Hafnia Ltd (HAFN) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.51	$0.47	-7.8%	—	$815.8M	—
Q1 26	$0.25	$0.29	+16.0%	—	$671.2M	—
Q4 25	$0.22	$0.24	+9.1%	—	$593M	—
Q3 25	$0.16	$0.18	+12.5%	—	$586.9M	—
Q2 25	$0.14	$0.15	+7.1%	—	$554.2M	—
Q1 25	$0.14	$0.13	-7.1%	—	$547.9M	—
Q4 24	$0.13	$0.13	0.0%	—	$532.9M	—
Q3 24	$0.33	$0.39	+18.2%	—	$719.7M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$0.68	—	—	$2.3B	—
FY24	—	$1.52	—	—	$2.9B	—
FY23	—	$1.57	—	—	$2.7B	—
FY22	—	$1.57	—	—	$1.9B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$302.3M	$346.5M	$368.4M	$827.9M	$874.1M	$811.2M	$1.9B	$2.7B	$2.9B	$2.3B
YoY change	-7.49%	+14.6%	+6.32%	+124.7%	+5.59%	-7.19%	+137.5%	+38.7%	+7.37%	-20.5%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	302.3M	346.5M	368.4M	827.9M	874.1M	811.2M	1.9B	2.7B	2.9B	2.3B
Cost of revenue	274.7M	318.2M	326.1M	646.5M	635M	775.3M	1.1B	1.8B	2B	1.8B
Gross profit	27.6M	28.2M	42.3M	181.3M	239.1M	35.9M	840.4M	852.1M	849.6M	438.2M
Gross margin	9.13%	8.15%	11.5%	21.9%	27.4%	4.42%	43.6%	31.9%	29.6%	19.2%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	3.7M	3.7M	4.8M	14.9M	24.6M	28.8M	37.8M	42.8M	50.6M	50.5M
Operating expenses	50.9M	51.5M	22.7M	35M	32.7M	35.8M	42.7M	50.3M	72.4M	80.9M
Operating income	27.6M	28.2M	19.6M	146.3M	206.4M	78K	797.7M	801.9M	777.2M	357.4M
Operating margin	9.13%	8.15%	5.32%	17.7%	23.6%	0.01%	41.4%	30%	27.1%	15.7%
Non-operating income, net	—	—	-7.4M	-9.2M	-7.8M	-11.2M	47.2M	69.3M	47M	26.7M
Pretax income	-186.6M	3M	-19.8M	72.7M	151.4M	-51.1M	758.3M	799.5M	778.5M	342.2M
Income tax	6K	20K	24K	1M	2.7M	4.4M	6.7M	6.3M	4.4M	2.5M
Net income	-186.6M	3M	-19.8M	71.7M	148.8M	-55.5M	751.6M	793.3M	774M	339.7M
Net margin	-61.7%	0.86%	-5.37%	8.67%	17%	-6.84%	39%	29.7%	27%	14.9%
EBITDA	86.3M	83.4M	76M	281.3M	367.7M	149M	1B	1B	1B	584.6M
EPS	-0.5	0.01	-0.06	0.21	0.41	-0.15	1.57	1.57	1.52	0.68
Diluted EPS	-0.5	0.01	-0.06	0.21	0.41	-0.15	1.54	1.56	1.5	0.67

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	650.8M	1.2B	784.9M	831.2M	719.7M	532.9M	547.9M	554.2M	586.9M	593M	671.2M	815.8M
Cost of revenue	475.2M	965.8M	539.4M	549.4M	497.5M	432.8M	455.5M	450.9M	473.2M	464.1M	511.9M	563.5M
Gross profit	175.6M	199M	245.5M	281.8M	222.3M	100.1M	92.4M	103.2M	113.7M	128.8M	159.3M	252.2M
Gross margin	27%	17.1%	31.3%	33.9%	30.9%	18.8%	16.9%	18.6%	19.4%	21.7%	23.7%	30.9%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	16.1M	-6.6M	16.7M	—	—	—	20.7M	—	—	—	20.7M	—
Operating expenses	24.4M	-18M	12.6M	19.6M	18.9M	-29.2M	16.9M	20.2M	15.3M	-22M	29.4M	12.1M
Operating income	167.3M	180.8M	232.9M	262.2M	203.4M	78.7M	75.5M	83.1M	98.4M	100.4M	150.6M	240.1M
Operating margin	25.7%	15.5%	29.7%	31.6%	28.3%	14.8%	13.8%	15%	16.8%	16.9%	22.4%	29.4%
Non-operating income, net	3.1M	—	5.6M	8.5M	19.3M	13.6M	2.3M	3M	5.6M	15.9M	41.9M	49.9M
Pretax income	147.9M	178.3M	221.3M	260.8M	216.8M	79.6M	64.6M	78M	92.2M	107.4M	180.5M	279.2M
Income tax	932K	1.9M	1.7M	1.6M	1.2M	-61K	1.4M	2.7M	699K	-2.3M	788K	1.4M
Net income	146.9M	176.4M	219.6M	259.2M	215.6M	79.6M	63.2M	75.3M	91.5M	109.7M	179.7M	277.8M
Net margin	22.6%	15.1%	28%	31.2%	30%	14.9%	11.5%	13.6%	15.6%	18.5%	26.8%	34.1%
EBITDA	224.5M	241.8M	292.9M	328.9M	264.9M	132.7M	129.4M	141.6M	153M	160.6M	209M	297.7M
EPS	0.29	—	0.43	0.51	0.42	0.16	0.13	0.15	0.18	0.22	0.36	0.56
Diluted EPS	0.29	—	0.43	0.51	0.42	0.15	0.13	0.15	0.18	0.22	0.36	0.55

