Hafnia Limited · OSL:HAFNI
Hafnia — Q2 2025 Earnings Presentation
26 slides from Hafnia's earnings presentation, Aug 27, 2025
Slide 1: Quarterly Financial Investor Presentation Q2 2025
Quarterly Financial Hafnia Limited Investor Presentation Q2 2025 27 August 2025
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 Q2 2025 Overview Industry Review & Outlook Financial Summary ESG & Strategic Projects Overview
Slide 4: Q2 2025 Key Highlights
Q2 2025 KEY HIGHLIGHTS TCE Income1 USD 231.2M 1H 2025 of USD 449.9M Commercial Pool & Bunker2 USD 7.9M 1H 2025 of USD 15.8M Adjusted EBITDA1 USD 134.2M 1H 2025 of USD 259.3M Net Profit USD 75.3M (USD 0.15 per share3) 1H 2025 of USD 138.5M (USD 0.28 per share) Dividends USD 60.3M (80% of net profit)
Slide 5: Unparalleled Investment Opportunity
UNPARALLELED INVESTMENT OPPORTUNITY Fully integrated shipping platform with 100% alignment of interests and no fee leakage CORE COMPLEMENTARY CONSISTENT VESSEL ADJACENT SHAREHOLDER ACTIVITIES BUSINESSES DISTRIBUTION # Vessels Owned1 / Chartered-in Commercial Pool Platform Transparent Dividend Policy
Slide 6: Delivering Strong Shareholder Returns
DELIVERING STRONG SHAREHOLDER RETURNS Leveraging a strategic mix of cash dividends and share buybacks to maximize shareholder returns Hafnia Dividends and Share Buybacks USDm Net loan-to-value (LTV)1 Payout of net profit Including 123% share buybacks 400 Above 40 % 50 % Including share buybacks Abov
Slide 7: Agenda
Agenda Q2 2025 Overview Industry Review & Outlook Financial Summary ESG & Strategic Projects Overview
Slide 8: Positive Momentum in Product Recovery
POSITIVE MOMENTUM IN PRODUCT RECOVERY CPP on Water (Q2-to-Q3 Evolution) CPP on Water vs Average Daily Loadings (Handy - LR2 excluding 20+ years) m barrels m barrel/day # Mio Barrels 550 22 30 20.8 20 500 21 10 450 0 20 -10 400 -20 19 350 -23.1 -30 300 18 -40 Jan Mar Sep Jan Jan May Mar Sep Mar Sep J
Slide 9: Higher Cargo Volumes and Tonne-Miles
HIGHER CARGO VOLUMES AND TONNE-MILES CPPs and Chemicals Dirty Petroleum Products b tonne-miles/day m barrels/day b tonne-miles/day m barrels/day 27 11 55 34 10.0 10.1 32.7 9.5 9.5 32.2 32.1 25 9.0 32 8.8 30.9 8.8 30.5 8.6 9 30.4 30.0 23 50 50.6 29.3 30 49.3 22.1 49.0 22.1 22.1 28 21.8 21.7 48.4 21 7
Slide 10: Ton-Days and Earnings Development
TON-DAYS AND EARNINGS DEVELOPMENT CPPs Ton-days Development (Handy – LR2) East to West Arbitrage (Handy – LR2) m barrels Ton-days USD/day 64 60,000 100 62 50,000 90 60 40,000 80 58 30,000 70 56 20,000 60 54 10,000 50 52 50 0 40 Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Jan Feb
Slide 11: Refinery Margins and Maintenance
REFINERY MARGINS AND MAINTENANCE Refinery Margins Across Crude Slates Global Refinery Maintenance USD/barrel # m barrels 11 12 10 10 9 8 8 7 6 6 5 4 4 2 3 2 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1
Slide 12: Inventory Levels Below Historical Averages
INVENTORY LEVELS BELOW HISTORICAL AVERAGES OECD Europe Days Forward Cover OECD Americas Days Forward Cover # Days # Days 60 55 55 50 50 45 45 40 40 35 35 30 30 Qtr1 Qtr3 Qtr1 Qtr3 Qtr1 Qtr3 Qtr1 Qtr3 Qtr1 Qtr3 Qtr1 Qtr3 Qtr1 Qtr3 Qtr1 Qtr3 Qtr1 Qtr3 Qtr1 Qtr3 Qtr1 Qtr1 Qtr3 Qtr1 Qtr3 Qtr1 Qtr3 Qtr1
