Nasdaq CopenhagenIFRS · DKK

Salling Group A/S

Salling Group A/S is a Danish retail group that operates supermarkets, hypermarkets, discount stores, department stores and food-to-go concepts across Northern Europe. Its business combines physical grocery and general merchandise retail with e-commerce, meal solutions and franchise operations through banners such as Netto, føtex, Bilka, Salling, BR and Rimi.

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Revenue83.2bn DKK
+15.2 %y/y
Operating profit (EBIT)3,245m DKK
+20.5 %y/y
EBIT margin3.9%
+0.2 ppy/y
Net income1,990m DKK
+16.4 %y/y
Free cash flow2,561m DKK
+24.6 %y/y

Fiscal year 2025 · change from previous year

Development 2024–2025

020406080100bn DKK2024: 72.2 bn DKK2024: EBIT 2.7 bn DKK20242025: 83.2 bn DKK2025: EBIT 3.2 bn DKK202583.23.2
RevenueOperating profit (EBIT)
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Business

Share of revenue
Discount grocery retail45 %

Low-price food and everyday items sold through Netto and Rimi stores.

Supermarkets and hypermarkets30 %

Broader-format stores selling groceries, household and general merchandise.

Department stores and specialty retail10 %

Premium department store and toy retail formats, including Salling and BR.

E-commerce and omnichannel services10 %

Online ordering, home delivery, click-and-collect and related digital sales.

Meal solutions and franchise concepts5 %

Meal kits, prepared food and franchised branded food and apparel stores.

Customers

Salling Group serves households that shop for groceries, household goods and everyday necessities, with value-oriented customers concentrated in discount formats and higher-income shoppers using premium and full-service banners. It also sells through online channels and convenience-oriented meal solutions, which reach customers seeking speed, delivery and prepared food.

Value-oriented grocery shoppers

Buy low-priced everyday food and household items from Netto and Rimi for routine shopping.

One-stop family shoppers

Buy broader baskets at Bilka and føtex, including groceries, home goods and non-food items.

Premium and department store shoppers

Visit Salling for a higher-service shopping experience and branded assortments.

Digital and convenience customers

Use e-commerce, click-and-collect and delivery for speed and convenience.

Meal solution customers

Buy Skagenfood meal kits, seafood and convenient food products for home consumption.

Strategy

Salling Group focuses on running a portfolio of store formats that address different shopping missions, from low-price grocery to premium department stores and meal solutions. Its strategy centers on scale in core Nordic markets, private-label and local sourcing, and extending the customer relationship through digital ordering, delivery and franchise concepts.

Format diversificationMedium term

Different banners capture distinct customer segments and basket sizes.

Omnichannel growthMedium term

Digital ordering and delivery help retain customers and add convenience.

Regional expansion and scaleMedium term

Cross-border store networks improve purchasing power and operating leverage.

Private label and local sourcingShort term

These support value positioning and customer loyalty in price-sensitive grocery markets.

Geography

The group’s home market is Denmark, where it operates the main store banners and online platforms. It also has established retail operations in Germany and Poland through Netto, and in Estonia, Latvia and Lithuania through Rimi Baltic, making the business exposed to several consumer markets across Northern Europe.

Risks

Salling Group is exposed to intense food retail competition, where price, convenience and assortment pressure margins and customer loyalty. Its multi-country footprint also creates exposure to local consumer spending, wages, logistics, and regulatory differences, while acquisitions add integration and goodwill impairment risk.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Intense retail price competition1Consumer demand sensitivity2Integration risk from acquisitions3Goodwill and asset impairment4
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. Intense retail price competitionImpact: HighLikelihood: High

    Discount and grocery retail are highly competitive and customers can switch easily.

    ExposureNettoRimiFøtexBilka formats
  2. Consumer demand sensitivityImpact: HighLikelihood: High

    A large share of sales comes from everyday retail purchases tied to household budgets.

    Exposure: All store banners and e-commerce

  3. Integration risk from acquisitionsImpact: HighLikelihood: Medium

    Newly acquired store networks must be integrated across systems, logistics and sourcing.

    Exposure: Rimi Baltic acquisition

  4. Goodwill and asset impairmentImpact: MediumLikelihood: Medium

    Retail acquisitions and long-lived store assets require periodic impairment testing.

    Exposure: Acquired businesses and store network

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Accounting

Judgemental items
Revenue recognition timing

Physical store sales are recognized at sale, while online revenue depends on collection or delivery.

Impact: Can shift revenue between periods around quarter-end

Returns and loyalty accounting

The group estimates returns and defers loyalty-related consideration.

Impact: Affects revenue, liabilities and future-period release

IFRS 16 leases

Store networks use leased properties, creating right-of-use assets and lease liabilities.

Impact: Affects EBITDA, leverage and depreciation/interest split

Goodwill impairment

Acquisitions such as Rimi Baltic create goodwill that must be tested annually.

Impact: Can create non-cash charges if expectations weaken

Last updated: 24/10/2026