5,680.00
+1.43%
Close of 9 Nov 2026, in DKK
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At a glance
Figures in DKK, from our data supplier.
Revenue
DKK 5.52bn
FY2016FY2025
Net income
DKK 1.22bn
FY2016FY2025
Free cash flow
DKK 504.0m
FY2016FY2025
Shareholders' equity
DKK 4.96bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | DKK 5.52bn | DKK 5.07bn | DKK 4.06bn | DKK 3.53bn | DKK 1.76bn | DKK 1.58bn | DKK 4.35bn | DKK 4.44bn | DKK 4.44bn | DKK 4.42bn |
| Gross profit | DKK 1.89bn | DKK 1.98bn | DKK 1.04bn | DKK 796.0m | −DKK 519.0m | −DKK 824.0m | DKK 1.74bn | DKK 1.91bn | DKK 2.08bn | DKK 1.98bn |
| Operating income | DKK 1.84bn | DKK 1.61bn | DKK 679.0m | DKK 414.0m | −DKK 542.0m | −DKK 731.3m | DKK 1.43bn | DKK 1.58bn | DKK 1.82bn | DKK 1.80bn |
| Net income | DKK 1.22bn | DKK 1.02bn | DKK 264.0m | DKK 191.0m | −DKK 517.3m | −DKK 638.1m | DKK 1.02bn | DKK 1.11bn | DKK 1.29bn | DKK 1.26bn |
| Diluted earnings per share | 154.81 | 129.46 | 33.64 | 24.34 | -63.73 | -81.36 | 130.48 | 140.61 | 163.66 | 160.39 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | DKK 17.47bn | DKK 16.11bn | DKK 15.52bn | DKK 15.27bn | DKK 15.37bn | DKK 14.28bn | DKK 14.15bn | DKK 12.97bn | DKK 11.59bn | DKK 11.21bn |
| Cash and short-term investments | DKK 54.0m | DKK 48.0m | DKK 42.0m | DKK 296.0m | DKK 78.1m | DKK 41.8m | DKK 19.2m | DKK 159.1m | DKK 12.6m | DKK 78.2m |
| Total liabilities | DKK 11.96bn | DKK 11.70bn | DKK 12.08bn | DKK 11.93bn | DKK 12.17bn | DKK 11.62bn | DKK 10.89bn | DKK 9.88bn | DKK 8.44bn | DKK 8.17bn |
| Debt | DKK 9.06bn | DKK 9.18bn | DKK 9.66bn | DKK 9.91bn | DKK 10.48bn | DKK 9.59bn | DKK 8.39bn | DKK 7.18bn | DKK 5.93bn | DKK 5.80bn |
| Shareholders' equity | DKK 4.96bn | DKK 3.85bn | DKK 2.85bn | DKK 2.70bn | DKK 2.51bn | DKK 2.66bn | DKK 3.26bn | DKK 3.09bn | DKK 3.15bn | DKK 3.04bn |
| Shares outstanding | 8m | 8m | 8m | 8m | 8m | 8m | 8m | 8m | 8m | 8m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | DKK 2.31bn | DKK 1.92bn | DKK 1.36bn | DKK 191.0m | −DKK 129.7m | DKK 183.1m | DKK 1.77bn | DKK 1.98bn | DKK 2.03bn | DKK 1.97bn |
| Capital spending | −DKK 1.81bn | −DKK 1.30bn | −DKK 1.34bn | −DKK 948.0m | −DKK 580.6m | −DKK 1.52bn | −DKK 2.14bn | −DKK 1.76bn | −DKK 1.48bn | −DKK 1.03bn |
| Free cash flow | DKK 504.0m | DKK 614.0m | DKK 21.0m | −DKK 757.0m | −DKK 710.3m | −DKK 1.33bn | −DKK 367.8m | DKK 218.7m | DKK 553.8m | DKK 933.2m |
| Dividends paid | −DKK 200.0m | −DKK 47.0m | −DKK 76.0m | −DKK 59.0m | −DKK 59.0m | −DKK 59.0m | −DKK 915.7m | −DKK 1.21bn | −DKK 1.19bn | −DKK 1.18bn |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | DKK 1.57bn | DKK 1.20bn | DKK 1.37bn | DKK 1.61bn | DKK 1.47bn | DKK 1.07bn | DKK 1.25bn | DKK 1.47bn |
| Gross profit | DKK 582.0m | DKK 237.0m | DKK 413.0m | DKK 715.0m | DKK 748.0m | DKK 342.0m | DKK 191.0m | DKK 802.0m |
| Operating income | DKK 582.0m | DKK 237.0m | DKK 413.0m | DKK 715.0m | DKK 549.0m | DKK 161.0m | DKK 343.0m | DKK 631.0m |
