Fjernvarme Fyn A/S Due Diligence

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

Denmark · owned by Odense Kommune and Nordfyns Kommune (Denmark) · fjernvarmefyn.dk · 12 vendors

Fjernvarme Fyn A/S is one of Denmark's largest district heating companies, supplying approximately 97% of Odense and surrounding areas with district heating, serving more than 100,000 homes, businesses, and institutions. The company is owned by the municipalities of Odense and Nordfyn and employs over 380 people. It operates production facilities across its supply area and is also among the largest heat supply companies in Europe.

Resilience scores

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Services catalogue

2 services in catalogue across 2 categories; runs on 12 sub-vendors.

Insights

Last updated 2026-10-13 · revision 10

12 direct vendors, 177 subvendors

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Compliance

15 in-scope frameworks identified; showing 3.

GDPR (source) — Evidence found

Fjernvarme Fyn A/S is established in Denmark, an EU member state, and processes personal data of customers, employees, and partners, making it subject to the GDPR.

Evidence: https://www.fjernvarmefyn.dk/privatlivs-og-informationssikkerhedspolitik/, https://www.fjernvarmefyn.dk/leverandoerer/privacy-policy/

Danish Energy Efficiency Obligations — No public evidence

As a Danish district heating company, Fjernvarme Fyn A/S is an obligated party under the Danish Energy Efficiency Obligation scheme, which requires energy companies to promote energy savings among end-users.

CER Directive (source) — No public evidence

As an operator of critical infrastructure in the energy sector, Fjernvarme Fyn A/S is likely to be designated as a critical entity under the Danish implementation of the CER Directive.

Financials

Three-year financials

Financial Resilience Score: 7/10

Fjernvarme Fyn A/S demonstrates solid financial resilience underpinned by its status as a municipally-owned regulated monopoly district heating utility in Denmark. The company benefits from the Danish 'hvile-i-sig-selv' (rest-in-itself) principle, which enables cost recovery from consumers over time, providing structural insulation against short-term margin pressure. Public ownership by Odense and Nordfyns Municipalities provides political backing and low-risk perception among creditors. The balance sheet is strong, with equity of DKK 2.59 bn on total assets of DKK 6.35 bn (solvency ratio ~40.7%) and cash of DKK 849m at year-end 2025. After two years of losses (2023: -DKK 17m; 2024: -DKK 61m) tied to coal phase-out, heavy capex, and pressure on the waste heat price cap, the company returned to profitability in 2025 (+DKK 59m) with revenue growth of 15% and positive free cash flow of DKK 66m. Diversified production (waste incineration, heat pumps, electric boilers, biomass, industrial excess heat from Meta data center) reduces fuel concentration risk. However, exposure to volatile electricity, CO₂ allowance, and fuel markets, ongoing losses at subsidiaries (Distribution A/S, Fangst A/S), heavy debt from the DKK 2.57 bn cumulative capex program, and regulatory changes affecting waste-to-energy economics constrain the score from being higher.

Key strengths: Municipal ownership by Odense and Nordfyns Kommune provides political and financial backing, Regulated monopoly with 'rest-in-itself' cost recovery mechanism, Strong balance sheet: solvency ratio 40.7%, cash of DKK 849m, Diversified production portfolio post coal phase-out (April 2024), Return to profitability in 2025 (+DKK 59m net result), Positive free cash flow of DKK 66m in 2025, Stable customer base (~250,000 people, 74,051 meter points) with 1,496 new connections in 2025, ISO 9001, 14001, 45001, 50001 certified, Stable heat tariffs unchanged 2024-2026

Risk factors: Commodity price exposure (electricity, CO₂ allowances, fuels), Regulatory pressure on waste incineration business (CO₂ costs within heat price cap), Heavy capex program driving leverage; mortgage debt of DKK 2.24 bn, Recurring losses at subsidiary Distribution A/S (-DKK 61.1m in 2025), Fangst A/S (CCS) has negative equity and lost DKK 69.6m in 2025, Unrecognized deferred tax assets of up to DKK 347m due to uncertainty, DKK 375m decommissioning liability provision, Elevated cybersecurity/physical security regulatory demands (second-highest criticality level), Worsening connection economics may plateau customer growth in 2026, CCS market immaturity led to no-bid decision in Danish state tender

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