1,447.00
-1.56%
Close of 9 Nov 2026, in DKK
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At a glance
Figures in DKK, from our data supplier.
Revenue
DKK 245.21bn
FY2016FY2025
Net income
DKK 8.10bn
FY2016FY2025
Free cash flow
DKK 19.42bn
FY2016FY2025
Shareholders' equity
DKK 117.41bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | DKK 245.21bn | DKK 166.21bn | DKK 149.92bn | DKK 234.67bn | DKK 181.71bn | DKK 115.30bn | DKK 94.19bn | DKK 78.63bn | DKK 74.46bn | DKK 67.75bn |
| Operating income | DKK 17.45bn | DKK 15.16bn | DKK 16.82bn | DKK 24.21bn | DKK 15.62bn | DKK 8.89bn | DKK 6.14bn | DKK 5.55bn | DKK 4.44bn | DKK 3.48bn |
| Net income | DKK 8.10bn | DKK 10.11bn | DKK 12.31bn | DKK 17.57bn | DKK 11.21bn | DKK 4.25bn | DKK 3.70bn | DKK 4.00bn | DKK 2.98bn | DKK 1.67bn |
| Diluted earnings per share | 33.98 | 43.03 | 58.17 | 79.39 | 48.92 | 18.70 | 18.16 | 21.98 | 15.96 | 9.00 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | DKK 290.37bn | DKK 236.54bn | DKK 147.11bn | DKK 159.04bn | DKK 161.40bn | DKK 96.25bn | DKK 97.56bn | DKK 38.81bn | DKK 38.39bn | DKK 40.37bn |
| Cash and short-term investments | DKK 13.18bn | DKK 81.79bn | DKK 4.53bn | DKK 8.38bn | DKK 8.30bn | DKK 4.06bn | DKK 2.04bn | DKK 275.0m | DKK 331.0m | DKK 1.71bn |
| Total liabilities | DKK 172.68bn | DKK 122.04bn | DKK 78.14bn | DKK 87.30bn | DKK 87.12bn | DKK 48.95bn | DKK 48.24bn | DKK 24.28bn | DKK 23.58bn | DKK 26.99bn |
| Debt | DKK 97.94bn | DKK 82.82bn | DKK 40.09bn | DKK 38.98bn | DKK 36.75bn | DKK 21.16bn | DKK 20.60bn | DKK 7.06bn | DKK 6.96bn | DKK 10.06bn |
| Shareholders' equity | DKK 117.41bn | DKK 114.18bn | DKK 68.70bn | DKK 71.52bn | DKK 74.10bn | DKK 47.38bn | DKK 49.43bn | DKK 14.56bn | DKK 14.84bn | DKK 13.42bn |
| Shares outstanding | 238m | 235m | 212m | 221m | 229m | 227m | 204m | 182m | 187m | 185m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | DKK 21.48bn | DKK 11.65bn | DKK 16.46bn | DKK 26.85bn | DKK 12.20bn | DKK 10.28bn | DKK 6.88bn | DKK 4.30bn | DKK 4.66bn | DKK 1.27bn |
| Capital spending | −DKK 2.06bn | −DKK 2.09bn | −DKK 2.38bn | −DKK 1.79bn | −DKK 1.48bn | −DKK 1.34bn | −DKK 1.29bn | −DKK 1.21bn | −DKK 1.01bn | −DKK 1.09bn |
| Free cash flow | DKK 19.42bn | DKK 9.56bn | DKK 14.08bn | DKK 25.05bn | DKK 10.72bn | DKK 8.94bn | DKK 5.59bn | DKK 3.09bn | DKK 3.65bn | DKK 187.0m |
| Dividends paid | −DKK 1.68bn | −DKK 1.53bn | −DKK 1.42bn | −DKK 1.32bn | −DKK 920.0m | −DKK 588.0m | −DKK 423.0m | −DKK 380.0m | −DKK 342.0m | −DKK 327.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | DKK 76.69bn | DKK 70.42bn | DKK 71.69bn | DKK 71.98bn | DKK 61.98bn | DKK 41.68bn | DKK 43.51bn | DKK 44.09bn |
| Operating income | DKK 6.25bn | DKK 4.86bn | DKK 5.59bn | DKK 5.43bn | DKK 4.72bn | DKK 3.86bn | DKK 3.94bn | DKK 4.42bn |
| Net income | DKK 2.28bn | DKK 1.62bn | DKK 917.0m | DKK 2.05bn | DKK 2.33bn | DKK 2.80bn | DKK 2.21bn | DKK 2.82bn |
| Diluted earnings per share | 9.50 | 6.78 | 3.85 | 8.61 | 9.78 | 11.74 | 9.41 | 12.02 |
| Cash from operations | −DKK 308.0m | DKK 451.0m | DKK 5.75bn | DKK 6.43bn | DKK 4.58bn | DKK 4.73bn | DKK 2.84bn | DKK 4.59bn |
| Capital spending | −DKK 750.0m | −DKK 662.0m | −DKK 352.0m | −DKK 991.0m | −DKK 413.0m | −DKK 482.0m | −DKK 542.0m | −DKK 706.0m |
| Free cash flow | −DKK 1.06bn | −DKK 211.0m | DKK 5.39bn | DKK 5.44bn | DKK 4.16bn | DKK 4.25bn | DKK 2.30bn | DKK 3.88bn |
| Total assets | DKK 303.51bn | DKK 294.98bn | DKK 290.37bn | DKK 303.20bn | DKK 299.78bn | DKK 236.19bn | DKK 236.54bn | DKK 158.33bn |
| Cash and short-term investments | DKK 10.06bn | DKK 10.31bn | DKK 13.18bn | DKK 21.41bn | DKK 16.42bn | DKK 85.64bn | DKK 81.79bn | DKK 8.54bn |
| Debt | DKK 22.03bn | DKK 69.91bn | DKK 73.85bn | DKK 25.08bn | DKK 85.53bn | DKK 65.71bn | DKK 65.49bn | DKK 28.38bn |
| Shareholders' equity | DKK 125.61bn | DKK 122.03bn | DKK 117.41bn | DKK 115.14bn | DKK 113.36bn | DKK 114.15bn | DKK 114.18bn | DKK 71.94bn |
Financial ratios
Data as of 2 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | 7.1% | 9.1% | 11.2% | 10.3% | 8.6% | 7.7% |
| Net margin | 3.3% | 6.1% | 8.2% | 7.5% | 6.2% | 3.7% |
| Return on equity | 6.9% | 8.9% | 17.9% | 24.6% | 15.1% | 9.0% |
| Return on assets | 2.8% | 4.3% | 8.4% | 11.0% | 6.9% | 4.4% |
| Free cash flow yield | 7.5% | 4.5% | 6.8% | 9.9% | 4.6% | 3.9% |
| Revenue growth | 47.5% | 10.9% | -36.1% | 29.1% | 57.6% | 22.4% |
| Earnings growth | -19.9% | -17.9% | -29.9% | 56.8% | 163.6% | 14.9% |
| Current ratio | 0.95x | 3.23x | 1.11x | 1.16x | 1.10x | 1.05x |
| Debt to equity | 0.63x | 0.57x | 0.38x | 0.36x | 0.34x | 0.25x |
| Equity ratio | 40.4% | 48.3% | 46.7% | 45.0% | 45.9% | 49.2% |
| Interest coverage | 4.64x | 7.48x | 11.20x | 16.66x | 15.99x | 9.74x |
| Buybacks as a share of market value | -1.4% | -11.0% | 4.3% | 3.4% | -0.8% | -11.6% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 1.5% | 16.3% | 17.0% |
| Operating income | -10.3% | 14.4% | 19.1% |
| Net income | -22.8% | 13.8% | 14.7% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 7.9% | 9.3% | 9.0% | 8.3% |
| Net margin | 4.4% | 6.0% | 5.8% | 5.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 47.3 | 35.5 | 20.4 | 13.8 | 31.2 | 54.5 | 42.3 | 19.5 | 30.6 | 34.9 |
| Price to sales | 1.6 | 2.2 | 1.7 | 1.0 | 1.9 | 2.0 | 1.7 | 1.0 | 1.2 | 0.9 |
Dividends and splits
Per share, in the currency the company pays
Paid for 16 years. Last went ex-dividend on 20 Mar 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 7.00 | 8.02 | 7.00 | 6.50 | 5.50 | 4.00 | 2.50 | 2.25 |
- 5-for-1 split · 8 May 2007
- 1-to-1 reverse split · 10 Jun 2002
- 5-for-1 split · 21 Jan 2000
- 10-for-1 split · 2 Feb 1998
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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