Nasdaq CopenhagenIFRS · DKK

SUND & BÆLT HOLDING A/S

SUND & BÆLT HOLDING A/S is a Danish holding company that oversees infrastructure interests centered on transport links and related concession activities. Its business is tied to the ownership, financing, and long-term management of major fixed links and road infrastructure in Denmark and the wider Øresund connection structure.

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Revenue3,810m DKK
+5.8 %y/y
Operating profit (EBIT)2,193m DKK
+5.6 %y/y
EBIT margin57.6%
−0.1 ppy/y
Net income5,231m DKK
+375.5 %y/y
Free cash flow-5,311m DKK
+34.7 %y/y

Fiscal year 2025 · change from previous year

Development 2024–2025

01,0002,0003,0004,000m DKK2024: 3,602 m DKK2024: EBIT 2,077 m DKK20242025: 3,810 m DKK2025: EBIT 2,193 m DKK20253,8102,193
RevenueOperating profit (EBIT)
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Business

Share of revenue
Infrastructure ownership45 %

Equity and holding interests in major transport infrastructure assets and concession entities.

Bridge and link operations30 %

Operation and coordination of fixed links and associated transport corridors.

Infrastructure financing15 %

Long-term financing structures and capital management tied to infrastructure assets.

Consortium participation10 %

Participation in jointly owned infrastructure vehicles such as the Øresund bridge consortium.

Customers

The company serves users of the transport corridors it owns or helps finance, including passenger vehicles, freight traffic, and broader public infrastructure stakeholders. Its economic model is based on long-duration infrastructure usage rather than conventional end-customer sales, so demand is tied to traffic volumes, network connectivity, and concession arrangements.

Passenger traffic

Private motorists and commuters using bridge and link infrastructure for daily and occasional travel.

Commercial transport

Haulage, logistics, and business users that rely on predictable cross-connection transport routes.

Public infrastructure stakeholders

Government and sector participants involved in financing, oversight, and long-term asset governance.

Consortium partners

Joint owners and participating entities in infrastructure consortium structures such as Øresund-related interests.

Strategy

The company’s strategic role is to steward long-lived infrastructure assets and maintain the financial structure behind them. Its priorities typically center on asset availability, traffic continuity, and disciplined management of concession-linked investments.

Protect and manage core infrastructure assetsLong term

The business depends on durable operation and value preservation of fixed links and related holdings.

Maintain traffic-enabled economicsMedium term

Usage levels determine the economic performance of corridor-based infrastructure assets.

Geography

The company is headquartered in Denmark and its assets are anchored in Danish transport infrastructure. Its exposure is concentrated in Denmark and the Øresund corridor, where traffic flows and cross-border connectivity determine asset use and long-term value.

Risks

The main risks stem from traffic sensitivity, long asset lives, and dependence on concession structures and consortium arrangements. As with other infrastructure holding businesses, results can be affected by changes in traffic volumes, maintenance obligations, financing assumptions, and valuation estimates tied to long-duration assets.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Traffic volume variability1Long-duration asset valuation2Concession and consortium dependence3
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. Traffic volume variabilityImpact: HighLikelihood: Medium

    Infrastructure economics depend on the number of vehicles and commercial users crossing the links.

    Exposure: Bridge and transport corridor usage

  2. Long-duration asset valuationImpact: HighLikelihood: Medium

    Holding-company and consortium interests may rely on discounted cash flow and fair-value assumptions.

    Exposure: Infrastructure investments and participations

  3. Concession and consortium dependenceImpact: MediumLikelihood: Medium

    Joint ownership and concession arrangements can constrain strategic flexibility and governance.

    Exposure: Øresund-related interests

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Accounting

Judgemental items
Fair value measurement

Participations and holdings may be remeasured using assumptions about long-term cash flows and discount rates.

Impact: Can create non-cash gains or losses in reported profit

Consortium income recognition

Result share from jointly owned infrastructure interests may include adjustment items and timing effects.

Impact: Can distort comparability across periods

Provisions and long-term estimates

Infrastructure-related obligations and future costs require judgment.

Impact: Can materially affect liabilities and equity

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Last updated: 24/10/2026

SUND & BÆLT HOLDING A/S Revenue, Earnings & Financials 2025 – Clarifo