Assets

Type	Time	Amount	Unit
ifrs-full:Assets	2025-12-31	4096000000	dkk
ifrs-full:Assets	2024-12-31	3787400000	dkk

Revenue

Type	Start date	End date	Amount	Unit
ifrs-full:Revenue	2025-01-01	2025-12-31	6120800000	dkk
ifrs-full:Revenue	2024-01-01	2024-12-31	5429300000	dkk

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   <mrv:SustainabilityReport contextRef="ctx-1" id="f1__s8__7__6-1" xml:lang="en">Business modelSBM-1 AO’s omnichannel model meets customers wherever they are.AO’s omnichannel business model is designed to meet customers where they are, delivering a seamless customer experience across all touchpoints. By combining digital solutions with a strong physical presence, AO ensures accessibility, flexi-bility, and high service levels for both professional and private customers.AO works with more than 1,000 suppliers and continuously expands its product range to support one-stop shopping. The automated central warehouse in Albert-slund and the logistics centre in Horsens are the cornerstone of AO’s operations. Approximately 90% of all products are picked automatically, ensuring high service quality, reliability, and efficiency.AO’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.Modern wholesaling is about offering the right products at the right prices, deliv-ered 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.AO’s employees are a key resource in executing the business model. Their knowl-edge and experience create value across the entire value chain and support the delivery of AO’s omnichannel offering.1. 2. SuppliersCentral SuppliersMore than 1,000 suppliers warehouseprovide the widest product alWarehountrseAutomated warehouse Cerange in the wholesale solution ready to serve rsChannbusinesseaSaleelsHVwAgrowth. 600,000 SKUs Crkoavailable for saleWsServicesm2oBroswtoInohesreSalTradesmenpisCrsra2eiBB2BoAnThe customer  is at the centre of everything that ConsumersConstructionwe do at AO and B2CB2Bhas been at the core ever since we  were founded 3. Sales   BA2OAO echannelsB3lr6employeeaIn5Ste4. tenOmnichannel business gcerallWtioCwith 55 physical stores ServicesanSutytestainabiliin Denmark and nine in rySrgueAs a true omnichannel pB2psnSweden enabling 9,300 pBapshoElyp&amp;Webbusiness AO offers a daily customer interactions. wide range of services Digital share of sales makes from self-service through up 53% of revenue. B2C DrainteageclimaAO365  to advanced ,sewageandcustomers are served out project advice via our of  more than 20 unique competency centreswebshops13Industry and market trendsAO's strategy is shaped by the prevailing megatrends that exert influence on the current market landscape. These trends present both challenges and significant opportunities for AO's business development.The dominant themes within these market trends revolve around the green transition, climate changes, and the escalating pace of digitalisation.These trends have been categorised into six megatrends that steer our strategic focus areas.Green transitionThe construction sector is among the industries with the greatest negative climate and environmental impact. This increases the focus from legis-lators and builders on reducing CO₂ emissions and promoting circular solu-tions, including reuse and recycling.Customers are increasingly choosing certified products and solutions. AO is Everyday’s Green Partner, delivering concrete solutions that make the green transition a sound business case for customers and AO alike — while helping the planetDigitalisation &amp; AIDigitalisation remains a key focus area for AO and the construction industry and will continue to drive growth and efficiency. The digital customer journey is shifting from basic solutions to AI-based services such as ChatGPT and AI agents. AO must deliver visi-bility and relevance across AI-driven purchasing journeys in both B2B and B2C. AO aims to be at the forefront of leveraging AI to make digital systems smarter and more efficient. This creates significant opportunities to simplify everyday tasks and deliver more personalised solutions.Consolidation More installers are joining forces through mergers or by becoming part of purchasing associations. This enables them to buy at lower prices and offer a broader range of solutions.Consolidation increases competition among the major players and poses a growing risk to AO’s earnings, as it leads to a relatively weaker negoti-ating position.AO will differentiate by clearly distin-guishing between large and small customers, ensuring that customers seeking the lowest market prices are not over-serviced.Climate adaptationClimate change requires both Denmark and Sweden to invest in water infra-structure, local drainage systems, and stormwater management. Climate adaptation includes storing, treating, and reusing rainwater.In urban environments, green roofs, façades, and trees can also help prevent flooding during heavy rainfall. AO is well positioned, together with its suppliers, to benefit from this trend once regulatory frameworks and investment willingness are clarified.ElectrificationElectrification involves replacing fossil fuels with electricity and the associated infrastructure. The trans-port sector plays a key role, alongside the electrification of buildings and industry, where fossil fuels are phased out in favour of electric solutions such as heat pumps and energy-efficient systems.AO supports electrification by offering a broad product range that enables the electrification of society and will continue to expand its competencies and assortment.Structural Shortage  of Skilled LabourThe shortage of skilled labour is a structural megatrend in the installationsector and is expected to intensify. Capacity constraints are increasingly limiting customers’ ability to take on new projects, with Denmark facing a projected shortfall of up to 10,000 electrical and technical workers by 2035. This drives demand for more efficient sales processes, logistics anddigital solutions that help customers through streamlined sales processes, reliable and flexible logistics, and digital documentation solutions—enabling customers to do more with fewer resources.Corporate strategyAt AO, 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 AO's genuine and heartfelt interest in understanding the present and future needs of our customers and being able to support them.The Group’s strategy is to serve the professional market via AO in Denmark and Sweden and to serve the private markets in Denmark, Norway and Sweden via our portfolio of differentiated webshops run on a common platform.In the professional market, it is AO's ambition to be the preferred supplier of technical installation mate-rials for tradesmen and large construction customers. As a rule of thumb, the ReMoVe market represents about 70%, while project sales represent about 30%. Part of the team Towards common goals AO is as much a sparring partner as a wholesaler. AO's projects department creates a And we are proud to be part of the team when the secure framework for large construction tradesmen renovate, modernise and maintain projects. We are not only focused Denmark. It is our strategy to remain the leader on the offer, but also on ensuring in the ReMoVe business by continuing the that your project gets done better, development of the value creation in our omni-cheaper and faster. It is our strategy channel offerings.to become one of the best partners to construction customers, by developing new digital support services.We lend a handActively contributing to It pays to start in  a sustainable world the right place AO wants to be the leading green AO has the industry's most complete B2C offer wholesaler to the construction industry within simple home improvements and DIY. We and make it easy for all installers to are close to the customers with all the inspi-comply with climate requirements, and to ration, advice and service they need. It is our ensure a minimal environmental impact. strategy to remain the online leader in DIY, by AO wishes to help promote a sustainable continuing to offer new product ranges and solu-world by supporting and contributing tions, and thus making DIY easier.to a sustainable construction sector.  Our strategy is to continue to innovate and develop our omni-channel offerings – a hybrid business strategy, embracing the human touch in physical and digital touch-points and securing efficiency, flexibility and scalability via digitalised stores and harvesting the best of two worlds. We will continue to expand our product range and utilise it across target groups.We aim to increase the business in Sweden too as we see a strong potential for organic growth.The larger construction projects are served via our Group projects department with competencies targeting the special needs of the construction industry. We will increase both the digital, logistics and advisory services, and we will make it easy to comply with the increasing sustainability needs and requirements.In the private DIY market, it's AO’s ambition to be the leading online trading platform for the sale of technical home improvement materials in Denmark and one of the leading online platforms in Sweden and Norway. We will continue to evaluate opportunities within M&amp;A in both B2B and B2C. At AO, we believe that everyone has a responsibility to manage resources and opportunities in a responsible way, ensuring the best possible conditions for future genera-tions. That is why our climate ambitions are aligned with science-based targets validated by the Science Based Targets initiative (SBTi), committing AO to significant reductions in greenhouse gas emissions across Scope 1, Scope 2 and Scope 3 as part of our long-term net-zero ambition.“At AO, 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". Strategic ambitionsProfitable growth · It is a strategic priority for AO to maintain and expand the industry's best B2B opportunities and the market's best B2C opportunities.  · The pressure on profit margins is estimated to remain high in the future, but AO will pursue a profitable growth via an ambitious and data-driven purchasing and pricing strategy. · AO has the widest installer coverage with increasing cross-sell across product categories. New growth opportunities await in new business segments and in AO Sweden. · AO´s omnichannel strategy secures both digital efficiency and close customer relations · It's AO´s ambition to beat the market with a minimum of 2% each year via organic and acquisitive growth High efficiency · AO aims to continuously optimise internal and external processes, enabling our teams to focus on complex, value-creating tasks for our customers while automating simpler manual activities.  · AI has been heralded as the most important technology of our time. We believe in a proactive approach to the use of artificial intelligence across AO. · AO has made substantial investments in optimising efficiency and increasing capacity at the central warehouse in Albertslund and the Logis-tics Centre West in Horsens. We will continue to exploit these synergies. · It's our ambition to have the highest efficiency in the market and to reach an EBITDA margin of 10%. Solid foundation · AO aims to attract and retain the industry’s best employees, fostering a culture defined by agility, professionalism and well-being. · At AO, we have the best team in the industry. An organisation rounded out by AO's culture and with the industry's most loyal and experienced employees. The most important thing for AO's future competitiveness is the employees. · IT plays a decisive role in AO's transformational power. It is crucial that AO has an IT landscape that is agile, scalable and future-proof, so that we can use as many resources as possible on development rather than operation. · AO has a strong balance sheet and a robust capital structure, enabling AO to resist headwind and to seize opportunities. AO has a gearing target of an interest-bearing debt in the range 1.0-2.5 times EBITDA.Board of DirectorsGOV-1 Brødrene A &amp; O Johansen A/S’ Board of Directors comprises a total of eight members who have been elected to protect the interests of the shareholders as best as possible and to ensure an appropriate and balanced development of the company both in the short and the long term. The Board of Directors oversees the overall and strategic management of the company.  The holders of Class B shares have the right to elect one Board member whereas the holders of Class A shares elect the remaining Board members. The elec-tion of Board members representing each individual share class is determined by a simple majority of votes. The Board members are elected for a period of one year after which they may be re-elected.  In Denmark, the Company’s employees elect three Board members according to the current provisions of the Danish Companies Act. Staff-elected Board members are elected for a term of four years. In addition, the Company’s employees also elect an equivalent number of alternates who are elected for a similar term.//Staff-elected Board members have good knowledge of the Company’s activities and contribute in a construc-tive way to the decisions of the Board, and they have the same rights, duties, and responsibilities as Board members elected by the General Meeting.The Board of Directors holds meetings 6-7 times a year.Audit CommitteeThe purpose of the Audit Committee's work is to make an independent assessment of whether the Company's financial reporting, internal control, risk management and statutory audit are appropriate in relation to the Company's and the Group's size and complexity. The Board member elected by the Class B shareholders has been appointed Chair of the Audit Committee.The Audit Committee has the following tasks: · to monitor and report on the financial reporting process, · to monitor and report on the sustainability reporting process, · to monitor the efficiency of the Company's internal control, internal audit, if any, and risk management systems, · to monitor the statutory audit of the financial state-ments and sustainability reports,  to monitor and review the independence of the auditor,including reviewing and approving the nature and extent of the external auditor's non-audit services, · to recommend the appointment of auditors including sustainability auditors,MeetingsThe Audit Committee consists of four members who are appointed from and among the Board of Directors. The Audit Committee hold meetings 4-5 times a year. Nomination CommitteeThe Board of Directors has set up a Nomination Committee consisting of two members responsible for performing the following preparatory tasks: · describing the required qualifications for a given member of the Board of Directors and the Execu-tive Management, the estimated time required for performing the duties of this member of the Board of Directors and the competencies, knowledge and experience that are or should be represented in the two management bodies, · on an annual basis evaluating the Board of Directors and the Executive Management’s structure, size, composition, and results and preparing recommenda-tions for the Board of Directors for any changes, · in cooperation with the chairperson handling the annual evaluation of the Board of Directors and assessing the individual management members’ competencies, knowledge, experience, and succes-sion as well as reporting on it to the Board of Directors, · handling the recruitment of new members to the Board of Directors and the Executive Management and nomi-nating candidates for the Board of Directors' approval, · ensuring that a succession plan for the Executive Management is in place, · supervising Executive Management's policy for the engagement of executive employees, and · supervising the preparation of a diversity policy for the Board of Directors’ approval.Remuneration committeeThe Remuneration Committee is made up of two members who are appointed from among the Board of Directors. The committee is responsible for: · preparing a draft remuneration policy for the Board of Directors’ approval prior to the presentation at the general meeting, · providing a proposal to the Board of Directors on the remuneration of the members of the executive management, · providing a proposal to the Board of Directors on the remuneration of the Board of Directors prior to the presentation at the General Meeting, · ensuring that the management’s actual remuneration complies with the Company’s remuneration policy and the evaluation of the individual member’s perfor-mance, and · assisting in the preparation of the annual remuneration report for the Board of Directors’ approval prior to the presentation for the General Meeting's advisory vote.Participation in Board meetings in 2025Audit  Remuneration  Nomination  Board member Board MeetingsCommitteeComitteeComitteeHenning Dyremose   Erik Holm    Peter Gath      Niels A. Johansen    Ann Fogelgren     René Alberg    Leif Hummel      Marlene L. Jakobsen      Meeting participation in 2025 % 100% 100% 100% 100%Board evaluation procedureThe Board of Directors annually assess and evaluate the competence, knowledge, and experience of the individual members of the Board of Directors and the Executive Management and report their findings to the Board of Directors.In 2025, the Board of Directors conducted an evaluation of the Board of Directors and its individual members. As in 2024, this year's evaluation was conducted thorugh a questionnaire provided to each individual member of the Board of Directors by an external service provider. The evaluation included, effectiveness, performance, and composition of the Board of Directors. The evaluation concluded that the Board of Directors is working well, forwarded material is of high quality, the Board of Direc-tors has the right competencies, and that there is a high degree of satisfaction with the cooperation between the Board of Directors and Executive Management.Proposals for the Annual General MeetingThe Annual General Meeting will be held completely electronically at 1 p.m. on March 20 2026.1. Allocation of profitsThe net profit for the year amounts to DKK 200.7m. The Board of Directors proposes to distribute a dividend of DKK 3.75 per DKK 1 share, corresponding to around 50% of the profit after tax for the year and 375% of the share capital.2. Authorisation to acquire own sharesThe Board of Directors proposes that it be authorised by the General Meeting during the period until 1 May 2027 to let the Company acquire own shares equivalent to a total of 10% of the Company’s share capital at the time of being granted authorisation, provided that the Compa-ny’s total holding of own shares at no point exceeds 10% of the Company’s share capital. The consideration must not deviate by more than 10% from the official price quoted at Nasdaq Copenhagen at the time of acquisition.3. Authorisation of the ChairThe Board of Directors proposes that the Chair of the Annual General Meeting (with the right of substitution) be authorised to register the resolutions passed by the Annual General Meeting with the Danish Business Authority and to make such alterations as the Danish Business Authority may require for registration or approval.Members of the Board of DirectorsGOV-1Henning  Baunbæk DyremoseChairBorn: 1945Joined: 1997, Chair since 2007Nationality: DanishDeputy Chair of the Audit Committee, Chair of the Remuneration and Nomination CommitteesElected by Class A shareholdersAs Henning Dyremose has been a member of the Board of Directors for more than 12 years, he cannot, according to the ‘Danish Recommendations on Corporate Governance’, be characterised as being inde-pendent of special interests.QualificationsBroad leadership experience in business, finance and politicsExperience as managing director of a wholesale company with the same customers as Brødrene A &amp; O Johansen A/SFormer Minister of FinanceManagerial PostsCEO of Henning Dyremose ApS; HD Invest, Virum ApS; HCE Invest, Virum ApS; CD Invest, Virum ApS and Elly Dyremose ApSShare ownership71,240 (59,770) Class B shares. Acquired 11,470 Class B shares in 2025.Erik  HolmDeputy ChairBorn: 1960Joined: 2009Nationality: DanishMember of the Audit Committee, Deputy Chair of the Remuneration and Nomination CommitteesElected by Class A shareholdersAs Erik Holm has been a member of the Board of Directors for more than 12 years, he cannot, according to the ‘Danish Recommendations on Corporate Governance’, be characterised as being independent of special interests.QualificationsExperience as managing director of a wholesale company with the same customers as Brødrene A &amp; O Johansen A/SBroad leadership experience in sales, finance, and logistics, both in Denmark and internationallyExperience of Board work in other listed companiesManagerial PostsChair of the Boards of CR EL &amp; TEKNIK A/S, Norr11 Holding ApS, Norr11 International ApS, Hotel Kolding-fjord A/SDeputy Chairman of the Boards of SP Group A/S, Arvid Nilssons FondMember of the Boards of Miluda Invest ApS, Dragsholm Slot P/S, Hotelselskabet af 8. februar 2018 K/S and Tokyo Topco Limited (Sticks 'n' Sushi)CEO of Erik Holm Holding ApS and JU-CH Holding ApsShare ownership0 (0) Class B shares. No trades in AO shares in 2025.Ann  FogelgrenMemberBorn: 1974Joined: 2023Nationality: SwedishMember of the Audit CommitteeElected by Class A shareholdersAccording to the ‘Danish Recommendations on Corporate Governance’ Ann Fogel-gren is considered to be independent of special interests.Qualifications PhD in Information Systems from Copenhagen Business School in 2005Chief Information Officer of GN Store Nord A/S Former CIO posts at a number of large Danish companies Former CDOIn depth knowledge of strategic IT solutions and AI technologyManagerial Posts Share ownership0 (0) Class B shares. No trades in AO shares in 2025.Peter  GathMemberBorn: 1965Joined: 2023Nationality: DanishChair of the Audit CommitteeElected by Class B shareholdersAccording to the ‘Danish Recommendations on Corporate Governance’ Peter Gath is considered to be independent of special interests.QualificationsState-authorised public accountant in 1996Cand.jur. (Master of Law) in 1991Certified Sustainablility Auditor in 2024Former long term Audit Partner at KPMG and EY and former Chair of FSR (The Insti-tute of State-Authorised Public Accountants in Denmark)Former external auditor for Brødrene A &amp; O Johansen A/SManagerial PostsChair of the Board of FSRs Studie- &amp; Understøttelsesfond, Lyn Mildé A/S and Fonden Johannes Hages HusMember of the Board of Milde-Fonden, Konsolidator A/S and Board Office A/SCFO of St. Jørgen Holding ApS and CEO of Strategia Finans ApSShare ownership7,000 (7,000) Class B shares. No trades in AO shares in 2025.Niels  A. JohansenMember Born: 1939Joined: 1979Nationality: DanishElected by Class A shareholdersAs Niels A. Johansen has been a member of the Board of Directors for more than 12 years, he cannot, according to the ‘Danish Recommendations on Corporate Govern-ance’, be characterised as being independent of special interests.QualificationsLong-time managerial experience as CEOIn-depth knowledge of the wholesale industry of installation materials in Denmark and the rest of EuropeManagerial PostsChair of the Board of Directors of Avenir Invest ApS.Niels A. Johansen is the CEO and member of the Board of Directors of a consolidated company and the Chair of the Board of Directors of three consolidated companiesShare ownership28,270 (28,270) Class A shares and 2,810,400 (2,810,400) Class B shares.  No trades in AO shares in 2025.René  AlbergEmployee-elected memberElected in 2022, term expires in 2026 Born: 1971Joined: 2006Nationality: DanishProduct ManagerShare ownership500 (500) Class B shares. No trades in AO shares in 2025.Leif  HummelEmployee-elected memberElected in 2022, term expires in 2026Born: 1963Joined: 2022Nationality: DanishFacility ManagerShare ownership5,200 (5,200) Class B shares. No trades in AO shares in 2025.Marlene  L. JakobsenEmployee-elected memberElected in 2022, term expires in 2026Born: 1983Joined 2022Nationality: DanishStore ManagerShare ownership433 (364) Class B shares. Acquired 69 Class B shares in 2025.Executive BoardGOV-1Niels  A. JohansenCEOBorn: 1939Chair of the Board of Directors of  Avenir Invest ApS.Niels A. Johansen is the CEO and member of the Board of Directors of a consolidated company and the Chair of the Board of Directors of three consolidated companiesHolds 28,270 (28,270) Class A shares and 2,810,400 (2,810,400) Class B shares either directly or indirectlyPer  ToelstangCFO, Deputy CEOBorn: 1966CEO ofMP Toelstang Holding ApS, Toelstang Invest ApS,Ridersclub ApSChair of the Board of Directors of Høvegaard ApSMember of the Board of Directors ofKohberg Bakery Group A/SHolds 34,340 (20,000) Class B shares either directly or indirectlyStefan  Funch JensenCTOBorn: 1974Holds 9,300 (0) Class B shares either directly  or indirectlyLili  JohansenCHRO Born: 1957Member of the Board of Directors of  Avenir Invest ApS.Holds 28,110 (28,110)  Class A shares and 371,565 (360,000) Class B shares either directly or indirectlyAO Management TeamJeanette Roed BerthelsenCSO, HVAC &amp; ProjectsTorben ChristiansenCSO, ConstructionLars KestnerCSO, ElectricalsGitte LindeskovCIOIan SchlottmannDirector of  Procurement ExcellenceSøren PaaskesenCPO / Director of  Commercial ProcurementSebastian SigvaldasonLogistics DirectorSustainabilitystatement41  Executive summary AO’s Sustainability statement for 2025AO believes that we all have a common responsibility to manage resources and opportunities in a responsible way to ensure the best possible conditions for the next generation to build upon.AO is committed to participate in creating a positive change in the construction and installation industry by helping our customers achieving sustainable growth.This can be done by setting a good example, by working with the value chain to reduce negative ESG impacts, and most importantly, by making it easy for the AO's customers to comply with sustainability demands and progress in their own sustainability efforts.In 2025 AO continued to take significant steps towards integrating ESG further into its business strategy, by increasing our quality on environmental data to meet customers' demands and new regulations. AO initiated company-wide training for all employees to increase knowledge on products and services, sustainability requirements and be the Everyday Green Partner for its customers.The employees are the core of AO, and they are crucial to the company’s success and results. AO is committed to being a socially responsible business and providing the best possible working conditions for our employees.In 2026 AO will continue to focus on increasing the overall employee satisfaction.Following the acquisitions in 2024, AO focused in 2025 on integrating the new companies into its ESG framework and data collection processess to improve efficiency and ensure group-wide alignment on initiatives.1998199920002008 · AO developed and implemented  · ISO 14001 certification for 63% of waste sorted  · Logistics center in Horsens its first environmental policyheadquarters and central for recyclingreceives ISO 14001-certificationwarehouse2021202020122010 · First annual ESG report · First scope 1 &amp; 2 CO2-baseline 80% of waste sorted  · First annual CSR report · Whistleblower scheme was year for AO Denmarkfor recyclingintroduced in AO2022202320242025 · First Taxonomy reporting · AO Denmark reduced CO2-emissions by 30%  · Science Based climate targets validated by SBTi · AO Denmark achieved  · Creation of a climate and in one year due to massive phasing out   · Full implementation of CSRD in the sustainability statementthe reduction target sustainability departmentof fossil fuels. · All passenger cars are changed to pure electric. of -50% CO2 for scope  · First CO2 goal for AO Denmark  · New solar roofs were introduced in   · All gas heating except for three locations is changed to district 1 &amp; 2activities in scope 1 &amp; 2: 50% our Central Warehouse in Albertslund heating or heating pumps · Existing reduction in 2025 by phasing covering appr. 15% of electrical usage. · AO Sweden’s ISO-certifications covered both environmental, quality ISO-certifications out fossil fuels across AOand health &amp; safety management (ISO 14001, 9001 and 45001)expanded to include  · AO Denmark’s ISO-certifications covered both environmental and new stores in Sweden quality management (ISO 14001 and 9001)and AO WorkwearSustainability is an integrated part of our strategic vision and business strategyIn line with our commitment to create a positive change in the construction and installation industry,  AO helps the customers achieving sustainable growth.  