Nasdaq CopenhagenIFRS · DKK

Tresu Investment Holding A/S

Tresu Investment Holding A/S is a Denmark-based industrial holding company centered on the Machines & Units and Ancillary businesses. Its activities include the sale of equipment and related services, with customers across Europe, the Americas, Asia, and the Middle East and Africa.

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Revenue313m DKK
−8.0 %y/y
Operating profit (EBIT)-45.5m DKK
+57.1 %y/y
EBIT margin-14.6%
+16.7 ppy/y
Net income-83.6m DKK
+43.1 %y/y
Free cash flow-21.2m DKK
−113.4 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-2000200400m DKK2020: 302 m DKK2020: EBIT -63 m DKK20202021: 341 m DKK2021: EBIT -52 m DKK20212022: 359 m DKK2022: EBIT -155 m DKK20222023: 389 m DKK2023: EBIT -189 m DKK20232024: 340 m DKK2024: EBIT -106 m DKK20242025: 313 m DKK2025: EBIT -46 m DKK2025313-46
RevenueOperating profit (EBIT)
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Business

Share of revenue
Machines61 %

Industrial machine sales and related equipment sold to customers

Units39 %

Modular units and equipment delivered as part of the core product offering

Ancillary services0 %

Supporting services, licenses, and related contract activity tied to products

Customers

The company sells to industrial and commercial customers that purchase machines, units, and ancillary equipment for production-related uses. Its revenue base is spread across multiple regions, suggesting a mix of domestic and export customers, with the United States and broader international markets forming the core of demand.

Industrial machinery customers

Buy machines and related equipment for production and processing needs

Ancillary equipment customers

Buy supporting equipment and services tied to the installed base

International export customers

Buy across foreign markets where the company ships industrial products

Project and contract customers

Buy customized work recognized partly over time under contract terms

Strategy

The company appears focused on maintaining a broad regional sales footprint while monetizing both machine sales and ancillary revenue streams. Its asset base and revenue mix suggest a strategy of combining installed-base relationships, product sales, and contract work to support recurring customer engagement.

Diversify revenue across regionsMedium term

Reduces dependence on any single market and supports export-led growth

Monetize installed-base relationshipsMedium term

Ancillary products and services improve customer retention and broaden revenue

Protect and develop intellectual propertyLong term

Patents and licenses support differentiation and product value

Geography

Revenue is diversified across Denmark, Germany, the rest of Europe, the USA, the rest of North and South America, Asia, and the Middle East and Africa. The USA is the largest disclosed market, while Europe remains an important core region and the business also has meaningful exposure to Asia and other international markets.

Risks

The business is exposed to cyclical industrial demand, foreign exchange movements, and customer concentration by region, especially given the large share of export sales. It also carries material accounting and balance-sheet sensitivity from intangible assets, lease assets, receivables, inventories, and debt-funded financing.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Financial leverage and interest burden1Regional demand concentration2Intangible asset impairment3Foreign exchange volatility4Customer credit and contract risk5
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. Financial leverage and interest burdenImpact: HighLikelihood: High

    The company has corporate bond and bank debt outstanding

    Exposure: Net finance costs and liquidity

  2. Regional demand concentrationImpact: HighLikelihood: Medium

    A large share of sales comes from a few key export regions, especially the USA and Europe

    Exposure: Sales and order intake

  3. Intangible asset impairmentImpact: HighLikelihood: Medium

    The balance sheet contains patents, customer relations, and other intangibles that require judgment

    Exposure: Earnings and equity

  4. Foreign exchange volatilityImpact: MediumLikelihood: Medium

    Revenue is generated across multiple currencies and regions while reporting is in DKK

    Exposure: Margins and financial result

  5. Customer credit and contract riskImpact: MediumLikelihood: Medium

    Trade receivables and contract work in progress are meaningful working-capital items

    Exposure: Cash conversion and bad debts

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Accounting

Judgemental items
Revenue recognition timing

Revenue is recognized both at a point in time and over time, affecting comparability across periods

Impact: Sales timing and margin profile

Intangible asset impairment

Patents, customer relations, and brands require impairment testing and judgment

Impact: Earnings and asset values

Inventory valuation

Raw materials, WIP, and finished goods carry write-down risk

Impact: Gross margin and working capital

Receivables loss allowance

Allowance for bad debts depends on collectability estimates

Impact: Operating profit and cash flow

Lease accounting

Right-of-use assets and lease liabilities affect balance sheet leverage

Impact: Debt and EBITDA presentation

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Last updated: 24/10/2026