Financials

Statement by Gary Pedersen, Chairman & CEO of Centalion Group:

Throughout most of 2025, the energy markets remained structurally tight yet politically volatile, whereby trading margins were driven less by fundamental supply and demand imbalances and more by navigating fragmentation, sanctions, and regional dislocations in flows. By year end though, constructive volatility picked up and November and December proved to be the company’s strongest months for trading, with a high level of performance that has so far carried through the first quarter of 2026. In Q1, the company has already achieved its gross profit of the previous year.

When looking at the net result for 2025, the new management team booked US $462 million of exceptional items during Q4 2025, including write downs and other adjustments to certain investments.

Trading profitability otherwise remained well above the company’s pre-pandemic levels (adjusted net income of US $567 million), with the firm’s energy segment (natural gas, LNG, and power) delivering the strongest result, followed by crude oil and oil products. The metals trading business also continued its steady growth and last year contributed approximately 10% to the group gross profit.

The beginning of 2026 has been marked by historic market disruption, and the company’s trading and shipping teams have been well placed to help supply global markets, delivering secure and affordable energy to clients around the world. Given the nature of the extreme volatility prevalent these days, the company has upheld tight risk controls. We maintain strong support from our international banking partners and have worked closely with them to secure additional financings, including a US $1.5 billion backstop facility to mitigate risk associated with price spikes. 

Finally, 2025 was the company’s 25th anniversary, and the new partnership looks ahead with confidence and optimism to the next 25 years and beyond. The company is in a very healthy position and remains fully committed to the existing strategy of pursuing global growth, diversification, and investing along the energy supply chain, with a particular emphasis on investments and development within the U.S. market.