Höegh’s Q2 profits hit the skids

HÖEGH Autoliners has described its second quarter results as “solid”, despite recording sharp falls in year-on-year EBITDA and profit.

Second quarter 2026 gross revenue was USD 376 million/NOK 3,541 million, operating profit (EBITDA) was USD 122 million/ NOK 1,150 million, and net profit after tax was USD 86 million/NOK 807 million.

In the year prior the figures were USD 367 million, USD 166 million and USD 123 million.

In presenting the latest results Andreas Enger, CEO of Höegh Autoliners, said Q2 was impacted by geopolitical disruption that increased fuel costs and operational complexity across the company’s network.

“Despite these challenges, we maintained reliable service offerings and found bespoke solutions for affected cargo together with our customers. Looking ahead, strong and growing demand for ro-ro shipping gives us confidence in our ability to create long-term shareholder value,” Mr Enger said.

The company listed highlights as:

• Chinese vehicle exports exceeded 1 million units in June, 1H up 66% year-on-year.
• The Middle East conflict continued to impact operations with disruption to Middle East trades.
• Elevated fuel price with negative impact to Q2 performance as fuel surcharge revenue has 5-6 months time-lag.
• One-off re-routing of cargo during Q2 and rising fuel inventory increasing working capital.
• Refinanced bank debt with extended maturity and reduced margin.
• Q2 2026 dividend of USD 16 million (USD 0.0839 per share) declared and will be paid end of August.

According to Höegh Autoliners the outlook remains positive: “Demand for ocean transportation is accelerating, supported by strong growth in exports from China for both vehicles and High & Heavy. The capacity market is further tightening with +60% increase in July charter index price vs Q1.

“Q3 remains impacted by high fuel prices and delayed BAF revenue, while cash conversion is expected back to normal," the company stated.

"Normalised performance with full run-rate BAF compensation is expected within Q3. Q3 EBITDA is expected to be in line with Q2 2026."