Nasdaq CopenhagenIFRS · EUR

Force Bidco A/S

Force Bidco A/S is a Denmark-based holding company associated with FairWind’s wind-turbine installation and service business. The group provides project-based and recurring technical services for the wind energy industry, supporting wind farm owners and equipment makers across international markets.

Revenue248m EUR
+4.3 %y/y
Operating profit (EBIT)15.6m EUR
+58.2 %y/y
EBIT margin6.3%
+2.1 ppy/y
Net income-0.3m EUR
+93.5 %y/y
Free cash flow-21.2m EUR
−58.0 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

-25002505007501,0001,250m EUR2021: 260 m EUR2021: EBIT -11 m EUR20212022: 1,021 m EUR2022: EBIT 16 m EUR20222023: 1,192 m EUR2023: EBIT 32 m EUR20232024: 237 m EUR2024: EBIT 9.9 m EUR20242025: 248 m EUR2025: EBIT 16 m EUR202524816
RevenueOperating profit (EBIT)

Business

Share of revenue
Wind installation45 %

Installation and commissioning support for wind turbine projects and related works.

Wind service and maintenance40 %

Ongoing technical service work for operating wind turbines and wind farms.

Technical training15 %

Specialised safety and competency training for wind industry personnel.

Customers

The company serves wind farm owners, OEMs, and other project counterparties that need technical execution across installation and service phases. Customers buy these services to secure safe project delivery, meet certification and HSEQ requirements, and keep turbines operating reliably over their lifecycle.

Wind farm owners

They buy installation and service capability to deliver and maintain operating wind assets.

Wind turbine OEMs

They outsource project execution and technical services tied to turbine deployment.

Project developers and operators

They use the company for safe, efficient installation and ongoing field support.

Wind industry trainees

They purchase certified training modules for working at height and site safety.

Strategy

The company’s strategy is centered on remaining a specialist execution partner in wind installation and service, with training as a supporting capability. Its positioning depends on operational safety, technical quality, and close customer coordination across project planning, engineering, and site execution.

Deepen wind installation and service specializationMedium term

Specialization supports customer trust and repeat project wins in a technical market.

Improve safety and operational controlShort term

Wind site work is high-risk and customers expect consistent HSEQ performance.

Broaden customer-facing training offeringsMedium term

Training deepens customer relationships and complements field services.

Geography

The business operates across global wind markets, with project and service activity delivered in multiple countries rather than one domestic market. The report indicates a broad international footprint, while administrative facilities and small offices support operations globally.

Risks

The business is exposed to execution risk on wind installation and service projects, where safety, scheduling, and technical quality directly affect customer outcomes. It also faces typical renewable-services risks such as dependency on project pipelines, site access constraints, and customer demands for strict HSEQ and sustainability compliance.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Site health and safety incidents1Project interruption from customer or community complaints2Workforce attrition and stress-related absence3Ethics and compliance failures4
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. Site health and safety incidentsImpact: HighLikelihood: High

    Wind installation and service work involves elevated physical risk in unconventional conditions.

    Exposure: Own operations

  2. Project interruption from customer or community complaintsImpact: HighLikelihood: Medium

    The report notes advocacy or complaints may impose stoppages or limitations.

    Exposure: Own operations

  3. Workforce attrition and stress-related absenceImpact: MediumLikelihood: Medium

    Difficult site conditions and limited development opportunities can raise turnover and sick leave.

    Exposure: Workforce

  4. Ethics and compliance failuresImpact: MediumLikelihood: Medium

    The report highlights financial penalties and reputational damage from poor business conduct.

    Exposure: Upstream and own operations

Accounting

Judgemental items
Revenue recognition on project work

Installation and service contracts may recognize revenue over time or by milestones, affecting period comparability.

Impact: Can shift reported revenue and margin between quarters

Provisions and contingent liabilities

Site incidents, customer disputes, or compliance issues may require accruals.

Impact: Can affect operating profit and cash outflow timing

Sustainability reporting controls

GHG emissions measurement and control procedures are still being built out.

Impact: Can affect disclosed ESG metrics and assurance quality

Lease accounting

Offices, warehouses, and field support assets may create IFRS 16 balances.

Impact: Affects EBITDA presentation, debt-like liabilities, and depreciation

Publicly listed companies with a comparable business focus.

Last updated: 24/10/2026