Q1 2026 Dof Group ASA Earnings Call Transcript
Key Points
- DOF Group ASA (STU:UV3) executed a large project in Congo involving over 600 people and six vessels, delivering ahead of schedule with a satisfied client.
- The company reported an 11% increase in revenue for Q1 2026 compared to the same quarter last year, indicating growth.
- DOF Group ASA has a strong backlog of $6.9 billion, providing good visibility and a promising outlook for 2026 and beyond.
- The company lifted its revenue guidance to $880 million, reflecting better-than-expected performance and a strong market outlook.
- DOF Group ASA declared an increased dividend of $0.37 per share, up from $0.35, indicating confidence in future earnings.
- Q1 2026 was impacted by nonrecurring events related to vessel upgrades and mobilization for new contracts, affecting EBITDA by more than $30 million.
- Fleet utilization was at 82%, lower than the previous year, partly due to nonrecurring events and vessel mobilizations.
- The company experienced a high working capital buildup in Q1, which negatively impacted cash flow.
- DOF Group ASA faced an incident with the Skandi Amazonas in Brazil, though the financial impact for 2026 is expected to be limited.
- The sale of the Skandi Connector cable vessel was below market expectations, reflecting a soft market outlook for cable vessels in the near term.
Good afternoon, and welcome to the DOF Q1 presentation 2026. We will go through the presentation as we usually do, and you have an opportunity to ask your questions through the web page, and we will answer them at the end of the call. Please, Mons.
Thank you, Martin. And once again, welcome to the quarter one presentation. This front page is a picture from Congo, where we where we as executed one of our largest sort of projects so far in the industry and involving actually more than 600 people from the DOF organization. And I think we had six vessels on the project and very happy client and delivered ahead of time. So it's an example of what we are doing in the (inaudible) overall in our business, yes. So we are -- it was a good project with a very good outcome from Boson for the client.
Then we move on to the presentation and further glance. Most of you have seen this before, but it's just a quick one on that (inaudible) the end of the quarter,
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