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BITTEN OG MADS CLAUSENS FOND

BITTEN OG MADS CLAUSENS FOND is a Danish industrial foundation with an ownership and governance role centered on Danfoss A/S. Its mandate is to preserve and support the Danfoss group through long-term share ownership and the management of a financial investment portfolio tied to the company and its surrounding ecosystem.

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Revenue70.6bn DKK
−2.5 %y/y
Operating profit (EBIT)7,694m DKK
+39.0 %y/y
EBIT margin10.9%
+3.3 ppy/y
Net income3,358m DKK
+18.2 %y/y
Free cash flow5,529m DKK
+31.8 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

020406080bn DKK2020: 43.5 bn DKK2020: EBIT 4.6 bn DKK20202021: 56.3 bn DKK2021: EBIT 6.3 bn DKK20212022: 76.5 bn DKK2022: EBIT 7.6 bn DKK20222023: 79.6 bn DKK2023: EBIT 9.2 bn DKK20232024: 72.3 bn DKK2024: EBIT 5.5 bn DKK20242025: 70.6 bn DKK2025: EBIT 7.7 bn DKK202570.67.7
RevenueOperating profit (EBIT)
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Business

Share of revenue
Ownership and stewardship0 %

Holding and safeguarding Danfoss A/S shares as a permanent controlling owner.

Foundation governance0 %

Board-level oversight and capital stewardship for the foundation structure.

Financial investments0 %

Placement of free capital in bonds, bank deposits and selected securities.

Strategic support0 %

Selective support for Danfoss-related branding, recruitment and local initiatives.

Customers

The foundation does not sell products to end customers in the usual commercial sense; its primary stakeholder is Danfoss A/S and the broader Danfoss group. Its activities are aimed at preserving ownership continuity, supporting corporate stability, and enabling long-term stewardship rather than generating customer-facing revenue.

Danfoss A/S and group stakeholders

The foundation exists to preserve ownership and support the Danfoss group through governance and capital stewardship.

Employees and recruitment ecosystem

It supports the Danfoss brand and recruitment efforts to strengthen the group's talent base.

Local and associated communities

It may invest in or support entities with ties to Sønderjylland and Danfoss operating areas.

Strategy

The foundation's strategy is to remain a stable, long-term controlling owner of Danfoss while preserving capital and support for the group's development. It also maintains flexibility to invest conservatively in financial instruments and selected related businesses, reinforcing the foundation's role as a permanent owner rather than a trading shareholder.

Preserve controlling ownershipLong term

The foundation's core purpose is to keep Danfoss ownership consolidated over time.

Steward capital conservativelyMedium term

Investment policy supports financial resilience and the ability to fund foundation activities.

Support Danfoss ecosystemMedium term

Brand, recruitment and local support reinforce Danfoss's long-term competitive position.

Geography

The foundation is based in Denmark and is economically tied to Danfoss's global operating footprint. Reported disclosures reference Danish activities alongside Danfoss operations in the United States, China and other international markets, which matters because the foundation's ownership value is ultimately linked to those geographies.

Risks

The main risk is concentration: the foundation's economic value is heavily tied to Danfoss A/S and therefore to the operating performance, valuation and governance of that group. As a holding foundation, it also faces investment, liquidity and impairment risks in its portfolio of securities, associates and other financial assets, alongside legal and stewardship obligations tied to preserving the core capital.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Concentration in Danfoss A/S1Fair value and impairment volatility2Foreign market and macro exposure3Capital preservation constraints4
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. Concentration in Danfoss A/SImpact: CriticalLikelihood: High

    The foundation's asset base and long-term value depend heavily on one group.

    Exposure: Ownership stake in Danfoss A/S

  2. Fair value and impairment volatilityImpact: HighLikelihood: Medium

    Holdings in associates, joint ventures and other investments can require write-downs or revaluations.

    ExposureAssociatesJoint venturesSecurities
  3. Foreign market and macro exposureImpact: MediumLikelihood: High

    Danfoss revenue and asset base span the US, China and other international markets.

    ExposureUnited StatesChinaInternational operations
  4. Capital preservation constraintsImpact: MediumLikelihood: High

    The foundation's core capital is intended to remain permanently intact and cannot be freely deployed.

    Exposure: Foundation charter and capital policy

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Accounting

Judgemental items
Goodwill and trademark impairment

Annual impairment tests can materially affect carrying values of acquired intangibles.

Impact: Reported asset values and equity

Fair value of associates and JVs

Equity-accounted investments require periodic impairment assessment and judgment.

Impact: Investment carrying value and earnings

Lease accounting

Recognition of right-of-use assets and lease liabilities affects balance sheet and expenses.

Impact: Assets, liabilities and EBIT

Share-related obligations

Employee-share buyback rights and related commitments can create liabilities and cash outflows.

Impact: Equity and cash flow

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Last updated: 24/10/2026