acquisition of Designkupp AS and
Workwear Group ApS in 2024.
The profit margin for the year (EBIT) totaled 4.8% in 2025 and was 0.3 percent higher than in 2024.
In 2025, the Group realized a profit before tax of DKK 260 million.
In 2025, cash flows from operating activities totaled DKK 306 million against DKK 205 million in 2024.
The interest-bearing net debt amounted to DKK 1,049 million against DKK 977 million at the end of 2024.
The Group's equity amounted to DKK 1,670 million at the end of 2025, corresponding to an equity ratio of 40.7% against DKK
1,537 million. DKK and 40.4% as of the end of 2024.
At the company's annual general meeting on March 20, 2026, a proposal will be made to pay a dividend of DKK 21.5 million.
ACTIVITIES OF THE YEAR
The Group's activities are aimed at operating and developing a modern knowledge-based IT and logistics company with a focus
on selling and distributing technical installation materials and tools through a wide range of products, a high level of service and
timely delivery at market prices.
One of the Group's values is to "lend a hand". One element of this is to provide various trading platforms so that the customer is
offered the widest possible flexibility.
The Group's culture is based on good business acumen, a willingness to change and competent employees with a fundamental
attitude that "the customer is king". The focus is on meeting customer needs by combining high service, a wide product range
and local presence supplemented by user-friendly online systems and an efficient central warehouse and distribution system.
This achieves the lowest costs without compromising customer needs.
Self-service and robotics have become a natural part of daily life in the group and have been implemented in both stores and
administration. With AO365, another important step in digitalization has been taken. In the stores where AO365 is implemented,
physical shopping can be done around the clock. This gives the Group's customers great flexibility and the opportunity to reduce
their own inventories.
The Group's activities in Sweden are going well, and the Group is today the market leader in Skåne and Western Sweden within
VA.
The Group's investments were at a higher level in 2025 than in 2024. The investments mainly focused on investing in the
warehouse, developing the store network, IT, digitalization and e-commerce.
The product range at the central warehouse is continuously expanded within plumbing, electrical, VA, tools and fastening
materials in order to meet customer demand.
The group includes the following companies:
FINANCIAL REPORT
INCOME AND COMPREHENSIVE INCOME STATEMENT
In 2025, the Group realized revenue of DKK 6,121 million, compared to DKK 5,429 million in 2024, corresponding to an increase
of DKK 692 million or 12.7%.
Revenue on the Danish market increased by DKK 318 million or 6% to DKK 5,353 million in 2025, while revenue abroad increased
by DKK 219 million or 28% to DKK 768 million. Revenue abroad was significantly positively affected by new investments in
Sweden and Norway.
Gross profit in 2025 was DKK 1,485 million, corresponding to an increase of DKK 219 million or 17%.
Total operating expenses, excluding depreciation and impairment, amounted to DKK 1,051 million in 2025, which is DKK 151
million higher than in 2024. The Group continues to focus on tight cost management and on continued investments in digitalization
and optimizations that will enable the Group's processes and tasks to be carried out as efficiently as possible.
External costs increased by DKK 67 million in 2025. The increase in costs is driven by new investments/tools and increased
costs for the integration of acquired companies.
Personnel costs amount to DKK 653 million, which is DKK 84 million higher than in 2024. The number of employees at the central
warehouse fluctuates with the activity, which has been high in 2025. The average number of full-time employees (FTE) in 2025
was 1,078 including temporary workers, compared to 968 in 2024. The average number of employees is affected by the
acquisition of Designkupp AS and Workwear Group ApS, which were acquired in 2024.
Depreciation and amortization totaled DKK 141 million in 2025, which is DKK 22 million higher than in 2024.
EBIT thus totaled DKK 293 million in 2025, compared to DKK 246 million in 2024.
Financial income and expenses, net, amounted to DKK -32 million in 2025, compared to DKK -36 million in 2024.
The Group realized a profit before tax in 2025 of a total of DKK 260 million against DKK 210 million in 2024.
Tax on the profit for the year amounted to a total of DKK 59 million in 2025, corresponding to an effective tax rate of 22.8%
against DKK 47 million and 22.8% in 2024, respectively.
Profit after tax thus showed DKK 201 million for 2025 against DKK 163 million for 2024.
The profit before tax achieved for 2025 of DKK 260 million is satisfactory when market developments are taken into account.
BALANCE SHEET
As of 31 December 2025, the total balance sums up to DKK 4,100 million against DKK 3,786 million at the end of 2024.
Non-current assets amounted to DKK 2,379 million, which is DKK 147 million higher than at the end of 2024. The increase is
primarily attributable to the investment in the store network and inventory buildings and in new leasing assets as a result of
replacing the group's leased company cars with electric cars in 2025.
The year's investment in software amounted to DKK 32 million and concerns the development of digitalization of processes, etc.
The value of tangible assets, excluding leasing assets, has increased by DKK 75 million primarily driven by investments in
expanding the automated central warehouse in Albertslund.
The value of lease assets of DKK 131 million in 2025 is DKK 40 million higher than at the end of 2024.
Current assets increased by DKK 166 million in 2025 to DKK 1,722 million at the end of 2025. Trade receivables of DKK 697
million increased by DKK 88 million related to the level of activity at the end of the year. Inventories of DKK 897 million increased
by DKK 82 million. The increase in activity has also influenced the increase in inventory. The Group's cash and cash equivalents
as of December 31, 2025 of DKK 72 million have been increased by DKK 1 million since 2024.
The Group's equity amounted to DKK 1,669 million as of 31 December 2025, corresponding to a solvency ratio of 40.7%. Equity
is DKK 132 million higher than at the end of 2024.
The long-term liabilities at the end of 2025 of DKK 831.6 million have increased compared to 2024.
The Group's short-term liabilities of DKK 1,664 million have increased by DKK 246 million in 2025. The increase in inventory has
also led to an increase in debt to suppliers.
Other payables totaling DKK 82 million have increased by DKK 19 million. The increase is due, among other things, to a larger
provision for legal proceedings and an increasing provision for consultancy fees.
CASH FLOW STATEMENT
Cash flow from operating activities was realized at DKK 306 million in 2025, which is DKK 102 million higher than last year. The
positive development is driven by a positive development in working capital in 2025.
Financial expenses paid, net, totaled DKK -32 million in 2025, compared to DKK -36 million in 2024.
Net investments for the year totaled DKK 200 million in 2025, which is DKK 265 million lower than in 2024. Investments in 2024
were characterized by the acquisition of Designkupp AS and Workwear Group ApS and the expansion of the central warehouse.
Cash flow from financing activities in 2025 totaled DKK 105 million, dividend payments amounted to DKK 82 million.
The year's total cash flow was positive at DKK 1 million, compared to a negative DKK 28 million in 2024.
The Group's net gearing (interest-bearing net debt/EBITDA) totaled 2.4 in 2025, compared to 2.7 at the end of 2024.
RISK MANAGEMENT
Risk management is an integral part of the Group’s business management. We prioritize having the necessary competencies
within the business areas in which we operate. A reassessment of risks and methods for risk identification and management is
carried out annually. In order to define risk appetite and assess risks, risks are mapped in a classic risk model based on probability
(frequency) and financial impact.
Risk identification
The focus of the risk management process is to identify and evaluate operational and strategic risks for the Group in the short,
medium and long term. These risks are defined as events or developments that have a significant negative impact on the Group’s
ability to:
• achieve profit targets
• execute on the strategy
• maintain a “license to operate”.
Both gross risks (inherent risk) and net risks (residual risk) are considered. Gross risks are defined as the product of the
consequence and probability of a risk, assuming that no risk-mitigating measures have been implemented. Net risks are the
product of the remaining risk after risk minimization measures. Net risks should be in line with the group's risk appetite.
Risk assessment
The significance of risks is assessed as a combination of the probability that the risk will occur and the consequences if it does.
The probability is assessed based on the frequency with which the AO expects the risk to occur, while the consequences are
assessed based on various parameters:
• impact on results (direct or indirect financial effect)
• impact on reputation
• compliance with legislation etc. (license to operate, including personal safety).
Risk management
The purpose of identifying, assessing and subsequently managing risks is to reduce the net risk to an acceptable level in line
with the decided risk appetite. In the risk management system, we use four strategies to manage risks:
avoid - stop or make changes to activities that pose risks.
transfer - transfer the risk to a third party.
mitigate - seek to minimize identified risks to an acceptable level.
accept - monitor the risk and create contingency plans if the risk arises.
Specific risk factors
Market and competition dynamic
Risk of new competitors entering into or expanding in the Danish market. Continued and accelerating consolidation amongst
customer groups.
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.
Geopolitical and macroeconomic uncertainty
Risk of market downturn due to geopolitical or macroeconomic uncertainties. Geopolitical uncertainties can lead to
macroeconomic downturns involving inflation, rising interest rates, rising energy costs, etc. This can affect the construction
industry in general and reduce market demand.
Credit management
Risk of losses associated with providing credit to customers. Customer credit is an established part of the wholesale trade, and
the majority of the Group's sales are made on credit. The risk increases during downturns in the construction industry, where the
likelihood of sudden bankruptcies among the customer base increases.
Global Supply Chain
Risk of product shortages due to uncertainties in the supply chain. If the Group cannot deliver the products that customers need,
there is a risk of losing customers to competitors, which ultimately affects revenues and earnings.
IT risks
Risk of disruptions in business-critical systems, including the inability to fully utilize IT integrations. Frequent but short-term IT
outages can result in operational losses, leading to the inability to maintain the desired efficiency and service level for the Group's
customers. There is a risk that failure to optimize operations can result in productivity losses.
Cyberattack
Risk of IT breakdown due to a cyberattack. Business interruptions due to compromised data, denial-of-service attacks,
ransomware, etc. are among the consequences of a cyberattack. The duration of such a business interruption can be long-
term and have a significant impact on the Group's ability to conduct business.
Environmental & products master data
Risk of not being able to adhere to regulatory and customer driven demands for detailed data on environmental impact of the
products sold. Inadequate product documentation can reduce transparency in the assortment, making it harder for customers
to assess a product's environmental impact. This may lead to lost business opportunities as customers' expectations are not
met. Additionally, the required data collection from suppliers can be challenging and requires significant effort in data
registration and validation.
Dependency on service providers
Risk of discontinued service from key service providers causing business disruptions. Suddenly 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.
Intangible assets:
The most significant risk regarding intangible assets relates to a decrease in the carrying amount of goodwill in the event of a
significant and persistent negative development in the Group's operations in Denmark and Sweden, respectively. In addition,
there is a risk of impairment of intangible rights and software in the event of a decision to change use or technical
obsolescence. The value of goodwill and other intangible assets is assessed on an ongoing basis in relation to the Group's
operating activities. Please refer to note 12.
Inventories:
The most significant risk in connection with inventories is if the goods become obsolete. The Group's inventories are therefore
assessed on an ongoing basis in relation to the Group's activity. Impairment losses are made on goods with low marketability.
Please refer to note 16.
Trade receivables:
The most significant risk in connection with trade receivables is that customers' ability to pay is reduced during periods of
economic downturn. Customers' ability to pay and the Group's credit exposure are assessed on an ongoing basis. Larger
customer exposures are ensured, and management closely monitors overdue receivables. Receivables are written down on an
ongoing basis in accordance with the Group's accounting principles. Please refer to note 17.
SUSTAINABILITY
Avenir Invest ApS is a holding company without independent activity. In all material respects, the shareholding in Brødrene
A&O Johansen A/S is the only asset in the company.
Thus, the sustainability section in the financial statements of Brødrene A&O Johansen A/S forms the basis for the sustainability
reporting of Avenir Invest ApS.
Avenir Invest ApS sustainability reporting can be found via the following link: https://ao.dk/globalassets/investor-
relations/diverse/sustainability_reporting_avenir_invest.pdf
This reporting is considered to be adequate and applicable to Avenir Invest ApS ÅRL §99b reporting.
DATA ETHICS
Avenir Invest ApS has not prepared an independent section or statement on data ethics as it was not considered necessary.
A section on Data Ethics has been prepared in the financial statements of Brødrene A & O Johansen A/S, which also forms the
basis for the data ethics statement of Avenir Invest ApS.
