Deep Intelligence Across Industries

DEKRA is a Stuttgart-based TIC group that started in 1925 as a vehicle inspection association. It is now the largest TIC organisation in the world that is not listed on a stock exchange, with EUR 4.4 billion of revenue and about 48,000 employees in around 60 countries. Its economic engine is still mobility: roughly 34 million vehicle inspections a year make it the global leader in periodic vehicle inspection, and the Vehicles division brings in about half of group revenue. Around that core, DEKRA has built product testing and certification (electrical safety, EMC, wireless, cybersecurity, functional safety, AI), industrial asset inspection, management-system audits, training and a large German temporary-staffing business. Being owned by an association means there is no equity market discipline and no dividend pressure, so the group can reinvest around EUR 150 million a year. The trade-off is that its margins are structurally lower than listed peers'. Its IMPACT 2030+ strategy targets top-five positions in Mobility, Digital Trust and Sustainability, and the semiconductor and SoC security work is one of the newer growth bets under Digital Trust. --- ### What DEKRA does DEKRA sells independent third-party assurance. It inspects, tests, certifies, audits and trains so that vehicles, products, industrial assets, organisations and people meet legal, regulatory and customer-defined requirements for safety, security and sustainability. The group's long-standing brand promise is safety "on the road, at work and at home". In its anniversary year it adopted the motto "Securing the Future". The company's own description in its 2024/2025 reporting presents DEKRA as a global partner whose services and solutions advance safety and sustainability. These range from vehicle inspection and expert appraisal, through claims services, industrial and building inspection, audits, training and personnel services, to the testing and certification of analogue and digital products and systems. DEKRA says it offers more than 500 services that support the transition to a sustainable economy, about one-third of its service portfolio. ### Business model and revenue model | Revenue type | Description | Approximate weight | |---|---|---| | Mandated / regulated inspection fees | Periodic vehicle inspections (in Germany the HU/AU inspections), emissions tests and statutory inspections of industrial installations such as lifts, pressure equipment and electrical systems. Volumes are driven by regulation and the installed base; prices are often regulated or fee-scheduled | Largest single component; the Vehicles division, which also includes appraisals and claims, generated EUR 2,137.9 million in FY2024 (49.8% of revenue) | | Project and transaction-based testing and certification | Type testing, product certification (DEKRA Mark, CB scheme, NRTL), EMC/RF, cybersecurity (Common Criteria, SESIP, PSA, UN R155/R156, IEC 62443), functional safety, AI conformity assessment | Digital Products division: EUR 386.4 million in FY2024 (9.0%) | | Recurring audit, certification and advisory contracts | ISO management-system certification (9001, 14001, 45001 and others), supplier audits, HSE and process-safety consulting, training and qualification | People, Processes & Organizations division: EUR 615.0 million in FY2024 (14.3%) | | Personnel services | Temporary staffing (Temp Work), concentrated in Germany | EUR 479.1 million in FY2024 (11.2%), shrinking | DEKRA's revenue is almost entirely service revenue. It sells no products in volume and earns no meaningful licensing or subscription income. In 2024 the group sold DEKRA Visatec, a maker of camera and visual-inspection systems, explicitly to exit product development and production and concentrate on testing and inspection services. The revenue model has four components: **Mandated / regulated inspection fees:** Description: Periodic vehicle inspections (in Germany the HU/AU inspections), emissions tests and statutory inspections of industrial installations such as lifts, pressure equipment and electrical systems. Volumes are driven by regulation and the installed base; prices are often regulated or fee-scheduled; Approximate weight: Largest single component; the Vehicles division, which also includes appraisals and claims, generated EUR 2,137.9 million in FY2024 (49.8% of revenue) **Project and transaction-based testing and certification:** Description: Type testing, product certification (DEKRA Mark, CB scheme, NRTL), EMC/RF, cybersecurity (Common Criteria, SESIP, PSA, UN R155/R156, IEC 62443), functional safety, AI conformity assessment; Approximate weight: Digital Products division: EUR 386.4 million in FY2024 (9.0%) **Recurring audit, certification and advisory contracts:** Description: ISO management-system certification (9001, 14001, 45001 and others), supplier audits, HSE and process-safety consulting, training and qualification; Approximate weight: People, Processes & Organizations division: EUR 615.0 million in FY2024 (14.3%) **Personnel services:** Description: Temporary staffing (Temp Work), concentrated in Germany; Approximate weight: EUR 479.1 million in FY2024 (11.2%), shrinking Industrial asset inspection, asset integrity management, construction monitoring and fire protection form the fourth service division, Industrial Assets: EUR 621.2 million in FY2024 (14.5%). ### Value-chain position DEKRA sits at the conformity-assessment layer of every value chain it serves. It is not a supplier of materials, equipment or production capacity. In the semiconductor ecosystem specifically, it works at three points: 1. **Chip and SoC level.