Ernst Russ AG Shows Resilient Performance Amid Challenges

In the first half of 2025, Ernst Russ AG demonstrated resilience despite geopolitical disturbances and a challenging macroeconomic environment. The company reported solid results, influenced by rerouted shipping around the Suez/Red Sea due to Middle East conflicts, sustaining elevated charter rates. Revenue for H1 2025 stood at EUR 79.8 million, a decline of 8.9% year-on-year, primarily due to a reduced fleet now comprising 26 ships. However, EBIT rose by 19% year-on-year to EUR 55.6 million.

Despite a non-operating result of EUR -9.8 million, Ernst Russ achieved a QPB EBIT of EUR 45.8 million, marking a 22% year-on-year increase. Disposal gains significantly boosted EBIT, with EUR 32.3 million attributed to the sale of MS Wasl and MS Andante. The fleet's technical availability remained high at 99.9%, and the company strengthened its balance sheet with an 80% equity ratio.

With a stable net cash position of EUR 111.7 million, the company invested around EUR 15 million in fleet minority buyouts, enhancing transparency and capital market appeal. Quirin Privatbank Kapitalmarktgeschäft reiterated its "Buy" recommendation for Ernst Russ AG, setting a target price of EUR 10.00.