EarningsQ2 2026 Earnings Report
DE:D69 Q2 2026 EPS Results
Actual EPS€3.21
Consensus EPS€2.50
Beat/MissBeat by +€0.71
One Year Ago EPS€1.61
DE:D69 Q2 2026 Revenue Results
Actual Revenue€900.71M
Expected Revenue€615.63M
Beat/MissBeat by +€285.08M
YoY Revenue Growth+31.08%
Earnings Announcement Details
QuarterQ2 2026
Date08/13/2026
TimeBefore Open
Conference CallThursday, August 13, 2026
DE:D69 Upcoming Earnings
D/S Norden A/S's next earnings date is estimated for October 29, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presents a predominantly positive operational and financial picture: strong Q2 profitability, solid NAV appreciation, active capital management, recovery in dry cargo and robust tanker performance drove an upgraded guidance floor. However, notable caveats remain — negative free cash flow in Q2 (timing-driven), extraordinary costs from regional disruptions, growing orderbooks (particularly in tankers), limited buyback capacity, and modest OpEx inflation. Management is pursuing a prudent strategy of locking in profits, recycling capital into higher-margin specialized segments and maintaining a minimum 50% payout policy, which supports confidence in future returns while acknowledging cyclical and geopolitical risks.Company Guidance
Strong Q2 Profitability
Net profit of $101 million in Q2 2026, driving a 12-month return on invested capital to 11% and supporting an upgraded full-year profit guidance to $140–$190 million (previously $120–$190 million).
Significant NAV Appreciation
Net asset value (NAV) of DKK 466 per share at quarter-end, implying a 23% increase since the start of the year and sensitivity range of DKK 333 (−20%) to DKK 625 (+20%).
Tanker Segment Outperformance
Tanker division contribution of $81 million in Q2, about $30 million higher year-on-year, driven by strong spot markets amid geopolitical disruptions.
Dry Cargo Recovery
Dry cargo EBIT of $8 million in Q2, a notable improvement from a loss of $45 million in Q1; management expects continued momentum into the remainder of the year.
Material Spot Rate and Asset Value Strength
Spot rates increased strongly year-on-year: dry cargo ~+70% YoY and MR tankers ~+63% YoY; asset values rose ~27–28% across segments.
Active Capital Management and Shareholder Returns
29 sale & purchase transactions in H1 as part of active asset management; returned $34 million to shareholders in the quarter (DKK 2 dividend per share + $25 million buyback) and $1.2 billion returned over the past 5 years.
High Fleet Activity and Coverage
Operating scale of just under 500 vessels (around 470 vessels employed on average in the recent quarter), with strong coverage in key segments (c.80% cover for large dry and MR over the coming years) and a maintained core fleet strategy.
Strategic Repositioning to Higher-Value Segments
Selling into strength in commoditized segments (e.g., MR, Capesize) while reinvesting into smaller, specialized vessels (Handysize, Multipurpose) and a pipeline of 25 MPP newbuilds to capture higher 'base margin' opportunities.
DE:D69 Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed