J 
201.00
+1.26%
Close of 9 Nov 2026, in DKK
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At a glance
Figures in DKK, from our data supplier.
Revenue
DKK 1.75bn
FY2016FY2025
Net income
DKK 1.00bn
FY2016FY2025
Free cash flow
DKK 629.9m
FY2016FY2025
Shareholders' equity
DKK 13.09bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | DKK 1.75bn | DKK 1.71bn | DKK 1.72bn | DKK 2.00bn | DKK 1.81bn | DKK 1.53bn | DKK 1.57bn | DKK 1.58bn | DKK 1.33bn | DKK 1.24bn |
| Research and development | — | — | — | DKK 3 | DKK 2 | DKK 0 | DKK 1 | DKK 0 | DKK 1 | DKK 0 |
| Operating income | DKK 1.55bn | DKK 661.6m | DKK 1.09bn | DKK 1.49bn | DKK 1.76bn | DKK 152.9m | DKK 2.49bn | −DKK 256.9m | −DKK 118.3m | −DKK 37.6m |
| Net income | DKK 1.00bn | DKK 112.6m | −DKK 828.3m | DKK 3.36bn | DKK 2.35bn | DKK 450.9m | DKK 841.7m | DKK 596.9m | DKK 741.2m | DKK 299.1m |
| Diluted earnings per share | 18.06 | 2.03 | -14.95 | 60.64 | 42.43 | 8.13 | 15.15 | 10.77 | 13.37 | 5.44 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | DKK 39.14bn | DKK 37.03bn | DKK 36.60bn | DKK 37.06bn | DKK 31.37bn | DKK 28.64bn | DKK 26.70bn | DKK 24.26bn | DKK 23.59bn | DKK 21.17bn |
| Cash and short-term investments | DKK 320.2m | DKK 571.2m | DKK 37.9m | DKK 23.8m | DKK 11.1m | DKK 119.0m | DKK 77.9m | DKK 15.1m | DKK 14.6m | DKK 21.3m |
| Total liabilities | DKK 26.04bn | DKK 24.78bn | DKK 24.28bn | DKK 23.76bn | DKK 21.29bn | DKK 20.78bn | DKK 19.29bn | DKK 17.56bn | DKK 17.35bn | DKK 15.79bn |
| Debt | DKK 22.33bn | DKK 21.42bn | DKK 20.90bn | DKK 19.65bn | DKK 18.29bn | DKK 18.47bn | DKK 17.21bn | DKK 15.69bn | DKK 15.64bn | DKK 14.32bn |
| Shareholders' equity | DKK 13.09bn | DKK 12.26bn | DKK 12.31bn | DKK 13.31bn | DKK 10.08bn | DKK 7.86bn | DKK 7.42bn | DKK 6.71bn | DKK 6.24bn | DKK 5.37bn |
| Shares outstanding | 55m | 55m | 55m | 55m | 55m | 55m | 56m | 55m | 55m | 55m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | DKK 644.5m | DKK 554.5m | DKK 123.7m | DKK 751.8m | DKK 683.5m | DKK 891.5m | DKK 682.7m | DKK 589.8m | DKK 588.9m | DKK 635.5m |
| Capital spending | −DKK 14.5m | −DKK 13.1m | −DKK 20.9m | −DKK 27.4m | −DKK 20.4m | −DKK 9.9m | −DKK 22.8m | −DKK 13.8m | −DKK 19.1m | −DKK 12.2m |
| Free cash flow | DKK 629.9m | DKK 541.4m | DKK 102.8m | DKK 724.3m | DKK 663.1m | DKK 881.6m | DKK 659.9m | DKK 576.0m | DKK 569.8m | DKK 623.4m |
| Dividends paid | −DKK 166.0m | −DKK 166.0m | −DKK 166.1m | −DKK 132.9m | −DKK 133.0m | −DKK 133.0m | −DKK 133.0m | −DKK 133.0m | −DKK 133.0m | −DKK 133.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | DKK 453.5m | DKK 460.4m | DKK 435.1m | DKK 435.3m | DKK 438.0m | DKK 443.0m | DKK 436.7m | DKK 420.7m |
| Operating income | DKK 286.1m | DKK 414.5m | DKK 384.5m | DKK 271.7m | DKK 383.8m | DKK 387.6m | DKK 385.3m | DKK 275.2m |
| Net income | DKK 213.9m | DKK 290.1m | DKK 401.4m | DKK 89.1m | DKK 240.6m | DKK 269.3m | DKK 347.7m | −DKK 374.1m |
