Hafnia Limited reported Q2FY26 earnings per share (EPS) of $0.56, beating the analyst consensus estimate of $0.53. The Oslo and New York-listed tanker owner also posted quarterly sales of $505.7 million, significantly surpassing the $387.7 million forecast.

The EPS result represents a 273.33% increase from $0.15 per share in the same period last year. Meanwhile, sales grew 45.90% year-on-year from $346.6 million in Q2FY25.

Financial Highlights

For the quarter ended June 30, 2026, Hafnia delivered its strongest quarterly result since Q3FY23. Key financial metrics include:

The company’s fee-based businesses generated earnings of USD 8.8 million, up from USD 7.9 million in Q2FY25. Operating revenue from Hafnia vessels and time-chartered vessels reached USD 505.7 million, compared to USD 412.9 million in Q1FY26.

Dividend Payout and Key Dates

Reflecting its strong cash generation and low leverage, Hafnia declared a dividend of USD 0.5003 per share, totaling USD 250.0 million. This corresponds to a payout ratio of 90%, the highest threshold under its policy as the net loan-to-value (LTV) ratio fell to 13.0% from 20.2% in Q1FY26.

The Board approved the dividend on August 27, 2026. Key dates for shareholders are as follows:

Dividends payable to shares registered in the Euronext VPS will be distributed in NOK, with conversion occurring two business days prior to the payment date. The last trading day including the right to dividends for both registries is September 4, 2026.

Balance Sheet Strength

The company’s net asset value (NAV) rose to approximately USD 4.4 billion, or USD 8.89 per share, driven by higher vessel valuations across all segments. Cash at bank increased to USD 271.0 million at quarter-end from USD 146.5 million in Q1FY26.

Market Context and Fleet Performance

Geopolitical tensions continued to impact market fundamentals. Gulf oil exports fell sharply to 15 million barrels per day in July due to attacks on infrastructure and tankers. This forced buyers to seek replacement volumes from the United States, Europe, and India, lengthening average voyage distances.

As of August 17, 2026, 80% of Hafnia’s Q3 earning days were covered at an average rate of USD 30,716 per day. Additionally, 53% of H2FY26 earning days were covered at USD 28,917 per day. The company’s fleet consisted of 103 owned vessels and 9 time-chartered-in vessels at the end of the quarter.

Leadership Transition

Mikael Skov will step down as CEO on September 1, 2026, after 16 years in the role. He will join the Board of Directors subject to shareholder approval. Søren Steenberg Jensen, EVP and Head of Asset Management, will succeed him as CEO. Jensen stated that the company’s strategy, capital allocation framework, and payout policy remain unchanged.

What the Numbers Show

The surge in net profit was significantly aided by non-operational gains. Of the USD 277.8 million net profit, USD 39.3 million came from gains on vessel sales. Furthermore, the adjusted EBITDA margin expanded substantially, indicating operational efficiency amidst higher freight rates. The decline in LTV ratio from 20.2% to 13.0% highlights the company’s ability to deleverage rapidly through strong operating cash flows and asset sales, providing flexibility for future capital allocation or potential strategic moves such as industry consolidation.

Investor Presentation Details

Hafnia hosted an online investor presentation immediately following the results release on August 28, 2026. The event was broadcast via live video webcast.

Meeting ID: 380 648 822 630 727 Passcode: 3uE2AS3K

A recording of the presentation is available on the Hafnia Investor Relations page.

Hafnia Limited has appointed Søren Steenberg Jensen as its new Chief Executive Officer (CEO), effective September 1, 2026. Jensen, currently the Executive Vice President (EVP) and Head of Asset Management, will succeed Mikael Skov, who is stepping down after leading the company since its establishment in 2010. The leadership change marks a planned transition for the product tanker platform.

Mikael Skov will step down from his role as CEO on September 1, 2026. Following his departure, he is proposed to join Hafnia’s board of directors, subject to confirmation at a proposed Extraordinary General Meeting. Skov has been credited with building Hafnia into one of the world’s leading product tanker platforms.

Andreas Sohmen-Pao, Chairman of Hafnia, highlighted Skov's leadership in developing a strong market position and high-quality fleet. The Board expressed confidence in Jensen, citing his business acumen and long-standing involvement in Hafnia’s strategy and culture as key reasons for his selection as the natural successor.

Søren Steenberg Jensen stated his focus will be on continuing a disciplined approach to raise the company's delivery ceiling through commercial execution, operational excellence, digitalization, and a culture of ongoing improvement. Mikael Skov noted that Hafnia is in a strong position with a clear strategy and expressed confidence in Jensen's ability to lead the company into its next chapter.

About Hafnia Limited

Hafnia is a leading tanker owner transporting oil, oil products, and chemicals for major national and international oil companies, chemical companies, trading companies, and utility companies. The company owns and operates around 200 vessels, offering a fully integrated shipping platform that includes technical management, commercial and chartering services, pool management, and a large-scale bunker procurement desk.

Hafnia is part of the BW Group, an international shipping group involved in oil and gas transportation, floating gas infrastructure, environmental technologies, and deep-water production for over 80 years. This disclosure is subject to the requirements of Section 5-12 of the Norwegian Securities Trading Act.