Nasdaq CopenhagenIFRS · DKK

BeGreen A/S

BeGreen A/S is a Danish group focused on developing, constructing, and operating green electricity projects. Its business centers on pipeline projects and the ownership structure behind those projects, with activities tied to renewable power infrastructure in Denmark and related markets.

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Revenue100.0m DKK
−40.4 %y/y
Operating profit (EBIT)-500m DKK
+76.9 %y/y
EBIT margin-500.2%
+790.7 ppy/y
Net income-477m DKK
+77.1 %y/y
Free cash flow-73.6m DKK
−5.4 %y/y

Fiscal year 2025 · change from previous year

Development 2024–2025

-2,500-2,000-1,500-1,000-5000500m DKK2024: 168 m DKK2024: EBIT -2,167 m DKK20242025: 100 m DKK2025: EBIT -500 m DKK2025100-500
RevenueOperating profit (EBIT)
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Business

Share of revenue
Project development25 %

Identifying, planning, and advancing green electricity projects through permitting and development stages.

Construction30 %

Building renewable electricity assets and related infrastructure for individual project companies.

Power generation30 %

Operating green electricity assets that produce and sell electricity.

Project holding and management15 %

Owning, managing, and supervising the project entities that make up the pipeline.

Customers

BeGreen appears to serve project counterparties, suppliers, and offtake or operating partners involved in renewable electricity assets rather than broad consumer end markets. Its business is driven by project-level contracts, supplier relationships, and the commercialization of electricity-producing assets.

Project buyers and counterparties

Buy developed or partially developed renewable electricity projects and related rights.

Equipment and service suppliers

Provide spare parts and services used in construction and operations.

Financial counterparties

Banks and guarantee providers that support project execution and working capital needs.

Electricity market participants

Purchase or settle electricity-related output from operating assets.

Strategy

The company’s strategic focus is to develop a pipeline of green electricity projects and move them through construction into operation. Its competitive position depends on securing project rights, managing execution risk, and maintaining access to suppliers, financing, and permits.

Progress the project pipelineMedium term

Value is created by moving projects from development into construction and operation.

Navigate planning and permit processesShort term

Project timing and realizability depend on local planning approvals and prioritization.

Control project execution and supplier commitmentsShort term

Construction and operating performance depend on supplier availability and contract management.

Geography

BeGreen is headquartered in Denmark and the available filing points to a business organized around Danish project entities. The report does not provide a country revenue split, so the geographic profile should be read as primarily Denmark-based with exposure to local permitting, grid, and policy conditions.

Risks

BeGreen is exposed to project-development and policy risk because the value of its assets depends on permits, planning processes, and the economics of individual pipeline projects. It also faces operational and financial reporting risk from construction commitments, guarantees, lease obligations, and impairment judgments tied to project viability.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Political and permitting uncertainty1Project impairment risk2Supplier and execution risk3Guarantee and commitment risk4
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. Political and permitting uncertaintyImpact: HighLikelihood: High

    The report says the key impairment trigger in 2025 is political uncertainties of project business cases, which can reduce project viability.

    Exposure: Pipeline project approvals and development plans

  2. Project impairment riskImpact: HighLikelihood: Medium

    The group allocates goodwill and project value to a single cash-generating unit, so weak project economics can trigger write-downs.

    Exposure: Goodwill and project assets

  3. Supplier and execution riskImpact: MediumLikelihood: High

    Construction and operations rely on third-party equipment, spare parts, and services, which can disrupt timelines and budgets.

    Exposure: Supplier contracts and project delivery

  4. Guarantee and commitment riskImpact: MediumLikelihood: Medium

    The company has bank guarantees and supplier commitments that can absorb liquidity if project needs rise or performance slips.

    Exposure: Nordea guarantee and supplier contracts

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Accounting

Judgemental items
Goodwill impairment

Goodwill is allocated to the BeGreen group as one CGU, so valuation depends on project assumptions and can be sensitive to planning uncertainty.

Impact: Could cause material non-cash write-downs if project economics weaken

Contract work in progress

Work performed is recognized based on the selling price of the work carried out, affecting revenue timing and contract assets/liabilities.

Impact: Can shift revenue between periods and affect working capital

Lease accounting

Right-of-use assets and lease liabilities are recognized for leased assets, affecting balance-sheet size and interest/depreciation patterns.

Impact: Can materially affect reported leverage and operating profit presentation

Contingent liabilities and guarantees

Bank guarantees and secondary tax liabilities may create obligations that are not fully reflected in headline debt metrics.

Impact: Important for assessing off-balance-sheet exposure

Foreign currency translation

The group has foreign exchange exposure from receivables, payables, and derivatives held for trading.

Impact: Can create earnings volatility from remeasurement

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Last updated: 24/10/2026

BeGreen A/S Revenue, Earnings & Financials 2025 – Clarifo