Annual report: A year of growth, innovation, and major market changes for Eltronic Group

The knowledge and technology group, Eltronic Group, presents its 2024 Annual report, showing continued growth and progress across its business areas. The Group’s total revenue increased to 2.07 billion DKK from 1.98 billion DKK the previous year, corresponding to approximately 4% growth. After taxes, Eltronic Group achieved a profit of 58 million DKK.

“2024 has been a year where we have taken important steps to prepare for the future. We have strengthened our organization, invested in new technologies and platforms, and simultaneously achieved growth across our business areas,” says Lars Jensen, founder and now majority shareholder of Eltronic Group.

The year also brought critical strategic changes. Lars Jensen repurchased 48% of the shares from Blue Equity and now owns 90% of the Group, with the remaining 10% still owned by employees. This buyback underscores the Group’s focus on long-term ownership and a value-based culture driven by innovation, customers, and employees.

Eltronic Group has made significant investments in solutions for green energy, digitalization, AI, and automation to improve performance and create maximum value for customers. Additionally, the properties on Kilde Allé were sold after being fully developed, further strengthening the Group’s position as a leading technology partner.

Strengthening global presence and investing in future innovation
At the end of the year, Eltronic Group employed 1,800 people—a 16% increase compared to the previous year. This growth reflects the company’s increased need for skilled and qualified employees who, together with customers, work to enhance competitiveness through innovative solutions.

“We have a strong business, engaged customers, and competent employees. This is the foundation of Eltronic Group. Our expertise and dedication enable us to deliver innovative solutions that enhance our customers’ competitiveness and drive the green transition forward,” says Lars Jensen.

To support innovation and technological development, Eltronic Group has expanded its Development and Testing Center in Hedensted to 23,000 m². The facility now has the capacity to house up to 700 engineers and technicians working on solutions within green energy, digitalization, and automation.

Several of the Group’s companies have also established operations in growth markets such as Taiwan, China, and Korea. This strategic step brings Eltronic Group closer to its customers and strengthens collaboration with local talent, ensuring a stronger position in rapidly growing technological markets.

Maintaining focus on the green transition despite market challenges
Eltronic Group holds a strong position in Power-to-X (PtX) and X-to-Power (XtP) technologies, specializing in areas such as hydrogen, methanol, and ammonia. With a focus on development, modularization, and scaling of advanced systems, the Group contributes to advancing the green transition.

In the summer of 2024, however, the renewable energy and PtX markets faced significant challenges. Inflation and rising interest rates led to several customer projects being paused, postponed, or canceled. This particularly affected ENABL A/S in both existing and new projects and Eltronic PtX A/S, which had to adapt with both scaling up and down during the year, resulting in increased organizational costs and performance challenges.

“We hope and expect the market to stabilize in the second half of 2025, where improved framework conditions can restore the foundation for the green transition in Europe,” emphasizes Lars Jensen.

Despite these challenges, the Group’s other business areas — industrial production, life sciences, infrastructure, and XtP — delivered strong results. This success is attributed to a combination of dedicated employees and a targeted effort in innovation and efficiency.

Looking forward to 2025
Eltronic Group anticipates that 2025 will be a year of consolidation with growth potential, provided that political framework conditions for financing wind energy and PtX improve.

On March 1, 2025, the Group will celebrate its 25th anniversary — a milestone for a company that has grown from a local player to a global organization.

“In the past 25 years, we have grown from a company with 6 employees to a global organization with 1,800 dedicated colleagues. It’s a journey that makes me incredibly proud and has only been possible thanks to the talent, dedication, and shared drive of our employees to improve our customers’ competitiveness,” concludes Lars Jensen.

For further information, please contact:
CEO Lars Jensen
Email: lj@eltronic-group.com
Phone: +45 40 14 56 44