In 2025, we increased activity across the group while continuing to invest in our platform and capabilities. Stable performance in established activities, combined with continued investment in new ones, supported the robustness of the underlying business.
Katrine Bondgaard, CFO, InCommodities
Letter from our chairman
A year of building what comes next
2025 was a transition year for InCommodities as a group. It was a year of deliberate investment in the structure and capabilities needed for the next phase of our growth.
Letter from our chairman: A year of building what comes next
2025 was a transition year for InCommodities as a group. Financially, it was not a record year – and while performance was below our original targets, this reflects both subdued market conditions and the deliberate investments we made. It was a year of deliberate investment in the structure and capabilities needed for the next phase of our growth.
When the Board of Directors in 2024 decided to reorganize the group’s activities into four autonomous business units, it made a step to strengthen how we operate. This reflects our belief that autonomy, proximity to our markets and platform thinking allow InCommodities to scale globally while preserving what makes us competitive: our technology edge, low organizational friction, and exceptional people.
In 2025, this belief took shape in practice.
This was the first year operating as four autonomous business units: Europe, North America, Asia–Pacific, and, as of 2025, Asset Management. Each unit has spent the year shaping its own path. Across regions, we have built organizational muscle: making key hires, expanding our geographic footprint, and embedding technology directly into trading operations. In Europe, we completed a multi-year ETRM platform rebuild, now fully operational. In North America, Asia–Pacific, and Asset Management, the focus was on building from the ground up: establishing leadership across all units, developing the full value chain from back office infrastructure to front office trading capability, and expanding our presence across key trading hubs, including a new office in Stamford and continued growth in Austin, Singapore, Sydney, and Tokyo.
These initiatives come at a cost. We deliberately prioritized these investments over short-term earnings to position the business for scalable growth. That is a cost the Board of Directors embraces fully, and a commitment we will continue in 2026 as we further strengthen the business across markets and functions. 2025 highlighted that our model performs across market conditions. Even in a subdued market environment, InCommodities remained profitable through discipline, execution, and the capabilities of the people and platform we have built. That is the foundation we carry into 2026.
As Chairman, I want to acknowledge the longview leadership shown across the business. In 2025, we moved forward with both pace and discipline, making progress across regions while continuing to invest for the long term. This may not define the year in isolation, but it will shape what comes next. I would like to thank our colleagues across the business for their commitment, as well as our partners for their continued trust and collaboration.
