Verdo lost DKK 306 million in 2025

For the second year in a row, Verdo presented a large deficit. This happened when the energy group presented its accounts for 2025 on Tuesday with a deficit of 306 million DKK after tax, compared to a deficit of 199 million DKK the year before, while the operating result (EBITDA) ended at minus 51.7 million DKK after a year marked by large losses in commercial operations. At the same time, interest-bearing debt increased to 991 million DKK, while equity fell to 446 million DKK.

This was stated by Verdo in a press release after Tuesday's meeting of the board of representatives, where the annual accounts for 2025 were presented and approved.

Net revenue ended at 1.8 billion DKK, and commercial activities in particular dragged down the result. According to the annual report, Verdo Energy Systems came out with a deficit of 178 million DKK. DKK after losses on several large projects in Norway and Denmark, while the winding up of Verdo Trading also had a significant impact on the accounts. The Trading business generated a loss of DKK 84 million.

In the annual report, Verdo describes the overall result as “highly unsatisfactory”. When presenting the 2024 accounts, the group expected a loss before tax in the range of DKK 0-50 million, but the result ended up significantly worse.

- 2025 was the year when the seriousness of Verdo's situation became clear to everyone. We have acted on a great many things in the past year, and we will continue in the same direction in 2026. We have wound up Trading, we have implemented extensive organizational changes, and we have a new and strong management team in place with Jesper Vinter Barslund as CEO and most recently Jesper Møller Larsen as the new COO. Now it is about staying the course and re-establishing an economically sustainable foundation, says Torben Høeg Bonde, Chairman of the Board of Directors of Verdo.

In return, the regulated activities within heat, water and electricity production delivered a positive result. Verdo Energi og Forsyning came out with a profit of 31 million. DKK and had a record high inflow of district heating customers in Randers and Herning.

Expecting profit next year

Verdo has also initiated a major strategic restructuring under the heading “A focused Verdo”. The strategy includes, among other things, the divestment of Verdo Teknik and Verdo Go Green as well as a sharp reduction in high-risk activities.

In the annual report, Verdo describes 2025 as a year of “major challenges and decisive decisions”. The group points to, among other things, higher complexity, inadequate risk management and several loss-making projects as reasons for the weak results.

At the same time, Verdo has been faced with regulatory requirements for repayments to heating customers in Randers. In April 2025, the Danish Electricity Supply Authority ordered Verdo Produktion to repay DKK 46 million in a case regarding interest expenses at the combined heat and power plant in Randers. In addition, the company has received a draft of another decision, in which the Danish Electricity Supply Authority provisionally assesses that an additional DKK 258 million must be returned to customers.

In 2026, Verdo expects revenue of between DKK 1.7 and DKK 1.9 billion and a profit before tax of between DKK 10 million and DKK 5 million. The group also expects a significant improvement in operating profit.

A new board of directors was also elected at the meeting, with Torben Høeg Bonde continuing as chairman, while Finn Skaarup Andersen continuing as vice chairman.