Dampskibsselskabet Ord (DPBSF) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hello and welcome to the Norden Q1 2025 Analyst and Investor Conference Call. My name is Harry and I'll be your operator today. All lines are currently in listen-only mode and there will be an opportunity for Q&A after management's prepared remarks. If you would like to enter the queue for questions, please dial star followed by one on your telephone keypad. Alternatively, you can submit written questions using the Q&A function on the right-hand side of your webcast screen. I would now like to hand the conference over to Norden CEO, Jan Rymbo. Thank you. Please go ahead. Thank you very much. Let me start by pointing out some of the highlights from the first quarter of 2025. We delivered a group net profit of $33 million and a return on invested capital of 11%, and that was driven primarily by good coverage in weaker markets. We've also seen improved financial performance that was driven by a margin recovery in the dry operator segment in freight services and trading. Last week, I upgraded the four-year net profit guidance to a range of $50 to $130 million. NAV at the end of the quarter stood at Danish kroner 372 per share, and we are focusing on realizing net asset values by selling nine vessels in the quarter, and out of that, three were from declared purchase options. We are... paying out an interim dividend and a share buyback program in total of $17 million, which is accruing to 52% of the net profit for the first quarter of 2025, and that is through a dividend of two Danish kroner per share and a new share buyback program of $7 million. I will now turn over to CFO Martin Badsford. Please turn to the next slide. Thank you very much, Jan. Before diving into some of the details of our segments, let me just point your attention to the fact that in our report, we hav...