"Vi tager et underskud af den her karakter meget alvorligt. Selvfølgelig skal vi levere overskud," siger administrerende direktør i SEF, Lars Foged.

SEF

SEF director after loss of DKK 27 million: Far from satisfactory

Af Anders Munk Povlsen, [email protected]

The result is far below expectations following a decline in operations and large losses in the energy business.

1. MAJ 2026 10.15

Erhverv

Økonomi

Behind the deficit lies a significant deterioration in operations. The operating result has turned from a profit of 20.5 million DKK in 2024 to a loss of 7.7 million. DKK in 2025, while financial items, including losses on securities, reduce the result by DKK 15.6 million.

The businesses exposed to competition in particular are pressuring the result. SEF Energi delivers a deficit of DKK 13.6 million, while Nærvarme Danmark also has a deficit of DKK 13 million.

- The result is far from satisfactory. We will not hide that. We have already and will continue to focus on taking the necessary measures to turn it around, says Lars Foged, CEO of SEF.

According to the company, the development is due to changed market conditions in the energy sector and lower earnings than expected in several business areas.

At the same time, SEF highlights that parts of the business continue to develop positively. Revenue increased to DKK 397 million from DKK 351 million the year before, and the infrastructure-based activities continue to deliver profits. The electricity company Flow Elnet delivers a profit of 11 million DKK, while the fiber business also contributes positively.

- The result is of course important, and it should be. But it is also important to maintain that large parts of the business are strong. Revenue has increased, gross profit has improved, and our infrastructure-based businesses continue to deliver stable and robust profits, says Lars Foged

Expecting improvement

During the year, management has adjusted the strategy in the most competitive areas and sharpened its focus on profitability and risk management, but the effect has not yet been reflected in the accounts. As part of the adjustments, the board of directors has decided to abolish meeting allowances from April 2026. In 2025, they amounted to 370,000 DKK.

- We take a deficit of this nature very seriously. Of course, we must deliver a profit. At the same time, we are aware that the strategic changes we are working on will take time to have full effect. They cannot stand alone, and that is why we are continuously adjusting – both to strengthen earnings and to ensure a cost level that matches the market, says Lars Foged.

SEF expects an improvement, but is still only aiming for a result in the range of 0-5 million DKK in 2026.

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