EWII disappoints in 2025: Delayed billion-dollar profit leads to distorted accounts

In 2025, EWII delivered a deficit of DKK 92.5 million after tax compared to a profit of DKK 218.9 million the year before and thus did not meet its own expectations, which were for a billion-dollar profit as a result of divestments. At the same time, revenue increased to DKK 2.94 billion, while operating earnings (EBITDA) fell to DKK 281.8 million from DKK 388 million the year before. This is stated in the energy group's annual report.

- 2025 has in many ways been a year in slow motion – both for EWII and for the green transition. Major delays, significant changes in market conditions and commercial challenges have left their mark on our annual accounts, which do not meet expectations, says Lars Bonderup Bjørn, CEO of EWII.

A significant explanation for the deficit is the delayed sale of the group's fiber network in the triangle area to Norlys. The transaction was not completed until February 2026, and thus a profit of DKK 1.1 billion is not included in the 2025 accounts. At the same time, costs related to the sale of over DKK 47 million have dragged down the result.

Fixed-price contracts cost Ewii millions

The development in the energy markets has also affected earnings. A large supply of electricity from solar parks has pushed down electricity prices during parts of the day, and this has resulted in losses on the long fixed-price contracts that EWII has entered into to secure the financing of solar projects. The group has realized a loss before tax of DKK 35 million and at the same time has made provisions of DKK 116 million for expected losses.

Several other business areas have also had a difficult year. The relatively new battery business, which was seriously started in 2025, among other things. with the commissioning of Denmark's largest battery on Bornholm, has been characterized by a difficult start-up and has not developed as expected, although there was progress towards the end of the year.

The group's trading activities have also been under pressure. Both unsatisfactory performance and a new settlement model from Energinet for aFRR services have created major fluctuations in the balancing markets and increased the complexity of the business.

On the customer side, the year was uneven. The private customer business had a weak start, but the development turned around during the year, so that EWII overall ended up with more electricity customers.

On the other hand, growth continued in the charging business, where more than 1 million charging operations were carried out on the group's charging network during the year.

Profit in sight in 2026

At the same time, EWII points to a more structural challenge in the energy system. Lack of capacity in the electricity grid means that companies cannot be connected, which according to the group slows down electrification and the green transition.

- The accident happened in slow motion, and now we are in the middle of an acute lack of capacity, where Energinet cannot deliver. In the autumn of 2025, our electricity grid companies had to start informing customers that there was no capacity in the grid for them to be connected. These are companies that cannot get power for new plants, expansions and conversion from fossil energy sources to solar and wind, and this is a serious obstacle to the electrification of society and the green transition. Unfortunately, there are long prospects for the problems to be resolved, says Lars Bonderup Bjørn.

Despite these challenges and even if 2025 was a disappointing year, EWII expects a significant improvement in 2026. The result here is expected to land between 1 and 1.2 billion. DKK – among other things as a result of the completed fiber sales.