A year of clean-up paves the way for a stronger DLG Group

2025 was a challenging year for some parts of the Group's business areas. The Danish agribusiness experienced a large harvest but combined with very low grain prices margins were reduced considerably. The Swedish agribusiness achieved significantly better results, while the German business came out of 2025 with a satisfactory result despite difficult market conditions. In total, Agriculture Business Group delivered an EBITDA of DKK 1.2 billion. Danæg and DanHatch, which are included here, both ended 2025 with strong results due to solid operations and positive market conditions. Animal Nutrition Business Group delivered significantly improved earnings driven by strong growth and achieved an EBITDA of DKK 210 million. 

 DLG Group's German operations continue to contribute significantly to the Group's results despite the weak economic development in the country. Energy Business Group gained market share in several segments and delivered an EBITDA of DKK 553 million, while Housing Business Group made a number of adjustments to be stronger positioned in the market and came out with an EBITDA of DKK 304 million.  

The Group's gross revenue increased to DKK 61.8 billion compared to DKK 60.7 billion in 2024, while EBITDA came in at DKK 2.1 billion compared to DKK 2.3 billion. DLG Group delivered an underlying EBITDA margin of 3.6%, but the level is not satisfactory, as there is both greater potential and a clear need to strengthen earnings to enable investments in growth and operational improvements in the coming years. 

As part of the transformation programme ReGen structural adjustments, impairments and realised restructuring costs amounted to DKK -521 million. EBT landed at minus DKK 192 million, while EAT is minus DKK 352 million. The Group's debt was reduced significantly, and working capital improved by DKK 1 billion. 

"This year’s result reflects that we have done what is necessary to clean up and to shape a cooperative that can create value for our farmer owners in the future. We are grasping the nettle and implementing the necessary measures, including impairments of assets that do not bring value creation in the future, and at the same time we have initiated a historic transformation. We have taken back control of our own destiny, and therefore we enter 2026 with a significantly stronger position than a year ago," says Peter Giørtz-Carlsen and continues: 

"It is important for me to say very clearly that it is of course not satisfactory that we do not pay profit declarations to our cooperative members, and it is not a result that reflects our ambitions and potential. We must earn the loyalty of our members, and that is exactly why we are working purposefully to strengthen DLG Group, so that we can invest in future growth and efficiency in order to be a cooperative that also creates value for the owners in the future."  

Shortly before the summer, DLG Group launched the three-year transformation programme, ReGen, which is the most comprehensive in the Group's history and cuts across all business areas. The ambition is to deliver DKK 1 billion in gross EBITDA improvements by the end of 2027, of which DKK 600 million will be reinvested to enable and sustain the transformation.  

The combination of an improved bottom line of DKK 1 billion, when the transformation is fully implemented, and the significant improvements in working capital will make it possible to significantly increase the investment capacity in DLG Group and thereby contribute to future-proofing and developing the Group.  

The first six months of the program have clearly confirmed the effect, and execution is ahead of schedule.  

"ReGen works. More than 40 percent of the potential is already in execution, and all business units are making a positive contribution. With what we are already seeing, we are confident that we will deliver the full potential by the end of 2027. We have cleaned up, simplified and improved operations across the Group to create a more competitive and modern DLG Group that delivers greater value across our companies in Denmark and internationally. The goal is to increase earnings and at the same time increase investments in the group significantly, to make it an even stronger cooperative for the owners in the future. At the same time, more emphasis must be placed on fairness towards the collective in the cooperative, where the effect of the improvements will be most evident to the loyal cooperative members," says Peter Giørtz-Carlsen. 

As part of the transformation, a new organization that strengthens cohesion and execution has been implemented, which makes it possible to harvest significant economies of scale and synergy effects.  

"We have gone from being a conglomerate to acting more like one group, and today we are significantly stronger operationally. Therefore, we get much more out of the advantages of running one large company instead of 5-6 smaller companies," says Peter Giørtz-Carlsen.  

Due to the uncertainty in the world and market conditions in general, DLG Group does not foresee a year of strong top-line growth. Instead, there is full focus on taking a noticeable step forward in the operating and bottom-line results through tight cost management as well as improvements from the transformation program. Investments are being made in areas such as cost efficiencies, solutions that support our customers, and a stronger trading setup to ensure that the full potential is realised. 

 The structural developments in agriculture and continued tightening of regulation are creating significant uncertainty about the future raw material base, and thus also for our owners. This is something that is monitored very closely. 

"We do not expect the markets to improve significantly this year, and our results will therefore depend on the changes we create ourselves. We will continue to deliver on our transformation and have a clear focus on costs, but we will also strengthen our commercial muscles to expand our position in the market. We are here to win. In 2026, we will see the first signs that competitiveness is returning, and we expect to deliver a good result," says Peter Giørtz-Carlsen.