Avenir Invest ApS data ethics statement can be found via the following link: https://ao.dk/globalassets/investor-
relations/diverse/data_ethics_avenir_invest.pdf
This statement is adequate and applicable to Avenir Invest ApS ÅRL §99d reporting.
PARENT COMPANY
The year in brief
The purpose of the parent company Avenir Invest ApS is solely to invest in shares and similar securities and to exercise
ownership and influence over them.
The year 2025
Dividend income from subsidiaries amounted to a total of DKK 17 million in 2025, compared to DKK 22 million in 2024.
Profit before tax amounted to a total of DKK 17 million in 2025, compared to DKK 22 million in 2024.
The parent company's equity amounted to a total of DKK 173 million at the end of 2025, compared to DKK 173 million at the
end of 2024.
Current liabilities amounted to a total of DKK 9 million at 31 December 2025, compared to DKK 15 million at the end of 2024.
Of the short-term liabilities, DKK 9 million consists of taxes owed within the joint taxation group, as Avenir Invest ApS is the
administration company for the joint taxation group.
Future expectations
For 2026, a result of approx. DKK 22 million is expected, mainly from dividend income from Brødrene A & O Johansen A/S.
MANAGEMENT STATEMENT
T
he Board of Directors and Executive Board have today considered and adopted the Annual Report of Avenir Invest ApS for
the financial year 1 January – 31 December 2025.
T
he Consolidated Financial Statements have been prepared in accordance with IFRS Accounting Standards as adopted by the
EU and further requirements in the Danish Financial Statements Act, and the Parent Company Financial Statements have
been prepared in accordance with the Danish Financial Statements Act. Management’s Review has been prepared in
accordance with the Danish Financial Statements Act.
In our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair view
of the financial position at 31 December 2025 of the Group and the Parent Company and of the results of the Group and
Parent Company operations and cash flows for 2025.
I
n our opinion, Management’s Review includes a fair review of the development in the operations and financial circumstances
of the Group and the Parent Company, of the results for the year and of the financial position of the Group and the Parent
Company as well as a description of the most significant risks and elements of uncertainty, which the Group and the Parent
Company are facing.
W
e recommend that the Annual Report be adopted at the Annual General Meeting.
C
openhagen,
March 20, 2026
M
anagement
Klaus Søgaard
B
oard of directors
N
iels A. Johansen Lili Johansen K
laus Søgaard
Independent Auditor’s Report
To the Shareholders of Avenir Invest ApS
Opinion
In our opinion, the Consolidated Financial Statements give a true and fair view of the Group’s financial position at 31
December 2025 and of the results of the Group’s operations and cash flows for the financial year 1 January to 31 December
2025 in accordance with IFRS Accounting Standards as adopted by the EU and further requirements in the Danish Financial
Statements Act.
Moreover, in our opinion, the Parent Company Financial Statements give a true and fair view of the
Parent Company’s financial position at 31 December 2025 and of the results of the Parent Company’s operations for the
financial year 1 January to 31 December 2025 in accordance with the Danish Financial Statements Act.
We have audited the Consolidated Financial Statements and the Parent Company Financial Statements of Avenir Invest
ApS for the financial year 1 January - 31 December 2025, which comprise income statement, balance sheet, cash flow
statement, statement of changes in equity, and notes, including material accounting policy information, for both the Group
and the Parent Company, as well as statement of comprehensive income for the Group (“the financial statements”).
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements
applicable in Denmark. Our responsibilities under those standards and requirements are further described in the “Auditor’s
Responsibilities for the Audit of the Financial
Statements” section of our report. We are independent of the Group in accordance with the International Ethics Standards
Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical
requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these
requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion.
Statement on Management’s Review
Management is responsible for Management’s Review.
Our opinion on the Financial Statements does not cover Management’s Review, and we do not express any form of assurance
conclusion thereon.
In connection with our audit of the Financial Statements, our responsibility is to read Management’s Review and, in doing so,
consider whether Management’s Review is materially inconsistent with the Financial Statements or our knowledge obtained
during the audit, or otherwise appears to be materially misstated.
Moreover, it is our responsibility to consider whether Management’s Review provides the information
required under the Danish Financial Statements Act.
Based on the work we have performed, in our view, Management’s Review is in accordance with the Consolidated Financial
Statements and the Parent Company Financial Statements and has been prepared in accordance with the requirements of
the Danish Financial Statement Act. We did not identify any material misstatement in Management’s Review.
Management’s Responsibilities for the Financial Statements
Management is responsible for the preparation of consolidated financial statements that give a true and fair view in
accordance with IFRS Accounting Standards as adopted by the EU and further requirements in the Danish Financial
Statements Act and for the preparation of parent company financial statements that give a true and fair view in accordance
with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable
the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the Financial Statements, Management is responsible for assessing the Group’s and the Parent Company’s
ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting in preparing the Financial Statements unless Management either intends to liquidate the
Group or the Parent Company or to cease operations, or has no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the
additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can
arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected
to influence the economic decisions of users taken on the basis of these Financial Statements.
As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise
professional judgement and maintain professional scepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error,
design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is
higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
Group’s and the Parent Company’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by Management.
• Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the
Financial Statements and, based on the audit evidence obtained, whether a material uncertainty exists related to
events or conditions that may cast significant doubt on the Group’s and the Parent Company’s ability to continue as a
going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report
to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or
conditions may cause the Group and the Parent Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and contents of the Financial Statements, including the disclosures, and
whether the Financial Statements represent the underlying transactions and events in a manner that gives a true and
fair view.
• Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of
the entities or business units within the group as a basis for forming an opinion on the Consolidated Financial
Statements and the Parent Company Financial Statements. We are responsible for the direction, supervision and
review of the audit work performed for purposes of the group audit.
We remain so
lely responsible for our audit
opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing
of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during
our audit.
Hellerup, 20 March 2026
P
ricewaterhouseCoopers
Statsautoriseret Revisionspartnerselskab CVR
No 33 77 12 31
Anders Stig Lauritsen Daniel Sitch
S
tate Authorised Public Accountant
State Authorised Public Accountant
mne32800 mne47889
(All amounts are in DKK thousands)
NOTE: 2025 2024
Revenue
6.120.822 5.429.270
4 Cost of sales (4.637.500) (4.179.356)
Gross profit 1.483.322 1.249.914
5 Other operating income 1.715 16.425
Gross margin 1.485.037 1.266.339
6 External expenses (398.046) (331.267)
7 Staff costs (653.020) (569.190)
Earnings before interest, taxes, depreciation and amortisation (EBITDA) 433.971 365.882
8
Depreciation and amortisation
(141.411) (119.873)
Operating profit or loss (EBIT) 292.560 246.009
9 Financial income 8.094 12.339
10 Financial expenses (40.564) (48.285)
Profit or loss before tax (EBT) 260.090 210.063
11 Tax on profit or loss for the year (59.390) (46.665)
Net profit or loss for the year 200.700 163.398
Distributed as follows:
Shareholders in Avenir Invest ApS 41.786 34.019
18 Minority interests 158.914 129.379
200.700 163.398
Consolidated financial statement
INCOME STATEMENT FOR 1 JANUARY - 31 DECEMBER
(All amounts are in DKK thousands)
NOTE: 2025 2024
Net profit or loss for the year
200.700 163.398
Other comprehensive income
Items which will be reclassified to the income statement
Foreign currency translation adjustment relating to foreign entities 8.268 (4.070)
Tax on other comprehensive income 0 0
Other comprehensive income after tax 8.268 (4.070)
Total comprehensive income 208.968 159.328
Distributed as follows:
Shareholders in Avenir Invest ApS 43.498 33.172
Minority interests 165.470 126.156
208.968 159.328
Consolidated financial statement
Statement of comprehensive income for 1 January - 31
December
(All amounts are in DKK thousands)
NOTE: 2025 2024
Non-current assets
12
Intangible assets
Goodwill 760.904 757.486
Intellectual property rights 60.422 63.932
Software 138.598 106.624
959.924 928.042
13
Property, plant and equipment
Land and buildings 1.041.442 941.842
Leasehold improvements 12.707 15.230
Fixtures and operating equipment 232.931 254.736
14 Right-of-use assets 131.286 91.069
1.418.366 1.302.877
Other non-current assets
Other investments 218 218
218 218
Total non-current assets 2.378.508 2.231.137
Current assets
4, 15 Inventories 896.630 814.535
16 Trade receivables 696.594 608.151
Other receivables 29.869 36.531
Prepayments and accrued income 25.989 25.302
Cash and short-term deposits 72.115 70.903
Total current assets 1.721.197 1.555.422
Total assets 4.099.705 3.786.559
Consolidated financial statement
BALANCE SHEET AS AT 31 DECEMBER
ASSETS
(All amounts are in DKK thousands)
