What caused Gunvor's 85% drop in net profits in 2025?

The 85% drop in Gunvor's net profits to $104 million in 2025 was primarily driven by $462 million in writedowns and other impairments incurred by the new management team following a management buyout that replaced co-founder Torbjorn Tornqvist. These one-time charges were explicitly included in the reported net profit figure.

How did the management buyout structure work, and what role did Torbjorn Tornqvist play in it?

The management buyout valued Gunvor at around $5 billion, with former CEO and co-founder Torbjorn Tornqvist providing a loan of more than $4 billion to employees to finance the deal, as reported by Reuters in February.

Gunvor Net Profits Drop 85% Amid Management Buyout

Apr 14, 2026

Gunvor reported an 85% drop in net profits to $104 million in 2025 during its management buyout. The decline included $462 million in writedowns as the firm navigated volatile energy markets and geopolitical sanctions.

reuters

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