Hafnia Limited · OSL:HAFNI
Hafnia — Q4 2025 Earnings Presentation
28 slides from Hafnia's earnings presentation, Feb 26, 2026
Slide 1: Hafnia Quarterly Financial Investor Presentation Q4 2025
Hafnia Hafnia Quarterly Limited Financial Hafnia Quarterly Financial Investor Presentation Q4 2025 26 February 2026
Slide 2: Disclaimer – Safe Harbour Message
DISCLAIMER – SAFE HARBOUR MESSAGE IMPORTANT: You must read the following before continuing. The following applies to this document, the oral presentation of the information in this document by Hafnia Limited (the "Company") or any person on behalf of the Company, and any question-and-answer session
Slide 3: Agenda
Agenda Q4 2025 Overview Industry Review & Outlook Financial Summary ESG & Strategic Projects Overview
Slide 4: Q4 2025 Key Highlights
Q4 2025 KEY HIGHLIGHTS TCE Income1 USD 259.0M Full Year 2025 of USD 955.9M Fee-based Businesses USD 6.9M Full Year 2025 of USD 29.8M2 Adjusted EBITDA1 USD 149.7M Full Year 2025 of USD 559.5M Net Profit USD 109.7M (USD 0.22 per share3) Full Year 2025 of USD 339.7M (USD 0.68 per share3) Q4 2025 Divide
Slide 5: Unparalleled Investment Opportunity
UNPARALLELED INVESTMENT OPPORTUNITY Fully integrated shipping platform with 100% alignment of interests and no fee leakage CORE COMPLEMENTARY CONSISTENT ACTIVE VESSEL ADJACENT SHAREHOLDER MANAGEMENT ACTIVITIES BUSINESSES DISTRIBUTION STRATEGY # Vessels Owned1 / Commercial Pool Platform Transparent D
Slide 6: Delivering Consistently Strong Shareholder Returns
DELIVERING CONSISTENTLY STRONG SHAREHOLDER RETURNS Consistent dividend payout supported by a transparent dividend policy Hafnia Dividends and Share Buybacks Net loan-to-value (LTV)1 Payout of net profit USDm 123% Including share buybacks Above 40 % 50 % 200 Above 30 % but equal to or below 40 % 60 %
Slide 7: Outperforming Peers While Maintaining Cost Discipline
OUTPERFORMING PEERS WHILE MAINTAINING COST DISCIPLINE Total Shareholder Returns1 Since February 2023 Q1-Q3 2025 Peers2 Cost Comparison % USD/day 120% Total Returns 1-Year 2-Year 3-Year 12,000 Hafnia 32.9% 20.6% 75.3% 11,008 100% 10,000 9,704 80% 8,000 60% 40% 6,000 20% 4,000 0% 2,000 -20% -40% 0 Feb
Slide 8: Agenda
Agenda Q4 2025 Overview Industry Review & Outlook Financial Summary ESG & Strategic Projects Overview
Slide 9: Strong Fundamentals in the Tanker Market
STRONG FUNDAMENTALS IN THE TANKER MARKET Dirty Petroleum Products (DPP) on Water Clean Petroleum Products (CPP) on Water m barrels m barrels m barrels 1,450 350 480 333 470 1,400 460 300 1,350 450 1,300 440 250 430 1,250 420 1,200 200 410 197 1,150 400 1,100 150 390 Jan Mar Sep Nov Jan May Mar Sep J
Slide 10: Increase in Ton-Days and Earnings
INCREASE IN TON-DAYS AND EARNINGS Historical Ton-Days vs MR & LR1 Earnings (Handy - LR2 excluding sanctioned tankers) m Ton-Days USD/day 70 60,000 68 50,000 66 64 40,000 62 60 30,000 58 20,000 56 54 10,000 52 50 0 Nov Nov Nov Nov Nov Nov Nov Nov Jan Jan Jan Jan Jan Mar May Sep Jan Jan Mar May Sep Ma
Slide 11: Higher Cargo Volumes and Tonne-Miles
HIGHER CARGO VOLUMES AND TONNE-MILES CPPs and Chemicals Dirty Petroleum Products m barrels/day b tonne-miles/day m barrels/day b tonne-miles/day 11 60 32 24 10.0 10.1 29.8 9.9 10 29.1 30 9.6 55 28.4 22 27.8 28 8.6 9 26.7 26.5 8.4 50 26.2 26.1 8.2 20 8.0 8.0 26 8 24.7 19.5 19.0 19.2 45 18.7 24 18 44.
