D/S Norden A/S (D69) Q3 2026 Earnings Report
DE:D69 Q3 2026 EPS Results
- Actual EPS
- EUR 1.72
- Consensus EPS
- -EUR 0.63
- Beat/Miss
- Beat by +EUR 2.34
- One Year Ago EPS
- EUR 0.12
DE:D69 Q3 2026 Revenue Results
- Actual Revenue
- EUR 969.24M
- Expected Revenue
- EUR 540.82M
- Beat/Miss
- Beat by +EUR 428.42M
- YoY Revenue Growth
- +53.90%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/28/2026
- Time
- During Market Hours
- Conference Call
- Wednesday, October 28, 2026
D/S Norden A/S's next earnings date is estimated for February 11, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q3 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q3 2026 Earnings Call Summary
The call was strongly positive overall. NORDEN reported significantly higher year-on-year profit, raised full-year guidance, increased shareholder distributions, expanded its smaller-vessel fleet, secured long-term tanker earnings and highlighted substantial asset optionality. Management acknowledged significant market volatility, voyage timing uncertainty, geopolitical risks and some forgone upside from increased coverage, but these issues were presented as actively managed through portfolio rebalancing and contracted coverage.
NORDEN raised its full year net profit guidance for 2026 to a range between $200 million and $250 million, up from $180 million to $230 million previously, supported by strong Q3 performance and solid expectations for the fourth quarter. Dry cargo is expected to deliver a solid Q4 performance, although voyage timing at the end of the year could shift some earnings between Q4 '26 and Q1 '27 and remains uncertain until year-end; Tankers are expected to make another solid contribution in the fourth quarter, with geopolitical development and trade flows remaining key uncertainties, while coverage of 66% in Dry cargo and 87% in Tankers limits exposure to spot market volatility. The implied Q4 guidance range is also affected by market developments, with rates able to move by $10,000 or even $20,000 a day within a matter of a few days.
- Strong Q3 ProfitabilityNORDEN reported Q3 net profit of $54 million, approximately double the net profit in the same period last year. Profit was only slightly below the prior quarter after adjusting the previous quarter's $101 million result for $42 million of sales gains.
- Solid Return on Invested CapitalQ3 net profit corresponded to a return on invested capital of 12%, while the company reported an average return on invested capital of 25% over the last five years.
- Shareholder Distributions ContinuedNORDEN decided to distribute $24 million to shareholders through a DKK 2 per share dividend and a $15 million share buyback running during the next quarter.
- Net Asset Value IncreasedNet asset value rose to DKK 523 per share during the quarter and was reported to be up 38% since the beginning of the year.
- Supportive Shipping Supply FundamentalsManagement said the supply outlook is supportive, especially in Dry cargo, where the global fleet is aging and the order book remains modest. Geopolitical disruption and strained supply chains are also making trade routes longer, less predictable and more complex.
- Higher Dry Cargo and Tanker Market RatesSupramax spot rates increased 25% and Capesize asset values increased 25% during the quarter. In Tankers, MR rates rose 48%, while tanker asset values increased approximately 23% year-on-year.
- More Balanced Earnings MixTankers generated $35 million of EBIT in Q3, while Dry cargo improved to $17 million of EBIT and contributed one-third of profits during the quarter.
- Increased Earnings CoverageNORDEN increased coverage to 66% in Dry cargo and 87% in Tankers. Management said the coverage protects downside and adds visibility to future earnings.
- Significant Embedded OptionalityThe company has 89 purchase options remaining and the equivalent of 221 one-year extension options across its portfolio. Separately, 23 purchase options can be declared within the next two years, with an average strike price 22% below current market prices.
- NAV Upside SensitivityNORDEN's NAV was DKK 523 per share. Management said a simultaneous 30% decline in rates and asset values would reduce NAV to DKK 314 per share, while a 30% upside scenario would increase NAV by 50% to DKK 786 per share.
- Capital Reallocated Toward Smaller VesselsNORDEN sold or chartered out 24 vessels in larger and medium segments to secure long-term profitable income and earnings visibility, while adding 26 Handysize and Multipurpose vessels during the year.
