Hafnia (HAFNI) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 2026 net profit of USD 179.7M, including USD 32.5M from vessel sales and USD 7.8M from fee-based business, with adjusted EBITDA of USD 198.6M and TCE income of USD 282.5M, reflecting robust market conditions and operational execution.

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

• Completed strategic fleet transactions, including newbuild orders, vessel sales, and cancelled 12.7M treasury shares, supporting capital efficiency and long-term earnings capacity.

• Strategic investment in TORM contributed USD 9.9M in dividend income and a USD 117.8M unrealized fair value gain.

• Deployment of the Complexio AI platform began, improving operational efficiency.

Financial highlights

• Operating revenue rose to USD 412.9M, up from USD 368.4M in Q4 2025 and USD 340.3M in Q1 2025.

• TCE income rose to USD 282.5M from USD 218.8M year-over-year; adjusted EBITDA increased to USD 198.6M from USD 125.1M.

• Net profit surged to USD 179.7M (USD 0.36/share) from USD 63.2M (USD 0.13/share) year-over-year.

• 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, driven by strong cash flow and asset sales.

Outlook and guidance

• 73% of Q2 2026 earning days covered at USD 46,600/day as of May 13, 2026.

• 39% of Q2–Q4 2026 earning days are covered at USD 38,281 per day.

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

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

• 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.