HARCO reports a net loss of DKK 4 million after tax for 2025. The result reflects a deliberate strategic decision to transition the business from sales to a rental-based model – an investment that is already showing its potential.

“It’s never ideal to report a loss, but we remain confident,” says Chairman of the Board Allan J. Vestergaard:

This is the outcome of a long-term investment in the company’s future. We have strong confidence in the direction we’ve taken, and we are already seeing a much stronger foundation for future growth. Our revenue increased by 30 percent – even during this transition. That gives us every reason to be optimistic.”
Portrait of Allan J. Vestergaard

Allan J. Vestergaard

Chariman

The 2025 financial year reflects a fundamental transformation of HARCO’s business model. Around 75 percent of the former project-based sales business has been replaced by a rental model with recurring revenue streams. At the same time, the company has made significant investments in equipment, organisation, and digital systems.

While this has impacted short-term results, it creates a far more scalable and resilient business. Where Harco previously operated with a short order horizon, its order book now extends several years ahead, explains CEO Sten Dyrmose:

“We have moved from planning in months to planning in years. Today, our order book stretches into 2027 and 2028 – something we have never experienced before,” he says.

“This enables us to take a long-term approach – both in our investments and in our customer partnerships. That is essential for scaling the business.”

The first quarter of 2026 confirms this development: both activity levels and earnings are above budget, and the market has responded positively to the new model.

A foundation for growth

According to HARCO, customers have responded positively to the shift – particularly as standardised solutions help reduce costs, complexity, and CO₂ footprint.

Our customers have shown strong trust in us – including in our new business model. In return, we have delivered documented high uptime and strong offshore performance. That is what is driving our growth now.”
Portrait of Sten Dyrmose

Sten Dyrmose

CEO

Chairman Allan J. Vestergaard sees the investments made in 2025 as the foundation for growth in the years ahead:

“We have traded short-term volume for long-term quality. What we invested in during 2025 will become earnings in 2027, 2028 and beyond,” he says.

For 2026, HARCO expects continued revenue growth and a positive operating result.