BW LPG (BWLPG) Q4 2025 earnings summary

Executive summary

• Q4 2025 profit after tax reached $123 million, with $104 million attributable to equity holders and EPS of $0.69; TCE income for Shipping was $50,300 per available day and $48,100 per calendar day, with 94% fleet utilization.

• Product Services delivered $27 million gross profit and $23 million net profit after tax in Q4 2025.

• Declared a Q4 cash dividend of $0.57 per share, representing 100% payout of Shipping NPAT.

• Middle East conflict escalated, impacting shipping routes and market volatility, but financial impact remains minimal so far.

• Available liquidity stood at $630 million at Q4 end, with a net leverage ratio of 28.4%.

Financial highlights

• Q4 TCE income: $50,300 per available day, $48,100 per calendar day, above $47,000 guidance.

• Q4 profit after minority interest: $104 million; EPS: $0.69.

• Net profit after tax: $123 million, including $31 million from India and $23 million from Product Services.

• Annualized return on equity: 26%; return on capital employed: 19%.

• Total assets at year-end were $3,155 million, with total liabilities of $1,229 million.

Outlook and guidance

• Q1 2026 guidance: $54,000 per day fixed for 94% of available days.

• 2026 fixed rate time charter out coverage at 36% at $43,700 per day.

• 13 vessels scheduled for dry docking in 2026, with 193 off-hire days expected in Q1.

• Expect mid-single digit export growth in North America, high single digit in Middle East if normalized.

• All-in cash break-even for 2026 estimated at $23,400 per day.