KK Wind Solutions reaches milestone of EUR 1 billion revenue in 2024
2024 was a new record year for KK Wind Solutions. The company increased its top line by 40 percent to DKK 7.7 billion, more than EUR 1 billion, making it among the top 100 largest companies in Denmark.
2024 Highlights
- Revenue increased by 40 percent from DKK 5.5 billion to DKK 7.7 billion.
- Normalised EBITDA was DKK 632 million, a 26 percent increase compared to 2023.
- Overall results were driven by ongoing integration of the acquisitions made during 2023 and 2024.
- Launched the first integrated financial and sustainability report.
- 100 percent of the electricity consumed was from renewable sources.
In 2024, KK Wind Solutions exceeded its expectations for the year. The company delivered strong commercial performance across its product and service business. The acquisitions made in 2023 contributed to revenue growth, while temporarily negatively impacting profitability due to integration and restructuring costs.
Revenue increased by 40 percent to DKK 7.7 billion, or more than EUR 1 billion. Therefore, the company has tripled its revenue over the last 24 months. The company’s core business remained solid, with cash flow from operating activities of DKK 363 million and free cash flow of DKK 275 million.
The acquisitions of the Converters and Controls business from Vestas Wind Systems A/S, and Nissens Cooling Solutions A/S are crucial for the company’s strategic growth and are expected to yield positive returns in the coming years. Adjusted for integration costs, normalised EBITDA improved by 26 percent from DKK 500 million in 2023 to DKK 632 million in 2024.
“2024 was a record year for KK Wind Solutions. We delivered strong commercial performance across our business and set a new revenue milestone of more than EUR 1 billion, while significantly improving profitability. We are pleased with these results which exceeded expectations. The integration of the acquired assets impacted our bottom line in 2024, although these acquisitions will enable our future growth ambitions,” says Mauricio Quintana, CEO of KK Wind Solutions.
Commitment to sustainability
Through KK Wind Solutions’ business segments – power converters and controls, cooling, service and monitoring solutions – the company enables customers and society to transition towards electrifying the world with efficient and renewable energy.
In 2024, KK Wind Solutions continued its own sustainability transformation journey, and the company made progress in terms of its environmental impact. Total greenhouse gas emissions from its operations decreased by 25 percent. This shift is mainly due to sourcing 100 percent of electricity from renewable sources.
The number of employees increased to 3,700 primarily due to the acquisition of Nissens Cooling Solutions A/S. The company’s focus on health and safety continued with a lost time injury frequency rate of 1.68, which includes acquisitions.
2025 outlook
In 2025, the company anticipates limited organic growth and expects improved profitability driven by synergies from the acquisitions, process enhancements and efficiencies, as well as procurement savings due to increased scale.
Revenue is expected to range between DKK 7.5 and 7.9 billion in 2025, with an EBITDA margin of 7-9 percent, and normalised EBITDA margin of 8-10 percent. Total investments are expected to amount to approximately DKK 200-300 million. The result after tax is expected to improve compared to 2024.
About KK Wind Solutions
KK Wind Solutions is a EUR 1 billion revenue company with more than 3,700 colleagues in 10 countries. Through its business of delivering power converters and controls, cooling, service and monitoring solutions, the company has become an industry leader in delivering integrated electrical systems, supporting the renewable energy transformation.
Having a strong long-term owner in A.P. Moller Holding enables its future growth ambitions. By leveraging on its more than 40 years of expertise in the wind industry, the company is well positioned to consolidate its investment in cooling and expand into new frontiers like Power-to-X and impact more industries transitioning to electrification.
Press contact
Matt Whitby
Senior Lead - Corporate Branding & Communication
Phone: : +45 2250 7131
Email: mawhi@kkwindsolutions.com
Learn more about us: www.kkwindsolutions.com
Follow us on LinkedIn: www.linkedin.com/company/kk-wind-solutions
*Note: Lost Time Frequency Rate measures the number of lost-time injuries per million hours worked during the financial year.