NOTE: 2025 2024
20
Equity
Share capital 50 50
Reserve for foreign currency translation adjustments (622) 21.500
Retained earnings 329.588 350.516
Proposed dividend for the financial year 21.500 17.000
Shareholders in Avenir Invest ApS' share of the equity 350.516 320.730
Minority interests 1.318.824 1.216.411
Total equity 1.669.340 1.537.141
Non-current liabilities
21 Deferred tax 94.490 83.205
23 Credit institutions 548.041 643.573
14, 23 Lease liabilities 113.511 93.681
Holiday pay, frozen 0 1.409
Other non-current liabilities 10.356 9.743
Total non-current liabilities 766.398 831.611
Current liabilities
23 Credit institutions 400.966 278.871
14, 23 Lease liabilities 47.874 31.834
26 Trade payables 1.127.200 1.036.833
17 Corporation tax payable 5.137 395
Provisions for liabilities 510 6.467
22 Other payables 82.280 63.407
Total current liabilities 1.663.967 1.417.807
Total liabilities 2.430.365 2.249.418
Total equity and liabilities 4.099.705 3.786.559
3 Segment information
19 Result per share
25 Contingent liabilities, security, etc.
26-29 Notes without reference
Consolidated financial statement
EQUITY AND LIABILITIES
BALANCE SHEET AS AT 31 DECEMBER
CASH FLOW STATEMENT FOR 1 JANUARY - 31 DECEMBER
(All amounts are in DKK thousands)
NOTE: 2025 2024
Operating profit or loss (EBIT) 292.560 246.009
8 Depreciation and amortisation 141.411 119.873
Other non-cash operating items, net 4.364 3.515
Cash flow from operations before change in working capital 438.335 369.397
Change in inventories -82.095 -2.379
Change in receivables -82.468 -65.004
Change in trade payables and other current payables 107.741 -5.207
Change in working capital -56.822 -72.590
Cash flow from operations 381.513 296.807
Net financials paid -34.098 -35.977
Corporation tax paid -41.068 -55.243
Cash flow from operating activities 306.347 205.587
Cash flow from investing activities
Purchase of intangible assets -65.668 -44.065
Purchase of property, plant and equipment -134.471 -116.181
Sale of enterprise 0 0
24 Acquisition of enterprise 0 -305.038
Cash flow from investing activities -200.139 -465.284
Cash flow from financing activities
Repayment of debt to credit institutions 26.563 16.006
Raising of loans from credit institutions 0 359.726
Repayment of lease liabilities 0 -41.715
Dividends paid -51.224 -80.683
Dividends distributed to shareholders -80.335 -22.000
Cash flow from financing activities -104.996 231.334
Cash flow for the year 1.212 -28.363
Cash and short-term deposits at beginning of year 70.903 99.266
Cash and short-term deposits at end of year 72.115 70.903
Cash flow from operating activities
Consolidated financial statement
(All amounts are in DKK thousands)
Share capital
Foreign currency
translation
adjustment
Proposed
dividend
for the year
Retained
earnings
Total
Minority
interests
Total equity
Equity at 1 January 2025 50 (2.344) 17.000 306.024 320.730 1.216.411 1.537.141
Net profit for the year
0
0
21.500 20.277
41.777
158.922 200.699
Foreign currency translation adjustment
0
1.722
0 0 1.722 6.546 8.268
Dividends paid to minority interests
0
0
0 0 (66.510) (66.510)
Dividends paid on subsidiary's own shares
0
0
0 2.378 2.378 0 2.378
Sharebased remuneration
0
0
0 909 909 3.455 4.364
Total income for the year
0
21.500
23.564
102.413
149.199
Dividend distribution 0 0
(17.000) 0
(17.000)
0 (17.000)
Total transactions with owners
0 0 (17.000) 0 (17.000) 0 (17.000)
Equity at 31 December 2025 50 (622) 21.500 329.588 350.516 1.318.824 1.669.340
Equity at 1 January 2024 50 (1.497) 22.000 287.663 308.216 1.168.120 1.476.336
Net profit for the year 0 0 17.000 16.984 33.984 129.414 163.398
Foreign currency translation adjustment 0 (847) 0 0 (847) (3.223) (4.070)
Dividends paid to minority interests 0 0 0 0 (80.683) (80.683)
Dividends paid on subsidiary's own shares 0 0 0 645 645 0 645
Sharebased remuneration 0 0 0 732 732 2.783 3.515
Total income for the year 0 (847) 17.000 18.361 34.514 48.291 82.805
Dividend distribution 0 0 (22.000) 0 (22.000) 0 (22.000)
Total transactions with owners 0 0 (22.000) 0 (22.000) 0 (22.000)
Equity at 31 December 2024 50 (2.344) 17.000 306.024 320.730 1.216.411 1.537.141
Statement of changes in equity
Consolidated financial statement
46.786
NOTE:
1 Accounting policies applied for the consolidated financial statements
2 Significant estimation uncertainties and assumptions
3 Segment information
4 Cost of goods
5 Other operating income
6 External costs
7 Personnel costs
8 Depreciation
9 Financial income
10 Financial expenses
11 Tax on profit for the year
12 Intangible assets
13 Tangible assets
14 Lease assets and lease liabilities
15 Inventories
16 Trade receivables
17 Corporate tax receivables/(payable)
18 Minority interests
19 Earnings per share
20 Equity
21 Deferred tax
22 Other debt
23 Financing activity
24 Contingent liabilities and collateral
25 Share-based payment
26 Financial risks
27 Related parties
28 Subsequent events
29 New accounting standards
OVERVIEW OF NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS
Consolidated financial statement
NOTES – CONSOLIDATED FINANCIAL STATEMENTS
NOTE:
1: ACCOUNTING POLICIES
Avenir Invest ApS is a limited liability company domiciled in Denmark. The company owns 20.82% of the shares and 71.65% of
the voting rights in Brødrene A&O Johansen A/S, and thus has controlling influence, which is why consolidated financial
statements are prepared.
The financial part of the annual report for the period 1 January – 31 December 2025 includes both consolidated financial
statements for Avenir Invest ApS and its subsidiaries (the group) and separate financial statements for the parent company.
The consolidated financial statements for Avenir Invest ApS for 2025 are presented in accordance with IFRS Accounting
Standards (IFRS) as approved by the EU and additional requirements in the Danish Financial Statements Act.
On 20 March 2026, the Board of Directors and the Executive Board reviewed and approved the consolidated financial statements
for 2025 for Avenir Invest ApS. The consolidated financial statements will be submitted to Avenir Invest ApS' shareholders for
approval at the annual general meeting on 20 March 2026.
BASIS OF PREPARATION
The annual report is presented in Danish kroner rounded to the nearest 1,000 DKK.
The annual report has been prepared under the historical cost convention, with the exception of financial instruments adjusted
to fair value through profit or loss.
The accounting policies described below have been applied consistently in the financial year and for the comparative figures.
For standards that are implemented prospectively, the comparative figures are not adjusted.
Changes in accounting policies
With effect from 1 January 2025, the following have been implemented:
• IAS 21 The Effects of Changes in Foreign Exchange Rates regarding “Lack of Exchangeability”.
The amended standards have no impact on the recognition and measurement in the annual report.
CONSOLIDATED FINANCIAL STATEMENTS
The consolidated financial statements comprise the parent company Avenir Invest ApS (the company) and subsidiaries in which
Avenir Invest ApS has a controlling interest.
The Group has a controlling interest in an entity if the Group is exposed to or has rights to variable returns from its involvement
in the entity and has the ability to affect these returns through its power to control the voting rights in the entity.
When assessing whether the Group has a controlling interest, de facto control and potential voting rights that are real and have
substance at the balance sheet date are taken into account.
A group overview is included in the management report.
The consolidated financial statements have been prepared as a summary of the financial statements of the parent company
and the individual subsidiaries, calculated in accordance with the group's accounting policies, eliminated for intragroup income
and expenses, shareholdings, intercompany balances and dividends, and realized and unrealized profits from transactions
between the consolidated entities.
BUSINESS COMBINATIONS
Newly acquired or newly established companies are recognised in the consolidated financial statements from the acquisition
date. Companies sold or wound up are recognised in the consolidated financial statements up to the date of disposal.
Comparative figures are not adjusted for newly acquired companies. Discontinued activities are presented separately.
When acquiring new companies, where the Group obtains control over the acquired company, the acquisition method is used.
The identifiable assets, liabilities and contingent liabilities of the acquired companies are measured at fair value at the acquisition
date. Identifiable intangible assets are recognised if they can be separated or arise from a contractual right. Deferred tax is
recognised on the revaluations made.
The acquisition date is the date when control over the acquired company is actually obtained.
Positive differences (goodwill) between the purchase consideration and the fair value of acquired identifiable assets, liabilities
and contingent liabilities are recognised as goodwill under intangible assets. Goodwill is not amortised, but is tested for
impairment at least annually. The first impairment test is carried out before the end of the acquisition year.
Upon acquisition, goodwill is allocated to cash-generating units, which subsequently form the basis for impairment testing.
Negative differences (negative goodwill) are recognised in the profit and loss for the year at the date of acquisition.
The purchase consideration for a company consists of the fair value of the agreed consideration. If parts of the purchase
consideration are conditional on future events or the fulfilment of agreed conditions, this part of the purchase consideration is
recognised at fair value at the date of acquisition. Contingent purchase consideration that is not an equity instrument is
subsequently measured at fair value in the income statement.
Costs attributable to business combinations are recognised in profit or loss for the year when incurred.
If, at the time of acquisition, there is uncertainty about the identification or measurement of acquired assets, liabilities or
contingent liabilities or the determination of the purchase consideration, initial recognition is based on provisionally determined
values. If it subsequently turns out that identifiable assets, liabilities and contingent liabilities had a different fair value at the time
of acquisition than initially assumed, the calculation, including goodwill, is adjusted up to 12 months after the acquisition. The
effect of the adjustments is recognised in equity at the beginning of the year, and comparative figures are restated. Thereafter,
goodwill is not adjusted. Changes in estimates of contingent consideration are recognised in profit or loss for the year.
Gains or losses on the disposal or liquidation of subsidiaries are calculated as the difference between the sales price or
liquidation price and the carrying amount of net assets including goodwill at the time of sale and costs of sale or liquidation.
FOREIGN CURRENCY TRANSLATION
A functional currency is determined for each reporting entity in the Group. The functional currency is the currency used in the
primary economic environment in which the individual reporting entity operates. Transactions in currencies other than the
functional currency are transactions in foreign currency. The Company's functional currency is DKK.
Transactions in foreign currency are translated into the functional currency at the exchange rate on the transaction date upon
initial recognition.
Receivables, payables and other monetary items in foreign currencies are translated into the functional currency at the exchange
rate on the balance sheet date. The difference between the exchange rate on the balance sheet date and the exchange rate at
the time the receivable or payable arose or was recognised in the most recent annual report is recognised in the income
statement under financial items.
When companies with a functional currency other than Danish kroner are included in the consolidated financial statements,
the income statements are translated at the exchange rate on the transaction date, and the balance sheet items are translated
at the exchange rates on the balance sheet date. The average exchange rate for the individual months is used as the
exchange rate on the transaction date to the extent that this does not give a significantly different picture.
Exchange differences arising from the translation of these companies' equity at the beginning of the year to the exchange
rates on the balance sheet date and from the translation of income statements from average exchange rates to the exchange
rates on the balance sheet date are recognised in other comprehensive income in a separate reserve for exchange rate
adjustments under equity.
Exchange rate adjustments of balances that are considered part of the total net investment in companies with a functional
currency other than Danish kroner are recognised in the consolidated financial statements in other comprehensive income
in a separate reserve for exchange rate adjustments under equity.
FINANCIAL INSTRUMENTS
Derivative financial instruments are recognised from the trade date and measured in the balance sheet at fair value. Positive
and negative fair values of derivative financial instruments are included in other receivables and other payables, respectively,
and offsetting of positive and negative values is only carried out when the company has the right and intention to settle
several financial instruments net. Fair values of derivative financial instruments are calculated on the basis of current market
data and recognized valuation methods.
Accounting hedging is used to a lesser extent in the form of forward exchange transactions.
INCOME STATEMENT
Net revenue
Net revenue consists of sales of merchandise, which are recognized in the income statement. Revenue is recognized when
control over the individual identifiable delivery obligation is transferred to the customer, and if the revenue can be reliably
measured and is expected to be received. The recognized revenue is measured at the fair value of the agreed consideration,
excluding VAT, taxes and after deduction of discounts given in connection with the sale.
Revenue consists of contracts with one delivery condition, and where the selling costs are in all material respects the same
regardless of segment or sales channel.
Discounts are deducted from the consideration based on an estimate of the total discount over the measurement period.
Customer bonuses due are determined at the time of sale and deducted from net revenue. Subsequent adjustments to
customer bonuses due are also offset against net revenue.
Cost of goods sold
Cost of goods sold includes the cost of goods sold during the financial year, as well as distribution costs that are directly
variable with revenue.
Personnel costs
Personnel costs include costs for wages and salaries to personnel, defined contribution pension plans, social security costs
and other personnel-related costs such as training.
External costs
External costs include costs for internal transport, administration, advertising and exhibition costs, etc., including costs of
operating real estate and losses on debtors.
Financial income and expenses
Financial income and expenses include interest, realized and unrealized capital gains and losses, and write-downs of
securities and debt, amortization of financial assets and liabilities, including as well as allowances and allowances under the
tax on account scheme, etc.
Borrowing costs from general or specific loans that can be attributed to the construction period of qualifying assets are
recognized in the cost of the assets in question
Tax on the year's profit
Avenir Invest ApS is jointly taxed with all Danish subsidiaries and is included as the administration company thereof.
The current Danish corporate tax is distributed by settling joint taxation contributions between the jointly taxed companies in
proportion to their taxable income. In connection with this, companies with tax losses receive joint taxation contributions from
companies that have been able to use these losses to reduce their own taxable profit. (Full distribution). The jointly taxed
companies are included in the on-account tax scheme.
The year's tax, consisting of the year's current tax and changes in deferred tax, is recognized in the income statement with
the part that can be attributed to the year's profit, and directly in equity for the part that can be attributed to entries directly in
equity.
BALANCE SHEET
Intangible assets
Goodwill is initially recognised in the balance sheet at cost as described under “Business combinations”. Subsequently,
goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised.
The carrying amount of goodwill is allocated to the Group’s cash-generating units at the time of acquisition. The determination
of cash-generating units follows the management structure and internal financial management.
Rights are measured at cost less accumulated amortisation and impairment losses. Rights are amortised on a straight-line
basis over their expected useful lives, up to a maximum of 20 years.
Software is measured at cost less accumulated amortisation and impairment losses. Software is amortised on a straight-line
basis over their expected useful lives, up to a maximum of 10 years.
Tangible assets including leases
Land and buildings, furnishings of leased premises, operating equipment and furniture are measured at cost less
accumulated depreciation and impairment losses.
Cost includes the acquisition price and costs directly attributable to the acquisition until the time the asset is ready for use.
The cost of a total asset is divided into separate components, which are depreciated separately if the useful lives of the
individual components are different.
Subsequent costs, e.g. when replacing components of a tangible asset, are recognised in the carrying amount of the asset
in question when it is probable that the costs will result in future economic benefits for the Group. All other costs for
ordinary repairs and maintenance are recognised in the income statement when incurred.
