Bunker Holding has reported a gross profit of $424m and a profit before tax of $73m for its financial year 2025/2026, which the firm said exceeded its own expectations despite a challenging operating environment shaped by geopolitical tensions, volatile energy markets and intense competition.

Revenue for the period amounted to $13.1bn, a decrease of 4% compared with the previous year. The company attributed the decline primarily to lower average oil prices during the financial year, though it noted periods of heightened market volatility and stronger pricing towards the end of the period. Equity increased to $342m.

The Denmark-based marine fuels group said developments in the Middle East added complexity to global energy markets and shipping routes during the year, prompting it to focus on getting closer to customers across different shipping segments.

Chief executive Peder Møller commented: "This year, we have taken important steps to strengthen Bunker Holding for the future. We have simplified parts of the organisation, brought teams closer together, and made the changes needed to make us more focused and efficient. Our markets remained challenging and unpredictable, but I am pleased with both the result we have delivered and the progress we have made."

Fit for Future strategy

Throughout the year, Bunker Holding continued executing its 'Fit for Future' strategy, which is focused on modernising the organisation, strengthening internal collaboration, and positioning the group for long-term growth. As part of this effort, the company consolidated activities into fewer locations and moved decision-making closer to its commercial operations.

Møller said: "When we launched Fit for Future, the objective was straightforward: to create a simpler, stronger, and more focused company. That has required some tough choices throughout the organisation, but we are already seeing the benefits. We collaborate better, we respond faster, and we are better equipped to adapt when markets change."

The company also introduced an internal cultural initiative called Founder's Mentality, which it says draws on the values established by founder Torben Østergaard-Nielsen, with a focus on accountability, leadership and proximity to customers and markets.

Looking ahead to the 2026/27 financial year, Bunker Holding said it anticipates continued market competition alongside ongoing investments in low- and zero-carbon fuel projects and partnerships.

Board restructure

Alongside the financial results, Bunker Holding announced a series of changes to its board of directors. Nina Østergaard, chief executive and co-owner of USTC — Bunker Holding's parent company — will assume the role of chair, replacing Klaus Nyborg, who is stepping down after a lengthy tenure.

Henrik Andersen, group president and chief executive of Vestas Wind Systems, will join the board as vice chair. Tina Revsbech, chief executive of Maersk Tankers, and Kenneth Steengaard, chair of the board of Global Risk Management, will also join as new members. Board member Peter Frederiksen will step down alongside Nyborg.

Østergaard remarked: "I am excited to take on the role as chair of Bunker Holding at an important time in the company's development. Bunker Holding has a strong market position, a clear strategic direction, and significant opportunities ahead. I am also pleased to welcome Henrik Andersen, Tina Revsbech, and Kenneth Steengaard to the board. They each bring valuable experience and perspectives, and I am particularly pleased that we have attracted such strong international profiles as Henrik and Tina, whose leadership experience from Vestas and Maersk Tankers will further strengthen the board and support the company's continued development."

The addition of Steengaard, who chairs the board of Global Risk Management — a sister company to Bunker Holding within the USTC group — is designed to bring additional insight into risk management.

Torben Østergaard-Nielsen paid tribute to the departing board members, saying: "Klaus Nyborg has played an essential role in the development of Bunker Holding over many years. His leadership, commitment, and deep industry insight have been invaluable to the company, and I would like to thank him for his impressive contribution as chair of the board. I would also like to thank Peter Frederiksen for his dedicated service and valuable support to the company and the board."