Dampskibsselskabet Norden (DNORD) Q3 2026 earnings summary

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.