AO believe it can be done by setting a good example and by working with the value chain to reduce negative ESG impacts, and most importantly, by making it easy for the customers to choose the more sustainable path forward. ESG is now fully incorporated in our strategy and represents a cornerstone in the strategic vision. At AO sustainability is seen as a way to help customers reach their objectives more effectively and responsibly.  Part of the team Towards common goals AO is as much a sparring partner as a wholesaler. AO's projects department creates a And we are proud to be part of the team when the secure framework for large construction tradesmen renovate, modernise and maintain projects. We are not only focused Denmark. It is our strategy to remain the leader on the offer, but also on ensuring in the ReMoVe business by continuing the that your project gets done better, development of the value creation in our omni-cheaper and faster. It is our strategy channel offerings.to become one of the best partners to construction customers, by developing new digital support services.We lend a handActively contributing to It pays to start in  a sustainable world the right place AO wants to be the leading green AO has the industry's most complete B2C offer wholesaler to the construction industry within simple home improvements and DIY. We and make it easy for all installers to are close to the customers with all the inspi-comply with climate requirements, and to ration, advice and service they need. It is our ensure a minimal environmental impact. strategy to remain the online leader in DIY, by AO wishes to help promote a sustainable continuing to offer new product ranges and solu-world by supporting and contributing tions, and thus making DIY easier.to a sustainable construction sector.  AO’s climate targets have been validated by the SBTiThe Science Based Targets initiative Near-term target(SBTi) is a globally recognised organisation that validates corporate AO is committed to reducing absolute Scope 1 and 2 GHG climate targets based on the latest emissions by 80% by 2030, using 2022 as the base year. climate science. Additionally, AO commits to a 42% reduction in absolute By having AO's targets validated by SBTi, AO demonstrates that Scope 3 GHG emissions within the same timeframe.our climate ambitions align with the necessary efforts to limit global warming to 1.5°C. This validation ensures that AO's near-term and net-zero goals are credible and in line with interna-tional climate action standards.AO's targets represent a significant step forward in setting new benchmarks for climate ambition.Net-zero targetAO commits to reach net-zero  greenhouse gas emissions across  the value chain by 2045.Progress on AO's Science Based Targets initiative validated CO-reduction targets2The change in the Group’s GHG emissions from 2024 to 2025 reflects both higher revenue and an increase in emissions per kWh driven by a higher electricity grid emission factor. The development is therefore primarily volume- and factor-driven, with the grid emission factor mainly affecting Category 11 – use of sold products.20222023 2024 20251,040,228987, 33 4tCO2e totalt CO2e total730,893 666,121 t CO2e totalt CO2e totalBase year-5%-36%-30%compared to base yearcompared to base yearcompared to base yearGHG intensity based on net revenueGHG intensity based on net revenueGHG intensity based on net revenueGHG intensity based on net revenue194.4 t CO2e per DKK million188.3 t CO2e per DKK million123.1 t CO2e per DKK million119.8 t CO2e per DKK million 81%  Cat 11 - Use of Sold Products 82% Cat 11 - Use of Sold Products 72% Cat 11 - Use of Sold Products 73% Cat 11 - Use of Sold Products 16%  Cat 1 - Purchased G&amp;S 15%  Cat 1 - Purchased G&amp;S 24%  Cat 1 - Purchased G&amp;S 23%  Cat 1 - Purchased G&amp;S 2%  Cat 4 - Upstream Transportation  2%  Cat 4 - Upstream Transportation  2%  Cat 4 - Upstream Transportation  3%  Cat 4 - Upstream Transportation &amp; Distribution&amp; Distribution&amp; Distribution&amp; Distribution 1%  Other categories 1%  Other categories  2 %  Other categories  1 %  Other categoriesWe are making significant progress in reaching AO's goal of sorting 90% of all wasteWaste sorting is the area where To strengthen our efforts, we have implemented a waste sorting scheme across AO, Goal for waste sortingleading to a significant improvement — particularly in our stores, where the potential is our employees have the greatest highest. In the coming years, we will further enhance waste sorting across AO, working environmental impact.towards our long-term goal of achieving a 90% sorting rate.90%WarehousesStores in DenmarkAO WorkwearStores in SwedenStores in Norway92%70%96%89%70%2021 2022 2023 2024 20252021 2022 2023 2024 202520252021 2022 2023 2024 20252025* Data consists of existing facilities excluding acquired facilities in 2024.  /  ** Sorting is defined as sorted waste excluding residual waste and landfillThe employees are the core of our businessThere is room and opportunities in AO throughout lifeSeniority levels  in the workplace25%0-2 years5%24%of AO Group staff are trainees.  52%3-5 yearsIt is important to AO to ensure the right mix of skills and to help of AO's employees has 19%trainees get a good start in their worked for AO for more than career5 years6-10 years 33%More than 10 yearsGovernanceAchieving progress through ISO management systemsAO believes that goals and best practices should set the standard across all aspects of the business. AO is committed to maintaining structured processes and continuous improvement in quality, environmental management, and occupational health and safety through internationally recognised ISO certifications. In Denmark, AO currently holds ISO 9001, ISO 14001, ISO 27001 and ISO 27701 certifications. AO is actively working towards ISO 45001 certification in Denmark, which AO expect to achieve in 2026. This will further strengthen AO's commitment to a safe and healthy work environment for all employees. Operations in Sweden are certified according to ISO 9001, ISO 14001, ISO 27001, ISO 27701 and ISO 45001. In Norway AO is working towards achieving ISO 9001, ISO 14001 and ISO 45001, which is expected to be achieved in 2026.ISO certifications also play a key role in tender processes, where they serve as a recognised framework for structured processes and continuous improvement.Looking ahead to 2026, AO's goal is to ensure that all parts of the AO Group, including acquired businesses, are included in our ISO certifications, reinforcing AO's dedica-tion to systematic management and long-term progress.SystemntemegaSO9001,14001 ISO 9001 and ISO 14001 certificationsGeneral disclosures  Basis of preparationBP-1 General basis for preparation The sustainability statement presented has been prepared on consolidated basis applying the same consolidation group as in the consolidated financial statements of this Annual Report. The consolidation group has been determined in accordance with IFRS 10 and includes the parent company of the Group (Brødrene A. &amp; O. Johansen A/S) and the subsidiaries over which the Brødrene A. &amp; O. Johansen A/S has operational control. The Group (‘AO’) has no associates or joint ventures. AO has not used the option to omit a specific piece of information corresponding to intellectual prop-erty, know-how or the results of innovation. The sustainability statement has been prepared in accordance with the European Sustainability Reporting Standards (ESRS) and covers AO's reporting obligation under article 99a of the Danish Financial Statements Act. In addition, a number of guiding frameworks have been applied supporting interpretations and disclosures made under the ESRS standards. These include the GreenhouseGas Protocol and ISO 14083:2023 standard.Value Chain CoverageThe sustainability statement explicitly includes impacts of upstream, own operations and downstream aspects of AO's value chain, reflecting the company's role as major suppliers in the construction industry and towards private consumers. The upstream value chain encompasses the whole lifecycle of the upstream activities including extraction of raw materials, transportation and produc-tion and their associated impacts, risks, and opportu-nities (IROs), while the downstream value chain covers all impacts of AO’s customers and end users including transportation, usage and disposal. The specific IRO disclosures for both upstream, own operations and down-stream activities will be clearly identified at the outset of each ESRS-section in the sustainability statement. AO sustainability statement covers the whole upstream and downstream value chain informed by AO’s double materi-ality assessment and an ESG-survey conducted as part of AO’s due diligence process. · Upstream: AO evaluates the sustainability perfor-mance of its suppliers through shared information and ongoing collaboration. Key IROs are identified based on desktop research of the impacts of the various parts of AO’s value chain and knowledge about the environmental impact on the products AO purchase. · Downstream: AO assesses the IRO’s related to the use and disposal of its products by customers using desktop research about the impact of AO’s industry as well as specific knowledge on the impact of the products AO sell. Furthermore, AO has close cooperation with suppliers and customers as well as knowledge on the impact of its activities, including the products AO sell, which informs AO's assessments.BP-2 Disclosures in relation to specific circumstancesTime horizonsAO has applied the definition in ESRS 1 section 6.4 for time horizons when identifying and assessing IRO's for the Group's double materiality assessment and material topics. If estimation has been made with a time horizon devi-ating from the used definition, it will be clearly stated.The time horizons applied for the sustainability state-ment comprise: · Short-term (within reporting year) · Medium-term (end of reporting year to 5 years) · Long-term (5+ years)Sources of estimation and outcome uncertaintyPreparation of ESG performance data requires Manage-ment to make estimates in certain areas, which affect the reported data. Management forms its estimates based on historical experience, independent advice, in-house specialists and other information believed to be reasonable under the circumstances. AO has identified that metrics related to Scope 3 emissions are subject to significant uncertainty and estimates as further described in section E1 Climate change. When estimates have been applied the basis and accuracy of the calcula-tion is described along with uncertainty of estimations of the future in the related accounting practices. Management periodically assess the use of estimates and judgements based on experience, the development of ESG reporting, and other factors.Estimates and uncertaintySome areas of ESG data require estimates, which affect the reported data. To reduce the risk of reporting errors AO have formed internal controls and validation processes. The estimates are based on external data, external advice, combined with internal specialists and experience.Key areas with estimates Impact level PageProduct categories for purchased goods &amp; services mass  70Activity and transportation for upstream transportation  70Activity categories for business travel  71Modes of transport and split for employee commuting  71GHG emissions for processing of sold products, electricity consumption and product categories  71Main material/waste type at the products end of life  71Product categories and amount of SCIP and SVHC  75Average working hours for health and safety accident rate  92Average working hours and pay levels for gender pay gap  93Impact level  Low     Medium     High   Disclosure requirements incorporated by referenceDisclosure requirement Datapoint Sustainability statements Section PageGOV-1 20(a) Composition and diversity of administrative, management and supervisory bodies Corporate governance 31 - 36GOV-1 20(b) The roles and responsibilities of the administrative, management and supervisory bodies Corporate governance 31 - 36"20(c) GOV-123(a-b)" The expertise and skills of its administrative, management and supervisory bodies Corporate governance 31 - 36GOV-1 21(a) The number of executive and non-executive members Corporate governance 31 - 36GOV-1 21(b) Representation of employees and other workers Corporate governance 31 - 36GOV-1 21(c) Experience relevant to the sectors, products and geographic locations of the undertaking Corporate governance 31 - 36GOV-1 21(d) Percentage by gender and other aspects of diversity that the undertaking considers Corporate governance 31 - 36GOV-1 21(e) The percentage of independent board members Corporate governance 31 - 36SBM-1 40(a) i-ii General strategy that relate to or affect sustainability matters Strategy 13 - 17SBM-1 42(a-c) Business model and value chain Strategy 13 - 17Reporting errors in prior periodsIn 2025, the pollution weight metric for substances of very high concern was corrected. As a result, figures from 2024 have been restated to reflect the correct numbers and the 2025 definition. See more on page 75 where the metrics for pollution – substances of very high concern is presented. No other metrics have been corrected in 2025.Changes in reportingIn 2025, the health and safety incident metric was rede-fined. As a result, figures from 2024 have been restated to reflect the 2025 definition. See more on page 92 where the metrics for health and safety incidents is presented. No other metrics have been redefined in 2025.List of disclosure requirements incorporated by referenceThe items below provide an overview of where informa-tion can be found relating to ESRS disclosures that have been incorporated by reference and stated outside of the sustainability statement as part of other sections of this Annual Report.The table below provides an overview of where informa-tion can be found relating to ESRS disclosures that have been incorporated by reference and stated outside of the sustainability statement as part of other sections of this Annual Report.Sustainability governanceGOV-2 Governance structure AO manages its business in a responsible manner ensuring honesty and integrity in its business conduct. Sustainability in AO is governed by the ESG Council, which consists of the Executive Board and the head of Climate &amp; Sustainability (1 female and 4 males).Additionally, AO has a permanent taskforce for the green transition in AO, which reports to the head of Climate &amp; Sustainability. The taskforce is responsible for initiatives related to the environment, while HR and Finance are responsible for initiatives related to social topics and governance topics, respectively.Strategy and implementation of ESG initiatives as well as material IROs are discussed at quarterly meetings, or when necessary, in the ESG Council.These meetings provide the possibility to inform and address views from affected stakeholders on sustainabil-ity-related impacts. The ESG Council reports to the Board of Directors multiple times a year. When presenting initiatives, no trade-offs have been identified during the assessment.The ESG Council leverages the expertise of subject matter experts with in-depth knowledge of sustainability matters within the organisation. · Governance of sustainability targets is embedded throughout the organisation from procurement to sales and service, by assigning ownership to the permanent taskforce. This results in a matrix-based governance model. ESG-related topics are being monitored monthly by the ESG Council and regular risk assessments with ESG topics have been established and included, along with internal controls and documentation of ESG related data. · A transition plan is endorsed by AO's management, with focus on energy efficiency and transition to renewable energy, both within AO's operations and across its value chain.  · The foundation for AO’s environmental efforts is the ISO 14001 environmental management system, where AO's policies and procedures to support the climate and environmental policy are audited every year. · AO's most significant climate and environmental impact lie within the value chain, meaning a crucial part of the task is collaborating with customers and suppliers to drive change in the industry. · As the Everyday Green Partner, AO assists the customers in their green transition by offering environ-mental data, products, and services that support more sustainable constructions and societies. · AO informs its Board of Directors and Executive Board about sustainability matters through robust govern-ance mechanisms, business ethics training, whistle-blower systems, audits, transparent communication, and proactive supplier management. These measures enable the company to address sustainability issues effectively and maintain high ethical standards.Board of DirectorsResponsible for approving ESG strategy and CSR policyExecutive BoardResponsible for strategy and risk managementESG CouncilResponsible for development of strategy,  risk identification and implementationEnvironment (E)Social (S)Governance (G)AO's task force for HRFinanceGreen TransitionGOV-1 The role of the administrative, management and supervisory bodies Clear policies and guidelines for how to conduct and do business are important for AO. Management and other administrative bodies and leaders are expected to set a good example and are responsible for developing and implementing clear policies and guidelines for business conduct. These are built upon many years of experience doing business in the wholesale industry including sales, finance, logistics, and IT. In addition, valuable knowl-edge is available through the Board of Directors’ experi-ence with global standards. The available experience is important to maintain and keep relevant, both for AO and its business partners.You can read more about AO's Board composition and governance structure in the Corporate Governance section on page 31-36, where you can also find informa-tion on the experience and background of the Board of Directors and Executive Board cf. DR ESRS GOV-1.GOV-2 Sustainability matters addressed by AO’s administrative, management and supervisory bodies In 2025, the ESG Council advanced AO’s sustainability agenda, focusing on strategic alignment, compliance read-iness, and employee engagement across the organisation.Climate action and resource managementAO achieved further CO₂ reductions across Group opera-tions and improved waste sorting through a new moni-toring dashboard. An updated roadmap for achieving SBTi targets, with a focus on Scope 3 Category 1 emis-sions, was presented and discussed.Sustainable partnerships and innovationThe Council approved the adoption of Position Green as AO’s ESG supplier management platform to improve our efforts in our value chain in collaboration with our direct suppliers. Collaboration with sector partners was explored to strengthen due diligence and enhance customer dialogue on sustainability.Sustainability strategy and reportingAO’s updated ESG Roadmap was approved and aligned with business strategy. The Council enhanced CSRD reporting, streamlining disclosures and adding S2 – Workers in the value chain as a new material topic.Environmental awareness and cultureInitiatives under the “Hverdagens Grønne Partner” programme continued to build engagement and embed sustainability in daily operations.GOV-3 Integration of sustainability-related performance in incentive schemesThe incentive schemes related to the Executive Board are currently not linked to sustainability or climate-related targets. Inclusion of sustainability and climate-related targets in future incentive schemes are allowed for in the remuneration policy and will be considered annually.GOV-4 Statement on sustainability due diligenceCore elements of due diligence Section/ report Page1 Embedding due diligence General 54-55in governance,strategy and business model2 Engaging with affected General 56stakeholders in all key steps of the due diligence3 Identifying and assessing General57-61, adverse impactsEnvironment 66, 73, Social 76, 84, Governance96, 994 Taking actions to address Environment 66-67, those adverse impactsSocial77-78, 88-89,97   5 Tracking the effective-Environment ness of these efforts and Social  66-68, communicating74, 77-78, 88-89, 97GOV-5 Risk management and internal controls over sustainability reportingThe business environment is becoming increasingly volatile, with economic fluctuations and societal changes occurring at a faster pace. In this context, managing risks and identifying potential threats to AO’s business are crucial components of AO's governance. The most significant risks to the company are regularly monitored and reviewed and are reflected in the Risk management section on page 25-28.The constantly evolving nature of business risks has heightened the need for robust contingency plans to ensure that the company is prepared for potential inci-dents, such as cyberattacks or data breaches.AO monitors these emerging risks on a regular basis and implements contingency measures to safeguard its oper-ations. By staying vigilant and adaptable, AO ensures that the company is well-prepared to address current threats and protect the long-term sustainability of the business. AO’s commitment to risk management reflects its broader dedication to responsible business conduct and maintaining the trust of stakeholders.The sustainability statement is exposed to the risk of human error and incomplete data, as the process of data collection consists of data from multiple external sources and, in certain instances manual collection and handling of data. To best mitigate the risks, automated data collec-tion processes has been established, where possible, and data is thoroughly analysed and reviewed.StrategySBM-1 Strategy, business model and value chain AO has established strategic sustainability focus areas which is linked to AO’s material impacts, risks and opportunities. The focus areas are set to support AO’s goals on CO₂e reduction, high employee satisfaction, strong supplier relationships and a solid value chain.Please read more about AO's strategy, business model and value chain in the Strategy section on page 13-17.Environment Social GovernanceFocus areaFocus areaFocus areaAO has committed and been approved by SBTi to reduce Employees are the core at AO and crucial to the company’s AO is committed to avoid corruption and bribery by educating all GHG emissions, become carbon neutral in AO’s own success and results, hence health and safety, education and employees. It is important for AO to follow the payment terms and operations and enable the reduction of GHG emissions in job satisfaction are of high importance.maintain a strong supplier relationship with AO’s suppliers. AO’s value chain. AO wants to phase out selling products Risk assessment of AO’s direct suppliers, to reduce risk in the containing SVHC.value chain.ActionsActionsActions ·  Phase out natural gas for heating ·  Increased focus on reporting and reducing accidents with  ·  Corruption and bribery training is mandatory for all employees ·  Phase out fossil fueled company cars training and awareness · Process to always sign a code of conduct with new suppliers · Decrease the number of chemical products with SVHC  · Invests in internal and external training options · Implement supplier risk assessment systemsubstances each year · Follow up on comments and low scores in customer satis-faction surveyTargetsTargetsTargets · Reduce CO₂e in AO’s own operations (Scope 1 &amp; 2) with  · Rate of recordable work-related accidents below 10% · 100% of employees (employed more than 3 months) have 80% (compared to base year) by 2030 · Zero fatalities as result of work-related injuries and completed corruption and bribery training · Reduce CO₂e in scope 3 with 42% (compared to base work-related ill health · More than 95% of payments made within AO’s payment termsyear) by 2030 · More than 95% of supplier spend is covered by a signed code  · Net-zero across the value chain (scope 1, 2 &amp; 3) by 2045of conduct · 100% of products sold are SVHC free by 2030 · Have a risk assessment on 90% of all direct suppliers by 2030Interests and views of stakeholdersSBM-2 AO maintains continuous engagement with all key stake-holders, enabling us to gather insights into their expec-tations, concerns and emerging needs. These perspec-tives inform AO’s understanding of impacts and risks and support the development of initiatives that help us deliver on AO’s ESG commitments and targets.In 2025, AO have strengthened this work by enhancing processes for engaging and documenting input from AO’s stakeholders. These efforts will ensure that stakeholder perspectives are systematically integrated into AO’s double materiality assessment and remain a core driver of AO’s ESG priorities going forward.AO has identified five relevant main stakeholders and below the characteristics of them have been described, including how AO has assessed and engaged with them.The Executive Board and Board of Directors are informed about the relevant views and interests of affected stakeholders when assessing various sustainability initiatives. Significant decisions are presented to and discussed by the Executive Board and, where appropriate, the Board of Directors. This enables them to address views from affected stakeholders on sustainability-related impacts, when relevant.Stakeholder engagementIn completing the DMA, AO engaged internal stake-holders from the start to secure understanding, provide ownership and benefit from the knowledge of the stakeholders. External consultation was included to support the process and helped ensure understanding of the requirements. While working on the DMA, AO approached external business partners and stakeholders to better understand how their business could impact AO and how AO’s decisions and activities could affect their business. AO’s main focus has been and continues to be with AO’s direct suppliers. CustomersAO’s customers are the most important stakeholders. AO is customer-driven, guided by the principle ‘Customer is King’ in everything it does. AO strives to be the main and preferred partner for its customers and continuously aims to deliver first class service, by understanding their needs. Engagement happens through regular business interactions, collective actions and feedback.EmployeesAO’s employees are key to its success. AO is committed to provide the employees a meaningful and engaging workplace with room for growth and development in a safe and healthy environment for its employees.AO engages its employees through different estab-lished channels, by sending updates on the business through the intranet, developments conversation with managers, the Worker Councils and employee surveys. AO also has a whistleblower system for own employees and employees in the value chain, to raise concerns and awareness of any issues.SuppliersAO relies on strong partnerships and open dialogue with its suppliers to operate effectively and profitably. Ongoing supplier relationships are crucial for AO to meet its targets, as its main ESG-impacts are closely linked to the production and use of the products it sells. AO engages with suppliers in various industry forums and networks, contract management