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Kalundborg Refinery A/S

Public limited companyCVR 29975884KalundborgActive

Kalundborg Refinery A/S is a public limited company, based in Kalundborg, active in manufacture of refined petroleum products and fossil fuels, founded in 2006. Net profit fell 35% from 2024 to 2025, ending at DKK 11.6m. Operations are spread over 5 production units. With 391 employees, the company is about 25 times larger than the industry median.

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Key figures · financial year 2025

RevenueDKK 3.4bn−8.5% vs. 2024
Net profitDKK 11.6m−34.6% vs. 2024
EquityDKK 360.7m+4.8% vs. 2024
Employees391latest month from CVR

What has changed

calculated from recorded figures and dates

Financials: 2025 against 2024

  • Gross profit rose 8% (2024 → 2025), to DKK 125.9m.
  • Revenue fell 8% (2024 → 2025), to DKK 3.4bn.
  • Net profit fell 35% (2024 → 2025), to DKK 11.6m.
  • Equity rose 5% (2024 → 2025), to DKK 360.7m.

Employees

  • 12 fewer employees than a year earlier: 391 (07/2026) against 403 (07/2025).

Management and owners, last 24 months

  • New in management: Kurt Bjerre (ceo, 01/09/2026) and Ulrike Vollrath (ceo, 09/02/2026).
  • Stepped down: Claus Navntoft (ceo, 09/02/2026) and Ulrike Vollrath (ceo, 31/08/2026).

Registrations, last 24 months

  • 01/01/2025: Industry changed to Manufacture of refined petroleum products and fossil fuels (192000)

Calculated from the latest two annual reports in sequence and from registrations in CVR. A figure that is missing in either year gives no line, and we derive no figures.

Financial statements

Financial years 2016–2025 · amounts in DKK thousand

Equity and net profit

−DKK 2bn−DKK 1bnDKK 0DKK 1bnDKK 2bnDKK 3bnDKK 4bn2016201720182019202020212022202320242025
EquityNet profit
Financial figures for Kalundborg Refinery A/S
2016201720182019202020212022202320242025Change
Revenue15,977,88320,910,23123,007,45820,588,21212,388,78721,976,9475,687,8664,384,7933,752,1883,434,740−8.5%
Gross profit508,7971,126,148969,176883,333–501,285410,171269,057116,131125,872+8.4%
Operating profit (EBIT)460,3071,032,907867,802787,624–319,826391,598185,358–––
Profit before tax484,0541,003,623827,841788,992−1,566,090224,092380,454186,31623,60816,742−29.1%
Net profit345,5681,014,631836,595557,825−1,565,311114,402357,09585,05217,79511,634−34.6%
Total assets6,095,0516,557,1495,509,5037,787,1585,715,6764,850,891970,095599,668653,492606,475−7.2%
Equity3,954,9333,769,5643,906,1594,463,9842,898,673813,075629,784286,879344,091360,713+4.8%
Liabilities2,140,1182,787,5851,603,3443,323,174–4,037,816340,311287,954309,401245,762−20.6%
Cash and cash equivalents0000011,129176,664119,625140,745162,667+15.6%
Average number of employees335329339338348346356382382––

Source: annual reports filed with the Danish Business Authority (XBRL). Figures for the company (not the group); change is the latest year against the year before. “–” means the figure is not stated in the annual report.

Download the figures as CSV · free with an account, amounts in whole DKK

−DKK 400m−DKK 200mDKK 0DKK 200mDKK 400mDKK 600mDKK 800mDKK 1bnDKK 1.2bn2016201720182019202020212022202320242025
Gross profitMedian, the industry (8 companies)

Signals from the financial statements

calculated from the 2025 figures

  • Profit for five years in a row

    Net result has been positive in 2021–2025.

    How is this calculated?

    Net result is positive in the five latest annual reports in a row.

The signals are rules applied to the figures in the annual reports. They are not an assessment or credit rating of the company. See Data and method.

