Nasdaq CopenhagenIFRS · DKK

A.P. MØLLER HOLDING A/S

A.P. MØLLER HOLDING A/S is a Danish investment holding company based in Hellerup, Denmark. It owns and oversees a portfolio of subsidiaries and investments, with the annual report indicating consolidated operations, associate investments, and financing activities across the group structure.

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Revenue401.1bn DKK
−5.6 %y/y
Operating profit (EBIT)28.1bn DKK
−40.9 %y/y
EBIT margin7.0%
−4.2 ppy/y
Net income23.5bn DKK
−52.0 %y/y

Fiscal year 2025 · change from previous year

Development 2022–2025

0200400600800bn DKK2022: 611.2 bn DKK2022: EBIT 216.9 bn DKK20222023: 389.0 bn DKK2023: EBIT 33.8 bn DKK20232024: 424.8 bn DKK2024: EBIT 47.5 bn DKK20242025: 401.1 bn DKK2025: EBIT 28.1 bn DKK2025401.128.1
RevenueOperating profit (EBIT)
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Business

Share of revenue
Subsidiary ownership40 %

Control and oversight of operating companies held within the group structure.

Equity investments20 %

Investments in associates and other equity holdings managed at group level.

Intragroup financing15 %

Loans receivable, borrowings, and treasury-related funding within the group.

Property holdings10 %

Corporate property and real estate interests owned by the holding company.

Corporate services15 %

Group-level administration, governance, and related support activities.

Customers

The company primarily serves its own subsidiaries and affiliated entities through ownership, capital allocation, and intragroup financing rather than external end customers. Its counterparties therefore include operating businesses inside the group, associate companies, lenders, and transaction counterparties for investments and corporate assets.

Subsidiaries and controlled entities

Operating businesses within the group that are owned and financed by the holding company.

Associate investments

Partly owned businesses held for strategic or financial return.

Internal financing counterparties

Group entities that use intercompany loans, cash pooling, or treasury support.

External financial institutions

Banks and other lenders providing borrowings and liquidity facilities.

Strategy

The company’s strategic role is to allocate capital across subsidiaries and investments, preserve long-term control, and support businesses within the group structure. Its position depends on disciplined portfolio management, selective reinvestment, and maintaining flexibility through financing and ownership structure.

Capital allocation across holdingsLong term

Returns depend on deploying capital into subsidiaries and investments with durable long-term value.

Strengthen group financing flexibilityMedium term

A holding company needs reliable access to funding for investments, obligations, and corporate support.

Active portfolio managementMedium term

The value of the company is shaped by which businesses and assets remain in the portfolio.

Geography

The company is headquartered in Denmark and its reporting is centered on group-level ownership and investment activities rather than direct trading footprints. Geography therefore matters mainly through the operating locations of its subsidiaries, the countries where investments are held, and the currency and valuation exposure embedded in a diversified holding structure.

Risks

The main risks are valuation and concentration risk in a holding-company portfolio, together with financing, liquidity, and counterparty exposure at group level. Because the business depends on subsidiaries, associates, and financial instruments rather than a single operating product, changes in asset values, credit quality, or market conditions can move reported results materially.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Portfolio concentration1Valuation risk on investments2Liquidity and refinancing risk3Credit risk on receivables and loans4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Portfolio concentrationImpact: HighLikelihood: High

    A holding company’s value is often concentrated in a limited number of large subsidiaries and investments.

    Exposure: Equity investments and controlled entities

  2. Valuation risk on investmentsImpact: HighLikelihood: Medium

    Fair value, impairment, and sale outcomes can change with market conditions and company-specific performance.

    ExposureAssociatesFinancial assetsHeld-for-sale items
  3. Liquidity and refinancing riskImpact: HighLikelihood: Medium

    The group relies on financing capacity to support investments, obligations, and corporate needs.

    ExposureBorrowingsLease liabilitiesCash flow
  4. Credit risk on receivables and loansImpact: MediumLikelihood: Medium

    Loans receivable and other financial assets can be impacted by counterparty default or weakening credit quality.

    ExposureLoans receivableOther receivables
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Accounting

Judgemental items
Consolidation and subsidiary accounting

Which entities are consolidated changes revenue, assets, liabilities, and profit attribution.

Impact: Determines the scope of the group financial statements

Investments in associates

Associate carrying values depend on equity method results and impairment review.

Impact: Can materially affect net assets and earnings

Financial instruments and credit risk

Loans receivable and other financial assets require valuation and loss assumptions.

Impact: Affects asset values and credit-loss expense

Assets held for sale or distribution

Classification changes measurement and presentation of disposal groups.

Impact: Can alter balance sheet and gain/loss timing

Provisions and contingent liabilities

Legal, tax, or other obligations depend on estimate-heavy judgments.

Impact: Can move profit and liabilities materially

Last updated: 24/10/2026