Dampskibsselskabet Norden (DNORD) Q1 2025 earnings summary

Executive summary

• Q1 2025 net profit was USD 33 million, with ROIC at 11%, supported by margin recovery and strong coverage in weaker markets.

• Full-year guidance upgraded to USD 50–130 million, mainly due to vessel sales and improved operations.

• Interim payout of USD 17 million (52% of net profit) via dividend and share buy-back.

• Nine vessels sold in Q1 2025, including three from declared purchase options, as part of asset value realisation.

• Flexible business model and best-in-class ROIC over five years, positioning for long-term upside.

Financial highlights

• Q1 2025 revenue was USD 799 million, with EBITDA at USD 115 million and net profit at USD 33 million.

• NAV per share at Q1 end was DKK 372; book value per share DKK 298.5.

• EBITDA in Freight Services & Trading improved to USD 3.3 million from a weak Q4 2024.

• Asset Management EBITDA declined year-over-year due to fewer vessel sale gains, but underlying margins improved.

• Cash flow from operating activities improved to USD 113 million from USD -51 million in Q1 2024.

Outlook and guidance

• Upgraded 2025 net profit guidance to USD 50–130 million, reflecting vessel sales and operational improvements.

• Sales gains from agreed transactions expected at USD 45 million for the year.

• Margins per day in Freight Services & Trading expected to improve in 2025 versus 2024.

• Asset Management to deliver stable operating earnings with high coverage in dry cargo and tankers.

• Market volatility expected to remain high due to geopolitical and macroeconomic uncertainties.