and regular business interactions.EnvironmentThe environment is directly affected by the actual and potential negative impacts of AO's business activities. From the extraction of raw materials to the energy consumed during product use and the challenges of waste disposal for outdated or damaged items, every stage of the lifecycle has environmental consequences. AO recognise its responsibility to minimise these impacts and adopt sustainable practices that protect the planet for future generations. ShareholdersAO is listed on Nasdaq Copenhagen, an international marketplace for Danish Securities. It requires regular engagement with shareholders, analysts and others interested in AO's business. This is managed through the investor relations department, which participates in conference calls, briefings, and general dialogue, to ensure clear financial communication.Double Materiality AssessmentIRO-1 In 2023, AO began working towards CSRD readiness and compliance by completing AO’s first Double Materi-ality Assessment (DMA) and GAP analysis. The process included engagement with multiple internal and external stakeholders. In 2024 AO performed a review of the DMA and GAP analysis along with the data collection, risk assessment and internal controls. During its review, assistance from specialised consultants has been used. In 2025, following the acquisition of Work Wear Group (WWG - now AO Workwear), AO reassessed its IROs that could be impacted by AO’s expanded business. The larger involvement in certain business areas, has increased focus on the related supply chain, which has led AO to determine that S2 is now material for reporting. Conse-quently, AO revisited the IROs to align with the new inte-grated group structure and the expanded supply chain.IMPACT MATERIALDOUBLE MATERIALE2: Sustances of very high concernE1: Climate change mitigationE5: WasteE1: EnergyS1: Working conditionsE5: Resources inflowsS1: Equal treatment and opportunities for allE5: Resource outflowsS2: Working conditionsS2: Equal treatment and opportunities for allS2: Other work-related rightsG1: Corporate cultureG1: Protection of whiste-blowersG1: Corruption and briberyNON-MATERIALFINANCIAL MATERIALE1: Climate change adaptationFINANCIAL IMPACT ON AOMaterial impacts, risks and opportunitiesLocation in SBM-3 value chain Time horizonIRO    S M LE1 Climate changeClimate change adaptationAO's product categories in VA, VAGA and VVS help respond to extreme weather Opportunity     events like floods, droughts, and sea level rise in our downstream value chain.Climate change mitigationImpact,  AO’s direct CO₂ emissions (scope 1 and 2) are limited. Most of our footprint Actual,       comes from scope 3 emissions, largely from manufacturing, use and disposal.NegativeEnergyImpact,  AO’s direct CO₂ emissions (scope 1 and 2) are limited. Most of our footprint Actual,       comes from scope 3 emissions, largely from manufacturing, use and disposal.NegativeE2 PollutionSubstances of very high concernImpact,  AO’s connection to Substances of Very High Concern (SVHCs) is mainly indirect, Actual,       tied to upstream and downstream activities, with products AO distributes.NegativeE5 Ressource use and circular economyResource inflowsImpact,  AO’s operations rely on virgin resources for packaging and distribution, while Actual,       sourced products may involve raw material extraction across the value chain.NegativeResource outflowsImpact,  Packaging materials become waste after delivery, while end-of-life construc-Actual,       tion products can lead to resource loss if not properly reused or recycled.NegativeWasteImpact,  Waste is generated from raw material extraction, manufacturing, packaging Actual,       and end-of-lige waste, if not properly recycled, across the value chain.NegativeLocation in value chainTime horizonUpstreamSShort-termOwn operationsMMedium-termDownstreamLLong-termMaterial impacts, risks and opportunitiesLocation in Location in SBM-3 value chain Time horizonvalue chain Time horizonIRO    S M LIRO    S M LS1 Own workforceG1 Business conductWorking conditionsImpact, Corporate cultureImpact, Employee satisfaction, stress and occupational health and safety for all Actual,      With a complex global value chain, AO faces potential risks      Potential, employees are of high importance and a priority to avoid negative impacts.Negativelike corruption, bribery, harassment, or informal practices Negativeif not managed through a stable corporate culture.Equal treatment and opportunities for allImpact, AO supports employee development through training and education. A Potential,      Protection of whistleblowersImpact, male-dominated workforce highlights the opportunity to improve gender balance.NegativeWithout proper protection, whistleblowers may face retaliation, leading Potential,      to underreporting of issues, and lack of knowledge of incidents.NegativeS2 Workers in the value chainCorruption and briberyImpact, Working conditionsImpact, AO operates in countries with low corruption risk and has a policy and Potential,      Limited visibility across the global value chain, especially in high-risk sectors. Potential,      training in place to prevent it. Any cases could harm AO’s reputation.NegativeRisk remains even with a BSCI- and UN Global Compact-aligned Code of Conduct.NegativeEqual treatment and opportunities for allImpact, AO is exposed to risks of unequal treatment in the value chain, including gender Potential,      inequality and discrimination. Legal and cultural differences limit oversight.NegativeOther work-related rightsImpact, With a global value chain AO is of risk to be indirectly linked through suppliers Potential,      of child and forced labour, especially in upstream mining and textile production.NegativeLocation in value chainTime horizonUpstreamSShort-termOwn operationsMMedium-termDownstreamLLong-termMethodology and scoringThe process for the DMA followed the requirements of the European Sustainability Reporting Standards. For environment, AO considered how widespread the impact could be and how many areas or units could be affected. For social and governance, AO assessed how much of an impact it would have on affected people and how many people could be affected.The Board of directors has approved the Double Materi-ality Assessment, the given threshold for materiality, and the list of material IROs and topics. ScopeAO have identified and assessed impacts, risks and opportunities for AO’s own operations and value chain across all topics, focusing on own operations, upstream and downstream activities. The value chain assessment has mainly based on direct suppliers and AO’s internal knowledge complemented by data from external consultants and supplier information. As a wholesaler within the construction industry, and with a wide range of products and product types, AO sources goods from many suppliers. While AO acknowledges that the full value chain will extend all the way to material extrac-tions, AO does not have extensive insight to the full value-chain across all the products, and suppliers. Therefore AO has made some assumptions about workers in the value chain based on SASB standards regarding raw material extraction, as AO does not have direct insight into the actual conditions. Those assump-tions are theoretical and not necessarily directly linked to AO’s value chain. AO has taken an approach to view the IROs at the group level.Environment Social GovernanceScale The extent of the impact on the relevant individuals/The extent of the impact on the right to life/The extent of the impact on the right to life/economy/environment - whether low or high.health/basic life needs - whether low or high.health/basic life needs - whether low or high.ScopeHow widespread the impact would be How widespread the impact would be How widespread the impact would be from immediate to global levelon a population or employeeson a population or employeesIrremediability How difficult it would be to undo the damage How difficult it would be to undo the damage How difficult it would be to undo the damage based on time, effort, and costsbased on time, effort, and costsbased on time, effort, and costsLikelihood Assessment of likelihood on a Assessment of likelihood on a Assessment of likelihood on a scale from 'rare' to 'certain'.scale from 'rare' to 'certain'.scale from 'rare' to 'certain'.AO has used external sources such as SASB to identify industry and supply chain risks based on the types of materials used to produce the products AO sell. Inter-nally, the finance, HR and Sustainability teams were the main contributors to identify IROs. Management was regularly updated, and decisions were approved along the process.AO's assessment included both positive and negative impacts, which AO considered actual and/or potential for AO’s business related to environment, social and govern-ance matters. AO’s assessment was based on ESRS guidelines provided in 2024, to ensure alignment and compliance to CSRD. As AO’s business develops, AO will continue to review the double materiality assessment and activities with impacts, risks, and opportunities to maintain a relevant and actual assessment on the most material topics to AO.Materiality scoring processFor actual impacts AO used the three parameters ‘Scale,’ ‘Scope,’ and ‘Irremediability’ for a combined scoring of Severity. For potential impacts, an additional parameter ‘Likelihood’ was added.AO applied the same scale for impact and likelihood, from 1 (lowest) to 5 (highest). For financial impact, AO’s existing enterprise risk scale was used, which is an established framework already employed in the financial assessments, in the Risk management section.Impact scoring weighed severity and likelihood equally to balance how severe an impact could be and how likely it was to occur. For human rights sub-topics, the severity became the final score if 4 or higher.  If the severity score fell below 4, severity and likelihood score were combined with a 50/50 weighting, consistent with the general scoring approach. For financial considerations, AO’s established enterprise risk scale was applied.After the first round of impact and financial assessment scoring, an overview showing where each sub-topic would place was created. Then different thresholds were applied to determine, which datapoints would be included or excluded, guided by pre-determined inclu-sion criteria. After reviewing various threshold values, the final threshold was set at 3. The list of material topics with a score equal to or higher than 3 was approved by the Board of Directors, along with the threshold value. Material topics based on the DMAThe outcome of the DMA scoring shows that the following six out of the ten ESRS topics are material to AO: · E1 Climate change · E2 Pollution · E5 Resource use and circular economy · S1 Own workforce · S2 Workers in the value chain · G1 Business conductThe outcome of the DMA is consistent with AO’s current sustainability strategy. For each material topic AO has identified IRO's and assessed whether each subtopic was material or not. The material topics and subtopics are further specified and presented in the following sections, with more information on why AO finds them material and how they are embedded into the organisation and daily activities.Changes to the material IRO's compared to the previous reporting periodAs part of the update of the DMA, AO has also refined the description/classification of the IRO’s (S1 - Own work-force and S2 - Workers in the value chain) compared to 2024, however the substance of the IRO’s remain materi-ally unchanged.Non-material topics and sub-topics based on DMAThe outcome of the DMA scoring shows that the following  ESRS topics are not material to AO due to the nature of its business as a wholesale company: · E2 Pollution (sub-topics): Pollution of air, Water &amp; soil, Living organisms and food resources, Substances of concern, Microplastics · E3: Water and marine resources · E4: Biodiversity and ecosystems · S1 Own workforce (sub-topics): Other work-related rights · S4: Consumers and end-usersTopics and sub-topics reviewed as immaterial in early assessment and not included in the full Double Materi-ality Assessment: · S3: Affected communities · G1 Business conduct (sub-topics): Animal welfare, Political engagement and Lobbying activitiesIRO-2 EU legislation data pointsBenchmark Disclosure Pillar 3 regulation EU Climate Law requirement Datapoint Sustainability statements SFDR referencereferencereferencereference Section PageESRS 2 GOV-1 21 (d) Board's gender diversity     MR 33-35ESRS 2 GOV-1 21 (e) Percentage of board members who are independent     MR 33-35ESRS 2 GOV-4 30 Statement on due diligence     SUS 54ESRS 2 SBM-1 40 (d) i Involvement in activities related to fossil fuel activities     Not relevant -ESRS 2 SBM-1 40 (d) ii Involvement in activities related to chemical production     Not relevant -ESRS 2 SBM-1 40 (d) iii Involvement in activities related to controversial weapons     Not relevant -ESRS 2 SBM-1 40 (d) iv Involvement in activities related to cultivation and production of tobacco     Not relevant -ESRS E1-1 14 Transition plan to reach climate neutrality by 2050  SUS 67ESRS E1-1 16 (g) Undertakings excluded from Paris-aligned Benchmarks     Not relevant -ESRS E1-4 34 GHG emission reduction targets     SUS 67ESRS E1-5 38 Energy consumption from fossil sources disaggregated by sources (only high climate impact sectors)     Not relevant -ESRS E1-5 37 Energy consumption and mix     SUS 68ESRS E1-5 40-43 Energy intensity associated with activities in high climate impact sectors  Not relevant -ESRS E1-6 44 Gross Scope 1, 2, 3 and Total GHG emissions     SUS 69ESRS E1-6 53-55 Gross GHG emissions intensity     SUS 69ESRS E1-7 56 GHG removals and carbon credits     Not material -ESRS E1-9 66 Exposure of the benchmark portfolio to climate-related physical risks     Not material -Disaggregation of monetary amounts by acute and chronic physical risk; Location of significant assets at material ESRS E1-9 66 (a); 66(c)physical risk     Not material -ESRS E1-9 67 (c) Breakdown of the carrying value of its real estate assets by energy-efficiency classes     Not material -ESRS E1-9 69 Degree of exposure of the portfolio to climate-related opportunities     Not material -ESRS E2-4 28 Amount of each pollutant listed in Annex II of the E-PRTR Regulation emitted to air, water and soil     Not material -ESRS E3-1 9 Water and marine resources     Not material -Benchmark Disclosure Pillar 3 regulation EU Climate Law requirement Datapoint Sustainability statements SFDR referencereferencereferencereference Section PageESRS E3-1 13 Dedicated policy     Not material -ESRS E3-1 14 Sustainable oceans and seas     Not material -ESRS E3-4 28 (c) Total water recycled and reused     Not material -3ESRS E3-4 29 Total water consumption in m per net revenue on own operations     Not material -ESRS 2 SBM-3 - E4 16 (a) i     Not material -ESRS 2 SBM-3 - E4 16 (b)     Not material -ESRS 2 SBM-3 - E4 16 (c)     Not material -ESRS E4-2 24 (b) Sustainable land / agriculture practices or policies     Not material -ESRS E4-2 24 (c) Sustainable oceans / seas practices or policies     Not material -ESRS E4-2 24 (d) Policies to address deforestation     Not material -ESRS E5-5 37 (d) Non-recycled waste     SUS 78ESRS E5-5 39 Hazardous waste and radioactive waste     SUS 78ESRS 2 SBM-3 - S1 14 (f) Risk of incidents of forced labour     Not relevant -ESRS 2 SBM-3 - S1 14 (g) Risk of incidents of child labour     Not relevant -ESRS S1-1 20 Human rights policy commitments     SUS 84-85ESRS S1-1 21 Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8     SUS 85ESRS S1-1 22 Processes and measures for preventing trafficking in human beings     SUS 84-85ESRS S1-1 23 Workplace accident prevention policy or management system     SUS 85ESRS S1-3 32 (c) Grievance/complaints handling mechanisms     SUS 87ESRS S1-14 88 (b) and (c) Number of fatalities and number and rate of work-related accidents     SUS 92ESRS S1-14 88 (e) Number of days lost to injuries, accidents, fatalities or illness     SUS 92ESRS S1-16 97 (a) Unadjusted gender pay gap     SUS 93ESRS S1-16 97 (b) Excessive CEO pay ratio     SUS 93ESRS S1-17 103 (a) Incidents of discrimination     SUS 93Benchmark Disclosure Pillar 3 regulation EU Climate Law requirement Datapoint Sustainability statements SFDR referencereferencereferencereference Section PageESRS S1-17 104 (a) Non-respect of UNGPs on Business and Human Rights and OECD     Not relevant -ESRS 2 SBM-3 - S2 11 (b) Significant risk of child labour or forced labour in the value chain     SUS 96ESRS S2-1 17 Human rights policy commitments     SUS 96ESRS S2-1 18 Policies related to value chain workers     SUS 96ESRS S2-1 19 Non-respect of UNGPs on Business and Human Rights principles and OECD guidelines     SUS 96ESRS S2-1 19 Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8     SUS 96ESRS S2-4 36 Human rights issues and incidents connected to its upstream and downstream value chain     SUS 97ESRS S3-1 16 Human rights policy commitments     Not material -ESRS S3-1 17 Non-respect of UNGPs on Business and Human Rights, ILO principles or and OECD guidelines     Not material -ESRS S3-4 36 Human rights issues and incidents     Not material -ESRS S4-1 16 Policies related to consumers and end-users     Not material -ESRS S4-1 17 Non-respect of UNGPs on Business and Human Rights and OECD guidelines     Not material -ESRS S4-4 35 Human rights issues and incidents     Not material -ESRS G1-1 §10 (b) United Nations Convention against Corruption     Not material -ESRS G1-1 §10 (d) Protection of whistle- blowers     SUS 100ESRS G1-4 §24 (a) Fines for violation of anti-corruption and anti-bribery laws     SUS 103ESRS G1-4 §24 (b) Standards of anti- corruption and anti-bribery     SUS 102-103E1 Climate changeIRO-1 Impacts, risks and opportunities AO has identified 1 opportunity and 2 negative impacts within climate change related to following sub-topics: · Climate change adaptation · Climate change mitigation  · EnergyThrough AO’s double materiality assessment, the company identified its key climate-related impacts, risks, and opportunities across the value chain. The analysis included GHG emission calculations and a flood risk assessment of AO’s physical locations using external expertise and recognised flood risk tools. No full scenario analysis has been conducted. Only a few sites were found to be exposed to climate-related hazards.AO has not yet completed a detailed financial quantifica-tion of climate-related risks and opportunities but plans to do so as data maturity improves. However, AO has found that in terms of its own operations, AO has limited direct opportunity to have any climate change adaptation strategi and implementation.AO does see opportunities in product categories such as VA, VAGA, and VVS, which support climate adaptation by helping communities manage floods and rising sea levels. AO offers products in categories that actively contributes to assisting in the growing impact of extreme weather events.AO’s GHG assessment shows that Scope 3 accounts for 99% of total emissions, primarily from production, trans-port, and use of sold goods. Scope 1 and 2, though limited with only 1% of total emission, remain material due to AO’s direct influence and the global nature of CO₂ impacts.AO’s direct energy use is limited to its operations (offices, warehouses, vehicles), while most indirect energy use stems from manufacturing, transport and product use within AO’s value chain. To minimize emissions from its own operations, AO has taken strategic measures such as transitioning away from fossil-fuel company vehicles, installing solar panels, and adopting heating systems with lower emissions.SBM-3 Resilience AnalysisAO has identified the following material climate-related risks impacting the operations: · Physical risk: Two retail sites are located in high risk of flooding areas, which is posing limited operational and financial risk due to short downtime and proximity to alternative locations. No safety risks have been identified for employees or customers. · Transition risk: Regulatory changes, evolving market preferences and technology shifts may affect operations. However, AO’s diverse supplier base and ability to substi-tute suppliers reduce exposure and support adaptability.The resilience analysis, conducted internally in 2023, assessed the vulnerability of physical sites and the robustness of the supply chain to climate-related disruptions. The physical risk mapping was based on national climate risk zone data, while the supply chain assessment was performed at a high level without formal scenario analysis. In 2025 AO has reassessed whether the results of the 2023 analysis are still applicable and have concluded that the circumstances are not materially different, whereas no new analysis has been made in 2025.AO anticipates a gradual transition toward a low-carbon economy, with increased renewable energy use and tech-nological advancements affecting costs and operations. Financial impact on AO’s own operations is expected to be limited, while business opportunities are foreseen within climate adaptation and mitigation product areas.The primary uncertainty in the resilience analysis lies in the lack of no formally documented scenario method-ology behind the assessments. Additionally, timing and severity of climate-related events and regulatory changes is uncertain. While AO has identified assets at risk, incor-porating these insights into the strategic planning and investment decisions is an evolving process also taking into consideration the limited amount of assets at risk.AO has identified Global supply chain risks as one of the key risks for the Group. It is being evaluated whether and how to integrate climate change resilience into the strategy.AO is assessing its ability to adjust or adapt its strategy and business model to climate change in both short, medium, and long term as follows:  · Strategic Flexibility: AO's diversified supply chain and flexible sourcing strategies position AO well to adapt to climate-related changes over the short, medium, and long term. · Access to finance: AO is committed to maintaining strong relationships with financial partners to secure ongoing access to capital at affordable rates. · Asset management: AO can redeploy, upgrade, or decommission assets as needed to respond to climate risks, which is currently very limited.  · Product and service shifts: The business model allows for adjustments in AO’s product and service offerings to meet changing market demands.  · Workforce reskilling: AO is prepared to invest in reskilling the workforce to support new operational needs arising from climate adaptation strategies.E1-1 Transition plan for climate change mitigation &amp; adaptationAO recognises its responsibility to manage resources sustainably and reduce its climate impact across the value chain. As a major supplier within the construction industry and towards private consumers, AO’s own oper-ations and downstream are mainly in Denmark, Sweden, and Norway, while its upstream supply chain is global.AO has developed a transition plan for climate change mitigation, endorsed by management and integrated into corporate governance and financial planning to ensure coordinated implementation and monitoring.The Science Based Targets initiative (SBTi) has validated AO’s targets as aligned with a 1.5°C trajectory: · Reduce Scope 1 and 2 emissions by 80%  by 2030 from a 2022 base year. · Reduce Scope 3 emissions by 42% by 2030 from a 2022 base year. · Reach net-zero emissions across the value chain by 2045.No material locked-in emissions have been identified that could hinder target achievement. AO reports annu-ally on progress, actions, and adjustments to maintain alignment with its SBTi-validated pathway and transpar-ency with stakeholders.Building on the transition plan, AOs Climate and Environ-mental Policy establish a structured framework to drive sustainable progress across its entire value chain. Making the basis for AO’s decarbonisation levers outlined below:Climate change mitigation: · Reducing CO₂e emissions in scope 1, 2, and 3 in accordance with the Science Based Targets initiative (SBTi)-validated goals · Phasing out fossil fuels in heating, company vehicles and forklifts to meet the CO₂e targets for scope 1 and 2 · Increasing the share of more sustainable products when sourcing from suppliers to benefit customers. Through prioritisation and dialogue, AO aim to shift customer focus towards more sustainable products · Inspiring partners and the industry to support a sustainable value chain, also leveraging AO's influ-ence in industry associationsClimate change adaptation: · Addressing the consequences of climate change by adapting locations to the climate  Providing goods and solutions that assist customers and local communities with necessary climate adaptationEnergy efficiency and renewable energy deployment: · Reducing the annual energy consumption and increasing the share of renewable energy · Investing in energy-efficient solutions and promoting energy and CO₂e saving initiatives among both AO’s customers and suppliersAO wants to cooperate with its suppliers and encourage practices across the value chain that increase use of recycled material and encourage them on their transition from conventional electricity to renewables. This effort is essential for addressing emissions from purchased goods and services, and the use phase of sold products, which constitute most of AO's indirect emissions.E1-2 PoliciesThe scope of AO’s Climate and Environmental Policy is covering the entire value chain across all geographies and all identified stakeholders. The ESG Council is responsible for the implementation of the policy. The Environmental and Climate Policy solely covers climate change mitigation and adaptation, energy efficiency, pollution, waste management, circular economy.AO's most significant climate and environmental impact lie within our value chain, meaning a crucial part of our task is collaborating with customers and suppliers to drive change in our industry. Through collaboration with our customers and suppliers, we aim to reduce negative climate and environmental impacts throughout the entire value chain, considering a lifecycle perspective.As the Everyday Green Partner, AO assists its customers by offering environmental data, products, and services that support more sustainable constructions and societies.AO is reducing its own climate and environmental impacts in its business, regardless of their significance across the value chain. AO has committed to adhering to high standards across the entire group, from top management to stores. This work is supported by our ESG efforts and a certified environmental management system, following ISO 14001 standards.E1-3 ActionsIn 2025 AO continued to work towards implementing actions to achieve its SBTi-validated climate targets and net-zero goal. AO has developed a structured framework with expected decarbonisation levers, presented in AO’s policy, for CO₂ reductions across Scopes 1, 2, and 3, with a particular focus on emissions from “purchased goods and services” as well as the “use of sold products”.Emission-reduction efforts are embedded in AO’s transi-tion plan and supported by both operational and capital investments, including energy-efficient buildings and low-emission company vehicles. There is no concrete actions to mention and are not significant resource-inten-sive investments compared to manufacturing industries. AO does not have an expected GHG emission reduction for the ongoing actions in the transition plan, beside the target approved by SBTi.AO continues to analyse and address key emission sources across Scope 1, 2, and 3. The largest Scope 3 impacts stem from “use of sold products” from electricity usage and “purchased goods and services”, particularly ceramics, plastics, and metals. Emission reductions therefore rely on engagement with direct suppliers and customers to drive behavioural and material changes.AO is implementing a supplier assessment system to collect ESG-related data, aiming to gain a better under-standing by having them directly verify and present their policies, actions and targets of their business practices regarding ESG. Progress and investments are tracked annually, with detailed financial data disclosed in the Taxonomy section.E1-4 TargetsEnvironmental targets on decarbonisation reductions in AO's own operations, and impact from products sold and circularity improvement targets have been approved by the ESG-Council and Board of Directors.AO submitted a target to reduce absolute Scope 1 and 2 GHG emissions by 80% by 2030 from a 2022 base year and reach net-zero greenhouse gas emissions across the value chain by 2045, which was validated by SBTi. These targets reflect AO’s broader, long-term climate strategy and are in line with global standards and the EU’s sustainability regulations.No additional E1-related targets have been defined beyond the SBTi-aligned reduction and net-zero goals as described on the previous page.E1-5 Energy consumption and mix Energy efficiency and the transition to renewable energy are central to AO’s climate strategy, both within the oper-ations and across the value chain. Internally, AO focuses on reducing energy consumption by implementing ener-gy-efficient technologies and installing solar panels to increase the share of renewable energy in the operations. Additionally, AO is committed to phasing out conven-tional fossil fuels in heating, company vehicles, and forklifts, directly supporting AO's Science Based Targets for scope 1 and 2. Externally, AO prioritises enabling customers to make more energy-efficient choices.By sourcing and offering a broader range of ener-gy-saving products, AO actively guides customers towards solutions that lower energy use and reduce CO₂e during the use phase. Through targeted dialogue with suppliers, AO will investigate the development and adoption of renewable energy technologies, particularly in industries reliant on ceramics, plastics, and metals. These efforts align with AO's ambition to reach our net-zero target.  