Moving Energy Forward
Gunvor Group Results 2025
Gunvor Group Ltd (“Gunvor”), one of the world’s leading independent commodities trading companies, today announces the following financial information for the year ended 31 December 2025:
REVENUE:
US $144 billion
VOLUMES:
253 million MT
GROSS PROFIT:
US $1.63 billion
NET INCOME:
US $104 million (adjusted US $567 million)
EQUITY:
US $6.1 billion
Statement by Gary Pedersen, Chairman & CEO of Gunvor 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 Gunvor’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 Gunvor’s net result for 2025, Gunvor’s 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 Gunvor’s energy segment (natural gas, LNG, and power) delivering the strongest result, followed by crude oil and oil products. Gunvor’s metals trading business also continued its steady growth and last year contributed approximately 10% to Gunvor’s gross profit.
The beginning of 2026 has been marked by historic market disruption, and Gunvor’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, Gunvor 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 Gunvor’s 25th anniversary, and the company’s new ownership 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.
About Gunvor Group
Gunvor Group is one of the world’s largest independent commodities trading houses by turnover, creating logistics solutions that safely and efficiently move physical energy and bulk materials from where they are sourced and stored to where they are demanded most. Gunvor has strategic investments in industrial infrastructure—refineries, pipelines, storage and terminals—that complement our core trading activity and generate sustainable value across the global supply chain for our customers
2025 was Gunvor’s 25th anniversary, and the company’s new ownership 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.