Revenue growth accelerated to 22.5% in 2026Q1, while gross margins recovered to 23.7% from a 2025Q1 trough of 16.9%.
| Sales/Revenue | 2.41B | 2.35B | 2.87B | 2.67B | 1.93B | 811.22M | 874.1M | 827.86M | 368.39M | 346.48M | 302.31M |
| Revenue Growth % | -8.59% | -18.12% | 7.37% | 38.68% | 137.49% | -7.19% | 5.59% | 124.72% | 6.32% | 14.61% | - |
| Cost of Goods Sold | 1.91B | 1.93B | 2.02B | 1.82B | 1.09B | 623.64M | 634.98M | 646.54M | 326.13M | 318.24M | 274.72M |
| COGS % of Revenue | - | 81.98% | 70.38% | 68.11% | 56.38% | 76.88% | 72.64% | 78.1% | 88.53% | 91.85% | 90.87% |
| Gross Profit | 496.74M | 423.2M | 849.63M | 852.14M | 840.42M | 187.57M | 239.12M | 181.31M | 42.26M | 28.24M | 27.59M |
| Gross Margin % | 20.65% | 18.02% | 29.62% | 31.89% | 43.62% | 23.12% | 27.36% | 21.9% | 11.47% | 8.15% | 9.13% |
| Gross Profit Growth % | - | -50.19% | -0.29% | 1.39% | 348.05% | -21.56% | 31.89% | 329.06% | 49.64% | 2.35% | - |
| Operating Expenses | 68.41M | 87.37M | 43.9M | -5.81M | 17.21M | 192.43M | 45.55M | 35.71M | 30.07M | -1.65M | 193.98M |
| OpEx % of Revenue | - | 3.72% | 1.53% | -0.22% | 0.89% | 23.72% | 5.21% | 4.31% | 8.16% | -0.48% | 64.17% |
| Selling, General & Admin | 54.06M | 87.37M | 50.6M | 42.82M | 37.77M | 16.01M | 24.61M | 6.26M | 3.54M | 3.71M | 3.7M |
| SG&A % of Revenue | - | 3.72% | 1.76% | 1.6% | 1.96% | 1.97% | 2.82% | 0.76% | 0.96% | 1.07% | 1.22% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | -6.7M | -48.62M | -20.56M | 176.42M | 20.95M | 29.45M | 26.52M | -5.36M | 190.28M |
| Operating Income | 428.34M | 335.83M | 805.73M | 857.95M | 823.21M | -4.86M | 193.57M | 145.6M | 12.19M | 29.89M | -166.39M |
| Operating Margin % | 17.81% | 14.3% | 28.09% | 32.11% | 42.73% | -0.6% | 22.14% | 17.59% | 3.31% | 8.63% | -55.04% |
| Operating Income Growth % | - | -58.32% | -6.09% | 4.22% | 17049% | -102.51% | 32.94% | 1094.25% | -59.21% | 117.96% | - |
| EBITDA | 628.93M | 543.9M | 1.02B | 1.07B | 1.03B | 146.82M | 350.01M | 277.11M | 69.06M | 84.07M | -106.81M |
| EBITDA Margin % | 26.15% | 23.16% | 35.59% | 40.01% | 53.59% | 18.1% | 40.04% | 33.47% | 18.75% | 24.26% | -35.33% |
| EBITDA Growth % | -26.77% | -46.72% | -4.5% | 3.54% | 603.19% | -58.05% | 26.31% | 301.27% | -17.86% | 178.71% | - |
| D&A (Non-Cash Add-back) | 200.59M | 208.07M | 215.11M | 211.03M | 209.22M | 151.68M | 156.44M | 131.5M | 56.87M | 54.18M | 59.58M |
| EBIT | 479.04M | 335.83M | 830.83M | 876.91M | 849.36M | -12.1M | 198.38M | 139.76M | 11.75M | 29.25M | -167.63M |
| Net Interest Income | -38.93M | -45.91M | -45.13M | -59.76M | -92.69M | -43.31M | -51.86M | -73.71M | -30.03M | -27.19M | -20.22M |
| Interest Income | 10.13M | 13.89M | 15.41M | 17.63M | 1.54M | 2.29M | 2.21M | 3.82M | 241.57K | 105.11K | 587.89K |
| Interest Expense | 49.06M | 59.8M | 60.55M | 77.39M | 94.23M | 45.61M | 54.07M | 77.53M | 30.27M | 27.3M | 20.8M |
| Other Income/Expense | 29.8M | 16.4M | -27.27M | -58.42M | -64.95M | -46.25M | -42.14M | -72.85M | -31.95M | -26.9M | -20.22M |
| Pretax Income | 458.14M | 352.23M | 778.45M | 799.53M | 758.27M | -51.1M | 151.43M | 72.75M | -19.76M | 2.98M | -186.6M |
| Pretax Margin % | 19.05% | 15% | 27.14% | 29.93% | 39.36% | -6.3% | 17.32% | 8.79% | -5.36% | 0.86% | -61.73% |
| Income Tax | 1.86M | 2.57M | 4.42M | 6.25M | 6.68M | 4.39M | 2.65M | 1.01M | 24K | 20K | 6K |
| Effective Tax Rate % | 0.41% | 0.73% | 0.57% | 0.78% | 0.88% | -8.59% | 1.75% | 1.4% | -0.12% | 0.67% | -0% |
| Net Income | 456.27M | 349.66M | 774.03M | 793.27M | 751.59M | -55.49M | 148.78M | 71.73M | -19.78M | 2.96M | -186.61M |
| Net Margin % | 18.97% | 14.89% | 26.98% | 29.69% | 39.01% | -6.84% | 17.02% | 8.67% | -5.37% | 0.86% | -61.73% |
| Net Income Growth % | -26.13% | -54.83% | -2.43% | 5.55% | 1454.39% | -137.3% | 107.4% | 462.64% | -767.6% | 101.59% | - |
| Net Income (Continuing) | 456.27M | 349.66M | 774.03M | 793.27M | 751.59M | -55.49M | 148.78M | 71.73M | -19.78M | 2.96M | -186.61M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 208.91M |
