DOF Group (DOFG) Q4 2025 earnings summary

Executive summary

• Achieved record financial performance in 2025, with revenue exceeding $2 billion and operational EBITDA of $781 million, surpassing guidance and marking the best year and quarter in company history.

• Backlog reached a record $5.2 billion, with significant contract wins and extensions, providing strong earnings visibility into 2026 and beyond.

• DOF Denmark contributed $181 million EBITDA in 2025, fully integrated into group reporting from 2026.

• Q4 2025 EBITDA was $220 million, including a $4 million gain on asset sale; net profit for Q4 was $148 million.

• High client satisfaction and positive feedback, supporting future business acquisition.

Financial highlights

• Q4 2025 revenue was $577 million, up from $445 million in Q4 2024; full-year 2025 revenue exceeded $2 billion, with operational EBITDA of $781 million, above guidance.

• Net profit for 2025 was $484 million, up from $178 million in 2024.

• Net interest-bearing debt at Q4 2025 was $1,321 million; NIBD/LTM EBITDA at 1.7x.

• Cash balance at Q4 2025 end was $535 million.

• $320 million in dividends paid over the last four quarters, with $0.35 per share announced for Q4.

Outlook and guidance

• 2026 revenue guidance midpoint is $2.2 billion, with 77% already secured in backlog.

• 2026 operational EBITDA guided at $830–880 million, with lower risk due to high backlog coverage.

• Maintenance CapEx for 2026 guided at $140–150 million; growth CapEx: $80–90 million; newbuild CapEx: $30 million.

• 84%–85.4% of vessel days for 2026 covered by firm backlog.

• Depreciation expected at $270–280 million, net interest at $90 million, and tax payable at $80–85 million for 2026.