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    CEO letter
  2. 02
    Financial highlights
  3. 03
    Market insights
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    People & Responsibility
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DC Annual 2025

Solid results in low-volatility year

CEO letter Financial highlights
CEO letter

Varied performance across business segments in low-volatility markets

In 2025, Danske Commodities delivered a financial result of EUR 88 million in earnings before tax. The year was characterised by low-volatility markets, which was partly offset by strong performance in power trading and asset management, including the largest portfolio in company history at 16 GW.

CEO letter
Financial
highlights
88
Adjusted EBT
(EURm)
Financial figure includes Danske Commodities Group and Danske Commodities US
In 2025, we delivered adjusted earnings before tax (EBT) of EUR 88 million, down from EUR 186 million in 2024. Our results were affected by low volatility across commodities and structurally challenged gas markets, which was partly offset by strong performance in power trading and asset management.
Table overview
20,007
Gross turnover
(EURm)
Financial figure includes Danske Commodities Group and Danske Commodities US
In 2025, we generated a gross turnover of EUR 20,007 million, up from EUR 19,510 million in 2024. The increase was mainly driven by higher traded volumes than in 2024, though with similar price levels as in 2024 due to low volatility. Our gross turnover reflects sales contracts for the physical delivery of power, gas and certificates.
Table overview
66
Equity ratio
(%)
Financial figure includes Danske Commodities Group and Danske Commodities US
In 2025, our results were supported by an equity ratio of 66%, which is unchanged from 2024 and reflects a stable balance sheet driven by consistent volumes and price levels. The continued relatively high equity ratio demonstrates the financial strength of our company.
Table overview
Market
insights

A calm year on the surface – but market dynamics were changing

2025 marked a striking contrast in the European energy markets: low long-term price volatility alongside emerging short-term dynamics. 

Despite geopolitical uncertainty and halt in Russian pipeline gas flows, forward curves flattened and gas prices returned to 2021 levels, reflecting market confidence and stability. At the same time, structural changes began to set the stage for increased short-term power volatility, as flexibility solutions like batteries have yet to make their expected impact.

First year without Russian pipeline gas
On 1 January, Russian pipeline flows to Europe stopped completely but were offset by higher LNG imports (+25% year-on-year), ample supply and weak Chinese demand, which stabilised prices and volatility.
Mild weather kept system stress low
Europe saw mild weather in 2025, with no extreme events. Moderate wind and solar output combined with a low but manageable hydro balance kept system stress low.
15-minute day-ahead power market
The European day-ahead power market moved to 15-minute settlement to improve renewables integration. The shift increased complexity, but market impact remained limited.
Ease of gas storage filling requirements
The EU extended the 90% storage deadline to October-December and allowed up to 15% deviation, as higher summer than winter prices made injections uneconomic. This resulted in lower year-end storage levels and higher volatility.
Geopolitical uncertainty with low market reaction
News drove sentiment early in the year, but both gas prices and forward volatility (m+1) dropped to its lowest level since 2021, despite geopolitical events and risk.
Nordic balancing model changes 
New imbalance pricing rules were introduced across the Nordics, leading to sharp swings in imbalance costs – DK1 saw prices as low as ‑4,000 DKK/​MWh – increasing short-term volatility and operational risk.
Increasing within-day spreads
Growing share of solar and wind in Europe increased the need for flexibility. Battery storage is expanding but still with low effect. The average daily spreads rose year-on-year by 10% in Germany and 43% in Spain.

Customer cases

Co-located BESS and solar, Denmark

In 2025, Danske Commodities signed an optimisation agreement for its first ever co-located BESS and renewables asset, Kvosted Solar and Battery Park. 

Owner and developer of Kvosted, European Energy, selected Danske Commodities as its optimisation partner for Kvosted Battery Park. Kvosted is one of the largest battery parks in the Nordics with a capacity to store 200 MWh power – more than four times the capacity of Denmark’s largest battery park. 

The battery park is co-located with Kvosted Solar Park. The solar park has been in operation since 2022, and the battery modules have been installed directly within the solar park. This means that the solar park can store renewable energy directly in the batteries and distribute it once the sun has set. 

Danske Commodities has been balance responsible party (BRP) for Kvosted Solar Park since 2022 and is now also optimising the co-located Kvosted Battery Park. 

