NIRAS increases earnings – but growth slows down significantly

NIRAS increased both revenue and earnings in 2025, but growth has slowed down significantly after several years of high growth rates. Revenue increased 2.4 percent to 4.0 billion. DKK, which is a clear decrease from around 20 percent in 2022 and over 10 percent in 2023. At the same time, own production grew by 6.5 percent to DKK 2.8 billion, while EBITA increased to DKK 174 million from DKK 158 million the previous year, and the EBITA margin improved to 6.2 percent from 5.9 percent.

Despite the progress on some parameters, the accounts point to a significant slowdown in growth. Revenue growth has fallen from around 20 percent in 2022 and over 10 percent in 2023 to 3.6 percent in 2024 and 2.4 percent in 2025. in 2025, while several business areas have been under pressure, while growth has been driven in particular by the construction business and activities in Norway.

- We are both proud and pleased that we have managed to lift both the top and bottom lines in a year where market development has been more negative than we expected at the beginning of the year. Several of the areas where we normally see significant market opportunities – including sustainability, life science and development assistance – have been characterized by weaker economic conditions at times. At the same time, the great global uncertainty has hit Process Industry in particular. This has created headwinds in parts of the business and meant that we have had to implement capacity adjustments during the year. The fact that we are simultaneously delivering growth in revenue and earnings shows that NIRAS is both robust and agile in a changing market, says Carsten Toft Boesen, CEO of NIRAS, in a press release.

But even though there is a lot of toasting in the press release, the assessment of the results in the management report in the annual accounts is somewhat more sober in a year characterized by, among other things, trade conflicts, the end of USAID funds and lower investments in the green transition:

"The results do not live up to our ambitions. Given the circumstances of trade conflicts and the end of USAID as well as the slowdown in, among other things, Danish life science, the green transition and sustainability, we are satisfied with creating growth and maintaining earnings."

A significant part of the improvement in the accounts comes from cash flows. Operating cash flow increased to 313 million DKK from 96 million. DKK the year before, partly due to lower capital tied up.

New CEO takes over

The 2025 financial statements are also the last under Carsten Toft Boesen, who after almost 40 years in the company – including 25 years as CEO – will hand over the position to Jens Brandt Bering on April 1, 2026.

The incoming CEO is entering a year with continued limited growth. NIRAS expects an increase in its own production of 0-5 percent and an EBITA margin at the same level as 2025, while market uncertainty continues. Jens Brandt Bering is looking positively towards the situation the company will face under his future management.

- We are entering 2026 with good momentum in the business. After a year with more unpredictable markets, it is particularly important to have a broad and robust project portfolio. At the same time, we see that the demand for advice is increasingly driven by some very large societal tasks – not least climate adaptation, the development of robust infrastructure and the green transition. These are areas where the need for long-term solutions is only increasing, and where our professional skills are in high demand, he says.