Interim Report 2021

Ramboll delivered a promising result for the first half of 2021 and expects strong growth and higher profit for the entire year underpinned by a strong second quarter and an increasing order book.

Jens-Peter Saul, CEO, Ramboll Group


Jens-Peter Saul

Jens-Peter Saul

Group Chief Executive Officer
T: +45 5161 1000
Marianne Sørensen

Marianne Sørensen

Group Chief Financial Officer
T: +45 5161 1000

Ramboll achieved a gross revenue of DKK 7.1 billion in the first half year of 2021, which is 1.4% higher than the same period in 2020. Organic growth was 1.8% compared to a negative organic growth of 1.5% in the first half of 2020. Net project revenue, which is Ramboll’s own production excluding revenue from subcontractors, was DKK 6.0 billion in the first half year of 2021, which is 3.7% higher than the same period in 2020. Organic growth from net project revenue was 3.5% compared to 0.3% in the first half of 2020.

In particular, the second quarter showed a positive momentum. In Q2 Ramboll had a strong organic gross revenue growth of 7% and a 9% organic growth from net project revenue.  

Operating profit before amortisation (EBITA) of DKK 338.9 million was lower than in the first half of 2020 (DKK 372.3 million), giving an EBITA margin of 4.8% compared to 5.3% in the first half of 2020. On a like-for-like basis, when adjusting for exchange rates movements and fewer working days in the year, the underlying EBITA margin was 0.2%-point below the first half of 2020. Profit before tax was DKK 164.4 million compared to DKK 176.4 million in the same period last year. 

Also from a profitability perspective, the second quarter showed a positive momentum, and EBITA and margins are now higher than Q2 2020 and on par with Q2 2019 before the pandemic.

At the end of the first half year, Ramboll’s order book amounts to DKK 7.7 billion which is an increase of 13% compared to year-end 2020 (DKK 6.8 billion). 

“We had a promising first half of 2021 with good growth especially in the second quarter of the year. We are back to revenue growth and we are seeing considerably greater momentum than last year despite a very strong first quarter in 2020,” says Group CEO Jens-Peter Saul. 

“The satisfying half year result reflects solid performances in the Nordics, with especially strong growth in Norway. However, growth in Sweden was below expectations. In the rest of the world, we delivered strong growth particularly in the US, UK, Germany and Central Europe & Africa, except in the Middle East where we are downscaling our operations and shutting down our Oil & Gas business. Our new business unit Henning Larsen with six hundred architects, landscape architects and urban planners had a successful start with strong growth and profit and has already achieved a tremendous pipeline of projects combining both architectural and engineering competences,” Jens-Peter Saul says.  

“We have good reason to look positively at 2021. In light of our strong pipeline of projects which is 13% larger than year-end 2020, we expect to deliver strong growth for the full year and a profit above 2020 level and even 2019 before the pandemic,” Jens-Peter Saul says. 

Global signature projects

During the first half of 2021 Ramboll won a number of signature projects for sustainable development around the world. 

  • Groundwater sustainability in California – In the US, the California Department of Water Resources has selected a team of consultants led by Ramboll to conduct airborne electro-magnetic surveys in California’s high- and medium-priority groundwater basins. The surveys will provide a standardised statewide dataset which will improve understanding of large-scale aquifer structures and support implementation of the Sustainable Groundwater Management Act. 
  • Offshore wind farms in Oresund – In Denmark, Ramboll is selected as consultant on two offshore wind farms off the coast of Copenhagen. The two offshore wind farms Aflandshage and Nordre Flint are part of Denmark’s green transition and Copenhagen’s ambition to become the world’s first CO2-neutral capital by 2025. In total, the two wind farms will result in a CO2 reduction of 75,000 tonnes and cover the power consumption of more than 400,000 households. Ramboll has been selected as the owner’s technical engineer and turbine foun-dation consultant. 
  • World's first floating plant for solar power in rough waters – In Norway, the international energy company Equinor will pilot test the world’s first floating solar power plant in rough offshore waters in the Norwegian Sea. Ramboll will contribute to the revolutionary pilot project with interdisciplinary engineering expertise. The facility will be tested for at least one year in one of the most weather-challenged areas along the Norwegian coast. The purpose of the pilot test is to measure how the weather conditions affect the plant. 
  • New children’s hospital in Cambridge – In the UK, Cambridge Children’s Hospital, due to open in 2025, will be a world first hospital that cares for children’s physical and mental health together, alongside leading edge academic research. In addition, the hospital aims to be an exemplar in carbon reduction as part of its role in providing a safer and more sustainable future for all. The ultimate aim is to be carbon zero. Ramboll will provide all engineering services for the hospital.
  • Public transport system in the capital region of Finland – In Finland, Ramboll has been selected to participate in the design and the construction management of the City Rail Link in Espoo, one of the first phases of the new high-speed rail link between Helsinki and Turku. The City Rail Link is an important step towards emission-free transport.
  • Location investigation for rail and stations in Stockholm – In Sweden, Ramboll has been chosen to perform a location investigation for rail and stations in the project Railroad South. The project goal is to connect parts of Stockholm that lack rail commuting opportunities today, improving conditions to live and work in the Swedish capital.
  • Sustainable transportation for Germany – In Germany, Ramboll was selected by Deutsche Bahn to plan the extension of one of the most important transport hubs in Cologne, North Rhine-Westphalia. The project is the backbone for the expansion of the S-Bahn network in the metropolitan region and paramount to connecting the Ruhr region to the na-tional and international rail network. 



Key figures and financial ratios


H1 2021

H1 2021

H1 2020


Income statement







Gross revenue

955.7  7,110.6 7,014.1

Net project revenue (NPR) 

 801.6  5,964.0  5,751.3
Operating profit before depreciation and amort. (EBITDA)
 59.5  442.7  485.8
Operating profit before amortisation of goodwill, brand and customer contracts (EBITA)  45.5  338.9  372.3
Operating profit (EBIT)  25.1  186.6  194.1
Profit before tax 22.1 164.4 176.4
Profit for the period  11.4 85.2 93.6


Balance sheet




Total assets

1,127.6  8,389.4 8,562.3

Total equity

347.1  2,582.1 2,546.8

Net interest-bearing cash/ (debt)

52.8  329.8 (18.4)

Cash flow




Cash flow from operating activities

(20.6)  (153.6) 736.1

Investment in tangible assets, net

(9.1)  (67.8) (68.1)

Free cash flow

(29.8) (221.4) 668.0

Acquisitions of companies

(9.7)  (72.1) (392.9)








Number of employees, end of period

16,312 16,064

Number of full-time employee equivalents


15,214 15,026

Financial ratios






Revenue growth


1.4 (0.1)

Organic growth


Organic growth, NPR     3.5 0.3
EBITDA margin
   6.2 6.9
EBITA margin    4.8 5.3
EBIT margin    2.6 2.8
Return on invested capital (ROIC)
   15.5 18.5
Return on equity (ROE) 
   5.6 6.4
Cash conversion ratio   (29.9) 220.8
Equity ratio 
   30.8  29.7

Ramboll Group A/S

Ramboll Group A/S
Hannemanns Allé 53
DK-2300 Copenhagen S
Tel:+45 5161 1000
Fax:+45 5161 1001

Danish CVR numbers

Danish CVR numbers

Ramboll Group

Rambøll Danmark

Ramboll Energy

Rambøll Management Consulting

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