Annual reports

10 financial years
Annual reports for Kalundborg Refinery A/S
Financial yearPeriodPublishedFigures forDocuments
202501/01/2025 – 31/12/202507/05/2026The companyPDF not statedXBRL
202401/01/2024 – 31/12/202401/07/2025The companyPDF not statedXBRL
202301/01/2023 – 31/12/202327/05/2024The groupPDF not statedXBRL
202201/01/2022 – 31/12/202228/07/2023The groupPDFXBRL
202101/01/2021 – 31/12/202116/06/2022The companyPDFXBRL
202001/01/2020 – 31/12/202030/06/2021The companyPDFXBRL
201901/01/2019 – 31/12/201927/05/2020The companyPDFXBRL
201801/01/2018 – 31/12/201820/05/2019The companyPDFXBRL
201701/01/2017 – 31/12/201725/05/2018The companyPDFXBRL
201601/01/2016 – 31/12/201630/05/2017The companyPDFXBRL

The figures from all the annual reports are shown on this page. The documents themselves (PDF and XBRL, the machine-readable edition) are downloaded with a Pro account: sign in or create a free account, and then choose Pro. XBRL is the edition the figures on the page are read from.

Employees

monthly figures from CVR
010020030040050008/2309/2310/2311/2312/2301/2402/2403/2404/2405/2406/2407/2408/2409/2410/2411/2412/2401/2502/2503/2504/2505/2506/2507/2508/2509/2510/2511/2512/2501/2602/2603/2604/2605/2606/2607/26
Employees

Position in the industry

8 companies in the database

Comparison with the other companies in manufacture of refined petroleum products and fossil fuels based on the latest financial year.

Gross profitDKK 125.9mNo. 2 of 8
Better than 86% of the companies in the industry
EquityDKK 360.7mNo. 2 of 8
Better than 86% of the companies in the industry
Number of employees391No. 2 of 8
Better than 86% of the companies in the industry

Industry median: gross profit DKK 11.7m, net profit DKK 655k, equity DKK 15.3m, 16 employees.

Compared with similar companies

size, age and company form
Rank among similar companies
GroupGross profitEquity
Companies with 200–499 employees796 companies in the comparison
No. 467of 763
Better than 39%
No. 166of 796
Better than 79%
Companies that are between 15 and 29 years old24,910 companies in the comparison
No. 558of 24,791
Better than 98%
No. 482of 24,909
Better than 98%
All companies of type A/S18,025 companies in the comparison
No. 1,254of 17,786
Better than 93%
No. 926of 18,024
Better than 95%

The rank is calculated among companies in the database with a figure for the latest financial year, and is shown only for groups of at least ten companies.

Compare with the industry

Manufacture of refined petroleum products and fossil fuels
Gross profit
  1. Kalundborg Refinery A/SDKK 125.9m
  2. Crossbridge Energy A/SDKK 416.7m
  3. AVISTA Green ApSDKK 99.4m
Net profit
  1. Kalundborg Refinery A/SDKK 11.6m
  2. Crossbridge Energy A/SDKK 119.4m
  3. AVISTA Green ApS−DKK 21.2m
Equity
  1. Kalundborg Refinery A/SDKK 360.7m
  2. Crossbridge Energy A/SDKK 1.6bn
  3. AVISTA Green ApSDKK 344.9m
Employees
  1. Kalundborg Refinery A/S391
  2. Crossbridge Energy A/S302
  3. AVISTA Green ApS75

Latest financial year per company. Choose up to three companies from the largest in the industry.

