| DKKm | 2021* | 2022* | 2023* | 2024** | 2025 |
| INCOME STATEMENT | |||||
| Revenue | 17,581 | 21,849 | 24,106 | 15,740 | 14,612 |
| Gross profit | 4,180 | 5,076 | 5,960 | 5,006 | 5,110 |
| EBITDA | 1,401 | 1,300 | 1,761 | 1,890 | 2,571 |
| EBITA | 1,030 | 943 | 1,438 | 1,636 | 2,337 |
| Adjusted EBITA | 1,395 | 1,919 | 1,780 | 2,319 | |
| EBIT | 668 | 619 | 1,200 | 1,434 | 2,054 |
| Financial items, net | (81) | (67) | (146) | (218) | (83) |
| EBT | 587 | 552 | 1,054 | 1,216 | 1,971 |
| Profit/loss for the year, continuing activities | 374 | 351 | 672 | 801 | 714 |
| Profit/loss for the year, discontinued activities | (17) | 1 | (181) | 229 | (706) |
| Profit/loss for the year | 357 | 352 | 491 | 1,030 | 8 |
| ORDERS | |||||
| Order intake, continuing activities | 19,233 | 24,644 | 21,376 | 15,333 | 15,045 |
| Order backlog, continuing activities | 16,592 | 23,541 | 17,593 | 11,358 | 10,893 |
| EARNING RATIOS | |||||
| Gross margin1 | 23.8% | 23.2% | 24.0% | 31.8% | 35.0% |
| EBITDA margin | 8.0% | 5.9% | 7.3% | 12.0% | 17.6% |
| EBITA margin | 5.9% | 4.3% | 6.0% | 10.4% | 16.0% |
| Adjusted EBITA margin | 6.4% | 8.0% | 11.3% | 15.9% | |
| EBIT margin | 3.8% | 2.8% | 5.0% | 9.1% | 14.1% |
| EBT margin | 3.3% | 2.5% | 4.4% | 7.7% | 13.5% |
| CASH FLOW | |||||
| CFFO | 1,449 | 968 | 623 | 640 | 996 |
| Acquisitions of property, plant and equipment | (116) | (88) | (176) | (384) | (392) |
| CFFI | (273) | (2,310) | (257) | (508) | (517) |
| Free cash flow | 1,176 | (1,342) | 366 | 132 | 479 |
| Free cash flow adjusted for acquisitions and disposals of enterprises and activities | 1,185 | 777 | 201 | 7 | 640 |
| BALANCE SHEET | |||||
| Net working capital | 1,058 | 1,893 | 1,382 | 2,107 | 2,406 |
| Net interest-bearing debt (NIBD) | 889 | (726) | (639) | (847) | (2,014) |
| Total assets | 23,053 | 29,845 | 27,011 | 26,935 | 22,088 |
| CAPEX | 397 | 424 | 604 | 831 | 738 |
| Equity | 10,368 | 10,787 | 10,828 | 11,781 | 9,500 |
| Dividend to shareholders, proposed | 173 | 173 | 231 | 461 | 231 |
| FINANCIAL RATIOS | |||||
| Book-to-bill | 109.4% | 112.8% | 88.7% | 97.4% | 103.0% |
| Order backlog / Revenue | 94.4% | 107.7% | 73.0% | 72.2% | 74.5% |
| Return on equity | 3.9% | 3.3% | 4.5% | 9.1% | 0.1% |
| Equity ratio | 45.0% | 36.1% | 40.1% | 43.7% | 43.0% |
| ROCE, average | 7.2% | 5.9% | 8.2% | 9.2% | 12.9% |
| Net working capital ratio, end | 6.0% | 8.7% | 5.7% | 10.4% | 16.5% |
| NIBD/EBITDA | (0.6)x | 0.6x | 0.4x | 0.4x | 0.8x |
| Capital employed, average | 14,384 | 15,888 | 17,552 | 17,867 | 18,047 |
| Number of employees | 10,117 | 10,977 | 9,377 | 5,745 | 5,494 |
| SHARE RATIOS | |||||
| Cash flow per share, diluted | 27.8 | 17.0 | 10.9 | 11.2 | 17.6 |
| Earnings per share (EPS), diluted | 6.9 | 6.5 | 8.7 | 17.7 | 0.0 |
| Dividend yield | 1.2 | 1.2 | 1.4 | 2.2 | 0.9 |
| Dividend per share, proposed | 3 | 3 | 4 | 8 | 4 |
| Share price | 244.3 | 251.7 | 287.2 | 356.0 | 445.00 |
| Number of shares (1,000), end | 57,650 | 57,650 | 57,650 | 57,650 | 57,650 |
| Market capitalisation, end | 14,084 | 14,511 | 16,557 | 20,523 | 25,654 |
| SUSTAINABILITY KEY FIGURES | |||||
| Spend with suppliers with science-based targets** | 4.9% | 7.7% | 12.6% | 22.5% | 25.0% |
| Safety, Total recordable incident rate (TRIR)** | 1.9 | 1.5 | 2.7 | 2.3 | 2.3 |
| Scope 1 & 2 greenhouse gas emissions (tCO2e) market-based | 34,737 | 39,079* | 38,022 | 29,847 | 27,221 |
| Scope 3: Economic intensity | Use of sold products | 10,348 | 5,461 | 5,430 | 2,985 | 3,455 |
| Water withdrawal (m3) | 201,997 | 178,064 | 167,610 | 156,022 | 139,007 |
| EU taxonomy - aligned revenue | 1.4% | 6.2% | 9.9% | 19.6% | |
| Women managers | 14.3% | 14.3% | 16.3% | 15.7% | 16.0% |
* 2021, 2022 and 2023 figures have not been restated. More information can be found in the Annual Report 2025 note 7.2.
** 2024 has been restated for the continuing activities including Non-Core-Activities.
Use of alternative performance measures
Throughout the report we present financial measures which are not defined according to IFRS Accounting Standards.
We have included additional information in the Annual Report 2025 note 7.6 Alternative performance measures and note 7.10 Definition of terms.
Financial ratios
The financial ratios have been computed in accordance with the guidelines of the Danish Finance Society. Refer to the Annual Report 2025 note 7.10 Definitions of terms.
| Assets and liabilities: | 2024 figures are not restated and therefore include both continuing and discontinued activities. |
| Return on equity: | Continuing and discontinued activities in 2025. Equity for 2024 is not restated. |
| ROCE, average: | EBITA, continuing activities for 2025 and restated EBITA, continuing activities for 2024. |
| Net working capital, end: | Calculated on the basis of only continuing activities for 2025. |
| NIBD / EBITDA: | 2025 is based on EBITDA, continuing activities. EBITDA figure 2024 is restated. |
| Capital employed: | Capital figures are not restated for 2024. |
| Cash flow per share: | Cash flow generated from both continuing and discontinued activities in 2025. |
| Earnings per share (EPS): | Earnings from continuing and discontinued activities in 2025. Equity for 2024 is not restated. |