Hafnia Limited · OSL:HAFNI
Hafnia — Q2 2026 Earnings Presentation
34 slides from Hafnia's earnings presentation, Aug 28, 2026
Slide 1: Condensed Consolidated Interim Financial Information Q2 and H1 2026
HAFNIA CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-(UNAUDITED)-Q2-AND-H1 2026 Hafnia Limited Condensed Consolidated Interim Financial Information Q2 and H1 2026 1
Slide 2: CEO letter: Six months after the conflict in the Persian Gulf began
HAFNIA CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-(UNAUDITED)-Q2-AND-H1 2026 Six months after the conflict in the Persian Gulf began, the market has not yet normalized. The partial reopening of the Strait of Hormuz after the ceasefire memorandum was signed in June proved short-lived, as th
Slide 3: Hafnia's strategy does not change on 1 September
HAFNIA CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-(UNAUDITED)-Q2-AND-H1 2026 "Hafnia's strategy does not change on 1 September. My focus will be on disciplined commercial execution and operational excellence through what may remain a volatile period. The capital allocation framework set ou
Slide 4: Table of Contents
HAFNIA CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-(UNAUDITED)-Q2-AND-H1 2026 Table of Contents Highlights – Q2 and H1 2026................................................................................................................ 6 Key figures .........................................
Slide 5: Safe Harbour Statement
HAFNIA CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-(UNAUDITED)-Q2-AND-H1 2026 Safe Harbour Statement Disclaimer regarding forward-looking statements in the • changes in international treaties, governmental regulations, tax and interim report trade matters and actions taken by regulatory aut
Slide 6: Highlights – Q2 and H1 2026
HAFNIA CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-(UNAUDITED)-Q2-AND-H1 2026 Highlights – Q2 and H1 2026 Financial – Q2 In Q2 2026, Hafnia recorded a net profit of USD 277.8 million, equivalent to a profit of USD 0.56 per share1 (Q2 2025: USD 75.3 million, equivalent to a profit of USD 0.1
Slide 7: Highlights – Market
HAFNIA CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-(UNAUDITED)-Q2-AND-H1 2026 Highlights – Q2 and H1 2026 CONTINUED Market Market Fundamentals The second quarter saw continued disruption to Arabian Gulf flows due to the closure of the Strait of Hormuz. According to the International Energy
Slide 8: Highlights – Fleet
HAFNIA CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-(UNAUDITED)-Q2-AND-H1 2026 Highlights – Q2 and H1 2026 CONTINUED Fleet1 At the end of the quarter, Hafnia’s fleet consisted of 103 owned vessels2 and 9 time chartered-in vessels. The Group’s total fleet includes 10 LR2s, 28 LR1s (including
Slide 9: Highlights – Dividend and Conference Call
HAFNIA CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-(UNAUDITED)-Q2-AND-H1 2026 Highlights – Q2 and H1 2026 CONTINUED Hafnia will pay a quarterly dividend of USD 0.5003 per share. The record date will be 8 September 2026. For shares registered in the Euronext VPS Oslo Stock Exchange, dividend
Slide 10: Key figures
HAFNIA CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-(UNAUDITED)-Q2-AND-H1-2026 Key figures USD million Q1 2026 Q2 2026 H1 2026 Income Statement Operating revenue (Hafnia vessels and TC vessels) 412.9 505.7 918.6 Profit before tax 180.5 279.2 459.7 Profit for the period 179.7 277.8 457.5 Fina
Slide 11: Coverage of earning days
HAFNIA CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-(UNAUDITED)-Q2-AND-H1-2026 Coverage of earning days As of 17 August 2026, 80% of the projected total operating days in Q3 2026 were covered at USD 30,716 per day. The tables below show the figures for Q3 2026, Q3 to Q4 2026 and the full yea
Slide 12: Coverage of earning days CONTINUED