Depreciation is made on a straight-line basis over the expected useful life, based on the following assessment of the expected
useful lives of the assets:
• Buildings: Maximum 50 years
• Installations: 10 years
• Furnishing of leased premises: Maximum 5 years
• Operating equipment and fixtures: Normally 5 years, however mini- and maxi-load over 15 years.
Land is not depreciated.
The depreciation basis is calculated taking into account the asset's scrap value and is reduced by any impairment losses. The
depreciation period and scrap value are determined at the time of acquisition and are reassessed annually. If the scrap value
exceeds the asset's carrying amount, depreciation ceases.
Gains and losses on the disposal of tangible fixed assets are calculated as the difference between the selling price less selling
costs and the carrying amount at the time of sale.
Leases
A lease asset and a lease liability are recognised in the balance sheet when the Group, in accordance with a lease agreement
entered into for a specific identifiable asset, has the lease asset made available to it during the lease term and when the Group
obtains the right to substantially all the economic benefits from the use of the identified asset and the right to determine the use
of the identified asset.
Lease liabilities are measured at initial recognition at the present value of the future lease payments discounted at an alternative
borrowing rate. The following lease payments are recognised as part of the lease liability:
• Fixed payments.
• Variable payments that change in line with changes in an index or interest rate, based on the applicable index or
interest rate.
• Payments due under a residual value guarantee.
• The exercise price of purchase options that management expects to exercise with a high probability.
• Payments covered by an extension option that the Group expects to exercise with a high probability.
• Penalty related to a termination option, unless the Group is highly unlikely to exercise the option.
The lease liability is measured at amortized cost using the effective interest method. The lease liability is recalculated when
there are changes in the underlying contractual cash flows from changes in an index or interest rate, if there are changes in the
Group's estimate of a residual value guarantee, or if the Group changes its assessment of whether a purchase, extension or
termination option is reasonably likely to be exercised.
The leased asset is measured at cost on initial recognition, which is equal to the value of the lease liability adjusted for prepaid
lease payments plus directly related costs and estimated costs of demolition, refurbishment or similar and less any discounts or
other types of incentive payments received from the lessor.
Subsequently, the asset is measured at cost less accumulated depreciation and impairment losses. The leased asset is
depreciated over the shorter of the lease term and the useful life of the leased asset. Depreciation is recognised on a straight-
line basis in the income statement.
The lease asset is adjusted for changes in the lease liability as a result of changes in the terms of the lease agreement or
changes in the contract's cash flows in line with changes in an index or interest rate.
Lease assets are depreciated on a straight-line basis over the expected lease term, which is:
• Operating equipment 3 – 10 years
• Warehouses with associated administration 3 – 10 years
• Craftsmen's shops 3 – 10 years.
The Group presents the lease asset and the lease liability separately in the balance sheet.
The Group has chosen not to recognise lease assets with a term of less than 12 months or with a value of less than DKK
30,000. Lease payments relating to these lease agreements are recognised on a straight-line basis in the income statement.
In addition, the Group has chosen to set a single discount rate for a portfolio of lease agreements with similar characteristics.
Impairment of non-current assets
Goodwill and intangible assets with indefinite useful lives are tested annually for impairment, the first time before the end of
the year of acquisition.
The carrying amount of goodwill is tested for impairment together with the other non-current assets in the cash-generating unit
to which goodwill is allocated, and is written down in the income statement if the carrying amount is higher than the
recoverable amount.
The recoverable amount is generally calculated as the present value of the expected future net cash flows from the activity to
which the goodwill is linked. Impairment of goodwill is recognised in a separate line item in the income statement.
Deferred tax assets are assessed annually and recognised only to the extent that it is probable that they will be utilised.
The carrying amount of the other non-current assets is assessed annually to determine whether there is any indication of
impairment. When such an indication exists, the asset's recoverable amount is calculated. The recoverable amount is the
asset's fair value less expected costs to sell or value in use. Value in use is calculated as the present value of expected future
cash flows from the asset or the cash-generating unit of which the asset is a part.
An impairment loss is recognised when the carrying amount of an asset exceeds the asset's recoverable amount. The
impairment loss is recognised in the income statement under depreciation.
Impairment losses on goodwill are not reversed. Impairment losses on other assets are reversed to the extent that there have
been changes in the assumptions and estimates that led to the impairment loss. Impairment losses are reversed only to the
extent that the asset's new carrying amount does not exceed the carrying amount that the asset would have had after
depreciation if the asset had not been impaired.
Inventories
Inventories are measured at cost, which is calculated on the basis of average prices. If the net realisable value is lower than
the cost price, a write-down to the net realisable value is made.
Cost price includes the acquisition price plus repatriation costs.
The net realisable value is calculated as the expected selling price less costs to effect the sale and is determined taking into
account marketability, obsolescence and expected development in selling price. The value of goods written down to net
realisable value is stated in note 15.
Supplier bonus
Reports from suppliers and the company's own registrations are used when assessing supplier bonuses.
Estimates are used in cases where reports from suppliers have not been received or when the reports from suppliers do not
match the company's own calculations. Ongoing retrospective reviews are performed to ensure that supplier bonuses are
correctly included in the accounts
Receivables
Receivables are measured at amortized cost. Impairment to cover losses is made according to the simplified expected credit
loss model, according to which the total loss is recognised immediately in the income statement at the same time as the
receivable is recognised in the balance sheet based on the expected loss over the total life of the receivable. Impairment to
cover losses on debtors is set out in note 16.
Customer bonus:
Estimates are used in relation to determining bonus levels achieved on bonus agreements with a duration of more than one
year. The estimates used are reviewed on an ongoing basis to ensure a correct valuation of receivables from customers.
Prepaid expenses
Prepaid expenses, recognised under assets, include paid expenses relating to subsequent financial years and are measured
at cost.
Equity
Dividend
Proposed dividend is recognised as a liability at the time of adoption at the annual general meeting. Dividends expected to
be paid for the year are shown as a separate item under equity.
Treasury shares
Acquisition and disposal costs as well as dividends on treasury shares are recognised directly in retained earnings under
equity. Gains and losses on sales are therefore not recognised in the income statement.
Proceeds from the sale of treasury shares in connection with the exercise of share options are recognised directly in equity.
Reserve for foreign exchange adjustment
The reserve for foreign exchange adjustment comprises exchange differences arising from the translation of financial
statements of foreign companies from their functional currency to DKK.
Employee benefits
The Group has entered into defined contribution pension plans with the majority of the Group's employees.
Liabilities for defined contribution pension plans, where the Group pays fixed pension contributions to independent pension
companies on an ongoing basis, are recognised in the income statement in the period in which they are earned, and
payments due are recognised in the balance sheet under other liabilities.
Conditional bonus shares are measured at fair value at the time of grant and recognised on a straight-line basis over the
vesting period under personnel costs. The offsetting item is recognised directly in equity. The fair value of the granted
conditional bonus shares is calculated using an option pricing model (Black & Scholes).
Corporate tax and deferred tax
Current tax liabilities and current tax receivables are recognised in the balance sheet as calculated tax on the taxable income
for the year adjusted for tax on previous years' taxable income and taxes paid on account.
Deferred tax is measured using the balance sheet liability method of all temporary differences between the accounting and
tax values of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to goodwill that
is not depreciable for tax purposes and other items where temporary differences - except for business combinations - have
arisen at the time of acquisition without having an effect on profit or taxable income.
Deferred tax is measured on the basis of the tax rules and at the tax rate that, under the legislation on the balance sheet
date, will apply when the tax liability is expected to be settled as current tax. Changes in deferred tax as a result of changes
in the tax rate are recognised in the income statement.
Deferred tax assets are recognized under non-current assets at the value at which they are expected to be realized, either
by offsetting against deferred tax liabilities or by offsetting against tax on future earnings.
Financial liabilities
Debts to mortgage banks and credit institutions are recognised at the time of borrowing at fair value corresponding to the
proceeds received after deduction of transaction costs incurred. In subsequent periods, the financial liabilities are measured at
amortised cost corresponding to the capitalised value using the effective interest rate, so that the difference between the
proceeds and the nominal value is recognised in the income statement over the loan period.
Financial liabilities also include the capitalised residual lease liability on finance leases, measured at amortised cost.
Other payables, which include payables to suppliers, are measured at amortised cost, and other payables at net realisable
value.
Prepayments
Prepayments, recognised under liabilities, include deferred income and are measured at cost.
CASH FLOW STATEMENT
The cash flow statement shows cash flows from operating, investing and financing activities for the year, the year's change in
cash and cash at the beginning and end of the year.
The liquidity effect of the purchase and sale of companies is shown separately under cash flows from investing activities. In the
cash flow statement, cash flows relating to acquired companies are recognised from the date of acquisition, and cash flows
relating to sold companies are recognised up to the date of sale.
Cash flow from operating activities
Cash flows from operating activities are calculated according to the indirect method as profit before tax adjusted for non-cash
operating items, changes in working capital, interest received and paid and corporate taxes paid.
Cash flow from investing activities
Cash flows from investing activities include payments in connection with the purchase and sale of companies and activities, as
well as the purchase and sale of intangible, tangible and other long-term assets, as well as the purchase and sale of securities
that are not included as cash and cash equivalents.
Entering into finance lease agreements are considered non-cash transactions.
Cash flow from financing activities
Cash flow from financing activities includes changes in the size or composition of share capital and related costs, as well as
borrowings, repayments of interest-bearing debt, repayments of lease debt, purchases and sales of treasury shares and
payments of dividends to shareholders.
Cash
Cash comprises cash and cash equivalents.
Segment information
The Group's activities are within the professional (B2B) segment and the private segment (B2C). The two segments have the
same chief decision maker, but are identified as separate segments in the internal management reporting.
Key figures
Key figures have been prepared in accordance with IAS 33 and the Danish Finance Association's "Recommendations and Key
Figures".
Parentheses are used in the figures to indicate negative results and deductions.
Note 2
MAJOR ESTIMATES AND ASSUMPTIONS
The determination of the carrying amount of certain assets and liabilities requires the making of several estimates and
assessments of how future events will affect the value of these assets and liabilities at the balance sheet date.
The individual estimates and assessments, each of which can have a significant impact on the financial reporting, can be
categorized as significant accounting judgments and significant accounting estimates and assumptions, respectively.
The estimates and assessments made are based on historical experience and other factors that management believes are
reasonable under the circumstances, but which are inherently uncertain and unpredictable. The assumptions may be incomplete
or inaccurate, and unexpected events or circumstances may arise. As a result of the risks and uncertainties to which the Group
is subject, actual outcomes may differ from the estimates made.
It may be necessary to change previously made estimates as a result of changes in the conditions that were the basis for the
previous estimates or due to new knowledge or subsequent events.
Significant estimates and estimates
Significant estimates and estimates contain assumptions and estimates about the future and other uncertainty estimates that
could potentially affect the company within the next 12 months. Estimates that are significant for the financial reporting are made,
among other things, when valuing impairment tests of goodwill, receivables, inventories and determining amortization and
impairment.
Impairment tests for goodwill and other intangible assets
During the annual impairment test of intangible assets, including goodwill and rights, estimates are made of how the parts of the
company (cash-generating units) to which goodwill and rights are attached will be able to generate sufficient positive net cash
flows in the future to support the value of goodwill and rights.
Due to the nature of the business, estimates must be made of expected cash flows many years into the future, which leads to a
certain degree of uncertainty. The uncertainty is reflected in the discount rate chosen.
The impairment test and the special sensitivities in connection with this are described in more detail in note 12.
Valuation of receivables
Estimates are used when assessing the collectability of receivables. As a result of the financial situation in society, the risk of
losses on doubtful receivables remains high, which is taken into account when assessing new customers and impairment losses
on the balance sheet date and in the daily management and control of receivables as described in note 24.
Valuation of inventories
The estimation uncertainty in inventories primarily relates to slow-moving goods and thus impairment losses to net realizable
value.
An ongoing assessment of the need for impairment of inventory is made based on historical sales and an assessment of future
sales.
Business combinations
The estimation uncertainty in business combinations primarily relates to the valuation of the company being acquired.
A PPA (purchase price allocation) is carried out, the purpose of which is to determine the fair value of all assets and liabilities,
so that the valuation is calculated correctly.