Accounting policyEnergy consumption and mixEnergy from non-renewable sources covers fuel consumption related to the Group’s leasing car fleet, natural gas consumption, electricity consumption and district heating related to the heating of office build-ings, AO stores and office activities. For conversion 3from litre and m consumption to megawatt-hours, Energistyrelsen and Danmarks Statistik conversion factors have been used.Renewable sourcesEnergy from renewable sources covers electricity generated, related to office activities.Achieved and expected GHG emission reductions UoM 2025 2024Achieved GHG emission reductions (Scope 1, 2 &amp; 3) vs base year % -29.8% -36.0%Expected GHG emission reductions by 2030Scope 1 &amp; 2 vs 2022 base year % -80.0% -80.0%Scope 3 vs 2022 base year % -42.0% -42.0%Expected GHG emission reductions by 2045Scope 1, 2 &amp; 3 vs 2022 base year -90.0% -90.0%Energy consumption mix 2025 2024 2023Fuel consumption from coal and coal products (MWh) 0 0 0Fuel consumption from crude oil and petroleum products (MWh) 597.7 1,089.6 2,056.5Fuel consumption from natural gas (MWh) 171.4 641.7 1,128.5Fuel consumption from other fossil sources (MWh) 0 0 0Consumption of purchased or acquired electricity, heat, steam, and cooling from fossil sources (MWh) 11,568.3 11,283.8 12,042.7Total fossil energy consumption (MWh) 12,337.4 13,015.1 15,227.7Share of fossil sources in total energy consumption (%) 97.9% 97.9% 99.9%Consumption from nuclear sources (MWh) 0 0 0Share of consumption from nuclear sources in total energy consumption (%) 0% 0% 0%Fuel consumption for renewable sources, including biomass (also comprising indus-trial and municipal waste of biologic origin, biogas, renewable hydrogen, etc.) (MWh) 0 0 0Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources (MWh) 0 0 0The consumption of self-generated non-fuel renewable energy (MWh) 259.4 280.0 8.0Total renewable energy consumption (MWh) 259.4 280.0 8.0Share of renewable sources in total energy consumption (%) 2.1% 2.1% 0.1%Total energy consumption (MWh) 12,596.8 13,295.0 15,235.7E1-6 GHG emissionsThe methodologies, assumptions and emission factors used to calculate AO Group’s GHG emissions are disclosed in the accounting policies together with the presented data. The increase in the Group’s GHG emis-sions is primarily driven by an unexpected rise in the electricity grid emission factor, which impacted Cate-gory 11 – use of sold products. In addition, Category 11 emissions increased due to CO₂ emissions from the washing of sold workwear products within AO Workwear. While the Group expects continued growth in sales volumes, emission intensity is expected to decline over time due to lower grid emission factors and the use of EPDs in the calculation of Category 1 – Purchased goods and services, reflecting lower emissions per product purchased and sold.  Accounting policyGHG intensity (scope 1, 2 &amp; 3)GHG intensity has been calculated as gross scope 1, scope 2 location-based/market-based, and gross scope 3 CO₂e emissions divided by reported net revenue in DKK million.Year TargetAnnual % target/t CO2e 2025 2024 Baseline 2022 % vs LY % vs Baseline 2030 2045BaselineScope 1 GHG emissionsGross scope 1 GHG emissions  194   420   1,602  -53.8% -87. 9 %  320   160  10.0%Scope 2 GHG emissionsGross location-based Scope 2 GHG emissions  2,108   1,941   3,093  8.6% -31.8%  619   309  10.0%Gross market-based Scope 2 GHG emissions 3,832  4,712   5,451  -18.7% -29.7%  1,090   545  10.0%Significant scope 3 GHG emissionsCategory1. Purchased Goods &amp; Services  167,159   160,179   171,917  4.4% -2.8%2. Capital Goods 1   2   2  -70.7% -68.2%3. Fuel &amp; Energy related Emissions 390   246   436  58.6% -10.5%4. Upstream Transportation &amp; Distribution 20,578   16,337   18,797  26.0% 9.5%5. Waste generated in Operations 393   374   703  5.1% -44.1%6. Business Travel 76   63   89  20.3% -14.5%7. Employee Commuting 812   753   642  7.8% 26.5%9. Downstream Transportation &amp; Distribution 4,853   4,141   6,221  17.2 % -22.0%11. Use of Sold Products 533,415   480,877   838,255  10.9% -36.4%12. End-of-life Treatment of Sold Products 3,215   3,146   3,162  2.2% 1.7%13. Downstream leased Assets  2   3   4  -22.8% -52.0%Total scope 3 GHG emissions 730,893   666,121   1,040,228  9.7% -29.7%  603,332  5.3%Total GHG emissionsTotal GHG emissions location based 733,195   668,482   1,044,923  9.7% -29.8%  66,850  3.2%Total GHG emissions market based 734,919   671,253   1,047,281  9.5% -29.8%  67,127  3.2%GHG intensity based on net revenue UoM 2025 2024 2023 2022GHG intensity (location based) t CO2e per DKK million 119.8 123.1 188.3 194.4GHG intensity (market based) t CO2e per DKK million 120.1 123.6 188.7 194.8§ Accounting policies for GHG emissions scope 1, 2 &amp; 3§ Direct GHG emissions (scope 1 &amp; 2)Scope 1 emissions are reported based on the Green-house Gas (GHG) Protocol and cover all direct emissions of greenhouse gases from AO. The direct carbon emis-sions from various fuels are determined based on the fuel quantities and the relevant emission factor. Indirect GHG emissions (scope 2)Scope 2 emissions are reported based on the GHG Protocol and include indirect GHG emissions from the generation of electricity and heat purchased and consumed by AO. Scope 2 emissions are primarily calculated as the power volumes purchased multiplied by the emission factor for electricity. For district heating, a central heating emission conversion factor is used and no local district emission factors are used. Loca-tion-based emissions are calculated based on average country-specific emission factors. Market-based emis-sions consider renewable power purchased and assume that regular power is delivered as residual power. Indirect GHG emissions (scope 3)Scope 3 emissions are reported based on the GHG Protocol, where the scope 3 inventory is split into 15 subcategories (C1-C15):Category 1. Purchased goods for resale emissions were calculated using a physical data approach, where products were categorized based on weight and custom codes to estimate material composition and assign GWP emission factors. This covered 88% of the purchased goods list, with extrapolations applied to remaining items. For products lacking weight data, weight and emissions were estimated using averages from the other comparable product categories. For remaining prod-ucts and services not meant for resale, a spend-based approach was applied, using AO’s financial data across entities and emission factors from the EEIO database, adjusted for inflation and currency conversion. Category 2 includes GHG emissions from capital goods procurement. CO₂e were calculated using a spend-based approach and relevant emission factors were applied. Category 3 includes the indirect emissions of fuels, electricity and district heating. They were calculated using data from scope 1 and 2. When location-specific emission factors were unavailable for Denmark, proxy factors were applied. The indirect share of the market-based emission factors was determined using the DK grid mix emission factor split. Category 4 includes transportation emissions from suppliers, goods transportation between stores, ware-houses, and direct deliveries to customers. For deliveries from AO to own facilities or customers CO₂e-reports were provided by the transportation-companies. For emissions deriving from delivery to AO these reports were not avail-able. Therefore, the calculations were based on: Product origin, weight, and units and they were used to group suppliers by country and region. Transport distances were estimated using seadistance.org, with emissions calculated based on assumed distances and product weights. Where country of origin was not available emissions were extrapolated based on averages from the known data sources.Category 5 includes emissions from waste disposal, based on data provided on waste type from AO’s waste handling partners. Relevant emission factors were multi-plied by the waste amount. Category 6 includes emissions from business travel, calculated using a spend-based approach. Travel spending was categorized into domestic, foreign, and client-related travel, with a statistical ratio applied as a proxy for other locations. Emissions were calculated using spend-based factors for air and land travel, while hotel stay emissions were estimated using an average hotel rate and a global emission factor per night.Category 7 includes emissions from employee commuting, calculated based on average travel distance, transport mode, and the number of employees, including temporary workers. The transport split was derived from national statistics, with commuting distances adjusted for round trips and annual working days. Emission factors were applied except for foot and bike travel, which were set to zero.Category 9 includes customer product pick-ups in 2025. The average shopping travel distance in Denmark (14.7 km/day) was used. Emissions were calculated without considering product weight.Category 11 includes emissions from the use of sold products including the emissions related to the product’s entire lifetime. As no use-phase data was provided by suppliers, estimates were made. Estimations were made based on the list of purchased products, the available product category information and purchased units. The calculations were performed according to the following steps: the total purchased products list was filtered into product categories with products (grouped by custom codes) assumed to consume electricity. The assumed electricity-consuming product categories were sorted by relevance in terms of units purchased. The top product categories of the list were analysed, and for those which were possible to assume electricity consumption, the following estimations were made: watts; product description; product's life time in years; product's daily usage. For some product categories not enough informa-tion was available to estimate the electricity consump-tion. As a conservative approach, an extrapolation has been made for the calculation of the total electricity consumption of the possibly electricity-consuming product categories. Where data was insufficient (about 10%), extrapolation was applied.Category 12 includes emissions from the end-of-life treatment of sold products. Products were sorted by weight, with the most relevant categories covering 80% of the total. Material and waste type assumptions were made, and a waste ratio was applied to the full product list. Waste treatment methods were based on statistical data, with emissions per kg of waste calculated.Category 13 includes emissions from the operation of assets owned and leased to third parties. CO₂e were calculated using a spend-based approach, with emission factors adjusted for inflation.The subcategories 8, 10, 14 and 15 are not relevant for AO and were therefore excluded. See tabel below.The metrics for the scope 3 calculations will have higher level of uncertainty, as the data is based on extrapola-tions, estimates, judgments and conversion factors.Scope 3 Scope 3  category IDcategory Justification8 Upstream leased assets The fuel and electricity consumption of leased items are accounted for in Scope 1-2 and Scope 3.3. Double accounting is avoided. The life cycle emissions asso-ciated with manufacturing or constructing leased assets are optional. SBT asks to exclude optional GHG activities from the Scope 3 GHG boundary.10 Processing of Sold Products AO does not sell products that (may) require further processing.14 Franchises AO does not operate a franchising business model.15 Investments AO does not have any investments that fall under the definition of this category.Update on the original AO Denmark CO₂e-targets for scope 1 &amp; 2As part of AO’s ongoing commitment to sustainability and reducing the environmental impact, ambitious climate targets were set for AO Denmark. AO Denmark original targetsSince 2020, AO Denmark has committed to reducing its Scope 1 and 2 carbon emissions by 50% by 2025, with a longer-term goal of achieving zero emissions in scope 1 &amp; 2 by 2030. These targets were designed to align with AO Denmark’s operational focus and are outlined in previous annual reports.Fulfilment and phase-out of AO Denmark’s original Scope 1 &amp; 2 CO₂ targetIn 2025, AO Denmark has achieved its original climate target to reduce Scope 1 and 2 carbon emissions for AO Danmarks activities by at least 50% compared to the 2020 baseline. The total reduction amounts to 64% exceeding the original target.The reduction has been achieved through targeted actions, including electrification of vehicles and phase-out of fossil fuels for heating and forklifts.As disclosed in last year's annual report, 2025 is the final year in which AO reports separately on this original Scope 1 and 2 target for AO Danmarks activities. Going forward, climate reporting will focus exclusively on the AO Group’s Science Based Targets initiative (SBTi)-vali-dated targets for Scope 1, 2 and 3, which constitute the primary framework for the Group’s climate strategy.The fulfilment of the original target represents an impor-tant milestone in AO Denmark’s climate transition and provides a solid foundation for continued progress under the Group’s more ambitious, science-based climate targets.E2 PollutionIRO-1 Impacts, risks and opportunities AO has identified one negative impact within pollution related to following sub-topics: · Substances of very high concernAO’s material impact on pollution relate to Substances of Very High Concern (SVHC) in products sold to customers, affecting both upstream and downstream activities. In 2024 an analysis was conducted across all operations to identify harmful substances and quantities stored at each site.The impact is largely connected from activities in the value chain, e.g. the extraction and processing of raw materials, manufacturing process or components within the products AO acquire and distribute to customers. AO’s product line includes a multitude of chemicals commonly used in the construction industry.Although the physical pollution risk from storage is limited, all sites comply with regulatory and ISO 14001 requirements for hazardous materials and fire safety. Some SVHCs, such as assembly foam and universal spray, may cause lasting environmental or health impacts, primarily affecting users in the downstream value chain.Pollution topics were not deemed financially material due to the limited product range and strong regulation. However, AO continues to explore opportunities to reduce harmful substances in collaboration with customers.The IRO assessment is reviewed annually, based on changes in supply chains or operations, using input from safety data sheets, REACH restriction lists, and the ECHA SCIP database.The scope of AO's climate &amp; environmental policy is covering the whole value chain across all geographies and all identified stakeholders. The environmental and climate policy solely covers climate change mitigation and adaptation, energy efficiency, pollution, waste management, circular economy.Process for analysing SVHCBased on safety data sheets AO has conducted an anal-ysis of all chemicals sold. The analysis was performed by internal and external specialists.Based on the safety data sheet information all chemicals were divided into categories based on REACH restriction lists. All new chemicals are analysed to assess which restriction lists (if any) the substances are categorised into. Articles with SVHC-substances are monitored through the registration of goods that are listed in the SCIP-database by the European Chemicals Agency (ECHA). The reported quantities of chemicals and articles containing SVHC substances reflect the total weight in kilograms of the products, regardless of the propor-tion of SVHC substances within them. The disclosure is not validated by an external body. The information and communication provided on these substances to customers follows the CLP-regulation.E2-1 Policies on substances of very high concernAO’s Climate and Environmental Policy and Corporate Social Responsibility Policy address pollution preven-tion and the management of harmful substances across the value chain. The CTO is responsible for implemen-tation, supported by AO’s ISO 14001-certified environ-mental management system. Key contents of the policy are outlined below:Pollution prevention and control · AO works to minimise pollution of air, water, and soil through compliance with ISO 14001 procedures · Continuous employee involvement, and performance monitoring · Environmental considerations are integrated into management and procurement processes.Substitution and phase-out of harmful substances · AO annually analyses its product portfolio and engages suppliers to reduce and phase out Substances of Very High Concern (SVHCs) · Targeting a full phase-out by 2030, especially for consumer-facing products · AO prioritises purchasing and promoting more sustain-able product alternativesIncident prevention and control · AO maintains strict compliance with hazardous mate-rials and fire safety regulations · Emergency handling and spill prevention are embedded in the ISO 14001 system to ensure rapid response and mitigation of potential impactsThe policy applies globally across AO’s operations and value chain and is regularly reviewed in dialogue with suppliers and customers to align with evolving standards and regulations.E2-2 ActionsReducing harmful substances in the chemicals AO sells relates to both upstream and downstream activities, and is addressed in the following way: · Annually analyse and reduce the amount of environ-mentally harmful substances by engaging in dialogue with suppliers on how to replace or phase them out, particularly in products sold to private consumers and substances of very high concern (SVHC). · Increasing the share of sustainable products when purchasing from suppliers to benefit AO’s customers. Through prioritisation and dialogue, AO aim to shift customer focus towards sustainable products. · AO reduces environmentally harmful substances for the benefit of both people and the environment. AO works with monitoring harmful substances both in terms of reduction of harmful substances as well as handling emergency situations and is a part of the certified ISO 14001-manangement system. The entire AO, from top management to stores, is certified in the ISO 14001 environmental management system, which includes: · Actively involving employees in environmental efforts · Including environmental topics on the agenda of internal sales, board, and management meetings · Measuring departments on environmental perfor-mance, just as they are measured on other outcomes  Ensuring that initiatives with environmental impact are planned, implemented, and evaluated in collaboration with AO's responsible environmental unit · Assisting AO's customers in making green choices when shopping with usAO has consulted stakeholders by interviewing customers about their view on AO’s customer-related work with sustainability including harmful substances. Neighbours were not consulted regarding the matter, but as harmful substances are a well-regulated field, AO are following regulation on the matter including requirement to warehouse setup. E2-3 TargetsAO’s target is to eliminate all SVHC-substances in products AO sell by 2030 and reduce substances of concern, where substitutes are technically and commercially viable.As 2030 is a medium time frame, the interim target is to decrease the sales of chemical products with SVHC substances each year.No official methodology and no significant assumptions has been used to set the target. The target are related to the EU’s chemicals strategy for sustainability towards a toxic-free environment and the scientific evidence proposed in the strategy.AO plans to track the effectiveness of its actions yearly by analysing the substances in chemicals using special-ised software and track the amounts sold of SVHC substances as well as substances of other REACH restric-tion lists. The Target was set in 2024. AO has consulted stakeholders by customer interview during the fall of 2023 about their view on AO’s customer-related work with sustainability including harmful substances. They were not a part of the target setting process.The target relates directly to the climate and environ-mental policy as stated above. AO follows regulation updates using software and updates its list of relevant regulation each year.91.5%2025Progress towards SVHC 2030 target0%2024203094.1%100%E2-5 entity specific2025 2024 (restated) 2024 (original)Pollution - Substances of very high concern UoM SCIP SVHC SCIP SVHC SCIP SVHCAmount of substances of very high concern that leave facilities as part of products by main hazard classes of Weight substances of concerntonnes 1,226.1 34.1 913.3 26.1 679.8 9.6Percentage of net revenue generated by products and services that are or that contain substances of very high concern % 8.5% 0.03% 5.8% 0.04% 5.8% 0.04%*  The 2025 reporting period introduces a revised number for Pollution - Substances of very high concern. The metric in last year’s report did not capture the total weight of all sold products. In contrast, the 2025 metric now reflects the total weight for all sold products classified as substances of very high concern. As a result, figures from 2024 have been updated to reflect the same definition as the 2025 figures to be comparable.  Accounting policySubstances of very high concern (SVHC)Substances of Very High Concern (SVHC) are substances or articles (ingredients in final particularly hazardous substances identified products) sold in AO.under the EU REACH Regulation.The volume of SVHC is presented as the total SCIP is the EU database under the Waste weight (in tonnes) of all substances or articles Framework Directive in which suppliers must containing SVHC, not the total weight of the register articles containing SVHC above 0.1% actual SVHC ingredient.weight by weight. Information on SVHC in chemical substances and mixtures is instead The weight of a substance or article is provided in Safety Data Sheets (SDS).included if the SVHC concentration exceeds 0.1% weight by weight.Provided are the total weight (in tonnes) and percentage of net revenue of SVHC as part of E5 Resource use and circular economyIRO-1 Impacts, risks and opportunities AO has identified three negative impacts within resource use and circular economy related to following sub-topics: · Resource inflows · Resource outflows · WasteAO’s assessment of resource use and circular economy impacts is based on extensive industry knowledge, continuous desk research, and internal and external knowledge sharing. The assessment incorporates general data from the construction industry and prod-uct-specific supplier data on waste and packaging.AO monitors international legislation and market trends to identify emerging risks and opportunities, particularly related to compliance and circular business models.Although AO’s own operations have limited local envi-ronmental impact and are not classified as polluting, as defined by the Danish Environmental Protection Act, upstream activities in the value chain does have an impact on the stakeholders due to resource extraction and material production. These impacts are difficult to trace and mitigate given value chain complexity.Regarding AO’s own activities, AO’s main resource impacts stem from purchased packaging, involving the use of energy, water, and raw materials. Internal resource use primarily relates to energy for facilities and pack-aging production. Going forward, AO aims to strengthen risk assessments and stakeholder management related to resource use and circular economy.While identifying IROs relevant for resource use and circular economy, all types of resource inflows and outflows were considered, including energy and water consumption in own operations as well as in upstream and downstream activities. Water was deemed non-material (see non-material topics based on DMA). Energy consump-tion and impact of resource use of AO’s value chain are covered in section E1 Climate change on page 66.AO calculate and analyse its waste and packaging with product-specific supplier data. However, due to the complexity of the value chain and no direct influence on the initial stages of product production, the negative impacts in upstream activities are difficult to mitigate, as well as downstream activities regarding resource loss if products are not properly managed or recycled.E5-1 PoliciesAO’s Climate and Environmental Policy cover the full value chain and all stakeholders across geographies. Given that most material impacts occur upstream, the policy primarily targets supplier and product-related activities, while also addressing AO’s own waste reduc-tion and resource efficiency efforts.The ESG Council is responsible for the implementation of the policy, which focuses on climate change mitigation and adaptation, energy efficiency, pollution prevention, waste management, and circular economy. It is publicly available on AO’s website and intranet.All employees must complete online training on envi-ronmental and climate practices and are encouraged to engage with the sustainability team for questions or ideas.In addition to the Climate and Environmental Policy AO prioritises waste reduction and minimising the use of virgin resources operations through reducing own packaging amounts and procuring reusable transport packaging or packaging made of recycled materials if possible. This is an ongoing effort, supported by Pack-aging and Packaging Waste Regulation timeline. E5-2 ActionsAO has implemented a company-wide waste sorting system, continuously optimised for each location. Employees complete training on proper sorting and receive updates as new information becomes available. Monthly waste data is visualised and shared