Slide 13: Crude Cannibalization
CRUDE CANNIBALIZATION Large Tanker CPP Cannibalization Clean and Dirty DWT Supply m MT USD/Day M DWT (Dirty) m DWT (Clean) 2.0 55,000 150 390 385 1.5 45,000 145 380 1.0 35,000 140 375 0.5 25,000 135 370 0.0 15,000 130 365 Jan Aug Feb Jan Aug Mar Apr May Sep Feb Jul Nov Dec Mar Apr May Jun Jul Jun Oc
Slide 14: Scrap and Aging Support Constructive Supply Outlook
SCRAP AND AGING SUPPORT CONSTRUCTIVE SUPPLY OUTLOOK Handy - VLCC m DWT 100 167m DWT 90 89 80 70 60 114m DWT 50 41 87m DWT 40 36 30 34 19 29 27 18 26 26 20 24 10 0 2025 2026 2027 2028 2025 2026 2027 2028 2029 2030 2031 Orderbook Scrap & Ageing HDY MR LR1/PMAX LR2/Afra Suezmax VLCC • Known newbuild pr
Slide 15: Sanctioned Fleet to Limit Overall Supply
SANCTIONED FLEET TO LIMIT OVERALL SUPPLY OFAC, UK and UN Sanctioned Tonnage (Handy – VLCC) Vessels in Dark/Grey Trade (Excl Sanctioned Tonnage) m DWT # Vessel Count # Vessels 120 1000 120 106 107 103 Non-Sanctioned Dark Fleet 335 vessels 100 100 100 (As of August 2025) 94 800 785 79 80 80 600 58 58
Slide 16: Agenda
Agenda Q2 2025 Overview Industry Review & Outlook Financial Summary ESG & Strategic Projects Overview
Slide 17: Q2 & 1H 2025 Financial Summary
Q2 & 1H 2025 FINANCIAL SUMMARY Income Statement Total Liquidity & Hedge Ratio Q2 2024 1H 2024 Q2 2025 1H 2025 USDm USDm 500 Weighted average 80% TCE income1 417.4 796.2 231.2 449.9 262 ~456 hedged rate of 1.95% Other operating income2 10.7 20.5 8.1 17.1 400 55.0% 60% Vessel operating & technical man
Slide 18: Operating Summary
OPERATING SUMMARY Completed and Estimated Drydock Schedule Q2 2025 Vessel Segment Breakdown (Total # of drydock and offhire days) # days Operating Spot TCE2 TCE2 Calendar days OPEX 700 days1 (USD/day) (USD/day) (excl TC-in) (USD/day) 630 LR2 545 38,596 38,241 546 8,299 LR1 2,170 28,216 28,164 2,093
Slide 19: Robust Financial Strength
ROBUST FINANCIAL STRENGTH Strong balance sheet maintained despite market adjustment Deleveraging Journey Recent USD 715 Million Refinancing USDm USDm 2,000 5,000 • On July 10, 2025, Hafnia concluded a USD 715 million amortizing Revolving Credit Facility (RCF). 4,000 RCF # 1,500 Secured fleet 32 vess
Slide 20: Earnings Scenarios and Fleet Coverage
EARNINGS SCENARIOS AND FLEET COVERAGE Product tanker fundamentals support positive 2025 earnings outlook Earnings Scenarios for Full Year 2025 USDm 750 ~550 500 Coverage1 as of August 15, 2025 Analysts’ ~310 Consensus3 250 Q3 2025 Q3 & Q4 2025 0 6 Covered Covered rates Covered Covered rates FY 2025
Slide 21: Agenda
Agenda Q2 2025 Overview Industry Review & Outlook Financial Summary ESG & Strategic Projects Overview
Slide 22: 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 23: 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 24: Market Leader with Unparalleled Scale
MARKET LEADER WITH UNPARALLELED SCALE MARKET LEADER OF PRODUCT AND CHEMICAL TANKERS SOLID FINANCIAL STRENGTH ▪ Industry-leading fleet of 117 owned ▪ Consistently high payout: Above 80% payout vessels ratio from dividends and share buybacks in 2024 ▪ Commercially managing a fleet of ~200 vessels acro
Slide 25: 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 26: Thank you
Thank you www.hafnia.com