Dampskibsselskabet Norden (DNORD) Q1 2026 earnings summary

Executive summary

• Q1 2026 net profit reported as USD 11.2 million, with strong tanker performance offset by significant Dry cargo losses due to Persian Gulf disruptions; NAV rose 11% to DKK 422 per share.

• Operational cash flow reached USD 172 million, supported by vessel sales and reduced working capital.

• Dividend of DKK 2 per share and USD 25 million share buyback announced, totaling USD 35 million payout.

• Strategic fleet optimization included selling 7 vessels and adding 11, with a focus on smaller, multipurpose ships and two ice-class newbuildings for a long-term contract.

• Significant exposure reduction in large dry bulk and MR tankers, shifting towards smaller vessel segments.

Financial highlights

• Q1 2026 net profit was USD 11.2 million, down from USD 32.5 million year-over-year.

• Operational cash flow reached USD 172 million.

• NAV per share increased 11% to DKK 422, with share price at DKK 294 as of March 31, 2026.

• EBITDA was USD 92.8 million, down from USD 114.7 million in Q1 2025.

• Total payout to shareholders for the quarter was USD 35 million.

Outlook and guidance

• Full-year 2026 net profit guidance upgraded to USD 70–140 million, including USD 64 million in vessel sales gains.

• Earnings expected to be frontloaded, with strong tanker market in Q2 and gradual improvement in Dry cargo over the year.

• Additional Dry cargo costs of USD 30 million included due to ongoing Persian Gulf disruptions.

• Dividend of DKK 2 per share and a USD 25 million share buyback announced for Q1.

• Gradual quarterly recovery anticipated in dry cargo positioning.