Annual Report 2023

Rethinking Growth in Energy Trading. 

Our numbers

Earnings Before Tax

In 2023, we achieved an EBT of €136.4 million. While this represent a significant decrease compared to the 2022 EBT, it remains a very satisfying result, indicating our strong ability to generate profit even in market conditions with low volatility and limited opportunities.

2023 136,408.00 TEUR

Our numbers


Equity decreased from €712.3 million in 2023 to €618.6 million in 2023, which corresponds to a return on equity of 17.2%.

2022 712,330.00 TEUR 2021 122,294.00 TEUR 2023 618,641.00 TEUR

Our numbers

Energy Traded

In 2023, the energy markets experienced a return to stability, characterized by decreased volatility and notably lower demand compared to the turbulent conditions of 2022. This shift is evident in the volume of energy traded throughout 2023 compared to 2022. Building on our momentum from previous years, including 2021, InCommodities continued to increase its share of energy trading in the markets where we are present. InCommodities operates in 16 gas markets and 35 power markets across Europe, Asia Pacific, and North America, trading 24 hours a day, 365 days a year.

Gas Traded 947.70 TWH Gas Traded 1,601.10 TWH Power Traded 213.70 TWH Power Traded 185.30 TWH

Our commitment to supporting the transition towards net zero remains unwavering as we leverage our core strengths to pursue global opportunities to maximize our impact. The dedication and expertise of our team members have been and will continue to be instrumental in this progress.

Jesper Severin Johanson, CEO, InCommodities

Establishing a Center for Research in Energy

As committed in the InCommodities Sustainable Investment Initiative launched in 2022, we continuously aim to spend up 5% of our yearly earnings on investments in initiatives that support the transition towards net zero. In 2023, this included donating DKK 25 million to the establishment of the Center for Research in Energy situated at Aarhus University.

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Meet Some of Our People

Technology isn't just a tool for us; it's the cornerstone of our vision in energy trading. With a tech-centric approach, we ignite innovation, driving sustained growth and market responsiveness. As pioneers within algorithmic trading, we leverage technology to redefine industry standards.

- Lars Kühn, CIO

To me, what makes InCommodities stand out is the emphasis and focus on developing practical competencies combined with a great focus on personal development. We can openly and honestly talk about our strengths and – more importantly – our weaknesses as a part of securing psychological safety, which to me is key.

- Julie Vieland Smedegaard, Compliance Officer

It has been exciting to launch the Environmental Products desk. We have benefited from InCommodities' high degree of autonomy from the get-go. We have created a full value chain within our team for relevant IT and Quant resources while benefiting from the existing InCommodities frameworks. Plus, we have a ton of fun moving ahead.

- Casper Elgaard, Head of Environmental Products