Nasdaq CopenhagenIFRS · EUR

KALUNDBORG REFINERY A/S

Kalundborg Refinery A/S is a Danish oil refining company based in Kalundborg, where it processes crude oil, condensate and other feedstocks into transport and fuel products. The company also operates fuel truck terminals and tank storage assets as part of its integrated refining and logistics setup.

Ask about the company
Revenue3,435m EUR
−8.5 %y/y
Net income11.6m EUR
−34.6 %y/y
Free cash flow66.7m EUR
+338.2 %y/y

Fiscal year 2025 · change from previous year

Development 2023–2025

01,0002,0003,0004,0005,000m EUR2023: 4,383 m EUR20232024: 3,752 m EUR20242025: 3,435 m EUR20253,435
RevenueOperating profit (EBIT)
Ask Clarifo about KALUNDBORG REFINERY A/S

Business

Share of revenue
Refined petroleum products85 %

Finished fuels and intermediates produced from crude oil and feedstock processing.

Storage and logistics10 %

Tank storage, inventory services and product handling linked to refinery operations.

Fuel terminal services5 %

Truck terminal operations for fuel and LPG distribution in Kalundborg and other locations.

Customers

The refinery sells into Danish and nearby regional energy and fuels markets, where customers need reliable supply of transport fuels and fuel intermediates. Its products are typically bought by fuel distributors, industrial users, trading counterparties and logistics customers that depend on consistent specification and delivery. Terminal and storage services support the movement and handling of fuels for downstream customers and trading partners.

Fuel distributors and wholesalers

Buy petrol and diesel for retail and wholesale distribution in Denmark and nearby markets.

Industrial and marine fuel users

Buy heavy fuel, fuel oil and other refinery outputs for industrial or marine applications.

Trading and supply partners

Buy or exchange refinery products and logistics capacity as part of supply-chain optimization.

Storage and terminal customers

Use tank storage, inventory services and truck terminals to handle fuel and LPG flows.

Strategy

Kalundborg Refinery A/S focuses on reliable refining operations, product flexibility and secure feedstock supply within an integrated group model. The business emphasizes operational effectiveness, safety and logistics coordination so it can process varied crude types and deliver the product mix demanded by nearby markets. Its strategy also reflects tighter alignment of market risk and supply-trading decisions within the Klesch Group structure.

Operational reliabilityShort term

A refinery’s economics depend on steady throughput, high availability and controlled downtime.

Integrated supply and trading coordinationMedium term

Matching crude procurement, inventory and product sales improves flexibility and supply security.

Product and market flexibilityMedium term

The ability to process varying crude slates and adjust output mix helps the refinery serve changing market demand.

Geography

The company is domiciled and operates in Denmark, with its refinery and terminal assets centered in Kalundborg. Its report describes Denmark as the primary market, and the refinery’s location gives it access to domestic and regional marine and logistics routes. Geographic exposure is concentrated in Northern Europe, so operating performance and product placement depend on regional fuel demand, supply conditions and transport economics.

Risks

The business is exposed to commodity-market volatility, geopolitical disruption and operational incidents, all of which can affect refinery utilization and logistics. It also faces regulatory and environmental pressure typical for refining, including emissions-related requirements and safety compliance. Because the refinery operates with complex feedstock, storage and shipping flows, accounting judgments around derivatives, receivables and provisions can materially affect reported results.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Commodity-market volatility1Geopolitical disruption2Operational shutdowns and process incidents3Regulatory and environmental compliance4Counterparty and receivable exposure5
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. Commodity-market volatilityImpact: HighLikelihood: High

    Refining margins and inventory economics depend on crude and product price spreads.

    Exposure: Feedstock and product pricing

  2. Geopolitical disruptionImpact: HighLikelihood: Medium

    Conflicts and trade-route disruption can affect procurement, logistics and energy prices.

    Exposure: Crude sourcing and shipping

  3. Operational shutdowns and process incidentsImpact: HighLikelihood: Medium

    Unexpected outages reduce throughput and can increase maintenance and safety costs.

    Exposure: Refinery availability

  4. Regulatory and environmental complianceImpact: MediumLikelihood: High

    Refining is exposed to GHG, safety and permit requirements that may become stricter.

    Exposure: Emissions and compliance

  5. Counterparty and receivable exposureImpact: MediumLikelihood: Medium

    The business uses supply, inventory and receivable transfer arrangements that rely on counterparties.

    Exposure: Trade receivables and supply contracts

Ask Clarifo about KALUNDBORG REFINERY A/S

Accounting

Judgemental items
Derivative accounting

Financial instruments measured at fair value can create earnings and balance-sheet volatility.

Impact: Affects finance income/costs and derivative assets or liabilities

Receivable purchase arrangements

Selling trade receivables under non-recourse structures affects liquidity and derecognition judgment.

Impact: Affects trade receivables, cash flow and credit exposure

Inventory valuation

Refined products and feedstocks are exposed to commodity price movements.

Impact: Affects cost of materials, inventory carrying value and margin

Provision and estimate accounting

Shutdowns, incidents, maintenance and compliance can require estimates for liabilities.

Impact: Affects expenses and balance-sheet provisions

Foreign currency translation

Results are reported in EUR while the functional currency is DKK.

Impact: Affects translation differences and comparability

Similar listed companies

Publicly listed companies with a comparable business focus.

Imperial Oil Limited

IMO · Petroleum Refining

PBF Energy Inc.

PBF · Petroleum Refining

Neste Oyj

NESTE · Oil & Gas Refining & Marketing

Clean Energy Fuels Corp.

CLNE · Gas & Other Services Combined

Delek US Holdings, Inc.

DK · Petroleum Refining

Delixy Holdings Ltd

DLXY · Wholesale-Petroleum & Petroleum Products (No Bulk Stations)

Last updated: 24/10/2026