Nasdaq CopenhagenIFRS · DKK

Trackunit ApS

Trackunit ApS is a Danish software and connectivity company that develops telematics and machine-control solutions for construction and industrial equipment. Its platform links machines, operators, and jobsite systems through hardware, software, and data services used to monitor utilization, location, and equipment health.

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Revenue1,260m DKK
−2.0 %y/y
Operating profit (EBIT)247m DKK
+19.8 %y/y
EBIT margin19.6%
+3.6 ppy/y
Net income206m DKK
+9.6 %y/y
Free cash flow169m DKK
−53.1 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-50005001,0001,500m DKK2020: 394 m DKK2020: EBIT 62 m DKK20202021: 506 m DKK2021: EBIT 11 m DKK20212022: 991 m DKK2022: EBIT -14 m DKK20222023: 1,168 m DKK2023: EBIT 51 m DKK20232024: 1,286 m DKK2024: EBIT 206 m DKK20242025: 1,260 m DKK2025: EBIT 247 m DKK20251,260247
RevenueOperating profit (EBIT)
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Business

Share of revenue
Telematics hardware30 %

Devices and onboard units installed on machines to capture location, usage, and operating data.

Software platform35 %

Cloud software for fleet visibility, asset monitoring, and machine data workflows.

Data and analytics services20 %

Analytics tools and alerts that convert machine data into operational insights and maintenance actions.

Integration and connectivity services15 %

Connectivity, APIs, and platform integrations that connect equipment makers and contractors.

Customers

Trackunit sells to construction and equipment operators that need visibility into machine location, usage, and uptime. It also serves original equipment manufacturers and rental companies that embed telematics into fleets and use the data to support service, maintenance, and digital workflows. Customer demand is driven by asset-intensive operations where downtime, theft, and underutilization are costly.

Construction contractors

Buy telematics and fleet software to track jobsite assets, reduce downtime, and improve utilization.

Equipment rental companies

Use hardware and software to monitor mixed fleets, control theft risk, and optimize returns on assets.

Original equipment manufacturers

Embed Trackunit connectivity and data services into machines to support digital features and after-sales service.

Dealers and service networks

Use equipment data for diagnostics, service planning, and customer support.

Large industrial fleet operators

Adopt the platform for visibility, maintenance scheduling, and asset productivity management.

Strategy

Trackunit's strategy is centered on expanding the installed base of connected machines and increasing the value of data collected from those assets. The company benefits when its platform becomes embedded in OEM and rental ecosystems, because that raises switching costs and creates recurring software and data relationships.

Expand connected fleet penetrationMedium term

A larger installed base improves platform utility, data richness, and customer retention.

Deepen OEM integrationMedium term

OEM partnerships embed the platform earlier in the equipment lifecycle and support scale.

Increase software monetizationShort term

Software and analytics improve recurring revenue quality versus one-time hardware sales.

Geography

Trackunit is headquartered in Denmark and operates across international construction and equipment markets. Its customer base is tied to regions with large installed equipment fleets, especially in developed markets where telematics adoption is highest. Geography matters because machine data standards, dealer networks, and equipment ownership structures vary by region.

Risks

Trackunit's business depends on adoption of telematics and machine-data workflows, so growth can be affected by customer capex cycles and the pace of digitalization in construction. The company also faces execution risk in hardware deployment, software integration, and retaining OEM and rental partnerships, while general risks include competition, cybersecurity, and changing equipment standards.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Customer cyclicality in construction and rental markets1Dependence on OEM and channel partnerships2Cybersecurity and data integrity3Competitive pressure in telematics and fleet software4
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. Customer cyclicality in construction and rental marketsImpact: HighLikelihood: Medium

    Demand for telematics solutions can slow when fleet owners defer equipment spending or digital projects.

    Exposure: Revenue growth and new deployments

  2. Dependence on OEM and channel partnershipsImpact: HighLikelihood: Medium

    Distribution and embedded adoption rely on third-party equipment makers, dealers, and rental networks.

    Exposure: Go-to-market scale

  3. Cybersecurity and data integrityImpact: HighLikelihood: Medium

    Connected equipment platforms must protect operational data and maintain system reliability.

    Exposure: Platform trust and customer retention

  4. Competitive pressure in telematics and fleet softwareImpact: MediumLikelihood: Medium

    Customers may switch if alternatives offer lower-cost devices or broader equipment ecosystems.

    Exposure: Pricing and renewal rates

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Accounting

Judgemental items
Revenue recognition for bundled offerings

Contracts may include hardware, subscription access, and services that need separate allocation and timing.

Impact: Affects reported revenue mix and timing

Capitalized development costs

Software platform development may be capitalized and amortized over useful lives.

Impact: Affects operating profit and asset values

Goodwill and intangible impairment

Acquisitions in software and connectivity may create impairment exposure if expected cash flows weaken.

Impact: Can create large non-cash charges

Last updated: 24/10/2026