Krüger A/S Due Diligence

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

Denmark · owned by Independent (Denmark) · www.kruger.dk · 10 vendors

Krüger A/S is a Danish water technology company and subsidiary of Veolia, specialising in the full water cycle — from drinking water supply and wastewater treatment to stormwater management, industrial water treatment, and soil remediation. The company designs and implements advanced technologies and services for municipalities, utilities, industries, hospitals, and property owners across Denmark. With approximately 450 employees in Denmark, Krüger provides consulting, engineering, equipment, digital monitoring, and maintenance solutions aimed at sustainable water management and the green transition.

Resilience scores

Digital Sovereignty: 50
Digital Resilience: 7
Financial Resilience: 7

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Insights

Last updated 2026-09-13 · revision 8

10 direct vendors, 192 subvendors

Direct vendors by controlling owner country (sample)

United States: 5
Sweden: 1
Poland: 1

Subvendors by controlling owner country (sample)

Czech Republic: 2
Israel: 1
Australia: 4

Compliance

9 in-scope frameworks identified; showing 3.

Financials

Three-year financials

2025: revenue DKK 626M, EBIT DKK 17.6M, equity DKK 104M
2024: revenue DKK 579M, EBIT DKK 6.18M, equity DKK 88.4M
2023: revenue DKK 523M, EBIT DKK 4.61M, equity DKK 83.4M

Financial Resilience Score: 7/10

Krüger A/S demonstrates moderate-to-strong financial resilience, primarily underpinned by its 100% ownership by Veolia Water Technologies S.A. and ultimate parent Veolia Environnement S.A. (2024 revenue €44.7B, ~220,000 employees). The company participates in the Veolia Group cash pool (DKK 55.5M balance at year-end 2024), providing substantial intra-group liquidity access that far exceeds what a standalone entity of this size would command. Solvency ratio has steadily improved from 20.5% in 2021 to 26.4% in 2024, and the company has completed a successful turnaround, returning to profitability in 2023 (DKK 4.6M EBIT) after four consecutive years of operating losses, with EBIT expanding 35% to DKK 6.2M in 2024. Gross margin has expanded from 21.8% (2020) to 25.6% (2024), reflecting mix shift toward higher-value service and consultancy work, exit of the loss-making Aquaculture business, and reorganization into discipline-focused teams. Revenue growth is robust with a 5-year CAGR of ~7.4% and +10.8% YoY in 2024, and management guides toward ~10% revenue growth and ~DKK 15M profit for 2025. The auditor (EY) issued an unqualified opinion with no going-concern issues flagged. However, the score is tempered by thin operating margins (1.1% EBIT margin in 2024) that leave little cushion for project execution risk, retained earnings still negative at DKK -24.2M reflecting cumulative historical losses, and a small absolute equity base (DKK 88M) relative to revenue (DKK 579M). Contract accounting uncertainty from percentage-of-completion methodology, DKK 22.5M in warranty provisions, and DKK 10.9M in unrecognized deferred tax assets (loss carry-forwards deemed unlikely to be utilized within 5 years) represent ongoing concerns. Periodic small capital increases from the parent during the loss period suggest reliance on group support to sustain operations.

Key strengths: 100% ownership by Veolia Water Technologies S.A. with access to Veolia Group cash pool (DKK 55.5M), Ultimate parent Veolia Environnement S.A. (€44.7B revenue, ~220,000 employees, ~50 countries), Successful turnaround from four years of losses to profitability in 2023-2024, Solvency ratio improved from 20.5% (2021) to 26.4% (2024), Gross margin expansion from 21.8% to 25.6% over 5 years, Revenue CAGR of ~7.4% over 5 years with +10.8% growth in 2024, Diversified revenue mix across projects, consultancy and service, Unqualified EY audit opinion with no going-concern flags, Bank/insurance guarantees for work in progress at DKK 119M year-end 2024, Stable Danish public-sector demand (climate adaptation, PFAS, drinking water)

Risk factors: Thin EBIT margin of only 1.1% leaves little buffer for cost overruns, Retained earnings still negative at DKK -24.2M despite recent profits, Percentage-of-completion contract accounting introduces measurement risk, DKK 22.5M warranty provisions with up to 5-year warranty periods, DKK 10.9M unrecognized deferred tax asset (loss carry-forwards), FX exposure to NOK, SEK, USD and EUR, Discontinuation of Aquaculture business signals portfolio pruning risk, Small equity base (DKK 88M) relative to revenue (DKK 579M), Reliance on parent company recapitalizations during loss period, Intercompany revenue dependency (DKK 45.7M / ~7.9% from other Veolia entities)

Revenue by geography

Denmark: 73%
Norway: 17%
Other international: 10%

Revenue by product/service

Projects (EP/turnkey): 54%
Consultancy: 27%
Service: 19%

Workforce by country

Denmark: 388

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