Dampskibsselskabet Ord (DPBSF) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

this webcast with a presentation of the Annual Report 2025 from NOAN that was published this morning. In the first part of the presentation, you'll be in a listen-only mode which will be followed by a Q&A session. During the Q&A session, if you have dialed in by phone, you'll be able to ask questions verbally by pressing pound or hashtag followed by five on your phone's keypad. If you're watching this webcast online through a browser, you can ask your questions in the chat below. Those questions will not be published, but the operator will read them aloud. With that, I'll hand over to CEO Jan Renbo and CFO Martin Balstedt from Norden. Please go ahead. Thank you very much and a warm welcome to this annual report presentation and also welcome to the Center of Global Trade where Norden plays a major role as one of the largest operators of dry bulk ships and product tankers moving just under 130 million tons of essential raw materials across the globe. But let's dive into the financial figures for 2025. And we delivered a full year profit of $120 million, which was right in the middle of our latest announced guidance for the year, but significantly better than our guidance at the beginning of 2025. We have delivered a return on invested capital of 8.9% and the underlying net asset values in the portfolio were as of the 31st of December 379 Danish kroner per share. We are returning a significant part of the annual profit back to the shareholders through a combination of a dividend of 2 Danish kroner per share and a share buyback program that will run until the end of April. This year was busy on the asset transaction front. We had 48 transactions for the full year and an important part of our profit in 2025 was generated from vessel sales. where we sold 23 ships, of which...