Hafnia (HAFNI) Q1 2026 earnings summary

Executive summary

• Q1 2026 delivered a record net profit of USD 179.7 million, up from USD 63.2 million year-over-year, with adjusted EBITDA of USD 198.6 million and TCE income of USD 282.5 million, reflecting robust market conditions and operational execution.

• The company operates a modern fleet of 118 owned/chartered product tankers and manages 60 more, with ongoing fleet renewal through vessel sales and newbuild contracts.

• Paid out 80% of net profit as dividends (USD 143.8 million), maintaining a consistent distribution policy and delivering a total shareholder return exceeding 100% over the past 12 months.

• Strategic investments, including in TORM, contributed significant dividend income and unrealized gains.

• Deployment of the Complexio AI platform began, enhancing operational efficiency and data security.

Financial highlights

• Net profit for Q1 reached USD 179.7 million (USD 0.36/share), a record, with adjusted EBITDA of USD 198.6 million and TCE income of USD 282.5 million.

• Return on equity (annualized) reached 29.5%; return on invested capital (annualized) at 22.7%.

• Net loan-to-value (LTV) improved to 20.2% from 24.9% sequentially.

• Dividend payout for Q1 set at USD 143.8 million (USD 0.2877 per share), reflecting an 80% payout ratio.

• Total assets increased to USD 4,029 million, with cash at bank of USD 146 million and gross debt of USD 943 million.

Outlook and guidance

• 73% of Q2 2026 earning days are covered at an average of USD 46,600 per day, with 39% of Q2–Q4 covered at USD 38,281 per day.

• Analyst consensus for FY 2026: adjusted EBITDA between USD 870 million–1,115 million and net income between USD 700 million–995 million, depending on rate scenarios.

• Market resilience expected into 2027, supported by structural fleet tightness, refinery disruptions, and inventory rebuild needs.

• Market dislocations and inventory rebuilding are expected to support tanker demand beyond 2026.

• The IEA projects refinery throughput to drop by 4.5 mb/d in Q2 and global oil demand to contract by 0.4 mb/d in 2026.