Nordstern doubles profit in 2024
February 28, 2025
Nordstern, one of Denmark’s leading property developers and turnkey contractors, closed 2024 with a doubling of profit compared to the previous year, a robust order book, and a strong foundation for growth in the years ahead. This was achieved in a challenging market, where the focus was on executing projects, securing new orders, and improving the bottom line.
Despite early signs of market improvement, 2024 was still marked by several years of declining demand in the construction industry. Nordstern reported a turnover of DKK 4.43 billion in 2024, a decrease of 14.7% compared to DKK 5.19 billion in 2023, falling slightly short of expectations. Nevertheless, the company significantly improved its profit, with profit before tax more than doubling from DKK 54 million in 2023 to DKK 114 million in 2024.
“In 2024, we observed signs of market recovery, but our revenue continued to be affected by years of subdued demand, inflation, rising costs, and delays on several projects that have extended into 2025 due to circumstances beyond our control. Our focus has been on strengthening the bottom line and preparing for revenue growth in 2025 and beyond by securing new projects. As a result, despite the revenue decline in 2024, we end the year with a substantial increase in earnings, a solid order book, and a strong foundation for future growth,” says Torben Modvig, CEO of Nordstern.
Milestones in Certification and Increased Specialisation
In 2024, Nordstern reached a significant milestone by certifying all its office and residential projects with standards such as DGNB or the Nordic Swan Ecolabel. Simultaneously, 62% of construction waste from Nordstern’s sites was recycled, moving the company closer to its goal of recycling at least 70% of construction waste by 2025.
“As an industry, we have a responsibility to adopt measures that reduce the environmental and climate impact of construction. At Nordstern, we collaborate closely with customers, partners, and suppliers to integrate solutions that lower resource consumption and carbon emissions at every stage of our projects, supporting our goal of carbon neutrality. I’m proud that in 2024 we made significant progress towards our ESG objectives,” says Torben Modvig.
Nordstern also expanded its focus in 2024 on more specialised sectors such as pharmaceuticals and commercial renovation, which will complement its core portfolio of residential and office buildings in the coming years. During the year, Nordstern delivered approximately 2,000 private homes (both new builds and renovations) and around 40,000 square metres of commercial properties (also including renovations and new builds).
Solid Foundation for Future Growth
Nordstern’s total order book at year-end stood at DKK 7.14 billion. Coupled with expectations of market improvement in 2025, this provides a strong basis for future development.
“We believe the construction industry’s most challenging years are now behind us, and we expect 2025 to be a year of further stabilisation and growth in both revenue and profit. We have several exciting projects in the pipeline for 2025, and Nordstern is well positioned with a clear strategy and a strong platform for future growth,” says Torben Modvig.
In 2025, Nordstern anticipates an increase in revenue to between DKK 4.5 and 4.8 billion, along with EBITDA rising to between DKK 145 and 155 million.
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