(All amounts are in DKK thousands)
NOTE:
3 Segment information
The Group has activities within the professional B2B segment and the private B2C segment. The two segments
share the same chief operating decision maker but are identified as separate operating segments in the internal
management reporting.
The same products are sold to the two segments. The customer base and pricing structure differ significantly which is
why B2B and B2C have been identified as separate operating segments.
Geographical information
The Group operates primarily in Denmark. International revenue amounts to DKK 768,1 million (2024: DKK 549,3 million)
less than 10% of the total Group´s revenue relates to foreign countries, and the same applied in 2024.
Less than 10% of the book value of the assets of the Group is related to assets outside of Denmark.
for DKK 4,546.8 million (2024: 4,245.0 million).
Long-term assets in Denmark amounted to DKK 1,995.1 million (2024:DKK 2,072.3 million).
Sales channels
Digital as well as physical sales channels are used in connection with the Group's sales. Digtal sales channels are defined as
sales through websites and apps. For 2025 sales through digital sales channels amount to DKK 3.808,1 million
(2024: DKK 2.891,1 million) while sales through physical sales channels amount to DKK 2,317,7 million (2024: DKK 2.538,2 million).
All sales in the B2C segment are digital sales.
Major customers
Just as in 2024, the Group has not traded with any individual customer representing more than 10% of the Group's total
revenue for 2025.
SEGMENT INFORMATION 2025
B2B B2C Total
Revenue 5.027.633 1.093.189 6.120.822
Cost of goods sold (3.706.631) (658.029) (4.364.660)
Product margin 1.321.002 435.160 1.756.162
Distribution (198.458) (72.668) (271.126)
Gross margin 1.122.544 362.492 1.485.036
Direct expenses (554.339) (235.144) (789.483)
EBITDA before indirect expenses 568.205 127.348 695.553
Sale of property 0
Indirect expenses (261.582)
EBITDA 433.971
Depreciation and amortisation (141.411)
EBIT 292.560
Financial income and expenses (32.470)
EBT 260.090
Key figures B2B B2C Total
Gross margin % 22,3% 33,2% 24,3%
EBITDA (before indirect expenses) % 11,3% 11,6% 11,4%
EBITDA % 7,1%
NOTES
Revenue from Sweden amounted to DKK 591.4 million (2024: DKK 443.0 million), corresponding to 9.7% of the Group’s
total revenue. B2B Sweden accounted for DKK 481.5 million (2024: DKK 378.4 million) and B2B Denmark accounted
(All amounts are in DKK thousands)
NOTE:
3 Segment information (continued)
SEGMENT INFORMATION 2024
B2B B2C Total
Revenue 4.623.456 805.814 5.429.270
Cost of goods sold (3.438.631) (504.751) (3.943.382)
Product margin 1.184.825 301.063 1.485.888
Distribution (173.020) (60.764) (233.784)
Gross margin 1.011.805 240.299 1.252.104
Direct expenses (504.750) (168.103) (672.853)
EBITDA before indirect expenses 507.055 72.196 579.251
Sale of property 14.200
Indirect expenses (227.480)
EBITDA 365.971
Depreciation and amortisation (119.873)
EBIT 246.098
Financial income and expenses (35.977)
EBT 210.121
Key figures B2B B2C Total
Gross margin % 21,9% 29,8% 23,1%
EBITDA (before indirect expenses) % 11,0% 9,0% 10,7%
EBITDA % 6,7%
4 Cost of sales
Consolidated
2025
2024
Cost of goods purchased during the year
(4.442.650) (3.995.991)
Distribution costs
(271.126) (233.784)
(4.713.776) (4.229.775)
Change in inventories:
Inventory at the beginning of the year
814.535 757.411
Change in cost during the year
4.088 13.972
Inventory writedown, net
1.731 (7.267)
Inventory at the end of the year
896.630 814.535
Change in inventory for the year
76.276 50.419
Cost of sales for the year
(4.637.500) (4.179.356)
NOTES
(All amounts are in DKK thousands)
NOTE: 2025 2024
5
Other operating income
The item includes property rental income.
6 External expenses
Remuneration for the auditor elected by the
annual general meeting:
Total remuneration may be specified as follows:
Statutory audit (1.960) (2.391)
Tax and VAT related advisory services (100) (15)
Other assurance engagements (900) 0
Other services (100) (94)
(3.060) (2.500)
7 Staff costs
Wages and salaries (527.522) (465.228)
Pension contributions (49.395) (41.085)
Share-based remuneration (4.364) (3.515)
Other social security costs (16.362) (12.021)
Other staff expenses (4.292) (3.727)
Staff costs excl. temporary employees (601.935) (525.576)
Wages temporary employees (51.085) (43.614)
Staff costs total (653.020) (569.190)
The Board of Directors and Executive Board do not receive any fees.
Average number of full-time employees 1.078 968
1.004 899
The Group only has defined contribution plans.
The increase in 2025 in the number of full-time employees in the group is driven by the
addition of Svenska VA-Grossisten, Designkupp and AO Workwear.
8 Depreciation and amortisation
Intangible assets (35.824) (26.009)
Property, plant and equipment (58.880) (49.256)
Right-of-use assets, external (48.059) (41.714)
Gains/losses from the disposal of assets 1.352 (2.894)
(141.411) (119.873)
NOTES
Average number of full-time employees excl. temporary employees
Other assurance engagements' primarily included statutory limited assurance over the
sustainability statements and to a limited degree assurance services related to WEEE
declaration. Tax and VAT related advisory services related to minor advice on general
tax and VAT matters.
(All amounts are in DKK thousands)
NOTE: 2025 2024
9 Financial income
Interest income from current assets 4.585 11.784
Gain from sale of subsidiary 440 0
Foreign exchange gains, net 3.069 555
8.094 12.339
10 Financial expenses
Interest expenses on liabilities (34.452) (44.265)
Expenses, lease liabilities, external (5.255) (3.328)
Other financial expenses 0 0
Other interest expenses (857) (723)
Interest expense to subsidiaries 0 0
(40.564) (48.316)
11 Tax on profit or loss for the year
Current tax for the year (46.043) (35.650)
Adjustment related to previous years (2.565) (599)
Addition from acquisition 0 0
(48.608) (36.249)
Adjustment of deferred tax for the year (10.782) (10.226)
Adjustment of deferred tax for previous years 0 (190)
Total
(59.390) (46.665)
Tax on profit/loss for the year can be explained as follows:
Calculated tax on profit/loss before tax, not incl.
subsidiaries' profits 56.011 45.367
Tax effect of:
Non-taxable income (498) (843)
Other non-deductible costs 1.308 556
Adjustment of tax for previous years 2.569 1.585
59.390 46.665
Effective tax rate 22,8 22,2
Taxes paid during the financial year (41.068) (55.243)
NOTES
(All amounts are in DKK thousands)
NOTE:
12
Immaterielle aktiver
Goodwill
Interlectual
property
rights
Software Total
Cost at 1 January 2025 757.486 92.966 335.227 1.185.679
Foreign currency translation adjustment 3.418 2 220 3.640
Additions from acquisitions 0 0 0 0
Additions during the year 0 0 65.668 65.668
Disposals during the year 0 0 (1.459) (1.459)
Cost at 31 December 2025 760.904 92.968 399.656 1.253.528
Amortisation and depreciation at 1 January 2025 0 (29.034) (228.603) (257.637)
Foreign currency translation adjustment 0 0 (219) (219)
Amortisation and depreciation for the year 0 (3.512) (32.311) (35.823)
Disposals during the year 0 0 75 75
Amortisation and depreciation at 31 December 2025 0 (32.546) (261.058) (293.604)
Carrying amount at 31 December 2025 760.904 60.422 138.598 959.924
Goodwill Rettigheder Software Total
Cost at 1 January 2024 508.539 70.113 330.412 909.064
Foreign currency translation adjustment 0 0 0 0
Additions from acquisitions 248.947 22.853 2.165 273.965
Additions during the year 0 0 44.065 44.065
Disposals during the year 0 0 (41.415) (41.415)
Cost at 31 December 2024 757.486 92.966 335.227 1.185.679
Amortisation and depreciation at 1 January 2024 0 (25.502) (247.499) (273.001)
Foreign currency translation adjustment 0 (21) 0 (21)
Amortisation and depreciation for the year 0 0 (22.519) (22.519)
Disposals during the year 0 (3.511) 41.415 37.904
Amortisation and depreciation at 31 December 2024 0 (29.034) (228.603) (257.637)
Carrying amount at 31 December 2024 757.486 63.932 106.624 928.042
Apart from goodwill, it is estimated that all intangible assets have a definite useful life.
No significant changes have been made to estimates regarding intangible assets. Rights relate to trade names,
domains, etc. from the acquisition of BilligVVS, Greenline, LampeGuru, EA Værktøj, VVSKupp and Billig Arbejdstøj.
NOTES
(All amounts are in DKK thousands)
NOTE:
12
12 Immaterielle aktiver (fortsat)
Goodwill
At 31 December 2025, Management performed an impairment test of goodwill. Separate cash-generating untis (CGUs) were tested for
impairment. The carrying amount of goodwill, key assumptions and sensitivity analysis for future cash flows may be specified per CGU
in the following way:
Goodwill 2024 Goodwill 2025 WACC before tax Terminal growth rate
B2B Danmark 197.140 200.437 10% 1,5 %
B2B Sverige 101.294 101.398 10% 1,5 %
B2C 459.052 459.069 10% 2,5 %
The pre-tax WACC used is unchanged and still 10% in 2025.
The terminal growth rates are unchanged for all CGUs,
Goodwill is allocated to the two operating segments B2B and B2C, as stated above.
B2B is further divided into a Swedish and a Danish part to reflect the cash-generating units.
The recoverable amount is based on the value in use, which is determined by using expected net cash flows based on budgets for 2026
and forecasts for 2027-2030 approved by management and an adjusted discount factor of 7.8% after tax.
The discount rate used reflects the specific risks that have changed compared to last year.
The 5-year growth and terminal value growth used are not expected to exceed the long-term average growth
rate within the company's segments.
In B2B and B2C, profit margins and market shares are expected to reflect the company's financial target
of growing 2% more than the market and having an EBITDA margin of 10%.
By comparing budgets and forecasts for the segments and the expected market development,
it has been concluded that the recoverable amount is significantly higher than the carrying amount.
