Delivering record profitability in first half of 2025

Despite challenging market conditions and growing geopolitical instability, COWI continued to deliver landmark projects for customers across infrastructure, buildings and industry, and renewable energy, successfully increasing earnings from its operations in the first half of 2025. 

The company delivered record half-year earnings with an EBITA* margin of 8.0%, up by 1.0 percentage point compared to the same period last year. EBIT including special items totalled DKK 262 million, and profit for the period reached DKK 169 million, an increase of 223% and 173%, respectively, compared to the first half of 2024. 

This strong performance was driven by excellent project execution, cost consciousness, and the successful implementation of the company’s most ambitious transformation project to date. 

“We recognise that our transformation has not been without challenges for our employees. Still, we are emerging stronger and steadily building the solid foundation needed to achieve our goals, accelerate investments and embrace new opportunities. I want to thank all our employees for their dedicated contribution this first half of 2025,” he says.  

New opportunities on the horizon 

COWI's revenue was DKK 4.2 billion, a slight decline compared to the first half of 2024. Meanwhile, the order book is stable, reaching DKK 6.4 billion. 

Jens Højgaard Christoffersen emphasises that the company’s strategic priority has been to improve profitability, with the consequence of revenue growth slowing down slightly. 

“We have put our full weight behind increasing our profitability. It’s only natural that it affects our growth when profitability takes precedence and we undergo a transformation involving restructuring and deselection in certain fields of business. However, we firmly believe this streamlining of the company lays the foundation for our long-term success,” he says.  

He is confident that the company’s revenue will increase and sees promising market trends within COWI's three core sectors as evidenced by recent major contract awards for the company.  

Within renewable energy, investments are picking up in major grid transmission projects across geographies which is already adding to the order book. For buildings and industry, COWI has in recent months been chosen to support the construction of several state-of-the-art health care facilities across the Nordics. Lastly, the infrastructure sector sees heightened activity across the board, in large part driven by new national requirements for defence infrastructure and facilities. 

“There are many opportunities to pursue across all our prioritised sectors, and an increased need of engineering capabilities in support of defence and resilience. In these market conditions, flexibility is key, which is exactly what our new organisation is designed for. I’m proud to see our colleagues adapting to the changes and keeping focus on ensuring that COWI stays a relevant partner for our customers and helping them tackle complex challenges as they move toward a greener, more sustainable future,” Jens Højgaard Christoffersen says.

Financial results for the COWI Group

EBITA* corresponds to profit before financial items, profit/loss after tax in associates, tax, amortisation of goodwill and acquisition-related intangible assets and special items. 

Key project wins in the first half of 2025 

Boosting national energy transmission to drive green growth and grid resilience

Increasing electricity transmission capacity between northern and southern Sweden is vital for supporting economic growth and accelerating the green transition. The Karlstadbenet project, commissioned by Svenska kraftnät, will construct two parallel 460-kilometre 400 kV powerlines, strengthening the resilience and sustainability of Sweden’s national grid. COWI, in collaboration with Tyréns AB and Dalekovod-Projekt, was awarded the contract for this complex infrastructure undertaking. Read more.

Enhancing public transit to deliver fast, safe and efficient transportation in a connected Copenhagen 

After two decades of operation as Copenhagen’s first driverless underground metro, the M1 and M2 lines will undergo signalling system and train replacements. COWI has been appointed to the advisory team assisting Metroselskabet. The upgrades will be carried out while the metro remains fully operational, drawing on extensive experience from similar projects to ensure a seamless transition to modern trains and systems that maintain an optimal passenger experience. Read more.

Advancing sustainable heating with innovative renewable energy solutions

COWI has been appointed by the Shetland Islands Council to conduct a feasibility study and concept design to explore the potential for an innovative district heating scheme in Brae, Shetland Islands. The study will assess the feasibility of using renewable energy – such as a dedicated wind turbine – to power a district heating network, an approach that, if viable, could unlock new opportunities for sustainable community heat in the UK. By reducing carbon emissions, this initiative supports Scotland’s net-zero goal for 2045. Read more. 

Building a future-ready tunnel for communities and the environment

A new eight-lane immersed tube tunnel under the Fraser River will feature six lanes for general traffic, two lanes for bus rapid transit, and a separate tunnel for cyclists and pedestrians. The project replaces the outdated George Massey Tunnel on Highway 99, which no longer meets capacity or seismic safety standards. The upgrade will enhance safety, reduce commute times, and accommodate growing traffic - currently about 80,000 vehicles daily - delivering benefits to residents, businesses, and regional trade. Read more.

Safer journeys and environmental protection through expert road design  

A busy and dangerous stretch of road in Agder, southern Norway, is undergoing a major upgrade to improve safety and traffic flow. The project involves nearly nine kilometres of new four-lane motorway, along with additional access roads. COWI is providing expert advice on the design of tunnels and bridges, environmental protection, and ensuring high standards while minimising its impact on nature. The upgraded motorway is expected to open in 2028, offering drivers a safer and smoother journey. Read more.

Building the future of maritime innovation and sustainability 

COWI and Arkitema, in cooperation with DS Flexhal A/S, have designed the Valley Campus, a future hub in Denmark for the world-leading engine company Everllence. The 70,000 m² campus will include offices, production, logistics, a social hub with an academy, and a research centre. Hosting at least 1,500 employees, it aims to drive maritime industry transformation through innovation and sustainability, promoting a greener future for global shipping. The project is jointly developed by Everllence and Volkswagen Immobilien, both part of the VW Group.