Lagkagehuset loses millions due to high energy prices

Lagkagehuset faced a significant loss of 182 million kroner in the last year, following a deficit of 216 million the previous year. Since its ownership change in 2017 to two capital funds led by Nordic Capital, the bakery chain has yet to profit annually. Despite this, Lagkagehuset achieved a record revenue of 1.46 billion kroner in 2024. High electricity and raw material costs, new stores in the UK and the US, and increased wages from new Danish labor agreements were cited for the negative financial outcome. The exclusion of Russian energy from the market also brought energy price hikes affecting expenses. CEO Joachim B. Knudsen acknowledged the unsatisfactory results but emphasized the costs of structural growth and expansion in some of the world’s most expensive cities.