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Dampskibsselskabet Norden
Dampskibsselskabet Norden (DNORD) investor relations material
Dampskibsselskabet Norden Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary4 Feb, 2026
Executive summary
Achieved a full-year net profit of USD 120 million for 2025, with ROIC of 8.9%, despite challenging markets and geopolitical instability, significantly above initial expectations.
Asset-light, flexible business model enabled value capture through 23 vessel sales and 24 new lease agreements, ending the year with 90 purchase options, 40 of which are in the money.
Total shareholder return over five years reached 279%, with USD 1.2 billion returned via dividends and buybacks, matching current market cap.
Significant progress in decarbonisation, achieving 14% emission reduction since 2022, reaching 88% of 2030 target.
Leadership changes included a new Chief People Officer, promotion of Group COO, and new Head of Dry operator.
Financial highlights
Revenue for 2025 was USD 3,126 million, down from USD 4,040 million in 2024; EBITDA was USD 454 million, EBIT USD 158 million.
NAV per share at year-end was DKK 379, down 11% due to FX effects, but positive in USD terms after adjusting for dividends and buybacks.
Cash and cash equivalents at year-end were USD 382.1 million, up from USD 266.6 million at the end of 2024.
Free cash flow for 2025 was USD 170 million; for Q4 2025, it was negative USD 1.3 million.
Dividend of DKK 2 per share and ongoing share buyback program until end of April.
Outlook and guidance
2026 net profit guidance is USD 30–100 million, reflecting only known vessel sales and significant open positions in both Tankers (5,700 days) and Dry Cargo (7,000 days).
Gains from already signed vessel sales expected to contribute USD 20 million in 2026.
Strategy aims to reduce earnings volatility while maintaining high returns, focusing on more stable, capability-driven earnings.
Tanker market expected to remain strong in H1 2026, easing in H2; dry cargo margins to gradually improve.
Long-term fundamentals remain supportive due to ageing fleet and limited shipyard capacity.
Quantify upside from in-the-money purchase options
Detail Dry operator initiatives for 2026 profitability
Explain 0% EU Taxonomy alignment despite ESG efforts
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Next Dampskibsselskabet Norden earnings date
Q1 20266 May, 2026
Dampskibsselskabet Norden
Next Dampskibsselskabet Norden earnings date
Q1 20266 May, 2026
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Frequently asked questions
Dampskibsselskabet Norden A/S, commonly known as Norden, is a Danish shipping company that operates in the dry cargo and tanker shipping sectors. The company provides global transportation services for bulk commodities such as coal, grain, and iron ore, as well as oil and other petroleum products. Norden's fleet consists of dry cargo vessels, including Panamax and Supramax ships, and tanker vessels. The company engages in both owned and chartered shipping operations, offering flexible freight solutions to customers worldwide. The company is headquartered in Hellerup, Denmark, and its shares are listed on the OMX Copenhagen Stock Exchange.
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