Nasdaq CopenhagenIFRS · EUR

STARK GROUP A/S

STARK GROUP A/S is a Denmark-based building materials distributor serving professional customers across Northern Europe. The group supplies a broad range of construction products through a multi-country branch and distribution network, with operations organized around the Nordics, Germany & Austria, and the United Kingdom.

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Revenue7,760m EUR
+0.0 %y/y
Operating profit (EBIT)-42.0m EUR
+0.0 %y/y
EBIT margin-0.5%
+0.0 ppy/y
Net income-286m EUR
+0.0 %y/y

Fiscal year 2025 · change from previous year

Development 2022–2025

-2,00002,0004,0006,0008,000m EUR2022: 7,054 m EUR2022: EBIT 353 m EUR20222023: 7,780 m EUR2023: EBIT -9.0 m EUR20232024: 7,760 m EUR2024: EBIT -42 m EUR20242025: 7,760 m EUR2025: EBIT -42 m EUR20257,760-42
RevenueOperating profit (EBIT)
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Business

Share of revenue
Building materials distribution60 %

Core wholesale and branch-based distribution of construction materials to professional buyers.

Timber and lumber15 %

Wood-based products used in structural, framing, and finishing applications.

Joinery and interiors10 %

Doors, windows, and interior building products for new-build and renovation work.

Roofing and façade products10 %

Materials and systems used for exterior building envelope work.

Tools and consumables5 %

Fasteners, hand tools, and site consumables sold alongside core materials.

Customers

The company primarily sells to professional builders, contractors, and tradespeople that need reliable access to a broad assortment of construction materials. It also serves smaller construction firms and renovation specialists that value local branch support, delivery, and product availability. Customer demand is tied to housing, repair and maintenance, and commercial construction activity across its operating markets.

Professional contractors

Buy large volumes of core building materials for new-build and infrastructure-related projects.

Builders and tradespeople

Purchase mixed baskets of materials, tools, and consumables for day-to-day construction work.

Renovation and refurbishment specialists

Source timber, doors, windows, and finishing products for repair and upgrade projects.

Small and mid-sized construction firms

Use the branch network for availability, logistics, and recurring supply relationships.

Strategy

The group’s strategy is centered on serving professional construction customers through a broad product range, local market coverage, and efficient distribution. Its segment structure suggests a focus on scale, procurement, and logistics across multiple Northern European markets rather than a single-country model. Operational integration and portfolio management matter because the business relies on availability, service levels, and network density to win recurring contractor demand.

Network and logistics efficiencyMedium term

Construction customers value fast availability and reliable delivery, so distribution efficiency supports retention.

Segment-level operational disciplineMedium term

The business is run through distinct regional segments, making execution and consistency important for competitiveness.

Portfolio and capital managementShort term

Ongoing ownership and subsidiary management affect structure and focus in a multi-entity group.

Geography

STARK Group operates across three core regions: the Nordics, Germany & Austria, and the United Kingdom. Its business is geographically diversified but still concentrated in Northern European construction markets, where local branch density and logistics capability are important competitive advantages.

Risks

The business is exposed to construction-cycle volatility, since demand for building materials follows housing, renovation, and commercial activity. It also faces execution risk from running a multi-country distribution network, where service levels, procurement discipline, and logistics efficiency affect competitiveness. Company-specific restructuring, lease, acquisition, and subsidiary-ownership complexities can also create accounting and operational volatility.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Construction market cyclicality1Restructuring and transformation charges2Execution risk in distribution network3Lease and subsidiary accounting complexity4
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. Construction market cyclicalityImpact: HighLikelihood: High

    Demand for building materials depends on housing, renovation, and commercial construction activity.

    Exposure: All operating regions

  2. Restructuring and transformation chargesImpact: MediumLikelihood: High

    The annual report references non-recurring items related to transformation and restructuring.

    Exposure: Group-wide

  3. Execution risk in distribution networkImpact: MediumLikelihood: Medium

    The company competes on availability, delivery, and branch service across several markets.

    ExposureNordicsGermany & AustriaUnited Kingdom
  4. Lease and subsidiary accounting complexityImpact: MediumLikelihood: Medium

    Large lease obligations and multi-layer subsidiary ownership can add accounting judgment and volatility.

    Exposure: Group reporting

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Accounting

Judgemental items
Adjusted earnings presentation

The report excludes non-recurring transformation and restructuring items to show underlying performance.

Impact: Can materially change operating profit comparability versus statutory accounts

IFRS 16 leases

The company notes new lease contracts and lease remeasurements, indicating significant lease accounting effects.

Impact: Raises lease liabilities and affects EBITDA, depreciation, and interest expense

Capitalized interest

Interest capitalization is mentioned as a non-cash item in related-party loans.

Impact: Increases asset carrying values and delays expense recognition

Consolidation of partially owned subsidiaries

Balzer Group entities are owned through vertical and horizontal structures and deemed controlled.

Impact: Affects revenue, assets, and non-controlling interests

Last updated: 24/10/2026