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	—	—	—	—	—	—	2.8B	2.7B	4.9B
Enterprise value	—	—	—	—	—	—	—	—	3.8B	3.7B	5.1B
Shares outstanding	370.2M	370.2M	343.2M	347M	364.4M	363.1M	477.9M	505.1M	510.1M	498.2M	498.2M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	—	—	—	—	—	3.67	7.82	6.86
P/S	—	—	—	—	—	—	—	—	0.99	1.16	1.79
P/B	—	—	—	—	—	—	—	—	1.26	1.14	1.68
EV/EBITDA	—	—	—	—	—	—	—	—	3.7	6.29	7.05
EV/Sales	—	—	—	—	—	—	—	—	1.31	1.61	1.9
Earnings yield	—	—	—	—	—	—	—	—	27.2%	12.8%	14.6%
FCF yield	—	—	—	—	—	—	—	—	34.5%	17.2%	7.44%
PEG	—	—	—	—	—	—	—	—	—	—	0.03

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	9.13%	8.15%	11.5%	21.9%	27.4%	4.42%	43.6%	31.9%	29.6%	19.2%	30.9%
Operating margin	9.13%	8.15%	5.32%	17.7%	23.6%	0.01%	41.4%	30%	27.1%	15.7%	29.5%
Net margin	-61.7%	0.86%	-5.37%	8.67%	17%	-6.84%	39%	29.7%	27%	14.9%	24.7%
ROE	-50.9%	0.74%	-3.46%	6.41%	13%	-4.99%	37.4%	35.6%	34.2%	14.6%	26.6%
ROA	-16.3%	0.24%	-1.51%	2.68%	5.85%	-2.18%	19.1%	20.3%	20.9%	8.91%	9.65%
ROIC	2.6%	2.49%	1.62%	5.83%	8.61%	0%	21.9%	23.5%	24.2%	10.6%	18%
Return on tangible assets	-16.3%	0.24%	-1.51%	2.68%	5.87%	-2.19%	19.1%	20.3%	20.9%	8.91%	16.6%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.93	0.56	1.11	1.05	1.12	1.08	1.82	1.41	1.38	1.48	1.66
Quick ratio	0.83	0.49	0.93	1.02	1.09	0.87	1.63	1.25	1.23	1.35	1.49
Debt / equity	1.99	1.94	1.21	1.29	1.14	1.2	0.88	0.58	0.5	0.48	0.33
Debt / assets	0.64	0.63	0.53	0.54	0.51	0.52	0.45	0.33	0.3	0.29	0.22
Net debt / EBITDA	8.03	8.76	8.39	4.82	3.28	8.26	1.55	1.11	0.91	1.74	0.75
Interest coverage	-8.84	1.11	0.37	2.09	4.23	-0.31	9.32	11.3	15.9	7.88	15.5
Effective tax rate	0%	0.67%	0%	1.4%	1.75%	0%	0.88%	0.78%	0.57%	0.73%	0.09%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	0.82	0.94	1.07	2.39	2.4	2.23	4.03	5.29	5.62	4.58	5.35
EPS (basic)	-0.5	0.01	-0.06	0.21	0.41	-0.15	1.57	1.57	1.52	0.68	0.68
EPS (diluted)	-0.5	0.01	-0.06	0.21	0.41	-0.15	1.54	1.56	1.5	0.67	1.3
Book value per share	0.99	1.07	1.66	3.22	3.15	3.06	4.2	4.41	4.44	4.68	5.3
FCF per share	-0.03	-0.1	0.12	-0.1	0.96	0.22	0.68	1.73	1.92	0.92	1.15
Cash per share	0.1	0.11	0.15	0.26	0.28	0.28	0.37	0.28	0.38	0.21	0.54
Capex per share	0.14	0.32	0.05	0.77	0.1	0.01	0.4	0.08	0.01	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	17.1%	34%	4.68%	32.5%	4.08%	0.31%	9.93%	1.56%	0.26%	—	—
Capex / operating cash flow	-32.2%	579.2%	35.9%	123.9%	8.32%	2.41%	24.4%	4.45%	0.66%	—	—
Payout ratio	—	—	0%	0%	66.1%	0%	32.4%	68.6%	90.4%	58.5%	56.3%
Dividend yield	—	—	—	—	—	—	—	—	24.6%	7.48%	21.9%

