Norway · Delayed Price · Currency is NOK DOF Group ASA Earnings Call Transcripts
Fiscal Year 2026
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Q1 revenue grew 11% year-over-year to $175 million, with record backlog and upgraded EBITDA guidance. Fleet optimization and strong market demand support a positive outlook for 2026–2028, while dividend was raised to NOK 0.37 per share.
Fiscal Year 2025
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Record 2025 results with revenue over $2B and operational EBITDA of $781M, driven by strong backlog, major project execution, and robust offshore markets. 2026 guidance is strong with 77% of revenue secured, and leverage remains within target.
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Record-high backlog and strong Q3 results support a positive outlook, with EBITDA guidance narrowed to $750–$760 million and a growing dividend. High tender activity and global contract wins drive optimism for 2026 and 2027, while the fleet is high-graded and leverage remains within target.
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Backlog has surpassed $5 billion, supporting strong revenue visibility and higher margins into 2026. Regional growth is robust, especially in Brazil and North America, with new long-term contracts and vessel upgrades driving earnings. Dividend increases are expected as leverage declines and cash flow remains strong.
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Record Q2 EBITDA and strong operational performance drove a 35% year-over-year earnings increase, with a $4.2B backlog and high contract coverage for 2024-2025. Long-term contracts in Brazil and global asset redeployment support an optimistic outlook for 2026.
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Q1 2025 saw EBITDA of $158 million, strong backlog growth, and major refinancing, with guidance narrowed to $730–$790 million. Market conditions remain robust, with significant contract opportunities in Brazil and a proposed first quarterly dividend pending approval.
Fiscal Year 2024
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Strong year with revenue and EBITDA growth, a $3.25B backlog, and successful DOF Denmark integration. 2025 guidance projects higher revenue and EBITDA, with 74% of revenue already secured and further backlog growth expected.
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A young, high-end fleet acquired at attractive values is positioned for strong global demand, with robust tender activity and early client engagement for 2026–2027 projects. Preliminary 2025 EBITDA guidance is $720–800 million, with higher run rates expected in the second half and beyond.
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Q3 delivered strong revenue and EBITDA growth, prompting an upward revision of full-year guidance. The Maersk Supply Service acquisition added 22 modern vessels, boosting fleet value and backlog to $2.75 billion. Refinancing and integration efforts are underway to optimize capital structure and future earnings.
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Positioned for growth in oil & gas and renewables, with a record backlog and higher contract rates. The Maersk Supply acquisition will create the largest global fleet in key segments, supporting a new dividend policy and robust refinancing. ESG, talent, and digitalization remain strategic priorities.
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Record-high order intake and backlog, improved EBITDA guidance, and a major fleet-expanding acquisition mark a strong Q2. Vessel utilization and contract rates are rising, supporting continued earnings growth into 2025 and beyond.
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The merger creates the world's largest and most modern offshore support fleet, combining complementary assets and expertise. The $1.1 billion deal is financed with low leverage and is expected to deliver significant synergies, global reach, and enhanced earnings potential, especially in booming oil & gas and renewables markets.
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The acquisition will create the world's largest fleet of construction support vessels and high-end anchor handlers, expanding global reach and service capabilities. The $1.1 billion deal is financed through a mix of debt and equity, with expected synergies, improved financial strength, and increased dividend capacity. Closing is targeted for Q4, pending regulatory approvals.