Development costs
Development costs are included in "Software". The net value of capitalised development costs may be illustrated as follows:
Work in Work in
Consolidated/Company Completed progress Completed progress
Cost at 1 January 167.016 32.166 162.161 36.755
Additions during the year 500 65.150 104 47.459
Transfer
51.800
(53.200)
47.898
(52.048)
Disposals during the year
0
0
(43.147)
0
Cost at 31 December
219.316 44.116 167.016 32.166
Amortisation and depreciation at 1 January (113.084) 0 (118.308) 0
Amortisation and depreciation for the year (28.100) 0 (23.107) 0
Transfer 0 0 (12.347) 0
Depreciation on disposals 0 0 40.678 0
Amortisation and depreciation at 31 December
(141.184) 0 (113.084) 0
Carrying amount at 31 December
78.132 44.116 53.932 32.166
Notes
2025 2024
(All amounts are in DKK thousands)
NOTE:
13 Property, plant and equipment
Leasehold Fixtures and
Land and improve- operating
buildings ments equipment Total
Cost at 1 January 2025 1.194.556 29.128 627.809 1.851.493
Foreign currency translation adjustment 1.287 12 521 1.820
Additions from acquisitions (1.076) (10.409) 11.485 0
Additions during the year 114.360 3.950 16.161 134.471
Disposals during the year (111) (422) (11.175) (11.708)
Change in classification 0 0 0 0
Cost at 31 December 2025 1.309.016 22.259 644.801 1.976.076
Amortisation and depreciation at 1 January 2025 (252.714) (13.898) (373.073) (639.685)
Foreign currency translation adjustment (395) (9) (362) (766)
Transfer 0 6.158 (6.158) 0
Change in classification 0 0 0 0
Amortisation and depreciation for the year (14.465) (2.175) (42.240) (58.880)
Disposals during the year 0 372 9.963 10.335
Amortisation and depreciation at 31 December
2025
(267.574) (9.552) (411.870) (688.996)
Carrying amount at 31
December 2025 1.041.442 12.707 232.931 1.287.080
Leasehold
Fixtures and
Land and improve- operating
buildings ments equipment Total
Cost at 1 January 2024 1.077.486 31.533 603.792 1.712.811
Foreign currency translation adjustment (726) (8) (214) (948)
Additions from aquisitions 39.916 0 44.926 84.842
Additions during the year 87.195 3.780 25.206 116.181
Disposals during the year (9.315) (6.177) (47.403) (62.895)
Cost at 31 December 2024 1.194.556 29.128 626.307 1.849.991
Amortisation and depreciation at 1 January 2024 (245.218) (16.003) (381.826) (643.047)
The increase in 2025 in the number of full-time employees in the group is driven by the addition of Svenska VA-Grossisten,
Foreign currency translation adjustment 203 3 155 361
Amortisation and depreciation for the year (11.819) (4.037) (36.839) (52.695)
Disposals during the year 4.120 6.139 46.939 57.198
Amortisation and depreciation at 31 December
2024
(252.714) (13.898) (371.571) (638.183)
Carrying amount at 31
December 2024 941.842 15.230 254.736 1.211.808
NOTES
(All amounts are in DKK thousands)
NOTE:
14 Right-of-use assets and lease liabilities
Fixtures and
Land and operating
Right-of-use assets buildings equipment Total
Balance at 1 January 2025 42.223 48.845 91.068
Foreign currency translation adjustment 85 239 324
Additions during the year 20.072 26.932 47.004
Disposals during the year (5.430) (1.851) (7.281)
Remeasurement of lease liability 48.989 3.029 52.018
Amortisation and depreciation for the year (28.605) (23.242) (51.847)
Carrying amount at 31 December 2025 77.334 53.952 131.286
Fixtures and
Land and operating
Right-of-use assets buildings equipment
Total
Balance at 1 January 2024 59.098 40.740 99.838
Foreign currency translation adjustment (204) (162) (366)
Additions during the year 2.342 25.348 27.690
Amortisation and depreciation on sales (570) (832) (1.402)
Disposals during the year 5.889 899 6.788
Remeasurement of lease liability (24.331) (17.148) (41.479)
Amortisation and depreciation for the year
Carrying amount at 31 December 2024 42.224 48.845 91.069
NOTES
(All amounts are in DKK thousands)
NOTE:
14 Right-of-use assets and lease
liabilities (continued)
Lease liabilities 2025 2024
Maturity of lease liabilities
0-1 year 52.431 38.382
1-5 years 99.030 80.128
>5 years 21.338 11.851
Total un-discounted lease liabilities
at 31 December 172.799 130.361
Short-term lease liabilities, less than 1 year 47.874 31.834
Long-term lease liabilities, more than 1 year
113.511
93.681
Lease liabilities recognised
in the balance sheet 161.385 125.515
Amounts recognised in the income statement
Interest expenses on lease liabilities (5.220) (1.615)
Expenses related to low value leasing arrangements (300) (248)
Expenses related to short term leasing arrangements (300) (1.039)
Depreciation related to right-of-use assets (51.800) (38.285)
Total (57.620) (41.187)
In relation to leases, including low-value and short-term leasing arrangements, the Group has paid DKK
54,2 million towards leasing contracts in 2025 (2024: DKK 37,0 million). Hereof interest payments related to
leasing liablilities amount to DKK 5,3 (2024: DKK 3,0) and instalments on leasing liabilities amount
to DKK 51,8 million (2024: 41,3 million)
NOTES
(All amounts are in DKK thousands)
NOTE: 2025 2024
15 Inventories
Carrying amount of inventories recognised at net selling price
46.994 47.538
16 Trade receivables
Trade receivables consist of sale of goods to business customers which, in essence, have the same risk profile.
Provisions for bad debts are made in accordance with the simplified expected credit loss model,
taking into account AO's credit policy and debt collection procedure.
AO has taken up credit insurance on customers with large balances.
Calculated on the basis of a weighted loss ratio, the Group's expected credit losses on trade receivables are as follows:
Receivable Expected
CONSOLIDATED
Loss ratio
amount
loss
Total
Not yet due 0,1% 652.314 (905) 651.409
Due within 1-30 days 1,3% 29.069 (384) 28.685
Due within 31-60 days 6,1% 2.517 (153) 2.364
Due in more than 60 days 71,3% 49.242 (35.106) 14.136
Total at 31 December 2025 733.142 (36.548) 696.594
Not yet due 0,4% 576.736 (2.459) 574.277
Due within 1-30 days 1,2% 23.274 (282) 22.992
Due within 31-60 days 28,9% 3.199 (926) 2.273
Due in more than 60 days 77,7% 38.574 (29.965) 8.609
Total at 31 December 2024 641.783 (33.632) 608.151
*Expected losses are shown including VAT.
2025 2024
Provision for losses on receivables:
Provision for losses on receivables at 1 January excl. VAT 27.049 35.017
Realised loss during the year - use of previous provision (4.896) (15.068)
Adjustment of provisions for losses 7.267 7.100
Provision for losses on receivables 31 December 29.420 27.049
(317)
(312)
(124) 0
Operating effect, net from loss and provision for losses on receivables
6.826 6.788
17 Corporation tax receivable/payable
Corporation tax paid on account during the year
41.068 54.551
Tax on taxable profit for the year
(46.043) (51.836)
Tax payable relating to previous years (162) (2.320)
Total corporation tax receivable/payable
(5.137) 395
Losses recognised in the year and not previously provided for
2025
2024
NOTES
Recognised previously written-off receivables
(All amounts are in DKK thousands)
NOTE: 2025 2024
18 Minority interests
Minority interests per 1 January 1.216.411 1.168.120
Share of the year's profit 158.914 129.414
Foreign currency translation adjustment 6.546 (3.223)
Dividend payments (64.627) (80.683)
Share incentives in subsidiary 3.455 2.783
Adjustment regarding prior years 0 0
Minority interests per 31 December 1.320.699 1.216.411
The minority interests in the group are distributed as follows:
Minority interests Minority voting
share
Brødrene A & O Johansen A/S, Albertslund 79,18% 28,35%
Key figures for subsidiaries with minority interests
Income statement
Revenue 6.120.822 5.429.270
260.090 210.121
Total income 208.968 159.373
Share of profit before tax attributable to minority interests 205.936 166.371
Balance
Non-current assets 2.378.508 2.231.137
Current assets 1.717.455 1.556.275
766.397 831.611
Current liabilities 1.661.564 1.419.524
Equity 1.668.001 1.536.277
Share of equity attributable to minority interests 1.318.824 1.216.411
Cash flow statement
Cash flow from operating activities 312.376 199.129
Cash flow from investing activities (200.139) (465.346)
(106.283) 232.107
Cashflow for the year 5.954 (34.110)
Dividends paid (81.622) (80.683)
19
Result per share
Net profit or loss for the year
200.700
163.398
Average number of shares outstanding
500
500
Diluted average number of shares outstanding
500
500
Result per share of DKK 100
401
327
Diluted earnings per share of DKK 100
401
327
NOTES
Profit or loss before tax (EBT)
Non-current liabilities
Of which investments in property, plant and equipment, net
(All amounts are in DKK thousands)
NOTE:
20 Equity
Shares
The share capital of DKK 50 thousand consists, as at the end of 2025, of 500 shares of DKK 100 each.
Dividend
Distribution of dividends to Avenir Invest ApS shareholders has no tax consequences for Avenir Invest ApS.
For 2025, DKK 21.5 million will be distributed in dividends.
The foreign exchange translation reserve includes all exchange rate adjustments arising from the translation
of financial statements of entities with a functional currency other than Danish kroner.
There are no exchange rate adjustments relating to assets and liabilities that form part of the Group's net investment in such entities.
2025
2024
21 Deferred tax
Deferred tax at 1 January 83.205 70.098
Foreign currency translation adjustment 676 332
Merger / Acquisition of enterprise 0 3.562
Change in deferred tax for the year 10.609 9.400
Change in deferred tax relating to previous years 0 (187)
Deferred tax at 31 December 94.490 83.205
Deferred tax relates to:
Intangible assets 52.199 31.781
Property, plant and equipment 50.565 57.663
Deferred tax relates to: (3.285) (4.174)
Intangible assets (4.989) (2.065)
Property, plant and equipment 0 0
Deferred tax at the end of the year 94.490 83.205
22 Other payables
Holiday allowance 27.785 23.450
Salary related items 17.231 15.968
VAT and taxes 20.529 18.383
Other payables 16.735 5.606
82.280 63.407
NOTES
Foreign currency translation adjustment
(All amounts are in DKK thousands)
NOTE: 2025 2024
23 Financing activities
Mortgage loans - floating interest rate - 5 years 416.894 442.622
Bank loans - floating short-term interest rate 532.113 479.822
Lease liabilities - floating interest rate 161.385 125.515
1.110.392 1.047.959
Payables relating to financing activities:
Beginning-of-year 1.047.959 611.244
Repayment of debt to credit institutions 26.563 16.006
Raising of loans from credit institutions 0 359.726
Debt from acquisition 0 38.664
Addition, lease liabilities, net 87.094 64.034
Repayment, lease liabilities (51.224) (41.715)
Year-end 1.110.392 1.047.959
According to the leases there are no contingent rents. The contractual cash flows appear from note 26.
NOTES
(All amounts are in DKK thousands)
NOTE:
24 Contingent liabilities, security, etc.
Land and buildings with a total carrying amount of DKK 752,0 million (2024: DKK 763,6 million)
provided as security for the Group's payables to mortgage credit institutions and finance lease liabilities.
25 Share based remuneration
In order to motivate and retain members of the Executive Board and other managers in the Group,
Brødrene A & O Johansen A/S has introduced an incentive programme based on the shares of the company.
The programme is designed to align the interests of the participants of the share programme with the interests
of the shareholders. The intention is to promote long term value creation in the Group.
In 2025 a total of 123,939 Restricted Stock Units (RSUs) have been granted to certain members of the
Executive Board as well as other managers.
The RSUs are measured at fair value at the time of the grant using a Black & Scholes model.
The RSUs can only be settled in shares and no subsequent measurement of the fair value is performed.
Restricted Stock Units 2025
Outstanding
RSUs Jan 1
Released
during the year
Granted during
the year
Outstanding
RSUs Dec 31
Fair value at
the time of the
grant Vesting date
Executive Board
Grant 2022 44.370 (44.370) 0 0 4.357 March 2025
Grant 2025 0 0 63.842 63.842 4.900 March 2028
Executive Board total 44.370 (44.370) 63.842 63.842 9.257
Other employees
Grant 2022 18.468 (18.468) 0 0 1.813 March 2025
Grant 2023 56.935 0 0 56.935 4.374 January 2028
Grant 2025 0 0 60.097 60.097 4.600 March 2028
Other employees total 75.403 (18.468) 60.097 117.032 10.787
Total 119.773 (62.838) 123.939 180.874 20.044
NOTES
The fair value is recognised asstaff costs and equity on a straight line basis over the vesting period of 36 months.
(All amounts are in DKK thousands)
NOTE:
25 Share based remuneration (continued)
Restricted Stock Units
2024
Outstanding
RSUs Jan 1
Released during
the year
Granted during
the year
Outstanding
RSUs Dec 31
Fair value at the
time of the grant Vesting date
Executive Board
Grant 2022 44.370 0 0 44.370 4.357 March 2025
Executive Board total
44.370
0
0
44.370
4.357
Other employees
Grant 2022 18.468 0 0 18.468 1.813 March 2025
Grant 2023 56.935 0 0 56.935 4.374 January 2026
Other employees total
75.403
0
0
75.403
6.187
Total
119.773
0
0
119.773
10.544
26 Financial risks
The Group's risk management policies
As a result of its operations, investments and financing, the Group is exposed to changes in exchange rates and interest-rate
levels. It is Group policy not to engage in any active speculation in financial risks. The Group's financial management therefore
only concentrates on the management of the financial risks that are directly linked to the Group's operations and financing.
