Overskrift
The first six months of the year saw growth in revenue and a solid increase in underlying earnings for Sund & Bælt. The improvement was driven primarily by higher traffic revenue from the Great Belt Fixed Link, lower net financing costs, and positive developments in the Øresund Bridge Consortium.
The Group’s net revenue amounted to DKK 1,878 million in the period January to June 2026, corresponding to an increase of 2.9% compared with the same period in 2025.
In the first half of 2026, Sund & Bælt reported a profit before fair value adjustments and tax of DKK 1,280 million, compared with DKK 1,142 million in the corresponding period last year. The increase was supported by traffic developments on the Great Belt and Øresund fixed links.
Road traffic across the Great Belt increased by 0.1% compared with the same period in 2025. Road traffic on the Øresund Bridge increased by 1.9% during the same period. Passenger car traffic on the Øresund Bridge rose by 1.5%, while road freight traffic increased by 7.2%.
Sund & Bælt’s share of the profit from the Øresund Bridge Consortium amounted to DKK 412 million. The share of profit before fair value adjustments increased to DKK 430 million, compared with DKK 389 million in the same period last year, supported by higher traffic revenue and lower interest costs.
“Sund & Bælt has delivered a solid half-year result with improved underlying operations, and the positive developments across both the Great Belt and Øresund links are contributing to the result,” says Mikkel Hemmingsen, CEO of Sund & Bælt.
Sund & Bælt’s largest construction activity is the Fehmarnbelt Tunnel between Denmark and Germany, which accounts for the majority of the Group’s investments in the first half of the year. The project continues to make good progress, and the first three of the 89 tunnel elements have now been installed on the seabed. The fourth element is expected to be immersed within the coming weeks. To date, 16 standard elements and three special elements have been produced at the tunnel factory near Rødbyhavn on the island of Lolland.
Sund & Bælt Financial Highlights
The Group’s profit before tax was DKK 402 million, compared with DKK 3,643 million in the first half of 2025. The development was primarily attributable to changes in the financial markets, which resulted in significant positive fair value adjustments during the first half of 2025.
Investments in property, plant and equipment amounted to DKK 6,979 million in the first half of 2026, with the majority relating to progress on the Fehmarnbelt project.
The Group’s equity amounted to DKK 12,338 million as of 30 June 2026, while interest-bearing net debt stood at DKK 78.5 billion.
Compared with the 2025 Annual Report, debt repayment periods remain unchanged at 38 years for A/S Storebælt and 46 years for A/S Øresund. For the Øresund Bridge Consortium I/S, the repayment period is likewise unchanged at 50 years (2050).
Outlook for 2026
Based on developments in the first half of the year, Sund & Bælt has refined its expectation for profit before fair value adjustments and tax and now expects a full-year profit in the range of DKK 2.4 to 2.6 billion.
The updated expectation is in the upper part of the previously announced range of DKK 2.3 to 2.6 billion.
Read the Interim Report here:
Interim Report for Sund & Bælt Holding A/S 2026