Financial key figures

Group financial highlights for the latest 5 year period

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DKKm	2020	2021	2022	2023	2024
INCOME STATEMENT
Revenue	16,441	17,581	21,849	24,106	20,187
Gross profit	3,865	4,180	5,076	6,087	6,465
EBITDA	1,134	1,401	1,300	1,761	2,257
EBITA	771	1,030	943	1,438	1,969
EBIT	428	668	619	1,200	1,738
Financial items, net	(47)	(81)	(67)	(146)	(180)
EBT	381	587	552	1,054	1,558
Profit/loss for the year, continuing activities	226	374	351	672	1,030
Profit/loss for the year, discontinued activities	(21)	(17)	1	(181)	0
Profit/loss for the year	205	357	352	491	1,030

ORDERS
Order intake, continuing activities	18,524	19,233	24,644	21,376	19,133
Order backlog, continuing activities	14,874	16,592	23,541	17,593	15,214

EARNING RATIOS
Gross margin¹	23.5%	23.8%	23.2%	25.3%	32.0%
EBITDA margin	6.9%	8.0%	5.9%	7.3%	11.2%
EBITA margin	4.7%	5.9%	4.3%	6.0%	9.8%
EBIT margin	2.6%	3.8%	2.8%	5.0%	8.6%
EBT margin	2.3%	3.3%	2.5%	4.4%	7.7%

CASH FLOW
CFFO	1,421	1,449	968	623	640
Acquisitions of property, plant and equipment	(171)	(116)	(88)	(176)	(384)
CFFI	(376)	(273)	(2,310)	(257)	(508)
Free cash flow	1,045	1,176	(1,342)	366	132
Free cash flow adjusted for acquisitions and disposals of enterprises and activities	1,082	1,185	777	201	7

BALANCE SHEET
Net working capital	1,752	1,058	1,893	1,382	2,107
Net interest-bearing debt (NIBD)	(1,808)	889	(726)	(639)	(847)
Total assets	20,456	23,053	29,845	27,011	(26,935)
CAPEX	494	397	424	604	831
Equity	8,130	10,368	10,787	10,828	11,781
Dividend to shareholders, proposed	103	173	173	231	461

FINANCIAL RATIOS
Book-to-bill	112.7%	109.4%	112.8%	88.7%	94.8%
Order backlog / Revenue	90.5%	94.4%	107.7%	73.0%	75.4%
Return on equity	2.4%	3.9%	3.3%	4.5%	9.1%
Equity ratio	39.7%	45.0%	36.1%	40.1%	43.7%
ROCE, average	5.1%	7.2%	5.9%	8.2%	11.0%
Net working capital ratio, end	10.7%	6.0%	7.8%	5.7%	10.4%
NIBD/EBITDA	1.6	(0.6)	0.6	0.4%	0.4x
Capital employed, average	15,195	14,384	15,888	17,552	17,867
Number of employees	10,639	10,117	10,977	9,377	7,739

SHARE RATIOS
Cash flow per share, diluted	28.3	27.8	17.0	10.9	11.2
Earnings per share (EPS), diluted	4.2	6.9	6.5	8.7	17.8
Dividend yield	0.9	1.2	1.2	1.4	2.2
Dividend per share, proposed	2	3	3	4	8
Share price	232.8	244.3	251.7	287.2	356.0
Number of shares (1,000), end	51,250	57,650	57,650	57,650	57,650
Market capitalisation, end	11,931	14,084	14,511	16,557	20,523

SUSTAINABILITY KEY FIGURES
Spend with suppliers with science-based targets**		4.9%	7.7%	12.6%	22.5%
Safety, Total recordable incident rate (TRIR)**	1.0	1.9	1.5	2.7	2.3
Quality, Delivery in full on time (DIFOT)	88.3%	85.1%	81.9%	81.9%	82.7%
Scope 1 & 2 greenhouse gas emissions (tCO₂e) market-based	41,155	34,737	39,079*	38,022	30,638
Scope 3: Economic intensity \| Use of sold products		10,348***	5,461**	5,430	2,985
Water withdrawal (m³)	197,346	201,997	178,064	167,610	156,062
EU taxonomy - aligned revenue			1.4%	6.2%	9.9%
Women managers	13.1%	14.3%	14.3%	16.3%	16.4%

¹ 2023 information has been restated to reflect a reclassification of costs from Administrative costs to Production costs. Prior years have not been restated. More information can be found in note 7.1 in the 2024 annual report.

Use of alternative performance measures

Throughout the 2024 annual report we present financial measures which are not defined according to IFRS. We have included additional information in note 7.4 Alternative performance measures and 7.8 Definition of terms in the 2024 annual report.

The financial ratios have been computed in accordance with the guidelines of the Danish Finance Society. Refer to note 7.8 in the 2024 annual report for definitions of terms.

*Mining Technologies is included for the last four months of 2022. 2022 Scope 1 and 2 (market based) was updated to reflect Mining Technologies.

**Sustainability key figures are from our Sustainability Report. Starting in 2018, TRIR is including contractors. Spend with suppliers with science-based targets was tracked for the first time in 2021. Scope 3 economic intensity was a new target introduced in 2021 using 2019 data as baseline. No data was tracked for economic intensity in 2020. 2019 baseline has been recalculated to include Mining Technologies which is reflected in 2022 reported number.

***Reported lifetime greenhouse gas emissions for 2021 have been recalculated by 631 tonnes CO₂e due to two orders moved from 2021 to 2022 to align with the effective Order Intake date.