Following two financial years marked by significant losses in subsidiaries, Selfinvest and USTC on Tuesday (30 June) said they are back on track, delivering a profit before tax and special items of more than DKK 1 billion, securing a place among the Group’s Top Five financial results.
While USTC serves as the parent company for the Østergaard family’s operating companies, Selfinvest is the family office, which includes ownership of Selected Car Group as well as investment activities and property assets.
Since USTC was founded as a small local shipping company on the shores of Denmark, the maritime industry has been the driving force behind its expansion. However, substantial losses in Africa within subsidiary Bunker Holding have weighed heavily on the financial performance of Selfinvest and USTC over the past two years. With these extraordinary losses now fully recognised, the Group has regained momentum and delivered the fourth-best financial result in its 150-year history.
As a conglomerate operating in a range of industries, the Group’s diversified ownership strategy has again demonstrated strength and resilience. Bunker Holding, SDK FREJA, Uni-Tankers, and CM Biomass each delivered a profit before tax and special items exceeding DKK 100 million. Combined, the Group generated a profit before tax and special items of more than DKK 1 billion on revenue of DKK 100 billion.
“It is obviously encouraging to deliver a solid financial result with the majority of our companies contributing positively. But we are not where we need to be. As a Group, we are in the middle of a transformation, where volatile global trade and unpredictable geopolitical shifts are no longer the exception but the norm. We need to further strengthen our adaptability and commercial discipline across all our companies to maintain the positive momentum,” says Nina Østergaard, Co-owner and CEO of USTC.
During the past year, USTC launched the extensive cultural programme Founder’s Mentality, designed to revitalise the shared culture and core values that drives the Group forward: business acumen, leadership, and decency.
Selfinvest delivered a strong financial year, benefiting in part from favourable financial market conditions while also generating significant investment outperformance. 2026 also marked the completion of the family office’s largest-ever construction project, Kabelbyen in Middelfart, Denmark, which will house a number of the Group’s companies as well as external tenants.
“As stewards of the Østergaard family’s activities for both current and future generations, our responsibility is to ensure stability while remaining agile. Over the past year, we have focused heavily on integrating Selfinvest and USTC organisationally, increasing our visibility through rebranding, and further strengthening the financial platform that is the cornerstone of our active ownership of the individual companies,” says Mikkel Hammershøj, CEO of Selfinvest.
During the 2025/26 financial year, three Group companies appointed new Chief Executive Officers. Peder Møller was appointed in Bunker Holding, Steen Borgholm in Selected Car Group, and Thomas Lausten in Unit IT.
Alongside the high-profile CEO appointments, USTC has strengthened several of its boards. Henrik Andersen, Group President and CEO of Vestas Wind Systems A/S, recently joined the Board of Bunker Holding as Vice Chairman and will also serve on the Board of USTC.
After 14 years of service on the Group’s boards, USTC’s current Vice Chairman, Klaus Nyborg, will step down and hand over his responsibilities to Christian Junker, who already serves as Chairman of CM Biomass and the Danish construction company Guldfeldt A/S, which he co-owns with Torben Østergaard-Nielsen.
Over the past month, additional USTC companies have strengthened their boards with highly respected business leaders, including Tina Revsbech, CEO of Maersk Tankers, and Mads Peter Zacho, CEO of Navigator Gas. In addition, board professional and adviser Kenneth Steengaard, together with Peter Appel, Partner at Gorrissen Federspiel, have joined boards within the USTC Group.
The Board of Directors of USTC will henceforth comprise Torben Østergaard-Nielsen (Chairman), Christian Junker (Vice Chairman), Nina Østergaard, Mia Østergaard Rechnitzer, Peter Appel, Jeppe Christiansen, and Henrik Andersen.
Photo credit: USTC
Published: 1 July, 2026
