Femern A/S Due Diligence

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

Denmark · owned by Sund & Bælt (Denmark) · femern.com · 6 vendors

Femern A/S is a 100% Danish state-owned project company tasked with planning, building, and operating the fixed link (immersed tunnel) across the Fehmarnbelt between Denmark and Germany. The 18 km tunnel will connect Rødbyhavn in Denmark with Puttgarden in Germany, becoming the world's longest immersed tunnel. The company operates offices in Copenhagen, Rødbyhavn, Hamburg, Burg, and Puttgarden with approximately 160 employees.

Resilience scores

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Insights

Last updated 2026-10-29 · revision 2

6 direct vendors, 131 subvendors

Direct vendors by controlling owner country (sample)

Subvendors by controlling owner country (sample)

Compliance

11 in-scope frameworks identified; showing 3.

GDPR (source) — Evidence found

Femern A/S is established in the EU (Denmark) and its privacy policy explicitly states that it processes personal data of individuals, making GDPR applicable.

Evidence: https://femern.com/about-femern/privacy-policy/

ISAE 3000 (source) — No public evidence

Assurance reports under ISAE 3000 could be used to provide independent verification of non-financial information, such as sustainability reporting or cybersecurity controls, which are relevant to Femern A/S.

Maritime Safety Regulations — No public evidence

The construction of the tunnel involves extensive marine operations in a busy shipping lane (the Fehmarnbelt), making compliance with international and national maritime safety regulations essential.

Financials

Three-year financials

Financial Resilience Score: 7/10

Femern A/S is a Danish state-owned special-purpose construction vehicle for the Fehmarnbelt tunnel with no operating revenue yet. Its financial resilience rests almost entirely on explicit sovereign backing: debt is guaranteed by the Danish state, enabling borrowing on terms comparable to the Kingdom of Denmark, and funding flows through state re-lending (genudlån) via A/S Femern Landanlæg. EU co-financing further reduces the net cost base, with 2023 EU grants offsetting approximately DKK 1.9B of DKK 8.8B in costs. However, the project is burning roughly DKK 1 billion per month in capex, with net interest-bearing debt rising rapidly from DKK 36.2B at year-end 2024 to DKK 42.4B by mid-2026. The 2029 opening date is officially 'significantly challenged,' and the company faces undisclosed arbitration risk with main contractor FLC plus a recent (October 2026) cyberattack on FLC. Equity is thin and highly sensitive to interest-rate movements via fair-value adjustments on debt. Without the Danish state guarantee the entity would not be financeable; with it, resilience is high but not absolute given schedule, cost, and litigation uncertainty.

Key strengths: Danish state guarantee on all debt enables sovereign-equivalent borrowing terms, EU co-financing (DKK 1.9B offset against DKK 8.8B costs in 2023), Parent group Sund & Bælt generated DKK 2,428M profit before fair-value adjustments in 2025, Future monopoly asset on Scandinavia-Germany corridor with embedded toll and rail-fee demand, 100% ownership by Danish Ministry of Transport via Sund & Bælt Holding

Risk factors: 2029 opening date 'significantly challenged' per 2024 annual report, Net interest-bearing debt rose from DKK 36.2B to DKK 42.4B in H1 2026 alone, Capex burn rate of approximately DKK 1B per month, Undisclosed arbitration cases with main contractor Femern Link Contractors (FLC), October 2026 cyberattack on main contractor FLC with data theft, Thin and volatile equity, highly sensitive to interest-rate-driven fair-value adjustments, No operating revenue until tunnel completion; fully dependent on state re-lending

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