Krüger A/S

Denmark · owned by Independent (Denmark) · www.kruger.dk · 11 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.

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Last updated 2026-09-13 · revision 8

11 direct vendors, 237 subvendors

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Subvendors by controlling owner country (sample)

Migration Readiness: 6/10

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.

Krüger A/S exhibits medium migration readiness. The company's strong and growing financial position provides the necessary capital to fund significant migration initiatives. Technologically, the presence of existing cloud hosting infrastructure, an IIoT platform (V-CloudIO), and digital twin solutions indicates a foundation and openness to cloud adoption and modern architectural principles. The geographic diversity of vendor HQ countries (7 unique countries) suggests a potentially flexible vendor ecosystem, although the exact number of vendors and thus the extent of vendor lock-in risk remains "Unknown" due to inconsistent data ("Total Vendors: 0"). However, significant challenges exist. The company operates with a hybrid tech stack, combining modern cloud components with traditional, often complex, SCADA/SRO and PLC systems, which are inherently difficult to migrate. Crucially, the "High risk" NIS2 Directive compliance requirements will heavily influence any migration, demanding stringent cybersecurity measures and potentially mandating EU-based data processing for critical operational technology systems. GDPR also imposes strict data residency requirements for personal data. These regulatory and data residency constraints will add considerable complexity, cost, and time to any migration efforts, limiting flexibility in choosing cloud providers and data center locations.

Compliance

9 in-scope frameworks identified; showing 3.

ISO 14001 — Assessment Required

Krüger A/S has a dedicated environmental management page ('Miljøledelse') on its website, indicating an active environmental management system. The company operates in environmental services (soil remediation, wastewater treatment) and is subject to Danish environmental legislation. Risk is Medium because: (1) the company's activities (soil remediation, chemical handling, wastewater treatment) are subject to Danish Environmental Protection Act requirements; (2) ISO 14001 certification status is not confirmed from available sources; (3) environmental non-compliance in Krüger's sector can result in regulatory sanctions.

Evidence: https://www.kruger.dk/om-os/vores-forretning/miljoeledelse, https://www.kruger.dk/brancher/forureningsoprensning

GDPR (source) — Partially Compliant

Krüger A/S is headquartered in Denmark (EU) and unambiguously processes personal data of employees, customers, job applicants, and website visitors, making GDPR fully applicable. The company has published a Privacy Policy (2023), a dedicated personal data page referencing GDPR Article 6(1)(b), and provides data subject rights mechanisms including a complaint pathway to the Danish Data Protection Authority (Datatilsynet). However, the privacy notice acknowledges cross-border transfers to Veolia group entities outside the EU, and while it states 'appropriate safeguards' are in place, no specific transfer mechanism (SCCs, adequacy decision) is publicly named. No publicly available DPO appointment record or formal GDPR audit report was found. Risk is Medium rather than High because the company demonstrates active GDPR awareness and has published compliant notices, but gaps in documented transfer mechanisms and absence of a publicly named DPO introduce residual risk. Datatilsynet is an active enforcement authority in Denmark, having issued fines to Danish companies.

Evidence: https://www.kruger.dk/persondata, https://www.kruger.dk/sites/g/files/dvc3361/files/document/2023/04/Kr%C3%BCger%20Privacy%20Policy%202023.pdf, https://www.datatilsynet.dk/borger/klage/saadan-klager-du

Danish Water Supply Act — Assessment Required

The Danish Water Supply Act governs the planning, establishment, and operation of water supply systems in Denmark. Krüger A/S provides engineering, technology, and operational services directly to Danish water utilities (vandværker) and municipalities. As a service provider and technology supplier to regulated water utilities, Krüger must ensure its solutions comply with Danish drinking water quality standards and technical requirements. Risk is High because: (1) non-compliance with water quality standards can have direct public health consequences; (2) Krüger's customers (utilities) are directly regulated and pass compliance requirements down to suppliers; (3) the Danish Environmental Protection Agency (Miljøstyrelsen) actively enforces water quality standards.

Evidence: https://www.kruger.dk/brancher/vandforsyning, https://www.kruger.dk/brancher/vandforsyning/dokumenteret-drikkevandssikkerhed-og-egenkontrol, https://www.kruger.dk/brancher/vandforsyning/teknologier-til-produktion-af-drikkevand

Financials

Three-year financials

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

Revenue by product/service

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