internally to track progress, identify best practices, and support underperforming sites.In Q2 2025, packaging flows at the central warehouse were mapped to identify challenges and opportunities regarding reduction of used packaging. Various initia-tives for packaging reduction were suggested. Some of them were investigated and implemented in Q4 2025. In Q4 2025, damaged and defective goods were investi-gated as well, to identify potential for resell options.Related to the Extended Producer Responsibility for Pack-aging, AO is continuously working on collecting correct packaging data from relevant suppliers. Furthermore, in Q4 2025, relevant requirements and targets set in Packaging and Packaging Waste Regulation were mapped and will in 2026 contribute to setting packaging reduction targets. AO has also mapped packaging design criteria according to the Extended Producer Responsibility, which will help identify and encourage procurement of packaging with the least environmental impact. Due to the complexity of AO’s value chain, AO is currently not focusing on circular resources in the products’ value chain.These initiatives form the foundation for AO’s devel-oping circular strategy, focusing on waste prevention, value retention, and procurement of recycled materials. Actions are reviewed continuously and adjusted based on results.E5-3 TargetsAO has defined one target regarding circular  economy, which is specified in the Climate and  Environmental Policy:AO has set a target to sort at least 90% of its total waste.Sorted waste is defined as all waste streams that are not classified as residual waste or waste sent to land-fill (deponi). Consequently, the share of sorted waste is calculated as total waste generated minus residual waste and landfill waste, expressed as a percentage of total waste. The calculation is based on data from wastemanagement providers.AO plans to track the effectiveness of its actions yearlyby analysing the amount of waste that is sorted for further treatment and amount of residual waste. The baseline for the calculation will be 2024, as the target has been set during 2024.Danish legislation does not set any specific waste sorting targets that companies must reach. AO’s waste sorting targets are not based on any significant assumptions but inspired by legislation and driven by AO’s environmental ambitions. Regarding packaging targets,AO will in 2026 take point of departure in targets set in Packaging and Packaging Waste Regulation. Due to the complexity of AO’s value chain, AO is currently not focusing on circular resources in the products’ value chain.E5-4 Resources inflows Due to the extent of AO’s product range and consequently its wide-reaching and complex value chain, AO has not executed an analysis of its full resource inflows.Regarding own operations, AO mapped its own pack-aging consumption to start working on reduction of procured packaging. These are the resource inflows that are within AO’s full control. AO is also in the process of collecting detailed packaging data from its suppliers in line with Extended Producer Responsibility for Packaging. However, these resource inflows are outside AO’s control.The impact of resource use in AO’s value chain is elabo-rated in the E1 Climate change section on page 66.E5-5 Resources outflows and waste AO’s main activities are procurement and sales, with limited own production, making waste management a key environmental focus area.AO generates some waste, in connection with its normal operations. Cardboard packaging is AO’s largest mate-rial waste stream, accounting for 38% of its total waste. The second largest material waste stream is wood, at around 27%, followed by incinerated waste, which makes up about 20%. Plastic account for 4% and steel, other metals, and ceramics combined account for 3% of AO’s total waste. Other material waste streams do not exceed 1.5% of annual waste.Waste data is collected from certified waste management partners who sort, weigh, and report data monthly based on verified measurements and invoices. Reporting covers all AO locations in Denmark, Sweden, and Norway.Small projects encouraging reduction of wasteNEXTWhenever AO has materials and products that are still intact and useful but not eligible for sale, such as screws that have expired and are in old packaging, AO sends them to a vocational school that can use them for training and education of future carpenters, rather than disposing of the screws. RED projectThe 'RED' project, initiated by our customer Finn L. &amp; Davidsen, receives donations several times a year from AO. We provide slow-moving stock items and return products with cosmetic damage, which are handed out to DIY enthusiasts once a year.Waste UoM 2025 2024Total amount of waste generated Weight tonnes 1,714 1,708Non-recycled waste Weight tonnes 329 315Percentage of non-recycled waste % 19.2% 18.4%2025 2024Non- Non- Waste UoM Hazardoushazardous HazardoushazardousDiverted from disposal Preparation for reuse Weight tonnes 0 5 0 0Recycling Weight tonnes 2 1,383 3 1,390Other recovery operations Weight tonnes 1 201 3 209Directed to disposal Incineration Weight tonnes 0 112 0 82Landfill Weight tonnes 0 10 0 21Other disposal operations Weight tonnes 0 0 0 0  Accounting policyWaste weightWaste treatment volumes are reported in absolute tonnage (in tonnes) of waste collected from AO's loca-tion during the reporting period. All data is third-party and actual data.Non-recycled wasteTotal weight in tonnage (in tonnes) and percentage of waste that has not been recycled.S1 Own workforceSBM-3 Impacts, risks and opportunities AO has identified two negative impacts within own work-force related to follwing sub-topics: · Working conditions · Equal treatment and opportunities for allThe employees are the core of AO, and they are crucial to the company’s success and results. AO is committed to being a socially responsible business and ensuring that every employee is satisfied and has the best working conditions.Potential impacts can lead to the loss of talented employees and a challenge of recruiting and developing the necessary resources and expertise. Economic down-turns and business acquisitions can potentially lead to negative impacts on the workforce. Through targeted activities in own working environment and employee development, AO strives to create long-term opportunities. AO focuses on building a dynamic and flexible workforce capable of adapting to changes and supporting the company’s ambitions of being an attractive, inclusive, and socially responsible workplace.AO operate in an industry that traditionally did not have many women, making it difficult to achieve equal gender distribution, however, AO focuses on equality and devel-opment for all.Health and safety can potentially have large negative impacts for AO’s employees, which makes it a high priority for AO management to mitigate amount and severity.The company’s CHRO is responsible for the implemen-tation of all HR policies applying to the entire AO Group, unless anything else is stated.The measurement of the metrics related to characteristics of own employees is based on the AO Group and is not vali-dated by an external body, unless otherwise else is stated.SBM-2 Interests and views of stakeholdersAO’s employees are the foundation for the company’s success and results. Channels for open communication and daily interaction present AO’s employees with an opportunity to engage and share meaningful insights, giving all employees a voice at the company, as well as in the Works Council and the Board of Directors. Employees have an increasing expectation of trans-parency in relation to well-being, work pressure and management culture, as well as an interest in how the company supports work-life balance. AO focuses on offering employees a healthy and safe working envi-ronment, opportunities for skills development and an inclusive culture with respect for human rights, including diversity and equal opportunities for all employees. The above is part of AO’s strategy and business model with a focus on, e.g., creating an attractive, inclusive and socially responsible workplace.Customers and business partners are showing increasing attention to social responsibility in the value chain. They demand documentation of decent working conditions, respect for human rights and active efforts against discrimination - both internally and with subcontractors.AO uses inputs from stakeholders to determine the most important social topics in its CSRD reporting and to define goals and initiatives that support the respon-sible and sustainable development of the organisation and its employees.No special impacts or dependencies have been identi-fied. See Stakeholder section on page 56.S1-1 Policies related to own workforceWhile not covered directly in the policies mentioned below, AO prioritises employee well-being, retention, and development, and will continue to strengthen its efforts in the identified areas to ensure a workplace that promotes both well-being and motivation among employees.AO is dedicated to advancing its initiatives and achieving its ambitious social goals so that the company can maintain a supportive and diverse work environment that contributes to the sustainable development of all employees, the company, and society.AO takes pride in a strong corporate culture, reflected in low employee turnover and a commitment to ensuring the health and safety of everyone.AO’s employee code of conduct, including guidelines and company's ethics and compliance policy defines and establishes the expected behaviour in both internal and external situations. All employees are expected to act in accordance with this code of conduct, respecting AO’s principles and commit-ments regarding health and safety, discrimination, anti-corruption and bribery, environment, data protec-tion, etc. Managers are responsible for ensuring the implementation and adherence to the code of conduct.HR activities are managed by a central HR function headed by the company’s CHRO. The HR function is tasked with the management of the material impacts affecting AO’s own workforce.Human and labour rightsAO complies with and upholds fundamental international human rights standards, including the UN Universal Declaration of Human Rights, the core principles on human rights as described in the UN Guiding Principles on Business and Human Rights, the EU Convention on Human Rights, and the basic conventions adopted by the International Labour Organization (ILO), which is an agency of the UN dealing with labour issues. AO’s policy on respect for human rights specifically addresses the right to freely associate, organise, and engage in collective bargaining. AO does not tolerate forced labour, child labour, or discrimination. AO’s policies do not address trafficking in human beings as AO complies with national and local rights as well as EU legislation.AO’s policy on respect for human rights and supplier code of conduct, which are part of AO’s broader sustainability strategy set out by the ESG Council, apply to all employees and business partners, ensuring that respect for human rights is upheld naturally throughout the company.Health and safetyEnsuring a safe and healthy work environment is one of AO's top priorities and health and safety guidelines were implemented with standards to protect and ensure the safety of its employees.AO focuses on sick leave management, with an absence management policy aimed at supporting an early and proactive approach to help retain employees. Low absence rates and the prevention of workplace accidents are essential for AO employees' well-being and the overall efficiency of the company. Through the company’s EarlyCare programme, the organ-isation and/or employee who is on sick leave or at risk of taking sick leave can contact EarlyCare and speak with Health Guides who can offer treatment guidelines. Early intervention can minimise the risk of illness developing into a long-term absence. The goal is to help the employee return to work in a safe, quick, and successful manner.Diversity and equal treatmentDiversity is regarded as a strength that contributes to innovation and AO’s long-term success. AO has devel-oped policies to ensure equal opportunities for all employees, regardless of background, to foster a work-place where all employees feel valued and respected. Through the company’s ethics and compliance policy, AO actively supports diversity with a focus on respecting human rights. AO offers equal opportunities regardless of ethnicity, race, religion, age, gender, disability, sexual orientation, political views, or social status.  In addition, AO has a policy for increasing the underrepresented gender at the company’s other management levels, a diversity policy for the company's management, and a diversity policy for all employees.AO’s statutory report on diversity in management can be viewed here:Statutory report on diversity in management 2025https://ao.dk/globalassets/download/regnsk-absdata/2025/statutory-report-on-diversity-in-manage-ment-2025.pdfAO’s approach to well-being includes both physical and mental health, flexible working hours, and meaningful opportunities for personal and professional develop-ment. The flexibility policy is outlined in the employee handbook available on the company intranet. To support employees approaching retirement, AO has a senior policy that allows employees to plan their retirement well in advance, e.g., changes in working hours.All AO employees have employment contracts that clearly state their rights and obligations. Salaried employees and workers paid by the hour are covered by collective agreements. Managers’ employment terms are governed by the National Salaried Employees Act and are aligned with the collective agreement for salaried employees on specific issues.AO pays a fair wage to their employees in line with national legislation, market trends and agreements with trade unions. All employees are covered by social protection, through public programmes in both Denmark, Sweden and Norway. AO respects employees' rights to organise and to engage in collective bargaining.Historically, more men have pursued careers within the construction sector, in which AO operates, and the majority of the talent pool is therefore made up of men, which is evident in AO’s leadership levels and throughout the organisation. This is also reflected in the gender pay gap. Many of AO’s diversity initiatives aim to balance gender representation in leadership and throughout the organisation and to achieve pay equity for equal quali-fications and jobs. For instance, when AO seeks candi-dates for an open position, the company strives to have at least one woman among the last three candidates for the job in question. In this way, the proportion of women in the organisation is expected to increase over time, and as AO practices equal pay for equal work, the gender pay gap is expected to be reduced as well. Skill enhancement and further trainingAO encourages ongoing learning and offers a wide range of educational opportunities through its "Learning Universe" on the intranet, and here information regarding the company's training strategy is also available. Training and education are crucial for AO to remain competitive and adapt to ever-changing market needs.AO offers a trainee programme that provides young people with hands-on learning, professional develop-ment, and mentorship programmes that help them build the skills and experience needed for a successful career. This initiative is part of AO’s social responsibility and an important step toward supporting the future workforce.Non-employees (substitutes)Non-employees working through an external agency are entitled to similar basic conditions as direct hires.S1-2 Engaging with own workforceTo foster trust and open communication regarding working conditions, the company’s guidelines and policies are made accessible to all employees on the company intranet and in the employee handbook. Additionally, AO has implemented an e-learning portal, 'AO Campus', where all new employees complete mandatory e-learning courses, including the ‘Ethics and Compliance’ course which helps protect and safeguard employees against discrimination, harassment, and unsafe working conditions.Employee involvementAO continuously promotes employee involvement and transparency through regular updates via the company intranet, kick-off meetings, team and department meet-ings, as well as virtual presentations covering topics such as company performance (financial review), IT secu-rity, training opportunities, and e-learning courses.AO actively involves employees in shaping and improving company processes, often through project-based initia-tives and evaluations of new systems.AO’s goals and results are communicated in part through mandatory reports, ensuring the maintenance of stake-holder trust. This strengthens the shared understanding of the company’s goals and reinforces its culture, which brings the organisation closer together.With a focus on improving working conditions and ensuring high job satisfaction, AO conducts job satisfac-tion surveys where employees can provide feedback to the company. AO puts value in sharing knowledge and information with its employees. AO assesses the effectiveness of its engagement with its own workforce through the job satisfaction surveys, direct communication channels, and workplace assess-ments (APVs).Works CouncilAccording to the Danish rules for works councils, which are set out in the Cooperation Agreement between the Confederation of Danish Employers and the Danish Confederation of Trade Unions (now merged into the Danish Trade Union Confederation), companies with more than 35 employees must establish a works council.AO has therefore set up a Works Council, which meets every two months. The Works Council consists of six management representatives and six employee repre-sentatives, the latter being elected by the employees. Employee representatives are elected from among employees without managerial responsibilities within the Danish parent company for a term of two years.The Works Council ensures mutual information-sharing and dialogue about workplace matters, both actual and potential impacts, so that management and employees can achieve a common understanding, thereby promoting a positive workplace culture and efficient operations. Employees can contact their workers’ representatives and ask them to bring up issues at the Work Council meetings. AO has not entered into an agreement with its employees to set up a European Works Council.Employee representatives on the Board of DirectorsAO’s Board of Directors consists of eight members, three of whom are employee representatives, elected by the employees for a term of four years. The employee repre-sentatives ensure that employees have a direct voice in the top management of the company. The employee representatives are, among other things, involved in identifying and assessing actual and potential impact on AO’s workforce. Thus, AO’s employees can influence decisions that directly affect their work environment, working conditions, setting targets and the company's future development. Approximately six ordinary Board meetings are held each year.Employee goals, HR-systems and data collectionThe company has a structured approach to HR data management, where various HR systems serve as a main data warehouse. Here employee information such as contracts, working hours, job transfers, management levels, salaries, holiday and absence registration, including sick leave, etc., is collected. HR data is updated frequently.In addition, the company has data collection for work-place accidents, extended illness, performance reviews, and job satisfaction surveys, enabling AO to monitor well-being and safety, identify areas for improvement, and respond quickly to risks and changes.This ensures expectations for responsible behaviour are clear from the outset.S1-3 Remediate negative impacts and channels for own workforce to raise concernsAO has established processes to ensure that employees have effective and safe mechanisms to raise concerns, seek remediation, and have adverse impacts addressed in line with AO’s Policy for Respect for Human Rights.Employees are encouraged to report any irregularities, breaches of law, or concerns about working conditions through several channels. The primary mechanism is AO’s whistleblower portal, accessible via AO’s intranet and websites, which guarantees confidentiality and independ-ence. In addition, employees may address grievances directly with their line manager or the HR department. These mechanisms ensure that employees have both formal and informal pathways to raise issues.Remediation measures are designed to address not only the individual case but also to prevent recurrence and mitigate systemic risks. By embedding these processes into the broader governance framework, AO strengthens transparency, supports employee rights, and advances its ambition for a fair, diverse, and inclusive workplace.AO continuously evaluates the effectiveness of these initiatives and adjusts them based on employee feedback and market developments.Whistleblower systemThe established whistleblower system provides an effec-tive grievance and feedback mechanism that is externally managed, allowing employees to report issues without fear of retaliation.Grievances are handled in accordance with established procedures, ensuring timely responses. The effective-ness of these channels is evaluated on an ongoing basis through the monitoring of cases.Health and safetyAccidents in the workplace are reported through the health and safety committee, which receives information about incidents and reports them to the public authorities via a safety management system.In AO’s occupational health and safety organisation, a key focus is on safety protocols to minimise risks and prevent injuries.By focusing on these elements, AO is committed to providing its employees a socially responsible and supportive work environment that not only promotes employee well-being throughout their careers but also enhances the company’s overall performance and reputation.In addition, employees have the option to enrol in the company’s health insurance plan, which gives them quick and professional treatment or assessment if they experience discomfort, illness, or injury. This insurance also covers the employee's children, and employees can opt to extend the insurance to their spouses, partners, or registered partners.S1-4 ActionsAO proactively addresses potential challenges as they are identified. Implemented measures to mitigate identified risks include enhanced well-being initiatives, flexible work arrangements, health programmes, and a clearly defined code of conduct through guidelines and policies that are regularly updated based on employee feedback and business needs. By combining job satisfaction initiatives with a clear code of conduct and employee involvement, AO fosters a workplace community built on trust, respect, and engagement.The HR department monitors the implementation of improvements and adjustments by conducting assess-ments of the employees involved and affected. This process ensures that the changes have achieved the desired outcomes and identifies whether additional actions are required to meet expectations.AO has implemented a range of initiatives aimed at enhancing employee engagement and creating a work environment where all employees thrive and feel valued. AO’s retention strategy includes flexible working condi-tions, competitive salary packages with an annual individual salary review, health benefits, and extensive opportunities for skill enhancement and further training.Health and safetyAO actively works to create a safe and healthy work environment that enhances the company's reputation. Through strategic workforce planning, compliance with policies, health programmes, and continuous evaluations via job satisfaction surveys and workplace assessments, areas for improvement are identified to reduce risks asso-ciated with work-related stress and physical safety. AO has implemented preventive measures, including flexible working arrangements and mental health initiatives, to help employees achieve a good work-life balance.AO's occupational health and safety committee contin-uously works to prevent accidents by updating and establishing new standards and policies to safeguard employees. The committee actively addresses safety challenges in the workplace, especially in high-risk areas such as logistics and stores. It provides safety briefings to management and conducts regular audits in departments and stores to identify and address poten-tial safety risks.The health and safety committee implements regular safety training for all employees, including refresher courses, to maintain awareness of best practices. Interac-tive workshops and hands-on exercises are held to ensure proper equipment use and risk management. Procedures are updated regularly to keep employees informed and equipped with the necessary knowledge to work safely.AO conducts regular workplace assessments (APVs), which allow employees to provide feedback on their physical and psychological working conditions. Action plans are developed based on feedback, enabling ongoing improvements and the implementation of both existing and new safety protocols to protect employees from injury and stress.AO has implemented ergonomic workstations and robotic technology in its warehouses to reduce physical strain. In other company functions, ergonomic workspaces have been introduced to prevent work-related ailments.All employees can enrol in a health insurance plan that provides quick and professional assistance for treatment or diagnosis of discomfort, illness, or injury. In addition, an EarlyCare programme is offered, where employees who are on sick leave or at risk of taking sick leave can receive support for treatment. Enrolled employees pay an annual premium which is lower than the normal rate, as it has been negotiated by AO.Skill enhancementTo minimise risks associated with the loss of key compe-tencies and ensure long-term competitiveness, AO invests in training programmes and courses that allow employees to develop their skills, expand their competencies, and grow professionally. This includes both internal and external training options giving employees access to professional and personal development. Unskilled warehouse workers are offered a skills assess-ment, enabling them to pursue a training programme in warehouse and terminal operations and thereby become skilled workers.To prepare managers for their roles and promote AO’s values, managers are offered a company-tailored lead-ership programme at academy level, developed with a societal focus, closely following trends and values in leadership and management.S1-5 TargetsThrough AO’s focus on building a safe and attractive work-place, a set of targets are being developed. In early 2026 AO will conduct an employee satisfaction survey which will be the baseline for a future target.Targets for training and development for AO is in devel-opment, as systems regarding employees training and development for the group's subsidiaries is not inte-grated with the parent company in 2025.There are courses with special/specific content that are only mandatory for certain employee groups. AO is continuously developing new courses, and existing courses are updated so that they are always up to date.AO’s health and safety goal is to establish a zero-accident culture, partly through risk assessments of work processes to identify potential hazards and initiate preventive actions. This approach enhances employee awareness, engagement, and accountability, fostering a culture of safe behaviour. The target for AO is to reduce the rate of record-able work-related accidents for all employees, including non-employees.The health and safety of AO’s employees is always a high priority for AO and believe that these work-related