NIRAS increases revenue and earnings despite weaker market conditions

The consultancy increased both revenue and earnings in 2025, even as several of the company’s markets were affected by weaker economic conditions and rising geopolitical uncertainty.

Own production increased to DKK 2.8 billion, corresponding to growth of 6.5%, while EBITA rose from DKK 158 million to DKK 174 million. At the same time, NIRAS significantly strengthened its cash flow, with free cash reaching DKK 0.7 billion at year-end.

The performance was driven in particular by strong development in the Norwegian business and the Danish Building business. During the year, the company also implemented adjustments in parts of the organisation in response to a more uncertain market environment.

“We are proud to have improving both revenue and earnings in a year where market conditions turned out to be more challenging than we expected at the beginning of the year. Several of the areas where we normally see strong market opportunities – including sustainability, life sciences and development cooperation – were at times affected by weaker economic conditions. At the same time, the high global uncertainty particularly impacted Process Industry. This created headwinds in parts of the business and meant that we had to adjust capacity during the year. Delivering growth under these conditions shows that NIRAS is both resilient and agile in a changing market,” says CEO Carsten Toft Boesen.

The total number of employees remained broadly unchanged compared with the previous year. At the same time, the company maintains high employee satisfaction and low employee turnover compared with the industry.

Stronger cash flow strengthens financial position

Alongside the commercial development, NIRAS has worked systematically to strengthen the company’s financial foundation. This has significantly increased NIRAS’ free cash, which amounted to DKK 0.7 billion at year-end.

“We are particularly pleased with the improvements in our cash flow this year. Through a focused effort across the organisation, we have released liquidity previously tied up in working capital and strengthened our overall financial position. This provides a solid foundation for continued investments in both strategic development and acquisitions,” says CFO Ann-Sofie Østberg Bjergby.

NIRAS enters 2026 with a stronger order backlog

At the start of 2026, NIRAS has a larger order backlog than the year before. The company has also secured strong positions in several key framework agreements with public authorities and infrastructure owners.

“We are entering 2026 with good momentum. After a year of more unpredictable markets, it is particularly important to stand on a broad and resilient project portfolio. At the same time, demand for advisory services is increasingly driven by major societal challenges – not least climate adaptation, resilient infrastructure and the green transition. These are areas where the need for long-term solutions will only grow, and where our expertise is in strong demand,” says incoming CEO Jens Brandt Bering.

During the year, NIRAS has also seen a significant increase in the use of artificial intelligence across the organisation. While AI was previously tested locally in parts of the organisation, the technology has now become an integrated part of the work of many employees and contributes to both increased efficiency and higher quality in project delivery.

A final annual report after decades of leadership in NIRAS

After nearly 40 years at NIRAS – including 25 years as CEO – this marks the final annual report presented by Carsten Toft Boesen as Chief Executive Officer.

Under his leadership, NIRAS has grown from a primarily Danish consultancy into an international engineering and consulting company with activities in many countries and more than 3,000 employees.

“It has been a privilege to be part of NIRAS for so many years. Our strength has always been our people, our professional expertise and our ability to collaborate – both internally and with our clients. That gives me great confidence in the company’s continued development. At the same time, I feel very comfortable passing the baton to Jens, who has for many years been a central part of NIRAS’ leadership and development,” concludes Carsten Toft Boesen.

On 1 April 2026, Jens Brandt Bering will take over as CEO.