Hafnia Limited · OSL:HAFNI
Hafnia — Q3 2025 Earnings Presentation
30 slides from Hafnia's earnings presentation, Dec 1, 2025
Slide 1: Quarterly Financial Investor Presentation Q3 2025
Quarterly Financial Hafnia Limited Investor Presentation Q3 2025 1 December 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 Q3 2025 Overview Industry Review & Outlook Financial Summary ESG & Strategic Projects Overview
Slide 4: Q3 2025 Key Highlights
Q3 2025 KEY HIGHLIGHTS TCE Income1 USD 247.0M YTD 9M 2025 of USD 696.9M Fee-based Businesses2 USD 7.1M YTD 9M 2025 of USD 22.9M Adjusted EBITDA1 USD 150.5M YTD 9M 2025 of USD 409.7M Net Profit USD 91.5M (USD 0.18 per share3) YTD 9M 2025 of USD 230.0M (USD 0.46 per share3) Dividends USD 73.2M (USD 0.
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 Strong Shareholder Returns
DELIVERING 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 Including 200 123% share buybacks Above 40 % 50 % Including Above 30 % but equal to or below 40 % 60 % 18
Slide 7: Agenda
Agenda Q3 2025 Overview Industry Review & Outlook Financial Summary ESG & Strategic Projects Overview
Slide 8: Continued Strength in the Product Tanker Market
CONTINUED STRENGTH IN THE PRODUCT TANKER MARKET CPP on Water (Q2-to-Q3 Evolution) CPP on Water vs Average Daily Loadings (Handy - LR2 excluding 20+ years) m barrels m barrels m barrels 510 24 30 490 20 17.5 470 23 10 450 0 430 22 -10 410 390 21 -20 -22.8 370 -30 350 20 -40 Jan Feb Apr Sep Jan Feb Ja
Slide 9: Increase in Ton-Days and Earnings
INCREASE IN TON-DAYS AND EARNINGS Historical Ton-Days vs MR & LR1 Earnings (Handy - LR2 excluding 20+ years) m ton-days USD / day 64 60,000 Sentiment Fundamental 62 50,000 60 Fundamental 40,000 58 56 30,000 54 20,000 52 Sentiment Sentiment 10,000 50 48 0 Jan Jan Jan Jan Sep Jan Mar Sep Jan Jan Sep J
Slide 10: Newbuilds versus DPP Transition 2025
NEWBUILDS VERSUS DPP TRANSITION 2025 LR2 Newbuild versus LR2 Transition (YTD 2025) Handy - LR2 (YTD 2025) NB DWT versus LR2 Transition # Vessels m DWT 10 15 Coated LR2 Newbuild 45% of YTD 2025 coated Newbuild DPP transition 12 Program entered DPP trade 88% 0 10 -10 +48 5 -20 -53 -30 0 -40 -5.4 -5 -5
Slide 11: 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) # Vessels # Vessels 900 500 800 +19 Relevant Tankers EU-19th package 50/50 Split Clean and Dirty 400 700 Non-Sanctioned Dark Fleet 600 281 vessels 300 500 4
Slide 12: CPP DWT Capacity Development (YTD 2025)
CPP DWT CAPACITY DEVELOPMENT (YTD 2025) Handy – LR2 Clean Trading DWT Development % Clean DWT Development m DWT % 14 6% 5.5% 12 5% 10 5.4 4% 8 3.0% 3% 6 12.0 2% 4 5.5 1% 2 0.5% 1.1 0 0% Deliveries LR2 DPP Transiton Sanctioned 2025 DWT Capacity increase % Increase % incl DPP Transition excl % incl DP
Slide 13: CPP DWT Capacity Development (2025-2028)
CPP DWT CAPACITY DEVELOPMENT (2025-2028) @ 72.5% LR2-Aframax Transition Global Tonnage Supply # DWT % # Vessels 260 20% 40 35 250 4 30 15% 10 240 25 11.1% 11 20 230 10% 15 224 220 10 5.1% 5% 5 210 0 Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 200 0% Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 2025 2026
Slide 14: Crude Tanker CPP Cannibalization
CRUDE TANKER CPP CANNIBALIZATION m Tons USD/day 2.0 90,000 1.8 80,000 1.6 70,000 1.4 60,000 1.2 50,000 1.0 40,000 0.8 30,000 0.6 20,000 0.4 0.2 10,000 0.0 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Qtr
Slide 15: 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 • The known newbuil
