The energy group BioCirc reached almost DKK 1.5 billion in revenue in 2024 after strong growth and acquisitions. However, the high level of investment and a one-off cost sent the bottom line into the red by almost DKK 200 million.
In 2024, BioCirc increased its revenue by 31 percent – from DKK 1.13 billion to DKK 1.48 billion – despite lower gas prices and continued pressure on the market for biogas certificates. The growth was driven, among other things, by the acquisitions of three new biogas plants and the German company North-Tec, which raised production to over 160 million Nm3 of biomethane – an increase of 45 percent. compared to the previous year.
- Despite headwinds in the markets, we at BioCirc have significantly increased our biomethane production and taken decisive steps towards our vision of circular energy clusters that will ensure that sustainable and secure energy becomes a main component of Denmark's green transition, says Bertel Maigaard, Group CEO at BioCirc, in a press release.
The group's operating earnings, EBITDA, before interest, taxes and depreciation, landed positively at 180.5 million. DKK, but the result before tax ended with a deficit of 195.5 million. DKK. According to the company, this is due, among other things, to high investments and a larger one-off expense related to a terminated certificate trading agreement. At the same time, the workforce doubled from 150 to 310 as part of BioCirc's international expansion.
- We see the results as an expression of conscious strategic choices to prioritize long-term value creation over short-term earnings. In an otherwise challenged industry affected by macroeconomic conditions, we at BioCirc have been able to adjust to both product consumption and energy costs, and this has kept EBITDA positive, which is why we will come out of 2024 satisfactorily, says Bertel Maigaard.
Believe in growth in 2025
In 2025, the group expects revenue growth of 5–10 percent and EBITDA of DKK 100–200 million. A central focus area will be the development of a large-scale CCS (Carbon Capture and Storage) project, which will collect biogenic CO? from biogas plants and send it for permanent storage offshore. The project will also commercialize CO? credits. In 2024, BioCirc received approximately DKK 1 billion in state support through the government's NECCS scheme and expects to use the support from 2026. According to the company, the project will be the world's largest of its kind within biogas CCS.
- BioCirc is well-equipped for the future. With a solid capital foundation, a growing team and a clear strategy, we will scale our green solutions and create growth and increased earnings - not just in Denmark, but globally. This is a development that will also be supported by the adoption of certificate trading, strengthened digital and automated solutions in the biogas business, further large-scale advantages in the overall biogas portfolio and the expected start-up of the solar park at Vinkel Biogas. 2025 will be BioCirc's most exciting year to date, says Bertel Maigaard.
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