Hafnia Limited · OSL:HAFNI
Hafnia — Q1 2026 Earnings Presentation
36 slides from Hafnia's earnings presentation, May 27, 2026
Slide 1: Hafnia Limited Condensed Consolidated Quarterly Financial Information Q1 2026
HAFNIA QUARTERLY-FINANCIAL-INFORMATION-Q1 -2026 Hafnia Limited Condensed Consolidated Quarterly Financial Information Q1 2026 1
Slide 2: CEO letter: Q1 2026 geopolitical disruption to oil markets
HAFNIA QUARTERLY-FINANCIAL-INFORMATION-Q1 -2026 The first quarter of 2026 was defined by a geopolitical disruption to global oil markets without modern precedent. The closure of the Strait of Hormuz fundamentally reshaped global crude and refined product trade flows. At the same time, attacks on Mid
Slide 3: CEO letter continued: outlook and market environment
HAFNIA QUARTERLY-FINANCIAL-INFORMATION-Q1 -2026 estimates refinery throughput will plunge by 4.5 mb/d in the second quarter. Even if the Strait gradually reopens, structural damage to Gulf infrastructure is expected to drive a prolonged rerouting of global product trade flows, supporting tonne- mile
Slide 4: Table of Contents
HAFNIA QUARTERLY-FINANCIAL-INFORMATION-Q1 -2026 Table of Contents Safe Harbour Statement ....................................................................................................................... 5 Highlights – Q1 2026 ....................................................................
Slide 5: Safe Harbour Statement
HAFNIA QUARTERLY-FINANCIAL-INFORMATION-Q1 -2026 Safe Harbour Statement Disclaimer regarding forward-looking statements in the • changes in our operating expenses, including fuel or cooling down interim report prices and lay-up costs when vessels are not on charter, drydocking and insurance costs; Ma
Slide 6: Highlights – Q1 2026
HAFNIA QUARTERLY-FINANCIAL-INFORMATION-Q1 -2026 Highlights – Q1 2026 Financial – Q1 In Q1 2026, Hafnia recorded a net profit of USD 179.7 million, equivalent to a profit of USD 0.36 per share1 (Q1 2025: USD 63.2 million, equivalent to a profit of USD 0.13 per share). The fee-based businesses generat
Slide 7: Highlights – Q1 2026 Continued: Market
HAFNIA QUARTERLY-FINANCIAL-INFORMATION-Q1 -2026 Highlights – Q1 2026 CONTINUED Market Market Fundamentals The product tanker market entered 2026 on a seasonally firm footing, supported by higher crude production and a meaningful shift of LR2 vessels into dirty trading, before the outbreak of war in
Slide 8: Fleet
HAFNIA QUARTERLY-FINANCIAL-INFORMATION-Q1 -2026 Fleet1 At the end of the quarter, Hafnia’s fleet consisted of 109 owned vessels2 and 9 chartered-in vessels. The Group’s total fleet includes 10 LR2s, 29 LR1s (including two bareboat-chartered in and two time-chartered in), 56 MRs of which 13 are IMO I
Slide 9: Highlights – Q1 2026 Continued
HAFNIA QUARTERLY-FINANCIAL-INFORMATION-Q1 -2026 Highlights – Q1 2026 CONTINUED Hafnia will pay a quarterly dividend of USD 0.2877 per share. The record date will be 4 June 2026. For shares registered in the Euronext VPS Oslo Stock Exchange, dividends will be distributed in NOK with an ex-dividend da
Slide 10: Key figures
HAFNIA CONDENSED-CONSOLIDATED-QUARTERLY-FINANCIAL-INFORMATION-Q1-2026 Key figures USD million Q2 2025 Q3 2025 Q4 2025 Q1 2026 Income Statement Operating revenue (Hafnia vessels and TC vessels) 346.6 366.5 368.4 412.9 Profit before tax 78.0 92.2 107.4 180.5 Profit for the period 75.3 91.5 109.7 179.7
Slide 11: Condensed consolidated statement of comprehensive income
HAFNIA CONDENSED-CONSOLIDATED-QUARTERLY-FINANCIAL-INFORMATION-Q1-2026 Condensed consolidated statement of comprehensive income For the 3 months For the 3 months ended 31 March 2026 ended 31 March 2025 USD’000 USD’000 Revenue (Hafnia Vessels and TC Vessels)1 412,923 340,343 Revenue (External Vessels
Slide 12: Condensed consolidated balance sheet
