Hillerød Forsyning Holding A/S

Denmark · owned by Hillerød Kommune (Denmark) · hfors.dk · 16 vendors

Hillerød Forsyning is a Danish municipal utility company serving the residents of Hillerød Municipality, providing waste management, clean drinking water, district heating, and wastewater treatment. The group is structured as a holding company (Hillerød Forsyning Holding A/S) with eight wholly owned subsidiaries covering water, wastewater, heat, waste handling, and renewable energy. It is 100% owned by Hillerød Municipality and operates as a non-profit public utility.

Resilience scores

Technology vendors

Insights

Last updated 2026-09-15 · revision 30

16 direct vendors, 157 subvendors

Direct vendors by controlling owner country (sample)

Subvendors by controlling owner country (sample)

Migration Readiness: 4/10

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.

Hillerød Forsyning Holding A/S exhibits a medium-low level of migration readiness. The primary challenge stems from its heavy reliance on specialized Operational Technology (OT) systems such as SCADA, PLC, and SRO. These systems are typically deeply integrated with physical infrastructure, often proprietary, and have stringent real-time and safety requirements, making their migration to general-purpose cloud environments exceptionally complex, costly, and time-consuming. The current tech stack does not explicitly mention cloud-native practices like containerization or microservices, suggesting a more traditional infrastructure approach that would require significant re-architecture for cloud adoption. Regulatory compliance with NIS2, while a resilience strength, adds a layer of complexity to migration planning, as any new infrastructure must meet these stringent cybersecurity requirements. The 'Unknown' status for data residency requirements could also become a challenge if strict local data storage mandates emerge. While the 'Total Vendors: 0' is ambiguous, the presence of a key vendor like KMD for the 'Min Forsyning' portal, alongside specialized OT vendors, suggests potential vendor lock-in risks that could complicate disentanglement during migration. On the positive side, the company's strong financial stability and consistent growth provide the necessary resources to fund a complex migration effort. The existing use of modern IT components like Drupal 11 and Microsoft 365 indicates some familiarity with contemporary platforms, which could facilitate the migration of non-OT systems. However, the fundamental challenges posed by the core OT infrastructure significantly temper overall migration readiness.

Compliance

9 in-scope frameworks identified; showing 3.

Heat Supply Act — Assessment Required

The company operates district heating services through its subsidiary, Hillerød Varme A/S, and is therefore subject to the Danish Heat Supply Act which governs heat planning, pricing, and infrastructure.

This is a core operational regulation. Non-compliance could lead to regulatory intervention, financial penalties, and could impact the license to operate its district heating services, which are critical for the municipality.

Evidence: https://netzerocompare.com/policies/denmark-heat-supply-act-and-district-heating-rules-dk-hsa, https://www.araner.com/blog/district-heating-in-denmark, https://energy-cities.eu/countries/denmark/, https://climate-laws.org/document/heat-supply-act_4de7, https://speed.energybrokers.co.uk/wp-content/uploads/2015/10/Danish_Heat_Law_2000EN1.pdf, https://stateofgreen.com/en/solutions/district-heating-danish-experiences/

NIS2 (source) — Assessment Required

As a provider of district heating, drinking water, and wastewater services in Denmark, the company falls under the energy and water sectors, which are listed as essential entities under the NIS2 Directive, implemented into Danish law.

Non-compliance for an essential entity in the energy and water sectors could lead to significant fines and disruption of critical services. The likelihood is medium as implementation is recent and complex.

Environmental Protection Act — Assessment Required

Through its subsidiary Hillerød Spildevand A/S, the company is responsible for wastewater treatment and discharge, activities that are directly regulated under the Danish Environmental Protection Act.

Discharge of untreated or improperly treated wastewater can lead to severe environmental damage, significant fines, and reputational harm. The risk of accidental non-compliance is always present in utility operations.

Evidence: https://practiceguides.chambers.com/practice-guides/environmental-law-2025/denmark/trends-and-developments, https://www2.mst.dk/udgiv/publications/2001/87-7944-519-5/html/kap12_eng.htm, https://www.legal500.com/guides/chapter/denmark-environment/?export-pdf, https://eng.mst.dk/water/waste-water, https://ampeid.org/static/be92eaf5f553ba449c9ae11b120b333a/DNK_Environmental%20Protection%20Act..pdf, https://hfors.dk/

Financials

Three-year financials

Financial Resilience Score: 9/10

Hillerød Forsyning Holding A/S exhibits exceptional financial resilience characteristic of a municipality-owned regulated utility. The group's balance sheet is extraordinarily strong with equity of DKK 1.97 billion against annual revenue of approximately DKK 648 million, a solvency ratio of 99%, and a current (liquidity) ratio of 1,008%. This indicates the group is essentially unlevered at the holding level and holds substantial regulated infrastructure assets that provide a large capacity to absorb regulatory or capex shocks. The company benefits from monopoly service area rights within Hillerød Municipality for water, wastewater, district heating, cooling, and waste services, providing highly stable essential-service demand. Revenue is protected under a mixed regulatory regime: water and wastewater operate under revenue-cap regulation, waste and heat companies are non-profit 'rest-in-itself' entities, and remaining companies can generate profits used to finance the green transition. This structure dampens volatility considerably. Profitability has sharply improved from an EBIT loss of DKK -1.34M in 2022 to +DKK 85.5M in 2025, with net profit turning from -DKK 13.4M in 2022 to +DKK 39.9M in 2025. Gross profit tripled from 2022 to 2025 while revenue grew only ~6%, reflecting post-energy-crisis normalization and improved cost discipline. The company files annual reports on time and is audited by EY. The primary constraints on resilience are geographic concentration (single Danish municipality), regulatory dependency on Forsyningstilsynet, and significant ongoing capex needs for decarbonization.

Key strengths: Equity of DKK 1.97B with solvency ratio of 99%, Current/liquidity ratio of 1,008%, Monopoly service area for essential utilities in Hillerød Municipality, Single municipal owner (Hillerød Kommune) providing stable ownership, Regulated revenue framework dampens volatility, Sharp EBIT turnaround: -1.34M (2022) to +85.5M (2025), Independent audit by EY with on-time filings, Essentially unlevered balance sheet

Risk factors: Regulatory dependency on Danish revenue-cap regulation (Forsyningstilsynet), Large ongoing capex for green transition (electric boiler, heat pumps, geothermal exploration), 100% geographic concentration in one Danish municipality, Political counterparty risk from single municipal owner, November 2025 municipal election changed mayor to Conservative-led coalition, potentially affecting owner strategy, Operational disruption risk from single-site operations (e.g., 2024 wastewater line outage), No non-Danish diversification

Revenue by geography

Workforce by country

Signed-in users can see whether their own company is exposed to this vendor's disruption, plus the full sub-vendor list and country breakdowns, every in-scope compliance framework plus gaps and next steps, and alerts when any of it changes.

View the full interactive report