Slide 16: Inventory Levels Below Historical Averages
INVENTORY LEVELS BELOW HISTORICAL AVERAGES Europe Diesel Inventories Refinery Maintenance By Region m barrels Barrels (‘000) 440 1,200 1,141 435 998 430 1,000 425 800 420 699 635 415 600 410 500 500 405 400 400 211 229 200 158 395 124 390 Aug Aug Aug Apr Apr Apr Feb Mar May Sep Feb Mar May Sep Feb M
Slide 17: Global Average Refinery Margins (Crack Spread Proxy)
GLOBAL AVERAGE REFINERY MARGINS (CRACK SPREAD PROXY) USD/barrel USD/ton 16 60 14 50 12 1-Dec-25 40 10 8 30 6 20 4 10 2 0 0 01-Jan-25 02-Feb-25 06-Mar-25 07-Apr-25 09-May-25 10-Jun-25 12-Jul-25 13-Aug-25 14-Sep-25 16-Oct-25 17-Nov-25 Deep conversion refining margins for default mode in World in USD/b
Slide 18: USG and East to Europe ULSD Arbitrage
USG AND EAST TO EUROPE ULSD ARBITRAGE Ultra-low Sulfur Diesel (ULSD) USG-Europe Arbitrage ULSD East-Europe Arbitrage USD/MTS USD/MTS USD/MTS 730 45 40 710 35 40 35 690 670 35 30 650 30 630 25 610 25 590 20 20 570 17 550 15 15 Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Nov Dec Jan Fe
Slide 19: Lowered Russian CPP Exports
LOWERED RUSSIAN CPP EXPORTS Russian Oil Exports (Handy – VLCC) Middle Distillate Flow Correlation m barrels/day ‘000 barrels/day m barrels/day m barrels/day 7.0 2.5 450 1.4 400 1.3 1.2 350 6.5 1.1 2.0 300 1.0 250 6.0 0.9 200 0.8 1.5 150 0.7 5.5 100 0.6 50 0.5 5.0 1.0 0 0.4 Jan Feb Jan Mar Sep Feb Ap
Slide 20: Suez Reopening Consequential Calculation
SUEZ REOPENING CONSEQUENTIAL CALCULATION # MR Equivalents 200 150 100 +181 -230 50 0 -6 +43 -50 -100 Suez Transit Opening Gains Reduction Good Hope Transit Cross Hemispehere Volume Re-gains Re-Opening MR Equiv. Impact • With the Israel Hamas ceasefire, a gradual reopening of the Red Sea is expected.
Slide 21: Agenda
Agenda Q3 2025 Overview Industry Review & Outlook Financial Summary ESG & Strategic Projects Overview
Slide 22: Q3 & YTD 9M 2025 Financial Summary
Q3 & YTD 9M 2025 FINANCIAL SUMMARY Income Statement Q3 2024 YTD 2024 Q3 2025 YTD 2025 USDm Return on Equity (annualised) TCE income1 361.6 1,157.7 247.0 696.9 20% Other operating income2 7.8 28.3 7.1 24.2 15.9% Vessel operating & technical management expenses (77.5) (229.5) (79.7) (228.7) 13.2% 13.4
Slide 23: Operating Summary
OPERATING SUMMARY Completed and Estimated Drydock Schedule Q3 2025 Vessel Segment Breakdown (Total # of drydock and offhire days) # Days Operating Operating Spot TCE1 TCE1 Calendar days OPEX 800 days (Owned) days (TC-in) (USD/day) (USD/day) (excl TC-in) (USD/day) 744 LR2 545 - 37,625 36,527 552 8,45
Slide 24: Robust Financial Strength
ROBUST FINANCIAL STRENGTH Strong balance sheet maintained on the back of recent refinancing Deleveraging Journey Total Liquidity & Hedge Ratio USDm USDm USDm 1,500 5,000 700 100% 504 ~636 3,388 4,000 600 1,000 Weighted average 80% 3,000 hedged rate of 696 500 2.11% 2,000 500 54.2% 60% 400 1,000 0 0
Slide 25: 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 800 Coverage1 as of November 14, 2025 600 ~585 Q4 2025 2026 Analysts’ 400 ~350 Consensus3 Covered Covered rates Covered Covered rates 200 (%) (USD/day)
Slide 26: Agenda
Agenda Q3 2025 Overview Industry Review & Outlook Financial Summary ESG & Strategic Projects Overview
Slide 27: 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 28: 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 29: 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 30: Thank you
Thank you www.hafnia.com