Owners and group

from the Public Ownership Register
Owners
  • Klesch Refining Denmark A/S100%
Kalundborg Refinery A/S

Management

7 active registrations

Executive management

Executive management at Kalundborg Refinery A/S
NameRoleAppointed
Kurt BjerreCEO01/09/2026

Board of directors

Board of directors at Kalundborg Refinery A/S
NameRoleAppointed
Mikkel PaghBoard member30/05/2011
Niels BechBoard member22/06/2018
Joseph Zammit TabonaBoard member31/12/2021
Allan Gary Edward KleschChair of the board31/12/2021
Jesus Tamara VelascoBoard member31/12/2021
Juergen WollschlaegerBoard member31/12/2021
Auditor
KPMG P/S
Founders
Circle K Danmark A/S
Former management (39)
Former management at Kalundborg Refinery A/S
NameRoleAppointedResigned
Sven-Ole ToftBoard member26/10/200610/08/2010
Bo Steen MadsenDirector26/10/200608/07/2010
John BergBoard member23/05/200807/04/2011
Stig-Roar OlsenBoard member08/07/201010/08/2010
Stig-Roar OlsenDirector08/07/201001/01/2011
Bo Steen MadsenChair of the board08/07/201010/08/2010
Arne Sigve NylundChair of the board10/08/201023/09/2011
Bent Rune SolheimBoard member10/08/201007/05/2014
Olav LeivestadBoard member10/08/201007/05/2014
Annette MunchBoard member01/10/201009/06/2022
Rasmus Finnerup WilleCEO01/01/201115/05/2014
John HøinesBoard member07/04/201107/05/2014
Mogens DammDeputy board member30/05/201107/05/2014
Kjetil OhmChair of the board23/09/201113/11/2012
Eva NygårdChair of the board13/11/201204/02/2013
Lars ThorstholmBoard member07/05/201431/12/2015
Torben HaurumChair of the board07/05/201401/04/2019
Bjarne GrotheDeputy board member07/05/201422/06/2018
Lars Rosenløv JensenBoard member07/05/201429/08/2018
Olav RisaBoard member07/05/201411/05/2016
Børje EikemoBoard member07/05/201416/05/2018
Jofrid Tone KlokkehaugCEO15/05/201401/10/2019
Svein Harald StorliBoard member11/05/201616/05/2018
Lars Johan MølsterBoard member11/05/201612/01/2017
Hanne SmedvigBoard member12/01/201729/08/2018
Michael John Adam SerinkBoard member16/05/201830/09/2019
Giuseppina RagoneBoard member16/05/201831/03/2019
Mette FerkingstadBoard member29/08/201813/05/2020
Grete Birgitte HaalandBoard member29/08/201831/12/2021
Giuseppina RagoneChair of the board01/04/201913/05/2020
Tore AarrebergBoard member01/04/201931/12/2021
Jofrid Tone KlokkehaugBoard member01/10/201931/12/2021
Sølvi Storsætter BjørgumCEO01/10/201931/12/2021
Ole-Tobias FrichChair of the board13/05/202031/12/2021
Sidsel LoknaBoard member13/05/202031/12/2021
Wouter Rudolf de JongCEO31/12/202101/04/2024
Stephen Edward McCaffreyDirector24/08/202217/05/2023
Claus NavntoftCEO01/04/202409/02/2026
Ulrike VollrathCEO09/02/202631/08/2026

Signing rule: Selskabet tegnes af bestyrelsesformanden alene eller af Juergen Wollschlaeger i forening med Jesus Tamara Velasco eller af Juergen Wollschlaeger i forening med Joseph Zammit Tabona, eller af den administrerende direktør i forening med Juergen Wollschlaeger eller af den samlede bestyrelse i forening.

