In a year of transformation, COWI delivers record revenue

05 March 2025

While embarking on a historically significant transformation in 2024, COWI grew its revenue to an all-time high while delivering one of the company’s best operating results ever. This demonstrates the company’s ability to perform while transforming.

Overall, COWI delivered a strong performance in 2024. An organic growth of 5% resulted in a record-high revenue of DKK 8,361 million. This was driven by progress across all business lines, especially within the infrastructure sector. Profitability, indicated by the EBITA* margin, improved significantly to 7.3%, compared to 5.9% in 2023. EBITA* increased by 31%, from DKK 464 million in 2023 to DKK 607 million in 2024.

Our strong 2024 results illustrate three key factors. First, our strategy, FUTURE-NOW, is steering COWI well. Second, our transformation programme, LEAP, is already resulting in a notable profitability increase as we improve our productivity and efficiency. Our headcount decreased, but still, revenue grew in line with our strategic target. Third, our focus on priority sectors and building long-term relations with key customers has been successful, resulting in a strong market sales rate

Jens Højgaard Christoffersen, CEO

This year, COWI reached a significant milestone by launching a 2024 annual report that complies with the Corporate Sustainability Reporting Directive (CSRD) – a full implementation one year ahead of the mandatory compliance date.

“Our sustainability aspiration is much more than metrics and a compliance exercise. It illustrates the profound interconnectedness of our ESG commitments with our purpose, projects, people, market position and performance,” says CFO Natalie Shaverdian Riise-Knudsen and continues:

“We see ESG as a core part of our operations, and our approach to ESG provides us with valuable insights into the business and market opportunities, guiding our path toward value creation. We will continue our efforts to embed ESG further into our business practices and our customers' projects.”

Natalie Shaverdian Riise-Knudsen, CFO

In 2024, COWI managed to decouple revenue growth from emissions. Carbon emissions per revenue decreased from 8.5 tCO2e/DKKm to 7.7 tCO2e/DKKm compared to 2022-baseline.

Jens Højgaard Christoffersen emphasises the team effort and dedication of the people at COWI in the past year, as well as the importance of maintaining momentum.

“We look forward to building on this success and continuing to deliver outstanding results while serving our customers and stakeholders effectively. With an order book standing at DKK 6.2 billion, the strong demand for our services is evident, and COWI will leverage this position of strength to continue our strategic investments in people, technology and sustainability,” says Jens Højgaard Christoffersen.

Group financial result 

Key figures for COWI	2024	2023	Change in %
Revenue (DKKm)	8,361	7,858	+6%
EBITA* (DKKm)	607	464	+31%
EBITA* margin (%)	7.3%	5.9%	+24%
Profit for the year	207	236	-12%
Total assets (DKKm)	4,065	4,032	+1%
Equity (DKKm)	1,750	1,653	+6%
Equity ratio (%)	43%	41%	+5%
Number of employees at 31 December (headcount)	7,562	7,997	-5%

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.

Read more on our Annual Report 2024 page.

Direct link to full Annual Report 2024

For more information, please contact:

Søren Kragh Pedersen, VP Group Public Affairs and Public Relations:

SKPN@cowi.com, +45 20257018

Martin Bernth, Press Advisor:

MNBT@cowi.com, +45 41761324

In a year of transformation, COWI delivers record revenue

Group financial result

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