This article first appeared on GuruFocus .
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Revenue:Over $2 billion for the year.
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EBITDA:$796 million, adjusted to $781 million for operational EBITDA in 2025.
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Q4 Revenue:$577 million compared to $445 million in the previous year.
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Q4 EBITDA:$220 million, including a $4 million sales gain.
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Backlog:$5.2 billion, with significant growth in long-term contracts.
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Fleet Utilization:87% for the year.
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Net Interest and Debt to EBITDA:1.7 times.
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Dividend:$0.35 per share for the quarter, totaling $320 million in dividends over the last four quarters.
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CapEx:Maintenance CapEx of $120-$130 million, with growth CapEx at $75 million.
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2026 Revenue Guidance:Midpoint of $2.2 billion.
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2026 EBITDA Guidance:$830 million to $880 million.
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2026 CapEx Guidance:Maintenance CapEx $140-$150 million, Growth CapEx includes investments in ROVs and a crane.
Release Date: February 19, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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DOF Group ASA ( STU:UV3 ) reported a record high backlog of $5.2 billion, providing a strong foundation for future earnings.
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The company achieved a significant revenue increase, finishing the year with over $2 billion, and a strong EBITDA of $796 million.
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DOF Group ASA successfully executed complex projects, such as a large SURF project in West Africa, ahead of schedule and under budget.
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The company has secured multiple long-term contracts, including a four-year contract with Petrobras, enhancing its future revenue visibility.
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DOF Group ASA's leverage remains within its target range of 1.5 to 2, indicating strong financial management and stability.
Negative Points
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CapEx for 2026 is expected to be higher due to rollovers from 2025, which may impact cash flow.
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Fleet utilization was reported at 87%, indicating room for improvement in operational efficiency.
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The company faces potential tax increases due to higher earnings and global minimum tax regulations.
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There is uncertainty regarding the future of the Skandi Connector vessel, with options being evaluated for its sale or long-term charter.
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The offshore market remains cyclical, with potential risks from oil price fluctuations and geopolitical factors impacting future demand.
Q & A Highlights
Q: How does DOF Group plan to capture the upside of the strong anchor handling market? A: Mons S. Aase, CEO, mentioned that while most vessels are tied up in long-term contracts, DOF plans to take advantage of the strong market by potentially moving some vessels to shorter-term contracts or spot markets to capture higher rates.
Q: What is the status of the Skandi Connector vessel? A: Mons S. Aase, CEO, stated that the Skandi Connector has been extended into the second quarter. The company is evaluating options, including selling the vessel, as having a single cable layer is not strategically important.
Q: Why is there an expected increase in tax for 2026? A: Martin Lundberg, CFO, explained that the increase in payable tax is due to higher earnings, taxes payable in arrears, withholding taxes in certain regions, and the impact of the global minimum tax (Pillar Two).
Q: When will the credit approvals for the loan amendment be finalized? A: Martin Lundberg, CFO, indicated that the credit approvals should be finalized soon, with the new terms effective from the first payment in Q1 2026. The leverage threshold remains between 1.5 and 2.
Q: What is DOF Group's approach to dividends and potential policy changes? A: Martin Lundberg, CFO, stated that dividend decisions are made by the board, with leverage, backlog, and earnings as key drivers. There are no current changes to the dividend policy, and the aim is for a steady increase over time.
Q: How is DOF Group implementing artificial intelligence (AI)? A: Martin Lundberg, CFO, mentioned that while AI is not heavily impacting DOF's core business, the company uses systems with AI functionalities to improve efficiency in day-to-day tasks.
Q: What is the outlook for the offshore market in Brazil for 2026? A: Mons S. Aase, CEO, expressed confidence in the Brazilian market, noting strong activity levels and no concerns about potential CapEx reductions from Petrobras.
Q: What are the future growth prospects for DOF Group? A: Mons S. Aase, CEO, highlighted contract renewals at higher rates, growth in subsea projects, and potential M&A as growth avenues. The company plans to remain disciplined in asset acquisitions and focus on exiting non-core markets.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
