DOF Group ASA's (“DOF” or the “Group”) revenue for 4th quarter (management reporting) totals USD 577 million (USD 445 million) and EBITDA totals USD 220 million (USD 152 million). The operating profit (EBIT) is USD 174 million (USD 190 million) and includes reversal of impairment of USD 9 million (USD 98 million). Net financial cost amounts to USD -47 million (USD -111 million), including unrealised currency gain of USD 23 million (loss USD -67 million). The result after taxes is USD 148 million (USD 96 million). The Group’s net interest-bearing debt is USD 1,321 million (USD 1,378 million). The equity is USD 2,044 million (USD 1,772 million) giving an equity ratio of 46% (43%).
Key Highlights in 4th quarter
- The Group delivered EBITDA of USD 220 million (USD 152 million) including gain on sale of one vessel of USD 4 million
- Utilisation of 87% (85%)
- Very strong cash flow from operations of USD 249 million (USD 196 million)
- The NIBD/LTM EBITDA is 1.7x
- Dividend for the quarter of USD 0.35 per share declared
- Firm backlog by end December is USD 5.1 billion (USD 3.25 billion)
Note: all numbers commented above are based on management reporting
Statement from the CEO
The fourth quarter of 2025 rounds off an excellent year for DOF which has included many milestones that I am proud of.
The full-year operational EBITDA of USD 781 million is in the upper quartile of our initial guiding, and exceeds our most recent guiding driven by strong project completion in the subsea regions and less planned downtime than anticipated in Norskan.
I am pleased to see the DOF Denmark fleet deliver full-year EBITDA of USD 181 million, including gain on sale of USD 15 million, in line with our guidance of USD 150 – 200 million, in a year which in the first half was characterised by planned transitions and mobilisations for the fleet. This number excludes additional subsea region earnings facilitated by the vessels and shows that the transaction rationale which we presented in July 2024 remains sound. In 2026 we will discontinue reporting on DOF Denmark separately as the lines between the legacy and acquired fleet vanish.
The subsea regions deliver an exceptional quarter with USD 48 million of EBITDA. The earnings for this segment can by nature of project milestones be somewhat bumpy from quarter to quarter, so what I am even more happy to see is the continued strong activity for tendering and project awards across all regions.
Building backlog continued as a key theme through Q4, adding another USD 950 million in the quarter. This caps off a record-breaking year where we have added almost USD 4 billion in new backlog, bringing the year-end total backlog to USD 5.1 billion. As a result, the backlog coverage is not only very strong for 2026, but also for the years to come after.
The outlook is strong with continued high demand for DOF’s services across various project scopes. Based on a very robust backlog coverage, uplift in rates on several vessels and continued high subsea project and tendering activity, we initiate our 2026 EBITDA guiding with a range of USD 830 - 880 million.
Please see enclosed 4th quarter Financial Report 2025 and presentation.
A webcast, followed by a Q&A session, will be available on Thursday, 19 February at 14:00 CET on www.dof.com/webcast.
Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64