Financial risks are managed centrally by the Group's finance function.
The overall framework for the financial risk management is laid down in the Group's finance policy, which has been approved by
the Board of Directors. The finance policy covers the Group's finance policy as well as its policy relating to credit risks associated
with financial counterparties and contains a description of the approved risk framework. Management monitors the Group's risk
concentration on customers, currencies and other areas on a regular basis.
NOTES
(All amounts are in DKK thousands)
NOTE:
26 Financial risks (continued)
Currency risks
The Group's currency risk in connection with Danish operations is limited as revenue is generated in Danish kroner, and goods
are primarily purchased in DKK or EUR.
The Group's foreign operations are not much affected by currency fluctuations, as income and expenses are largely paid in local
currency. Consolidated results will be affected by exchange differences arising on translation of foreign operations' results and
on translation of net assets.
The Group uses derivative financial instruments to a very limited extent. The derivative financial instruments consist of
forward exchange contracts for the purchase of EUR. As of 31 December 2025, there were no forward exchange contracts,
which is why no further information is provided.
The Group had no significant currency risks relating to receivables or payables in foreign currencies at 31 December 2025, and
the consolidated results would therefore not be affected to any major extent by changes in exchange rates at 31 December 2025.
The Group has the following currency exposure at 31 December:
EUR Other EUR Other
In DKK
In DKK
Total
In DKK
In DKK
Total
Trade payables 56.309 57.121 113.430 47.082 49.567 96.649
Payables to credit institutions 22.906 (9.240) 13.666 6.632 (19.510) (12.878)
Net exposure 79.215 47.881 127.096 53.714 30.057 83.771
Risk in exchange rate fluctuation 1% 10% 1% 10%
Estimated impact on income statement and equity 792 4.788 5.580 537 3.006 3.543
* Primary SEK and NOK
The Group's currency exposure related to financial instruments is primarily a result of the Group's financing activities.
Interest rate risks
As a result of its investing and financing activities, the Group has a risk exposure relating to fluctuations in the interest-rate level in
Denmark. The main interest rate exposure is related to fluctuations in CIBOR.
In 2025, the Group's interest-bearing debt, determined as payables to credit institutions and lease liabilities less negotiable
securities and cash increased by DKK 55,6 million to DKK 1.048,2 million at the end of the year.
Based on the net debt, a decrease of one percentage point in the general interest-rate level would result in a decrease in the
Group's annual interest expenses before tax of approximately DKK 10,5 million (2024: approximately DKK 10,1 million).
2025 2024
NOTES
(All amounts are in DKK thousands)
NOTE:
26 Financial risks (continued)
Liquidity risks
In connection with borrowing, it is the Group's policy to ensure the greatest possible flexibility by spreading the loans on different
maturity/renegotiation dates and on different lenders to ensure the best possible terms. The Group's cash resources comprise
cash and short-term deposits, securities and undrawn credit facilities. It is the Group's aim to have sufficient cash resources in
order to make appropriate decisions also in connection with unforeseen liquidity fluctuations.
The Group's payables fall due as follows:
Carrying Contractual Less than More than
amount cash flows 1 year 1 to 5 years 5 years
Mortgage loans 416.894 522.090 37.935 151.135 333.020
Bank loans 532.113 532.113 364.348 167.765 0
Lease liabilities 161.385 172.799 52.431 99.030 21.338
Trade payables 1.127.200 1.127.200 1.127.200 0 0
31 December 2.237.592 2.354.202 1.581.914 417.930 354.358
Mortgage loans 442.622 567.908 38.057 153.427 376.424
Bank loans 479.822 479.822 253.995 225.827 0
Lease liabilities 125.515 130.361 38.382 80.128 11.851
Trade payables 1.036.833 1.036.833 1.036.833 0 0
31 December 2.084.792 2.214.924 1.367.267 459.382 388.275
Assumptions regarding the maturity analysis:
* The maturity analysis is based on all undiscounted cash flows, including estimated interest payments according to
contractual basis.
* Interest payments are estimated on the basis of current market conditions.
Based on the Group's expectations for future operations and the Group's current cash resources, no material liquidity risks have
been identified. Agreements containing Supply Chain Finance programmes have been concluded. At the balance sheet date
liabilities related to Supply Chain Finance programmes amount to DKK 294,3 million (2024: DKK 235,5 million). In the balance
sheet the Supply Chain Finance programmes are classified as trade payables.
Group loans and committed credit facilities are not subject to any special terms or conditions (covenants).
2025
2024
NOTES
(All amounts are in DKK thousands)
NOTE:
26 Financial risks (continued)
Credit risks
The Group's credit risks relate to receivables and cash and short-term deposits. The maximum credit risk associated with finan-
cial assets corresponds to the values recognised in the balance sheet.
The Group has no material risks relating to individual customers or business partners. Credit rating is based on an individual
assessment of customers and business partners and their respective financial situation. The management of the credit risk is
based on internal credit limits determined according to the customers' credit rating. As a result of the current market conditions,
the Group has amended its credit limits for a number of customers. If the credit rating of a customer is assessed as being in-
sufficient, the terms of payment are amended or security is provided.
The Group's credit exposure to customers is monitored on an ongoing basis as part of the Group's risk management.
In general, no security has been received for overdue or impaired receivables.
Categories of financial instruments, and methods and assumptions for determining fair values
The carrying amount and fair value of financial instruments are identical with the exception of loans measured at amortised cost,
and where the carrying amount at 31 December 2025 amounts to DKK 1.110,4 million (2024: DKK 1.047,9 million) incl. lease
liabilities at the end of the year.
The methods and assumptions applied in determining fair values of financial instruments are presented below for each class of
financial instrument. The methods used have not been changed compared to last year.
The fair value of mortgage debt is determined on the basis of the underlying bonds. Short-term floating-rate bank loans are
measured at nominal value.
The fair value of bank loans and finance lease liabilities is determined on the basis of discount models, where all estimated and
fixed cash flows are discounted using zero-coupon yield curves.
Trade receivables, cash and short-term deposits, and trade payables are subject to a short credit period and are considered to
have a fair value that corresponds to the carrying amount. No further fair value information for financial assets is given when the
carrying amount is assumed to be a proper measure of the fair value of the assets.
NOTES
(All amounts are in DKK thousands)
NOTE:
27 Related parties
Related parties in the group include the parent company's owners and the board of directors and management.
During the year, no significant transactions were carried out with the board of directors,
management, senior employees and major shareholders other than dividend payments.
In addition, related parties are the company's subsidiaries. Transactions with subsidiaries are
liminated in the consolidated financial statements in accordance with the accounting policies applied.
In 2025 and 2024, only dividends from subsidiaries to the parent company were declared.
The parent company is included as an administration company in the joint taxation with the Danish subsidiaries.
Subsequent events
No events have occurred after 31 December 2025 that are of significant importance for the assessment of the
annual report for 2025.
29 New accounting regulation
At the time of publication of this annual report, IASB has issued the following new and amended financial reporting standards
and interpretations that are not compulsory for Brødrene A & O Johansen A/S in preparing the annual report for 2025:




None of the above standards and interpretations have been endorsed by the EU except for IFRS 18 which was
endorsed by the EU in February 2026.
The approved standards and interpretations that have not yet entered into force are implemented as they become mandatory for
Avenir Invest ApS. It is assessed that none of the above standards and interpretations will have an impact on
recognition and measurement for Avenir Invest ApS.
NOTES
IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures
IFRS 18 Presentation and disclosures in financial statements – new IFRS standard for presentation and
disclosures in financial statements
IFRS 19 Non-public interest entities – Disclosures – new IFRS disclosure standard for entities that are
subsidiaries of public interest entities
Annual Improvements volume 11
- Amendments to the classification and measurement of financial instruments.
- Amendments to ""Contract referencing of nature-dependent electricity"", which deals with power purchase
agreements.
(All amounts are in DKK thousands)
NOTE:
29 New accounting regulation (continued)
Management is currently assessing the detailed implications of applying the new IFRS 18 standard on the group’s
consolidated financial statements. Line items presented on the primary statements might change and there may be a
change in the definition of operating profit. The group does not expect significant changes in the information currently
disclosed in the notes; however, the way in which the information is grouped might change. From a cash flow statement
perspective, there will be changes to how interest received and interest paid are presented. Interest paid will be presented
as financing cash flows and interest received as investing cash flows, which is a change from current presentation as part
of operating cash flows
NOTES
Avenir Invest ApS
Parent company financial statements for
the year 2025
(All amounts are in DKK thousands)
NOTE: 2025 2024
2 Dividend income
17.490 21.863
3 Administration cost -75 -89
Operating profit or loss(EBIT) 17.415 21.774
Financial income
57 31
Profit or loss before tax 17.471 21.805
4, 5 Tax on profit or loss for the year 4 13
Net profit or loss for the year 17.475 21.818
Recommended appropriation of profit/loss
Dividend
21.500 17.000
Retained earnings -4.025 4.818
17.475 21.818
Parent financial statement for 1 January - 31 December
INCOME STATEMENT
(All amounts are in DKK thousands)
NOTE: 2025 2024
ASSETS
Non-current assets
6 Investments in subsidiaries 171.985 171.985
Total non-current assets 171.985 171.985
Current assets
Receivables from subsidiaries 0 0
Cash and short-term deposits 10.767 15.508
Total current assets 10.767 15.508
Total assets 182.752 187.493
LIABILITIES
Equity
7 Share capital 50 50
Retained earnings 151.767 155.791
Proposed dividend for the financial year 21.500 17.000
Total equity 173.317 172.841
Non-current liabilities
Payabeles to shareholders
0 0
5 Corporation tax payable 9.300 8.561
Provisions for liabilities 10 5.965
Other payables 125 126
Total current liabilities 9.435 14.652
Total liabilities 9.435 14.652
182.752 187.493
8 Contingent liabilities, security, etc.
9 Related parties
Parent financial statement for 1 January - 31 December
Balance
Cash Flow Statement
(All amounts are in DKK thousands)
NOTE: 2025 2024
Operating profit or loss (EBIT) 17.415 21.774
Other non-cash operating items, net 0 0
Cash flow from operations before change in working capital working capital 17.415 21.774
Change in trade payables and other current payables (5.217) 5.970
Change in working capital (5.217) 5.970
Cash flow from operations 12.198 27.744
Net financials paid 61 2
Corporation tax paid 0 0
Cash flow from operating activities 12.259 27.746
Cash flow from investing activities
Change in receivables from subsidiaries 0 0
Cash flow from investing activities 0 0
Cash flow from financing activities
Dividends paid (17.000) (22.000)
Cash flow from financing activities (17.000) (22.000)
Cashflow for the year (4.741) 5.746
Cash and short-term deposits at beginning of year 15.508 9.762
Cash and short-term deposits at end of year 10.767 15.508
Cash flow from operating activities
Parent financial statement for 1 January - 31 December
(All amounts are in DKK thousands)
Proposed
Retained dividend for Total
Share capital earnings the year equity
Equity at 1 January 2025 50,00 155.792 17.000 172.842
Net profit for the year 0 (4.025) 21.500 17.475
Dividend distribution 0 0 (17.000) (17.000)
Total transactions with owners 0 0 (17.000) (17.000)
Equity at 31 December 2025 50 151.767 21.500 173.317
Equity at 1 January 2024 50,00 150.974 22.000 173.024
Net profit for the year 0 4.818 17.000 21.818
Dividend distribution 0 0 (22.000) (22.000)
Total transactions with owners 0 0 (22.000) (22.000)
Equity at 31 December 2024 50 155.792 17.000 172.842
Statement of changes in equity
Parent financial statement for 1 January - 31 December
NOTE:
1 Accounting policies applied for the consolidated financial statements
2 Dividend income
3 Administration costs
4 Tax on profit for the year
5 Corporate tax payables
6 Investments in subsidiaries
7 Equity
8 Contingent liabilities and collateral
9 Related parties
OVERVIEW OF NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS
Parent financial statement for 1 January - 31 December
NOTES - FINANCIAL STATEMENTS
NOTE:
1:
ACCOUNTING POLICIES
The separate financial statements of the parent company Avenir Invest ApS are incorporated into the annual report because
the Danish Financial Statements Act requires a separate parent company financial statement for IFRS filers.
