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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Dampskibsselskabet Norden
Dampskibsselskabet Norden (DNORD) investor relations material
Dampskibsselskabet Norden Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary29 Oct, 2026
Executive summary
Q3 net profit was USD 53.9m, up from USD 26.0m YoY; FY 2026 net profit guidance increased to USD 200–250m, including USD 79m of vessel-sale gains.
Strategy prioritizes stable base-margin earnings and lower volatility, shifting exposure toward smaller vessels and customer-led earnings while retaining directional upside.
NAV was USD 2,169m, or DKK 523 per share, at end-September, up 38% since year-start.
Financial highlights
Q3 revenue was USD 1,114.9m versus USD 737.0m YoY; TCE revenue was USD 660.6m versus USD 454.0m.
Contribution margin was USD 138.3m versus USD 103.7m; EBIT was USD 51.2m versus USD 37.9m.
Q3 net profit was USD 53.9m versus USD 26.0m; vessel-sale gains were USD 4.9m versus USD 26.5m.
Q1–Q3 revenue was USD 2,975.8m, EBIT USD 186.9m and net profit USD 165.9m.
Operating cash flow was USD 150.0m; free cash flow was negative USD 25.0m as investments and lease payments exceeded operating cash generation.
Outlook and guidance
FY 2026 net profit guidance rose to USD 200–250m from USD 180–230m; vessel-sale gains are expected at USD 79m.
Solid Q4 dry cargo performance is expected, though voyage timing could shift earnings into 2027; tanker contributions are also expected to remain solid.
Covered TCE revenue was ~USD 1.5bn for Q4 2026–2029, including USD 469m in Q4 2026, USD 691m in 2027, USD 226m in 2028 and USD 85m in 2029.
Dry cargo coverage was 85% in Q4 2026, 66% in 2027, 16% in 2028 and 9% in 2029; tanker coverage was 88%, 87%, 76% and 34%.
Through 2030, priorities include expanding MPP/project cargo, minor bulk and Maritime Logistics, with base margins for stability and trading exposure for upside.
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Latest events from Dampskibsselskabet Norden
- Q2 2026 net profit hit USD 101 million, NAV rose 23%, and full-year guidance was raised.DNORD
Q2 2026 - Q1 profit was USD 11.2M as tanker gains offset Dry cargo losses; NAV and guidance increased.DNORDQ1 2026
- 2025 net profit was $120M, with strong cash flow and a cautious 2026 outlook.DNORDQ4 2025
- Q3 net profit rose 4% to USD 26M, NAV up 7%, and guidance raised on strong asset management.DNORDQ3 2025
- Q2 2025 profit rose to USD 52m, guidance raised, and asset sales drove strong returns.DNORDQ2 2025
- Q3 net profit was USD 25 million, with narrowed 2024 guidance due to tanker market weakness.DNORDQ3 2024
- Q2 net profit was USD 46M; guidance narrowed, with stable asset earnings and fleet growth.DNORDQ2 2024
- Q1 2025 profit was USD 33M, guidance raised, and capital returns strong amid market volatility.DNORDQ1 2025
- 2024 net profit was $163M with 14% ROIC; 2025 outlook cautious amid volatile markets.DNORDQ4 2024
Next Dampskibsselskabet Norden earnings date
Q4 202610 Feb, 2027
Dampskibsselskabet Norden
Next Dampskibsselskabet Norden earnings date
Q4 202610 Feb, 2027
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Frequently asked questions
Dampskibsselskabet Norden A/S, commonly known as Norden, is a Danish shipping company that operates in the dry cargo and tanker shipping sectors. The company provides global transportation services for bulk commodities such as coal, grain, and iron ore, as well as oil and other petroleum products. Norden's fleet consists of dry cargo vessels, including Panamax and Supramax ships, and tanker vessels. The company engages in both owned and chartered shipping operations, offering flexible freight solutions to customers worldwide. The company is headquartered in Hellerup, Denmark, and its shares are listed on the OMX Copenhagen Stock Exchange.