Capital Structure and distribution policy
The starting point for determining the level of capital distribution to shareholders is the current and expected future financial leverage measured as the ratio between NIBD and EBITDA. The financial leverage target, as measured by NIBD/EBITDA, is a mid-term range of 2.5-3.5x (revised from the previous long-term range of 2.0-3.0x).
For shorter periods, leverage can move outside the range due to special events, e.g. strategic acquisitions. Capital is distributed through dividend and share buybacks. Whether capital is in excess is assessed based on the leverage target as well as future earnings prospects and investment requirements.
Distribution to shareholders
There was no distribution to shareholders through dividend or buyback of shares in 2025 due to the gap between financial leverage and the targeted interval.
The Board of Directors proposes that no capital is distributed in 2026 as financial leverage is expected to continue to exceed the target leverage range through the year.
The last five years of shareholder distribution
2021 | 2022 | 2023 | 2024 | 2025 | |
Dividend paid per share, DKK | 0.00 | 8.00 | 5.00 | 3.00 | 0.00 |
Dividend paid ex. treasury shares, DKKm | 0 | 461 | 281 | 168 | 0 |
Share buyback, DKKm | 0 | 0 | 300 | 431 | 0 |
Total distribution to shareholders, DKKm | 0 | 461 | 581 | 599 | 0 |
FCFE yield, % | 5.2 | 5.6 | 13.4 | 13.1 | 22.6 |
Total distribution yield, % | 0 | 3.1 | 4.6 | 8.2 | 0.0 |
Cash payout ratio, % | 0 | 55.9 | 21.0 | 62.6 | 0.0 |
Shareholder return
2021 | 2022 | 2023 | 2024 | 2025 | |
Share price change, % | 26.8 | -26.6 | -13 | -40.1 | -28.3 |
Dividend return, % | 0.0 | 2.3 | 2.0 | 1.3 | 0.0 |
Total shareholder return, % | 26.8 | -24.4 | -11.1 | -38.8 | -28.3 |
Shareholder valuation
2021 | 2022 | 2023 | 2024 | 2025 | |
Equity/share, DKK | 199 | 227 | 245 | 256 | 247 |
Price/book value, times | 1.8 | 1.1 | 0.9 | 0.5 | 0.4 |
