Company Announcement No. 1103

Selected key figures and ratios for the period 1 January – 31 March 2024

 Q1 2024Q1 2023
Key figures (DKKm)  
Gross profit10,26511,391
Operating profit (EBIT) before special items3,6414,672
Profit for the period2,3933,287
Adjusted earnings for the period2,4633,340
Conversion ratio35.5%41.0%
Diluted adjusted earnings per share of DKK 1 for the last 12 months55.376.9

Jens H. Lund, Group CEO: “In a normalising market, we are off to a good start delivering strong financial results in the first quarter of 2024, and I am particularly satisfied that we are gaining market shares in all three divisions. We have also completed the leadership changes, the organisation has settled, and together with the new and experienced leadership team we will concentrate our efforts on executing on our strategy, with particular focus on our customers.”

Outlook for 2024
We maintain our outlook for 2024 as announced in the 2023 Annual Report:

  • Operating profit (EBIT) before special items is expected to be in the range of DKK 15,000-17,000 million.
  • The effective tax rate is expected to be approximately 24%.

Share buyback
A separate company announcement about a new share buyback programme of DKK 1,000 million will be issued today. The programme starts 24 April 2024 and will run until 23 July 2024.

Investor Relations: Sebastian Rosborg, tel. +45 43 20 33 87,
Media: For media enquiries, please contact    

Yours sincerely,



  • 1103 - Announcement (24.04.2024) - INTERIM FINANCIAL REPORT Q1 2024