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, up from USD 63.2M year-over-year, 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.

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

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

Financial highlights

• Operating revenue was USD 412.9M, up from USD 368.4M in Q4 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.

• Dividend payout of USD 143.8M (USD 0.2877/share), reflecting an 80% payout ratio.

• 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 vessel 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 covered at USD 38,281/day.

• Analyst consensus for FY 2026 adjusted EBITDA is ~USD 1.1B and net income ~USD 870M, with covered rates supporting robust earnings.

• Market resilience expected into 2027, underpinned by inventory rebuild, Middle East refinery disruptions, and structural fleet tightness.

• Q2 is expected to be stronger than Q1, but the outlook remains highly uncertain due to ongoing disruptions in the Strait of Hormuz and refinery operations.

• IEA forecasts a 0.4 mb/d year-over-year contraction in global oil demand for 2026, the first decline since COVID-19.