Yield

21.9%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.50

ex-dividend Sep 8, 2026

Payout ratio

56%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 8, 2026	$0.50
Jun 3, 2026	$0.288
Mar 5, 2026	$0.176
Dec 9, 2025	$0.147
Sep 4, 2025	$0.121
May 23, 2025	$0.102
Mar 7, 2025	$0.029
Dec 5, 2024	$0.379

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$650.8M	$1.2B	$784.9M	$831.2M	$719.7M	$532.9M	$547.9M	$554.2M	$586.9M	$593M	$671.2M	$815.8M
YoY change	+24.6%	+102.5%	+27.3%	+18.6%	+10.6%	-54.3%	-30.2%	-33.3%	-18.5%	+11.3%	+22.5%	+47.2%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	37.2M	41.4M	52.5M	91.6M	100.6M	100.1M	174.4M	141.6M	195.3M	103.6M
Receivables	34.3M	39.7M	40M	106.9M	66.2M	147.9M	221.8M	389.4M	323.2M	322.7M
Inventory	10.8M	14.6M	22.7M	7M	5.2M	70.7M	89.9M	107.7M	94.2M	69M
Total current assets	100.9M	113.2M	139.1M	334.8M	280.8M	372.5M	874.8M	932.8M	900.1M	843.9M
Property, plant & equipment	1B	1.1B	1.2B	2.3B	2.2B	2.1B	2.9B	2.8B	-1.1B	-1.1B
Goodwill & intangibles	—	—	0	6.3M	8.8M	7.1M	5.2M	2.6M	1M	83K
Total assets	1.1B	1.2B	1.3B	2.7B	2.5B	2.5B	3.9B	3.9B	3.7B	3.8B
Accounts payable	39.4M	45.1M	48.5M	21.9M	23.8M	94.9M	41.5M	220M	193.4M	239.9M
Short-term debt	68.9M	157.6M	76.9M	213.3M	179.1M	248.4M	320.1M	267.3M	336.3M	212.6M
Total current liabilities	108.3M	202.7M	125.5M	320.2M	251.7M	345.3M	481.2M	661.2M	653.8M	571.9M
Long-term debt	661.3M	614.2M	613M	1.2B	1.1B	1.1B	1.5B	1B	786M	910.4M
Total liabilities	775.6M	821.9M	743M	1.6B	1.4B	1.4B	1.9B	1.7B	1.4B	1.5B
Shareholders' equity	366.8M	397.8M	571.1M	1.1B	1.1B	1.1B	2B	2.2B	2.3B	2.3B
Total debt	730.3M	771.9M	690M	1.4B	1.3B	1.3B	1.8B	1.3B	1.1B	1.1B
Net debt	693.1M	730.5M	637.5M	1.4B	1.2B	1.2B	1.6B	1.2B	927M	1B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	124.8M	141.6M	128.9M	166.7M	197.1M	195.3M	188.1M	194M	132.5M	103.6M	146.5M	271M
Receivables	692.9M	389.4M	598.7M	623.6M	570.8M	323.2M	525.9M	466M	500.3M	322.7M	670.2M	607.2M
Inventory	9M	107.7M	111.6M	107.7M	106.2M	94.2M	92.3M	82.3M	78.2M	69M	85.7M	109.8M
Total current assets	828.2M	932.8M	939M	1B	993.5M	900.1M	901.3M	890.4M	863.9M	843.9M	1.1B	1.1B
Property, plant & equipment	2.8B	2.8B	-1B	2.7B	-1.1B	-1.1B	-1.1B	-1.2B	-1.1B	-1.1B	-967.1M	-1B
Goodwill & intangibles	1.6M	2.6M	976K	725K	617K	1M	404K	298K	191K	83K	0	0
Total assets	3.8B	3.9B	3.9B	3.9B	3.8B	3.7B	3.7B	3.7B	3.6B	3.8B	4B	4B
Accounts payable	298.9M	220M	345.1M	346.7M	320M	193.4M	347.4M	338.1M	336.2M	239.9M	420M	410.1M
Short-term debt	263.7M	267.3M	250.9M	325.9M	259.5M	336.3M	373M	395.6M	224.6M	212.6M	246M	231.5M
Total current liabilities	567.5M	661.2M	597M	677.2M	583.7M	653.8M	724.5M	738.4M	569.5M	571.9M	708.1M	659.9M
