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Visual21 Nov 2025
Data center suppliers
Dampskibsselskabet Norden (DNORD) investor relations material
Dampskibsselskabet Norden Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Net profit for Q3 2025 was USD 26 million, up 4% year-over-year, with strong contributions from Asset Management and vessel sales; nine-month net profit reached USD 111 million, with a 10% ROIC.
NAV per share increased 7% quarter-over-quarter to DKK 362, driven by asset appreciation and vessel sales.
Asset Management delivered strong operational performance, with Q3 EBITDA up 24% year-over-year to USD 62 million, supported by vessel sales and high Capesize and tanker earnings.
Full-year 2025 net profit guidance was raised to USD 100–140 million, reflecting better-than-expected performance, rising markets, and USD 73 million in sales gains.
45 asset transactions year-to-date, including 22 vessel sales (15 from purchase options), 1 vessel purchase, and 22 new lease agreements, actively optimizing the fleet portfolio.
Financial highlights
Q3 2025 revenue was USD 737 million, with EBITDA at USD 108 million and a margin of 24%.
Net financial position stands at USD 375 million; net interest-bearing debt at USD 263 million, with cash and equivalents at USD 404 million.
Free cash flow in Q3 was USD 143 million, mainly from higher vessel sale proceeds.
Return on invested capital (ROIC) for the last twelve months was 10%; five-year rolling ROIC reached 24%.
NAV sensitivity: a 10% increase in asset values or forward rates yields an 18% NAV upside; 20% yields 37%.
Outlook and guidance
Full-year profit guidance raised to USD 100–140 million, including USD 73 million in vessel sale gains.
Asset Management expected to maintain strong earnings; Freight Services & Trading to improve toward break-even for the remainder of the year and further in 2026.
Distribution policy remains to pay out at least 50% of net profit via dividends and share buy-backs.
Market fundamentals expected to remain strong into the first half of 2026, with some pressure from newbuildings later in the year.
How will FST achieve breakeven by year-end?
Future fleet growth strategy given high costs?
How does NORDEN adapt to shifting trade flows?
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Next Dampskibsselskabet Norden earnings date
Q4 20256 Feb, 2026
Next Dampskibsselskabet Norden earnings date
Q4 20256 Feb, 2026
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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.
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