S.D. Standard ETC (SDSD) Q4 2025 earnings summary

Executive summary

• Achieved operating profit of USD 1.2 million in Q4 2025, reversing a loss of USD 3.8 million in Q4 2024.

• Twelve-month operating profit reached USD 4.2 million, compared to a loss of USD 15.6 million in 2024.

• Profit after tax for 2025 was USD 3.5 million, a significant turnaround from a USD 16 million loss in 2024.

• Strategic divestment of Dolphin Drilling AS shares and related loan, incurring a total loss of USD 18.2 million.

• Maintained a strong cash position of USD 75.5 million at year-end.

Financial highlights

• Q4 2025 saw an unrealized fair value gain on financial assets of USD 76k and a fair value loss of USD 60k on trading investments.

• Interest income in Q4 2025 was USD 1.8 million, up from USD 1.4 million in Q4 2024.

• Dividend income for 2025 was USD 1.5 million, down from USD 46.5 million in 2024.

• Net cash generated from operating activities in 2025 was USD 30.6 million; investing activities contributed USD 2.8 million.

• No debt as of 31 December 2025.

Outlook and guidance

• Focus remains on generating medium to long-term capital growth in energy, transport, and commodities.

• Well positioned to capitalize on market opportunities with a solid financial base and no debt.