HAFNIA CONDENSED-CONSOLIDATED-QUARTERLY-FINANCIAL-INFORMATION-Q1-2026 Condensed consolidated balance sheet As at 31 March 2026 As at 31 December 2025 USD’000 USD’000 Vessels and scrubbers 2,162,313 2,344,757 Dry docking 105,346 114,636 Right-of-use assets – Vessels 36,549 38,413 Other property, plan
Slide 13: Condensed consolidated statement of changes in equity
HAFNIA CONDENSED-CONSOLIDATED-QUARTERLY-FINANCIAL-INFORMATION-Q1-2026 Condensed consolidated statement of changes in equity Share-based Fair Share Share Contributed Translation Hedging Treasury Capital payment value Retained capital premium surplus reserve reserve shares reserve reserve reserve earn
Slide 14: Condensed consolidated statement of cash flows
HAFNIA CONDENSED-CONSOLIDATED-QUARTERLY-FINANCIAL-INFORMATION-Q1-2026 Condensed consolidated statement of cash flows For the 3 months ended 31 For the 3 months ended 31 March 2026 March 2025 USD’000 USD’000 Cash flows from operating activities Profit for the financial period 179,730 63,190 Adjustmen
Slide 15: Dividend policy
HAFNIA CONDENSED-CONSOLIDATED-QUARTERLY-FINANCIAL-INFORMATION-Q1-2026 Dividend policy Hafnia will target a quarterly payout ratio of net profit, adjusted for extraordinary items, of: • 50% payout of net profit if net loan-to-value is above 40%, • 60% payout of net profit if net loan-to-value is abov
Slide 16: Coverage of earning days
HAFNIA CONDENSED-CONSOLIDATED-QUARTERLY-FINANCIAL-INFORMATION-Q1-2026 Coverage of earning days As of 13 May 2026, 73% of the projected total operating days in Q2 2026 were covered at USD 46,600 per day. The tables below show the figures for Q2 2026, Q2 to Q4 2026 and the full year figures for 2027.
Slide 17: Coverage of earning days Continued
HAFNIA CONDENSED-CONSOLIDATED-QUARTERLY-FINANCIAL-INFORMATION-Q1-2026 Coverage of earning days CONTINUED Joint Venture Fleet1 Fleet overview Q2 2026 Q2 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 6.0 6.0 6.0 Total 16.0 16.0 16.0 Covered, % LR
Slide 18: Tanker segment results
HAFNIA CONDENSED-CONSOLIDATED-QUARTERLY-FINANCIAL-INFORMATION-Q1-2026 Tanker segment results LR2 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Operating days (owned) 545 545 541 540 Operating days (TC -in) – – – – TCE (USD per operating day)1 38,241 36,527 33,163 35,316 Spot TCE (USD per operating day)1 38,596 37
Slide 19: Note 1: Property, plant and equipment
HAFNIA CONDENSED-CONSOLIDATED-QUARTERLY-FINANCIAL-INFORMATION-Q1-2026 Notes to the Condensed Consolidated Quarterly Financial Information These notes form an integral part of and should be read in conjunction with the accompanying condensed consolidated financial information. Note 1: Property, plant
Slide 20: Note 1: Property, plant and equipment Continued
HAFNIA CONDENSED-CONSOLIDATED-QUARTERLY-FINANCIAL-INFORMATION-Q1-2026 Note 1: Property, plant and equipment CONTINUED b. During the quarter, the Group disposed of three LR1 vessels, two MR vessels (classified as assets held for sale) and a Handy vessel for sales proceeds of USD 128.9 million. c. The
Slide 21: Note 2: Borrowings
HAFNIA CONDENSED-CONSOLIDATED-QUARTERLY-FINANCIAL-INFORMATION-Q1-2026 Note 2: Borrowings As at 31 March 2026 As at 31 December 2025 USD’000 USD’000 Current Bank borrowings 219,536 184,773 Sale and leaseback liabilities 6,258 5,925 Other lease liabilities 20,231 21,876 Total current borrowings 246,02
Slide 22: Note 2: Borrowings Continued
HAFNIA CONDENSED-CONSOLIDATED-QUARTERLY-FINANCIAL-INFORMATION-Q1-2026 Note 2: Borrowings CONTINUED As at 31 March 2026, bank borrowings of joint ventures consist of ten credit facilities (31 December 2025: ten credit facilities) from external financial institutions (excluded from LTV ratio under key
Slide 23: Note 2: Borrowings Continued; Note 3: Commitments
HAFNIA CONDENSED-CONSOLIDATED-QUARTERLY-FINANCIAL-INFORMATION-Q1-2026 Note 2: 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 31 March 2026 As
Slide 24: Note 4: Financial information
