DOF Group ASAâs (âDOFâ or the âGroupâ) revenue for 4[th] 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
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(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 Groupâs 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 DOFâs 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
About DOF
DOF Group ASA (OSE ticker: DOFG) is a leading provider of offshore and subsea
services to the offshore energy industry. The company owns and operates a fleet
of modern offshore/subsea vessels which is combined with strong engineering
capabilities to provide integrated offshore services globally.
www.dof.com
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