HAFNIA CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-(UNAUDITED)-Q2-AND-H1-2026 Coverage of earning days CONTINUED Joint Venture Fleet1 Fleet overview Q3 2026 Q3 to Q4 2026 2027 Joint ventures vessels (average during the period) LR2 4.0 4.0 4.0 LR1 6.0 6.0 6.0 MR 4.6 4.3 4.0 Total 14.6 14.3 1
Slide 13: Tanker segment results
HAFNIA CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-(UNAUDITED)-Q2-AND-H1-2026 Tanker segment results LR2 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Operating days (owned) 545 541 540 546 Operating days (TC -in) – – – - TCE (USD per operating day)1 36,527 33,163 35,316 46,855 Spot TCE (USD per operatin
Slide 14: Risk factors, Dividend for Q2, Responsibility statement
HAFNIA CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-(UNAUDITED)-Q2-AND-H1-2026 Risk factors The Group’s results are largely dependent on the worldwide market for transportation of refined oil products. Market conditions for shipping activities are typically volatile and, as a consequence, th
Slide 15: Condensed consolidated statement of comprehensive income
HAFNIA CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-(UNAUDITED)-Q2-AND-H1-2026 Condensed consolidated statement of comprehensive income (Unaudited) For the 3 months For the 3 months For the 6 months For the 6 months ended 30 June 2026 ended 30 June 2025 ended 30 June 2026 ended 30 June 2025
Slide 16: Condensed consolidated balance sheet
HAFNIA CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-(UNAUDITED)-Q2-AND-H1-2026 Condensed consolidated balance sheet As at 30 June 2026 As at 31 December 2025 USD’000 USD’000 (Unaudited) (Audited) Vessels and scrubbers 2,138,295 2,344,757 Dry docking 110,966 114,636 Right-of-use assets – Vess
Slide 17: Condensed consolidated statement of changes in equity
HAFNIA CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-(UNAUDITED)-Q2-AND-H1-2026 Condensed consolidated statement of changes in equity (Unaudited) Share-based Share Translatio Hedging Treasury Capital payment Fair value Retained capital n reserve reserve shares reserve reserve reserve earnings
Slide 18: Condensed consolidated statement of cash flows
HAFNIA CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-(UNAUDITED)-Q2-AND-H1-2026 Condensed consolidated statement of cash flows (Unaudited) For the 3 months For the 3 months For the 6 months For the 6 months ended 30 June 2026 ended 30 June 2025 ended 30 June 2026 ended 30 June 2025 USD’000 US
Slide 19: Notes to the Condensed Consolidated Interim Financial Information
HAFNIA CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-(UNAUDITED)-Q2-AND-H1-2026 Notes to the Condensed Consolidated Interim Financial Information (Unaudited) These notes form an integral part of and should be read in conjunction with the accompanying condensed consolidated financial informati
Slide 20: Note 4: Revenue; Note 5: Property, plant and equipment
HAFNIA CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-(UNAUDITED)-Q2-AND-H1-2026 Note 4: Revenue For the 3 months ended For the 3 months ended For the 6 months ended For the 6 months ended 30 June 2026 30 June 2025 30 June 2026 30 June 2025 USD’000 USD’000 USD’000 USD’000 Hafnia Vessels and TC
Slide 21: Note 5: Property, plant and equipment CONTINUED
HAFNIA CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-(UNAUDITED)-Q2-AND-H1-2026 Note 5: Property, plant and equipment CONTINUED a. The Group organises the commercial management of its fleet of vessels into seven1 (2025: nine) individual commercial pools: LR1, Panamax, MR, Handy, Chemical-MR,
Slide 22: Note 6: Shareholders' equity
HAFNIA CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-(UNAUDITED)-Q2-AND-H1-2026 Note 6: Shareholders’ equity a. Issued and fully paid share capital Share capital Number of shares USD’000 At 1 January 2026 512,563,532 1,093,055 Cancellation of treasury shares (12,721,253) (27,129) At 30 June 2
Slide 23: Note 7: Borrowings
HAFNIA CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-(UNAUDITED)-Q2-AND-H1-2026 Note 7: Borrowings As at 30 June 2026 As at 31 December 2025 USD’000 USD’000 Current Bank borrowings 197,949 184,773 Sale and leaseback liabilities 5,774 5,925 Other lease liabilities 27,778 21,876 Total current b
