DOF Group (DOFG) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue reached USD 428 million, up from USD 330 million in Q1 2024, with EBITDA at USD 158 million, a 15% increase year-over-year excluding DOF Denmark.

• Operating 77 vessels globally with a workforce exceeding 5,600; utilization was 83% for the quarter, impacted by vessel mobilisations and integration of DOF Denmark.

• Firm backlog at quarter end was USD 3.1 billion, with expectations to approach USD 5 billion soon due to major contract tenders, especially in Brazil.

• The board proposed a USD 0.30 per share dividend, initiating a quarterly dividend policy, with the first payment scheduled for June 2025.

• Major refinancing completed in March 2025, simplifying group structure and enabling dividend payments.

Financial highlights

• Q1 2025 EBITDA was USD 158 million, up from USD 140 million (excluding Denmark) in Q1 2024; DOF Denmark contributed USD 27 million.

• Net profit for Q1 2025 was USD 75 million, up from USD 6 million in Q1 2024.

• Net interest-bearing debt at quarter-end was USD 1,383 million, with an equity ratio of 46%.

• Net debt to EBITDA ratio stands at 2.4, expected to improve to 1.8 with full-year Denmark earnings.

• Non-cash USD 10 million expense in Q1 linked to refinancing, due to expensing capitalized loan fees.

Outlook and guidance

• 2025 revenue guidance updated to USD 1.9–2.0 billion, with EBITDA guidance narrowed to USD 730–790 million.

• 73% of the mid-point 2025 revenue guidance is secured through confirmed backlog.

• Expectation to secure close to USD 2 billion in new backlog, with potential for increased dividends as backlog builds.

• Market fundamentals remain favourable despite commodity price volatility.

• First quarterly dividend of USD 0.3 per share proposed, pending AGM approval, with payment in early June.