What caused InCommodites' sharp decline in 2025 earnings, and how does the company plan to offset this going forward?

The sharp decline in InCommodites' 2025 profit before tax—to €2.95 million from €72.5 million in 2024—was driven by lower market volatility, tighter trading margins, and ongoing investments in trading infrastructure and geographic expansion into the United States and Asia. To offset this, the company plans to expand into physical gas trading in North America, broaden its power purchase agreement (PPA) offerings for wind, solar, and battery projects in Europe, and pursue PPA opportunities in the Asia Pacific region—including Australia, New Zealand, and Japan.

What is InCommodites' strategic rationale for entering U.S. physical gas markets, and what role does LNG play in that decision?

InCommodites views entering U.S. physical gas markets as a major strategic priority—described by founder Jesper Johanson as 'a big one for us'—because global energy flows are becoming increasingly interlinked, especially through liquefied natural gas (LNG), making physical market presence essential for competitiveness and risk management.

Goldman-backed Danish energy trader eyes US gas expansion as results plummet

Jun 15, 2026

Goldman-backed trader InCommodites plans U.S. gas market expansion despite 2025 earnings plummeting to €2.95 million from €72.5 million due to tighter margins and volatility.

reuters

2026-06-15

Goldman-backed Danish energy trader eyes US gas expansion as results plummet

Goldman-backed Danish energy trader eyes US gas expansion as results plummet

FAQ