- Expansion of Handysize and Multipurpose FleetThe Handysize and Multipurpose segments have a strong fit with NORDEN's customer contracts and cargo network. The company said these segments have an older global fleet and the lowest order book, and it has built competencies through three acquisitions over the last few years.
- New Multipurpose Vessel Entering OperationsNORDEN was taking delivery of its first new Multipurpose vessel during the week of the call, with the vessel expected to enter the company's program and contribute positively to earnings.
- Demand Growth in Project Cargo MarketsManagement cited customer demand connected to renewable energy, oil and gas, and infrastructure. The company also reported good volumes from China into Europe and opportunities to triangulate cargoes using MPP and Handysize vessels to bring additional premium to time charter earnings.
- Long-Term Tanker Contracts SecuredNORDEN entered into several new three-year tanker contracts during the quarter, some with forward delivery well into next year, securing high-level earnings for several years.
- Raised Full-Year 2026 GuidanceNORDEN raised its full-year 2026 net profit guidance to $200 million-$250 million from the previous range of $180 million-$230 million, supported by strong Q3 performance and solid expectations for Q4.
- Positive Q4 Operating OutlookManagement expects a solid Q4 performance in Dry cargo, supported by favorable market conditions and strong commercial execution, and another solid Tanker contribution supported by the high level of coverage.
- Optimistic Long-Term Dry Cargo OutlookManagement said it is quite optimistic about the Dry cargo market, citing continued growth in commodities carried by NORDEN and raw-material demand related to artificial intelligence, the green transition, bauxite, aluminum, electric cars and batteries.
- Maritime Logistics Growth PipelineMaritime Logistics is currently a small contributor to P&L, but management described a very exciting pipeline of projects that could support the Maritime Logistics business and create additional Capesize freight opportunities.
- Project Cargo Expansion AmbitionNORDEN aims to grow Project Cargo into a significant contributor to earnings while continuing to report it within the Dry cargo business. The company already provides independent reporting for the smaller-vessel segment within Dry cargo.
- Tax Credit from Purchase-Option TreatmentA $10 million tax credit resulted from an agreement with the tax authorities concerning the treatment of purchase options. Previously reserved taxes were taken back, and going forward, declaring purchase options will again have no tax implications under the described treatment.
- Large Newbuilding Program and Investment CapacityNORDEN said it currently has its largest newbuilding program in 20 years, with just under 40 newbuildings coming into the fleet. Management also expects more investment opportunities in Maritime Logistics through 2030, including potential transshipment vessels.
- Broader Tanker Asset ExposureAlthough NORDEN owns three tankers and has no new tankers on order, management said the company has direct or indirect ownership of just under 30 tanker vessels when leased ships with purchase options are included.
DE:D69 Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 11, 2027 | 2026 (Q4) | ―- | 0.18 | ― | ― |
| Oct 28, 2026 | 2026 (Q3) | -0.631.72 | 0.12 | 1324.56% (+1.60) | |
| Aug 13, 2026 | 2026 (Q2) | 2.513.22 | 1.61 | 100.00% (+1.61) | |
| May 06, 2026 | 2026 (Q1) | 0.81-0.27 | 0.98 | -127.27% (-1.25) | |
| Feb 04, 2026 | 2025 (Q4) | -0.270.18 | 0.9 | -80.00% (-0.72) | |
| Oct 30, 2025 | 2025 (Q3) | 0.620.81 | 0.72 | 12.50% (+0.09) | |
| Aug 14, 2025 | 2025 (Q2) | 0.671.61 | 1.07 | 50.00% (+0.54) | |
| May 01, 2025 | 2025 (Q1) | 1.070.98 | 0.18 | 450.00% (+0.81) | |
| Feb 06, 2025 | 2024 (Q4) | 0.900.90 | 1.16 | -23.08% (-0.27) | |
| Oct 31, 2024 | 2024 (Q3) | 1.380.72 | 2.51 | -71.43% (-1.79) |
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.
