Hafnia (HAFNI) Q4 2025 earnings summary

Executive summary

• Q4 2025 delivered the strongest quarterly results of the year, with net profit of USD 109.7 million (USD 0.22/share), including USD 9.5 million from vessel sales and USD 6.9 million from fee-based business; full-year net profit was USD 339.7 million (USD 0.68/share), reflecting robust market conditions and effective fleet management.

• Adjusted EBITDA for Q4 was USD 149.7 million, totaling USD 559.5 million for 2025.

• Continued fleet renewal with sales of older vessels, delivery of the final dual-fuel IMO II MR in the Ecomar JV, and acquisition of 13.97% of TORM shares to explore potential consolidation.

• Maintained a transparent dividend policy, declaring an 80% payout ratio for Q4 and returning 88.1% of net profit to shareholders in 2025 through dividends and buybacks.

• Strong total shareholder return of 33% over the past year, supported by competitive cost base and strategic positioning.

Financial highlights

• Q4 2025 adjusted EBITDA reached USD 149.7 million; net profit included USD 9.5 million from vessel sales.

• Full-year 2025 net profit was USD 339.7 million, with return on equity at 14.8% and return on invested capital at 11.2%.

• Q4 TCE income was USD 259 million, with an average TCE of USD 27,346 per day; 2026 Q1 earning days 76% covered at USD 29,979 per day.

• Net LTV increased to 24.9% at year-end, mainly due to the TORM investment.

• Liquidity remained strong with USD 104 million cash and USD 324 million undrawn capacity; total assets at Q4 2025 were USD 3,812 million.

Outlook and guidance

• Optimistic for Q2 2026, with 33% of 2026 earning days already covered at USD 27,972 per day.

• Analysts’ consensus for FY 2026 Adj EBITDA is ~USD 750 million, with net income ~USD 590 million.

• Expectation of continued strong earnings, supported by long-term charters and favorable market fundamentals.

• Dry docking activity to decline in 2026, improving utilization and earnings momentum; off-hire days tapering to around 180 in Q1.

• Management expects robust earnings in 2026 despite newbuild deliveries and political uncertainty.