Despite solid results from continuing operations in Selfinvest and USTC's subsidiaries, this year's result for the Middelfart-based Group is once again weighed down by losses from discontinued activities.
With a result from continuing operations of DKK 775 million and a profit before tax of DKK 283 million for the parent company Selfinvest, the Group's financial performance is acceptable, though not at the desired level
Strong contributions from USTC's companies Uni-Tankers and SDK FREJA helped lift the overall result
Photographer: USTC/Selfinvest
The Group has had to absorb further losses this year from the closure of its activities in Africa in 2023/24, as well as additional costs following the bankruptcy of Nordic Waste
Selfinvest's investment activities were heavily impacted by the downturn on the stock markets in the first months of 2025
The year was marked by geopolitical unrest and economic uncertainty across several of the subsidiaries' industries, prompting the Group to focus on consolidation rather than acquisitions
Revenue in Selfinvest declined from DKK 117 billion to DKK 113 billion
In a year of geopolitical uncertainty for global trade, the long-term strategy of Selfinvest and USTC to maintain a diversified business portfolio once again proved its value. While the Group has long benefitted from the strong financial performance of its bunker business, this was not the case in the past financial year. Instead, other companies stepped up, contributing to a consolidated profit before tax of DKK 283 million.
Photographer: USTC/Selfinvest
“This is an acceptable, though not impressive result. We had hoped to move further away from last year's disappointing results. There is no doubt that our companies, like many in the global business community, are challenged by the persistent geopolitical turmoil that has shaped the world in recent years,” says Nina Østergaard, co-owner and CEO of USTC.
“However, this year's result is also a testament to the resilience of the organisation and its ability to stay focused on long-term goals, even in difficult times. We have worked hard to consolidate our companies, reduce complexity, and focus on the values that have built USTC. I remain optimistic about the future because our people understand the situation and are committed to delivering results,” says Nina Østergaard.
Photographer: USTC/Selfinvest
Severe unpredictability
Major global events, such as Russia's invasion of Ukraine and shifting power alliances on the international political scene, have long diminished visibility for several of USTC's subsidiaries.
“In all my years in shipping, it has been a fundamental truth that business is cyclical. Right now, several industries are facing serious headwinds, but we also know that the tide will turn again. And as a family-owned Group with a portfolio of strong companies, I am confident we will regain momentum in the years ahead. That said, and given today's world, we are approaching the future with optimistic patience,” says Torben Østergaard-Nielsen, founder, co-owner, and Chairman of the Board of USTC.
The newly announced tariffs from the U.S. administration and the subsequent turmoil in global trade have also had a direct impact on Selfinvest's investment returns, which landed at a modest 3%.
Photographer: USTC/Selfinvest
“Over the course of the year, our investments delivered a solid and satisfactory return. But turbulence in the financial markets and the weakening of the U.S. dollar significantly reduced the result in the final weeks leading up to the close of the financial year,” says Mikkel Hammershøj, CEO of Selfinvest.
While Selfinvest has normal exposure to the U.S. dollar, the currency's decline of 8.5% against the DKK in March and April led to losses, with two-thirds of Selfinvest's investment losses directly tied to the falling dollar.
Cautious optimism
During the past financial year, USTC saw its newly established Fjord Foundation allocate DKK 10 million to the first six projects aimed at restoring the marine environment in Danish fjords. The Fjord Foundation was established by USTC in October 2024 with a DKK 50 million donation.
Photographer: USTC/Selfinvest
In April 2025, USTC also paid out the pledged DKK 50 million donation directly to the citizens of Ølst affected by the landslide at Nordic Waste. Based on statements from the local citizens' association of Ølst, the donation is expected to significantly support the town's future development.
USTC's outlook for 2025/26 reflects continued global uncertainty, which is expected to impact international trade and negatively affect results for the coming financial year. However, Selfinvest and USTC have spent the past year adapting and strategically positioning themselves to navigate the new circumstance, and growth is expected to resume in the coming financial period.
Source: USTC