While Avenir Invest ApS consolidated financial statements are prepared in accordance with International Financial Reporting
Standards as adopted by the EU and additional requirements for the Danish Financial Statements Act, Avenir Invest ApS' parent
company financial statements are prepared in accordance with the Danish Financial Statements Act applicable to accounting
class C between.
The accounting policies applied by the parent company are unchanged compared to last year.
In the figures, brackets are used for negative results and deductions.
In relation to the described accounting policies applied for the consolidated financial statements (see note 1 to the consolidated
financial statements), the parent company's accounting policies applied for the parent company financial statements differ in the
following points:
Dividend income
Distribution of earned profits in subsidiaries is recognized as income in the parent company's income statement in the financial
year in which the dividend is declared. If more than the subsidiary's total income is distributed during the period, or if the carrying
amount of the investment exceeds the carrying amount of the net assets in the subsidiary, an impairment test is performed.
Investments in subsidiaries
Investments in subsidiaries are measured in the parent company's annual accounts at cost. The cost price includes the purchase
consideration calculated at fair value plus direct purchase costs.
If there is an indication of a need for impairment, an impairment test is performed as described in the accounting policies for the
consolidated financial statements. Where the carrying amount exceeds the recoverable amount, it is written down to the lower
value. In the event of a write-down to a value lower than 0, this negative value is recognized under "Provisions" in the balance
sheet.
Tax
Avenir Invest ApS is subject to the Danish rules on compulsory joint taxation of the group's Danish subsidiaries. Avenir Invest
ApS is the administration company for the joint taxation and consequently settles all payments of corporate tax with the tax
authorities. Joint taxation contributions to and from subsidiaries are recognised under tax on the profit for the year.
Tax payable and receivable are entered under current assets/liabilities. Joint taxation contributions payable and receivable are
recognised in the balance sheet under receivables from or payable to affiliated companies.
Companies that use tax losses in other companies pay joint taxation contributions to the parent company, corresponding to the
tax value of the losses utilised, while companies whose tax losses are used by other companies receive joint taxation
contributions from the parent company, corresponding to the tax value of the losses utilised (full allocation).
(All amounts are in DKK thousands)
NOTE:
2025 2024
2 Dividend income
Dividind income from subsidiaries
17.490,0 21.863,0
3 Adminstration costs
Other administration costs
(75,3) (89,0)
As in 2024, there have been no employees in the company, and no fees
have been paid to the board of directors or remuneration to the management.
4 Tax on profit for the year
The company is jointly taxed with other Danish group companies.
The year's tax can be divided as follows:
Tax on the year's profit, income
4 13
The tax revenue relates to the use of tax credits by other group companies.
deficit in Avenir Invest ApS.
Tax on the year's profit is calculated as follows:
Calculated 22% (2025: 22%) tax on profit before tax (3.844) (4.797)
Tax effect of:
Non-taxable income 3.848 4.810
Other non-deductible costs 0 0
Adjustment of tax for previous years 0 0
4 13
5 Corporate tax payables
The company is jointly taxed with other Danish group companies.
Corporate tax due as of 1 January 8.561 16.931
Paid/excess tax relating to previous years (9.337) (16.486)
Current tax receivable for the year (4) (13)
Current tax in jointly taxed companies 10.080 8.129
Corporate tax due as of 31 December
9.300 8.561
Parent financial statement for 1 January - 31 December
(All amounts are in DKK thousands)
NOTE: 2025 2024
6
Investments in subsidiaries
Investment in subsidiaries are recorded in the financial statements at a maximum of cost.
Accumulated acquisition cost as of 1 January
171.985 171.985
Accumulated acquisition cost as of 31 December 171.985 171.985
Value adjustment as of 1 January
0 0
Value adjustment during the year 0 0
Value adjustment as of 31 December 0 0
Carrying amount as of 31 December
171.985 171.985
Investment in subsidiaries as per 31 December 2025 consist of:
Equity Net result
Subsidiary Location 2025 2024
31.12.2025 2025
Brødrene A & O Johansen A/S Albertslund 20,8% 20,8% 1.668.001 200.700
Subsidiary/Subsidiary
AO Invest A/S** Albertslund 100,0% 100,0%
0 0
AO Sverige AB Sweden 100,0% 100,0%
158.338 24.452
VVSochBAD Sverige AB Sweden 100,0% 100,0%
9.070 1.884
Billig VVS AS** Norway 100,0% 100,0%
0 0
LampeGuru AS** Norway 100,0% 100,0%
0 0
Designkupp AS Norway 100,0% 0,0%
26.357 11.951
Workwear Group ApS Denmark 100,0% 0,0%
79.217 34.594
*) The 2025 result for Brødrene A & O Johansen A/S includes profit shares in subsidiaries
**) AO Invest has merged into Brødrene A & O Johansen A/S and Billig VVS AS and LampeGuru AS have merged into Designkupp AS
Consolidation of Brødrene A & O Johansen A/S in Avenir Invest ApS is based on the fact that Avenir Invest ApS holds 71.65% of
the voting rights in Brødrene A & O Johansen A/S through ownership of
A shares and thus has controlling influence in the company.
Parent financial statement for 1 January - 31 December
Share of ownership
(All amounts are in DKK thousands)
NOTE: 2025 2024
7 Share Capital
The share capital is distributed as follows:
500 shares of DKK 100 50 50
The shares are non-negotiable instruments.
8
Contingent liabilities
Avenir Invest ApS is jointly taxed with Brødrene A & O Johansen A/S
with Avenir Invest ApS as the management company.
The company is unlimitedly and jointly liable in the joint taxation for Danish corporate taxes within the joint taxation circle.
Corporate taxes due within the joint taxation circle amount to DKK -7,025 thousand as of 31 December 2025 (2024: DKK -16,432 thousand).
Any corrections to the taxable joint taxation income could result in the company's liability
being a larger amount. Companies in the group are not subject to withholding taxes on dividends.
9 Related parties
Related parties include the parent company's owners and the board of directors and management.
The company's balances with subsidiaries as of December 31 are shown in the balance sheet.
Balances with subsidiaries include dividends and balances regarding corporate taxes for the joint taxation group.
Parent financial statement for 1 January - 31 December
(All amounts are in DKK thousands)
Gross margin (Gross profit / revenue) * 100
EBIT-margin (Profit before financial items / revenue) * 100
Return on capital employed (EBIT / average total assets) * 100
Return on equity (Profit for the year / average equity) * 100
Solvency ratio (Equity / total assets) * 100
Consolidated and annual financial statements for 1 January - 31
December
DEFINITIONS OF KEY RATIOS ACCORDING TO THE FINANCIAL
ASSOCIATION'S RECOMMENDATIONS:
As of 31 December 2025, Avenir Invest ApS owns a total of 20.82% of the shares in Brødrene A & O Johansen A/S, Parent company
but 71.65% of the voting rights and thus has controlling influence, which is why Brødrene A & O Johansen A/S is included in the consolidation Subsidiary
of Avenir Invest ApS. All other companies are owned 100% directly or indirectly by Avenir Invest ApS. Subsidiary/Subsidiary
100,00%
CVR-nr. 58210617
Avenir Invest ApS
Denmark
CVR-nr. 37767778
Brødrene A & O Johansen A/S
Denmark
20,82%
100,00%100,00%
AO Sverige AB
Sweden
Org.nr. 556586-3148 Org.nr. 988698571 CVR-nr. 32151922
VVSochBAD Sverige AB
Sweden
Org.nr. 556840-1029
100,00%
Designkupp AS AO Workwear A/S
Norway Denmark
Annual reportAuditor's report on audited financial statementsParsePort XBRL Converter2025-01-012025-12-312024-01-012024-12-312026-03-20Klaus Søgaard8945000LE2GXY0U9V617Regnskabsklasse C, stor virksomhed2016-05-20https://ao.dk/globalassets/investorrelations/diverse/sustainability_reporting_avenir_invest.pdfhttps://ao.dk/globalassets/investorrelations/diverse/data_ethics_avenir_invest.pdf2026-03-20529900VSWLQF0O3GA946Strandvejen 442900 HellerupOpinionBasis for Opinion2026-03-20mne3280033771231mne4788933771231PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab8945000LE2GXY0U9V6172025-01-012025-12-31cmn:ConsolidatedMember8945000LE2GXY0U9V6172025-12-31cmn:ConsolidatedMember8945000LE2GXY0U9V6172025-01-012025-12-31cmn:ConsolidatedMember18945000LE2GXY0U9V6172025-01-012025-12-31cmn:ConsolidatedMember28945000LE2GXY0U9V6172025-01-012025-12-318945000LE2GXY0U9V6172024-01-012024-12-318945000LE2GXY0U9V6172025-12-318945000LE2GXY0U9V6172024-12-318945000LE2GXY0U9V6172023-12-318945000LE2GXY0U9V6172024-12-31ifrs-full:IssuedCapitalMember8945000LE2GXY0U9V6172025-01-012025-12-31ifrs-full:IssuedCapitalMember8945000LE2GXY0U9V6172025-12-31ifrs-full:IssuedCapitalMember8945000LE2GXY0U9V6172024-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember8945000LE2GXY0U9V6172025-01-012025-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember8945000LE2GXY0U9V6172025-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember8945000LE2GXY0U9V6172024-12-31AVE:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersRecognisedInEquityMember8945000LE2GXY0U9V6172025-01-012025-12-31AVE:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersRecognisedInEquityMember8945000LE2GXY0U9V6172025-12-31AVE:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersRecognisedInEquityMember8945000LE2GXY0U9V6172024-12-31ifrs-full:RetainedEarningsMember8945000LE2GXY0U9V6172025-01-012025-12-31ifrs-full:RetainedEarningsMember8945000LE2GXY0U9V6172025-12-31ifrs-full:RetainedEarningsMember8945000LE2GXY0U9V6172024-12-31ifrs-full:EquityAttributableToOwnersOfParentMember8945000LE2GXY0U9V6172025-01-012025-12-31ifrs-full:EquityAttributableToOwnersOfParentMember8945000LE2GXY0U9V6172025-12-31ifrs-full:EquityAttributableToOwnersOfParentMember8945000LE2GXY0U9V6172024-12-31ifrs-full:NoncontrollingInterestsMember8945000LE2GXY0U9V6172025-01-012025-12-31ifrs-full:NoncontrollingInterestsMember8945000LE2GXY0U9V6172025-12-31ifrs-full:NoncontrollingInterestsMember8945000LE2GXY0U9V6172023-12-31ifrs-full:IssuedCapitalMember8945000LE2GXY0U9V6172024-01-012024-12-31ifrs-full:IssuedCapitalMember8945000LE2GXY0U9V6172023-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember8945000LE2GXY0U9V6172024-01-012024-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember8945000LE2GXY0U9V6172023-12-31AVE:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersRecognisedInEquityMember8945000LE2GXY0U9V6172024-01-012024-12-31AVE:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersRecognisedInEquityMember8945000LE2GXY0U9V6172023-12-31ifrs-full:RetainedEarningsMember8945000LE2GXY0U9V6172024-01-012024-12-31ifrs-full:RetainedEarningsMember8945000LE2GXY0U9V6172023-12-31ifrs-full:EquityAttributableToOwnersOfParentMember8945000LE2GXY0U9V6172024-01-012024-12-31ifrs-full:EquityAttributableToOwnersOfParentMember8945000LE2GXY0U9V6172023-12-31ifrs-full:NoncontrollingInterestsMember8945000LE2GXY0U9V6172024-01-012024-12-31ifrs-full:NoncontrollingInterestsMember8945000LE2GXY0U9V6172024-01-012024-12-31cmn:ConsolidatedMember8945000LE2GXY0U9V6172025-01-012025-12-31cmn:ConsolidatedMember18945000LE2GXY0U9V6172025-01-012025-12-31cmn:ConsolidatedMember18945000LE2GXY0U9V6172025-01-012025-12-31cmn:ConsolidatedMember28945000LE2GXY0U9V6172025-01-012025-12-31cmn:ConsolidatedMember3iso4217:DKKxbrli:pure