Nasdaq CopenhagenIFRS · EUR

IMPLEMENT CONSULTING GROUP P/S

Implement Consulting Group P/S is a Denmark-based management consulting partnership that advises organizations on strategy, transformation, operating model design, and execution. The firm works through consulting teams to help clients translate ambitions into changes in organization, processes, leadership, and performance across the Nordic region and other markets where it serves clients.

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Revenue420m EUR
+7.1 %y/y
Operating profit (EBIT)85.2m EUR
+7.0 %y/y
EBIT margin20.3%
−0.0 ppy/y
Net income83.6m EUR
+5.0 %y/y
Free cash flow87.1m EUR
+7.8 %y/y

Fiscal year 2025 · change from previous year

Development 2022–2025

01,0002,0003,000m EUR2022: 2,350 m EUR2022: EBIT 469 m EUR20222023: 2,598 m EUR2023: EBIT 527 m EUR20232024: 392 m EUR2024: EBIT 80 m EUR20242025: 420 m EUR2025: EBIT 85 m EUR202542085
RevenueOperating profit (EBIT)
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Business

Share of revenue
Strategy Consulting25 %

Advisory work that helps clients define business direction, priorities, and transformation plans.

Transformation & Execution30 %

Programs focused on implementing change across functions, processes, and governance.

Organization & Operating Model20 %

Design of structures, roles, decision rights, and ways of working.

Leadership & Capability Development15 %

Training, leadership development, and capability building for client organizations.

Performance Improvement10 %

Projects aimed at improving effectiveness, productivity, and execution discipline.

Customers

Implement Consulting Group serves organizations that need external expertise to design and execute change initiatives. Its clients are typically large companies and public-sector bodies that buy consulting support for strategy, operating model redesign, leadership development, and complex transformations. Demand is tied to clients' need for specialized project teams that can work across management, organization, and implementation topics.

Large enterprises

Buy strategy, operating model, and transformation consulting for multi-function change programs.

Public sector

Buy advisory and implementation support for organizational redesign and service improvement.

Leadership teams

Buy facilitation, leadership development, and capability-building services.

Functional departments

Buy targeted consulting for process improvement, change execution, and performance topics.

Strategy

The company’s strategic position is built around combining advice with practical implementation support, which differentiates it from firms that focus mainly on diagnosis or slideware. Its priorities are likely centered on deepening client relationships, strengthening delivery quality, and building capabilities in transformation, leadership, and execution. Because consulting demand depends on trust and relevance, the firm’s strategic edge comes from repeat work, reputation, and access to senior decision-makers.

Implementation-led consultingMedium term

Clients often need help beyond strategy design and value firms that can execute change.

Client relationship depthShort term

Repeat engagements improve utilization, credibility, and resilience in a project-based model.

Capability developmentMedium term

Consulting firms need strong internal expertise to stay relevant in transformation work.

Geography

The company is headquartered in Denmark and operates from Hellerup, giving it a strong Nordic base. Its business is relationship-driven and typically delivered close to clients, so geography matters through local market access, language, and proximity to decision-makers. The available filing excerpt does not provide a revenue-by-country table, so the geographic mix cannot be quantified here.

Risks

As a consulting firm, revenue depends on client budget cycles, hiring of billable staff, and the ability to keep consultants utilized on active projects. The main risks are competitive pricing pressure, project concentration, and the possibility that demand for advisory work weakens if clients defer transformation spending. The business is also exposed to talent retention risk because its value is delivered through experienced people rather than owned assets.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Talent retention and recruitment1Consulting demand cyclicality2Pricing and competition3Client concentration4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Talent retention and recruitmentImpact: HighLikelihood: High

    The business depends on experienced consultants; turnover can reduce capacity and client continuity.

    Exposure: Professional staff and partner network

  2. Consulting demand cyclicalityImpact: HighLikelihood: Medium

    Clients can defer strategy and transformation projects during uncertainty or cost control periods.

    Exposure: Project-based advisory revenue

  3. Pricing and competitionImpact: MediumLikelihood: High

    Clients can compare multiple consultancies, which can compress fees and reduce margins on projects.

    Exposure: Management consulting market

  4. Client concentrationImpact: MediumLikelihood: Medium

    A few large accounts or programs can represent a meaningful share of workload and revenue.

    Exposure: Large enterprise engagements

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Accounting

Judgemental items
Revenue recognition for consulting projects

Work may span multiple periods, so judgment is needed on percentage-of-completion and accruals.

Impact: Affects reported revenue and receivables

Accrued income and work in progress

Unbilled client work must be estimated carefully at period-end.

Impact: Affects balance sheet and timing of revenue

Employee-related provisions

Consulting firms often carry vacation, bonus, or other personnel accruals.

Impact: Affects operating liabilities and expenses

Lease accounting

Office leases create right-of-use assets and lease liabilities under IFRS.

Impact: Affects leverage presentation and depreciation/interest

Financial instruments at amortised cost

Interest-bearing liabilities and other financial items affect finance costs and net results.

Impact: Affects financing expense presentation

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Last updated: 24/10/2026