Slide 24: Note 7: Borrowings CONTINUED
HAFNIA CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-(UNAUDITED)-Q2-AND-H1-2026 Note 7: Borrowings CONTINUED As at 30 June 2026, bank borrowings of joint ventures consist of eight credit facilities (31 December 2025: ten credit facilities) from external financial institutions (excluded from L
Slide 25: Note 7: Borrowings CONTINUED; Note 8: Commitments
HAFNIA CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-(UNAUDITED)-Q2-AND-H1-2026 Note 7: Borrowings CONTINUED Interest rates The weighted average effective interest rates per annum of total borrowings, excluding the effect of interest rate swaps, at the balance sheet date are as follows: As at
Slide 26: Note 9: Financial information
HAFNIA CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-(UNAUDITED)-Q2-AND-H1-2026 Note 9: Financial information Carrying amount Fair value Fair value hedging Financial instruments/ assets at FVOCI – Mandatorily at amortised equity FVTPL – others cost instruments Total Level 1 Level 2 Level 3 To
Slide 27: Note 9: Financial information CONTINUED
HAFNIA CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-(UNAUDITED)-Q2-AND-H1-2026 Note 9: Financial information CONTINUED Carrying amount Fair value Fair value hedging Financial instruments/ assets at FVOCI – Mandatorily at amortised equity FVTPL – others cost instruments Total Level 1 Level 2
Slide 28: Note 9: Financial information; Note 10: Related party transactions
HAFNIA CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-(UNAUDITED)-Q2-AND-H1-2026 Note 9: Financial information CONTINUED The following table shows a reconciliation from the opening balances to the closing balances of the Group’s investment in unquoted equity instruments measured at FVOCI using
Slide 29: Note 11: Segment information
HAFNIA CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-(UNAUDITED)-Q2-AND-H1-2026 Note 11: Segment information LR21 LR12 MR3 Handy4 Total For the 3 months ended 30 June 2026 USD’000 USD’000 USD’000 USD’000 USD’000 Revenue (Hafnia Vessels and TC Vessels)6 29,402 136,418 248,049 93,505 507,374 Re
Slide 30: Note 11: Segment information; Note 12: Subsequent events
HAFNIA CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-(UNAUDITED)-Q2-AND-H1-2026 Note 11: Segment information CONTINUED LR21 LR12 MR3 Handy4 Total For the 3 months ended 30 June 2025 USD’000 USD’000 USD’000 USD’000 USD’000 Revenue (Hafnia Vessels and TC Vessels) 30,719 91,254 168,309 56,282 34
Slide 31: Note 13: Non-IFRS measures
HAFNIA CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-(UNAUDITED)-Q2-AND-H1-2026 Note 13: Non-IFRS measures Throughout this Interim Financial Information Q2 and H1 2026, we provide a number of key performance indicators used by our management and often used by competitors in our industry. For
Slide 32: Appendix: Joint ventures
HAFNIA CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-(UNAUDITED)-Q2-AND-H1-2026 Appendix Joint ventures The Group holds interests in the following joint ventures, each accounted for using the equity method. 30 June 2026 31 December 2025 Vista H&A Vista H&A Ecomar Complexio Seascale Ecomar Com
Slide 33: Appendix: Fleet list
HAFNIA CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-(UNAUDITED)-Q2-AND-H1-2026 Appendix CONTINUED Fleet list Vessel DWT Year Built Type Vessel DWT Year Built Type Hafnia Bering 39,067 Apr-15 Handy Hafnia Triton 109,990 Oct-19 LR2 Hafnia Soya 39,067 Nov-15 Handy Hafnia Languedoc1 109,999 Mar-
Slide 34: Appendix: Fleet list CONTINUED
HAFNIA CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-(UNAUDITED)-Q2-AND-H1-2026 Appendix CONTINUED Fleet list CONTINUED Vessel DWT Year Built Type Hafnia Lise 49,875 Sep-16 MR Hafnia Lotte 49,999 Jan-17 MR Hafnia Mikala 49,999 May-17 MR Hafnia Andrea 49,999 Jun-15 MR Hafnia Caterina 49,999 Au