| Net income | DKK 505.0m | DKK 146.0m | DKK 252.0m | DKK 513.0m | DKK 377.0m | DKK 74.0m | DKK 208.0m | DKK 433.0m |
| Diluted earnings per share | 64.35 | 18.60 | 32.11 | 65.37 | 48.04 | 9.43 | 26.50 | 55.17 |
| Cash from operations | DKK 583.0m | DKK 188.0m | DKK 669.0m | DKK 814.0m | DKK 582.0m | DKK 249.0m | DKK 499.0m | DKK 712.0m |
| Capital spending | −DKK 555.0m | −DKK 413.0m | −DKK 768.0m | −DKK 394.0m | −DKK 428.0m | −DKK 301.0m | −DKK 396.0m | −DKK 359.0m |
| Free cash flow | DKK 28.0m | −DKK 225.0m | −DKK 99.0m | DKK 420.0m | DKK 154.0m | −DKK 52.0m | DKK 103.0m | DKK 353.0m |
| Total assets | DKK 18.39bn | DKK 17.70bn | DKK 17.47bn | DKK 16.93bn | DKK 16.59bn | DKK 16.21bn | DKK 16.11bn | DKK 15.99bn |
| Cash and short-term investments | DKK 42.0m | DKK 78.0m | DKK 54.0m | DKK 149.0m | DKK 45.0m | DKK 72.0m | DKK 48.0m | DKK 87.0m |
| Debt | DKK 3.63bn | DKK 9.34bn | DKK 9.06bn | DKK 8.99bn | DKK 9.29bn | DKK 9.25bn | DKK 9.18bn | DKK 9.29bn |
| Shareholders' equity | DKK 5.63bn | DKK 5.16bn | DKK 4.96bn | DKK 4.65bn | DKK 4.12bn | DKK 3.95bn | DKK 3.85bn | DKK 3.64bn |
Financial ratios
Data as of 18 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 34.3% | 39.0% | 25.6% | 22.5% | -29.5% | -52.3% |
| Operating margin | 33.3% | 31.7% | 16.7% | 11.7% | -30.8% | -46.4% |
| Net margin | 22.0% | 20.0% | 6.5% | 5.4% | -29.4% | -40.5% |
| Return on equity | 24.5% | 26.4% | 9.3% | 7.1% | -20.6% | -24.0% |
| Return on assets | 7.0% | 6.3% | 1.7% | 1.3% | -3.4% | -4.5% |
| Free cash flow yield | 9.5% | 7.4% | 6.2% | 2.6% | 1.0% | 3.9% |
| Revenue growth | 8.9% | 24.8% | 15.0% | 100.6% | 11.8% | -63.7% |
| Earnings growth | 19.6% | 284.8% | 38.2% | -136.9% | -18.9% | -162.5% |
| Current ratio | 0.16x | 0.22x | 0.35x | 0.11x | 0.63x | 0.24x |
| Debt to equity | 1.83x | 2.38x | 3.39x | 3.57x | 4.17x | 3.52x |
| Equity ratio | 28.4% | 23.9% | 18.4% | 17.7% | 16.4% | 18.6% |
| Interest coverage | 9.04x | 6.12x | 2.42x | 2.44x | -4.40x | -7.55x |
| Buybacks as a share of market value | -0.0% | 0.0% | 0.0% | 3.3% | -3.5% | -0.3% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 16.1% | 28.5% | 3.1% |
| Operating income | 64.3% | — | 1.5% |
| Net income | 85.3% | — | 1.1% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 36.5% | 31.4% | 20.3% | 32.0% |
| Operating margin | 32.5% | 25.0% | 15.2% | 26.6% |
| Net margin | 21.1% | 14.8% | 7.1% | 16.9% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 44.3 | 47.3 | 137.9 | 244.9 | -92.0 | -66.1 | 43.8 | 38.7 | 34.6 | 38.7 |
| Price to sales | 9.8 | 9.5 | 9.0 | 13.2 | 27.0 | 26.8 | 10.3 | 9.6 | 10.0 | 11.0 |
Dividends and splits
Per share, in the currency the company pays
Paid for 1 years. Last went ex-dividend on 9 Apr 2025.
| FY2025 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | FY2014 | FY2013 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 25.48 | 116.68 | 154.53 | 152.12 | 150.38 | 126.57 | 121.97 | 213.38 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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