inci-dent targets reflect the focus on good working conditions and safety for all employees.AO’s overall goal is to remain an attractive workplace where talented employees choose to stay and contribute to the Group’s success and sustainability.AO believes that setting targets for overall satisfaction, health and safety, and training hours are reliable indica-tors to monitor the effect of AO’s actions and to support the focus on a safe and attractive workplace.S1-6 Targets related to own workforce UoM Target 2026 2025 2024Rate of recordable work-related accidents for own workforce (incl. Non-employees) Rate &lt;10 12.2 7.5Amount of work-related fatalities No. 0 0 0Employees by gender UoM 2025 2024Male Headcount 773 744Female Headcount 297 285Other Headcount 0 0Not reported Headcount 0 0Total employees Headcount 1070 10292025 2024Employees by country UoM Female Male Total Female Male TotalDenmark Headcount 286 708 994 274 697 971Norway Headcount 3 5 8 3 5 8Sweden Headcount 8 60 68 8 42 50Employee turnover UoM 2025 2024Number of employee who have left undertaking Headcount 134 130Percentage of employee turnover % 12.5% 12.6%S1-6 2025 2024Employees by contract type: by gender UoM Female Male Other Not disclosed Total Female Male Other Not disclosed TotalTotal employees Headcount 297 773 0 0 1,070 285 744 0 0 1,029Permanent employees Headcount 286 734 0 0 1,020 268 701 0 0 969Temporary employees Headcount 11 39 0 0 50 17 43 0 0 60Non-guaranteed hours employees Headcount 0 0 0 0 0 0 0 0 0 02025 2024Employees by contract type: by country UoM DK NO SE Total DK NO SE TotalTotal employees Headcount 994 8 68 1,070 971 8 50 1,029Permanent employees Headcount 944 8 68 1,020 911 8 50 969Temporary employees Headcount 50 0 0 50 60 0 0 60Non-guaranteed hours employees Headcount 0 0 0 0 0 0 0 0S1-92025 2024Gender distribution at top management UoM Female Male Total Female Male TotalGender distribution in number of employees (head count) at top management level Headcount 3 8 11 3 7 10Gender distribution in percentage of employees at top management level % 27% 73% 100% 30% 70% 100%Age groups UoM 2025 2024Distribution of employees (head count) under 30 years old Headcount 186 182Distribution of employees (head count) between 30 and 50 years old Headcount 450 436Distribution of employees (head count) over 50 years old Headcount 434 411S1-82025 2024Collective bargaining  Social  Collective bargaining  Social  agreementsdialogueagreementsdialogueCountries Countries Countries Countries Coverage rate(&lt;50 employees) Regions(&lt;50 employees)(&lt;50 employees) Regions(&lt;50 employees)0-19%   -      -      -      -      -      -   20-39%   -      -      -      -      -      -   40-59%   -      -      -      -      -      -   60-79%   -      -      -      -      -      -   Denmark,  Denmark,  Denmark,  Denmark,  80-100%Norway, Sweden  -   Norway, SwedenNorway, Sweden  -   Norway, Sweden2025 2024Workers' representatives UoM DK SWE DK SWEPercentage of employees in each country with significant employment (in the EEA) covered by workers' representatives % 100% 100% 100% 100%S1-7Non-employees UoM 2025 2024Number of non-employees in own workforce FTE 71 65Number of non-employees in own workforce - self-employed people FTE 0 0Number of non-employees in own workforce - people provided by undertakings primarily engaged in employment activities FTE 0 0S1-13Development and training UoM Gender 2025 2024Percentage of employees that participated in regular performance % Female 14.1% 18.2%and career development reviewsMale 15.9% 19.6%Total 15.4% 19.2%Development and training UoM Gender 2025 2024Average number of training hours per person for employees Avg. Female 17.1 5.0Male 24.5 9.0Total 22.4 7.9S1-142025 2024 (restated) 2024 (original)Health and safety incidents UoM DK SWE Total DK SWE Total DK SWE TotalNumber of fatalities in own workforce as result of work-related injuries  and work-related ill health No. 0 0 0 0 0 0 0 0 0Number of fatalities as result of work-related injuries and work-related ill health  of other workers working on undertaking's sites No. 0 0 0 0 0 0 0 0 0Number of recordable work-related accidents for own workforce No. 15 1 16 11 0 11 20 0 20Number of recordable work-related accidents for non-employees No. 6 0 6 2 0 2 4 0 4Rate of recordable work-related accidents for own workforce Rate 9.6 9.4 9.5 7.3 0 6.9 12.3 0 12.3Rate of recordable work-related accidents for non-employees Rate 52.1 0 52.1 15.5 0 15.5 30.6 0 30.6Number of cases of recordable work-related ill health of employees No. 0 0 0 0 0 0 0 0 0Number of days lost to work-related injuries and fatalities from work-related accidents, work-related ill health and fatalities from ill health related to employees No. 55 0 55 48 0 48 48 0 48*The 2025 reporting period introduces a revised definition of health and safety incidents. The metric in last year’s report captured all incidents without distinction. In contrast, the 2025 metric reflects a new five-tier severity classification, with reporting limited to incidents falling within the three highest severity tiers. As a result, figures from 2024 have been updated to reflect the same definition as the 2025 figures to be comparable.Health and safety management system UoM 2025 2024Percentage of people in its own workforce who are covered by health and safety management system based on legal require-ments and (or) recognised standards or guidelines % 100% 100%S1-152025 2024Family-related leave UoM Female Male Total Female Male TotalPercentage of employees entitled to take family-related leave % 100% 100% 100% 100% 100% 100%Total of entitled employees that took family-related leave by gender No. 17 30 47 17 36 53Percentage of entitled employees that took family-related leave by gender % 5.0% 3.5% 3.9% 6.0% 4.8% 5.2%S1-16Pay-gap UoM 2025 2024Gender-pay gap (male vs female) % 19.7% 20.4%Remuneration UoM 2025 2024Annual total remuneration ratio Ratio 24.3 23.2S1-17Discrimination, human rights, etc. UoM 2025 2024Number of incidents of discrimination including harassment No. 0 0Number of complaints filed through channels for people in own workforce to raise concerns No. 1 0Number of complaints filed to National Contact Points for OECD Multinational Enterprises No. 0 0Amount of fines, penalties, and compensation for damages as result of incidents of discrimination, including harassment and complaints filed Amount 0 0Number of severe human rights issues and inci-dents connected to own workforce No. 0 0Number of severe human rights issues and incidents connected to own workforce that are cases of non respect of UN Guiding Prin-ciples and OECD Guidelines for Multinational Enterprises No. 0 0Amount of fines, penalties, and compensation for severe human rights issues and incidents connected to own workforce No. 0 0§ Accounting policies  Accounting policies for own workforceS1-6Employees: Data consists of full-time, part-time and tempo-rary employees (students +maternity substitutes), at the end of the reporting period. Permanent employees: Data consists of full-time and part-time employees, at the end of the reporting period.Employees by country: Data consists of full-time, part-time and temporary employees (students +maternity substitutes), at the end of the reporting period. Temporary employees (students + maternity substitutes): Students and maternity substitutes are employees who are hired on a limited-period contract.Employee turnover: The rate of employee turnover is calculated as the number of employees who left voluntarily or due to dismissal, retirement, or death in service during the reporting period to the headcount at the end of the reporting period.Full time equivalent (FTE):  The total number of hours worked divided by the standard number of hours for a full-time employee.S1-7Non-employees: Non-employees (substitutes) are defined as people who are hired on hourly basis with no contract, end of the reporting period. S1-8Collective bargaining agreements: Data consists of full-time, part-time and temporary employees (students + maternity substitute), at the end of the reporting period. The split between employees covered and not covered by collective bargaining agreements, is determined by the position of the employee. All employees except managers with staff resposibilities are covered by a collective bargaining agreement. No assumptions are made. Non-employees are covered under Danish legislation, market trends and agreements with trade unions, through the bureau the non-employees are employed.The social protection through the public programs cover sickness, unemployment, employment injury and acquired disability, parental leave and retirement.Workers’ representatives: Data consists of full-time, part-time and temporary employees (students + maternity substitutes), at the end of the reporting period.S1-9Gender distribution at top management: Data consists of members of the Executive Board and the Group Management. Diversity split and number of members is disclosed at the end of the reporting period.Age groups: Data consists of full-time, part-time, temporary employees (students + maternity substitutes), at the end of the reporting period.S1-13Development and training: Data consists of full-time, part-time and temporary employees (students + maternity substi-tutes), at the end of the reporting period.Performance and career development reviews: All employees performance and development reviews is registered, allowing tracking of the total of completed, ongoing and planned reviews.Training hours: Data is combined from two data sources.  First source: AO internal education system with mandatory and voluntary training courses. Second source: Manual tracking of external education and courses.The total hours from both sources are used to calculate the average training hours.S1-14Health and safety management system: Data includes: · Employees: full-time, part-time, and temporary employees (including students and maternity cover staff). · Non-employees: external substitutes.All data is reported as of the end of the reporting period.Health and safety incidents: Data includes: · Employees: full-time, part-time, and temporary employees (including students and maternity cover staff). · Non-employees: external substitutes.Reported incidents cover the number of:, fatalities, lost-time injuries, restricted work cases, and incidents requiring medical treatment.The recordable incident rate is calculated as the number of recordable work-related incidents per 1 million hours worked.Lost days are exclude non-employees (external substitutes) working in storage facilities.S1-15Family-related leave: Data consists of full-time, part-time, temporary employees (students + maternity substitutes), at the end of the reporting period.Data collection is done in HR systems and is reviewed and approved by employee managers. Additional data registra-tion is done in government systems required by law.§ Accounting policiesS1-16Gender-pay gap: Data consists of full-time, part-time, temporary employees (students + maternity substitutes), for the reporting period. Data used for the calculation is a "full salary package" i.e. salary, bonus, holiday pay, pension, benefits. Calculation is based on the difference of average pay levels between female and male employees, expressed as percentage of the average pay level of male employees (data includes all employees’ gross hourly pay level).Annual total remuneration ratio: Data consists of full-time, part-time, temporary employees (students + maternity substitutes), for the reporting period. Calculation is based of the highest paid individual to the median annual total remuneration for all employees (excluding the highest-paid individual). Data used for the calculation is a "full salary package" i.e. salary, bonus, holiday pay, pension, benefits.S1-17Discrimination, human rights etc.: Data consists of full-time, part-time, temporary employees (students + maternity substitutes) and non-employees (substitutes), at the end of the reporting period.Data collection is from AO whistleblower system, formal complaints given to own manager or to HR. All formal complaints are registered regardless of channel. Incidents can only be counted if a formal complaint has been made through the whistleblower system, through the employees own manager or through HR.S2 Workers in the value chainSBM-3 Impacts, risks and opportunities AO has identified three negative impacts within workers in the value chain related to following sub-topics:  · Working conditions · Equal treatment and opportunities for all · Other work-related rightsAO’s business model relies on its business partners and suppliers, to meet  AO's own targets, by supplying their products and transportation across AO’s value chain. Respect and alignment with international human and labor rights standards is a requirement as well as supporting more sustainable solutions.AO sources from a complex global value chain, where material risks related to labor conditions may occur. Recent expansion into the textile sector has further increased exposure to these risks. These risks may result in adverse human rights impacts, reputational damage, and non-compliance with interna-tional standards or evolving regulatory expectations under EU supply chain laws. Legal and cultural differences across sourcing countries also limit transparency and control, particularly beyond direct suppliers. To address this, AO requires suppliers to sign and comply with its Supplier Code of Conduct based on ILO (International Labour Organisation) conventions. In AO’s textile division, BSCI (Business Social Compliance Initiative)-aligned standards are applied, as well as require third-party social audits, and request updated documentation. AO is currently implementing a supplier assessment system to collect ESG-related data, including labor practices, enabling broader visibility and proactive risk management. There have not been any incidents reported to us linked to AO’s products sold.These efforts support AO’s strategy to strengthen respon-sible sourcing, improve due diligence, and promote better working and living conditions across the value chain. At the same time, AO see opportunities to influence supplier behavior through active engagement and monitoring – positioning due diligence as both a compliance responsi-bility and a driver of long-term value.AO’s CCPO is responsible for the implementation of all value chain policies and code of conduct applying to all suppliers and business partners, unless anything else is stated.The measurement of the metrics related to characteristics of workers in the value chain is based on the AO Group value chain and is not validated by an external body, unless anything else is stated.SBM-2 Interests and views of stakeholdersAO is committed to a safe and healthy workplace and expects its business partners to be compliant with the national laws they operate in and the international labor and human rights standards. The insights gained from value chain workers and strong partnerships with suppliers help AO understand the interests, views and conditions of the workers in its value chain and are used as valuable input for AO’s strategy and business model and continuing engagement in its value chain.AO demand that all direct suppliers provide fair wages, secure employment and safe working conditions. AO has a whistleblower system for employees and workers in the value to raise concern and awareness of any issues. Strong relationships and open dialog are necessary to reduce the risk of negative impacts.AO’s commitment to human rights, labor rights and environmental responsibility is outlined in its Supplier Code of Conduct.No actual or potential impacts on value chain workers have been identified that would impact on AO’s strategy and business model. See Stakeholder section on page 56.S2-1 Policies related to value chain workersAO’s commitment to comply with national laws and international labor and human rights standards is also expected by all its business partners and suppliers, which is outlined in AO’s supplier code of conduct.AO’s code of conduct explicitly states that forced and child labor are not accepted under any circumstances along with respect for human rights, health and safety and ethical conduct is expected and can be documented. The policy is aligned with the UN Guiding Principles on Business and Human Rights and the ILO Declaration on Fundamental Principles and Rights at Work.AO ensures that its suppliers and business partners are informed of its code of conduct and inform them about AO’s whistleblower system which is open for them to report incidents.AO operates in low-risk markets and with an initial analysis from the supplier assessment system, the risk assessment of direct suppliers is considered low regarding human and labor rights.S2-2 Engaging with value chain workers about impactsSuppliers and business partners are required to agree and live up to AO’s code of conduct; however, AO does not have direct engagement with the workers in its value chain but has a whistleblower system in place that is accessible for all value chain workers.The supplier assessment system requires AO’s suppliers to yearly verify and present their policies, actions and targets regarding human and labor rights as well as other ESG areas. The system allows us to collect ESG-related data, including human and labor practices, enabling broader visibility and proactive risk manage-ment. It grants AO better insights to prevent and miti-gate negative impacts, and possibility to monitor and follow up if needed.The purpose of the supplier assessment system is not only to assess and monitor, but also to support AO’s suppliers with identifying risks and reduce or mitigate them through some targeted actions. AO’s textile section has an additional level of assessment with third-party social audits and requesting updated documentation.In case a supplier or business partner fails to comply with AO’s code of conduct and to live up to a set threshold within some focus areas, a corrective action plan will be initiated, and AO will offer their support to solve the issue. However, if they refuse or fail to comply with the code of conduct or corrective actions, AO will ultimately have to terminate the collaboration.S2-3Remediate negative impacts and channels for value chain workers to raise concernsSigning and living up to AO’s code of conduct is manda-tory, and AO expects its suppliers to require the same level of commitment and standards from their own suppliers.Reporting any concerns or complaints related to a possible breach of AO’s code of conduct through its whistleblower system are encouraged by suppliers, business partners and their employees. The system is managed by an external partner and ensures that you can anonymously report without risk of retaliation.At this time AO has not been made aware of any incidents or complaints that have or could have a negative impact. In case a concern is raised, the issue will be presented to the Board of Directors and Executive Board to investigate and remediate the issue. AO assesses and monitors the effectiveness of the actions for remediation, as well as the mechanisms, use of its channels and the type of inquiries received.S2-4 ActionsAO has defined a set of actions to mitigate incidents, but by following its policies and code of conduct. The ongoing communication with AO’s suppliers and business partners helps monitor potential risks through daily engagement. In case an incident occurs or is reported, it will be handled through the supplier assessment system or whistleblower program, depending on the channel it is reporting on and the severity of the incident.To reduce the risk of incidents AO will continue to: · Inform about its whistleblower system to workers in the value chain · Monitor and communicate about potential issues identified in the supplier assessment system · Support suppliers and business partners to mitigate risks · Continue with third-party social audits and request updated documentation for AO’s textile sectorAO has not received any reports of severe human or labor rights incidents connected to its value chain. Appropriate resources are assigned to AO’s whistleblower system and supplier assessment system to manage any inci-dents, should it arise.S2-5 Targets In connection with the implementation of the supplier assessment system, AO has defined one target and is working additional targets regarding risk assessment and supplier audits on AO’s own textile production.The target for 2025 will help gain better insight and monitor the efforts to show how many of its suppliers and business partners agree to AO’s code of conduct, help mitigate risks and contribute to a positive impact on human and labor rights for workers in the value chain.The targets are defined by the Senior Management Team and approved by the Board of Directors. They are tracked and assessed quarterly using data from AO’s contract system and risk assessment system. S2-5Code of conduct &amp; Risk assessment UoM Target 2030 2025 2024Share of direct suppliers with an agreed and signed Code of Conduct % 95.0% 85.0% -Share of direct suppliers with a risk assessment % 90.0% - -  Accounting policyShare of direct suppliers with an agreed and signed Code of ConductAO Groups total spend from direct suppliers who are covered by an agreed and signed code of conduct, of the reported year.Target at 95% is set as some suppliers will be small Danish local suppliers who are subject to Danish legisla-tion which already meets the same requirements as our code of conduct.Share of direct suppliers with a risk assessmentAO Groups total spend from direct suppliers, of the reported year, who have answered our ESG survey.Target at 90% is set as some suppliers will be small local suppliers in low risk countries or not a strategic supplier, not being required to answer a ESG survey.G1 Business ConductIRO-1 Impacts, risks and opportunities AO has identified three negative impacts within business conduct related to following sub-topics:  · Corporate culture · Protection of whistleblowers · Corruption and briberyAO is committed to conducting its business responsibly and fairly and to ensure that the company maintains the highest standards of business conduct, AO has assessed the impacts and financial risks across its operations in Denmark, Sweden and Norway.As a major supplier in the Danish construction industry, AO’s operations span over 600,000 products sourced from more than 1,000 suppliers, creating both opportunities and potential risks when managing the complexities of international business value chains.Long payment terms on smaller suppliers could potentially impact and destabilise their financial health. Maintaining fair payment terms supports the suppliers and create a sustainable partnership.In a large and complex business network, there are inherent risks such as corruption, bribery, harassment, and partic-ipation in an informal economy if not properly managed. Compliance with international guidelines and local legis-lation on ethical business conduct is important because of potential negative effects and legal consequences. The assessment has identified potential negative impact on corporate culture with its complex international value chain, lack of whistleblower protection and trust in the systems, supplier relationships with unfair treatment and late payments, and lack of compliance with corruption and bribery legislation.By ensuring ethical business conduct and mitigating risks related to corruption, supplier relations, and whistleblower protection, AO upholds its reputation as a fair and responsible player in the industry.Without adequate whistleblower protection, individuals may hesitate to report misconduct due to fear of retaliation. Lack of trust can lead to unreported incidents and negative impacts unresolved for workers in the value chain.GOV-1 The role of the administrative, management and supervisory bodiesThe administrative, management and supervisory bodies of AO play a significant part in ensuring good business conduct. They are responsible for assuring a clear definition and approach in its corporate governance.For more information about the role and expertise of the administrative, management and supervisory bodies, please see the Corporate Governance section on page 24-36.G1-1 Business conduct policies and corporate cultureBusiness practice and ethicsTo ensure that AO’s business conduct aligns with its values and those of its partners, AO has developed a Supplier Code of Conduct. This Code is a key part of the commercial agreements between AO and its suppliers, serving as a framework to align expectations regarding business practices and ethics. The Supplier Code of Conduct outlines essential provisions for compliance with internationally recognised standards on workers’ rights, human rights, environmental protection, and the prevention of bribery and corruption. AO holds both its suppliers and their subcontractors accountable to these high standards.AO places emphasis on keeping its policies relevant and up to date, ensuring they remain aligned with interna-tional standards, including UN conventions.In 2025, AO recorded no breaches or instances of non-compliance with its Supplier Code of Conduct, reflecting the commitment of its partners to uphold these values.The Supplier Code of Conduct has been approved by the Board of Directors and can be accessed here:The Supplier Code of Conduct 2025https://ao.dk/globalassets/download/regnskabsdata/2025/2025-supplier-code-of-conduct.pdfAO commits to a culture of honesty, transparency, and accountability to reduce risks and enhance its relation-ships with stakeholders, from suppliers to customers and employees.In 2025, AO initiated a supplier assessment system as part of AO’s ongoing effort to strengthen risk manage-ment and enhance its due diligence processes, ensuring that sustainability and ethical standards are integrated into every aspect of its operationsAO believes that strong partnerships with its customers and suppliers provide the foundation for focusing on sustainable solutions across its entire value chain. At AO, the customer is paramount, and this commitment extends to offering products that meet high environ-mental standards.Looking ahead, AO aims to pass on sustainability awareness from its suppliers to its customers through information sharing and expertise training for its staff. AO also seeks to inspire and encourage its partners to adopt sustainable solutions. AO will continue to advo-cate for sustainability through industry associations, employers’ associations, and in collaboration with public authorities, contributing to a more sustainable future in the construction industry.Tax policyTaxes play an important role in society and the develop-ment of the countries in which AO operates. AO contrib-utes to this by taking on its share of social responsibility regarding common welfare and sustainability through tax. AO pursues a responsible and transparent tax practice and does not support tax evasion, contribute to tax spec-ulation, or misuse of tax laws. AO complies with appli-cable tax laws in the countries in which AO operates.The company has zero tolerance for tax evasion or abuse. AO expects its customers, suppliers, and other partners to have the same view on tax payment as the company.AO’s tax policy can be viewed here:Tax Policy 2025https://ao.dk/globalassets/download/regnskabsdata/2025/2025-tax-policy.pdfProtection of whistleblowersAO has established a whistleblower scheme for employees and external stakeholders to report serious violations or suspicion thereof in a confidential matter.Employees are informed about the whistleblower system and where to access it. Other stakeholders may access the system through the Group’s websites.Information about AO’s policy on and usage of the whistleblower system is available on AO’s intranet and the Group’s websites. No formal training is conducted or required to use the reporting system.The scheme is administered by an independent third party to secure the anonymity and confidentiality of the reporting person.Incidents will be managed by the independent third party and forwarded to AO where they will be processed and investigated in accordance with AO’s whistleblower procedure.AO ensures that whistleblowers are protected from any negative consequences, thereby fostering a culture of open-ness and accountability. Without adequate whistleblower protection, individuals may hesitate to report misconduct due to fear of retaliation. A lack of trust in whistleblower systems can lead to unreported incidents. Extending these practices to AO’s value chain also strengthens its over-sight of suppliers and partners, allowing AO to detect and address any potential issues early.One whistleblower report was received in 2025.Once a year, the Board of Directors will assess whether the scheme works as intended. In 2024, it was decided to extend the scheme to include external stakeholders.The whistleblower system is an integral part of AO to prevent, detect and address allegations and incidents of corruption and bribery.AO’s whistleblower policy can be viewed here:Whistleblower Policy 2025https://ao.dk/om-ao/whistleblowerG1-2 + G1-6Payment PracticeAO is committed to fair and transparent payment prac-tices for all suppliers, regardless of their size including SMEs. AO ensures that all suppliers, whether SME or a large company, across all categories, are treated equally with respect to payment terms, maintaining consistent conditions. AO upholds equal treatment in all supplier transactions. On average, AO can calculate the number of days before payments are processed through its system, further ensuring timely and reliable payments to its partners. This approach strengthens AO’s relationships with suppliers and reinforces its commitment to responsible business practices.By maintaining fair payment practices, AO not only supports the sustainability of its suppliers but also preserves its reputation as a trusted and reliable partner.With the implementation of a supplier assessment system, the risk assessment of its supply chain provides an opportunity for both AO and its suppliers to better understand the risks and improve on the challenged areas for both social and sustainability matters.AO expects its suppliers to comply with the code of conduct consisting of human and labor rights, impact on the environment, corruption among other international standards.AO accepts reverse factoring as a payment option. This allows the supplier to be paid within a few days from delivery.G1-6Payment practices UoM Target 2030 2025 2024Average number of days to pay invoice Days &lt;1.5 1.3 1.5Percentage of payments aligned with standard payment terms % ≥95% 94.3% 94.9%Number of outstanding legal proceedings for late payments No. 0 0 0  Accounting policyStandard payment termsAO Groups standard payment terms are "Current month plus 60 days." unless other payment terms are agreed with the supplier.Payment practicesPayments to suppliers are made twice a week in accord-ance with agreed payment terms.G1-3 + G1-4Corruption and briberyAO complies with applicable legislation and international conventions on corporate governance, including workers’ rights, human rights, environment, bribery, and corruption, in the countries in which AO operates. AO maintains a zero-tolerance approach to violations of these conditions or breaches of rights. AO enforces strict anti-corruption poli-cies and regularly audits its business practices to ensure compliance with all relevant laws and ethical standards.Rules on anti-corruption and bribery are covered by the company’s own rules and ethical guidelines.AO regularly monitors purchasing patterns and the origin of its goods to ascertain the risk of non-compliance with AO’s Supplier Code of Conduct.Given the current distribution of its purchases, AO is of the opinion that the company is only at a limited risk of being indirectly involved in violations of workers’ rights, human rights and rules on anti-corruption and bribery, given that AO operates only in well-regulated countries and that 81% of the company's purchases originate (2024: 82%) from Europe.  