EBITDA
EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) is a company's result before interest, tax, depreciation, and write-downs, a measure of operating earnings before accounting and financial items affect the picture.
The figures behind the term
Source: companydata.dk, CVR and annual reports, updated 28 October 2026
EBITDA sits one step above operating profit (EBIT) because depreciation and write-downs on buildings, machinery, and goodwill are added back. It is often used as an approximation of operating cash flow and is a common valuation basis, e.g. as a multiple in company transactions.
Strengths and weaknesses
EBITDA makes it easier to compare companies with different capital structures and depreciation profiles, but it ignores that machinery and buildings actually wear out and must be replaced. A company can show healthy EBITDA and still lose money after depreciation and interest.
Frequently asked questions
What does EBITDA stand for?
Earnings Before Interest, Taxes, Depreciation and Amortisation: the result before interest, tax, depreciation and impairment.
Why is EBITDA not in the annual report?
The Danish Financial Statements Act does not require the line. EBITDA is calculated by adding depreciation back to operating profit, which is only possible when depreciation is disclosed.
How is the figure on this page calculated?
As operating profit plus depreciation for every set of accounts in the last 18 months where both lines are disclosed. Companies that do not disclose depreciation are not included.
Related terms
Operating profit (EBIT)
Operating profit (EBIT, Earnings Before Interest and Taxes) is the result of a company's core operations, before financial items and tax. It shows whether the business itself makes money.
Net result (årets resultat)
The net result (årets resultat) is the bottom line of the financial statements: the company's total profit or loss for the fiscal year after all costs, financial items, and tax have been deducted.
Revenue (omsætning)
Revenue (nettoomsætning) is a company's total income from sales of goods and services in the fiscal year, excluding VAT and net of discounts.