A 
755.50
+3.78%
Close of 9 Nov 2026, in DKK
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At a glance
Figures in DKK, from our data supplier.
Revenue, before interest expense
DKK 9.06bn
FY2016FY2025
Net income
DKK 1.89bn
FY2016FY2025
Total assets
DKK 341.95bn
FY2016FY2025
Shareholders' equity
DKK 37.60bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue, before interest expense | DKK 9.06bn | DKK 9.94bn | DKK 8.94bn | DKK 5.82bn | DKK 5.39bn | DKK 4.69bn | DKK 4.73bn | DKK 4.20bn | DKK 4.57bn | DKK 4.49bn |
| Operating income | DKK 2.47bn | DKK 3.65bn | DKK 4.28bn | DKK 2.40bn | DKK 2.44bn | DKK 1.02bn | DKK 1.08bn | DKK 1.65bn | DKK 2.17bn | DKK 2.08bn |
| Net income | DKK 1.89bn | DKK 2.76bn | DKK 3.34bn | DKK 1.90bn | DKK 1.40bn | DKK 789.7m | DKK 852.5m | DKK 1.16bn | DKK 1.51bn | DKK 1.47bn |
| Diluted earnings per share | 22.07 | 53.71 | 60.66 | 33.59 | 23.25 | 13.33 | 14.31 | 18.77 | 22.56 | 21.21 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | DKK 341.95bn | DKK 193.67bn | DKK 185.10bn | DKK 179.32bn | DKK 168.15bn | DKK 165.12bn | DKK 147.65bn | DKK 140.60bn | DKK 136.17bn | DKK 146.63bn |
| Cash and short-term investments | DKK 30.56bn | DKK 14.14bn | DKK 20.57bn | DKK 27.00bn | DKK 25.56bn | DKK 23.65bn | DKK 18.24bn | DKK 11.32bn | DKK 14.42bn | DKK 12.85bn |
| Total liabilities | DKK 304.30bn | DKK 177.88bn | DKK 169.35bn | DKK 165.34bn | DKK 154.94bn | DKK 154.05bn | DKK 135.89bn | DKK 129.59bn | DKK 124.45bn | DKK 134.88bn |
| Debt | — | DKK 17.78bn | DKK 19.49bn | DKK 18.97bn | DKK 22.04bn | DKK 18.41bn | DKK 14.68bn | DKK 12.16bn | DKK 17.44bn | DKK 17.77bn |
| Shareholders' equity | DKK 37.60bn | DKK 15.74bn | DKK 15.71bn | DKK 13.94bn | DKK 12.41bn | DKK 12.41bn | DKK 10.96bn | DKK 10.92bn | DKK 11.73bn | DKK 11.75bn |
| Shares outstanding | 86m | 51m | 55m | 57m | 60m | 59m | 60m | 62m | 67m | 69m |
Latest quarters
By quarter end
| Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | Jun 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue, before interest expense | DKK 3.34bn | DKK 2.80bn | DKK 1.74bn | DKK 2.25bn | DKK 2.36bn | DKK 2.30bn | DKK 1.84bn | DKK 1.87bn |
| Operating income | DKK 1.04bn | −DKK 70.0m | DKK 977.8m | DKK 757.0m | DKK 859.0m | DKK 450.0m | DKK 1.09bn | DKK 1.12bn |
| Net income | DKK 798.0m | −DKK 4.7m | DKK 705.9m | DKK 89.1m | DKK 642.0m | DKK 375.0m | DKK 767.0m | DKK 761.1m |
| Diluted earnings per share | 9.31 | -0.05 | 8.23 | 1.04 | 7.48 | 7.29 | 14.91 | 14.80 |
| Total assets | DKK 344.91bn | DKK 341.95bn | DKK 196.53bn | DKK 197.85bn | DKK 191.62bn | DKK 193.67bn | DKK 193.07bn | DKK 191.01bn |
| Cash and short-term investments | DKK 32.53bn | DKK 30.56bn | DKK 4.29bn | DKK 15.37bn | DKK 17.05bn | DKK 14.14bn | DKK 1.94bn | DKK 1.11bn |
| Debt | DKK 7.06bn | — | DKK 6.18bn | DKK 6.24bn | DKK 5.75bn | — | DKK 6.28bn | DKK 9.26bn |
| Shareholders' equity | DKK 35.88bn | DKK 37.60bn | DKK 15.45bn | DKK 15.87bn | DKK 14.83bn | DKK 15.74bn | DKK 14.84bn | DKK 14.48bn |
Financial ratios
Data as of 18 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating margin | 27.3% | 36.7% | 47.9% | 41.3% | 45.3% | 21.5% | — | — | — | — |
| Net margin | 20.9% | 27.8% | 37.4% | 32.6% | 26.0% | 16.9% | — | — | — | — |
| Return on equity | 5.0% | 17.5% | 21.3% | 13.6% | 11.3% | 6.4% | — | — | — | — |
| Return on assets | 0.6% | 1.4% | 1.8% | 1.1% | 0.8% | 0.5% | — | — | — | — |
| Revenue growth | -8.9% | 11.3% | 53.4% | 8.0% | 15.0% | -1.0% | — | — | — | — |
| Earnings growth | -31.5% | -17.4% | 75.8% | 35.6% | 77.5% | -7.4% | — | — | — | — |
| Current ratio | 0.12x | 0.09x | 0.14x | 0.20x | — | 1.29x | — | 0.99x | — | — |
| Debt to equity | — | — | — | — | 1.78x | 1.48x | 1.34x | 1.11x | 1.49x | 1.51x |
| Equity ratio | 11.0% | 8.1% | 8.5% | 7.8% | 7.4% | 7.5% | — | — | — | — |
| Interest coverage | 1.60x | 1.52x | 2.85x | 5.55x | 5.59x | 2.19x | — | — | — | — |
| Buybacks as a share of market value | -66.8% | 6.7% | 2.7% | 6.1% | -1.8% | 0.6% | — | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 15.9% | 14.1% | 8.1% |
| Operating income | 0.9% | 19.5% | 3.5% |
| Net income | -0.1% | 19.1% | 5.2% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 32.2% | 37.9% | 37.1% | 37.9% |
| Net margin | 24.5% | 29.3% | 27.6% | 27.6% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 25.8 | 7.1 | 4.8 | 8.7 | 8.9 | 10.1 | 9.8 | 8.3 | 11.1 | 10.3 |
| Price to sales | 5.4 | 2.0 | 1.8 | 2.8 | 2.3 | 1.7 | 1.8 | 2.3 | 3.6 | 3.4 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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