Hafnia (HAFNI) Q4 2025 earnings summary

Executive summary

• Q4 2025 delivered the strongest quarter with net profit of USD 109.7 million, 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, reflecting robust operational and financial performance.

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

• Dividend payout for Q4 was 80%, totaling USD 87.7 million, with 88.1% of 2025 net profit returned to shareholders via dividends and buybacks.

• Acquired 13.97% of TORM shares, exploring consolidation to create a market leader in scale and performance.

• Continued fleet renewal through vessel sales, new dual-fuel deliveries, and strategic investments in enterprise intelligence and automation.

Financial highlights

• Q4 TCE income was USD 259 million, with an average TCE of USD 27,346 per day; full-year TCE earnings reached USD 955.9 million.

• Fee-based businesses contributed USD 6.9 million in Q4 and USD 29.8 million for the year.

• Net LTV at Q4 end was 24.9%, mainly due to TORM investment.

• NAV at year-end was USD 3.5 billion (USD 7.04/share); liquidity profile included USD 104 million cash and USD 324 million undrawn capacity.

• Return on equity for 2025 was 19.1% (annualized); return on invested capital was 13.4%.

Outlook and guidance

• Entered 2026 with 76% of Q1 earning days covered at USD 29,979/day and 33% of 2026 earning days covered at USD 27,972/day.

• Freight market recovery, reduced dry docking, and strong demand fundamentals expected to drive improved utilization and earnings in 2026.

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

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

• Geopolitical uncertainty and potential changes to sanctions regimes remain key market variables.