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Hafnia - Presentation of Q4 2025

HAFNI27.02.2026 klo 13.30

HC Andersen Capital

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You can now sign up and submit questions to the Q4 and full-year 2025 results presentation with Hafnia, one of the world's largest product tanker owners. The report will be published on Thursday 26 February 2026. On the following day at 12.30 CET, CEO Mikael Skov will present the full-year 2025 results, key highlights, and outlook for 2026. Questions can be submitted in advance, and you don't need to attend live to participate.

Following a record year in 2024 with net profit of USD 774m, Hafnia has operated in volatile but generally supportive product tanker markets throughout 2025, shaped by sanctions on Russian vessels, trade policy shifts, conflict in the Middle East, and OPEC+ supply dynamics. While rates have traded below the record levels seen in 2024, the market found increasing support through the second half of 2025, with Q3 marking the strongest quarter of the year. A notable strategic development was Hafnia's acquisition of a ~14% stake in competitor TORM from Oaktree Capital for USD 311m, completed in December 2025, positioning Hafnia within a broader industry consolidation trend.

Hafnia does not provide formal guidance, but consensus analyst estimates from S&P Capital IQ forecast full-year 2025E TCE income of USD 993m (-29% YoY), EBITDA of USD 581m (FY 2024: USD 992m), and net income of USD 344m (FY 2024: USD 774m), implying an EBITDA margin of 58% and EPS of USD 0.70.

For the first nine months of 2025, Hafnia reported net profit of USD 230m (9M 2024: USD 694m), adjusted EBITDA of USD 410m (9M 2024: USD 861m), and an average TCE of USD 24,493/day (FY 2024: USD 33,000/day).

Hafnia has paid quarterly dividends since Q1 2022. In Q3 2025, the quarterly dividend was USD 0.1470 per share (80% payout ratio). Consensus expects a full-year 2025 dividend of around USD 0.54 per share, implying a Q4 dividend of USD 0.17 per share.

Disclaimer: HC Andersen Capital receives payment from Hafnia for a Digital IR/Corporate Visibility subscription agreement. /Philip Coombes, 11 February at 8.44 CET.