Contact us
Financial key figures

Group financial highlights for the latest 5 year period

DKKm2021*2022*2023*2024**2025
INCOME STATEMENT  
Revenue17,58121,84924,10615,74014,612
Gross profit4,1805,0765,9605,0065,110
EBITDA1,4011,3001,7611,8902,571
EBITA1,0309431,4381,6362,337
Adjusted EBITA 1,3951,9191,7802,319
EBIT668 6191,2001,4342,054
Financial items, net  (81) (67) (146)(218)(83)
EBT 587 552 1,0541,2161,971
Profit/loss for the year, continuing activities374351672801714
Profit/loss for the year, discontinued activities (17)1 (181)229(706)
Profit/loss for the year 3573524911,0308
      
ORDERS     
Order intake, continuing activities19,23324,64421,37615,33315,045
Order backlog, continuing activities16,59223,54117,59311,35810,893
      
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 623640996
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) 366132479
Free cash flow adjusted for acquisitions and disposals of enterprises and activities 1,185 777 2017640
      
BALANCE SHEET     
Net working capital 1,058 1,893 1,3822,1072,406
Net interest-bearing debt (NIBD)  889 (726) (639)(847)(2,014)
Total assets  23,053 29,845 27,01126,93522,088
CAPEX397424604831738
Equity 10,368 10,787 10,82811,7819,500
Dividend to shareholders, proposed 173 173 231461231
      
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 0.4x0.4x0.8x
Capital employed, average  14,384 15,888 17,55217,86718,047
Number of employees  10,117 10,977 9,3775,7455,494
      
SHARE RATIOS     
Cash flow per share, diluted 27.8 17.0 10.911.217.6
Earnings per share (EPS), diluted 6.9 6.5 8.717.70.0
Dividend yield  1.2 1.2 1.42.20.9
Dividend per share, proposed 3 3 484
Share price  244.3 251.7 287.2356.0445.00
Number of shares (1,000), end 57,650 57,650 57,65057,65057,650
Market capitalisation, end 14,084 14,511 16,55720,52325,654
      
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 2.72.32.3
Scope 1 & 2 greenhouse gas emissions (tCO2e) market-based 34,737 39,079* 38,02229,84727,221
Scope 3: Economic intensity | Use of sold products 10,348 5,4615,4302,9853,455
Water withdrawal (m3) 201,997 178,064 167,610156,022139,007
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.

 

Key figures in the Annual Report 2025

Throughout the report, we present financial measures that are not defined according to IFRS. We refer to note 7.6 Alternative performance measures, and note 7.10 Definition of terms, for further information. Further, due to divestment of the Cement and Air Pollution Control businesses together with the separation of continuing and discontinued activities, there have been impacts on the calculation of these in this report.

The figures and ratios in both sections are based on continuing activities unless otherwise specifically stated in the text for each line item.

In the consolidated cash flow statement, cash flow from discontinued activities is included in the cash flow from operating, investing, and financing activities, combined with the cash flow from continuing activities.

Balance sheet

As at year end 2025, all line items in this section reflect the continuing activities only. Comparatives are not restated.

Financial ratios

For financial ratios where the numerator or denominator is derived from the income statement, as well as the capital employed ratio, figures relating to continuing activities only are used in both the current and comparative reporting periods. Specifically, financial ratios that include equity are based on income statement and balance sheet figures comprising both continuing and discontinued
activities.

Share ratios

Share ratios are based on consolidated group figures, including both continuing and discontinued activities.

Sustainability performance figures

Sustainability performance figures are based on consolidated group figures, including both continuing and discontinued activities.