DOF Group (DOFG) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue reached USD 428 million, up from USD 330 million in Q1 2024, with EBITDA at USD 158 million, a 15% increase year-over-year excluding DOF Denmark.

• Net profit for Q1 2025 was USD 75 million, a significant improvement from USD 6 million in Q1 2024.

• Firm backlog at quarter end was USD 3.1 billion, with expectations to approach USD 5 billion soon due to major contract tenders, especially in Brazil.

• Major contract wins in Brazil, Africa, and APAC, and the integration of DOF Denmark contributed to strong project execution and future earnings visibility.

• The board proposed a USD 0.30 per share dividend, initiating a quarterly dividend policy, with the first payment expected in June 2025.

Financial highlights

• Q1 2025 EBITDA was USD 158 million, up from USD 140 million (excluding DOF Denmark) in Q1 2024; DOF Denmark contributed USD 27 million.

• Net profit for Q1 2025 was USD 75 million; EPS USD 0.31.

• Net interest-bearing debt at quarter-end was USD 1,383 million, with an equity ratio of 46%.

• Gross interest-bearing debt reduced by approximately USD 100 million during the quarter.

• $10 million non-cash expense in Q1 linked to refinancing, due to expensing capitalized loan fees.

Outlook and guidance

• 2025 EBITDA guidance narrowed to USD 730–790 million, with revenue guidance midpoint lifted to USD 1.9 billion.

• 73% of the mid-point 2025 revenue guidance is secured through confirmed backlog.

• Strong backlog and high tendering activity support continued good performance; significant backlog additions expected in coming months.

• Dividend of USD 0.3 per share proposed, with potential for increased dividends as backlog and earnings visibility improve.

• Market fundamentals remain favourable despite commodity price volatility.