The LEGO Group’s product sales and revenue both reached record highs in 2024, with the company almost doubling sales between 2019 and 2024.
In recent years, the LEGO Group has significantly outpaced the toy industry. Between 2019 and 2024, revenue increased from 43.7 billion DKK (approx. £4.9 billion) to 74.3 billion DKK (approx. £8.4 billion). Consumer sales increased by 93% since 2019, against the toy market increasing by just 11%. Americas, Europe and Middle Eastern market are cited as driving this growth.
Pre-tax profit was up from 17.1 billion DKK (approx. £1.9 billion) in 2023 to 18 billion DKK (approx. £2 billion) in 2024. According to the company, profit growing at a slower rate than revenue is an intentional, strategic choice, as the LEGO Group invests in new factories, sustainable materials and other initiatives that will pay off in the future.
“2024 was an exceptional year for the LEGO Group and we are very pleased with our strong performance,” says CEO Niels B Christiansen. “We achieved record top- and bottom-line results even as we accelerated spending on strategic priorities, including a significant increase in the purchases of sustainable raw materials. We are encouraged by these strong results as they will allow us to continue to reach more children with LEGO play experiences now and in the future.”
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The CEO explained that as children grow up more quickly, the LEGO Group must adapt to meet them where they are. That is the reason behind this year’s collaboration with Formula 1, which is very popular among the 9 – 12 age range. The partnership with Nike is a response to a heightened interest in sports from that same age group.
Best-selling themes in 2024 were Icons, City, Technic, Star Wars and Harry Potter.
The LEGO Group continued to invest in sustainability. “We really actually seen an acceleration in the availability of materials, but also an acceleration in investments into future materials,” says Niels.
In 2024, half of the materials purchased to make LEGO elements were produced with sustainable sources. Approximately 33% of renewable sources were used to make LEGO products. The LEGO Group continued phasing out natural gas heating in Denmark and installed geothermal energy in Hungary. Solar energy capacity increased by 43% in China, Czech Republic and Denmark.