Hafnia

Hafnia (HAFNI) investor relations material

Hafnia Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.

Q4 2025 earnings summary27 Feb, 2026

Executive summary

Q4 2025 was the strongest quarter, with net profit of USD 109.7 million, including contributions from vessel sales and fee-based business, and full-year net profit reached USD 339.7 million.
The company operates nearly 200 vessels, primarily in the spot market for refined oil products, and manages third-party vessels and procurement services.
Strategic actions included acquiring a 13.97% stake in TORM, ongoing vessel sales and deliveries, and investment in technology and innovation.
Entered 2026 with 76% of Q1 earning days covered at USD 29,979/day, supporting strong forward visibility.
Active management and innovation remain core, focusing on value capture and capital returns at market cycle highs.

Financial highlights

Q4 2025 net profit: USD 109.7 million; full-year: USD 339.7 million; Q4 dividend payout: 80% (USD 87.7 million); full-year payout (including buybacks): 88.1%.
Q4 TCE income: USD 259.0 million; full-year: USD 955.9 million.
Q4 Adjusted EBITDA: USD 149.7 million; full-year: USD 559.5 million.
Market capitalization reached USD 3.7 billion, up 30% year-over-year.
NAV at year-end: USD 3.5 billion (USD 7.04/share); net LTV ratio increased to 24.9%.

Outlook and guidance

Market strength from Q4 has continued into Q1 2026, with high rates and demand; 76% of Q1 earning days covered at USD 29,979/day.
Analyst consensus for FY 2026: Adj. EBITDA ~USD 725 million, net income ~USD 470 million.
Management expects gradual easing of rates as newbuild deliveries increase, but strong fundamentals and supply constraints should support earnings.
The outlook for 2026 is positive but cautious due to potential supply increases and geopolitical uncertainties.

TORM consolidation: key conditions for next steps

Criteria for ongoing fleet divestment strategy

Mitigation plan for unscheduled off-hire days

What is the effective CPP fleet capacity growth?

Capital allocation strategy beyond dividends

How to address Q3 2026 oil oversupply risk?

How will sanctioned fleet utilization evolve?

What drives Hafnia's consolidation strategy?

Link between low cost base and shareholder return?

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