HAFNIA CONDENSED-CONSOLIDATED-QUARTERLY-FINANCIAL-INFORMATION-Q1-2026 Note 4: 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 Total USD’000 USD’0
Slide 25: Note 4: Financial information Continued
HAFNIA CONDENSED-CONSOLIDATED-QUARTERLY-FINANCIAL-INFORMATION-Q1-2026 Note 4: 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 Level 3 Total USD
Slide 26: Note 4: Financial information Continued
HAFNIA CONDENSED-CONSOLIDATED-QUARTERLY-FINANCIAL-INFORMATION-Q1-2026 Note 4: Financial information CONTINUED The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques. The Group uses a variety of methods and makes assumptions that ar
Slide 27: Note 5: Joint ventures
HAFNIA CONDENSED-CONSOLIDATED-QUARTERLY-FINANCIAL-INFORMATION-Q1-2026 Note 5: Joint ventures 31 March 2026 31 December 2025 USD’000 USD’000 Interest in joint ventures 107,789 97,821 a. Vista Shipping • Vista Shipping Pte. Ltd. and its subsidiaries (“Vista Shipping”) is a joint venture in which the G
Slide 28: Note 5: Joint ventures Continued
HAFNIA CONDENSED-CONSOLIDATED-QUARTERLY-FINANCIAL-INFORMATION-Q1-2026 Note 5: Joint ventures CONTINUED 31 March 2026 31 December 2025 USD’000 USD’000 Percentage ownership interest 50% 50% Non-current assets 58,650 59,271 Current assets 5,499 5,071 Non-current liabilities (40,415) (41,151) Current li
Slide 29: Note 5: Joint ventures Continued
HAFNIA CONDENSED-CONSOLIDATED-QUARTERLY-FINANCIAL-INFORMATION-Q1-2026 Note 5: Joint ventures CONTINUED 31 March 2026 31 December 2025 USD’000 USD’000 Percentage ownership interest 50% 50% Non-current assets 213,631 185,498 Current assets 16,632 13,872 Non-current liabilities (198,101) (172,098) Curr
Slide 30: Note 5: Joint ventures Continued
HAFNIA CONDENSED-CONSOLIDATED-QUARTERLY-FINANCIAL-INFORMATION-Q1-2026 Note 5: Joint ventures CONTINUED 31 March 2026 31 December 2025 USD’000 USD’000 Percentage ownership interest 36.7% 36.7% Non-current assets 6,381 6,956 Current assets 2,302 6,401 Non-current liabilities (219) - Current liabilitie
Slide 31: Note 6: Segment information
HAFNIA CONDENSED-CONSOLIDATED-QUARTERLY-FINANCIAL-INFORMATION-Q1-2026 Note 6: Segment information LR21 LR12 MR3 Handy4 Total For the 3 months ended 31 March 2026 USD’000 USD’000 USD’000 USD’000 USD’000 Revenue (Hafnia Vessels and TC Vessels) 20,690 130,936 177,862 84,006 413,494 Revenue (External Ve
Slide 32: Note 7: Subsequent events
HAFNIA CONDENSED-CONSOLIDATED-QUARTERLY-FINANCIAL-INFORMATION-Q1-2026 Note 7: Subsequent events On 3 April 2026, the Group announced that it had signed a contract for the construction of eight MR newbuild product tankers with Hyundai Heavy Industries (HHI), for a total purchase price of approximatel
Slide 33: Note 8: Fleet list
HAFNIA CONDENSED-CONSOLIDATED-QUARTERLY-FINANCIAL-INFORMATION-Q1-2026 Note 8: Fleet list Year Year Vessel DWT Type Vessel DWT Type Built Built Hafnia Bering 39,067 Apr-15 Handy Hafnia Neso 109,990 Jul-19 LR2 Hafnia Magellan3 39,067 May-15 Handy Hafnia Thalassa 109,990 Sep-19 LR2 Hafnia Soya 39,067 N
Slide 34: Note 8: Fleet list Continued
HAFNIA CONDENSED-CONSOLIDATED-QUARTERLY-FINANCIAL-INFORMATION-Q1-2026 Note 8: 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 Aug-15 MR Orient Challenge 1 4
Slide 35: Note 9: Non-IFRS measures
HAFNIA CONDENSED-CONSOLIDATED-QUARTERLY-FINANCIAL-INFORMATION-Q1-2026 Note 9: Non-IFRS measures Throughout this Quarterly Financial Information Q1 2026, we provide a number of key performance indicators used by our management and often used by competitors in our industry. Adjusted EBITDA “Adjusted E
Slide 36: Note 9: Non-IFRS measures Continued
HAFNIA CONDENSED-CONSOLIDATED-QUARTERLY-FINANCIAL-INFORMATION-Q1-2026 Note 9: Non-IFRS measures CONTINUED We present TCE income per operating day1, a non-IFRS measure, as we believe it provides additional meaningful information in conjunction with revenues, the most directly comparable IFRS measure,