The call presents a largely positive outcome: the company delivered a profitable quarter with strong EBITDA margins, consistent cash generation and dividends, sizable vessel sale agreements with substantial expected net proceeds, and attractive historical returns for shareholders. Negatives include a notable decline in realized net TCE in January versus Q4, outstanding interest-bearing debt and interest costs, and the operational implication that the fleet is being wound down—reducing future operating revenue. Overall, the positives (profitability, cash returns, large sale proceeds and strong IRR) outweigh the negatives (short-term softening in TCE, debt, and transition risks).

Company Guidance

Guidance: management said it intends to return all net proceeds from the sale of the remaining vessels (expected to be ~ $311.0 million after debt repayment) and the majority of cash on hand (around $50.0 million) to shareholders, having already declared dividends of $0.63 per share for Oct–Dec 2025 and an additional $0.15 per share for January 2026; sale agreements include Bulk Sao Paulo for $72.75 million and Bulk Sydney + Bulk Santos for $145.5 million (Q1 2026 deliveries). This approach is supported by recent results — Q4 net profit $13.8m, EBITDA $16.5m, operating profit $15.8m, operating revenues and other income $21.4m, cash flow from operations $15.5m, cash and equivalents $22.1m, shareholders’ equity $148.4m, interest-bearing debt $112.5m (non-amortizing until Apr 2029), average Q4 time charter rate ~$39,300/day and Jan net TCE ~$30,800/day — and the company will retain a small cash buffer to cover G&A (Q4 G&A $1.1m) and remain listed while evaluating strategic opportunities.

Profitable Quarter with Strong Earnings

Net profit of $13.8M and earnings per share of $0.60 in Q4 2025; operating profit $15.8M and EBITDA $16.5M. Operating revenues and other income were $21.4M, implying an EBITDA margin of approximately 77% for the quarter.

High Average Time Charter Rates and TCE

Average gross time charter rate of about $39,300 per day in Q4 2025 and subsequent average net TCE earnings of about $30,800 per day for January 2026, demonstrating continued strong charter market performance (see lowlight for the month-on-quarter change).

Strong Cash Generation and Dividends

Cash flow from operations of $15.5M in the quarter. The company declared total dividends of $0.63 for Oct–Dec 2025 and announced an additional $0.15 dividend for January 2026, reflecting consistent shareholder distributions.

Material Vessel Sale Agreements and Expected Proceeds

Agreements signed to sell Bulk Sao Paulo for $72.75M and Bulk Sydney and Bulk Santos for a combined $145.5M (deliveries in Q1 2026). Management expects net proceeds from the sale of the last vessels to be around $311M after debt repayment.

Strong Historical Investor Returns

Total dividends/distributions declared to date of $251M. Management reports an IRR of 28% p.a. (dollar) since inception and a 31% p.a. return for IPO investors, outperforming comparable indices (S&P 500 ~17% and Oslo ~16% in the same comparison).

Solid Balance Sheet Metrics

Shareholders' equity of $148.4M and cash & cash equivalents reported at $22.1M at quarter end. Interest-bearing debt of $112.5M is non-amortizing until maturity in April 2029, providing cash flow relief in the near term.

2020 Bulkers (DE:0FF) Earnings, Revenues Date & History

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DE:0FF Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
May 12, 2026	2026 (Q1)	0.25 / -	0.008	―	―	―
Feb 11, 2026	2025 (Q4)	0.43 / 0.51	0.194	160.87% (+0.31)	―	―
Nov 12, 2025	2025 (Q3)	0.35 / 0.36	0.423	-14.00% (-0.06)	―	―
Aug 13, 2025	2025 (Q2)	0.21 / 0.20	0.397	-48.94% (-0.19)	―	―
May 07, 2025	2025 (Q1)	<0.01 / <0.01	0.296	-97.14% (-0.29)	―	―
Feb 12, 2025	2024 (Q4)	0.28 / 0.19	0.536	-63.72% (-0.34)	―	―
Nov 13, 2024	2024 (Q3)	0.41 / 0.42	0.173	143.90% (+0.25)	―	―
Aug 14, 2024	2024 (Q2)	0.35 / 0.40	0.156	155.43% (+0.24)	―	―
May 08, 2024	2024 (Q1)	0.27 / 0.30	0.03	872.22% (+0.27)	―	―
Feb 07, 2024	2023 (Q4)	0.47 / 0.54	0.227	136.57% (+0.31)	―	―

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.

Beat

Missed

DE:0FF Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Feb 11, 2026	€12.34	€11.92	-3.45%
Nov 12, 2025	€11.00	€11.44	+4.04%
Aug 13, 2025	€9.70	€9.98	+2.90%
May 07, 2025	€8.41	€8.27	-1.68%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

FAQ

When does 2020 Bulkers Ltd. (DE:0FF) report earnings?

2020 Bulkers Ltd. (DE:0FF) is schdueled to report earning on May 12, 2026, Before Open (Confirmed).

What is 2020 Bulkers Ltd. (DE:0FF) earnings time?

2020 Bulkers Ltd. (DE:0FF) earnings time is at May 12, 2026, Before Open (Confirmed).

Where can I see when companies are reporting earnings?

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What companies are reporting earnings today?

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What is the P/E ratio of 2020 Bulkers Ltd. stock?

The P/E ratio of 2020 Bulkers is N/A.

What is DE:0FF EPS forecast?

DE:0FF EPS forecast for the fiscal quarter 2026 (Q1) is 0.25.