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NORDEN: Doubles profit in Q3 2026 and upgrades guidance once again

DNORDAnalyst Comment28.10.2026 klo 21.36

Rasmus KøjborgHead of Research, Stables

Summary

NORDEN reported a Q3 2026 profit of USD 53.9 million, doubling from USD 26.0 million a year earlier, driven by strong markets and operational performance in dry cargo and tankers.
The company upgraded its 2026 net profit guidance to USD 200–250 million, up from the previous USD 180–230 million, citing improved vessel values and operational gains.
EBITDA for Q3 2026 increased to USD 124.8 million from USD 107.8 million in Q3 2025, with operating cash flow rising to USD 150.0 million, and ROIC reaching 11.8% LTM.
NORDEN announced a quarterly dividend of DKK 2 per share and a new USD 15 million share buyback program, totaling USD 24 million in profit-sharing.

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Automatic translation: Originally published in Danish 28/10/2026, 19:36 GMT. Give feedback here.

NORDEN released its Q3 2026 financial report this evening, showing a doubled profit driven by strong markets and good operational performance in both dry cargo and tankers. At the same time, the shipping company is once again upgrading its guidance for the full year 2026.

NORDEN reported a Q3 profit of USD 53.9 million vs. USD 26.0 million a year earlier. For the first 9 months of the year, the profit thus stands at USD 165.9 million vs. USD 110.5 million in the same period last year.

EBITDA landed at USD 124.8 million in Q3 2026 vs. USD 107.8 million in Q3 2025, while EBIT rose to USD 51.2 million (37.9). This was despite vessel sales gains contributing only USD 4.9 million vs. USD 26.5 million last year – meaning the improvement was driven by underlying operations. Operating cash flow rose to USD 150.0 million (95.8), and return on invested capital (ROIC) rose to 11.8% (10.4%) LTM.

Dry cargo continues its turnaround with an EBIT of USD 16.5 million compared to USD 7.5 million in Q2 and a loss of USD 45.0 million in Q1 2026 (Q3 2025: -1.2), supported by higher activity, firm rates across segments, and successful regional positioning of the fleet. At the same time, the logistics segment returned to a small profit after previous operational challenges in Guinea were resolved. In the tanker segment, EBIT landed at USD 34.5 million (39.1), where rates remain at a high level due to disruptions in global oil flows following the conflict in the Persian Gulf.

The shipping company's intrinsic value (NAV) has risen 38% since the beginning of the year to DKK 523 per share (DKK 466 per share after Q2), driven by significantly higher vessel values – including a 25% y/y increase for 5-year-old Capesize vessels.

NORDEN is upgrading its 2026 net profit guidance to USD 200–250 million vs. the previous USD 180–230 million. By comparison, the initial guidance at the start of the year was a profit of USD 30–100 million. The guidance continues to include vessel sales gains of USD 79 million. With USD 165.9 million in the bag after 9 months, the guidance implies a Q4 profit of USD 34–84 million. However, NORDEN emphasizes that geopolitical uncertainty remains high and that the timing of voyages could mean some earnings are pushed into 2027. At the end of October, the shipping company had 1,800 open dry cargo days and 300 open tanker days for the remainder of the year.

NORDEN is once again paying out a quarterly dividend of DKK 2 per share, while the company is launching a new share buyback program of USD 15 million – bringing total profit-sharing to USD 24 million.

You can read NORDEN's full financial report here: https://www.inderes.dk/releases/norden-rapporterer-staerkt-kvartalsresultat-og-opjusterer-forventningerne-til-aret

NORDEN is hosting a webcast with management tomorrow at 10:30 AM. Register here: https://www.inderes.dk/videos/norden-presentation-of-q3-2026

Disclaimer: HC Andersen Capital receives payment from NORDEN for a Digital IR subscription agreement. /Rasmus Køjborg, CFA at 8:35 PM on October 28, 2026.

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NORDEN is an internationally operating shipping company with 12 global offices, headquartered in Copenhagen, Denmark, and listed on Nasdaq OMX Copenhagen. The company is present in the dry cargo and product tanker markets with a combination of operator and asset trading activities. NORDEN’s trading-oriented business model is based on the two business units ‘Assets & Logistics’ and ‘Freight Services & Trading’ – dividing the business into asset trading and operator activities. The company’s business activities are based on an asset-light trading strategy, only owning a small percentage (~5%) of its total operated vessel fleet consisting of close to 500 vessels. The agility of the business model enables NORDEN to continuously adjust short-term market exposure towards dry cargo and product tanker market developments while capitalizing on asset trading opportunities. In-house data and advanced analytics, risk management, and market research provide a data-driven approach to shipping, making proactive use of volatile markets.