Kirk Kapital delivers strong results in a turbulent year
The investment result for 2025 totalled DKK 894 million, once again a solid result from Kirk Kapital, in a year marked by significant global turmoil, currency headwinds and changeable market conditions. While below the extraordinarily high levels of previous years, this result is considered strong in absolute terms and in relation to the market trend.
“2025 was a year of considerable uncertainty, with pronounced weakening of the American dollar. Yet despite the difficulties, we delivered a result we are highly satisfied with,” says Kim Gulstad, CEO of Kirk Kapital.
Strong results across investment areas
Kirk Kapital’s strategy is based on two primary investment areas: Strategic Investments in market-leading companies, accounting for approximately 75%, and a diversified portfolio of Financial Investments, constituting approximately 25%.
Strategic Investments provided a result of DKK 822 million, or 10%, driven by positive growth in earnings from the portfolio.
Financial Investments delivered a result of DKK 76 million, or 3%, with the American dollar in particular having a negative impact on an otherwise strong return, especially from listed shares.
At the end of the year, equity amounted to DKK 10.6 billion, while total assets under management constituted DKK 30.5 billion.
High level of transaction activity despite market turbulence
In 2025, Kirk Kapital sold its ownership shares in TP Aerospace and Globeteam and purchased an ownership share in both Omada and Sitecover. Omada is a Danish software company that delivers identity and access governance solutions to businesses worldwide, while Sitecover is a Danish company that supplies large-scale site covers for building projects, so that construction work can proceed regardless of the weather. In addition, a number of our portfolio companies completed major transformational acquisitions.
“Our M&A activity in 2025 was at its highest level ever, driven by a combination of acquisitions and divestments, as well as transformational acquisitions by a number of our portfolio companies,” says Kim Gulstad
Focus on long-term value creation
Kirk Kapital maintains its strategy of focusing on long-term strategic investments, active ownership and management of financially invested portfolios.
“Our focus remains unchanged: we invest with a long-term perspective and focus on developing the businesses we partner with. This approach has delivered results over time – and will carry us through good times and bad,” says Kim Gulstad.
With a strong organisation and a sound strategy, backed by equity of DKK 10.6 billion and total assets under management of DKK 30.5 billion, Kirk Kapital is well equipped for the future.
Read the Annual Report & ESG Report 2025 here