Höegh Autoliners (HAUTO) Q1 2026 earnings summary

Executive summary

• Q1 2026 delivered stable financial performance and revenues of USD 360 million, up 9% year-over-year, despite operational disruptions and rising fuel costs from Middle East conflict.

• Strong demand from Asia, especially China, drove export volumes and supported rates, with Far East exports up 28% and Chinese exports up 57% year-over-year.

• Successfully exited the Persian Gulf, suspending service and rerouting to maintain regional coverage.

• Delivered the eighth Aurora Class vessel, enhancing fleet capacity and efficiency.

• Maintained high contract coverage and operational resilience through proactive network adjustments and fuel cost recovery mechanisms.

Financial highlights

• Q1 2026 EBITDA was USD 145 million, flat quarter-on-quarter, with net profit after tax at USD 103 million.

• Gross freight rate per cbm rose 1% quarter-over-quarter to USD 92.6.

• Paid USD 94 million in dividends for Q1 2026, following a USD 99 million payout in March.

• Ended Q1 2026 with USD 294 million in cash and cash equivalents and a 53% equity ratio.

• Net interest-bearing debt increased to USD 675 million due to new vessel delivery.

Outlook and guidance

• Q2 2026 expected to be impacted by a USD 20 million spike in fuel costs and a USD 10 million disruption from Middle East service suspension.

• Q2 adjusted EBITDA projected to be in line with or slightly below Q1 2026.

• Demand for ocean transportation remains firm, especially from Asia and China, but faces rising geopolitical risks.