Group net profit amounted to USD 120 million in 2025, driven by both the dry cargo and tanker units. USD 50 million came from combined operating earnings across the Group and USD 70 million represented gains from sale of vessels. The value creation based on the return on invested capital (ROIC) has averaged 25% over the past five years and 8.9% in the last twelve months.

Throughout 2025, our ability to shift between asset-heavy and asset-light exposure has enabled NORDEN to capture value in dynamic markets. NAV was DKK 379 per share at year-end. In line with our strategy to realise high portfolio values, we have sold 23 vessels in 2025, of which 15 were from declared purchase options. In addition, we have also purchased one vessel and signed 24 new lease agreements with purchase options.

NORDEN CEO, Jan Rindbo, comments:
“Despite geopolitical uncertainty and challenging markets, NORDEN delivered a good 2025 result. Net profit reached USD 120 million with an 8.9% return on invested capital, demonstrating the resilience of our business model.”