Photo: European Energy

Wind, Sweden
In 2025, Danske Commodities signed a balancing agreement with renewable energy company Renewable Power Capital for two onshore Swedish wind farms, Vitberget and Sörlidberget. The wind farms have a combined capacity of 300 MW, which can power around 650,000 households. The power will be generated by 46 turbines covering 1,400 hectares – roughly the size of 2,000 football pitches. Under the agreement, Danske Commodities provides market access and balancing.
Consumption, Germany
In 2025, Danske Commodities signed a power purchase agreement (PPA) with e.optimum, which is the largest independent energy purchasing group in Germany. Through the agreement, roughly 48,000 households can be supplied with renewable electricity from wind turbines. Under the PPA, Danske Commodities secures renewable electricity from its portfolio of German wind turbines. This includes a pay-as-forecasted model, with approximately 180 GWh delivered to e.optimum between July 2025 and December 2026.
Solar, United Kingdom
In 2025, Danske Commodities signed a balancing agreement with renewable energy company Low Carbon for Feldon Vale solar farm in the UK. With an installed capacity of 49.9 MW, it is estimated that Feldon Vale will power the equivalent of more than 16,500 British households with clean energy. The power from the project will be supplied directly into the local distribution network (LDN) via underground cables. Under the agreement, Danske Commodities provides market access and balancing.
Business activities

Four trading hubs. More than 40 markets.

With four strategically positioned trading hubs, we trade more than 40 energy markets worldwide. Our regional presence combines local market expertise with global reach, enabling 24/7 trading, optimisation and risk management across key energy systems.

Europe
United States
Brazil
Asia-Pacific
People &
Responsibility

A workplace like no other

In 2025, we moved into our new headquarters. In the heart of Aarhus, we created a workplace designed for the speed, precision and collaboration that define modern energy trading.

Our surroundings adapt to our pace: project rooms accelerate decisions, collaborative spaces turn shared market insight and technological expertise into real advantage, and in the moments that matter most, focus areas help us be at our best.

This year, our headquarters became more than an office. It became the backbone of how we deliver excellence across trading, technology and execution. Every day.

See for yourself
Responsibility

Our people decide where our donations go

In 2025, we introduced an employee-driven donation programme to give our people a stronger voice in the charitable causes DC supports. 40 colleagues were selected through a draw to choose a cause close to their hearts. Here are a few of the stories behind the donations from the programme in 2025.

Arne Højgaard Poulsen

Head of CIO Office

My son lives in a group home for young people with disabilities. Thanks to the donation, they were able to host a summer party with a live band, which created so much joy and strengthened their sense of belonging. Even though it may sound like a small thing, it left them with a memory they still talk about. 

Sofie Lindholm Mikkelsen

Forward Trading Intelligence Quant

I spent years in different children’s wards, where the hospital clowns’ quirky games and meaningful conversations created a safe space. I will never forget Baroli and Ruth, and the difference they made for me. This is why I donated to ‘Danske Hospitalsklovne’ to support their fantastic work in giving hospitalised children that same glimpse of hope and happiness I got. 

Christian Djuraas

Intraday Power Trading Quant

I am a volunteer handball coach for children with developmental disabilities. The participation fee is kept very low so as many children as possible can join, which means the children play tournaments in their own sportswear. The donation therefore funded team shirts, which helped strengthen team spirit for children who often stand out in everyday life. 

Kirstine Buhl

Quality Assurance Analyst

From the age 8 to 18, I received support from ‘Det Nationale Sorgcenter’, an organisation that works to destigmatise grief and help those affected by it. Later, I gave something back as a volunteer. That is why I know how much it matters when funding falls short, and I am proud to contribute to a place that helps ensure grief does not become a life sentence.

Bjarne Ørum Fruergaard

Automated Trading Lead Quant

I wanted to do something special for the nursery and kindergarten my two youngest are part of, as they – like many day care centres – have limited resources. They enjoyed a musical puppet show with Tulle and Skralle, which became a day to remember. My donation also included 15 building brick sets, and it makes me happy to see they are still in use almost every day. 

Get more details

Annual report for Danske Commodities Group
Want to get the full overview of the 2025 financial results for Danske Commodities Group? You can download the annual report below. 
Read the full report
Annual report for Danske Commodities US
Looking for the 2025 financials for Danske Commodities US? Click below to download the full overview. 
Read the full report
Explore our financials page
Visit our financials page to explore past annual reports, review our credit rating and learn about our approach to risk management. 
Visit the financials page