Hero image
illustration of 142122412084043

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 necessary decisions. We launched a comprehensive transformation programme to improve competitiveness and enable us to make the necessary investments to bring us into the future, initiated a restructuring of our business and recognised impairments on assets that no longer meet our strategic and financial requirements.

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.

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.

image of

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.

image of

Partnership promotes sustainable wheat production

Team Agrar, Yara and Dossche Mills joined forces to reduce CO2 emissions in wheat cultivation. The collaboration introduced fertilizers produced with renewable energy and the use of HVO renewable diesel, cutting emissions by up to 90%. These measures reduce the carbon footprint per tonne of wheat by more than 50% and support a more sustainable supply 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.

image of

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

%

Banner image
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.
image of
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 embedding sustainability into our core activities, supported by strong governance and data-driven processes, we will strive to maximise our positive impacts for society, our employees, our customers and, our owners. We have some data to show our success.

Learn more

Our annual report archive

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

RECOMMENDATIONS

You may also be interested in

Explore more stories about our leadership, culture, and strategic direction.

Discover additional content showcasing how we lead, how we work, and how we continue to evolve as a modern cooperative. Learn more about our leadership approach, our values in action, and the latest updates shaping the future of the DLG Group.

A picture of the headquarter in Aksen,

Our Management

The Executive Committee oversees the DLG Group’s day-to-day operations and takes part in the strategic development of the company.

A Team truck driving through a green landscape.

Latest news

Discover the latest developments and announcements across strategy, performance, partnerships, and sustainability at DLG Group.