Hafnia (HAFNI) Q4 2025 earnings summary

Executive summary

• Q4 2025 was the strongest quarter, with net profit of USD 109.7 million, including contributions from vessel sales and fee-based business, and full-year net profit reached USD 339.7 million.

• The company operates nearly 200 vessels, primarily in the spot market for refined oil products, and manages third-party vessels and procurement services.

• Strategic actions included acquiring a 13.97% stake in TORM, ongoing vessel sales and deliveries, and investment in technology and innovation.

• Entered 2026 with 76% of Q1 earning days covered at USD 29,979/day, supporting strong forward visibility.

• Active management and innovation remain core, focusing on value capture and capital returns at market cycle highs.

Financial highlights

• Q4 2025 net profit: USD 109.7 million; full-year: USD 339.7 million; Q4 dividend payout: 80% (USD 87.7 million); full-year payout (including buybacks): 88.1%.

• Q4 TCE income: USD 259.0 million; full-year: USD 955.9 million.

• Q4 Adjusted EBITDA: USD 149.7 million; full-year: USD 559.5 million.

• Market capitalization reached USD 3.7 billion, up 30% year-over-year.

• NAV at year-end: USD 3.5 billion (USD 7.04/share); net LTV ratio increased to 24.9%.

Outlook and guidance

• Market strength from Q4 has continued into Q1 2026, with high rates and demand; 76% of Q1 earning days covered at USD 29,979/day.

• Analyst consensus for FY 2026: Adj. EBITDA ~USD 725 million, net income ~USD 470 million.

• Management expects gradual easing of rates as newbuild deliveries increase, but strong fundamentals and supply constraints should support earnings.

• The outlook for 2026 is positive but cautious due to potential supply increases and geopolitical uncertainties.