Nasdaq CopenhagenIFRS · DKK

CONSOLIDATED HOLDINGS A/S

Consolidated Holdings A/S is a Danish investment holding company that manages a portfolio of strategic equity stakes, listed securities, and intragroup financing positions. The company also places surplus liquidity in financial instruments and bank deposits, with a structure centered on capital allocation across subsidiaries, associates, and joint arrangements.

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Operating profit (EBIT)395m DKK
−12.2 %y/y
Net income396m DKK
−12.1 %y/y

Fiscal year 2025 · change from previous year

Development 2024–2025

0100200300400500m DKK2024: EBIT 450 m DKK20242025: EBIT 395 m DKK2025395
RevenueOperating profit (EBIT)
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Business

Share of revenue
Strategic investments45 %

Equity interests in listed and unlisted companies held for long-term value creation.

Intragroup financing25 %

Loans and other financing positions with subsidiaries and associated companies.

Joint arrangements and property projects15 %

Investments in property development and other joint venture structures.

Treasury and liquidity management15 %

Placement of excess cash in securities, deposits, and other financial assets.

Customers

The company's economic counterparties are primarily its subsidiaries, associate companies, and joint arrangement partners rather than external end customers. It also interacts with capital markets through its listed holdings, where value is driven by the performance of investee companies and market pricing. In practice, the business serves shareholders by allocating capital across operating businesses, property-related investments, and liquid financial assets.

Group companies

Subsidiaries and related entities that receive funding, liquidity support, or capital allocation.

Associate companies

Strategic equity investees where value is created through ownership and board influence.

Joint arrangement partners

Counterparties in property and other co-investment structures.

Public equity market

Listed investees whose share-price performance drives fair-value changes.

Strategy

The company focuses on long-term capital growth by actively allocating capital across listed equities, private investments, and property-related joint arrangements. It also emphasizes liquidity management, valuation discipline, and selective hedging of currency and interest-rate exposure where appropriate. The portfolio structure is intended to balance investment upside with financial flexibility and risk control.

Optimize portfolio value creationMedium term

Returns depend on successful ownership of strategic investments and market-value appreciation.

Preserve liquidity and capital flexibilityShort term

A holding company needs cash resources to meet obligations and pursue new investments.

Control market and financing riskMedium term

Portfolio value is sensitive to share prices, rates, and foreign exchange movements.

Geography

The company is domiciled in Denmark and operates as a holding and investment platform from its Danish base. Its geographic exposure is mainly indirect, reflecting where its investee companies, property projects, and financial assets are located rather than customer-facing sales markets. The annual report specifically highlights holdings such as Atea ASA and Columbus A/S, indicating exposure to Nordic-listed investments.

Risks

The main risks come from market-driven fair value changes in the investment portfolio, especially listed holdings whose prices can move sharply with broader sentiment. The company also faces valuation uncertainty in unlisted investments and property projects, plus credit and liquidity exposure from intragroup lending and financing structures. Because returns depend on a concentrated portfolio, idiosyncratic setbacks at a few investees can materially affect reported results and equity value.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Equity market volatility1Unlisted valuation uncertainty2Related-party credit risk3Interest-rate sensitivity4
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. Equity market volatilityImpact: HighLikelihood: High

    Listed strategic investments are measured at fair value and move with share prices.

    ExposureAtea ASAColumbus A/SOther marketable securities
  2. Unlisted valuation uncertaintyImpact: HighLikelihood: Medium

    Private investments and joint arrangements use non-observable inputs and DCF assumptions.

    ExposureUnlisted associatesJoint arrangementsProperty projects
  3. Related-party credit riskImpact: MediumLikelihood: Medium

    The company has receivables and loans to group and associated companies.

    Exposure: Intragroup lending and balance-sheet financing

  4. Interest-rate sensitivityImpact: MediumLikelihood: Medium

    Variable-rate assets and liabilities change in value as market rates move.

    ExposureFinancial assets and liabilitiesLiquidity placement
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Accounting

Judgemental items
Fair value measurement

Listed and unlisted investments are marked to fair value, affecting volatility in the accounts.

Impact: Can materially change reported profit, equity, and balance sheet size

DCF valuation assumptions

Unlisted holdings and property projects rely on estimates for cash flows and discount rates.

Impact: Small assumption changes can move carrying values significantly

Deferred tax assets

Tax losses are recognized only to the extent future taxable income is expected.

Impact: Recognition may affect equity and tax expense timing

Related-party balances

Loans and receivables involving group companies require recoverability judgment.

Impact: May require impairment if counterparties weaken

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Last updated: 24/10/2026