DHI annual report

DHI delivers new growth record in 2023

DHI A/S once again delivers record-high growth across all global business units with 11.2% revenue growth in 2023. DHI also increases investments in research, development and innovation in water technology.


In 2023, DHI’s specialists worked on enabling a sustainable future for water in 2,700 projects all over the world. The financial results reflect the increased activity and show another year of very high growth rates. Despite a financially challenged market in China, which affected revenue and earnings negatively, both order inflow and revenue increased to the highest ever in the company’s 60-year history. Revenue increased to EUR 132.1 million, which corresponds to an organic growth of 11.2%, beating the former growth record set in 2022. Order inflow increased by 13.3%. EBITDA was EUR 2.4 million, which was EUR 0.7 million or 41% higher than in 2022, after increased investments in research, development and innovation.


Mette Vestergaard, CEO at DHI, states:


‘The consequences of climate change are clearer than ever, and the effect on the world’s oceans, environment, biodiversity and global water resources is significant. We are acknowledged by our clients for our contribution to the green transition and are seeing a major need for our combination of expert advisory services and digital solutions. Our increased investments in research, development and innovation will help ensure that we are able to continue supporting our clients and partners with the strongest possible advisory services and most effective digital solutions.’


In 2023, DHI increased its investments in research, development and innovation to EUR 14.4 million, a step-up of 6.7%. With the increase in investments, DHI is focusing on bringing more solutions and more knowledge faster to market to make a positive difference to the sustainable development of the world’s water resources.


DHI expects to continue the growth in both revenue and earnings in 2024.


Selected projects in 2023


  • DHI partnered up with Copenhagen University and GEUS to establish a new Danish research centre, which will investigate how wetlands can help fight global climate change. In the next six years, Global Wetland Center will build up more knowledge on how wetlands can reduce the emissions and increase the absorption of greenhouse gasses. The Novo Nordisk Foundation has provided approximately EUR 8 million in support for the establishment of the new research center.
  • DHI received a visit in 2023 from the Belgian Energy Minister, Tinne Van der Straeten, at DHI’s headquarters in Hørsholm. The minister came to view the large-scale model of the world’s first energy island, the Belgian Princess Elisabeth Island. Once completed, the energy island will connect offshore wind farms in the North Sea with the mainland. With a size of 8.6 x 3.8 metres, the model of Princess Elisabeth Island (1/60) is one of the largest models ever built in DHI’s wave basins, and the DHI experts tested the design’s resilience to currents and waves.
  • A DHI project on the mapping of marine habitats using satellite data was announced to be one of four selected projects in the United Nations Development Programme’s third Ocean Innovation Challenge. A web platform called MCSAV will support the mapping of mangroves, corals and aquatic vegetation using earth observation images of Semporna in Sabah, Malaysia. With the platform, stakeholders will gain easier access to planning, managing and monitoring marine habitats in the area, which can consequently help strengthen coastal societies.

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