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Hafnia
Hafnia (HAFNI) investor relations material
Hafnia Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 earnings summary27 May, 2026
Executive summary
Q1 2026 was marked by unprecedented geopolitical disruption, notably the closure of the Strait of Hormuz, which reshaped global oil and refined product trade flows and triggered significant supply chain rerouting.
Net profit reached USD 179.7 million, nearly triple Q1 2025, including USD 32.5 million from vessel sales and USD 7.8 million from fee-based business, supported by higher freight rates and tightened tanker supply.
Fleet renewal advanced with divestment of older vessels and contracts for 10 new MR newbuilds with Hyundai Heavy Industries, supporting modernization and long-term earnings.
Shareholder returns remained strong, with 17 consecutive quarters of dividends, an 80% payout ratio totaling USD 143.8 million, and a total shareholder return exceeding 100% over the last 12 months.
Strategic investment in TORM contributed USD 9.9 million in dividend income and an unrealized fair value gain of USD 117.8 million.
Financial highlights
TCE income was USD 282.5 million, up from USD 218.8 million in Q1 2025.
Adjusted EBITDA reached USD 198.6 million, compared to USD 125.1 million in Q1 2025.
Net profit was USD 179.7 million (USD 0.36 per share), including USD 32.5 million in gains from vessel sales.
Net asset value increased to USD 4 billion (USD 8.09 per share), up from USD 3.5 billion at Q4 2025.
Net debt decreased to USD 797 million, with total liquidity at USD 660 million and cash at bank at USD 146 million.
Outlook and guidance
73% of Q2 2026 earning days are covered at USD 46,600 per day, supporting expectations for a stronger Q2.
Analyst consensus for FY 2026 adjusted EBITDA is USD 1.1 billion and net income USD 870 million, with covered rates supporting robust earnings.
Market fundamentals remain constructive, with inventory rebuild, ongoing refinery disruptions, and structural fleet tightness expected to support demand and freight rates.
IEA forecasts a 0.4 mb/d year-over-year contraction in global oil demand for 2026, the first decline since COVID-19.
Outlook highly dependent on the duration of the Hormuz disruption and recovery of oil production and refinery operations.
Strategic rationale for the TORM investment
Rationale for exiting Handy and LR2 pooling
Impact of the 2026 oil demand contraction
MR newbuild timing relative to 2029 scrap levels
Outlook for LR2 migration back to clean trade
Fleet repositioning strategy post-Hormuz closure
Rationale for 10 MR newbuilds despite high prices
Impact of LR2 migration to dirty trading on supply
Market impact of the 900 million barrel deficit
Partial view of Summaries dataset, powered by Quartr API
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Latest events from Hafnia
- Record Q1 profit, high dividends, and strong outlook despite major market disruptions.HAFNI
Q1 202627 May 2026 - Record Q4 and full-year profits, high shareholder returns, and positive 2026 outlook.HAFNIQ4 20258 Apr 2026
- Q4 2025 saw strong profit, high dividends, and strategic moves amid robust but uncertain markets.HAFNIQ4 202527 Feb 2026
- Q1 2025 profit $63.2M, 80% payout, strong liquidity, positive outlook despite risks.HAFNIQ1 20253 Feb 2026
- Record Q2 profit, 80% dividend payout, and robust outlook driven by strong tanker market.HAFNIQ2 202423 Jan 2026
- Record Q3 profit, 90% dividend payout, and $100M buyback highlight strong performance.HAFNIQ3 202412 Jan 2026
- Full-year net profit reached USD 774M, with high payouts and a positive 2025 outlook.HAFNIQ4 202423 Dec 2025
- Full-year net profit reached USD 774M, with robust payouts and strategic fleet renewal.HAFNIQ4 202423 Dec 2025
- Q2 2024 saw record earnings, high dividends, and progress on ESG and fleet modernization.HAFNIInvestor Presentation12 Dec 2025
Next Hafnia earnings date
Q2 202628 Aug, 2026
Hafnia
Next Hafnia earnings date
Q2 202628 Aug, 2026
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