Annual Report 2025: Frey Strengthens Operations and Outperforms Expectations

Frey delivered a positive full-year result in 2025, outperforming expectations and marking clear progress from the previous year. A 20% increase in volumes, stronger execution, and a focused market approach drove performance in a year defined by uncertainty.

“We are not satisfied with our returns yet. But we are satisfied with how we operate. One is an outcome. The other is a capability,” says Jeff Løcke Laursen, pointing to a business that has strengthened its foundation while still having work to do on profitability.

Operationally, Frey continued to invest in its organization by strengthening capabilities, refining structures, and improving productivity. Technology and data remain central priorities, with ongoing investments in systems that increase transparency, automate processes, and support better decision-making. This has translated into improved execution, including a clear increase in on-time deliveries to 92.5%, enhancing predictability and making delivery more reliable for customers.

Frey enters 2026 with continued growth ambitions, supported by a stronger operational foundation and expanded market presence. Volatility is expected to persist and remains a core assumption.

“We will continue to invest in and build the business” Jeff Løcke Laursen concludes. “Uncertainty is not going away. The companies that win are the ones that know how to operate inside it.”

Read the full annual report here.