Norden Group achieved a net profit of $120 million for the 2025 financial year, following performance in both its dry cargo and tanker units. Combined operating earnings across the group contributed $50 million to the total.
An additional $70 million was generated through gains from the sale of vessels. The company noted that value creation based on the return on invested capital has averaged 25 per cent over the past five years.
During the last 12 months, this return stood at 8.9 per cent. Norden stated it sold 23 vessels throughout 2025 as part of a strategy to realise high portfolio values.
Fifteen of these sales resulted from the exercise of declared purchase options. The group also purchased one vessel and signed 24 new lease agreements with purchase options during the year.
At the end of December, the net asset value was DKK379 ($57) per share. Chief Executive Officer Jan Rindbo said, “Despite geopolitical uncertainty and challenging markets, Norden delivered a good 2025 result.”
He noted that the profit and return on invested capital demonstrated the resilience of the company’s business model. For the 2026 financial year, Norden expects profitability to be lower compared to 2025.
The company issued guidance for a net profit between $30 million and $100 million. This forecast includes $20 million in gains from vessel sales that have already been signed.
Norden clarified that the guidance does not account for potential capital gains from future transactions. The company noted it expects margins in dry cargo operator activities to continue to improve throughout 2026, while tanker margins are expected to remain strong in the first half of the year before easing later in the period.
The group proposed a distribution of $35 million to shareholders for the fourth quarter. This includes a dividend of DKK2 per share and a new share buy-back programme worth $25 million.