Lagkagehuset A/S

Beskrivelse af virksomhedens væsentligste aktiviteter

Our history dates back more than 30 years, when two bakers embarked on a similar journey to revolutionise the bread experience in Denmark. Ole Kristoffersen and Steen Skallebæk opened their respective bakeries in Christianshavn, Copenhagen and Haderslev, Southern Jutland in the early 1990s. Ole and his wife Jane’s first bakery was located in a building that, since its origin in 1931, became renowned for its simplistic and functional style that looked like a layer cake – hence the name Lagkagehuset or The Layer-cake-house in English. Ole and Steen focused on quality based on taste, edge and rustic baking style principles. They quickly became known in each of their communities, and in 2008, they joined forces to bring exceptional bakery quality to more communities.
Today, some 35 years later, we have taken the original passion for Danish bakery abroad with the ambition to become the most loved bakery. In 2016, we opened our first international bakery in London, and the Danish bakery experience quickly got the attention of the locals – now we operate 138 bakery shops across Denmark, London, and New York. With this deep passion for Danish bakery, we continue to pursue our ambition by creating a better bakery for all – and that is why we named our international bakeries after our founding two bakers – Ole & Steen.
In the past years, we have emphasised our values rooted in Ole & Steen's founding principles. Throughout our business, we are driven by three core values.
Heart-made: We believe that if something is worth doing, it’s worth doing right – from hospitality to recipe development, to store design and sustainability initiatives – everything we do, we throw ourselves into 100% with love and attention.
Rustic, Refined: Born out of Ole & Steen’s mission to revolutionise the bread experience in Denmark, we have always been dedicated to refining rustic recipes—it’s simply done well.
Everyday special: From the feeling you get when you step foot through our doors to the delicious treats you bring back for your loved ones, we want the experience to be that extra special spark in your day.
The Company is 100% owned by Danish Bake A/S and is a part of the consolidated financial statements of Danish Bake Holding ApS for the year ended 31 December 2024.

Beskrivelse af udviklingen i virksomhedens aktiviteter og økonomiske forhold

The Company's overall revenue grew by 6.3% on a like-for-like basis. The total number of stores dropped from 109 at year-end 2023 to 107 in 2024 as two unprofitable stores were closed. No new stores were opened by the Company in 2024.
Management attributes the improved financial results to deploying the 2024 Refocused Strategy, improved efficiency, and decreasing world market prices on raw materials.
The Refocused Strategy, launched in April 2024, aims to be more available and provide even more relevant offers to our customers in Denmark.
Initiatives implemented under the Refocused Strategy include but are not limited to increased opening hours, new product launches and a continued focus on evolving our three core values in Denmark.
We continued developing our well-known, iconic product offerings. We successfully implemented our version of the Cardamom bun and a revitalised version of the classical Citron Måne that many Danes know from childhood. Coffee – classical and iced versions – has been growing above expectations, and new versions – including Matcha – will be implemented in 2025.
In 2024, we have generally increased our offerings to customers around seasons and special occasions – e.g. New Year, Halloween, Valentine’s Day, to mention a few and we saw continued interest from our customers in convenience and home/office delivery through our delivery partners and “Click & Collect” saw significant growth, especially towards the end of the year.
During 2024 we continued to develop our digital presence through our loyalty app and added new customer options, such as the ability to do business orders with access to our B2B loyalty program and customer configuration for speciality cakes.
We successfully launched a new webshop for non-app users and B2B customers to supplement our online presence through the app.
As expected, raw material prices decreased after the 2022 and 2023 highs as general food inflation flattened out. This, combined with the continued cooperation between our key suppliers and the supply chain team, led to a 2.7%-point gross profit improvement for the year. As we moved towards the end of the year, the unexpected negative impact of price increases within certain raw materials (coffee, cacao and dairy) eroded some of the improvements from earlier in the year. This negative impact is expected to carry into 2025.
Company revenue for 1 January – 31 December 2024 amounted to DKK 1,123 million (2023: DKK 1,069 million), while loss for the period amounted to DKK -102 million (2023: DKK -137 million). The balance sheet showed an equity of DKK 103 million on 31 December 2024 (2023: DKK 205 million). Gross profit for the period amounted to DKK 501 million (2023: DKK 447 million), and EBITDA amounted to DKK -13 million (2023: DKK -54 million). The result for the year is within managements expectations of a 2024 EBITDA improvement of DKK 40 million for the year.
Non-financial matters
Historically, Lagkagehuset has prioritized delivering premium products to B2C customers through its 107 bakery stores across Denmark. In recent years, Danish and global consumer trends have shifted toward convenient, on-the-go solutions, opening up substantial growth opportunities in food, coffee, and home/business delivery services. In addition and recognizing the rising demand from B2B customers, the Company has strengthened its sales capabilities to effectively cater to this emerging and promising customer segment.
Financial risks
Due to its operations, investments and financing, the Company is exposed to changes in interest rates. The Company centrally manages the Company's financial risks and liquidity, including capital sourcing and investment of surplus liquidity. Under the Company's financial policy, the risk profile is kept low to ensure that interest rate and credit risks arise only because of commercial circumstances.
On an ongoing basis, the Board of Directors reviews whether the Company’s capital structure serves the best interests of both the Company and its stakeholders. The overriding goal is to ensure a capital structure that supports long- term profitable growth.

Omtale af betydningsfulde hændelser, som er indtruffet efter regnskabsårets afslutning

After the balance sheet date, the Company has agreed with its credit institutions to extend the existing financing agreement until 31 December 2026.
Based on the agreed extension, management is confident that the available liquidity, combined with approved budgets, forecasts, and business plans, will be sufficient for the company’s operations in 2025 and 2026.

Beskrivelse af virksomhedens forventede udvikling

For 2025, management expects continued revenue growth through the existing 107 stores and the continued development of the B2B sales channel started in 2024. In February 2025, the Company opened its first new store since 2021, and more new stores are planned for the year. Management expect revenue to grow to the level of DKK 1,190-1,200 million and EBITDA to DKK 20-25 million.