Andel Holding A/S

Denmark · owned by Andel A.M.B.A. (Denmark) · andel.dk · 48 vendors

Andel is Denmark's leading energy and fiber network group (koncern), structured as a cooperative (andelsselskab) headquartered in Svinninge, Denmark. The company delivers vital infrastructure including electricity grid services, renewable energy (wind and solar), EV charging, fiber broadband, and energy trading through its subsidiaries such as Clever, Fibia, Andel Energi, Nexel, Mind Energy, and Andel Lumen. As a cooperative, Andel is member-owned and focused on creating welfare and growth for its members, customers, and the broader Danish society.

Resilience scores

Technology vendors

Services catalogue

1 service in catalogue across 1 category; runs on 48 sub-vendors.

Insights

Last updated 2026-09-15 · revision 42

48 direct vendors, 433 subvendors

Direct vendors by controlling owner country (sample)

Subvendors by controlling owner country (sample)

Migration Readiness: 3/10

Assessed by AI based on technology stack characteristics (cloud-native vs legacy, containerization, microservices), regulatory environment, data residency requirements, financial stability, and vendor lock-in risks. The score ranges from 0-10, where higher scores indicate better readiness for technology migration.

Andel Holding A/S exhibits low migration readiness, primarily due to a highly complex and restrictive regulatory and data residency environment, coupled with the specialized nature of its core operational technology (OT) stack. The most significant challenge stems from strict GDPR, NIS2, CER, and sector-specific Danish Electricity Supply Act and EU Electricity Directive regulations. Explicit data residency requirements mandate that core OT data for electricity distribution remains within Denmark/EU, smart metering data is localized within the Danish Data Hub, and telecommunications data (Fibia) must be accessible from Denmark. These constraints severely limit the feasibility of migrating critical systems to generic public cloud platforms, especially those outside the EU/EEA, necessitating extensive compliance assessments and potentially costly hybrid or private cloud solutions. The company's key technologies, such as 'Electricity Distribution Grid Management', 'EV Charging Infrastructure & Network Management', 'Fiber-Optic Network Technology', and 'Energy Trading & Portfolio Management Platforms', are typically highly specialized, deeply integrated, and often proprietary systems. Migrating these would require significant re-platforming or re-architecting, rather than simple lift-and-shift, leading to high complexity and cost. While the company has the financial capacity for investments (DKK 8.1 billion in 2025) and some internal digital innovation capabilities (RPA, custom software), these are overshadowed by the external regulatory and technical hurdles. The 'unknown' vendor lock-in risk, while mitigated by geographic vendor diversity, is likely high for specialized OT systems, further complicating any migration efforts. The internal IT stack (WordPress, Elementor) is not inherently cloud-native, adding to the re-platforming burden for non-critical systems. Overall, the formidable regulatory and data sovereignty requirements, combined with the specialized and potentially legacy nature of critical OT, place Andel in a low state of migration readiness for its core operations.

Compliance

11 in-scope frameworks identified; showing 3.

SOC 2 (source) — Assessment Required

This framework could be relevant for some of Andel's digital customer solutions, but it is not a general requirement for their industry. It is primarily driven by customer demand in the technology sector.

SOC 2 is primarily relevant for service organizations that handle customer data in the cloud. While Andel has digital customer solutions, it is not their core business, so the risk of not having a SOC 2 report is low.

Evidence: https://andel.dk/en/the-group/, https://andel.dk/en/

EU Taxonomy — Assessment Required

Andel is a large Danish company active in the energy sector, making it subject to the reporting requirements of the EU Taxonomy Regulation, which requires disclosure of the proportion of their activities that are environmentally sustainable.

As a large undertaking, inaccurate reporting on the environmental sustainability of their economic activities could mislead investors and attract regulatory scrutiny. The complexity of the regulation presents a compliance risk.

Evidence: https://andel.dk/en/annual-reports/, https://www.sustainabilityreports.com/andel/2025/sustainability-report-da, https://andel.dk/en/the-group/, https://stateofgreen.com/en/solution-providers/andel/, https://andel.dk/en/andel-together/

NIS2 (source) — Assessment Required

Andel operates in the energy and digital infrastructure sectors, both listed as Essential under NIS2. The company's size (over 1,700 employees) and significant market role in Denmark solidify its status as an Essential Entity.

As a major energy and telecommunications infrastructure operator in Denmark, non-compliance could lead to significant fines and service disruption. The complexity of their operations across multiple subsidiaries increases the risk of oversight.

Evidence: https://andel.dk/en/the-group/, https://andel.dk/en/, https://stateofgreen.com/en/news/new-merger-set-to-create-denmarks-largest-integrated-energy-company/, https://andel.dk/en/annual-reports/

Financials

Three-year financials

Financial Resilience Score: 7/10

Andel Holding A/S demonstrates high structural resilience despite persistent negative EBIT at the parent-holding level. The company benefits from a very strong equity buffer of DKK 14.2 billion, cooperative ownership by 400,000 members that provides patient capital, and a natural-monopoly regulated electricity distribution business (Cerius and Radius) that carries approximately 33% of Denmark's electricity consumption. These regulated grid assets provide predictable long-cycle cash flows that underpin the group's ability to invest through cycles. However, FY2025 marked a decisive transitional year with a widened net loss of DKK -1.21 billion (versus DKK -223M in 2024) and DKK 1.1 billion of equity erosion, largely tied to the sell-down of the group's Ørsted stake (~DKK 3 billion) and impairments/valuation adjustments as capital was recycled into direct electrification infrastructure. Group-level investment stepped up sharply to DKK 8.1 billion in 2025 from DKK 4.8 billion in 2024, while group EBITDA of DKK 3.1 billion remains healthy. The holding-entity's EBIT has been negative every year since 2021, and equity has declined for three consecutive years, which tempers the resilience score despite the strong asset base.

Key strengths: DKK 14.2B equity buffer providing deep loss-absorbing capacity, Regulated electricity distribution monopoly carrying 33% of Denmark's power, Cooperative ownership by 400,000 members enabling patient long-payback capital, Group EBITDA of DKK 3.1B in 2025 remains healthy, Leading positions in growth verticals: EV charging (16,080 points), fibre, solar

Risk factors: Persistent negative EBIT at holding level every year 2021-2025, FY2025 net loss widened sharply to DKK -1.21B from DKK -223M in 2024, Equity declined for three consecutive years (15.8B → 15.3B → 14.2B), Concentrated exposure to Ørsted equity value creating P&L volatility, Heavy capex cycle with DKK 8.1B group investment in 2025 requires asset recycling, Geographic concentration - essentially 100% Denmark, mostly Eastern Denmark, Integration/restructuring risk from Andel Energi/Clever/Watts merger

Revenue by geography

Workforce by country

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