COWI A/S Due Diligence

Run due diligence on COWI A/S: check compliance and get alerts when suppliers or ownership change.

Denmark · owned by COWIFONDEN (Denmark) · cowi.com · 38 vendors

COWI is a leading consulting group that creates value for customers, people and society through our 360° approach. With a team of 7,500 dedicated experts in engineering, economics, and environmental science, we handle challenges from many different perspectives to create more coherent solutions for our customers.

Resilience scores

Technology vendors

Services catalogue

4 services in catalogue across 2 categories; runs on 38 sub-vendors.

Insights

Last updated 2026-10-15 · revision 196

38 direct vendors, 319 subvendors

Direct vendors by controlling owner country (sample)

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Financials

Three-year financials

Financial Resilience Score: 8/10

COWI Group demonstrates strong financial resilience following the successful execution of its LEAP transformation programme. In FY2025, the group delivered record profitability with EBIT rising 83% to DKK 499M and EBITA* margin reaching an all-time high of 8.3%, nearly doubling EBIT margin from 3.3% to 6.0%. Profit for the year hit DKK 374M (+81%), while equity grew 13% to DKK 1.98B, lifting the equity ratio to 45%. The balance sheet is notably strong with a net cash position of DKK 1,156M and total financial resources of DKK 1,768M, providing substantial liquidity cushion. Structural resilience is reinforced by foundation ownership (~90% held by COWIfonden and COWIfonden Invest), which insulates the firm from short-term shareholder pressure and supports long-term investment. Revenue visibility is underpinned by a record order backlog of DKK 8B, and the business is diversified across infrastructure (54%), buildings and industry (30%), and renewable energy (16%), as well as across five geographic business lines. Employee engagement improved from 64% to 70%, signaling organisational recovery after restructuring. Key risks include geopolitical instability affecting project timing, headwinds in renewable energy segments (offshore wind, hydrogen), and an unresolved Oman airports arbitration with a substantial client counterclaim expected to be awarded in 2026 — a potentially material binary outcome. Revenue stagnated in 2025 (-1% reported, 0% organic), and the 2026 outlook of ~5% organic growth and ~8% EBITA* margin remains below the 10% long-term aspiration. Geographic concentration in Denmark (48% of revenue) and the Nordics overall is also notable. Overall, strong profitability trajectory, net cash balance sheet, and stable foundation ownership justify a resilience score of 8.

Key strengths: Record EBITA* margin of 8.3% in 2025, up from 7.3% in 2024, EBIT grew 83% to DKK 499M; profit for the year up 81% to DKK 374M, Net cash position of DKK 1,156M and total financial resources of DKK 1,768M, Equity ratio of 45%, up from 43% in 2024, Record order backlog of DKK 8B providing revenue visibility, Foundation ownership (~90% COWIfonden) ensures long-term stability, Diversified across three sectors and five geographic business lines, Employee engagement improved from 64% to 70%, ROIC rose to 40% in 2025 from 22% in 2024

Risk factors: Revenue declined 1% in 2025 (0% organic), signaling market stagnation, Unresolved Oman airports arbitration with substantial counterclaim, award expected 2026, Geopolitical and trade sanction risks delaying or terminating projects, Slowdown in renewable energy investments (offshore wind, hydrogen, green fuels), Geographic concentration in Denmark (48% of revenue) and Nordics (~77%), Talent competition and retention risk in tight engineering labour market, Information security / cyber risk flagged as top-tier risk, Project-execution risk on large multidisciplinary engagements, 2026 outlook EBITA* margin of ~8% remains below 10% long-term aspiration

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