** It evaluates the security of silicon and firmware against SESIP, PSA Certified, Common Criteria and FIPS 140-3, using side-channel analysis (SCA) and electromagnetic fault injection (EMFI) equipment from eShard. In October 2024 DEKRA certified NXP's KW45, K32W148 and MCX W71 wireless MCUs to SESIP Level 2 and PSA Certified Level 2. It described this as the first certification in the semiconductor industry showing conformity with the cybersecurity requirements of the EU Radio Equipment Directive (RED). 2. **Component and module level.** It provides IECQ certification-body services (DEKRA Certification B.V.), electrical safety and EMC testing, and wireless certification for modules and end products. 3. **Manufacturer and fab level.** It provides ISO 9001 and other management-system certification for semiconductor companies (for example the Shanghai branch of WeEn Semiconductors, certified by DEKRA Certification GmbH), plus HSE, process-safety and explosion-protection consulting. ### Customer types and end-markets | Customer type | Examples of services | End-markets | |---|---|---| | Private motorists and fleet owners | Periodic inspection, emissions test, used-car and EV battery assessment | Mobility | | Insurers, leasing companies, OEMs, dealers | Claims appraisal, damage assessment, remarketing reports, data analytics (Spearhead AG) | Mobility, insurance | | Automotive OEMs and Tier-1 suppliers | Homologation support, ADAS/AD testing, V2X, vehicle cybersecurity (UN R155/R156), RF approvals | Automotive | | Electronics, semiconductor and IoT manufacturers | Product safety, EMC, wireless, SoC security, CRA/RED compliance | Consumer electronics, semiconductors, IoT, ICT | | Industrial operators and utilities | Statutory plant inspection, NDT, asset integrity, fire protection | Energy, chemicals, construction, infrastructure | | Corporates of all sizes | ISO certification, supplier audits, sustainability verification, training | Cross-industry | | Online marketplaces | Pre-listing product compliance testing (Temu partnership, February 2026) | E-commerce | | Governments and regulators | Delegated statutory tasks, notified-body functions, AI Act conformity assessment | Public sector | **Private motorists and fleet owners:** Examples of services: Periodic inspection, emissions test, used-car and EV battery assessment; End-markets: Mobility **Insurers, leasing companies, OEMs, dealers:** Examples of services: Claims appraisal, damage assessment, remarketing reports, data analytics (Spearhead AG); End-markets: Mobility, insurance **Automotive OEMs and Tier-1 suppliers:** Examples of services: Homologation support, ADAS/AD testing, V2X, vehicle cybersecurity (UN R155/R156), RF approvals; End-markets: Automotive **Electronics, semiconductor and IoT manufacturers:** Examples of services: Product safety, EMC, wireless, SoC security, CRA/RED compliance; End-markets: Consumer electronics, semiconductors, IoT, ICT **Industrial operators and utilities:** Examples of services: Statutory plant inspection, NDT, asset integrity, fire protection; End-markets: Energy, chemicals, construction, infrastructure **Corporates of all sizes:** Examples of services: ISO certification, supplier audits, sustainability verification, training; End-markets: Cross-industry **Online marketplaces:** Examples of services: Pre-listing product compliance testing (Temu partnership, February 2026); End-markets: E-commerce **Governments and regulators:** Examples of services: Delegated statutory tasks, notified-body functions, AI Act conformity assessment; End-markets: Public sector ### Independent characterisation DEKRA is best understood as a German regulated-inspection utility with an internationalising, technology-led testing business bolted on. The GSA region (Germany, Switzerland, Austria) still generates 61% of revenue. The vehicle inspection franchise provides stable, annuity-like cash flow, but it is exposed to fee regulation, the size of the vehicle fleet and (in the long run) changes in mobility. The growth story rests on Digital Trust (cybersecurity, functional safety, AI certification, now including semiconductors), EV and battery services, and selective expansion of vehicle inspection outside Germany (Spain, Saudi Arabia, Denmark, Finland). Low margins compared with listed peers (6.2% adjusted EBIT against roughly 16% at SGS and Bureau Veritas) reflect the labour-intensive service mix, the low-margin temporary-staffing business, and an ownership model that puts reinvestment and employment ahead of margin maximisation.