With adjusted earnings before tax of EUR 88 million, Danske Commodities delivered a solid financial result in a low-volatility market environment.  

Energy markets entered 2025 with elevated uncertainty driven by global conflicts, trade policy shifts and macroeconomic instability. However, the uncertainty never materialised into higher volatility, and both gas and power prices stayed relatively calm throughout the year. Weather forecast scenarios of heatwaves never realised, reenforcing low volatility and stable spreads. In general, the markets experienced periods of low wind as well as periods of high solar, but not enough to significantly increase volatility.  

Under these conditions, we saw varied performance across our business segments. The Brazil trading business struggled due to unfavourable market developments in renewables. In addition, gas markets continued to be structurally challenged during 2025.  

While some business segments were challenged, we saw strong performance in the power trading and asset management segments. Growing renewable penetration set the stage for increased short-term power volatility, which produced positive earnings. Throughout the year, Danske Commodities was successful in driving commercial progress on the backdrop of the changing dynamics in the power market.  

Commercial advancements in power trading and asset management  

Our power trading and asset management business continued to grow in 2025. On the trading side, Danske Commodities was consistently among the biggest market participants on traded volume in European power markets. This was enabled by significant enhancements of our algorithmic trading setup, which included the establishment of a new eTrading team. During the year, our US trading business also delivered good results and will continue to be our most important value driver outside Europe.  

Enabled by our strong trading capabilities, we saw significant commercial progress in our asset management business. During the year, we increased our portfolio of contracted renewables and flexible power assets to 16 GW, making it the largest ever in company history. The growth was enabled by entering new partnerships and expanding our collaboration on existing projects, like the Danish Kvosted project, where we expanded our role as balancing responsible party (BRP) for the solar park with the optimisation of a new co-located 200 MWh battery. This makes Kvosted the largest combined solar and battery park in the Nordics.   

A year of new beginnings 

2025 was a year of new beginnings. We developed our strategic response to the changing markets with a more focused commercial strategy, aimed at accelerating the business segments where the market potential and our strengths align. During the year, we also moved into a new headquarters in Aarhus, designed to facilitate innovation and collaboration.  

On a personal note, 2025 was also the year when I stepped into a new role as CEO of Danske Commodities – a company I joined 20 years ago as employee no. 5. Today, we are more than 600 skilled people, gathered from across the world with a relentless drive to optimise energy markets and create value for our partners.  

Outlook: challenging market conditions ahead  

In 2026, we expect energy markets to continue to remain characterised by structurally tighter conditions and intensified competition. However, volatility is expected to increase compared to 2025 due to the conflict in the Middle East. Based on this outlook, we anticipate adjusted earnings before tax for 2026 within the EUR 50-100 million range.  

Looking ahead, companies like Danske Commodities, who can optimise energy markets and help balance supply and demand at scale, will only become more relevant as the world’s need for energy continues to grow. With our market-leading trading setup and Equinor in our corner, we have a strong foundation to create value as one of industry’s leading energy trading and optimisation companies.