| EPS (Diluted) | 0.90 | 0.69 | 1.50 | 1.56 | 1.51 | -0.15 | 0.45 | 0.21 | -0.15 | 0.03 | 0.07 |
| EPS Growth % | -24.17% | -54% | -3.85% | 3.31% | 1106.67% | -133.33% | 114.29% | 240% | -649.45% | -60.66% | - |
| EPS (Basic) | - | 0.70 | 1.52 | 1.57 | 1.54 | -0.15 | 0.45 | 0.21 | -0.15 | 0.03 | 0.07 |
| Diluted Shares Outstanding | 505.32M | 504.11M | 515.11M | 508.69M | 489.08M | 363.13M | 364.36M | 349.8M | 122.49M | 109.63M | 109.63M |
| Basic Shares Outstanding | 498.57M | 498.18M | 510.1M | 505.14M | 477.89M | 363.13M | 364.36M | 347.05M | 122.49M | 109.63M | 109.63M |
| Dividend Payout Ratio | - | 58.48% | 90.42% | 68.59% | 32.43% | - | 66.08% | - | - | - | - |
Cyclical TCE Rate Volatility
According to the latest quarterly data, Hafnia's revenue growth accelerated to 22.5% in 2026Q1, marking a significant recovery from the contractionary trends observed throughout 2025, as the company capitalized on favorable ton-mile demand shifts and sustained tightness in the global product tanker market environment.
The recent revenue acceleration suggests that the company is successfully leveraging its pool management model to capture higher spot market rates. Investors should monitor whether this growth is sustainable or merely a reflection of temporary geopolitical rerouting that has extended average voyage lengths.
As reported in the income statement, Hafnia's gross margin expanded to 23.7% in 2026Q1, recovering from a low of 16.9% in 2025Q1, which indicates that the company is regaining pricing power as the supply-demand balance for refined product tankers tightens across key global trade routes.
While the margin expansion is encouraging, it remains below the peak levels seen in 2024, suggesting that inflationary pressures on bunker fuel and crew costs continue to act as a drag on profitability. The ability to maintain these margins will likely depend on the company's success in optimizing vessel positioning through its proprietary pool network.
Based on the provided financial figures, Hafnia demonstrated improved operating leverage in 2026Q1, with operating income scaling to $150.6M on $671.2M of revenue, suggesting that the company's administrative and pool management overhead remains well-contained even as the fleet activity levels fluctuate significantly across different reporting periods.
The company's ability to keep SG&A expenses relatively low relative to gross profit highlights the scalability of its logistics-focused business model. This operational discipline appears to be a key differentiator, allowing the firm to translate revenue gains into bottom-line growth more efficiently than smaller, less integrated peers.
Data from recent filings reveals that Hafnia's net income volatility remains high, with EPS swinging from $0.13 in 2025Q1 to $0.36 in 2026Q1, which may indicate that the company's earnings quality is heavily tethered to the inherent, unpredictable nature of spot market freight rate cycles.
Skeptics might argue that the recent earnings improvement is driven by external geopolitical factors rather than internal operational improvements, leaving the company vulnerable to a sudden reversal in trade flows. Investors should investigate the extent to which non-operating items or vessel sales have influenced these headline figures, as core operational performance may be less robust than the net income growth suggests.
Quick answers to the most common questions about buying HAFN stock.
For fiscal year 2025, Hafnia Limited (HAFN) reported total revenue of $2.35B. This represents a 677.0% increase compared to $302.3M in 2016.
Hafnia Limited (HAFN) is profitable, generating $349.7M in net income for the fiscal year ending 2025 with a net profit margin of 14.9%.
Hafnia Limited (HAFN) reported an operating income of $335.8M, resulting in an operating profit margin of 14.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Hafnia Limited (HAFN) generated $423.2M in gross profit for the year, representing a gross profit margin of 18.0%. This demonstrates the company's core pricing power and production efficiency.