InCommodities A/S Due Diligence

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

Denmark · owned by Independent (Denmark) · incommodities.com · 8 vendors

InCommodities is a partner-owned independent energy trading company with a significant physical market presence in the European and US power and gas markets. The company specializes in algorithmic and quantitative trading of energy commodities, leveraging data-driven strategies across electricity and natural gas markets. It operates as an independent firm, not affiliated with any major utility or financial institution.

Resilience scores

Technology vendors

Insights

Last updated 2026-10-19 · revision 3

8 direct vendors, 139 subvendors

Direct vendors by controlling owner country (sample)

Subvendors by controlling owner country (sample)

Migration Readiness: 8/10

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.

InCommodities A/S exhibits high migration readiness, largely driven by its advanced and cloud-native internal technology stack. The extensive use of Microsoft Azure as its cloud infrastructure, combined with Azure Kubernetes Service (AKS) and Kubernetes for container orchestration, and Terraform for infrastructure as code, signifies a highly modular, automated, and portable environment. This modern architecture minimizes technical debt and greatly simplifies the process of migrating workloads, refactoring applications, or adopting new cloud services. The proficiency in C# and Python further supports agile development and integration within cloud ecosystems. The company's focus on algorithmic trading systems, machine learning, and data-driven strategies suggests a culture of innovation and adaptability, which is crucial for successful migrations. A key challenge, however, is the identified "Medium" vendor lock-in risk, which could introduce complexities and costs during a migration, potentially requiring renegotiations or re-platforming efforts for specific services. The assessment is constrained by the lack of information regarding specific regulatory environments, data residency requirements, and the company's financial stability, all of which can significantly influence the scope and feasibility of migration initiatives.

Compliance

13 in-scope frameworks identified; showing 3.

Danish Gas Supply Act — No public evidence

The company is a significant trader in 16 gas markets, including Denmark, making it subject to the national legal framework for the natural gas sector.

SOC 2 (source) — No public evidence

As a technology company providing services that may involve customer data (e.g., in asset management), a SOC 2 report is a common way to provide assurance to clients about security, availability, and confidentiality controls.

Network Code on Cybersecurity (source) — No public evidence

As an essential entity in the Danish energy sector under NIS2, the company falls under the supervisory and regulatory purview of Denmark's National Centre for Cyber Security.

Financials

Three-year financials

Financial Resilience Score: 8/10

InCommodities exhibits very strong financial resilience despite a sharp earnings decline in 2025. The group maintains equity of €497.6 million and a 72.1% solvency ratio, providing a substantial buffer against trading losses, margin calls, and liquidity stress. The business is primarily equity-financed with minimal debt, and benefits from supportive shareholders including the four founders, employees (~85% ownership), and Goldman Sachs as a minority investor. The company's centralized VaR-based risk framework, structured liquidity stress testing, and A-rated regulated counterparty base (TSOs, exchanges, clearing houses) further strengthen its ability to withstand market stress. However, earnings volatility is a defining characteristic. Gross profit has fallen for three consecutive years from the €1.6B crisis peak in 2022 to €67M in 2025, and FY2025 net profit was slightly negative (-€1.0M), far below the €85–195M forecast. Management acknowledges that liquidity remains their most critical financial risk, as variation-margin requirements can surge in volatile markets. Combined with heavy investment in North America, Asia-Pacific, and Asset Management build-outs weighing on near-term profitability, and a wide/lower 2026 guidance (EBT €0–90M), resilience is high but earnings predictability is weak. The strong balance sheet and diversification across geographies and products support a resilience score of 8/10.

Key strengths: Very strong capitalisation: €497.6M equity and 72.1% solvency ratio, Primarily equity-financed with minimal debt, Goldman Sachs minority stake plus 85% founder/employee ownership aligning incentives, Diversified across Europe, North America, Asia-Pacific, and Asset Management units, Robust centralised VaR-based risk framework and liquidity stress testing, A-rated regulated counterparty base (TSOs, exchanges, clearing houses), Scalable proprietary EnergyTech platform with AI, automation and weather intelligence, Trading volumes continue to grow (1,317.7 TWh in 2025 vs 974.7 TWh in 2024)

Risk factors: Earnings highly volatile and correlated to market volatility; gross profit fell from €1.6B (2022) to €67M (2025), FY2025 net loss of €1.0M vs forecast EBT of €85–195M, Liquidity risk from variation-margin requirements during market stress, North America unit underperformed in 2025, Asia-Pacific and Asset Management units still in investment/build-out phase, FX exposure across multiple currencies (USD, GBP, CZK, JPY, AUD), Regulatory complexity across jurisdictions (REMIT 2, EMIR, MiFID II, Pillar II), Wide/lower 2026 guidance: gross profit €60–140M, EBT €0–90M, Significant dividend outflows (€100M in 2025, €135M in 2024) reducing equity base

Revenue by geography

Revenue by product/service

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