COWI takes another step up and delivers record profits

2025 was a strong year for COWI. In a volatile market environment, the company managed to maintain stable revenue while taking another step up in operational profitability, delivering record earnings.  

Total revenue was DKK 8.3 billion, corresponding to a 0% organic growth adjusted for calendar effects. The EBITA* margin took another step up and reached a record-high of 8.3%, up by 1.0 percentage point compared to 2024. Including special items, absolute EBIT reached DKK 499 million, an increase of 83%, resulting in an EBIT margin of 6.0%, up from 3.3% in 2024. Profit for the year rose by 81% to DKK 374 million. The order backlog reached an all-time high of DKK 8 billion.  

"They have embraced change and continued to support our customers in creating a more sustainable and resilient future, even during a major organisational transformation and in markets marked by high geopolitical uncertainty. With this result, we are advancing towards our goal of becoming a top financial performer in our industry,” he continues.

Reflecting on COWI’s stable revenue, he says:
”Through our most ambitious transformation to date, we have been focusing our energy on simplifying the organisation and strengthening profitability. We have deliberately deselected certain low-margin activities and prioritised profitable growth in the face of adverse market conditions.”

The step up in profitability was a result of the continued progress of COWI’s transformation, including improved project execution, disciplined cost management and more efficient use of resources across COWI.

“We are very pleased to take another step forward in improving our profitability. After delivering strong profitability progress in 2024, we continued to build on that success last year, which is now reflected in our highest earnings to date. This clearly demonstrates that our transformation and simplification efforts are working. Another indication of the impact of the transformation, is that since 2022 we have more than doubled our profit,” says Group CFO Natalie Shaverdian Riise-Knudsen.

Ahead of schedule on climate targets 

As a consultancy company supporting its customers’ transition to a more sustainable future, addressing climate and environmental challenges is central to COWI’s purpose, both in projects for customers and in own emissions. 

In 2024, COWI’s science-based emissions targets were validated by the Science Based Targets initiative, setting a clear path towards net zero by 2050. In 2025, the company reduced its Scope 1 and 2 emissions by 43% and 63%, respectively, compared to 2022, thereby surpassing its 2030 reduction target of 42% for both scopes well ahead of schedule. Within Scope 3, emissions were reduced by 7%, keeping the company on track to reach both its 25% Scope 3 reduction target by 2030 and its net-zero target across all scopes by 2050.  

“Our greatest contribution to a more sustainable world comes through the projects we deliver in partnership with our customers, helping them reduce their footprint through innovative solutions. Yet, we are equally committed to delivering on our own climate commitments. Leading by example is not optional; it is fundamental to who we are and to the future we are helping to build,” says Natalie Shaverdian Riise-Knudsen. 

Poised for resumed growth 

COWI expects to return to the planned growth trajectory in 2026, with organic revenue growth of around 5%, backed by its strong order backlog and pipeline. While remaining committed to its long-term EBITA* margin ambition of 10%, COWI expects to achieve an EBITA* margin of around 8% in 2026, reflecting the current market outlook.   

“Ultimately, our progress is driven by the trust our customers place in us every day. Their long-term partnerships and continued confidence in our joint solutions form the foundation of our success and remain our strongest motivation as we progress through 2026,” says Jens Højgaard Christoffersen. 

Read COWI’s annual report for 2025

The report complies with the Corporate Sustainability Reporting Directive (CSRD) – as did the 2024 report – two years ahead of the mandatory compliance date.

Key figures for COWI 2025