Statistical news focuses on the latest figures and trends in Danmarks Nationalbank’s statistics. Statistical news is targeted at people who want quick insight into current financial data.
Danish investments abroad reached a new record high
Danish direct investments abroad increased to kr. 1,959 billion by the end of 2025, reaching a new record high. The increase was driven in part by large acquisitions of foreign companies by Danish firms. Direct investment consists of equity investments and intercompany loans. Equity investments account for by far the largest share, and the ten largest Danish groups alone represent almost half of total investments abroad. The US is the country in which Danish companies, and particularly the largest Danish groups, invest the most. In recent years, intercompany loans from subsidiaries in the Netherlands to parent companies in Denmark have increased significantly, reducing the Danish direct investments abroad. By comparison, foreign direct investment in Denmark amounted to kr. 1,179 billion at the end of 2025.
Danish direct investments abroad amount to kr. 1,959 billion
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Stock of direct investments excluding pass-through investments calculated according to directional principle where intercompany loans are calculated on net basis. Find chart data here.
Large Danish groups account for a large share of investments abroad
Outward direct equity investments amounted to kr. 2,014 billion at the end of 2025 and are concentrated among a relatively small number of large Danish groups. Large corporate acquisitions contributed to the increase in investments abroad in 2025. Among the largest transactions were DSV's acquisition of DB Schenker in Germany, Genmab's acquisition of Merus in the Netherlands, Carlsberg's acquisition of Britvic in the United Kingdom, and Novo's acquisition of Akero Therapeutics in the United States.
The ten Danish groups with the largest outward equity investments had combined investments of kr. 925 billion at the end of 2025. This corresponds to 46 per cent of total equity investments. The largest groups primarily invest in the United States, where they account for almost three quarters of all Danish investments. The investments of all other Danish groups are to a greater extent concentrated in European countries.
The ten largest Danish groups have invested kr. 332 billion in the United States
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Stock of direct equity investments at the end of 2025 excluding pass-through investments calculated according to directional principle.
Large intercompany loans from foreign subsidiaries
Large Danish companies increasingly use foreign subsidiaries, particularly in the Netherlands, to obtain favourable financing conditions abroad. The subsidiaries issue corporate bonds, and the proceeds are channelled back to the Danish parent companies through intercompany loans. As a result, total intercompany loans from foreign subsidiaries to Danish parent companies have become larger than loans in the opposite direction. At the end of 2025, loans from subsidiaries in the Netherlands exceeded loans in the opposite direction by kr. 180 billion. This reduces the value of Danish direct investments abroad. See information box below for a detailed description of how intercompany loans contribute to direct investments.
Large intercompany loans from subsidiaries in the Netherlands reduce outward direct investment
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Stock of direct investments in intercompany loans in the Netherlands, excluding pass-through investments, calculated according to directional principle. Find chart data here.
The US is the largest investor in Denmark
Foreign direct investments in Denmark are reported based on both the first investor country and the ultimate investor country. The first investor country is the most recent counterparty country for an investment, while the ultimate investor country is the country from which the investment ultimately originates. Measured by first investor country, the United Kingdom was the largest investor in Denmark at the end of 2025, with investments amounting to kr. 151 billion. When investments are instead measured by ultimate investor country, looking through ownership structures to identify the country from which the investment ultimately originates, the United States was the largest investor, with investments amounting to kr. 190 billion. The difference illustrates that part of the foreign investments in Denmark passes through transit countries or intermediate holding companies before reaching Danish companies. Luxembourg, the Netherlands and Ireland are examples of such transit countries. Some foreign direct investment in Denmark ultimately originates from Danish companies themselves. Such investments are also known as round-trip investments and are made by channeling investments via a company abroad, for example to achieve more favorable financing conditions.
Direct investment often passes through transit countries, but the US is ultimately the largest investor in Denmark
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Stock of inward direct investments for the 15 largest ultimate investor countries. Investments include direct investments excluding pass-through investments calculated according to directional principle. Find chart data here.
What are direct investments?
Direct investments are investments in companies across national borders where the investor holds at least 10 per cent of the voting rights in the company being invested in. Direct investments are divided into outward and inward direct investments. Outward direct investments are Danish direct investments abroad, while inward direct investments are foreign direct investments in Denmark. Most outward direct investments are in fully owned foreign subsidiaries, where the Danish parent company owns 100 per cent of the foreign company.
What does direct investment consist of?
Direct investments consist of equity investments and intercompany loans. Intercompany loans are included in direct investments because loans between affiliated companies across national borders form part of the financial relationship between the investor and the enterprise receiving the investment. Direct investment is compiled according to the directional principle, which reflects that decisions regarding intercompany loans are typically made centrally by a group's parent company. This means that when a Danish parent company extends intercompany loan to a subsidiary abroad, outward direct investment increases. Conversely, if a foreign subsidiary lends funds back to the Danish parent company, outward direct investment is reduced.
In recent years, a number of large Danish groups have chosen to raise capital in the financial markets by establishing subsidiaries in the Netherlands that act as financial auxiliaries, known as financial conduits, for the group. These entities raise capital for the parent company by issuing corporate bonds, in most cases fully guaranteed by the parent company. The proceeds from the bond issuances are subsequently channelled back to the parent company in Denmark as intercompany loans. Denmark is not unique in this respect. The use of intercompany financing through corporate bond issuance abroad has also become more widespread internationally. For more information, see Danmarks Nationalbank's Statistical News, Large increase in corporate borrowing in the bond market (link).
How intercompany loans contribute to outward direct investments
