Positive business performance despite global uncertainties

Ernst Russ AG in Q1 2025: Positive business performance despite global uncertainties

Hamburg, May 21, 2025 - In the first quarter of 2025, Ernst Russ AG recorded a stable business performance and maintained its position with solid key figures even in a tense economic environment. A consistently implemented fleet strategy and a robust operating performance are the main contributors to this positive result. Accordingly, the company remains optimistic about the future. However, the tragic incident involving the Solong on March 10 has deeply affected our company. We continue to work closely with the relevant authorities to fully investigate and process the events.

The ER Group is pursuing the goal of divesting minority shareholdings without strategic relevance - aiming to simplify complex ownership structures and thereby further improve efficiency, transparency, and capital market viability. In line with this objective, the ER-Group increased its ownership stakes in the vessels Hebe, Rubina, and Venetia during the first quarter of 2025, while divesting its joint venture stake in ESL Wasl. Additionally, the jointly operated vessel Andante was sold in Q1 2025 and handed over to a new owner in early April.

The Group’s financial, asset, and earnings position remained strong in the first quarter of 2025. Revenue declined as expected by EUR 6.0 m (–13%) year-on-year to EUR 40.9 m. Despite the lower revenue, operating profit (EBIT) increased significantly by EUR 19.3 m to EUR 40.3 m, mainly due to the sale of a vessel. Consolidated net income after minority interests rose from EUR 13.8 m in the previous year´s comparison period to EUR 24.6 m. As of March 31, 2025, equity amounted to EUR 284.3 m (December 31, 2024: EUR 266.4 m), corresponding to an equity ratio of 80.4% (December 31, 2024: 75.0%).

Given this context and the largely secured employment situation of the fleet, the ER-Group continues to expect revenue between EUR 147 m and EUR 167 m for the 2025 fiscal year. EBIT from operational shipping business is expected to range between EUR 43 m and EUR 73 m, while total EBIT including the already completed vessel sales is projected in a range between EUR 75 m and EUR 105 m.

“We will continue on our path and position Ernst Russ AG in the long term as a transparent, dynamic shipping stock in the capital markets. This includes a simplified ownership structure in the fleet, an open dialogue with our shareholders, and a readiness to act decisively in a volatile environment,” says Joseph Schuchmann, Chief Commercial Officer of Ernst Russ AG.

You can download the Q1 2025 report of Ernst Russ AG as well as the latest investor presentation at www.ernst-russ.de.

About the ER-Group:

Ernst Russ AG is a publicly listed, internationally operating ship-owner based in Hamburg. Parts of the company’s history date back to 1893. The Group currently manages a fleet of 26 vessels, some in collaboration with strategic partners. The focus is on container vessels ranging from 700 to 4,200 TEU, complemented by a larger 13,400 TEU container vessel, a Handysize bulker, and a multipurpose vessel. The goal is to operate a sustainable fleet with well-diversified employment durations.