Accounting policyPurchase originsAO’s purchase origin analysis is based exclusively on direct supplier purchases. The purchase pattern is calculated using the total volume of goods procured, allocated to the country of origin declared by the AO’s direct suppliers. Purchase patterns81%of our purchases originates from Europe 1% 18%Other countries Asia G1-4Incidents of corruption or bribery UoM 2025 2024Number of convictions for violation of anti-corruption and anti- bribery laws No. 0 0Amount of fines for violation of anti-corruption and anti- bribery laws No. 0 0Any actions taken to address breaches in procedures and standards of anti-corruption and anti-bribery. No. 0 0In 2024, AO decided to implement a mandatory online corruption and bribery course for all employees. The purpose is to give every employee the necessary knowl-edge on how to act in difficult situations or who to ask  for guidance if there is any confusion or uncertainty. It is the target that all employees undergo the training within 3 months after joining AO.The number of incidents reported are limited, but all incidents will be followed up with the direct involvement of the CHRO.AO takes business conduct seriously and does not tolerate violations in relation to corruption and bribery.G1-3Prevention and detection of corruption and bribery UoM Target 2025 2024The percentage of functions-at-risk covered by training programmes (Corruption and Bribery) - Passed % 100.0% 86.0% 92.0%Not started / In progress % 0.0% 14.0% 8.0%  Accounting policyIncidents of corruption or briberyNumber of incidents is based on reported incidents that has led to conviction for a violation. Incidents are included if considered substantiated cases.If any actions are necessary, further details will be presented.Prevention and detection of corruption and briberyCompletion share of all functions-at risk employees, end of the reporting period. Functions-at-risk consists of purchasing department, sales management &amp; IT management.</mrv:SustainabilityReport>
   <mrv:LinkToCorporateGovernanceReport contextRef="ctx-1" id="f1__s8__7__8">https://ao.dk/globalassets/download/regnskabsdata/2025/corporate_governance_2025-report.pdf</mrv:LinkToCorporateGovernanceReport>
   <mrv:StatementOfPolicyForDataEthics contextRef="ctx-1" id="f1__s8__7__10" xml:lang="en">Data ethicsStatutory Statement on Data Ethics, cf. Section 99d of the Danish Financial Statements ActThis statutory statement on data ethics of Brødrene A &amp; O Johansen A/S is part of the Management’s review in the Annual Report for 2025 and covers the accounting period from 1 January to 31 December 2025.Scope and Group Coverage Brødrene A &amp; O Johansen A/S (Central Business Register (CVR) number 58210617) is the only Danish company in the Group subject to the requirements of section 99d of the Danish Financial Statements Acts. Pursuant to section 99d(3), this statement on data ethics is prepared at Group level and therefore also covers subsidiaries, including AO Workwear A/S (Central Business Register (CVR) number 32151922), even though these companies are not independently required to prepare a statement.The described data ethics principles and measures therefore apply to both Brødrene A &amp; O Johansen A/S (hereinafter referred to as ‘AO’) and AO Workwear A/S. The statement is published as part of the Management’s review in AO’s Annual Report for 2025 and is available on the company’s website.Data Ethics Principles and Measures  AO has a fundamental ambition to ensure that customers, employees, and business partners have confidence in the company’s use and processing of data. Digitalisation and the use of new technologies are crucial to AO’s business development, and data ethics is therefore an integral part of the company’s governance structure.The Board of Directors has adopted a data ethics policy containing the following principles: · Management's dedication to data ethics · Responsible processing of data in accordance with rules and society's perception · Ensure transparency of processing operations · Avoid discrimination and exclusion · Support privacy and information security · Training of employees.To ensure implementation and compliance, a data ethics working group has been established, which applies the principles when assessing new digitalisation and tech-nology initiatives. In 2025, the working group placed particular emphasis on AO’s use of artificial intelligence (AI). The working group conducted a mapping and data ethics assessment of AO’s AI projects. No ethical issues were identified, and the use was assessed to be in compli-ance with AO’s principles. As a follow-up, a procedure for the responsible use of AI has been developed, estab-lishing the framework for development and application.At the same time, AO has worked systematically with the risk landscape associated with data processing and digitalisation. This supports the company’s efforts in information security and data protection, where AO is certified in accordance with ISO/IEC 27001 and ISO/IEC 27701. AO has also implemented measures to ensure compliance with the NIS2 Directive.AO recognises that data ethics is not solely about regula-tory compliance, but also about actively taking a position on technological dilemmas and societal implications. The development of AI services is expected to continue at a rapid pace, and the primary focus in 2026 will therefore be the ongoing monitoring and assessment of AO’s use of AI. This will include continued evaluation of which service models best support responsible development and ensure sustained trust from customers and business partners.The data ethics working group will also continue to be responsible for updating policies, assessing new applica-tions, and reporting to management.</mrv:StatementOfPolicyForDataEthics>
   <mrv:DescriptionofTheTaxonomyRegulation contextRef="ctx-1" id="f1__s8__7__12" xml:lang="en">EU TaxonomyUnder the EU Taxonomy Regulation, listed companies employing more than 500 people must disclose the share of their revenue, expenses and capital employed in 2025 that are defined as environmentally sustainable under the Taxonomy Regulation.For the 2025 financial year, reporting is required in relation to “Countering climate change”, “Adapting to climate change”, "Water", "Pollution", "Circular Economy", and "Biodiversity and ecosystems".AO is an environmentally aware and climate conscious company. As stated previously, AO’s direct carbon footprint is limited, as we are a wholesaler and conduct neither major production nor other activities that could potentially harm the environment and climate. That is why reporting on the environmental sustainability of AO’s activities as defined in the EU Taxonomy Regulation is limited and does not present a complete view of AO’s environmental and climate efforts, as they extend beyond AO’s own activities. See section E1 Climate change on page 66 for more information about AO’s activities.AO has conducted an analysis of its activities to identify if any of the activities are eligible as defined in the Annexes 1-2 of the Climate delegated act or in the Annexes 1-4 of the Environmental delegated act in the EU Taxonomy Regulation. The aim of this has been to identify whether AO has any reportable turnover, investments or expenses to be included in the report for 2025.Wholesale trading is not included as a separate activity in the EU Taxonomy Regulation. Hence AO only has sub-activi-ties that are covered by the Regulation.Identified areas with eligible economic activities during the reporting period were further assessed for alignment. However, AO does not claim alignment for 2025 due to insuf-ficient documentation in the relevant areas.Reporting in accordance with the taxonomyAccording to the classification system in the EU Taxonomy, AO is required to submit a report in relation to activity “CCM 6.5 Transport by motorbikes, passenger cars and commer-cial vehicles” and “CCM 7.7 Acquisition and ownership of buildings”. Both activities are deemed to have the potential to contribute to the environmental and climate objective “Adapting to climate change”.AO has compared the two identified activities "CCM 6.5 Transport by motorbikes, passenger cars and commercial vehicles” and "CCM 7.7 Acquisition and ownership of build-ings” with technical screening criteria according to the Delegated Regulation 2021/2139 and have identified 0% of the revenue, 55% of the investments, and 26 % of the total maintenance expenses to be eligible according to the classi-fication system, cf. below in the taxonomy form for turnover, capital expenditure (CapEx) and operating expenses (OpEx). None of the turnover, investments or operating expenses have been assessed as being environmentally sustainable activities. ConclusionAs yet, no capital expenditure plan for upgrading AO’s invest-ments to become environmentally sustainable in the longer AO has specifically assessed the do no significant harm term has been made.requirement for both eligible activities (CCM 6.5 and CCM 7.7) and does not claim alignment for any of the activities in 2025 This is illustrated below in the mandatory tables in accord-due to insufficient documentation in the relevant areas.ance with Delegated Regulation (EU) 2021/852.Nuclear and fossil gas related activitiesNuclear energy related activitiesThe undertaking carries out, funds or has exposures to research, development, demon-1stration and deployment of innovative electricity generation facilities that produce Noenergy from nuclear processes with minimal waste from the fuel cycle.The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear instal-2lations to produce electricity or process heat, including for the purposes of district heating or industrial Noprocesses such as hydrogen production, as well as their safety upgrades, using best available technologies.The undertaking carries out, funds or has exposures to safe operation of existing nuclear installa-3tions that produce electricity or process heat, including for the purposes of district heating or indus-Notrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades.Fossil gas related activitiesThe undertaking carries out, funds or has exposures to construction or operation of elec-4Notricity generation facilities that produce electricity using fossil gaseous fuels.The undertaking carries out, funds or has exposures to construction, refurbishment, and oper-5Noation of combined heat/cool and power generation facilities using fossil gaseous fuels.The undertaking carries out, funds or has exposures to construction, refurbishment and oper-6Noation of heat generation facilities that produce heat/cool using fossil gaseous fuels.Taxonomy form for AOBreakdown by environmental objectives  of Taxonomy aligned activitiesFinancial year (2025)1KPITurnover 6,120.82 0% 0 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0 0%CapEx 234.55 54.9% 0 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0 0%OpEx 65.70 28.0% 0 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0 0%Taxonomy form for turnover, OpEx and CapEx Environmental objective of Taxonomy  aligned activitiesFinancial year (2025)  1Economic ActivitiesReported KPI (Turnover)Transport by motorbikes, passenger cars and light commercial vehicles 6.5 0.0% 0 0% 0% 0% 0% 0% 0% 0% T 0%Acquisition and ownership of buildings 7.7 0.0% 0 0% 0% 0% 0% 0% 0% 0% 0%Sum of alignment per objective 0% 0% 0% 0% 0% 0%Total KPI (Turnover) 0.0% 0 0% 0% 0% 0% 0% 0% 0% 0%Reported KPI (OpEx)Transport by motorbikes, passenger cars and light commercial vehicles 6.5 2.3% 0 0% 0% 0% 0% 0% 0% 0% T 0%Acquisition and ownership of buildings 7.7 25.8% 0 0% 0% 0% 0% 0% 0% 0% 0%Sum of alignment per objective 0% 0% 0% 0% 0% 0%Total KPI (OpEx) 28.0% 0 0% 0% 0% 0% 0% 0% 0% 0%Reported KPI (CapEx)Transport by motorbikes, passenger cars and light commercial vehicles 6.5 6.1% 0 0% 0% 0% 0% 0% 0% 0% T 0%Acquisition and ownership of buildings 7.7 48.8% 0 0% 0% 0% 0% 0% 0% 0% 0%Sum of alignment per objective 0% 0% 0% 0% 0% 0%Total KPI (CapEx) 54.9% 0 0% 0% 0% 0% 0% 0% 0% 0%§ Accounting policies  Accounting policies for taxonomyAll KPIs have been calculated on Group level in accordance with Commission Delegated Regulation (EU) 2021/2178 of 6 July 2021 supplementing Regulation (EU) 220/852 of the European Parliament and of the Council, Annex 1. The accounting policies below are described in detail to allow a better understanding of how the proportion of AO's taxon-omy-aligned and taxonomy-eligible activities has been calculated. TurnoverTurnover is calculated on the same basis as the turnover in the financial statements. No turnover has been identified foractivity "CCM 6.5 Transport by motorbikes, passenger cars and commercial vehicles" and activity "CCM 7.7 Acquisition and ownership of buildings". CapExCapital expenditure for activity "CCM 6.5 Transport by motorbikes, passenger cars and commercial vehicles” is calculated based on Annex 1, section 1.1.2 and includes thepurchase and lease of company cars and other vehicles. Thisis viewed in relation to the total investments in "Intangible assets" (excluding goodwill), "Property, plant and equip-ment" and "Right-of-use assets", cf.  notes 3.1-3.3 of AO’s Annual Report for 2025.  Capital expenditure for activity "CCM 7.7 Acquisition and ownership of buildings” is calculated based on Annex 1, section 1.1.2 and includes all acquisitions and property leases. This is viewed in relation to the total investments in "Intangible assets" (excluding goodwill), "Property, plant and equipment" and "Right -of-use assets", cf. notes 3.1-3.3 of AO’s Annual Report for 2025.OpExOperating expenses for activity "CCM 6.5 Transport by motorbikes, passenger cars and commercial vehicles" are calculated based on Annex 1, section 1.1.3. and include all direct maintenance expenses associated with the Group’s company cars and other vehicles.The proportion of operating expenses is calculated as direct maintenance expenses, viewed in relation to the Group's total operating expenses.Operating Expenses for activity "CCM 7.7 Acquisition and ownership of buildings“ are calculated based on Annex 1, section 1.1.3. and include all direct maintenance expenses associated with the operative administration of own and leased property. The proportion of maintenance expenses is calculated as direct maintenance expenses, which are viewed in relation to the Group's total operating expenses.Through cross checking with the Annual Report for 2025, it has been ensured that there is no duplication of the components included in the calculation of revenue, capital expenditure and operating expenses.</mrv:DescriptionofTheTaxonomyRegulation>
   <mrv:LinkToStatementOfDiversityPolicies contextRef="ctx-1" id="f1__s8__7__14">https://ao.dk/globalassets/download/regnsk-absdata/2025/statutory-report-on-diversity-in-manage-ment-2025.pdf</mrv:LinkToStatementOfDiversityPolicies>
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                                 id="f1__s8__8__64"
                                 unitRef="pure">899</fsa:AverageNumberOfEmployees>
   <sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx-1" id="f1__s8__7__175" xml:lang="en">Management’s statementThe Board of Directors and Executive Board have today considered and adopted the Annual Report of Brødrene A &amp; O Johansen A/S for the financial year 1 January – 31 December 2025.The Consolidated Financial Statements and the Parent Company 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. 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.In 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.Additionally, the sustainability statement, which is part of Management’s Review, has been prepared, in all material respects, in accordance with paragraph 99 a of the Danish Financial Statements Act. This includes compliance with the European Sustainability Reporting Standards (ESRS) including that the process undertaken by Management to identify the reported information (the “Process”) is in accordance with the description set out in the section titled Double Materiality Assessment. Furthermore, disclosures within EU Taxonomy section of the sustainability statement are, in all material respects, in accordance with Article 8 of EU Regulation 2020/852 (the “Taxonomy Regulation”).The sustainability statement includes forward-looking statements based on disclosed assumptions about events that may occur in the future and possible future actions by the Group. Actual outcomes are likely to be different since anticipated events frequently do not occur as expected.In our opinion, the annual report of Brødrene A &amp; O Johansen A/S for the financial year 1 January to 31 December 2025 with the file name 5299004B6ZEG-VCR9ZR75-2025-12-31-en.zip is prepared, in all material respects, in compliance with the ESEF Regulation.We recommend that the Annual Report be adopted at the Annual General Meeting.</sob:StatementByExecutiveAndSupervisoryBoards>
   <sob:PlaceOfSignatureOfStatement contextRef="ctx-1" id="f1__s8__7__176" xml:lang="en">Albertslund</sob:PlaceOfSignatureOfStatement>
   <sob:DateOfApprovalOfAnnualReport contextRef="ctx-1" id="f1__s8__7__177">2026-02-26</sob:DateOfApprovalOfAnnualReport>
   <cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-27" id="f1__s8__7__178" xml:lang="en">Niels A. Johansen</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
   <cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-28" id="f1__s8__7__180" xml:lang="en">Per Toelstang</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
   <cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-27" id="f1__s8__7__179" xml:lang="en">CEO</cmn:TitleOfMemberOfExecutiveBoard>
   <cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-28" id="f1__s8__7__181" xml:lang="en">CFO/Deputy CEO</cmn:TitleOfMemberOfExecutiveBoard>
   <cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-29" id="f1__s8__7__182" xml:lang="en">Stefan Funch Jensen</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
   <cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-30" id="f1__s8__7__184" xml:lang="en">Lili Johansen</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
   <cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-29" id="f1__s8__7__183" xml:lang="en">CTO</cmn:TitleOfMemberOfExecutiveBoard>
   <cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-30" id="f1__s8__7__185" xml:lang="en">CHRO</cmn:TitleOfMemberOfExecutiveBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-31" id="f1__s8__7__186" xml:lang="en">Henning Dyremose</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-32" id="f1__s8__7__188" xml:lang="en">Erik Holm</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-31" id="f1__s8__7__187" xml:lang="en">Chair</cmn:TitleOfMemberOfSupervisoryBoard>
   <cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-32" id="f1__s8__7__189" xml:lang="en">Deputy Chair</cmn:TitleOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-33" id="f1__s8__7__190" xml:lang="en">René Alberg</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-34" id="f1__s8__7__191" xml:lang="en">Ann Fogelgren</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-35" id="f1__s8__7__192" xml:lang="en">Peter Gath</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-36" id="f1__s8__7__193" xml:lang="en">Leif Hummel</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-37" id="f1__s8__7__194" xml:lang="en">Marlene L. Jakobsen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-38" id="f1__s8__7__195" xml:lang="en">Niels A. Johansen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <arr:OpinionOnAuditedFinancialStatements contextRef="ctx-1" id="f1__s8__7__198" xml:lang="en">Our opinionIn our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair view of the Group’s and the Parent Company’s financial position at 31 December 2025 and of the results of the Group’s and the Parent Company’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 furtherrequirements in the Danish Financial Statements Act.Our opinion is consistent with our Auditor’s Long-form Report to the Audit Committee and the Board of Directors.What we have auditedThe Consolidated Financial Statements and Parent Company Financial Statements of Brødrene A &amp; O Johansen A/S for the financial year 1 January to 31 December 2025 comprise income statement and statement of comprehensive income, balance sheet, statement of changes in equity, cash flow statement and notes, including material accounting policy information for the Group as well as for the Parent Company. Collectively referred to as the “Financial Statements”.</arr:OpinionOnAuditedFinancialStatements>
   <arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx-1" id="f1__s8__7__199" xml:lang="en">Basis for opinionWe 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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.IndependenceWe are independent of the Group in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) as applicable to audits of financial statements of public interest entities, and the additional ethical requirements applicable in Denmark. We have also fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code.To the best of our knowledge and belief, prohibited non-audit services referred to in Article 5(1) of Regulation (EU) No 537/2014 were not provided. AppointmentWe were first appointed auditors of Brødrene A &amp; O Johansen A/S on 19 March 2021 for the financial year 2021. We have been reappointed annually by shareholder resolution for a total period of uninterrupted engagement of 5 years including the financial year 2025.</arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
   <arr:KeyAuditMattersAudit contextRef="ctx-1" id="f1__s8__7__200" xml:lang="en">Key audit mattersKey audit matters are those matters that, in our professional judgement, were of most significance in our audit of the Financial Statements for 2025. These matters were addressed in the context of our audit of the Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.Key audit matterRecognition of revenueRevenue is measured at fair value of the consideration agreed exclusive of VAT and duties and after deduction of discounts and customer bonus.We focused on revenue recognition because revenue is the most significant financial statement line item, consists of a large number of IT-dependent transactions and is based on many individual contracts.We refer to note 2.1 of the Financial Statements.How our audit addressed the key audit matterWe carried out risk assessment procedures to gain an understanding of relevant IT systems, business procedures and controls for revenue recognition, including customer bonus. For relevant controls we assessed whether they were designed and implemented to effectively address the risk of material misstatement. For selected controls, which we planned to rely on in our audit, we tested whether they had been carried out on a consistent basis.We analysed revenue transactions and identified transac-tions that did not follow the usual or expected transaction pattern. On a sample basis we tested the transactions to the underlying contractual basis.We performed analytical procedures over revenue and discussed significant fluctuations with management and obtained corroborating evidence of material fluctuations, where deemed necessary.We reviewed Management's calculation of customer bonus and on sample basis tested it to the underlying contracts as well as to subsequent and historical settlements.</arr:KeyAuditMattersAudit>
   <arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="ctx-1" id="f1__s8__7__197" xml:lang="en">To the shareholders of  Brødrene A &amp; O Johansen A/S</arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
