Metroselskabet I/S Due Diligence

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

Denmark · owned by City of Copenhagen and Municipality of Frederiksberg (jointly owned public entity) (Denmark) · m.dk · 25 vendors

Metroselskabet is a Danish public transport company responsible for operating and developing the Copenhagen Metro, serving approximately 135 million passengers annually across four metro lines (M1–M4). The company also constructs and manages major urban rail infrastructure projects, including the Cityringen circular line, the M4 Harbour Line, and the Hovedstadens Letbane light rail. It operates 24/7, 365 days a year, with trains running at intervals as short as 95 seconds during peak hours.

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Last updated 2026-10-15 · revision 33

25 direct vendors, 261 subvendors

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Compliance

11 in-scope frameworks identified; showing 3.

EU Rail Passenger Rights — No public evidence

As an operator of a public railway transport system within the EU, Metroselskabet I/S is subject to regulations concerning the rights and obligations of rail passengers.

GDPR (source) — Evidence found

Metroselskabet I/S is established in Denmark, an EU member state, and processes the personal data of its customers and employees.

Evidence: https://m.dk/da/politikker-og-erklaeringer/privatlivs-og-persondatapolitik/

Danish Financial Statements Act — Evidence found

As a partnership registered in Denmark, Metroselskabet I/S is required to prepare and file annual financial statements in accordance with the Danish Financial Statements Act.

Evidence: https://metroselskabet.euwest01.umbraco.io/media/hnepijkk/metro-ar-2017-200x260-indhold-uk-web.pdf, https://metroselskabet.dk/en/about-us/about-the-metro/financial-and-corporate-documents/, https://companydata.dk/en/virksomhed/30823699-metroselskabet-i-s/regnskab/2020, https://metroselskabet.dk/en/contact-and-press/press/press-releases/new-contract-to-ensure-reliable-operations-and-continued-development-of-the-copenhagen-metro/, https://metroselskabet.dk/en/contact-and-press/press/press-releases/kbh-metro-partner-is-the-new-operator-of-the-metro-in-copenhagen/, https://cphpost.dk/2026-08-28/news/round-up/metroselskabet-selects-new-metro-operator/

Financials

Three-year financials

Financial Resilience Score: 9/10

Metroselskabet I/S enjoys exceptional financial resilience primarily because of its ownership structure. As a Danish partnership (interessentskab) owned by the Danish State, the City of Copenhagen, and Frederiksberg Municipality, the partners are directly, unconditionally, and jointly and severally liable for all obligations. This gives the company an effective AAA/Aaa credit rating equivalent to the Danish sovereign, plus direct access to re-lending from Danmarks Nationalbank. The company also benefits from substantial interest rate hedging on its long-term debt and received a fresh DKK 1.84B equity injection from owners in 2025 for M4 Ydre Nordhavn financing. Operationally, the company achieved record passenger numbers (135 million in 2025, +9M YoY), 99.3% on-time performance, and growing operating profit per passenger (DKK 2.50 in 2025 vs DKK 1.94 in 2024). EBITDA grew from DKK 244M in 2024 to DKK 338M in 2025, beating the DKK 210M forecast. However, substantial risks exist: net debt is projected to peak at DKK 46.9B in 2039 with repayment not until 2074, and sensitivity analysis shows a 1% interest rate rise would push peak debt to DKK 50.1B. The CMT arbitration involves claims of DKK 6.0B, and a further DKK 3-4B impairment is expected upon approval of the 2026 construction act. Despite these risks, the sovereign backing makes default essentially impossible.

Key strengths: Joint and several liability of Danish State, City of Copenhagen and Frederiksberg Municipality (AAA/Aaa equivalent), Direct access to re-lending from Danmarks Nationalbank, Record 135 million passengers in 2025 with 99.3% on-time performance, DKK 1.84B owner equity injection in 2025 for M4 Ydre Nordhavn, Interest rate hedging on large portion of future debt, EBITDA of DKK 338M in 2025, beating DKK 210M forecast, Operating profit per passenger rose from DKK 1.94 to DKK 2.50

Risk factors: Net debt expected to peak at DKK 46.9B in 2039, repayment not until 2074, 1% interest rate rise pushes peak debt to DKK 50.1B, CMT (M3 Cityringen) arbitration with claims totalling DKK 6.0B, Expected DKK 3-4B additional impairment upon 2026 construction act approval, DKK 1.8B impairment taken in 2025 related to M4 Ydre Nordhavn, Operating expenses per passenger DKK 10.17 vs long-term target of DKK 8, Profit margin 13% vs 20-25% target, One-off operator contract adjustment inflated 2025 earnings; 2026 EBITDA guidance lower at DKK 230-280M, Cyber/information security, external incidents and climate (storm surge, extreme rain) threats, 10% passenger shortfall would delay debt repayment by 24 years

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