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Dampskibsselskabet Norden (DNORD) investor relations material
Dampskibsselskabet Norden Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Net profit for Q2 2025 was USD 52 million, up 13% year-over-year, with a 10% ROIC, driven by asset sales and profitable contract cover despite weaker spot markets.
H1 2025 net profit totaled USD 85 million, with USD 44 million from operations and USD 41 million from sales gains.
38 asset transactions year-to-date, including 20 vessel sales and 18 new lease agreements, optimizing the portfolio and establishing a core fleet of 10 MPP vessels.
Asset Management outperformed, benefiting from resilient asset prices, while Freight Services & Trading faced negative margins in challenging spot markets.
Continued shareholder returns with USD 20 million distributed in Q2 2025 via dividends and share buybacks, and a new USD 10 million buy-back program announced.
Financial highlights
Q2 2025 EBITDA was USD 115–131 million, with Asset Management contributing USD 68 million and Freight Services & Trading at USD -8 million.
Q2 2025 revenue was USD 780 million, down from USD 1,033 million in Q2 2024; gross margin improved to 15.3%.
NAV per share at end Q2 2025 was DKK 337, with an equity ratio of 58.6%.
Cash flow from operating activities in Q2 2025 was USD 110 million; free cash flow was USD -27 million due to higher vessel sale proceeds.
Annualized shareholder returns of 32% per year since Q2 2021.
Outlook and guidance
Full-year 2025 net profit guidance raised to USD 70–130 million, including USD 70 million in sales gains from agreed transactions.
Freight Services & Trading margins expected to remain negative in H2 2025 due to challenging spot markets and high period rates.
Asset Management expected to maintain high earnings coverage and strong operating earnings.
Long-term fundamentals remain strong, supported by an aging fleet, low orderbook, and limited yard capacity.
Policy to distribute at least 50% of net profit via dividends and buy-backs remains unchanged.
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