Nasdaq CopenhagenIFRS · DKK

HAARSLEV INDUSTRIES A/S

HAARSLEV INDUSTRIES A/S is a Denmark-based industrial company that designs and supplies equipment and systems for processing animal by-products and other organic materials. Its business centers on machinery, process lines, and related services used in rendering, protein recovery, and waste-to-value processing across international markets.

Ask about the company
Revenue505m DKK
−36.5 %y/y
Operating profit (EBIT)-53.2m DKK
−137.2 %y/y
EBIT margin-10.5%
−28.5 ppy/y
Net income36.0m DKK
−78.7 %y/y
Free cash flow106m DKK
+76.3 %y/y

Fiscal year 2025 · change from previous year

Development 2023–2025

-20002004006008001,000m DKK2023: 820 m DKK20232024: 795 m DKK2024: EBIT 143 m DKK20242025: 505 m DKK2025: EBIT -53 m DKK2025505-53
RevenueOperating profit (EBIT)
Ask Clarifo about HAARSLEV INDUSTRIES A/S

Business

Share of revenue
Processing equipment55 %

Core machinery and integrated systems for animal by-product and organic material processing.

Engineering and project delivery20 %

Turnkey plant design, layout, and integration for processing facilities.

Aftermarket service15 %

Spare parts, maintenance, upgrades, and technical support for installed equipment.

Thermal and separation solutions10 %

Specialized drying, heating, separation, and recovery technologies used in process lines.

Customers

The company sells to industrial processors that handle animal by-products, rendering feedstocks, and other organic waste streams. Customers typically buy Haarslev systems to improve throughput, recover value from residual materials, and meet process, hygiene, and environmental requirements.

Rendering operators

Buy core processing lines and equipment for converting animal by-products into usable outputs.

Meat and poultry processors

Purchase systems and upgrades to handle in-plant by-product processing and compliance needs.

Waste-to-value processors

Use separation and thermal systems to recover value from organic material streams.

Aftermarket and installed base customers

Buy spare parts, maintenance, and retrofit solutions to keep existing plants operating.

Strategy

The business is strategically tied to offering technically specialized process equipment and lifecycle support rather than commodity machinery. Its position depends on engineering know-how, installed-base service, and the ability to deliver efficient, compliant systems for customers turning by-products into value.

Strengthen installed-base serviceShort term

Recurring parts and maintenance support customer uptime and improve revenue durability.

Deliver integrated process solutionsMedium term

Turnkey systems deepen customer relationships and raise switching costs.

Expand export reachMedium term

Demand depends on industrial processing clusters across multiple countries.

Geography

Haarslev operates internationally from Denmark, with sales and project activity tied to industrial processing markets across Europe, the Americas, and other export regions. Geography matters because project delivery, service coverage, and local regulatory requirements influence where systems are sold and installed.

Risks

Haarslev faces project-based demand risk, since large equipment orders can be uneven and depend on customer capital spending and permit-driven plant decisions. The company is also exposed to execution, warranty, and installation risks typical of engineered equipment businesses, along with regulatory and commodity-cycle effects that influence rendering and protein recovery investment.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Project timing and order volatility1Execution and installation risk2Warranty and service liability3Regulatory and environmental demand shifts4
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. Project timing and order volatilityImpact: HighLikelihood: High

    Revenue depends on large equipment and system orders that can shift between periods.

    Exposure: Project sales

  2. Execution and installation riskImpact: HighLikelihood: Medium

    Turnkey process projects require engineering, delivery, and commissioning across customer sites.

    Exposure: Engineering projects

  3. Warranty and service liabilityImpact: MediumLikelihood: Medium

    Industrial machinery may require repair, replacement, or performance support after delivery.

    Exposure: Aftermarket and guarantees

  4. Regulatory and environmental demand shiftsImpact: MediumLikelihood: Medium

    Customer investment in processing systems is influenced by hygiene, waste, and emissions rules.

    Exposure: End-market demand

Ask Clarifo about HAARSLEV INDUSTRIES A/S

Accounting

Judgemental items
Revenue recognition

Project and equipment sales may be recognized at different points depending on delivery and acceptance conditions.

Impact: Affects timing of reported revenue and profit.

Work in progress for third parties

Ongoing customer projects require estimates of completion and cost recovery.

Impact: Can move revenue and margin between periods.

Other provisions

Warranty, dispute, or contract-related provisions require management estimates.

Impact: Influences operating expenses and liabilities.

Trade receivables

Project customers may pay over extended terms, creating collection and impairment risk.

Impact: Affects expected credit loss expense and cash conversion.

Leases

Facilities and equipment leases must be capitalized under IFRS 16.

Impact: Affects EBITDA, depreciation, and net debt metrics.

Similar listed companies

Publicly listed companies with a comparable business focus.

Heritage Global Inc.

HGBL · Services-Business Services, NEC

Hillenbrand, Inc.

Miscellaneous Manufacturing Industries

Darling Ingredients Inc

DAR · Fats & Oils

Enviri Corp

NVRI · Refuse Systems

Berner Industrier

BERNER-B · Industrials

Atria Oyj

ATRAV · Packaged Foods

Last updated: 24/10/2026