Hafnia (HAFNI) Q3 2025 earnings summary

Executive summary

• Operates a diversified fleet of 126 product and chemical tankers with a modern average fleet age of 9.6 years, focusing on low-cost operations, innovation, and strong shareholder distributions, including an 80% dividend payout ratio.

• Delivered Q3 2025 net profit of USD 91.5 million, the highest quarterly result in 2025, with strong operational cashflows and fee-based businesses contributing USD 7.1 million.

• Strategic growth through acquisitions, joint ventures, and fleet modernization, including a preliminary agreement to acquire 14.1 million TORM shares from Oaktree and investments in dual-fuel vessels.

• Sold four older MR vessels as part of ongoing fleet renewal, with some sales recognized in Q3 and others in Q4.

• As of mid-November, 71% of Q4 2025 fleet earning days were covered at rates of USD 25,600–26,040 per day.

Financial highlights

• Q3 2025 TCE income was USD 247.0 million, with adjusted EBITDA of USD 150.5 million and net profit of USD 91.5 million (USD 0.18/share).

• Dividends declared for Q3 2025 totaled USD 73.2 million (USD 0.1470/share), maintaining an 80% payout ratio and a 15-quarter streak of distributions.

• YTD 9M 2025 net profit was USD 230.0 million, with adjusted EBITDA at USD 409.7 million.

• Net loan-to-value (LTV) improved to 20.5% by end of Q3 2025.

• Cash at bank and on hand at quarter-end was USD 132.5 million; total liquidity stood at ~USD 636 million.

Outlook and guidance

• 71% of Q4 2025 earning days covered at USD 25,610 per day, with 15% of 2026 earning days covered at USD 24,506 per day.

• Product tanker fundamentals and minimal clean tonnage supply growth support a positive earnings outlook for 2025 and into 2026.

• Seasonal demand, low European inventories, and strong refinery margins are expected to support higher earnings.

• Dry docking schedule impacted Q3 but will taper off in Q4 and further into 2026, with 28 ships remaining for dry dock.

• Operational cash flow breakeven for 2026 expected below USD 13,000/day.