Nasdaq CopenhagenIFRS · DKK

Incomas Holding ApS

Incomas Holding ApS is a Danish holding company for a global energy trading group built around power, gas, emissions and energy-asset optimization. The group combines trading, risk management and technology-enabled market operations across Europe, North America, Asia-Pacific and asset management activities.

Liikevaihto207milj. DKK
+36,2 %v/v
Liikevoitto (EBIT)4,9milj. DKK
−92,3 %v/v
EBIT-marginaali2,4%
−39,6 %-yks.v/v
Nettotulos15,6milj. DKK
−84,2 %v/v
Vapaa kassavirta−55,2milj. DKK
−183,1 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2021–2025

05001 0001 500milj. DKK2021: EBIT 143 milj. DKK20212022: EBIT 1 389 milj. DKK20222023: 0,00 milj. DKK2023: EBIT 140 milj. DKK20232024: 152 milj. DKK2024: EBIT 64 milj. DKK20242025: 207 milj. DKK2025: EBIT 4,9 milj. DKK20252074,9
LiikevaihtoLiikevoitto (EBIT)

Liiketoiminta

Osuus liikevaihdosta
Power trading35 %

Buying, selling and optimizing electricity positions across wholesale markets.

Gas trading20 %

Natural gas trading, balancing and cross-market optimization services.

Emissions trading10 %

Trading carbon allowances and related environmental market instruments.

Energy asset optimization20 %

Optimizing returns and hedging risks for wind, solar and battery assets.

Market access and risk management15 %

Technology-driven trading, risk control and market access infrastructure.

Asiakkaat

The group serves energy asset owners, utilities and market counterparties that need trading, balancing and hedging capabilities in volatile wholesale markets. It also works with owners of wind, solar and battery assets that want to optimize output, manage price risk and improve market access. Its trading activity is fundamentally tied to counterparties in power, gas and emissions markets rather than end-consumer sales.

Renewable asset owners

Owners of wind, solar and battery assets buying optimization and hedging support.

Utilities and power market participants

Utilities and wholesale market counterparties buying power trading and balancing services.

Gas market participants

Counterparties using gas trading and balancing to manage supply and price exposure.

Emissions market participants

Buyers and sellers of carbon allowances and related environmental instruments.

Energy infrastructure partners

Businesses seeking market access, risk management and optimization infrastructure.

Strategia

The group is building autonomous regional business units to scale locally while keeping a common technology and risk framework. It is investing in trading infrastructure, leadership, and market presence so each unit can execute independently across power, gas, emissions and asset optimization. The strategic logic is to combine local market proximity with centralized discipline, which is important in fast-moving energy markets.

Regional platform build-outKeskipitkä aikaväli

Local market proximity improves execution, relationship access and trading agility.

Technology and platform investmentLyhyt aikaväli

Trading performance depends on fast data, automation and robust execution systems.

Renewable asset optimizationKeskipitkä aikaväli

Wind, solar and battery owners need flexible trading and hedging support as markets become more complex.

Maantiede

The business is organized across Europe, North America, Asia-Pacific and asset management, with trading and operational teams embedded in local markets. The report highlights hubs in Aarhus, Stamford, Austin, Singapore, Sydney and Tokyo, reflecting a geographically distributed trading footprint. Geography matters because access to regional power, gas and LNG markets shapes the spreads, liquidity and volatility the group can monetize.

Riskit

The main business risk is market volatility: when power, gas and emissions prices or spreads are weak, trading opportunities narrow and returns can fall. The group is also exposed to liquidity, counterparty and operational risks because trading uses margin, open positions and complex systems, while cyber risk rises as more of the business is digitized. Geopolitical events, regulatory changes and talent retention are additional risks because they can disrupt regional markets and the specialized teams that run them.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Market volatility compression1Liquidity and margin funding2Cybersecurity and systems risk3Counterparty and settlement risk4Talent concentration5
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Market volatility compressionVaikutus: KorkeaTodennäköisyys: Korkea

    Trading economics depend on price spreads, volatility and dislocations across energy markets.

    KohdistuuPowerGasEmissions trading
  2. Liquidity and margin fundingVaikutus: KorkeaTodennäköisyys: Korkea

    Open positions and exchange/OTC margining can consume cash when markets move sharply.

    Kohdistuu: Trading book and collateral needs

  3. Cybersecurity and systems riskVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Trading operations rely heavily on technology, data and automated execution.

    KohdistuuETRMMarket connectivityData infrastructure
  4. Counterparty and settlement riskVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    The business transacts with banks, utilities and market participants across regions.

    Kohdistuu: Trading counterparties

  5. Talent concentrationVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    Performance depends on specialized traders, quants and regional leaders.

    Kohdistuu: Regional trading teams

Kirjanpito

Harkinnanvaraiset erät
Fair value of trading positions

Energy trading books can generate large unrealized gains and losses before settlement.

Vaikutus: Affects earnings volatility and period comparability

Derivative and hedge accounting

The group uses market instruments to manage price and volume risk.

Vaikutus: Affects timing of profit recognition and OCI treatment

Liquidity and collateral accounting

Margin calls and collateral movements are integral to trading activity.

Vaikutus: Affects cash flow statements and working capital analysis

Going-concern and financial instruments

Capital discipline and market access are important in a cyclical trading model.

Vaikutus: Affects disclosure sensitivity and risk interpretation

Julkisesti listattuja yhtiöitä, joilla on samankaltainen liiketoiminta.

Päivitetty: 24.10.2026