   <arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="ctx-1" id="f1__s8__7__201" xml:lang="en">Statement on Management’s ReviewManagement is responsible for Management’s Review.Our opinion on the Financial Statements does not cover Management’s Review, and we do not as part of the audit 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 in the audit, or otherwise appears to be materially misstated. Moreover, we considered whether Management’s Review includes the disclosures required by the Danish FinancialStatements Act. This does not include the requirements in paragraph 99 a related to the sustainability statement covered by the separate auditor’s limited assurance report hereon.Based on the work we have performed, in our view, Management’s Review is in accordance with the Consol-idated Financial Statements and the Parent Company Financial Statements and has been prepared in accord-ance with the requirements of the Danish Financial State-ments Act, except for the requirements in paragraph 99 arelated to the sustainability statement, cf. above. We did not identify any material misstatement in Management’s Review.</arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
   <arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx-1" id="f1__s8__7__202" xml:lang="en">Management’s responsibilities for the Financial StatementsManagement is responsible for the preparation of consolidated financial statements and parent company 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 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, Manage-ment 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 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.</arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
   <arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="ctx-1" id="f1__s8__7__203" xml:lang="en">Auditor’s responsibilities for the audit of the Financial StatementsOur 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 assur-ance, 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, indi-vidually 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 in accordance with ISAs and the additional requirements applicable in Denmark, we exer-cise 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 respon-sive 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 misstate-ment 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 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 or the Parent Company to cease to continue as a going concern. · Evaluate the overall presentation, structure and content 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 solely 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.We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to commu-nicate with them all relationships and other matters that may reasonably be thought to bear on our independence and, where applicable, actions taken to eliminate threats or safeguards applied.From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the Financial State-ments of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclo-sure about the matter.</arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
   <arr:AuditorsReportOnXbrlTagging contextRef="ctx-1" id="f1__s8__7__204" xml:lang="en">Report on compliance  with the ESEF RegulationAs part of our audit of the Financial Statements we performed procedures to express an opinion on whether the annual report of Brødrene A &amp; O Johansen A/S for the financial year 1 January to 31 December 2025 with the filename 5299004B6ZEGVCR9ZR75-2025-12-31-en.zip is prepared, in all material respects, in compli-ance with the Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation) which includes requirements related to the preparation of the annual report in XHTML format and iXBRL tagging of the Consolidated Financial State-ments including notes.Management is responsible for preparing an annual report that complies with the ESEF Regulation. This responsibility includes: · The preparing of the annual report in XHTML format; · The selection and application of appropriate iXBRL tags, including extensions to the ESEF taxonomy and the anchoring thereof to elements in the taxonomy, for all financial information required to be tagged using judgement where necessary; · Ensuring consistency between iXBRL tagged data and the Consolidated Financial Statements presented in human-readable format; and · For such internal control as Management determines necessary to enable the preparation of an annual report that is compliant with the ESEF Regulation.Our responsibility is to obtain reasonable assurance on whether the annual report is prepared, in all material respects, in compliance with the ESEF Regulation based on the evidence we have obtained, and to issue a report that includes our opinion. The nature, timing and extent of procedures selected depend on the auditor’s judge-ment, including the assessment of the risks of material departures from the requirements set out in the ESEF Regulation, whether due to fraud or error. The proceduresinclude: · Testing whether the annual report is prepared in XHTML format; · Obtaining an understanding of the company’s iXBRL tagging process and of internal control over the tagging process; · Evaluating the completeness of the iXBRL tagging of the Consolidated Financial Statements including notes; · Evaluating the appropriateness of the company’s use of iXBRL elements selected from the ESEF taxonomy and the creation of extension elements where no suitable element in the ESEF taxonomy has been identified;  · Evaluating the use of anchoring of extension elements to elements in the ESEF taxonomy; and · Reconciling the iXBRL tagged data with the audited Consolidated Financial Statements.In our opinion, the annual report of Brødrene A &amp; O Johansen A/S for the financial year 1 January to 31 December 2025 with the file name 5299004B6ZEG-VCR9ZR75-2025-12-31-en.zip is prepared, in all material respects, in compliance with the ESEF Regulation.</arr:AuditorsReportOnXbrlTagging>
   <arr:SignatureOfAuditorsPlace contextRef="ctx-1" id="f1__s8__7__205" xml:lang="en">Hellerup</arr:SignatureOfAuditorsPlace>
   <arr:SignatureOfAuditorsDate contextRef="ctx-1" id="f1__s8__7__206">2026-02-26</arr:SignatureOfAuditorsDate>
   <cmn:NameOfAuditFirm contextRef="ctx-40" id="f1__s8__7__209" xml:lang="en">PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
   <cmn:NameOfAuditFirm contextRef="ctx-39" id="f1__s8__7__207" xml:lang="en">PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
   <cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx-39" id="f1__s8__7__208">33771231</cmn:IdentificationNumberCvrOfAuditFirm>
   <cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx-40" id="f1__s8__7__210">33771231</cmn:IdentificationNumberCvrOfAuditFirm>
   <cmn:NameAndSurnameOfAuditor contextRef="ctx-39" id="f1__s8__7__211" xml:lang="en">Anders Stig Lauritsen</cmn:NameAndSurnameOfAuditor>
   <cmn:DescriptionOfAuditor contextRef="ctx-39" id="f1__s8__7__212" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
   <cmn:IdentificationNumberOfAuditor contextRef="ctx-39" id="f1__s8__7__213">mne32800</cmn:IdentificationNumberOfAuditor>
   <cmn:NameAndSurnameOfAuditor contextRef="ctx-40" id="f1__s8__7__214" xml:lang="en">Daniel Sitch</cmn:NameAndSurnameOfAuditor>
   <cmn:DescriptionOfAuditor contextRef="ctx-40" id="f1__s8__7__215" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
   <cmn:IdentificationNumberOfAuditor contextRef="ctx-40" id="f1__s8__7__216">mne47889</cmn:IdentificationNumberOfAuditor>
   <arr:AuditorsReportOnSubstainabilityReport contextRef="ctx-1" id="f1__s8__7__218" xml:lang="en">Independent Auditor's limited assurance report on the Sustainability StatementTo the shareholders of  Brødrene A &amp; O Johansen A/SLimited assurance conclusionWe have conducted a limited assurance engagement on the sustainability statement of Brødrene A &amp; O Johansen A/S (the Group) included in the Management’s review (the “Sustainability Statement”), page 40 – 103, for the financial year 1 January – 31 December 2025.Based on the procedures we have performed and the evidence we have obtained, nothing has come to our attention that causes us to believe that the Sustainability Statement is not prepared, in all material respects, in accordance with the Danish Financial Statements Act paragraph 99 a, including:· compliance with the European Sustainability Reporting Standards (ESRS), including that the process carried out by the management to identify theinformation reported in the Sustainability Statement (the “Process”) is in accordance with the description set out in Double Materiality Assessment; and· compliance of the disclosures in EU Taxonomy of the Sustainability Statement with Article 8 of EU Regula-tion 2020/852 (the “Taxonomy Regulation”).Basis for conclusion We conducted our limited assurance engagement in accordance with International Standard on Assurance Engagements (ISAE) 3000 (Revised), Assurance engage-ments other than audits or reviews of historical financial information (“ISAE 3000 (Revised)”) and the additional requirements applicable in Denmark. The procedures in a limited assurance engagement vary in nature and timing from, and are less in extent than for, a reasonable assurance engagement. Consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable assur-ance engagement been performed.We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. Our responsibilities under this standard are further described in the Auditor’s responsibilities for the assurance engagement section of our report. Our independence and quality managementWe are independent of the Group in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Account-ants (IESBA Code) and the additional ethical require-ments applicable in Denmark. We have also fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code.Our firm applies International Standard on Quality Management 1, which requires the firm to design, implement and operate a system of quality management including policies or procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements.Management’s responsibilities for the Sustainability StatementManagement is responsible for designing and imple-menting a process to identify the information reported in the Sustainability Statement in accordance with the ESRS and for disclosing this Process as included in Double Materiality Asessment of the Sustainability Statement. This responsibility includes:· understanding the context in which the Groups’ activ-ities and business relationships take place and devel-oping an understanding of its affected stakeholders;· the identification of the actual and potential impacts (both negative and positive) related to sustainability matters, as well as risks and opportunities that affect, or could reasonably be expected to affect, the Group’s financial position, financial performance, cash flows, access to finance or cost of capital over the short-, medium-, or long-term;· the assessment of the materiality of the identified impacts, risks and opportunities related to sustaina-bility matters by selecting and applying appropriate thresholds; and · making assumptions that are reasonable in the circum-stances.Management is further responsible for the preparation of the Sustainability Statement, which includes the information identified by the Process, in accordance with the Danish Financial Statements Act paragraph 99 a, including:  · compliance with the ESRS;  preparing the disclosures as  included in the section EU Taxonomy  of the Sustainability Statement, in compli-ance with Article 8 of the Taxonomy Regulation;  designing, implementing and maintaining such internal control that management determines is necessary to enable the preparation of the Sustainability Statement that is free from material misstatement, whether due to fraud or error; and · the selection and application of appropriate sustaina-bility reporting methods and making assumptions and estimates that are reasonable in the circumstances. Inherent limitations in preparing the Sustainability StatementIn reporting forward-looking information in accordance with ESRS, management is required to prepare the forward-looking information on the basis of disclosed assumptions about events that may occur in the future and possible future actions by the Group. Actual outcomes are likely to be different since anticipated events frequently do not occur as expected.Auditor’s responsibilities for the assurance engagementOur responsibility is to plan and perform the assur-ance engagement to obtain limited assurance about whether the Sustainability Statement is free from material misstatement, whether due to fraud or error, and to issue a limited assurance report that includes our conclusion. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence decisions of users taken on the basis of the Sustainability Statement as a whole. As part of a limited assurance engagement in accord-ance with ISAE 3000 (Revised) we exercise professional judgement and maintain professional scepticism throughout the engagement. Our responsibilities in respect of the Process include:  Obtaining an understanding of the Process, but not for the purpose of providing a conclusion on the effec-tiveness of the Process, including the outcome of the Process;  · Considering whether the information identified addresses the applicable disclosure requirements of the ESRS; and · Designing and performing procedures to evaluate whether the Process is consistent with the Group’s description of its Process, as disclosed in the section Double Materiality Assessment.Our other responsibilities in respect of the Sustainability Statement include:  · Identifying where material misstatements are likely to arise, whether due to fraud or error; and  · Designing and performing procedures responsive to disclosures in the Sustainability Statement where material misstatements are likely to arise. 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 omis-sions, misrepresentations, or the override of internal control.Summary of the work performedA limited assurance engagement involves performing procedures to obtain evidence about the Sustainability Statement. The nature, timing and extent of procedures selected depend on professional judgement, including the identification of disclosures where material misstate-ments are likely to arise, whether due to fraud or error, in the Sustainability Statement.In conducting our limited assurance engagement, with respect to the Process, we:  · Obtained an understanding of the Process by performing inquiries to understand the sources of the information used by management; and reviewing the Group’s internal documentation of its Process; and · Evaluated whether the evidence obtained from our procedures about the Process implemented by the Group was consistent with the description of the Process set out in the section Double Materiality Assessment.In conducting our limited assurance engagement, with respect to the Sustainability Statement, we: · Obtained an understanding of the Group’s reporting processes relevant to the preparation of its Sustain-ability Statement including the consolidation processes by obtaining an understanding of the Group’s control environment, processes and infor-mation systems relevant to the preparation of the Sustainability Statement but not evaluating the design of particular control activities, obtaining evidence about their implementation or testing their operating effectiveness; · Evaluated whether the information identified by the Process is included in the Sustainability Statement; · Evaluated whether the structure and the presentation of the Sustainability Statement are in accordance with the ESRS; · Performed inquiries of relevant personnel and analytical procedures on selected information in the Sustainability Statement; · Performed substantive assurance procedures on selected information in the Sustainability Statement; · Where applicable, compared disclosures in the Sustainability Statement with the corresponding disclosures in the financial statements and manage-ment’s review; · Evaluated the methods, assumptions and data for developing estimates and forward-looking information; · Obtained an understanding of the Group’s process to identify taxonomy-eligible and taxonomy-aligned economic activities and the corresponding disclo-sures in the Sustainability Statement.</arr:AuditorsReportOnSubstainabilityReport>
   <arr:IdentificationOfMattersOnWhichAssuranceReportIsProvidedAndDescriptionOfAssuranceEngagementSubstainabilityReport contextRef="ctx-1" id="f1__s8__7__220" xml:lang="en">Limited assurance conclusionWe have conducted a limited assurance engagement on the sustainability statement of Brødrene A &amp; O Johansen A/S (the Group) included in the Management’s review (the “Sustainability Statement”), page 40 – 103, for the financial year 1 January – 31 December 2025.</arr:IdentificationOfMattersOnWhichAssuranceReportIsProvidedAndDescriptionOfAssuranceEngagementSubstainabilityReport>
   <arr:OpinionOnSubjectMatterOfAssuranceReportSubstainabilityReport contextRef="ctx-1" id="f1__s8__7__221" xml:lang="en">Based on the procedures we have performed and the evidence we have obtained, nothing has come to our attention that causes us to believe that the Sustainability Statement is not prepared, in all material respects, in accordance with the Danish Financial Statements Act paragraph 99 a, including:· compliance with the European Sustainability Reporting Standards (ESRS), including that the process carried out by the management to identify theinformation reported in the Sustainability Statement (the “Process”) is in accordance with the description set out in Double Materiality Assessment; and· compliance of the disclosures in EU Taxonomy of the Sustainability Statement with Article 8 of EU Regula-tion 2020/852 (the “Taxonomy Regulation”).</arr:OpinionOnSubjectMatterOfAssuranceReportSubstainabilityReport>
   <arr:AddresseeOfAuditorsReportOnSubstainabilityReports contextRef="ctx-1" id="f1__s8__7__219" xml:lang="en">To the shareholders of  Brødrene A &amp; O Johansen A/S</arr:AddresseeOfAuditorsReportOnSubstainabilityReports>
   <arr:StatementOfAuditorsResponsibilitySubstainabilityReport contextRef="ctx-1" id="f1__s8__7__222" xml:lang="en">Auditor’s responsibilities for the assurance engagementOur responsibility is to plan and perform the assur-ance engagement to obtain limited assurance about whether the Sustainability Statement is free from material misstatement, whether due to fraud or error, and to issue a limited assurance report that includes our conclusion. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence decisions of users taken on the basis of the Sustainability Statement as a whole. As part of a limited assurance engagement in accord-ance with ISAE 3000 (Revised) we exercise professional judgement and maintain professional scepticism throughout the engagement. Our responsibilities in respect of the Process include:  Obtaining an understanding of the Process, but not for the purpose of providing a conclusion on the effec-tiveness of the Process, including the outcome of the Process;  · Considering whether the information identified addresses the applicable disclosure requirements of the ESRS; and · Designing and performing procedures to evaluate whether the Process is consistent with the Group’s description of its Process, as disclosed in the section Double Materiality Assessment.Our other responsibilities in respect of the Sustainability Statement include:  · Identifying where material misstatements are likely to arise, whether due to fraud or error; and  · Designing and performing procedures responsive to disclosures in the Sustainability Statement where material misstatements are likely to arise. 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 omis-sions, misrepresentations, or the override of internal control.</arr:StatementOfAuditorsResponsibilitySubstainabilityReport>
   <arr:DescriptionOfQualificationsOfAssuranceEngagementPerformedSubstainabilityReport contextRef="ctx-1" id="f1__s8__7__223" xml:lang="en">Summary of the work performedA limited assurance engagement involves performing procedures to obtain evidence about the Sustainability Statement. The nature, timing and extent of procedures selected depend on professional judgement, including the identification of disclosures where material misstate-ments are likely to arise, whether due to fraud or error, in the Sustainability Statement.In conducting our limited assurance engagement, with respect to the Process, we:  · Obtained an understanding of the Process by performing inquiries to understand the sources of the information used by management; and reviewing the Group’s internal documentation of its Process; and · Evaluated whether the evidence obtained from our procedures about the Process implemented by the Group was consistent with the description of the Process set out in the section Double Materiality Assessment.In conducting our limited assurance engagement, with respect to the Sustainability Statement, we: · Obtained an understanding of the Group’s reporting processes relevant to the preparation of its Sustain-ability Statement including the consolidation processes by obtaining an understanding of the Group’s control environment, processes and infor-mation systems relevant to the preparation of the Sustainability Statement but not evaluating the design of particular control activities, obtaining evidence about their implementation or testing their operating effectiveness; · Evaluated whether the information identified by the Process is included in the Sustainability Statement; · Evaluated whether the structure and the presentation of the Sustainability Statement are in accordance with the ESRS; · Performed inquiries of relevant personnel and analytical procedures on selected information in the Sustainability Statement; · Performed substantive assurance procedures on selected information in the Sustainability Statement; · Where applicable, compared disclosures in the Sustainability Statement with the corresponding disclosures in the financial statements and manage-ment’s review; · Evaluated the methods, assumptions and data for developing estimates and forward-looking information; · Obtained an understanding of the Group’s process to identify taxonomy-eligible and taxonomy-aligned economic activities and the corresponding disclo-sures in the Sustainability Statement.</arr:DescriptionOfQualificationsOfAssuranceEngagementPerformedSubstainabilityReport>
   <arr:SignatureOfSubstainabilityAuditorsPlace contextRef="ctx-1" id="f1__s8__7__224" xml:lang="en">Hellerup</arr:SignatureOfSubstainabilityAuditorsPlace>
   <arr:SignatureOfSubstainabilityAuditorsDate contextRef="ctx-1" id="f1__s8__7__225">2026-02-26</arr:SignatureOfSubstainabilityAuditorsDate>
   <cmn:NameOfAuditFirmSubstainability contextRef="ctx-42" id="f1__s8__7__227" xml:lang="en">PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirmSubstainability>
   <cmn:NameOfAuditFirmSubstainability contextRef="ctx-41" id="f1__s8__7__226" xml:lang="en">PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirmSubstainability>
   <cmn:IdentificationNumberCvrOfAuditFirmSubstainability contextRef="ctx-41" id="f1__s8__7__228">33771231</cmn:IdentificationNumberCvrOfAuditFirmSubstainability>
   <cmn:IdentificationNumberCvrOfAuditFirmSubstainability contextRef="ctx-42" id="f1__s8__7__229">33771231</cmn:IdentificationNumberCvrOfAuditFirmSubstainability>
   <cmn:NameAndSurnameOfSubstainabilityAuditor contextRef="ctx-41" id="f1__s8__7__230" xml:lang="en">Anders Stig Lauritsen</cmn:NameAndSurnameOfSubstainabilityAuditor>
   <cmn:NameAndSurnameOfSubstainabilityAuditor contextRef="ctx-42" id="f1__s8__7__233" xml:lang="en">Daniel Sitch</cmn:NameAndSurnameOfSubstainabilityAuditor>
   <cmn:DescriptionOfSubstainabilityAuditor contextRef="ctx-41" id="f1__s8__7__231" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfSubstainabilityAuditor>
   <cmn:DescriptionOfSubstainabilityAuditor contextRef="ctx-42" id="f1__s8__7__234" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfSubstainabilityAuditor>
   <cmn:fIdentificationNumberOfSubstainabilityAuditor contextRef="ctx-41" id="f1__s8__7__232">mne32800</cmn:fIdentificationNumberOfSubstainabilityAuditor>
   <cmn:fIdentificationNumberOfSubstainabilityAuditor contextRef="ctx-42" id="f1__s8__7__235">mne47889</cmn:fIdentificationNumberOfSubstainabilityAuditor>
   <gsd:NameOfSubmittingEnterprise contextRef="ctx-1" id="f1__s8__7__247" xml:lang="en">Brødrene A. &amp; O. Johansen A/S</gsd:NameOfSubmittingEnterprise>
   <gsd:NameOfReportingEntity contextRef="ctx-1" id="f1__s8__7__239" xml:lang="en">Brødrene A. &amp; O. Johansen A/S</gsd:NameOfReportingEntity>
   <gsd:AddressOfSubmittingEnterpriseStreetAndNumber contextRef="ctx-1" id="f1__s8__7__258" xml:lang="en">Rørvang 3</gsd:AddressOfSubmittingEnterpriseStreetAndNumber>
   <gsd:AddressOfReportingEntityStreetName contextRef="ctx-1" id="f1__s8__7__249" xml:lang="en">Rørvang</gsd:AddressOfReportingEntityStreetName>
   <gsd:AddressOfReportingEntityStreetBuildingIdentifier contextRef="ctx-1" id="f1__s8__7__250" xml:lang="en">3</gsd:AddressOfReportingEntityStreetBuildingIdentifier>
   <gsd:AddressOfSubmittingEnterprisePostcodeAndTown contextRef="ctx-1" id="f1__s8__7__259" xml:lang="en">2620 Albertslund</gsd:AddressOfSubmittingEnterprisePostcodeAndTown>
   <gsd:AddressOfReportingEntityPostCodeIdentifier contextRef="ctx-1" id="f1__s8__7__251" xml:lang="en">2620</gsd:AddressOfReportingEntityPostCodeIdentifier>
   <gsd:AddressOfReportingEntityDistrictName contextRef="ctx-1" id="f1__s8__7__252" xml:lang="en"> Albertslund</gsd:AddressOfReportingEntityDistrictName>
   <gsd:RegisteredOfficeOfReportingEntity contextRef="ctx-1" id="f1__s8__7__253" xml:lang="en"> Albertslund</gsd:RegisteredOfficeOfReportingEntity>
   <gsd:TelephoneNumberOfReportingEntity contextRef="ctx-1" id="f1__s8__7__254" xml:lang="en">70 28 00 00</gsd:TelephoneNumberOfReportingEntity>
   <gsd:HomepageOfReportingEntity contextRef="ctx-1" id="f1__s8__7__255">www.ao.dk</gsd:HomepageOfReportingEntity>
   <gsd:IdentificationNumberCvrOfReportingEntity contextRef="ctx-1" id="f1__s8__7__248">58210617</gsd:IdentificationNumberCvrOfReportingEntity>
   <gsd:IdentificationNumberCvrOfSubmittingEnterprise contextRef="ctx-1" id="f1__s8__7__256">58210617</gsd:IdentificationNumberCvrOfSubmittingEnterprise>
   <gsd:LegalEntityIdentifierOfSubmittingEnterprise contextRef="ctx-1" id="f1__s8__7__257">5299004B6ZEGVCR9ZR75</gsd:LegalEntityIdentifierOfSubmittingEnterprise>
   <gsd:InformationOnTypeOfSubmittedReport contextRef="ctx-1" id="f1__s1__72__15">Annual report</gsd:InformationOnTypeOfSubmittedReport>
   <cmn:TypeOfAuditorAssistance contextRef="ctx-1" id="f1__s1__72__16">Auditor's report on audited financial statements</cmn:TypeOfAuditorAssistance>
   <gsd:ToolForPreparingTheXBRLInstanceDocument contextRef="ctx-1" id="f1__s1__72__17" xml:lang="en">ParsePort XBRL Converter</gsd:ToolForPreparingTheXBRLInstanceDocument>
   <gsd:ReportingPeriodStartDate contextRef="ctx-1" id="f1__s1__72__20">2025-01-01</gsd:ReportingPeriodStartDate>
   <gsd:ReportingPeriodEndDate contextRef="ctx-1" id="f1__s1__72__21">2025-12-31</gsd:ReportingPeriodEndDate>
   <gsd:PrecedingReportingPeriodStartDate contextRef="ctx-1" id="f1__s1__72__22">2024-01-01</gsd:PrecedingReportingPeriodStartDate>
   <gsd:PredingReportingPeriodEndDate contextRef="ctx-1" id="f1__s1__72__23">2024-12-31</gsd:PredingReportingPeriodEndDate>
   <gsd:LegalEntityIdentifierOfReportingEntity contextRef="ctx-1" id="f1__s1__72__42">5299004B6ZEGVCR9ZR75</gsd:LegalEntityIdentifierOfReportingEntity>
   <fsa:ClassOfReportingEntity contextRef="ctx-1" id="f1__s1__72__43">Regnskabsklasse D</fsa:ClassOfReportingEntity>
   <arr:TypeOfModifiedOpinionOnAuditedFinancialStatements contextRef="ctx-1" id="f1__s1__72__47">Opinion</arr:TypeOfModifiedOpinionOnAuditedFinancialStatements>
   <arr:TypeOfBasisForModifiedOpinionOnAuditedFinancialStatements contextRef="ctx-1" id="f1__s1__72__48">Basis for Opinion</arr:TypeOfBasisForModifiedOpinionOnAuditedFinancialStatements>
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