Strong full-year financials
FY2025 EBITDA of $621 million and net profit of $513 million; full-year gross rate of $93.4 million; return on invested capital of 26% and dividends declared of $424 million.
Solid Q4 results and resumed dividend policy
Q4 EBITDA of $145 million, net profit of $105 million, gross rate of $91.4 million; one newbuild delivered in the quarter and a dividend payout of $99 million under the resumed full payout policy.
Improved contract coverage and backlog
Contract share of volumes transported increased to 84% in Q4 (company strategy prioritizing duration/robustness over short‑term rates); average contract backlog duration 2.9 years; sold out for 2026 and strong backlog into 2027; $250 million of contract inflow in Q4.
Fleet renewal and sustainability progress
Aurora-class newbuilds delivering strong carbon intensity improvements (8 Aurora-class vessels in operation by early 2026); 4 Aurora vessels certified for shore connection; ongoing energy efficiency work across legacy fleet.
Fleet growth and capacity market conditions
Fleet grew ~13% in 2025 with 75 vessels delivered (company view: orderbook being absorbed); capacity market described as firm with stabilizing charter/pricing and no idling ships.
Healthy balance sheet and liquidity
Net debt-to-EBITDA ~1x, equity ratio 55%, cash of $299 million at year-end and ~ $200 million in committed revolving liquidity (revolver extended by 2 years).
Volume growth driven by Asia
Total volume increased 10% year-over-year with Asia volume up ~40% YoY, reflecting strong Chinese export demand supporting demand for car carrier capacity.
Q1 2026 near-term outlook
Management expects a slightly higher EBITDA in Q1 2026 vs Q4 2025 due to recent newbuild deliveries entering service.