Address and production units

5 active production units

Melbyvej 17
4400 Kalundborg

Kalundborg Municipality · Postcode 4400

Open in OpenStreetMap
Production units
Production unitAddressEmployeesP number
Kalundborg Refinery A/SMelbyvej 17, 4400 Kalundborg1861012707823
Kalundborg RefineryA/SMelbyvej 10, 4400 Kalundborg1501021392010
Kalundborg Refinery A/S, Vedligehold & LagerHareskovvej 12, 4400 Kalundborg501020765689
Kalundborg Refinery A/S, Terminal HedehuseneBeredskabsvej 8A, 2640 Hedehusene81019998386
Kalundborg Refinery A/S, Terminal KalundborgAsnæsvej 7, 4400 Kalundborg31022733113

Purpose

Selskabets formål er fremstilling, raffinering, transport af og handel med olie og produkter deraf samt virksomhed, der efter direktionens skøn står i forbindelse hermed, endvidere deltagelse i lignende virksomheder i eller uden for Danmark

The purpose is quoted from the register in Danish.

Changes year by year

115 registered events
20265 changesmanagement 4 · accounts 1
  • Kurt Bjerre appointed ceo
  • Ulrike Vollrath stepped down as ceo
  • Annual report for 2025 published
  • Ulrike Vollrath appointed ceo
  • Claus Navntoft stepped down as ceo
20252 changesaccounts 1 · industry 1
  • Annual report for 2024 published
  • Industry changed to Manufacture of refined petroleum products and fossil fuels (192000)
20243 changesaccounts 1 · management 2
  • Annual report for 2023 published
  • Claus Navntoft appointed ceo
  • Wouter Rudolf de Jong stepped down as ceo
20233 changesaddress 1 · accounts 1 · management 1
  • Moved to Melbyvej 17, 4400 Kalundborg
  • Annual report for 2022 published
  • Stephen Edward McCaffrey stepped down as director
20224 changesmanagement 2 · accounts 1 · name 1
  • Stephen Edward McCaffrey appointed director
  • Annual report for 2021 published
  • Annette Munch stepped down as board member
  • Name changed from Equinor Refining Denmark A/S to Kalundborg Refinery A/S
202115 changesmanagement 11 · ownership 2 · capital 1 · accounts 1
  • Joseph Zammit Tabona appointed board member
  • Wouter Rudolf de Jong appointed ceo
  • Juergen Wollschlaeger appointed board member
  • Jesus Tamara Velasco appointed board member
  • Allan Gary Edward Klesch appointed chair of the board
  • Ole-Tobias Frich stepped down as chair of the board
  • Sidsel Lokna stepped down as board member
  • Jofrid Tone Klokkehaug stepped down as board member
  • Sølvi Storsætter Bjørgum stepped down as ceo
  • Tore Aarreberg stepped down as board member
  • Grete Birgitte Haaland stepped down as board member
  • Klesch Refining Denmark A/S registered as owner (100%)
  • Equinor Danmark A/S is no longer registered as owner
  • Share capital changed from 1,288,200,000 DKK to 195,700,000 DKK
  • Annual report for 2020 published
20205 changesaccounts 1 · management 4
  • Annual report for 2019 published
  • Ole-Tobias Frich appointed chair of the board
  • Sidsel Lokna appointed board member
  • Giuseppina Ragone stepped down as chair of the board
  • Mette Ferkingstad stepped down as board member
20199 changesmanagement 8 · accounts 1
  • Jofrid Tone Klokkehaug appointed board member
  • Sølvi Storsætter Bjørgum appointed ceo
  • Jofrid Tone Klokkehaug stepped down as ceo
  • Michael John Adam Serink stepped down as board member
  • Annual report for 2018 published
  • Tore Aarreberg appointed board member
  • Giuseppina Ragone appointed chair of the board
  • Torben Haurum stepped down as chair of the board
  • Giuseppina Ragone stepped down as board member
201812 changesmanagement 10 · accounts 1 · name 1
  • Grete Birgitte Haaland appointed board member
  • Mette Ferkingstad appointed board member
  • Hanne Smedvig stepped down as board member
  • Lars Rosenløv Jensen stepped down as board member
  • Niels Bech appointed board member
  • Bjarne Grothe stepped down as deputy board member
  • Annual report for 2017 published
  • Name changed from STATOIL REFINING DENMARK A/S to Equinor Refining Denmark A/S