Slide 12: Aframax and LR2 Trading Transition
AFRAMAX AND LR2 TRADING TRANSITION Aframax/LR2 Trading Clean versus Dirty Coated Aframax Newbuild Transition to DPP Trade # Vessels # Vessels 100% 265 580 80% 569 80% 570 75% 260 60% 63% 560 255 40% 550 250 20% 26% 540 244 0% 245 2022 2023 2024 2025 530 240 Coated Aframax in DPP Trade 520 521 55% 54
Slide 13: Sanctioned Fleet to Limit Tanker Overall Supply
SANCTIONED FLEET TO LIMIT TANKER OVERALL SUPPLY OFAC, UK and UN Sanctioned Tonnage (Handy – VLCC) # Vessels 1,000 900 800 700 600 500 400 300 200 100 0 2020 2021 2022 2023 2024 2025 2026 HANDY MR Panamax/LR1 Aframax/LR2 Suezmax VLCC • UK, UN, and OFAC have sanctioned more than 500 tankers in 2025, w
Slide 14: Handy-VLCC Sanctioned and Shadow Fleet
HANDY-VLCC SANCTIONED AND SHADOW FLEET Sanctioned and Shadow Fleet Breakdown Sanctioned and Shadow Fleet Total % # Vessels # Vessels 2,000 25% 600 20% 18.6% 20% 1,500 1,078 15% 500 15.6% 1,000 12.0% 10% 15% 500 12.6% 246 819 5% 400 0 0% 9.9% Sanctioned (LHS) Shadow (LHs) Fraudulent Flag % (RHS) 300
Slide 15: Orderbook and Scrap Landscape
ORDERBOOK AND SCRAP LANDSCAPE Handy – LR2 Handy – VLCC m DWT m DWT # Vessels 30 30 1,500 1,366 25 38m DWT 25 1,200 1,132 1,133 43m DWT 1,013 23 20 20 920 17 17 900 29 DWT 776 728 15 15 15 14 600 10 9 11 10 336 300 5 5 4 0 0 0 2026 2027 2028 2026 2027 2028 2029 2030 2026 2027 2028 2029 Orderbook Scra
Slide 16: CPP DWT Capacity Development (2025)
CPP DWT CAPACITY DEVELOPMENT (2025) Handy – LR2 Clean Trading DWT Development % Clean DWT Development m DWT % 14 5% 12 4% 2.2% 10 5.5 3% 8 4.9% 6 12.4 2% 2.1% 4 5.5 1% 2 1.4 0.6% 0 0% Deliveries LR2 DPP Transiton DWT Sanctioned 2025 DWT Capacity increase % Increase DPP Transition % Sanctions % % inc
Slide 17: Daily Loaded Volumes Within Age Groups
DAILY LOADED VOLUMES WITHIN AGE GROUPS Handy – VLCC m barrels/day m Ton-Days 80 700 600 75 71 492 500 69 69 70 69 66 7 400 4 65 6 3 7 258 300 60 200 63 64 63 62 61 55 100 50 0 2022 2023 2024 2025 2026 Barrels 0<20 YRS (LHS) Barrels 20-24 YRS (LHS) Barrels 25+ Yrs (LHS) Non-Sanctioned) Ton-Days 20-24
Slide 18: Inventory Levels on the Rise
INVENTORY LEVELS ON THE RISE Europe Diesel Inventories USG and NW Europe Average Refinery Margins m Barrels USD/barrel USD/day 435 25 40,000 425 20 35,000 415 412 15 30,000 405 10 25,000 395 5 20,000 385 375 0 15,000 Feb Sep Feb Sep Feb Mar Apr May Mar Apr May Mar Apr Sep Sep Sep Sep Jan Aug Jan Aug
Slide 19: Agenda
Agenda Q4 2025 Overview Industry Review & Outlook Financial Summary ESG & Strategic Projects Overview
