Analyst Comment

Hafnia Q3 2025 - Solid results in line with consensus driven by tighter vessel supply

By Philip CoombesEquity Research Analyst

Summary

Hafnia's Q3 2025 financial results showed TCE income of USD 247.0m, slightly above Q2 2025 and in line with market expectations, driven by reduced vessel supply and increased output from the Middle East and Asia.
Adjusted EBITDA was USD 150.5m, slightly below the consensus of USD ~151.6m, but showed sequential improvement despite increased drydock activity.
Net profit for Q3 2025 was USD 91.5m, aligning closely with consensus estimates of USD ~92m, and the dividend was set at USD 0.147 per share, reflecting an 80% payout ratio.
Hafnia's net asset value at the end of Q3 2025 was USD 3.4bn, with a net loan-to-value ratio improvement to 20.5%, and the company announced a pending acquisition of 14.5% of TORM for USD 311m.

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Hafnia this morning released its financial results for the third quarter of 2025, which came in slightly above Q2 2025 and broadly in line with market expectations. The product tanker market benefited in Q3 from larger LR2 vessels switching to the crude market, reducing supply, while attacks on Russian oil refineries reduced availability of Russian oil products, increasing output from the Middle East and Asia, with a positive ton mile effect.

Hafnia reported TCE income of USD 247.0m in Q3 2025, compared to USD 231.2m in Q2 2025 and USD 361.6m in Q3 2024, when product tanker rates were significantly higher.

Adjusted EBITDA came in at USD 150.5m versus USD 134.2m in Q2 2025 and USD 257.0m in Q3 2024, reflecting sequential improvement despite heavier drydock activity. According to S&P Capital IQ, consensus among analysts was USD ~151.6m, placing the result marginally below expectations.

Net profit for Q3 2025 amounted to USD 91.5m, compared to USD 75.3m in Q2 2025 and USD 215.6m in Q3 2024. The result was broadly in line with consensus estimates of USD ~92m.

The dividend for Q3 2025 has been set at USD 0.147 per share (total USD 73.2m), corresponding to a payout ratio of 80%, up from USD 0.121 per share in Q2 2025. At the end of the quarter, Hafnia’s net asset value (NAV) stood at USD 3.4bn (USD 6.76/share), while its net loan-to-value ratio improved to 20.5% from 24.1% in Q2, supported by strong cash generation and vessel repayments. In September, Hafnia also announced its agreement to acquire 14.5% of TORM from Oaktree Capital for USD 311m, a transaction pending regulatory and governance approvals.

You can read the full Q3 report from Hafnia here: https://investor.hafnia.com/financials/quarterly-results/default.aspx

Tomorrow, on 02 December at 10:00 CET, we are hosting an event with Hafnia’s CEO Mikael Skov, where you can hear more about the quarter and ask questions to management – registration below. Register here: https://www.inderes.dk/videos/hafnia-presentation-of-the-quarterly-report-for-q3-2025

Disclaimer: HC Andersen Capital receives payment from Hafnia for a Digital IR/Corporate Visibility agreement./Philip Coombes, 08:48, 1 December 2025

Hafnia is an international shipping company that specializes in the transportation of oil and chemical products. It started trading in Norway on the NOTC marketplace for unlisted shares in 2013. In 2019 Hafnia listed on the main market in Norway – Oslo Stock Exchange. The company, headquartered in Singapore, operates in the product tanker market, where it manages six pools combining self-owned and externally-owned vessels to benefit from economies of scale. The pools distribute profits/loss across all vessels in the pool, and Hafnia charges a commission for operating externally-owned tankers. Hafnia’s six pools are categorized by vessel size/type, and reflect the fleet of vessels it owns. Its six pools are the: Handy Pool, MR Pool, LR Pool, LR2 Pool, Specialized Pool and Chemicals Pool. The MR and LR pools are considerably outsize the Handy and Specialized pools in terms of revenue and fleet size. Hafnia’s pools are primarily active in the product tanker spot market, but has also recently ramped up on chemical tankers. In addition, Hafnia procures the bunker fuel for its partners at competitive prices for which it receives a commission.