  • Michael John Adam Serink appointed board member
  • Giuseppina Ragone appointed board member
  • Svein Harald Storli stepped down as board member
  • Børje Eikemo stepped down as board member
20173 changesaccounts 1 · management 2
  • Annual report for 2016 published
  • Hanne Smedvig appointed board member
  • Lars Johan Mølster stepped down as board member
20165 changesmanagement 3 · address 2
  • Lars Johan Mølster appointed board member
  • Svein Harald Storli appointed board member
  • Olav Risa stepped down as board member
  • Moved to Melbyvej 17, 4400 Kalundborg
  • Moved to Melbyvej 10, 4400 Kalundborg
20153 changesmanagement 1 · ownership 1 · capital 1
  • Lars Thorstholm stepped down as board member
  • Equinor Danmark A/S registered as owner (100%)
  • Share capital changed from 2,999,200,000 DKK to 1,288,200,000 DKK
201413 changesmanagement 12 · capital 1
  • Jofrid Tone Klokkehaug appointed ceo
  • Rasmus Finnerup Wille stepped down as ceo
  • Børje Eikemo appointed board member
  • Lars Thorstholm appointed board member
  • Lars Rosenløv Jensen appointed board member
  • Bjarne Grothe appointed deputy board member
  • Torben Haurum appointed chair of the board
  • Olav Risa appointed board member
  • Mogens Damm stepped down as deputy board member
  • John Høines stepped down as board member
  • Olav Leivestad stepped down as board member
  • Bent Rune Solheim stepped down as board member
  • Share capital changed from 2,300,000,000 DKK to 2,999,200,000 DKK
20131 changemanagement 1
  • Eva Nygård stepped down as chair of the board
20122 changesmanagement 2
  • Eva Nygård appointed chair of the board
  • Kjetil Ohm stepped down as chair of the board
20118 changesmanagement 8
  • Kjetil Ohm appointed chair of the board
  • Arne Sigve Nylund stepped down as chair of the board
  • Mikkel Pagh appointed board member
  • Mogens Damm appointed deputy board member
  • John Høines appointed board member
  • John Berg stepped down as board member
  • Rasmus Finnerup Wille appointed ceo
  • Stig-Roar Olsen stepped down as director
201017 changescapital 2 · industry 1 · management 11 · address 2 · name 1
  • Share capital changed from 100,000,000 DKK to 2,300,000,000 DKK
  • Industry changed to Manufacture of refined petroleum products and fossil fuels (192000)
  • Annette Munch appointed board member
  • Moved to Melbyvej 17, 4400 Kalundborg
  • Share capital changed from 10,000,000 DKK to 100,000,000 DKK
  • Olav Leivestad appointed board member
  • Bent Rune Solheim appointed board member
  • Arne Sigve Nylund appointed chair of the board
  • Stig-Roar Olsen stepped down as board member
  • Bo Steen Madsen stepped down as chair of the board
  • Sven-Ole Toft stepped down as board member
  • Name changed from STATOIL BIOETHANOL A/S to STATOIL REFINING DENMARK A/S
  • Moved to Borgmester Christiansens Gade 50, 2450 København SV
  • Stig-Roar Olsen appointed board member
  • Bo Steen Madsen appointed chair of the board
  • Stig-Roar Olsen appointed director
  • Bo Steen Madsen stepped down as director
20082 changesmanagement 1 · industry 1
  • John Berg appointed board member
  • Industry changed to Manufacture of other organic basic chemicals (201400)
20063 changesfounded 1 · management 2
  • Registered as STATOIL BIOETHANOL A/S
  • Bo Steen Madsen appointed director
  • Sven-Ole Toft appointed board member

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Same people in management

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Source and updates

The information comes from the Danish Central Business Register (Danish Business Authority) and from annual reports filed with the Danish Business Authority. Last synchronised 23/10/2026. The company is protected against advertising; contact details are not shown, and the data must not be used for marketing.

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