Odfjell (ODF) Q4 2025 earnings summary

Executive summary

• Fourth quarter net result was USD 38 million, down from USD 43 million in the previous quarter, with time charter earnings of USD 168 million, a 3% decrease due to fewer commercial days.

• Full-year 2025 net result reached USD 155 million, with total dividends for the year at USD 0.98 per share, or USD 78 million.

• Launched the world's first operational green corridor for deep-sea shipping between Brazil and Europe, advancing decarbonization.

• Operationally, the fleet had no serious incidents and maintained strong safety performance.

• Board approved a dividend of USD 0.50 per share for 2H25, totaling USD 0.98 per share for FY2025.

Financial highlights

• Time charter earnings per day in 4Q25 were USD 27,978, down less than 1% sequentially.

• EBIT for 4Q25 was USD 53 million, compared to USD 59 million in 3Q25.

• EBITDA for 4Q25 was USD 88.9 million; full-year EBITDA reached USD 377.6 million.

• Free cash flow for 4Q25 was USD 68 million, up from USD 42 million in Q3, aided by a vessel sale.

• Cash flow from operations in 4Q25 was USD 74 million, with total available liquidity at USD 344 million at year-end.

Outlook and guidance

• Underlying net result for 1Q26 is expected to be slightly below 4Q25.

• Demand in core segment expected to remain stable in 2026, with global chemical and vegoil flows continuing despite regional variations.

• Market sentiment remains uncertain, but global seaborne chemical trade and ton-miles are forecast to return to growth in the coming years.

• Odfjell Terminals anticipates stable underlying results in 1Q26.

• Anticipates positive momentum in chemical trade and world GDP growth of 3.3% in 2026.