| Diluted earnings per share | 3.86 | 5.24 | 7.25 | 1.61 | 4.34 | 4.86 | 6.28 | -6.76 |
| Cash from operations | DKK 43.0m | DKK 161.0m | DKK 56.0m | DKK 297.0m | DKK 80.0m | DKK 209.0m | DKK 56.0m | DKK 183.0m |
| Capital spending | −DKK 4.0m | −DKK 10.0m | −DKK 3.0m | −DKK 4.0m | −DKK 4.0m | −DKK 2.0m | −DKK 4.0m | −DKK 1.0m |
| Free cash flow | DKK 39.0m | DKK 151.0m | DKK 53.0m | DKK 293.0m | DKK 76.0m | DKK 207.0m | DKK 52.0m | DKK 182.0m |
| Total assets | DKK 40.33bn | DKK 40.15bn | DKK 39.14bn | DKK 37.97bn | DKK 37.86bn | DKK 37.59bn | DKK 37.03bn | DKK 36.67bn |
| Cash and short-term investments | DKK 101.8m | DKK 664.5m | DKK 320.2m | DKK 671.5m | DKK 564.6m | DKK 515.2m | DKK 571.2m | DKK 562.0m |
| Debt | DKK 953.2m | DKK 22.91bn | DKK 22.33bn | DKK 21.62bn | DKK 21.75bn | DKK 21.54bn | DKK 21.42bn | DKK 21.40bn |
| Shareholders' equity | DKK 13.42bn | DKK 13.38bn | DKK 13.09bn | DKK 12.69bn | DKK 12.60bn | DKK 12.52bn | DKK 12.26bn | DKK 11.91bn |
Financial ratios
Data as of 4 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Operating margin | 88.3% | 38.7% | 63.7% | 74.3% | 97.1% | 10.0% | — | — | — |
| Net margin | 57.1% | 6.6% | -48.2% | 167.9% | 129.7% | 29.4% | — | — | — |
| Return on equity | 7.6% | 0.9% | -6.7% | 25.2% | 23.3% | 5.7% | — | — | — |
| Return on assets | 2.6% | 0.3% | -2.3% | 9.1% | 7.5% | 1.6% | — | — | — |
| Free cash flow yield | 6.0% | 5.1% | 1.3% | 7.1% | 6.4% | 8.2% | — | — | — |
| Revenue growth | 2.5% | -0.5% | -14.2% | 10.3% | 18.2% | -2.0% | — | — | — |
| Earnings growth | 788.4% | -113.6% | -124.7% | 42.8% | 421.6% | -46.4% | — | — | — |
| Current ratio | 0.40x | 0.47x | 0.56x | 1.43x | 0.23x | 0.25x | — | — | — |
| Debt to equity | 1.71x | 1.75x | 1.70x | 1.48x | 1.85x | 2.33x | — | — | — |
| Equity ratio | 33.5% | 33.1% | 33.6% | 35.9% | 32.1% | 27.5% | — | — | — |
| Interest coverage | 3.06x | 1.27x | 2.47x | 8.25x | 15.08x | 1.36x | — | — | — |
| R&D as a share of sales | — | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Buybacks as a share of market value | -0.0% | 0.0% | 0.0% | 0.1% | 0.0% | 0.3% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -4.3% | 2.7% | 3.8% |
| Operating income | 1.3% | 58.9% | 3.4% |
| Net income | -33.2% | 17.3% | 2.0% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 63.8% | 66.7% | 63.7% | 56.7% |
| Net margin | 32.2% | 50.8% | 61.2% | 55.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 10.8 | 99.8 | -15.3 | 4.0 | 6.5 | 30.5 | 16.6 | 17.6 | 10.8 | 26.4 |
| Price to sales | 6.2 | 6.6 | 7.4 | 6.6 | 8.4 | 9.0 | 8.9 | 6.6 | 6.0 | 6.4 |
Dividends and splits
Per share, in the currency the company pays
Paid for 5 years. Last went ex-dividend on 9 Apr 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 3.00 | 3.00 | 3.00 | 3.00 | 2.40 | 2.40 | 2.40 | 2.40 |
- 5-for-1 split · 21 Apr 2020
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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