INCUBA Science Park A/S Due Diligence

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

Denmark · owned by AARHUS UNIVERSITETS FORSKNINGSFOND (Denmark) · incuba.dk · 9 vendors

INCUBA Science Park A/S is Denmark's leading science park and professional business community based in Aarhus, focused on IT/tech, cleantech, and life science sectors. It provides modern office and laboratory facilities, acceleration programs, networking, and community services for startups, spinouts, scaleups, corporates, investors, mentors, researchers, and students. Operating across three hubs — Katrinebjerg, Navitas, and Skejby — it hosts over 175 companies and more than 1,800 professionals.

Resilience scores

Technology vendors

Insights

Last updated 2026-09-14 · revision 6

9 direct vendors, 119 subvendors

Direct vendors by controlling owner country (sample)

Subvendors by controlling owner country (sample)

Compliance

6 in-scope frameworks identified; showing 3.

Working Environment Act — No public evidence

The Danish Working Environment Act applies to all workplaces in Denmark, including the facilities provided by INCUBA to its tenant companies and for its own employees.

Evidence: https://arbejdsmiljoegruppen.dk/work-environment-act/, https://at.dk/en/regulations/working-environment-act/, https://incuba.dk/en/hubs/, https://incuba.dk/en/incuba/, https://incuba.dk/en/, https://at.dk/en/regulations/the-working-environment-legislation/

Commercial Lease Act — No public evidence

INCUBA Science Park A/S's primary business is leasing commercial space to companies, making the Danish Commercial Lease Act directly applicable to their operations.

Evidence: https://incuba.dk/en/hubs/move-in/available-rentals/, https://incuba.dk/en/hubs/move-in/

BR18 — No public evidence

As the owner and operator of multiple large buildings in Denmark, including newly constructed facilities, INCUBA Science Park A/S is subject to the Danish Building Regulations (BR18).

Evidence: https://en.wikipedia.org/wiki/INCUBA_Science_Park, https://aart.dk/en/projects/incuba-next, https://www.cfmoller.com/p/Incuba-Science-Park-Gustav-Wieds-Vej-i78.html, https://fremtidenstegnestue.dk/en/knowledge/concepts/br18, https://isces.icomos.org/hub/danish-building-regulations-br/, https://incuba.dk/en/community/news/2024/the-past-year-in-incuba-2024-in-the-sign-of-growth-and-innovation/

Financials

Three-year financials

Financial Resilience Score: 8/10

INCUBA A/S demonstrates very strong financial resilience, anchored by an exceptionally robust balance sheet with equity of DKK 416M against annual revenue of just DKK 85M — roughly 5× revenue coverage, typical of a property-owning entity and providing deep cushion against tenant churn or interest-rate shocks. Equity has compounded steadily from DKK 322M in 2021 to DKK 416M in 2025 (~6.6% CAGR), reflecting consistent profitability and asset accumulation. In 2025, the Aarhus University Research Foundation assumed full ownership, providing institutional backing from a well-capitalised foundation and eliminating minority-shareholder frictions, which underpins long-term capital planning. Operationally, INCUBA benefits from recurring, contract-based rental revenue with multi-year visibility, diversification across three technology verticals (IT, life science, cleantech) and four physical hubs in Aarhus, and strong tenant demand demonstrated by marquee names like CrowdStrike and Databricks establishing bases. The FY2025 step-change in revenue (+16.1%) and EBIT (+192%) reflects a full year of the new 22,000 m² INCUBA Next tower contributing rental income. However, resilience is tempered by single-city concentration (all operations in Aarhus), reliance on the Danish venture capital ecosystem, capital-intensive expansion (INCUBA Next plus ongoing Skejby expansion), interest-rate sensitivity as a property owner, and micro-scale organisation with only 21-23 employees running a portfolio of 120+ tenants — creating key-person and operational-capacity risk.

Key strengths: Very strong balance sheet with equity of DKK 416M (~5× annual revenue), Full ownership by Aarhus University Research Foundation from 2025 providing institutional backing, Blue-chip anchor tenants including CrowdStrike, Databricks, Kvantify, Diversified across three technology verticals and four physical hubs, Recurring contract-based rental revenue with multi-year visibility, 22,000 m² INCUBA Next tower opened late 2024 driving 2025 revenue step-up, Steady equity compounding at ~6.6% CAGR from 2021 to 2025

Risk factors: Single-city concentration — all operations in Aarhus, Tenant-cluster concentration in small Aarhus University/Danish tech ecosystem, Capital-intensive expansion increases fixed costs (FY2024 EBIT dip to DKK 24.3M), Interest-rate sensitivity as a property owner (financing costs and valuations), Micro-scale organisation of ~21-23 employees managing 120+ tenants — key-person risk, Exposure to Danish venture capital funding cycles affecting tenant occupancy

Revenue by geography

Workforce by country

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