Slide 20: Q4 & Full Year 2025 Financial Summary
Q4 & FULL YEAR 2025 FINANCIAL SUMMARY Income Statement Q4 2024 FY 2024 Q4 2025 FY 2025 USDm Return on Equity (annualised) TCE income1 233.6 1,391.3 259.0 955.9 25% Other operating income2 6.9 35.2 6.9 31.1 Vessel operating & technical management expenses (76.7) (306.2) (80.5) (309.2) 20% 19.1% Chart
Slide 21: Robust Financial Strength
ROBUST FINANCIAL STRENGTH Strong balance sheet despite increase in net LTV Deleveraging Journey Total Liquidity & Hedge Ratio USDm USDm USDm 2,000 5,000 500 80% 4,500 324 ~428 4,000 400 Weighted average 1,500 3,472 hedged rate of 60% 3,500 2.17% 44.6% 3,000 300 1,000 932 2,500 40% 2,000 200 1,500 50
Slide 22: Operating Summary
OPERATING SUMMARY Completed and Estimated Drydock Schedule Q4 2025 Vessel Segment Breakdown (Total # of drydock and offhire days) Operating Operating Spot TCE1 TCE1 Calendar days OPEX # Days days (Owned) days (TC-in) (USD/day) (USD/day) (excl TC-in) (USD/day) 2025 2026 800 744 LR2 541 - 35,307 33,16
Slide 23: Earnings Scenarios and Fleet Coverage
EARNINGS SCENARIOS AND FLEET COVERAGE Product tanker fundamentals support positive 2026 earnings outlook Earnings Scenarios for Full Year 2026 USDm 750 ~590 500 Coverage1 as of February 11, 2026 Analysts’ ~375 Consensus3 250 Q1 2026 2026 0 5 FY 2026 Adj EBITDA FY 2026 Net Income Covered Covered rate
Slide 24: Agenda
Agenda Q4 2025 Overview Industry Review & Outlook Financial Summary ESG & Strategic Projects Overview
Slide 25: ESG Commitments and Targets
ESG COMMITMENTS AND TARGETS Environmental Social Governance 40% reduction Zero harm across our operations Zero compliance in our fleet’s carbon intensity by 2028 (compared to 2008 ✓ Lost Time Incident Frequency < 0.4 observation ✓ Total Recordable Case Frequency < 1.0 observation breaches levels) ✓
Slide 26: Hafnia Strategic Project Highlights
HAFNIA STRATEGIC PROJECT HIGHLIGHTS STRATEGIC PARTNERSHIPS DRIVING SUSTAINABLE GROWTH Seascale Energy Complexio ▪ Joint venture with Cargill to create a stronger bunker ▪ Co-founder of Complexio, a foundational AI, to advance data procurement entity, Seascale Energy. automation. ▪ Aims to deliver co
Slide 27: Experienced Management Team
EXPERIENCED MANAGEMENT TEAM Leveraging decades of maritime expertise to drive sustainable growth and enhance shareholder value Mikael Skov Perry Van Echtelt Søren Skibdal Winther Thomas Andersen CEO CFO VP, Commercial EVP, IR, Research & Performance Management ms@hafnia.com pve@hafnia.com ssw@hafnia
Slide 28: Thank you
Thank you www.hafnia.com