After two years of losses driven largely by Bunker Holding’s African operations, Danish conglomerates Selfinvest and USTC have returned to solid profitability, reporting more than DKK 1 billion in profit before tax and special items for the /26 financial year on approximately DKK 100 billion in revenue. The recovery was supported by improved performances across key maritime and energy businesses, including Bunker Holding, SDK FREJA, Uni-Tankers and CM Biomass, while the Group also strengthened its leadership, advanced its transformation strategy, and expanded investments for long-term growth.
Copenhagen | June 30, 2026 – Danish conglomerates Selfinvest and USTC have returned to strong profitability after two financially challenging years, reporting profit before tax and special items exceeding DKK 1 billion for the /26 financial year, driven by a broad recovery across their maritime, logistics and energy businesses, including a turnaround at global marine fuel supplier Bunker Holding.
The result marks the fourth-best financial performance in the Group’s 150-year history, underscoring a significant recovery after substantial losses linked to Bunker Holding’s African operations had weighed heavily on earnings during the previous two financial years.
The Group generated approximately DKK 100 billion in revenue, while several of its core businesses each posted profit before tax and special items exceeding DKK 100 million, highlighting the benefits of its diversified business portfolio.
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The maritime sector remains the backbone of USTC’s business, tracing its origins to a small Danish shipping company established more than 150 years ago. However, exceptional losses incurred by Bunker Holding’s African business had significantly impacted Group earnings in recent years.
With those losses now fully recognized, management said the Group has regained financial momentum.
Alongside Bunker Holding, subsidiaries SDK FREJA, Uni-Tankers, and CM Biomass all contributed strongly to the year’s performance, demonstrating resilience across shipping, logistics, tanker operations and renewable energy trading.
The Group reported:
Despite the improved financial performance, USTC Chief Executive Officer and Co-owner Nina Østergaard said that the Group continues to navigate a rapidly changing global business environment.
She said the result was encouraging because most operating companies delivered positive contributions, but emphasized that the organization remains in the middle of a broader transformation as volatile trade conditions and geopolitical uncertainty increasingly become permanent features of international business. According to Østergaard, USTC intends to further strengthen commercial discipline and organizational adaptability across all subsidiaries to sustain long-term growth.
During the financial year, USTC introduced a Group-wide cultural initiative known as “Founder’s Mentality.”
The programme is designed to reinforce the company’s traditional values while strengthening leadership, commercial decision-making and corporate culture across its portfolio businesses. Management said the initiative aims to preserve the entrepreneurial mindset that has driven USTC’s expansion while preparing the organization for increasingly complex global markets.
Selfinvest, which serves as the Østergaard family’s investment and family office, also delivered a strong financial performance.
In addition to favorable financial market conditions, the company reported significant investment outperformance during the year.
One of the major milestones was the completion of Kabelbyen in Middelfart, Denmark, the largest construction project ever undertaken by the family office. The development will accommodate several Group companies alongside external commercial tenants.
Selfinvest CEO Mikkel Hammershøj said the organization spent the year integrating Selfinvest and USTC more closely, strengthening the financial platform supporting the family’s long-term ownership strategy while increasing market visibility through rebranding efforts.
During the year, Selfinvest also restructured part of its restaurant investments by converting its ownership in Jensen’s Bøfhus into a minority shareholding in restaurant chain Bone’s.
USTC also completed several senior management changes during the financial year.
New chief executives appointed include:
The Group said each executive has already contributed to improved operational performance within their respective businesses.
USTC has simultaneously expanded and strengthened its board leadership through several high-profile appointments.
Among the most notable additions is Henrik Andersen, President and CEO of Vestas Wind Systems, who has joined the Board of Bunker Holding as Vice Chairman and will also serve on the USTC Board. Meanwhile, long-serving Vice Chairman Klaus Nyborg will step down after 14 years of service. His position will be assumed by Christian Junker, who already serves as Chairman of CM Biomass.
Additional board appointments across the Group include several prominent maritime executives:
USTC Founder and Chairman Torben Østergaard-Nielsen said attracting experienced international business leaders reflects the Group’s strong reputation and long-term commitment to responsible business practices. He also expressed appreciation for Klaus Nyborg’s contributions over more than a decade of board service.
Selfinvest
USTC
The results represent a notable recovery for one of the world’s largest marine fuel and shipping groups. After absorbing exceptional losses related to its African bunker operations, Bunker Holding’s return to profitability restores a major earnings contributor for USTC and reinforces the resilience of the Group’s diversified portfolio, which spans marine fuel supply, tanker shipping, logistics, biomass trading, investments and technology businesses. The performance also comes as maritime companies continue adapting to heightened geopolitical uncertainty, volatile energy markets and evolving global trade patterns.
Bunker Holding achieved revenue of DKK 84.4 billion and a profit before tax and special items of DKK 531 million, an increase of 69% compared with last year’s result of DKK 314 million. Over the past year, Bunker Holding has taken the necessary steps to readjust and accelerate its strategy while navigating a global energy landscape shaped by geopolitical and macroeconomic volatility, where tensions across key regions have influenced trading conditions.
USTC‘s energy hedging business achieved a profit before tax and special items of DKK 61 million in /26, representing a slight decline from DKK 67 million in the previous financial year.
For much of the year, commodity and financial markets remained relatively stable, but tensions surrounding the Strait of Hormuz led to heightened market volatility.
Despite challenging market conditions, SDK FREJA delivered a strong performance, reporting a profit before tax and special items of DKK 226 million, an increase of 14% compared with last year’s result of DKK 197 million. Both the Logistics and Shipping divisions demonstrated agility and operational strength. Key priorities included investments in automation, artificial intelligence (AI), and data-driven business development, alongside greater transparency and a continued focus on high-quality customer service.
Selected Car Group generated revenue of nearly DKK 2 billion and a profit before tax of DKK 28 million in /26, an increase of 30% from DKK 21 million in the previous year. Despite intense competition in the automotive market, the company strengthened its business through investments in digital solutions, automation, and new business areas. A key priority was developing a more integrated and scalable leasing business while enhancing the customer experience.
Uni-Tankers continued to demonstrate resilience and disciplined commercial execution, delivering a solid financial performance despite operating in a softer market. Revenue of DKK 2.7 billion remained in line with the previous financial year, while profit before tax and special items declined to DKK 128 million. Key milestones during the year included strengthening the fleet, investing in digitalisation, and expanding its presence in Asia, including the opening of a new office in Singapore.
CM Biomass reported revenue of DKK 4.6 billion, while profit before tax and special items reached DKK 114 million. Although revenue declined significantly, CM Biomass increased its profit before tax and special items by 5% through disciplined execution. Traded volumes fell from 3.7 million tonnes to 3.1 million tonnes. In October 2025, USTC became the sole owner of CM Biomass.
Unit IT reported revenue of DKK 485 million, representing a modest increase of DKK 2 million compared with /25. The company also returned to profitability, with profit before tax and special items improving from a loss of DKK 20 million in the previous financial year to a profit of DKK 8 million in /26. The improvement in earnings primarily reflects the benefits of previous years’ investments in a comprehensive transformation of Unit IT’s internal systems landscape, which now supports a more efficient operating and service delivery model.
