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Integrated freight & logistics · Industrials · Fiscal year ends Dec 31
Hafnia reported revenue of $2.3B in the fiscal year ended Dec 2025, down 20.5% from the year before. Operating income was $370M, an operating margin of 16.2%, and net income was $340M. Operating cash flow of $603M less capital expenditure of $146M left free cash flow of $457M. Net debt was $930M.
Ranks among the 10 integrated freight & logistics companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Revenue | 1,927 | 2,672 | 2,869 | 2,282 |
| Gross profit | 1,347 | 1,367 | 1,391 | 956 |
| Operating income | 823 | 858 | 806 | 370 |
| Interest expense | 91.1 | 77.4 | 52.4 | 49.8 |
| Pre-tax income | 758 | 800 | 778 | 342 |
| Income tax | 6.7 | 6.3 | 4.4 | 2.5 |
| Net income | 752 | 793 | 774 | 340 |
| Diluted EPS | 1.54 | 1.56 | 1.50 | 0.67 |
| Diluted shares | 489 | 509 | 515 | 504 |
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Cash & equivalents | 280 | 223 | 284 | 193 |
| Receivables | – | 590 | 504 | 522 |
| Inventory | – | 108 | 94.2 | 69.0 |
| Current assets | – | 933 | 900 | 844 |
| Total assets | – | 3,914 | 3,702 | 3,812 |
| Payables | – | 385 | 313 | 354 |
| Current liabilities | – | 661 | 654 | 572 |
| Short-term debt | – | 267 | 336 | 213 |
| Long-term debt | – | 1,025 | 786 | 910 |
| Total liabilities | – | 1,686 | 1,440 | 1,482 |
| Shareholders' equity | 2,009 | 2,228 | 2,263 | 2,330 |
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Operating cash flow | 771 | 1,061 | 1,030 | 603 |
| Capital expenditure | 447 | 184 | 49.6 | 146 |
| Free cash flow | 324 | 876 | 981 | 457 |
| Depreciation & amortisation | 209 | 211 | 215 | 202 |
| Stock-based compensation | 1.8 | 2.8 | 3.0 | 3.2 |
| Dividends paid | 244 | 544 | 700 | 199 |
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Revenue growth (YoY) | – | 38.7% | 7.4% | −20.5% |
| Operating income growth (YoY) | – | 4.2% | −6.1% | −54.1% |
| EPS growth (YoY) | – | 1.3% | −3.8% | −55.3% |
| Gross margin | 69.9% | 51.2% | 48.5% | 41.9% |
| Operating margin | 42.7% | 32.1% | 28.1% | 16.2% |
| Net margin | 39.0% | 29.7% | 27.0% | 14.9% |
| Return on equityBlank when equity is negative | 37.4% | 35.6% | 34.2% | 14.6% |
| ROCEEBIT ÷ (assets − current liabilities) | – | 26.4% | 26.4% | 11.4% |
| Free cash flow margin | 16.8% | 32.8% | 34.2% | 20.0% |
| Cash conversion (CFO ÷ net income) | 1.03x | 1.34x | 1.33x | 1.77x |
| Receivable days | – | 81 | 64 | 83 |
| Inventory days | – | 30 | 23 | 19 |
| Payable days | – | 108 | 77 | 97 |
| Interest cover | 9.04x | 11.1x | 15.4x | 7.43x |
| Debt ÷ equity | – | 0.58x | 0.50x | 0.48x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | 1,070 | 839 | 930 |
| Current ratio | – | 1.41x | 1.38x | 1.48x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.