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Annual report 2025

NAVIGATING A DEMANDING MARKET

A year of transition and transformation

Supporting our farmer owners and looking ahead

2025 was a year of important decisions and organisational change. During the year, we launched a Group-wide business development programme, initiated changes to parts of our business, and reviewed assets in relation to our strategic and financial priorities.

As we enter 2026, we do so with a clear focus on strengthening our cooperative, supporting our farmer owners, and continuing the development of our business to meet changing market conditions and future needs.

A portrait of Peter Giørtz-Carlsen.
INTRODUCTION
As we enter 2026, we do so with a clear ambition to create a more focused cooperative and a business that is gaining strength from the core.

Peter Giørtz-Carlsen

Group CEO

HIGHLIGHTS

Our performance in brief

Progress & ambition

Revenue

61.8

BN DKK

EBITDA

2.1

BN DKK

Gearing

4.4

Solvency Ratio

29.5

%

OUR MILESTONES

2025 key events

A snapshot of the moments that defined our year

It was a year of change and meaningful progress. Across our business groups we made some significant changes, introduced many new solutions and welcomed new faces and structures. These key events capture some of the most important parts of 2025.

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New Group CEO: Peter Giørtz-Carlsen

The Board appointed Peter Giørtz-Carlsen as group CEO in January 2025, succeeding Kristian Hundebøll. Peter Giørtz-Carlsen brought significant international experience from Arla Foods, where he served as the Vice-CEO since 2019, as well as having operational responsibility across the entire European business.

A person navigating an app on a smartphone.

Digital solutions improve customer service

To enhance efficiency and customer experience, the Electricity & Natural Gas division introduced Wattson, a digital assistant that automates routine tasks such as metre readings and payment adjustments. Wattson complements existing tools, including a voice bot for telephone enquiries, and further automation is planned.

A hand touching wheat on a field.

Partnership on wheat production

Team Agrar, Yara, and Dossche Mills collaborated on an initiative focused on wheat cultivation and supply chain development. The project included the use of fertilisers produced using renewable electricity and HVO fuel in selected activities. Through the collaboration, the partners worked to assess and document greenhouse gas emissions associated with wheat production and identify opportunities for emissions reductions across the value chain.

A portrait of Carl Christian Lei.

New chairman of DLG: Carl Christian Lei

In April 2025, Carl Christian Lei became the Chairman of the DLG Group, succeeding Niels Dengsø Jensen after 18 years. Carl Christian Lei had served as Vice-Chairman since 2017 and brings extensive experience in agriculture and cooperative governance. He is a fourth-generation farmer and owner of Avnbølgaard on Als in Southern Jutland.

The tracks of a tractor on a freshly harvested field.

DLG adjusts location structure to strengthen core business

As part of the ReGen program, DLG Group streamlined its location structure to create a more efficient grain business. In Denmark, 21 locations will be phased out before the 2026 harvest, while more than 80 remain in operation. Over the next 3 years 30% of locations in the Agriculture Business Group will be phased out.

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Team Infra expands network and strengthens market position

Team Infra was established as a unified network for civil engineering, road construction and railway projects. In 2024, the network was expanded, and in 2025 it grew further including new locations in Spreenhagen, Strausberg and Müllrose in Brandenburg. The expansion enhances operational efficiency and strengthens Team Infra’s ability to support infrastructure projects of all sizes.

A field of grass and clovers.

Challenging year for alternative protein investments

The DLG Group became a co-owner of Enorm Biofactory in 2022 to support the development of more sustainable protein alternatives. Enorm Biofactory was established to produce insect-based feed ingredients from upcycled biomasses. Following prolonged operational challenges and an unsuccessful restructuring process, the project was discontinued, and formal insolvency proceedings were initiated in late October.

A cow smelling the hand of a person.

Vilofoss strengthens position in North America

Vilofoss expanded its presence in North America by acquiring full ownership of its joint venture with Protekta. The acqui sition supports growth ambitions in a market with significant potential. Sales of feed additives, particularly X-Zelit, have increased markedly, and the U.S. remains the largest market for the product, which helps reduce the risk of milk fever in dairy cows.

A portrait of Carl Christian Lei.
INTRODUCTION
For the DLG Group, the green transition must create growth and value for both the company and our owners.

Carl Christian Lei

Chairman of the Board

STRONG RESULTS

Financial overview

Revenue

61.8

BN DKK

EBITDA

2.1

BN DKK

Colleagues

6,663

Gearing

4.4

Solvency ratio

29.5

%

Return on capital employed (ROCE)

5.2

%

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BUSINESS PLANNING

Clear priorities for 2026

To deliver on our strategic ambitions and ensure that ReGen creates lasting impact, we have strengthened our approach to business planning to set the right targets, create alignment across the group and ensure that every initiative supports our long-term goals.
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OUR TRANSFORMATION

Introducing ReGen to reset, refocus, and regenerate

In spring 2025 we launched ReGen, the most comprehensive transformation programme in our history. ReGen is not a new vision. It is a disciplined programme designed to make our business stronger, simpler and more competitive in a rapidly changing environment. Over the next three years, ReGen will enable us to unlock scale and synergies across the Group, implement best practices, and operate with greater transparency and foresight. We are transforming to futureproof the DLG Group, allowing us to reinvest in digital tools, innovation and new capabilities, ensuring that we are ready for the future.

Learn more

A year of transformation for our people

New roles to futureproof

2025 brought many changes for employees at the DLG Group with ReGen and the implementation of a new operating model and organisational structure. But it has also been a year of new opportunities for employees to develop and collaborate across the group.

A landscape picture taking from the air with a view of the sea.
ESG KEY FIGURES

Sustainability as part of our business

By integrating sustainability-related considerations into our business activities, supported by governance structures and data-driven processes, we seek to inform decision-making across the organisation and support long-term business development. Our reporting includes data and key figures that provide insight into our activities, targets, and reported performance.

Learn more

Our annual report archive

Looking for information from previous years? Access our collection of earlier annual reports here.

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