Key figures
| DKK million | 2025 | 2024 | 2023 | 2022 | 2021 |
Key financial highlights |
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| Organic growth, % |
6% | 13% | 8% | 7% | 23% |
| Like-for-like growth, % | 2% | 7% | 6% | 4% | 20% |
| Gross margin, % | 79.1% | 79.8% | 78.6% | 76.3% | 76.1% |
| EBIT margin, % | 23.9% | 25.2% | 25.0% | 25.5% | 25.0% |
Consolidated income statement (reported) |
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| Revenue | 32,549 | 31,680 | 28,136 | 26,463 | 23,394 |
| Earnings before interest, tax, depreciation and amortisation (EBITDA) | 10,316 | 10,327 | 9,118 | 8,716 | 7,838 |
| Operating profit (EBIT) | 7,783 | 7,974 | 7,039 | 6,743 | 5,839 |
| Net financials | -870 | -1,048 | -805 | -210 | -461 |
| Net profit |
5,241 | 5,227 | 4,740 | 5,029 | 4,160 |
Financial ratios |
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| Revenue growth, DKK, % | 3% | 13% | 6% | 13% | 23% |
| Revenue growth, local currency, % | 6% | 14% | 9% | 8% | 24% |
| Gross margin, % | 79.1% | 79.8% | 78.6% | 76.3% | 76.1% |
| EBITDA margin, % | 31.7% | 32.6% | 32.4% | 32.9% | 33.5% |
| EBIT margin, % | 23.9% | 25.2% | 25.0% | 25.5% | 25.0% |
| Effective tax rate, % | 24.2% | 24.5% | 24.0% | 23.0% | 22.6% |
| Equity ratio, % | 18% | 20% | 23% | 33% | 38% |
| NIBD to EBITDA, x | 1.3 | 1.1 | 1.1 | 0.8 | 0.4 |
| Return on invested capital (ROIC)1, % | 41% | 46% | 45% | 49% | 52% |
| Cash conversion incl. lease payments, % | 65% | 85% | 78% | 39% | 88% |
| Net working capital, % of last 12 months' revenue | 4.1% | -1.7% | 1.8% | 4.2% | -5.0% |
Stock ratios |
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| Total payout ratio (incl. share buyback), % | 114% | 105% | 136% | 100% | 115% |
| Dividend per share, proposed, DKK | 22.0 | 20.0 | 18.0 | 16.0 | 16.0 |
| Dividend per share, paid, DKK | 20.0 | 18.0 | 16.0 | 16.0 | 15.0 |
| Earnings per share, basic, DKK | 68.1 | 64.8 | 55.5 | 54.2 | 42.1 |
| Earnings per share, diluted, DKK | 67.9 | 64.6 | 55.1 | 53.7 | 41.7 |
Consolidated balance sheet |
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| Total assets | 29,603 | 27,758 | 23,798 | 22,013 | 18,542 |
| Invested capital | 19,001 | 16,515 | 15,126 | 13,961 | 9,884 |
| Net working capital | 1,336 | -549 | 510 | 1,104 | -1,181 |
| Net interest-bearing debt (NIBD) | 13,719 | 11,008 | 9,770 | 6,794 | 2,882 |
| Equity | 5,282 | 5,508 | 5,355 | 7,167 | 7,001 |
Consolidated statement of cash flow |
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| Cash flow from operating activities | 7,361 | 8,721 | 7,384 | 4,434 | 6,228 |
| Capital expenditure – total | 1,943 | 1,919 | 1,624 | 1,290 | 641 |
| Capital expenditure – property, plant and equipment | 1,483 | 1,419 | 1,176 | 929 | 341 |
| Free cash flow incl. lease payments |
5,022 | 6,767 | 5,489 | 2,602 | 5,137 |
Other key figures |
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| Store network, total number of concept stores | 2,811 | 2,788 | 2,651 | 2,542 | 2,619 |
| Average number of full-time employees | 39,000 | 37,000 | 33,000 | 32,000 | 22,441 |
1) Last 12 months’ EBIT in % of last 12 months’ average invested capital. The “Return on invested capital (ROIC), %” was updated in Q1 2024 from “Last 12 months’ EBIT in % of invested capital” to “Last 12 months’ EBIT in % of last 12 months’ average invested capital” to present a more useful and less volatile KPI by switching to moving annual total. Comparatives from 2020-2023 have been restated.