Long-term debt	1.1B	1B	944.9M	809M	825M	786M	693.5M	631.1M	670M	910.4M	779.5M	653.9M
Total liabilities	1.6B	1.7B	1.5B	1.5B	1.4B	1.4B	1.4B	1.4B	1.2B	1.5B	1.5B	1.3B
Shareholders' equity	2.2B	2.2B	2.4B	2.4B	2.4B	2.3B	2.3B	2.3B	2.3B	2.3B	2.5B	2.6B
Total debt	1.3B	1.3B	1.2B	1.1B	1.1B	1.1B	1.1B	1B	894.5M	1.1B	1B	885.4M
Net debt	1.2B	1.2B	1.1B	968.3M	887.4M	927M	878.4M	832.7M	762M	1B	879.1M	614.4M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-186.6M	3M	-19.8M	71.7M	148.8M	-55.5M	751.6M	793.3M	774M	339.7M
Depreciation & amortization	—	—	56.9M	131.5M	156.4M	151.7M	209.2M	211M	215.1M	202.1M
Stock-based compensation	—	—	0	823K	1.2M	3.1M	1.8M	2.8M	3M	3.2M
Change in working capital	5.8M	-8.1M	-19.6M	-62.2M	72.5M	-38.9M	-275.7M	-156.9M	93.8M	-965K
Operating cash flow	-161M	20.4M	48M	217M	428.7M	104.8M	782.6M	933.9M	1.1B	602.9M
Capital expenditure	-51.8M	-117.9M	-17.2M	-268.8M	-35.7M	2.5M	-191.3M	-41.6M	7.5M	—
Investing cash flow	-51.8M	-117.9M	-17.2M	-285.5M	-50.4M	-48.4M	-184.9M	-45.8M	17.5M	-305.1M
Dividends paid	—	—	0	0	-98.3M	0	-243.7M	-544.1M	-699.9M	-198.6M
Share repurchases	—	—	0	-500K	-12.6M	—	—	—	-49.2M	-27.7M
Financing cash flow	-16.7M	67.3M	-1.7M	59.6M	-301.8M	-25.9M	-375.2M	-1B	-958.5M	-268.5M
Net change in cash	-229.5M	-30.3M	29.1M	-8.9M	76.5M	30.5M	222.6M	-117.6M	197.1M	29.3M
Free cash flow	-11.8M	-36.6M	42.4M	-36.2M	349.9M	79.4M	323.5M	876.4M	980.7M	456.7M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	146.9M	176.4M	219.6M	259.2M	215.6M	79.6M	63.2M	75.3M	91.5M	109.7M	179.7M	277.8M
Depreciation & amortization	53.5M	—	54.1M	54.8M	53.6M	52.5M	49.6M	51.1M	52.1M	49.3M	48.1M	47.2M
Stock-based compensation	676K	680K	559K	1.1M	775K	521K	664K	843K	849K	849K	802K	921K
Change in working capital	130.9M	-74.5M	-13.1M	-18.2M	53.8M	77.2M	-22.1M	63.4M	-30.5M	-11.7M	-143.1M	37.7M
Operating cash flow	355.5M	109.4M	281.8M	308.5M	331.3M	222.4M	106.7M	187.7M	118.1M	159.7M	127.7M	298.1M
Capital expenditure	-42.5M	-46.4M	-15.4M	-13.4M	21M	15.3M	-27.3M	—	—	—	—	—
Investing cash flow	-44.1M	-48.6M	-16M	4.5M	15.1M	13.8M	-30.1M	6M	8.1M	-316.3M	105K	-3.8M
Dividends paid	-128M	-102.9M	-123.5M	-175.7M	-207.3M	-193.4M	-14.6M	-50.5M	-60.3M	-73.2M	-88.1M	-143.8M
Share repurchases	—	—	—	—	—	—	-27.7M	0	0	0	0	0
Financing cash flow	-401.3M	-146M	-223.1M	-248.2M	-266.7M	-166.5M	-106.4M	-95.1M	-196.9M	130M	-190.6M	-299.4M
Net change in cash	-89.9M	-85.1M	42.7M	64.7M	79.7M	69.8M	-29.8M	98.5M	-70.7M	-26.6M	-62.8M	-5.1M
Free cash flow	291M	152.9M	233.1M	287.2M	276.4M	183.9M	110M	146.7M	74.1M	125.8M	106.9M	277.5M

Hafnia Ltd Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement