# EDGAR Filing Document

**Accession Number:** 0001815779
**File Stem:** 0001140361-25-043709
**Filing Date:** 2025-12
**Character Count:** 151851
**Document Hash:** 1f8cd02daf7879d6bbd70f385a5951fd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-25-043709.hdr.sgml**: 20251201

**ACCESSION NUMBER**: 0001140361-25-043709

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 9

**CONFORMED PERIOD OF REPORT**: 20251201

**FILED AS OF DATE**: 20251201

**DATE AS OF CHANGE**: 20251201

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Hafnia Ltd
- **CENTRAL INDEX KEY:** 0001815779
- **STANDARD INDUSTRIAL CLASSIFICATION:** TRANSPORTATION SERVICES [4700]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** D0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41996
- **FILM NUMBER:** 251537074

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** MAPLETREE BUSINESS CITY #18-01
- **STREET 2:** 10 PASIR PANJANG ROAD, 117438
- **CITY:** SINGAPORE
- **PROVINCE COUNTRY:** U0
- **BUSINESS PHONE:** 0065 64 34 37 70

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** MAPLETREE BUSINESS CITY #18-01
- **STREET 2:** 10 PASIR PANJANG ROAD, 117438
- **CITY:** SINGAPORE
- **PROVINCE COUNTRY:** U0

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### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### Form 6-K

#### REPORT OF FOREIGN PRIVATE ISSUER

#### PURSUANT TO RULE 13a-16 OR 15d-16

#### UNDER THE SECURITIES EXCHANGE ACT OF 1934

#### For the month of December, 2025.

#### Commission File Number: 001-41996

## HAFNIA LIMITED

#### c/o Hafnia SG Pte Ltd

#### 10 Pasir Panjang Road,

#### #18-01 Mapletree Business City,

#### Singapore 117438

#### +65 6434 3770
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F ☑ Form 40-F ☐

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#### INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Attached to this Report on Form 6-K as [Exhibit 99.1](ef20059913_ex99-1.htm) is the report of Hafnia Limited (the "Company") of its condensed consolidated interim financial information results for the third quarter and nine months ended September 30, 2025.

Attached to this Report on Form 6-K as [Exhibit 99.2](ef20059913_ex99-2.htm) is a copy of the press release of the Company, announcing the Company's interim financial results for the third quarter and nine months ended September 30, 2025.

Attached to this Report on Form 6-K as [Exhibit 99.3](ef20059913_ex99-3.htm) is a copy of the press release of the Company, announcing the Company's dividend information for the third quarter 2025.

The information contained in Exhibit 99.1 to this Report on Form 6-K, except for the commentary of Hafnia CEO Mikael Skov and the section entitled "Highlights – Q3 and YTD 9M 2025" is hereby incorporated by reference into the Company's registration statement on Form F-3 (File No. 333-287637) that was filed with the U.S. Securities and Exchange Commission effective May 29, 2025.

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | |
|:---|:---|
| **HAFNIA LIMITED** | **HAFNIA LIMITED** |
| By: | /s/ Petrus Wouter Van Echtelt |
| Name: | Petrus Wouter Van Echtelt, |
| Title: | Chief Financial Officer |

---

Date: December 1, 2025

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## Exhibit 99.1

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**Exhibit 99.1**<br> ![](image00004.jpg)<br>

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| | |
|:---|:---|
| **HAFNIA** QUARTERLY-FINANCIAL-INFORMATION-Q3-2025 | ![](image00001.jpg) |

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| | |
|:---|:---|
| ![](image00003.jpg) | The product tanker market was counter-cyclically firm throughout the third quarter, driven by continued growth in clean petroleum products exports, especially from the Middle East. This market strength carried in the fourth quarter, further supported by improved refining margins and the ongoing impact of sanctions, which are still causing inefficiencies and disruptions in trading routes.<br>I am pleased to announce that Hafnia delivered strong earnings for the quarter. In Q3, we achieved a net profit of **USD 91.5 million**, our strongest quarterly result so far in 2025, with our fee-based businesses generating **USD 7.1 million**. This quarter's performance also reflects the impact of several vessels undergoing drydocking, resulting in approximately **740** off-hire days. This was around **230 days higher** than expected, mainly due to dry dock delays and two vessels undergoing special cargo tank recoating during the quarter. While several vessels are scheduled for drydocking in the coming quarters, we expect off-hire days to decrease to around **440** in the fourth quarter.<br>|

---

At the end of the third quarter, our net asset value (NAV<sup>1</sup>) stood at approximately **USD 3.4 billion**, translating to an NAV per share of about **USD 6.76** (~**NOK 67.55**). Our net Loan-to-Value (LTV) ratio improved from 24.1% in the second quarter to **20.5%,** supported by strong operational cashflows. Approximately **USD 100 million** was used to repurchase vessels under sale-and-leaseback financings**.** In addition, vessel market values have also recorded a slight uptick compared to the previous quarter.

***I am pleased to announce a payout ratio of 80% for the third quarter. We will distribute a total of USD 73.2 million or USD 0.1470 per share in dividends.***

As part of our ongoing fleet renewal policy, we divested four older vessels during the period. In September, we sold the 2011-built MR vessel Hafnia Andromeda, followed by the sale of the 2012-built MR Hafnia Lupus in October, and both the 2010-built MR Hafnia Nordica and 2011-built MR Hafnia Taurus in November.

In September, we announced a preliminary agreement to acquire 14.45% of Torm shares from Oaktree. This was followed by a binding share purchase agreement, and we are now waiting for the appointment of a new independent board chair at TORM before we can complete the acquisition.

As winter approaches, seasonal demand is expected to strengthen the oil market, supporting higher earnings through increased tonne-mile activity and operational delays. The early part of the fourth quarter has been marked by significant geopolitical developments, including ongoing sanctions and regional conflicts that continue to alter global trade flows. Recent positive developments, such as the USA-China agreement to suspend special port fees for one year, and the ceasefire between Israel and Gaza, should help reduce market fragmentation and contribute to greater stability across trade routes.

On the supply side, the outlook for product tankers remains constructive. Fleet growth in Q3 was minimal despite ongoing newbuild deliveries, largely due to vessel sanctions and the transition of LR2s into dirty trading, which has tightened availability in the clean product segment. In addition, tonnage supply crossing over from the crude sector has decreased sharply into Q4, supported by a strong crude tanker market.

Overall, these dynamics point to a favourable environment for product tanker earnings through the rest of the year, with solid fundamentals likely to carry into early 2026.

***As of 14 November 2025, 71% of our Q4 earning days are covered at an average of USD 25,610 per day, and 15% of the earning days for 2026 are covered at USD 24,506 per day.***

As we approach the end of 2025, we remain encouraged by the continued strength of the product tanker market. Despite global uncertainty, I believe Hafnia is well-positioned for the future we and expect our operational cash flow breakeven in 2026 to be below **USD 13,000/day**. We will continue to exercise financial discipline and pursue opportunities that strengthen our competitive position.

*Mikael Skov*

*CEO Hafnia*

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<sup>1</sup> NAV is calculated using the fair value of Hafnia's owned vessels (including joint venture vessels).

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|:---|:---|
| **HAFNIA** QUARTERLY-FINANCIAL-INFORMATION-Q3-2025 | ![](image00001.jpg) |

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**Table of Contents**<br>

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| | |
|:---|:---|
| [Safe Harbour Statement](#SafeHarbourStatement) | 4 |
| [Highlights – Q3 and YTD 9M 2025](#HighlightsQ3andYTD9M2025) | 5 |
| [Key figures](#Keyfigures) | 8 |
| [Condensed consolidated statement of comprehensive income](#Condensedconsolidatedstat) | 9 |
| [Condensed consolidated balance sheet](#Condensedconsolidatedbala) | 10 |
| [Condensed consolidated statement of changes in equity](#changesinequity) | 11 |
| [Condensed consolidated statement of cash flows](#fcashflows) | 12 |
| [Dividend policy](#Dividendpolicy) | 13 |
| [Coverage of earning days](#Coverageofearningdays) | 14 |
| [Tanker segment results](#Tankersegmentresults) | 15 |
| **Notes to the Condensed Consolidated Interim Financial Information** |  |
| [Note 1: Property, plant and equipment](#Note1) | 16 |
| [Note 2: Borrowings](#Note2) | 18 |
| [Note 3: Commitments](#Note3:Commitments) | 20 |
| [Note 4: Financial information](#Note4:Financialinformatio) | 21 |
| [Note 5: Joint ventures](#Note5:Jointventures) | 23 |
| [Note 6: Segment information](#Note6) | 29 |
| [Note 7: Subsequent events](#Note7:Subsequentevents) | 31 |
| [Note 8: Fleet list](#Note8:Fleetlist) | 32 |
| [Note 9: Non-IFRS measures](#Note9:Non-IFRSmeasures) | 34 |

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|:---|:---|
| **HAFNIA** QUARTERLY-FINANCIAL-INFORMATION-Q3-2025 | ![](image00001.jpg) |

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#### Safe Harbour Statement

#### Disclaimer regarding forward-looking statements in the

#### interim report
Matters discussed in this unaudited interim report of the quarterly results of Hafnia Limited (the "Company" or "Hafnia", together with its subsidiaries, the "Group") (this "Report") may constitute "forward-looking statements". The Private Securities Litigation Reform Act of 1995 provides safe harbour protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts or present facts and circumstances.

We desire to take advantage of the safe harbour provisions of the Private Securities Litigation Reform Act of 1995 and are including this cautionary statement in connection with this safe harbour legislation. This Report and any other written or oral statements made by us or on our behalf may include forward-looking statements, which reflect our current views with respect to future events and financial and operational performance.

These forward-looking statements may be identified by the use of forward-looking terminology, such as the terms "anticipates", "assumes", "believes", "can", "contemplate", "continue", "could", "estimates", "expects", "forecasts", "intends", "likely", "may", "might", "plans", "should", "potential", "projects", "seek", "target", "will", "would" or, in each case, their negative, or other variations or comparable terminology. They include statements regarding Hafnia's intentions, beliefs or current expectations concerning, among other things, the financial strength and position of the Group, operating results, liquidity, prospects, growth, the implementation of strategic initiatives, as well as other statements relating to the Group's future business development, financial performance and the industry in which the Group operates.

Prospective investors in Hafnia are cautioned that forward-looking statements are not guarantees of future performance and that the Group's actual financial position, operating results and liquidity, and the development of the industry and potential market in which the Group may operate in the future, may differ materially from those made in, or suggested by, the forward-looking statements contained in this Report. Hafnia cannot guarantee that the intentions, beliefs or current expectations upon which its forward-looking statements are based, will occur.

By their nature, forward-looking statements involve, and are subject to, known and unknown risks, uncertainties and assumptions as they relate to events and depend on circumstances that may or may not occur in the future. Actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors including, but not limited to:

• general economic, political, security, and business conditions, including the development of the ongoing war between Russia and Ukraine, the conflict between Israel and Hamas, disruptions in the
 Red Sea, sanctions and other measures;

• general chemical and product tanker market conditions, including fluctuations in charter rates, vessel values and factors affecting supply and demand of crude oil and petroleum products or
 chemicals;

• the imposition by the United States, China, EU and other countries of tariffs and other policies and regulations affecting international trade, including fees and import and export restrictions;

• changes in expected trends in recycling of vessels;

• changes in demand in the chemical and product tanker industry, including the market for LR2, LR1, MR and Handy chemical and product tankers;

• competition within our industry, including changes in the supply of chemical and product tankers;

• our ability to successfully employ the vessels in our Hafnia Fleet and the vessels under our commercial management;

• changes in our operating expenses, including fuel or cooling down prices and lay-up costs when vessels are not on charter, drydocking and insurance costs;

• changes in international treaties, governmental regulations, tax and trade matters and actions taken by regulatory authorities;

• potential disruption of shipping routes and demand due to accidents, piracy or political events;

• vessel breakdowns and instances of loss of hire;

• vessel underperformance and related warranty claims;

• our expectations regarding the availability of vessel acquisitions and our ability to complete the acquisition of newbuild vessels;

• our ability to procure or have access to financing and refinancing;

• our continued borrowing availability under our credit facilities and compliance with the financial covenants therein;

• fluctuations in commodity prices, foreign currency exchange and interest rates;

• potential conflicts of interest involving our significant shareholders;

• our ability to pay dividends;

• technological developments;

• the occurrence, length and severity of epidemics and pandemics and the impact on the demand for transportation of chemical and petroleum products;

• the impact of increasing scrutiny and changing expectations from investors, lenders and other market participants with respect to environmental, social and governance initiatives, objectives and
 compliance; and

• other factors that may affect our financial condition, liquidity and results of operations.

Additional information about material risk factors that could cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward-looking statements may be found under "Item 3. – Key Information – D. Risk Factors" of Hafnia's Annual Report on Form 20-F, filed with the U.S. Securities and Exchange Commission on 30 April 2025. Because of these known and unknown risks, uncertainties and assumptions, the outcome may differ materially from those set out in the forward-looking statements. These forward-looking statements speak only as at the date on which they are made. Hafnia undertakes no obligation to publicly update or publicly revise any forward-looking statement, whether as a result of new information, future events or otherwise. All subsequent written and oral forward-looking statements attributable to Hafnia or to persons acting on Hafnia's behalf are expressly qualified in their entirety by the cautionary statements referred to above and contained elsewhere in this Report.

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|:---|:---|
| **HAFNIA** QUARTERLY-FINANCIAL-INFORMATION-Q3-2025 | ![](image00001.jpg) |

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#### Highlights – Q3 and YTD 9M 2025

#### Financial – Q3

In Q3 2025, Hafnia Limited (the "Company" or "Hafnia", together with its subsidiaries, the "Group") recorded a net profit of **USD 91.5 million,** equivalent to a profit of USD 0.18 per share<sup>1</sup> (Q3 2024: USD 215.6 million, equivalent to a profit of USD 0.42 per share).<br>

The fee-based businesses generated earnings of **USD 7.1 million** (Q3 2024: USD 7.8 million).<br>

Time Charter Equivalent (TCE)<sup>2</sup> earnings for Hafnia were **USD 247.0 million** in Q3 2025 (Q3 2024: USD 361.6 million), resulting in an average TCE<sup>2</sup> of USD 26,040 per day.<br>

Adjusted EBITDA<sup>2</sup> was **USD 150.5 million** in Q3 2025 (Q3 2024: USD 257.0 million).<br>

As of 14 November 2025, **71%** of the total earning days of the fleet were covered for Q4 2025 at **USD 25,610** per day.<br>

For Q3 2025, Hafnia will distribute a total of **USD 73.2 million** or **USD 0.1470** per share in dividends, corresponding to a payout ratio of **80%.**<br>

#### Financial – YTD 9M

In YTD 9M 2025, Hafnia recorded a net profit of **USD 230.0 million,** equivalent to a profit of USD 0.46 per share<sup>1</sup> (YTD 9M 2024: USD 694.4 million, equivalent to a profit of USD 1.36 per share).<br>

The fee-based businesses generated earnings of **USD 22.9 million**<sup>3</sup> (YTD 9M 2024: USD 28.3 million).<br>

Time Charter Equivalent (TCE)<sup>2</sup> earnings for Hafnia Limited were **USD 696.9 million** in YTD 9M 2025 (YTD 9M 2024: USD 1,157.7 million), resulting in an average TCE<sup>2</sup> of USD 24,493 per day.<br>

Adjusted EBITDA<sup>2</sup> was **USD 409.7 million** in YTD 9M 2025 (YTD 9M 2024: USD 861.1 million).<br>

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<sup>1</sup> Based on weighted average number of shares as at 30 September 2025.

<sup>2</sup> See Non-IFRS Measures in Note 9.

<sup>3</sup> Excluding a one-off item amounting to USD 1.3 million in YTD 9M 2025. From mid-May 2025, the Group transferred its bunker procurement business to its joint venture, Seascale Energy, which is equity accounted.

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|:---|:---|
| **HAFNIA** QUARTERLY-FINANCIAL-INFORMATION-Q3-2025 | ![](image00001.jpg) |

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#### Highlights – Q3 and YTD 9M 2025 CONTINUED

#### Market
The product tanker market began the year with modest activity, but gained momentum in the third quarter, supported by increased trading volumes and strong refinery margins. This improvement was largely driven by higher export activity from the Middle East and Asia, with clean petroleum products (CPP) volumes on the water continuing to grow throughout the quarter. Daily loaded volumes also rose, indicating that the increase in oil-on-water was fuelled primarily by stronger export demand rather than longer voyage distances. Russian CPP exports declined in Q3 following Ukrainian drone attacks on several refineries, tightening Russian supply and stimulating increased trade activity in the Atlantic Basin. Replacement barrels for South America were sourced from the US Gulf Coast, adding tonne-miles to the unsanctioned fleet and pushing overall utilization.

#### Market Fundamentals
Underlying fundamentals remain strong. The ongoing closure of refineries in Europe and the United States is expected to support higher tonne-miles. Sanctions on Russian molecules and vessels trading with Russia will likely continue tightening effective supply through the remainder of 2025 and into 2026. Global oil demand also remains resilient, with the IEA forecasting an increase of 0.8 million barrels per day in 2025, to a total of 103.9 million barrels per day. On the supply side, stronger crude production and OPEC+ plans for increased output should support the product tanker market by driving higher refinery throughput.

#### Geopolitical Developments
Geopolitical tensions continue to shape market dynamics despite encouraging progress early in Q4. The Trump Administration brokered a peace plan between Israel and Hamas aimed at ending hostilities, though the reopening of Red Sea to commercial traffic will take time. Meanwhile, China introduced port fees on US-owned or operated vessels in response to USTR measures, effective October 14, but these were suspended for one year at the end of that month. While the direct impact on product tankers is limited, these developments highlight the persistent uncertainty and the influence of geopolitics on trade flows and market sentiment.

#### Supply Outlook
The supply outlook remains constructive. Fleet growth in Q3 was minimal despite ongoing newbuild deliveries, with the orderbook-to-fleet ratio declining to about 18% as of November 2025. Limited growth was driven by continued vessel sanctions and the shift of LR2s into dirty trading, which tightened supply in the clean product segment. Ship supply crossing over from the crude sector has also fallen sharply in Q4, supported by a robust crude market, further restricting available tonnage.

#### Forward View
Looking ahead to the remainder of 2025 and into 2026, the product tanker market appears well-positioned for a strong winter season. However, several key factors including trade policy shifts, evolving oil trade routes, sanctions, and ongoing geopolitical tensions will continue to shape market conditions and influence overall dynamics.

#### Fleet
At the end of the quarter, Hafnia's fleet consisted of **117** owned vessels<sup>1</sup> and **9** chartered-in vessels. The Group's total fleet includes **10 LR2s**, **32 LR1s** (including two bareboat-chartered in and two time-chartered in), **60 MRs** of which 12 are IMO II (including seven time-chartered in), and **24 Handy** vessels of which 18 are IMO II (including two bareboat-chartered in).

The average estimated broker value of the owned fleet<sup>1</sup> was **USD 3,805 million**, of which **USD 3,388 million** relates to Hafnia's 100% owned fleet, and **USD 417 million** relates to Hafnia's 50% share in the joint venture fleet.

Including Hafnia's 50% share in the joint venture fleet, the LR2 vessels had a broker value of **USD 542 million**<sup>2</sup>, the LR1 fleet had a broker value of **USD 947 million**<sup>2</sup>, the MR fleet had a broker value of **USD 1,600 million**<sup>3</sup> and the Handy vessels had a broker value of **USD 716 million**<sup>4</sup>. The unencumbered vessels had a broker value of **USD 782 million**. The chartered-in fleet had a right-of-use asset book value of **USD 20 million** with a corresponding lease liability of **USD 19 million**. <br>

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<sup>1</sup> Including bareboat chartered in vessels; six LR1s and four LR2s owned through 50% ownership in the Vista Shipping Joint Venture, two MRs owned through 50% ownership in the H&A Shipping Joint Venture, three IMO II MRs owned through 50% ownership in the Ecomar Joint Venture; and three MRs classified as assets held for sale

<sup>2</sup> Including USD 290 million relating to Hafnia's 50% share of six LR1s and four LR2s owned through 50% ownership in the Vista Shipping Joint Venture

<sup>3</sup> Including USD 127 million relating to Hafnia's 50% share of two MRs owned through 50% ownership in the H&A Shipping Joint Venture and three IMO II MRs owned through 50% ownership in the Ecomar Joint Venture; and three MRs classified as assets held for sale

<sup>4</sup> Including IMO II Handy vessels

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| **HAFNIA** QUARTERLY-FINANCIAL-INFORMATION-Q3-2025 | ![](image00001.jpg) |

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#### Highlights – Q3 and YTD 9M 2025 CONTINUED
Hafnia will pay a quarterly dividend of USD 0.1470 per share. The record date will be **9 December 2025**.

For shares registered in the Euronext VPS Oslo Stock Exchange, dividends will be distributed in NOK with an **ex-dividend date of 8 December 2025** and a payment date on, or about, 19 December 2025.

For shares registered in the Depository Trust Company, the **ex-dividend date will be 9 December 2025,** with a payment date on, or about, 16 December 2025.

Please see our separate announcement for additional details regarding the Company's dividend.

The Quarterly Financial Information Q3 2025 has not been audited or reviewed by auditors.

#### Webcast and Conference call
Hafnia will host a conference call for investors and financial analysts at 9:30 pm SGT/2:30 pm CET/8:30 am EST on 1 December 2025.

The investor presentation will be available via live video webcast via the following link: <u>**Click here to join Hafnia's Investor Presentation on 1 December 2025**</u>

**Meeting ID:** 373 112 852 629 17

**Passcode:** 5VN2Di2s

<u>Download Teams</u> \| <u>Join on the web</u>

#### Dial in by phone: +45 32 72 66 19,,576208826# Denmark, All locations

#### Find a local number
**Phone conference ID:** 576 208 826#

A recording of the presentation will be available after the live event on the Hafnia Investor Relations Page: <u>https://investor.hafnia.com/financials/quarterly-results/default.aspx.</u>

#### Hafnia
Mikael Skov, CEO Hafnia: +65 8533 8900

www.hafniabw.com

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|:---|:---|
| **HAFNIA** QUARTERLY-FINANCIAL-INFORMATION-Q3-2025 | ![](image00001.jpg) |

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#### Key figures

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| | | | | |
|:---|:---|:---|:---|:---|
| **USD million**<br>**Income Statement** | **Q1 2025**<br>| **Q2 2025**<br>| **Q3 2025**<br>| **YTD 2025**<br>|
| Operating revenue (Hafnia vessels and TC vessels) | 340.3 | 346.6 | 366.5 | 1053.4 |
| Profit before tax | 64.6 | 78.0 | 92.2 | 234.8 |
| Profit for the period | 63.2 | 75.3 | 91.5 | 230.0 |
| Financial items | (13.9) | (8.1) | (13.3) | (35.3) |
| Share of profit from joint ventures | 3.0 | 3.0 | 4.4 | 10.3 |
| TCE income<sup>1</sup> | 218.8 | 231.2 | 247.0 | 696.9 |
| Adjusted EBITDA<sup>1</sup> | 125.1 | 134.2 | 150.5 | 409.7 |
| **Balance Sheet** |  |  |  |  |
| Total assets | 3696.4 | 3669.9 | 3570.1 | 3570.1 |
| Total liabilities | 1418.0 | 1369.5 | 1239.5 | 1239.5 |
| Total equity | 2278.4 | 2300.4 | 2330.7 | 2330.7 |
| Cash at bank and on hand<sup>2</sup> | 188.1 | 194.0 | 132.5 | 132.5 |
| **Key financial figures** |  |  |  |  |
| Return on Equity (RoE) (p.a.)<sup>3</sup> | 11.1% | 13.2% | 15.9% | 13.4% |
| Return on Invested Capital (p.a.)<sup>4</sup> | 9.6% | 10.6% | 12.8% | 11.0% |
| Equity ratio | 61.6% | 62.7% | 65.3% | 65.3% |
| Net loan-to-value (LTV) ratio<sup>5</sup> | 24.1% | 24.1% | 20.5% | 20.5% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For the 3 months ended 30 September 2025** | **LR2** | **LR1** | **MR<sup>6</sup>** | **Handy<sup>7</sup>** | **Total** |
| Vessels on water at the end of the period<sup>8</sup> | 6 | 26 | 55 | 24 | 111 |
| Total operating days<sup>9</sup> | 545 | 2174 | 4824 | 1942 | 9485 |
| Total calendar days (excluding TC-in) | 552 | 2164 | 4493 | 2208 | 9417 |
| TCE (USD per operating day)<sup>1</sup> | 36527 | 29229 | 24785 | 22648 | 26040 |
| Spot TCE (USD per operating day)<sup>1</sup> | 37625 | 29404 | 24683 | 22699 | 26219 |
| TC-out TCE (USD per operating day)<sup>1</sup> | 31126 | 27367 | 25080 | 22289 | 25252 |
| OPEX (USD per calendar day)<sup>10</sup> | 8459 | 8515 | 8476 | 8371 | 8459 |
| G&A (USD per operating day)<sup>11</sup> |  |  |  |  | 1220 |

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#### Vessels on the balance sheet

As of 30 September 2025, total assets amounted to USD 3,570.1 million, of which USD 2,504.9 million represents the carrying value of the Group's vessels, including dry docking but excluding right-of-use assets, is as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Balance Sheet**<br> **USD million** | **LR2** | **LR1** | **MR<sup>6</sup>** | **Handy<sup>7</sup>** | **Total** |
| Vessels (including dry-dock) | 237.4 | 590.9 | 1105.9 | 570.7 | 2504.9 |

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<sup>1</sup> See Non-IFRS Measures in Note 9.

<sup>2</sup> Excluding cash retained in the commercial pools.

<sup>3</sup> Annualised

<sup>4</sup> ROIC is calculated using annualised EBIT less tax.

<sup>5</sup> Net loan-to-value is calculated as all debt (excluding debt relating to the pools), including finance lease debt, minus cash (excluding cash retained in the commercial pools), divided by broker vessel values (for 100% owned vessels) and the lower of the market value or purchase price of the Torm Investment. The calculation of net loan-to-value does not include debt or the values of vessels held through our joint ventures.

<sup>6</sup> Inclusive of nine IMO II MR vessels and excluding three MRs classified as assets held for sale.

<sup>7</sup> Inclusive of 18 IMO II Handy vessels.

<sup>8</sup> Excluding six LR1s and four LR2s owned through 50% ownership in the Vista Shipping Joint Venture, two MRs owned through 50% ownership in the H&A Shipping Joint Venture and three IMO II MRs owned through 50% ownership in the Ecomar Joint Venture.

<sup>9</sup> Total operating days include operating days for vessels that are time chartered-in. Operating days are defined as the total number of days (including waiting time) in a period during which each vessel is owned, partly owned, operated under a bareboat arrangement (including sale and lease-back) or time chartered-in, net of technical off-hire days. Total operating days stated in the quarterly financial information include operating days for TC Vessels.

<sup>10</sup> OPEX includes vessel running costs and technical management fees.

<sup>11</sup> G&A includes all expenses and is adjusted for cost incurred in managing external vessels.

------

---

| | |
|:---|:---|
| **HAFNIA** QUARTERLY-FINANCIAL-INFORMATION-Q3-2025 | ![](image00001.jpg) |

---

#### Condensed consolidated statement of comprehensive income

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the 3 months**<br> **ended 30 September**<br> **2025**<br> **USD'000** | **For the 3 months** <br> **ended 30 September**<br> **2024**<br> USD'000 | **For the 9 months**<br> **ended 30 September**<br> **2025**<br> **USD'000** | **For the 9 months**<br> **ended 30 September**<br> **2024**<br> USD'000 |
| Revenue (Hafnia Vessels and TC Vessels)<sup>1</sup> | 366505 | 497889 | 1053412 | 1582779 |
| Revenue (External Vessels in Disponent-Owner Pools)<sup>2</sup> | 220377 | 221842 | 635535 | 753007 |
| Voyage expenses (Hafnia Vessels and TC Vessels) <sup>1</sup> | (119505) | (136331) | (356503) | (425060) |
| Voyage expenses (External Vessels in Disponent-Owner Pools)<sup>2</sup> | (80240) | (80324) | (249412) | (248807) |
| Pool distributions for External Vessels in Disponent-Owner Pools<sup>2</sup> | (140137) | (141518) | (386123) | (504200) |
|  | **247000** | **361558** | **696909** | **1157719** |
| Other operating income<sup>3</sup> | 7108 | 7804 | 24187 | 28303 |
| Vessel operating expenses | (73216) | (70223) | (209991) | (208915) |
| Technical management expenses | (6446) | (7302) | (18665) | (20628) |
| Charter hire expenses | (7989) | (15458) | (24765) | (36651) |
| Other expenses | (15980) | (19365) | (57931) | (58679) |
|  | **150477** | **257014** | **409744** | **861149** |
| Gain on disposal of assets | 2769 | 15621 | 2769 | 15521 |
| Depreciation charge of property, plant and equipment | (51969) | (53516) | (152471) | (161904) |
| Amortisation charge of intangible assets | (107) | (108) | (319) | (695) |
| **Operating profit** | **101170** | **219011** | **259723** | **714071** |
| Interest income | 2746 | 4455 | 8830 | 11739 |
| Interest expense | (9992) | (9688) | (36828) | (38730) |
| Capitalised financing fees written off | (1528) | (406) | (2320) | (2069) |
| Other finance expenses | (4545) | (645) | (4943) | (6043) |
| **Finance expense – net** | **(13319)** | **(6284)** | **(35261)** | **(35103)** |
| Share of profit of equity-accounted investees, net of tax | 4351 | 4072 | 10344 | 19914 |
| **Profit before income tax** | **92202** | **216799** | **234806** | **698882** |
| Income tax expense | (699) | (1164) | (4778) | (4479) |
| **Profit for the financial period** | **91503** | **215635** | **230028** | **694403** |
| **Other comprehensive loss** |  |  |  |  |
| **Items that may be subsequently reclassified to profit or loss:** |  |  |  |  |
| Foreign operations – foreign currency translation differences | 9 | 33 | 256 | 56 |
| Fair value gains/(losses) on cash flow hedges | 510 | (14422) | (3260) | 4325 |
| Reclassification to profit or loss | (2372) | (10993) | (8106) | (27417) |
|  | **(1853)** | **(25382)** | **(11110)** | **(23036)** |
| **Items that will not be subsequently reclassified to profit or loss:** |  |  |  |  |
| Equity investments at FVOCI – net change in fair value | – | – | – | 1260 |
| **Total other comprehensive loss** | **(1853)** | **(25382)** | **(11110)** | **(21776)** |
| **Total comprehensive income for the period, net of tax** | **89650** | **190253** | **218918** | **672627** |
| **Earnings per share attributable to the equity holders of the Company** |  |  |  |  |
| Basic no. of shares<sup>4</sup> | 498241399 | 510127660 | 498241399 | 510127660 |
| Basic earnings in USD per share | 0.18 | 0.42 | 0.46 | 1.36 |
| Diluted no. of shares<sup>4</sup> | 504071082 | 515362492 | 504071082 | 515362492 |
| Diluted earnings in USD per share | 0.18 | 0.42 | 0.46 | 1.35 |

---

------

<sup>1 "TC Vessels" are vessels that have been time chartered-in to the Group (including ROU assets).</sup>

<sup>2 "External Vessels in Disponent-Owner Pools" means vessels that are commercially managed by the Group in the Disponent-Owner Pool arrangements that are not Hafnia Vessels or TC Vessels.</sup>

<sup>3</sup> Including a one-off item amounting to USD 1.3 million in YTD 9M 2025.

<sup>4 Based on weighted average number of shares as at the end of the reporting period.</sup>

 <sup></sup> 

------

---

| | |
|:---|:---|
| **HAFNIA** QUARTERLY-FINANCIAL-INFORMATION-Q3-2025 | ![](image00001.jpg) |

---

#### Condensed consolidated balance sheet

---

| | | |
|:---|:---|:---|
|  | **As at 30 September 2025**<br> USD'000 | **As at 31 December 2024**<br> USD'000 |
| Vessels | **2404438** | 2521223 |
| Dry docking and scrubbers | **100455** | 66945 |
| Right-of-use assets – Vessels | **19975** | 18661 |
| Other property, plant and equipment | **658** | 733 |
| **Total property, plant and equipment** | **2525526** | 2607562 |
| Intangible assets | **191** | 510 |
| **Total intangible assets** | **191** | 510 |
| Other investments | **23069** | 23069 |
| Derivative financial instruments | **3336** | 12024 |
| Restricted cash | **10000** | 13542 |
| Loans receivable from joint ventures | **53241** | 64133 |
| Joint ventures | **90928** | 81371 |
| **Total other non-current assets** | **180574** | 194139 |
| **Total non-current assets** | **2706291** | 2802211 |
| Intangible assets | **23041** | 5919 |
| **Total intangible assets** | **23041** | 5919 |
| Inventories | **78233** | 94155 |
| Trade and other receivables, and prepayments | **500312** | 503836 |
| Derivative financial instruments | **7148** | 12601 |
| Cash at bank and on hand | **132489** | 195271 |
| Cash retained in the commercial pools | **74102** | 88297 |
| Loan receivables from joint ventures | **1172** | – |
| Assets held for sale | **47356** | – |
| **Total other current assets** | **840812** | 894160 |
| **Total current assets** | **863853** | 900079 |
| **Total assets** | **3570144** | 3702290 |
| Share capital | **1093055** | 1093055 |
| Other reserves | **506313** | 517713 |
| Treasury shares | **(78449)** | (53439) |
| Retained earnings | **809771** | 705177 |
| **Total shareholders' equity** | **2330690** | 2262506 |
| Borrowings | **669953** | 785954 |
| **Total non-current liabilities** | **669953** | 785954 |
| Borrowings | **224571** | 336295 |
| Derivative financial instruments | **4264** | 1939 |
| Current income tax liabilities | **4427** | 2757 |
| Trade and other payables | **336239** | 312839 |
| **Total current liabilities** | **569501** | 653830 |
| **Total liabilities** | **1239454** | 1439784 |
| **Total shareholders' equity and liabilities** | **3570144** | 3702290 |

---

------

<sup>1</sup> Restricted cash includes cash placed in debt service reserve and FFA collateral accounts.

<sup>2</sup> The cash retained in the commercial pools represents cash in the pool bank accounts that are opened in the name of the Group's pool management companies and can only be used for the operation of vessels within the commercial pools.

------

---

| | |
|:---|:---|
| **HAFNIA** QUARTERLY-FINANCIAL-INFORMATION-Q3-2025 | ![](image00001.jpg) |

---

#### Condensed consolidated statement of changes in equity

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Share**<br> **capital**<br> USD'000 | **Share**<br> **premium**<br> USD'000 | **Contributed surplus**<br> USD'000 | **Translation reserve**<br> USD'000 | **Hedging**<br> **reserve**<br> USD'000 | **Treasury** <br> **shares**<br> USD'000 | **Capital**<br> **reserve**<br> USD'000 | **Share-based**<br> **payment** <br> **reserve**<br> USD'000 | **Fair value**<br> **reserve**<br> USD'000 | **Retained earnings**<br> USD'000 | **Total**<br> USD'000 |
| **Balance at**<br> **1 January 2025** | **1093055** | **–** | **–** | (198) | **20705** | **(53439)** | **482382** | **3918** | **10906** | **705177** | **2262506** |
| <u>Transactions with owners</u> | <u>Transactions with owners</u> |  |  |  |  |  |  |  |  |  |  |
| Equity-settled share-based payment | – | – | – | – | – | – | – | 2356 | – | – | **2356** |
| Share options exercised | – | – | – | – | – | 2646 | (2112) | (534) | – | – | **–** |
| Purchase of treasury shares | – | – | – | – | – | (27656) | – | – | – | – | **(27656)** |
| Dividends paid | – | – | – | – | – | – | – | – | – | (125434) | **(125434)** |
| **Total transactions with owners** | **–** | **–** | **–** | **–** | **–** | **(25010)** | **(2112)** | **1822** | **–** | **(125434)** | **(150734)** |
| <u>Total comprehensive income</u> | <u>Total comprehensive income</u> |  |  |  |  |  |  |  |  |  |  |
| Profit for the financial period | – | – | – | – | – | – | – | – | – | 230028 | **230028** |
| Other comprehensive income/(loss) | – | – | – | 256 | (11366) | – | – | – | – | – | **(11110)** |
| **Total comprehensive income for the period** | **–** | **–** | **–** | **256** | **(11366)** | **–** | **–** | **–** | **–** | **230028** | **218918** |
| **Balance at 30 September 2025** | **1093055** | **–** | **–** | **58** | **9339** | **(78449)** | **480270** | **5740** | **10906** | **809771** | **2330690** |
| **Balance at**<br> **1 January 2024** | **5069** | **1044849** | **537112** | (63) | **39312** | **(17951)** | **(25137)** | **3788** | **9720** | **631025** | **2227724** |
| <u>Transactions with owners</u> | <u>Transactions with owners</u> |  |  |  |  |  |  |  |  |  |  |
| Equity-settled share-based payment | – | – | – | – | – | – | – | 2960 | – | – | **2960** |
| Share options exercised | – | – | – | – | – | 33358 | (29593) | (2830) | – | – | **935** |
| Purchase of treasury shares and issuance of shares | 57 | 43080 | – | – | – | (68846) | – | – | – | – | **(25709)** |
| Dividends paid | – | – | – | – | – | – | – | – | – | (699883) | **(699883)** |
| **Total transactions with owners** | **57** | **43080** | **–** | **–** | **–** | **(35488)** | **(29593)** | **130** | **–** | **(699883)** | **(721697)** |
| <u>Other transactions</u> | <u>Other transactions</u> |  |  |  |  |  |  |  |  |  |  |
| Effect of re-domiciliation | 1087929 | (1087929) | (537112) | – | – | – | 537112 | – | – | – | – |
| **Total other transactions** | **1087929** | **(1087929)** | **(537112)** | **–** | **–** | **–** | **537112** | **–** | **–** | **–** | **–** |
| <u>Total comprehensive income</u> | <u>Total comprehensive income</u> |  |  |  |  |  |  |  |  |  |  |
| Profit for the financial year | – | – | – | – | – | – | – | – | – | 774035 | **774035** |
| Other comprehensive (loss)/income | – | – | – | (135) | (18607) | – | – | – | 1186 | – | **(17556)** |
| **Total comprehensive income for the year** | **–** | **–** | **–** | (135) | **(18607)** | **–** | **–** | **–** | **1186** | **774035** | **756479** |
| **Balance at 31 December 2024** | **1093055** | **–** | **–** | (198) | **20705** | **(53439)** | **482382** | **3918** | **10906** | **705177** | **2262506** |

---

------

---

| | |
|:---|:---|
| **HAFNIA** QUARTERLY-FINANCIAL-INFORMATION-Q3-2025 | ![](image00001.jpg) |

---

#### Condensed consolidated statement o f cash flows

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Cash flows from operating activities** | **For the 3 months** <br> **ended 30 September**<br> **2025**<br> **USD'000**<br>| **For the 3 months** <br> **ended 30 September**<br> **2024**<br> USD'000<br>| **For the 9 months** <br> **ended 30 September**<br> **2025**<br> **USD'000**<br>| **For the 9 months** <br> **ended 30 September**<br> **2024**<br> USD'000<br>|
| Profit for the financial period | 91503 | 215635 | 230028 | 694403 |
| Adjustments for: |  |  |  |  |
| - depreciation and amortisation charges | 52076 | 53624 | 152790 | 162599 |
| - gain on disposal of assets | (2769) | (15621) | (2769) | (15521) |
| - interest income | (2746) | (4455) | (8830) | (11739) |
| - finance expense | 16065 | 10739 | 44091 | 46842 |
| - income tax expense | 699 | 1164 | 4778 | 4479 |
| - share of profit of equity accounted investees, net of tax | (4351) | (4072) | (10344) | (19914) |
| - equity-settled share-based payment transactions | 849 | 775 | 2356 | 2439 |
| **Operating cash flow before working capital changes** | **151326** | **257789** | **412100** | **863588** |
| Changes in working capital: |  |  |  |  |
| - intangible assets | (5139) | (2043) | (17122) | (7853) |
| - inventories | 4074 | 3498 | 15922 | 9321 |
| - trade and other receivables | (29465) | 52346 | 11927 | 21064 |
| - trade and other payables | (1806) | (26511) | 23471 | (42509) |
| **Cash generated from operations** | 118990 | 285079 | 446298 | 843611 |
| Income tax paid | (847) | (1025) | (3116) | (10385) |
| **Net cash provided by operating activities** | **118143** | **284054** | **443182** | **833226** |
| **Cash flows from investing activities** |  |  |  |  |
| Interest income received | 3772 | 3720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8227 | 8707 |
| Loan to joint ventures | (2306) | (4172) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6059) | (11916) |
| Acquisition of other investments | – | – | – | (661) |
| Equity investment in joint venture | – | (2217) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25) | (2217) |
| Return of investment in joint venture | 1000 | – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | 1360 |
| Purchase of intangible assets | – | – | – | (22) |
| Proceeds from disposal of property, plant and equipment | 18111 | 28657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18111 | 28557 |
| Proceeds from disposal of other investments | – | – | – | 2343 |
| Repayment of loan by joint venture company | 9361 | 564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16316 | 22540 |
| Purchase of property, plant and equipment | (44000) | (7700) | (112342) | (36373) |
| **Net cash (used in)/provided by investing activities** | **(14062)** | **18852** | **(74772)** | **12318** |
| **Cash flows from financing activities** |  |  |  |  |
| Proceeds from borrowings from external financial institutions | 386000 | – | 393000 | 30000 |
| Repayment of borrowings to external financial institutions | (186544) | (15669) | (217882) | (79467) |
| Repayment of lease liabilities | (332576) | (41956) | (424107) | (179537) |
| Payment of financing fees | (5920) | (210) | (6409) | (1085) |
| Interest paid to external financial institutions | (12006) | (18352) | (42838) | (61124) |
| Proceeds from exercise of employee share options | – | 6 | – | 526 |
| Proceeds from settlement of derivatives | 2367 | 7922 | 10019 | 23718 |
| Dividends paid | (60256) | (207333) | (125434) | (506519) |
| Purchase of treasury shares | – | – | (27656) | – |
| Other finance expense paid | (1866) | (1520) | (4080) | (6202) |
| **Net cash used in financing activities** | **(210801)** | **(277112)** | **(445387)** | **(779690)** |
| **Net (decrease)/increase in cash and cash equivalents** | **(106720)** | **25794** | **(76977)** | **65854** |
| Cash and cash equivalents at beginning of the financial period | 313311 | 262581 | 283568 | 222521 |
| **Cash and cash equivalents at end of the financial period** | **206591** | **288375** | **206591** | **288375** |
| **Cash and cash equivalents at the end of the financial period consists of:** |  |  |  |  |
| Cash at bank and on hand | 132489 | 197080 | 132489 | 197080 |
| Cash retained in the commercial pools | 74102 | 91295 | 74102 | 91295 |
|  | **206591** | **288375** | **206591** | **288375** |

---

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| | |
|:---|:---|
| **HAFNIA** QUARTERLY-FINANCIAL-INFORMATION-Q3-2025 | ![](image00001.jpg) |

---

#### Dividend policy
Hafnia will target a quarterly payout ratio of net profit, adjusted for extraordinary items, of:

&nbsp;&nbsp;&nbsp;&nbsp;• 50% payout of net profit if net loan-to-value is above 40%,

&nbsp;&nbsp;&nbsp;&nbsp;• 60% payout of net profit if net loan-to-value is above 30% but equal to or below 40%,

&nbsp;&nbsp;&nbsp;&nbsp;• 80% payout of net profit if net loan-to-value is above 20% but equal to or below 30%, and

&nbsp;&nbsp;&nbsp;&nbsp;• 90% payout of net profit if net loan-to-value is equal to or below 20%

Net loan-to-value is calculated as all debt (excluding debt relating to the pools), including finance lease debt, minus cash (excluding cash retained in the commercial pools), divided by broker vessel values (for 100% owned vessels) and the lower of the market value or purchase price of the Torm Investment. The calculation of net loan-to-value does not include debt or the values of vessels held through our joint ventures.

The final amount of dividend is to be decided by the Board of Directors. In addition to cash dividends, the Company may buy back shares as part of its total distribution to shareholders.

In deciding whether to declare a dividend and determining the dividend amount, the Board of Directors will take into account the Group's capital requirements, including capital expenditure commitments, financial condition, general business conditions, legal restrictions, and any restrictions under borrowing arrangements or other contractual arrangements in place at the time.

#### Dividend for Q3
The board has set the quarterly payout ratio at **80%** for Q3 2025. This corresponds to a dividend amount of USD 73.2 million or USD 0.1470 per share.

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| | |
|:---|:---|
| **HAFNIA** QUARTERLY-FINANCIAL-INFORMATION-Q3-2025 | ![](image00001.jpg) |

---

#### Coverage of earning days
As of 14 November 2025, 71% of the projected total operating days in Q4 2025 were covered at USD 25,610 per day. The tables below show the figures for Q4 2025, the full year figures for 2025 and the full year of 2026.

#### Hafnia Fleet<sup>1</sup>

---

| | | | |
|:---|:---|:---|:---|
| **Fleet overview** | **Q4 2025** | **2025** | **2026** |
| **Hafnia vessels (average during the period)** |  |  |  |
| LR2 | 6.0 | 6.0 | 6.0 |
| LR1 | 26.0 | 25.6 | 26.0 |
| MR<sup>2</sup> | 53.4 | 55.2 | 53.0 |
| Handy<sup>3</sup> | 24.0 | 24.0 | 24.0 |
| **Total** | 109.4 | 110.8 | 109.0 |
| **Covered, %** |  |  |  |
| LR2 | 79% | 94% | 67% |
| LR1 | 61% | 87% | 6% |
| MR<sup>2</sup> | 71% | 89% | 13% |
| Handy<sup>3</sup> | 82% | 85% | 14% |
| **Total** | **71%** | **88%** | **15%** |
| **Covered rates<sup>4</sup>, USD per day** |  |  |  |
| LR2 | 31385 | 35209 | 29995 |
| LR1 | 28276 | 27112 | 27157 |
| MR<sup>2</sup> | 24704 | 23750 | 21732 |
| Handy<sup>3</sup> | 23803 | 21529 | 22450 |
| **Total** | **25610** | **24718** | **24506** |

---

For the week beginning 17 November 2025, Hafnia's pool earnings<sup>4</sup> averaged:

&nbsp;&nbsp;&nbsp;&nbsp;• USD 39,855 per day for the LR2 vessels

&nbsp;&nbsp;&nbsp;&nbsp;• USD 30,319 per day for the LR1<sup>5</sup> vessels,

&nbsp;&nbsp;&nbsp;&nbsp;• USD 25,918 per day for the MR<sup>2</sup> vessels,

&nbsp;&nbsp;&nbsp;&nbsp;• USD 22,031 per day for the Handy<sup>3</sup> vessels.

#### Joint Venture Fleet<sup>6</sup>

---

| | | | |
|:---|:---|:---|:---|
| **Fleet overview** | **Q4 2025** | **2025** | **2026** |
| **Joint ventures vessels (average during the period)** |  |  |  |
| LR2 | 4.0 | 4.0 | 4.0 |
| LR1 | 6.0 | 6.0 | 6.0 |
| MR | 5.0 | 4.0 | 5.9 |
| **Total** | 15.0 | 14.0 | 15.9 |

---

------

<sup>1</sup> Excludes joint ventures vessels.

<sup>2</sup> Inclusive of nine IMO II vessels.

<sup>3</sup> Inclusive of 18 IMO II vessels.

<sup>4</sup> Covered rates and pool earnings do not include any IFRS 15 load to discharge adjustments

<sup>5</sup> Excluding vessels trading in our Panamax pool.

<sup>6</sup> The figures are presented on a 100% basis. The joint ventures vessels are owned through Hafnia's 50% participation in the Vista Shipping, H&A Shipping and Ecomar joint ventures.

------

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| | |
|:---|:---|
| **HAFNIA** QUARTERLY-FINANCIAL-INFORMATION-Q3-2025 | ![](image00001.jpg) |

---

#### Coverage of earning days CONTINUED

---

| | | | |
|:---|:---|:---|:---|
| **Fleet overview** | **Q4 2025** | **2025** | **2026** |
| **Covered, %** |  |  |  |
| LR2 | 100% | 100% | 100% |
| LR1 | 63% | 88% | - |
| MR | 100% | 100% | 100% |
| **Total** | **85%** | **95%** | **62%** |
| **Covered rates<sup>1</sup>, USD per day** |  |  |  |
| LR2 | 25691 | 25691 | 25691 |
| LR1 | 29372 | 28493 | - |
| MR | 20851 | 20076 | 21366 |
| **Total** | **24894** | **25110** | **23120** |

---

#### Tanker segment results

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LR2** | **Q4 2024** | **Q1 2025** | **Q2 2025** | **Q3 2025** |
| Operating days (owned) | 536 | 540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 545 | 545 |
| Operating days (TC-in) | – | – | – | – |
| TCE (USD per operating day)<sup>2</sup> | 25772 | 33911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36527 |
| Spot TCE (USD per operating day)<sup>2</sup> | 25508 | 33911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37625 |
| TC-out TCE (USD per operating day)<sup>2</sup> | – | – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31126 |
| Calendar days (excluding TC-in) | 552 | 540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 552 |
| OPEX (USD per calendar day) | 7719 | 7638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8459 |
| **LR1** | **Q4 2024** | **Q1 2025** | **Q2 2025** | **Q3 2025** |
| Operating days (owned) | 2075 | 2064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1991 |
| Operating days (TC-in) | 311 | 257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 183 |
| TCE (USD per operating day)<sup>2</sup> | 21266 | 23418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29229 |
| Spot TCE (USD per operating day)<sup>2</sup> | 21378 | 23307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29404 |
| TC-out TCE (USD per operating day)<sup>2</sup> | 19641 | 24769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27367 |
| Calendar days (excluding TC-in) | 2111 | 2070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2164 |
| OPEX (USD per calendar day) | 7971 | 8393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8515 |
| **MR<sup>3</sup>** | **Q4 2024** | **Q1 2025** | **Q2 2025** | **Q3 2025** |
| Operating days (owned) | 4476 | 4127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4195 |
| Operating days (TC-in) | 833 | 606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 629 |
| TCE (USD per operating day)<sup>2</sup> | 22274 | 22821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24785 |
| Spot TCE (USD per operating day)<sup>2</sup> | 20984 | 21788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24683 |
| TC-out TCE (USD per operating day)<sup>2</sup> | 26985 | 26688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25080 |
| Calendar days (excluding TC-in) | 4559 | 4410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4493 |
| OPEX (USD per calendar day) | 8187 | 8022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8476 |
| **Handy<sup>4</sup>** | **Q4 2024** | **Q1 2025** | **Q2 2025** | **Q3 2025** |
| Operating days (owned) | 2062 | 1920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1942 |
| Operating days (TC-in) | – | – | – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| TCE (USD per operating day)<sup>2</sup> | 24620 | 19831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22648 |
| Spot TCE (USD per operating day)<sup>2</sup> | 24401 | 19280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22699 |
| TC-out TCE (USD per operating day)<sup>2</sup> | 26856 | 25160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22289 |
| Calendar days (excluding TC-in) | 2208 | 2160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2208 |
| OPEX (USD per calendar day) | 8270 | 7611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8371 |

---

------

<sup>1</sup> Covered rates and pool earnings do not include any IFRS 15 load to discharge adjustments.

<sup>2</sup> TCE represents gross TCE income after adding back pool commissions; See Non-IFRS Measures in Note 9.

<sup>3</sup> Inclusive of IMO II MR vessels and three MR vessels classified as asset held for sale.

<sup>4</sup> Inclusive of IMO II Handy vessels.

 <sup></sup> 

------

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|:---|:---|
| **HAFNIA** QUARTERLY-FINANCIAL-INFORMATION-Q3-2025 | ![](image00001.jpg) |

---

### Notes to the Condensed Consolidated Interim Financial Information These notes form an integral part of and should be read in conjunction with the accompanying condensed consolidated financial information. <br>

#### Note 1 : Property, plant and equipment

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**At 30 September 2025** | **Right-of-use** <br> **Assets – Vessels** USD'000<br>| **Vessels**<br> USD'000<br>| **Dry docking and scrubbers**<br> USD'000<br>| **Others**<br> USD'000<br>| **Total**<br> USD'000<br>|
| Cost | 191073 | 3470070 | 183815 | 1721 | 3846679 |
| Accumulated depreciation | (171098) | (1065632) | (83360) | (1063) | (1321153) |
| ***Net book value*** | **19975** | **2404438** | **100455** | **658** | **2525526** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**At 31 December 2024** | **Right-of-use** <br> **Assets – Vessels** USD'000<br>| **Vessels**<br> USD'000<br>| **Dry docking and scrubbers**<br> USD'000<br>| **Others**<br> USD'000<br>| **Total**<br> USD'000<br>|
| Cost | 221713 | 3510379 | 156844 | 1578 | 3890514 |
| Accumulated depreciation | (203052) | (989156) | (89899) | (845) | (1282952) |
| ***Net book value*** | **18661** | **2521223** | **66945** | **733** | **2607562** |

---

&nbsp;&nbsp;&nbsp;&nbsp;a. The Group organises the commercial management of its fleet of vessels into nine (2024: ten) individual commercial pools: LR1, Panamax, LR2, MR,
 Handy, Chemical-MR, Chemical-Handy and Small and City ("Specialized") (2024: LR1, Panamax, LR2, MR, Handy, Chemical-MR, Chemical-Handy and Small, Intermediate and City ("Specialized"). Each individual
 commercial pool constitutes a separate cash-generating unit ("CGU"). For vessels outside commercial pools and deployed on a time-charter basis, each of these vessels constitutes a separate CGU. Any
 time-chartered in vessels which are recognised as right of use ("ROU") assets by the Group and subsequently deployed in the commercial pools are included as part of the pool CGUs.

The Group evaluates whether there are indications that any vessel as at the reporting date is impaired. If any such indicators of impairment exist, the Group performs impairment testing in accordance with its accounting policy. The estimation of the recoverable amount of vessels is based on the higher of fair value less costs to sell and value in use. The fair value of vessels is determined by professional brokers while the value in use is based on future discounted cash flows that the CGU is expected to generate over its remaining useful life.

Based on this assessment, the Group concluded that there are no impairment losses to be recognised for the 9 months ended 30 September 2025 (9 months ended 30 September 2024: USD Nil).

------

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| | |
|:---|:---|
| **HAFNIA** QUARTERLY-FINANCIAL-INFORMATION-Q3-2025 | ![](image00001.jpg) |

---

#### Note 1: Property, plant and equipment CONTINUED
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Group has mortgaged vessels with a total carrying amount of USD 1,954.7 million as at 30 September 2025 (31 December
 2024: USD 2,332.6 million) as security over the Group's bank borrowings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. There were additions of USD 20.8 million to right-of-use assets – vessels – as at 30 September 2025 (9 months ended 30 September 2024: USD
 15.6 million).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. As at 30 September 2025, the Group has time chartered-in six MRs and two LR1s with purchase options. These chartered-in vessels are recognised as right-of-use assets. <br> The Group has firm charters in place up till 2026 for these vessels. The current and next average purchase option price are as follows:

---

| | | |
|:---|:---|:---|
| **USD'000** | **Current average purchase option price<sup>1</sup>** | **Next average purchase option price<sup>2</sup>** |
| LR1 | 39833 | 39333 |
| MR | 30243 | 29860 |

---

The time chartered-in days and average time charter rates for these vessels are as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2026** |
| **TC in (Days)<sup>3</sup>** |  |  |
| LR1 (with purchase option) | 730 | 425 |
| MR (with purchase option) | 2190 | 996 |
| **Average TC in rate (USD/Day)** |  |  |
| LR1 (with purchase option) | 19247 | 19450 |
| MR (with purchase option) | 16493 | 16717 |

---

------

<sup>1</sup> The purchase option price decreases by a fixed amount per year, or on a pro-rata basis based on individual contract terms. Prior notice period of three to four months is required before exercise of options. The value of the purchase options amount to USD 62 million as at the end of the current reporting period.

<sup>2</sup> As at the end of the next quarterly financial reporting period.

<sup>3</sup> Based on firm charter period and does not include optional periods exercisable by Hafnia.

------

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| | |
|:---|:---|
| **HAFNIA** QUARTERLY-FINANCIAL-INFORMATION-Q3-2025 | ![](image00001.jpg) |

---

#### Note 2 : Borrowings

---

| | | |
|:---|:---|:---|
| <br>**Current** | **As at 30 September 2025**<br> USD'000<br>| **As at 31 December 2024**<br> USD'000<br>|
| Bank borrowings | 191289 | 252556 |
| Sale and leaseback liabilities (accounted for as financing transaction) | 14583 | 64506 |
| Other lease liabilities | 18699 | 19233 |
| **Total current borrowings** | **224571** | 336295 |
| **Non-current** |  |  |
| Bank borrowings | 555790 | 322820 |
| Sale and leaseback liabilities (accounted for as financing transaction) | 113896 | 461924 |
| Other lease liabilities | 267 | 1210 |
| **Total non-current borrowings** | **669953** | 785954 |
| **Total borrowings** | **894524** | 1122249 |

---

As at 30 September 2025, bank borrowings consist of eight (31 December 2024: ten) credit facilities from external financial institutions, namely USD 473 million, USD 84 million (DSF), USD 39 million, USD 40 million, USD 303 million, USD 715 million and two borrowing base facilities. These facilities are secured by the Group's fleet of vessels and receivables.

The USD 473 million facility RCF was partially cancelled and the USD 216 million and USD 84 million facilities were terminated on 21 July and subsequently refinanced into the USD 715 million facility. The USD 39 million facility RCF matured on 22 August. The table below summarises key information of the bank borrowings:

---

| | | |
|:---|:---|:---|
| <br>**Facility amount** | **Outstanding amount**<br> USD m<br>| **Maturity date**<br>|
| USD 473 million facility | 60.6 |  |
| - USD 413 million term loan |  | 2026 |
| - USD 60 million revolving credit facility |  | 2026 |
| USD 84 million facility | 73.2 | 2029 |
| USD 39 million facility | 13.8 |  |
| - USD 30 million term loan |  | 2025 |
| USD 40 million facility | 33.7 | 2029 |
| USD 303 million facility | 146.0 |  |
| - USD 303 million revolving credit facility |  | 2029 |
| USD 715 million facility | 320.0 |  |
| - USD 715 million revolving credit facility |  | 2032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Up to USD 175 million borrowing base facility<br> Up to USD 175 million borrowing base facility<br> (with an accordion option of up to USD 75 million) | 47.5<br> 58.5 | 2025 |

---

The table below summarises the repayment profile of the bank borrowings:

---

| | | |
|:---|:---|:---|
| <br>**Repayment profile** USD'000 | **For the financial year ended**<br> **31 December 2025**<br>| **For the financial year ended**<br> **31 December 2026**<br>|
| USD 473 million facility | 6722 | 53891 |
| USD 84 million facility | 2158 | 8633 |
| USD 39 million facility | 13795 |  |
| USD 40 million facility | 718 | 2874 |
| USD 303 million facility<sup>1</sup> |  |  |
| USD 715 million facility<sup>1</sup> |  |  |
| Up to USD 175 million borrowing base facility<sup>2</sup> Up to USD 175 million borrowing base facility<sup>2</sup><br> (with an accordion option of up to USD 75 million) |  |  |

---

<sup>1</sup> The revolving credit facility does not have fixed repayment terms and is repayable at the discretion of the Group; and to ensure that outstanding amounts will not exceed commitment amounts.

<sup>2</sup> The borrowing base facility does not have fixed repayment terms and are repayable when the receivables base decreases below certain thresholds.

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| | |
|:---|:---|
| **HAFNIA** QUARTERLY-FINANCIAL-INFORMATION-Q3-2025 | ![](image00001.jpg) |

---

#### Note 2: Borrowings CONTINUED
As at 30 September 2025, bank borrowings of joint ventures consist of ten credit facilities (31 December 2024: ten credit facilities) from external financial institutions (excluded from LTV ratio under key figures). The table below summarises key information of the joint ventures' bank borrowings:

---

| | | |
|:---|:---|:---|
| <br>**Facility amount** | **Outstanding amount**<br> USD m<br>| **Maturity date**<br>|
| **Vista Shipping joint venture** | | |
| USD 51.8 million facility | 28.1 | 2031 |
| USD 111.0 million facility | 69.8 | 2032 |
| USD 89.6 million facility | 77.1 | 2033 |
| USD 88.5 million facility | 79.9 | 2031 |
| **H&A Shipping joint venture** |  |  |
| USD 22.1 million facility | 16.2 | 2026 |
| USD 23.5 million facility | 18.0 | 2028 |
| **Ecomar joint venture** |  |  |
| Vessel 1 French Tax Lease Arrangement | 40.6 | 2032 |
| Vessel 2 French Tax Lease Arrangement | 39.7 | 2032 |
| Vessel 3 French Tax Lease Arrangement | 39.6 | 2032 |
| Vessel 4 French Tax Lease Arrangement | 2.7 | 2033 |

---

---

| | | |
|:---|:---|:---|
| <br>**Repayment profile** USD'000 | **For the financial year ended**<br> **31 December 2025**<br>| **For the financial year ended**<br> **31 December 2026**<br>|
| **Vista Shipping joint venture** | | |
| USD 51.8 million facility | 863 | 3453 |
| USD 111.0 million facility | 1850 | 7400 |
| USD 89.6 million facility | 1318 | 5271 |
| USD 88.5 million facility | 1229 | 4917 |
| **H&A Shipping joint venture** |  |  |
| USD 22.1 million facility | 368 | 15838 |
| USD 23.5 million facility | 368 | 1470 |
| **Ecomar joint venture** |  |  |
| Vessel 1 French Tax Lease Arrangement |  | 5625 |
| Vessel 2 French Tax Lease Arrangement | 752 | 5544 |
| Vessel 3 French Tax Lease Arrangement |  | 6474 |
| Vessel 4 French Tax Lease Arrangement |  | 1251 |

---

As at 30 September 2025, the sale and leaseback liabilities (accounted for as financing transaction) consist of various facilities provided by external leasing houses under sale-and-leaseback contracts. Under these contracts, the vessels were legally sold to external leasing houses and leased back by the Group. The maturity dates of the facilities range from 2029 to 2033.

The carrying amounts relating to the three LR1 vessels were USD 74.5 million (31 December 2024: USD 324.8 million), two CTI vessels were USD 31.0 million (31 December 2024: USD 157.9 million), and other finance leases were USD 26.0 million (31 December 2024: USD 43.7 million).

#### Carrying amounts and fair values

The carrying values of the bank borrowings and sale and leaseback liabilities (accounted for as financing transaction) approximate their fair values as they are re-priceable at one-to-three-month intervals.

------

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| | |
|:---|:---|
| **HAFNIA** QUARTERLY-FINANCIAL-INFORMATION-Q3-2025 | ![](image00001.jpg) |

---

#### 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 30 September 2025** | **As at 31 December 2024** |
| Bank borrowings | 5.8% | 6.8% |
| Sale and leaseback liabilities (accounted for as financing transaction) | 5.9% | 6.9% |

---

#### Note 3: Commitments
<u>Operating lease commitments</u> - where the Group is a lessor

The Group leases vessels to non-related parties under non-cancellable operating lease agreements. The Group classifies these leases as operating leases as the Group retains substantially all risks and rewards incidental to ownership of the leased assets.

The undiscounted lease payments<sup>1</sup> under these operating leases, to be received after the reporting date are as follows:

---

| | | |
|:---|:---|:---|
| **USD'000** | **As at 30 September 2025** | **As at 31 December 2024** |
| Less than one year | **167021** | 110715 |
| One to two years | **82306** | 42329 |
| Two to five years | **58288** | 9348 |
|  | **307615** | 162392 |

---

<u>Operating lease commitments</u> - where the Group is a lessee

The Group leases vessels from non-related parties under non-cancellable operating lease agreements. The leases have varying terms including options to extend and options to purchase.

The undiscounted lease payments<sup>2</sup> under these operating leases, to be paid after the reporting date, are as follows:

---

| | | |
|:---|:---|:---|
| **USD'000** | **As at 30 September 2025** | **As at 31 December 2024** |
| Less than one year | **41818** | 34928 |
| One to two years | **8231** | 2222 |
| Two to five years | **22014** |  |
|  | **72063** | 37150 |

---

<u>Newbuild and operational funding commitments</u>

The Group has equity interests in joint ventures and is obliged to provide its share of working capital for the joint ventures' newbuild programme and their operations through either equity contributions or shareholder's loans.

The future minimum capital contributions to be made at the reporting date but not yet recognised are as follows:

---

| | | |
|:---|:---|:---|
| **USD'000** | **As at 30 September 2025** | **As at 31 December 2024** |
| Less than one year | **16993** | 52917 |
| One to two years |  | 16778 |
|  | **16993** | 69695 |

---

------

<sup>1</sup> Excluding variable lease payments.

<sup>2</sup> Based on firm charter period and does not include optional periods exercisable by Hafnia

------

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| | |
|:---|:---|
| **HAFNIA** QUARTERLY-FINANCIAL-INFORMATION-Q3-2025 | ![](image00001.jpg) |

---

#### Note 4: Financial information

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Carrying amount** | **Carrying amount** | **Carrying amount** | **Carrying amount** | **Fair value** | **Fair value** | **Fair value** | **Fair value** |
| | **Fair value** <br> **hedging instruments/ Mandatorily at FVTPL – others**<br> USD'000 | **Financial assets at amortised** <br> **cost**<br> USD'000 | **FVOCI – equity instruments**<br> USD'000 | **Total**<br> USD'000 | **Level 1**<br> USD'000 | **Level 2**<br> USD'000 | **Level 3**<br> USD'000 | **Total**<br> USD'000 |
| <br>**<u>At 30 September 2025</u>** | | | | | | | | |
| **Financial assets measured at fair value** |  |  |  |  |  |  |  |  |
| Forward foreign exchange contracts | 663 |  |  | **663** |  | 663 |  | 663 |
| Forward freight agreements | 163 |  |  | **163** |  | 163 |  | 163 |
| Interest rate swaps used for hedging | 9658 |  |  | **9658** |  | 9658 |  | 9658 |
| Other investments | **—** | **—** | 23069 | **23069** |  |  | 23069 | 23069 |
|  | **10484** |  | **23069** | **33553** |  |  |  |  |
| **<u>At 30 September 2025</u>** |  |  |  |  |  |  |  |  |
| **Financial assets not measured at fair value** |  |  |  |  |  |  |  |  |
| Loans receivable from joint ventures |  | 54413 |  | **54413** |  |  |  |  |
| Trade and other receivables, and prepayments |  | 471331 |  | **471331** |  |  |  |  |
| Restricted cash |  | 10000 |  | **10000** |  |  |  |  |
| Cash at bank and on hand |  | 132489 |  | **132489** |  |  |  |  |
| Cash retained in the commercial pools |  | 74102 |  | **74102** |  |  |  |  |
|  | **—** | **742335** | **—** | **742335** |  |  |  |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Carrying amount** | **Carrying amount** | **Carrying amount** | **Fair value** | **Fair value** | **Fair value** | **Fair value** |
| | **Fair value hedging**<br> **instruments**<br> USD'000 | **Other financial liabilities**<br> USD'000 | **Total**<br> USD'000 | **Level 1**<br> USD'000 | **Level 2**<br> USD'000 | **Level 3**<br> USD'000 | **Total**<br> USD'000 |
| <br>**<u>At 30 September 2025</u>** | | | | | | | |
| **Financial liabilities measured at fair value**  | | | | | | | |
| Forward foreign exchange contracts | (105) |  | (105) |  | (105) |  | (105) |
| Forward freight agreements | (4159) |  | (4159) |  | (4159) |  | (4159) |
|  | **(4264)** | **—** | **(4264)** |  |  |  |  |
| **<u>At 30 September 2025</u>** |  |  |  |  |  |  |  |
| **Financial liabilities not measured at fair value** |  |  |  |  |  |  |  |
| Bank borrowings |  | (747079) | **(747079)** |  |  |  |  |
| Sale and leaseback liabilities (accounted for as financing transaction) and other lease liabilities |  | (147445) | **(147445)** |  |  |  |  |
| Trade and other payables |  | (336239) | **(336239)** |  |  |  |  |
|  | **—** | **(1230763)** | **(1230763)** |  |  |  |  |

---

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| | |
|:---|:---|
| **HAFNIA** QUARTERLY-FINANCIAL-INFORMATION-Q3-2025 | ![](image00001.jpg) |

---

#### Note 4: Financial information CONTINUED

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Carrying amount** | **Carrying amount** | **Carrying amount** | **Carrying amount** | **Fair value** | **Fair value** | **Fair value** | **Fair value** |
| | **Fair value** <br> **hedging instruments/ Mandatorily at FVTPL – others**<br> USD'000 | **Financial** <br> **assets at amortised** <br> **cost**<br> USD'000 | **FVOCI –**<br> **equity instruments**<br> USD'000 | **Total**<br> USD'000 | **Level 1**<br> USD'000 | **Level 2**<br> USD'000 | **Level 3**<br> USD'000 | **Total**<br> USD'000 |
| <br>**<u>At 31 December 2024</u>** | | | | | | | | |
| **Financial assets measured at fair value** |  |  |  |  |  |  |  |  |
| Forward freight agreements | 1690 |  |  | **1690** |  | 1690 |  | **1690** |
| Interest rate swaps used for hedging | 22935 |  |  | **22935** |  | 22935 |  | **22935** |
| Other investments |  |  | 23069 | **23069** |  |  | 23069 | **23069** |
|  | **24625** | **—** | **23069** | **47694** |  |  |  |  |
| **<u>At 31 December 2024</u>** |  |  |  |  |  |  |  |  |
| **Financial assets not measured at fair value** |  |  |  |  |  |  |  |  |
| Loans receivable from joint ventures |  | 64133 |  | **64133** |  |  |  |  |
| Trade and other receivables, and prepayments<sup>1</sup> |  | 487677 |  | **487677** |  |  |  |  |
| Restricted cash |  | 13542 |  | **13542** |  |  |  |  |
| Cash at bank and on hand |  | 195271 |  | **195271** |  |  |  |  |
| Cash retained in the commercial pools |  | 88297 |  | **88297** |  |  |  |  |
|  | **—** | **848920** | **—** | **848920** |  |  |  |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Carrying amount** | **Carrying amount** | **Carrying amount** | **Fair value** | **Fair value** | **Fair value** | **Fair value** |
| | **Fair value hedging**<br> **instruments**<br> USD'000 | **Other financial liabilities**<br> USD'000 | **Total**<br> USD'000 | **Level 1**<br> USD'000 | **Level 2**<br> USD'000 | **Level 3**<br> USD'000 | **Total**<br> USD'000 |
| <br>**<u>At 31 December 2024</u>** | | | | | | | |
| **Financial liabilities measured at fair value**  | | | | | | | |
| Forward foreign exchange contracts | (1048) |  | **(1048)** |  | (1048) |  | **(1048)** |
| Forward freight agreements | (891) |  | (891) |  | (891) |  | (891) |
|  | **(1939)** | **—** | **(1939)** |  |  |  |  |
| **<u>At 31 December 2024</u>** |  |  |  |  |  |  |  |
| **Financial liabilities not measured at fair value** |  |  |  |  |  |  |  |
| Bank borrowings |  | (575376) | **(575376)** |  |  |  |  |
| Sale and leaseback liabilities (accounted for as financing transaction) and other lease liabilities |  | (546873) | **(546873)** |  |  |  |  |
| Trade and other payables |  | (312839) | **(312839)** |  |  |  |  |
|  | **—** | **(1435088)** | **(1435088)** |  |  |  |  |

---

The Group has no Level 1 financial assets or liabilities as at 30 September 2025 and 31 December 2024.

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 are based on market conditions existing at each balance sheet date. The fair value of interest rate swaps is calculated as the present value of the estimated future cash flows based on observable yield curves. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity specific estimates. These financial instruments are included in Level 2, as all significant inputs required to fair value an instrument are observable. Other techniques, such as estimated discounted cash flows, are used to determine fair value for the remaining financial instruments.

------

<sup>1</sup> Excluding prepayments

------

---

| | |
|:---|:---|
| **HAFNIA** QUARTERLY-FINANCIAL-INFORMATION-Q3-2025 | ![](image00001.jpg) |

---

If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3. The assessment of the fair value of investments in equity instruments is performed on a quarterly basis based on the latest available data that is reasonably available to the Group.

<u>Level 3 fair values</u>

The Group's investment in equity instruments measured at FVOCI using Level 3 fair value measurements were valued using market approach based on the Group's best estimate, which is determined by using information including but not limited to the pricing of recent rounds of financing of the investees and information generated from arm's-length market transactions involving identical or comparable assets or liabilities. The estimated fair value of the investments would either increase or decrease based on the latest available data that is reasonably available to the Group at each reporting date.

The following table shows a reconciliation from the opening balances to the closing balances of the Group's investment in equity instruments measured at FVOCI using Level 3 fair value measurements:

---

| | | |
|:---|:---|:---|
|  | **30 September 2025**<br> **USD'000** | **31 December 2024**<br> **USD'000** |
| **Opening balance** | **23069** | 23953 |
| Acquisition of equity investments at FVOCI |  | 862 |
| Equity investments at FVOCI – net change in fair value |  | 1186 |
| Disposal of other investments |  | (2932) |
| **Closing balance** | **23069** | 23069 |

---

#### Note 5: Joint ventures

---

| | | |
|:---|:---|:---|
|  | **As at 30 September 2025**<br> USD'000 | **As at 31 December 2024**<br> USD'000 |
| Interest in joint ventures | 90,928 | 81,371 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Vista Shipping** 

&nbsp;&nbsp;&nbsp;&nbsp;• Vista Shipping Pte. Ltd. and its subsidiaries ("Vista Shipping") is a joint venture in which the Group has joint control and 50% ownership interest. Vista Shipping is
 domiciled in Singapore and structured as a separate vehicle in shipowning, with the Group having residual interest in its net assets. Accordingly, the Group has classified its interest in Vista Shipping
 as a joint venture. In accordance with the agreement under which Vista Shipping was established, the Group and the other investor in the joint venture have agreed to provide shareholders' loans in
 proportion to their interests to finance the newbuild programme.

------

---

| | |
|:---|:---|
| **HAFNIA** QUARTERLY-FINANCIAL-INFORMATION-Q3-2025 | ![](image00001.jpg) |

---

#### Note 5: Joint ventures CONTINUED
&nbsp;&nbsp;&nbsp;&nbsp;• The following table summarises the financial information of Vista Shipping as included in its own consolidated financial statements. The table also reconciles the
 summarised financial information to the carrying amount of the Group's interest in Vista Shipping.

---

| | | |
|:---|:---|:---|
|  | **As at 30 September 2025**<br> USD'000 | **As at 31 December 2024**<br> USD'000 |
| **Percentage ownership interest** | **50%** | 50% |
| Non-current assets | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417320** | 427959 |
| Current assets | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35137** | 63657 |
| Non-current liabilities | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (270502)** | (317722) |
| Current liabilities | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (29695)** | (45350) |
| **Net assets (100%)** | **152260** | 128544 |
| **Group's share of net assets (50%)** | **76130** | 64272 |
| Revenue | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73034** | 112907 |
| Other income | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2102** | 2623 |
| Expenses | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (51417)** | (73951) |
| **Profit and total comprehensive income (100%)** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23719** | 41579 |
| Profit and total comprehensive income (50%) | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11860** | 20790 |
| Adjustment to previously recognised share of profit from prior year |  | 35 |
| **Group's share of total comprehensive income (50%)** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11860** | 20825 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**b.** **H&A Shipping** 

&nbsp;&nbsp;&nbsp;&nbsp;• In July 2021, the Group and Andromeda Shipholdings Ltd ("Andromeda Shipholdings") entered into a joint venture, H&A Shipping Pte. Ltd. ("H&A Shipping") in which
 the Group has joint control and 50% ownership interest. H&A Shipping is domiciled in Singapore and structured as a separate vehicle in shipowning, with the Group having residual interest in its net
 assets. Accordingly, the Group has classified its interest in H&A Shipping Pte. Ltd. as a joint venture. In accordance with the agreement under which H&A Shipping was established, the Group and
 the other investor in the joint venture have agreed to provide equity in proportion to their interests to finance the newbuild programme.

&nbsp;&nbsp;&nbsp;&nbsp;• The following table summarises the financial information of H&A Shipping as included in its own consolidated financial statements. The table also reconciles the
 summarised financial information to the carrying amount of the Group's interest in H&A Shipping.

------

---

| | |
|:---|:---|
| **HAFNIA** QUARTERLY-FINANCIAL-INFORMATION-Q3-2025 | ![](image00001.jpg) |

---

---

| | | |
|:---|:---|:---|
|  | **As at 30 September 2025**<br> USD'000 | **As at 31 December 2024**<br> USD'000 |
|  **Percentage ownership interest** | **50%** | 50% |
|  Non-current assets | **59140** | 59892 |
|  Current assets | **4035** | 5388 |
|  Non-current liabilities | **(41887)** | (46093) |
|  Current liabilities | **(4944)** | (4940) |
|  **Net assets (100%)** | **16344** | 14247 |
|  **Group's share of net assets (50%)** | **8172** | 7124 |
|  Shareholder's loans | **5308** | 6308 |
|  Alignment of accounting policies | **89** | 1153 |
|  **Carrying amount of interest in joint venture** | **13569** | 14585 |
|  Revenue | **8185** | 11459 |
|  Other income | **778** | 1866 |
|  Expenses | **(7890)** | (10791) |
|  **Profit and total comprehensive income (100%)** | **1073** | 2534 |
|  Profit and total comprehensive income (50%) | **537** | 1267 |
|  Adjustment to previously recognised share of profit from prior year | (474) |  |
|  Alignment of accounting policies | (79) | 147 |
|  **Group's share of total comprehensive (loss)/income (50%)** | (16) | 1414 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**c.** **Ecomar** 

&nbsp;&nbsp;&nbsp;&nbsp;• In June 2023, the Group and SOCATRA entered into a joint venture, Ecomar Shipholding S.A.S ("Ecomar"), in which the Group has joint control and 50% ownership interest.
 Ecomar is incorporated in France and structured as a separate vehicle in shipowning, with the Group having residual interest in its net assets. Accordingly, the Group has classified its interest in
 Ecomar as a joint venture. In accordance with the agreement under which Ecomar was established, the Group and the other investor in the joint venture have agreed to provide shareholders' loans in
 proportion to their interests to finance the newbuild programme.

&nbsp;&nbsp;&nbsp;&nbsp;• During the financial year ended 30 September 2025, Hafnia took delivery of three IMO II – MR vessels through its Ecomar joint venture.

&nbsp;&nbsp;&nbsp;&nbsp;• The following table summarises the financial information of Ecomar as included in its own consolidated financial statements. The table also reconciles the summarised
 financial information to the carrying amount of the Group's interest in Ecomar.

------

---

| | |
|:---|:---|
| **HAFNIA** QUARTERLY-FINANCIAL-INFORMATION-Q3-2025 | ![](image00001.jpg) |

---

---

| | | |
|:---|:---|:---|
| | **As at 30 September 2025**<br> USD'000 | **As at 31 December 2024**<br> USD'000 |
|  **Percentage ownership interest** | **50%** | 50% |
|  Non-current assets | **178466** | 68964 |
|  Current assets | **11546** | 4928 |
|  Non-current liabilities | **(170367)** | (77032) |
|  Current liabilities | **(27707)** |  |
|  **Net liabilities (100%)** | **(8062)** | (3140) |
|  **Group's share of net liabilities (50%)** | **(4031)** | (1570) |
|  Unrecognised share of losses | **4031** | 1633 |
|  Translation reserve | **—** | (63) |
|  **Carrying amount of interest in joint venture** | **—** |  |
|  Revenue | **14783** |  |
|  Other income | **9321** | 32 |
|  Expenses | **(28939)** | (3321) |
|  **Loss and total comprehensive loss (100%)** | **(4835)** | (3289) |
|  Loss and total comprehensive loss (50%) | **(2418)** | (1645) |
|  Adjustment to previously recognised share of loss from prior period | **95** |  |
|  Unrecognised share of loss for the current period | **2323** | 1633 |
|  **Group's share of total comprehensive loss (50%)** | **—** | (12) |

---

&nbsp;&nbsp;&nbsp;&nbsp;**d.** **Complexio** 

&nbsp;&nbsp;&nbsp;&nbsp;• In March 2023, the Group and Simbolo Holdings Limited entered into a share purchase agreement where the Group purchased 50% of Class A shares (with voting rights) in
 Quintessential AI Limited ("Q-AI"). As a result of the transaction, the Group has joint control (with Simbolo Holdings having the remainder of Class A shares) of Q-AI; with a 30.5% ownership interest.
 Q-AI is incorporated in London and operates in the software development industry. Accordingly, the Group has classified its interest in Q-AI as a joint venture.

&nbsp;&nbsp;&nbsp;&nbsp;• The Company was renamed to Complexio Limited ("Complexio") on 1 May 2024.

------

---

| | |
|:---|:---|
| **HAFNIA** QUARTERLY-FINANCIAL-INFORMATION-Q3-2025 | ![](image00001.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;• The following table summarises the financial information of Complexio as included in its own consolidated financial statements. The table also reconciles the summarised
 financial information to the carrying amount of the Group's interest in Complexio.

---

| | | |
|:---|:---|:---|
| | **As at 30 September 2025**<br> USD'000 | **As at 31 December 2024**<br> USD'000 |
|  **Percentage ownership interest** | **30.5%** | 30.5% |
|  Non-current assets | **7584** | 4262 |
|  Current assets | **4306** | 4635 |
|  Current liabilities | **(14569)** | (653) |
|  **Net (liabilities)/assets (100%)** | **(2679)** | 8244 |
|  **Group's share of net (liabilities)/assets (30.5%)** | (817) | 2514 |
|  Unrecognised share of losses | **780** |  |
|  Translation reserve | **37** |  |
|  **Carrying amount of interest in joint venture** | **—** |  |
|  Revenue | **919** | 647 |
|  Other income | **—** | 85 |
|  Expenses | **(12340)** | (8288) |
|  **Loss and total comprehensive loss (100%)** | **(11421)** | (7556) |
|  Loss and total comprehensive loss (30.5%) | **(3483)** | (2304) |
|  Unrecognised share of losses | **780** |  |
|  Gain on dilution | **—** | 592 |
|  **Group's share of total comprehensive loss (30.5%)** | **(2703)** | (1712) |

---

------

---

| | |
|:---|:---|
| **HAFNIA** QUARTERLY-FINANCIAL-INFORMATION-Q3-2025 | ![](image00001.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;**e.** **Seascale** 

&nbsp;&nbsp;&nbsp;&nbsp;• In March 2025, the Group and Cargill entered into a joint arrangement, Seascale Energy Pte Ltd ("Seascale"), in which the Group has joint control and 50% ownership
 interest. Seascale is incorporated in Singapore and provides bunker procurement services. Accordingly, the Group has classified its interest in Seascale as a joint venture.

&nbsp;&nbsp;&nbsp;&nbsp;• The following table summarises the financial information of Seascale as included in its own consolidated financial statements. The table also reconciles the summarised
 financial information to the carrying amount of the Group's interest in Seascale.

---

| | |
|:---|:---|
| | **As at 30 September 2025**<br> USD'000 |
|  **Percentage ownership interest** | **50%** |
|  Current assets | **5136** |
|  Current liabilities | **(2679)** |
|  **Net assets (100%)** | **2457** |
|  **Group's share of net assets (50%)** | **1229** |
|  Revenue | **5253** |
|  Other income | **12** |
|  Expenses | **(2859)** |
|  **Profit and total comprehensive income (100%)** | **2406** |
|  **Group's share of total comprehensive income (50%)** | **1203** |

---

------

---

| | |
|:---|:---|
| **HAFNIA** QUARTERLY-FINANCIAL-INFORMATION-Q3-2025 | ![](image00001.jpg) |

---

#### Note 6 : Segment information

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **For the 3 months ended 30 September 2025** | **LR2<sup>1</sup>**<br> USD'000 | **LR1<sup>2</sup>**<br> USD'000 | **MR<sup>3</sup>**<br> USD'000 | **Handy<sup>4</sup>**<br> USD'000 | **Total**<br> USD'000 |
|  Revenue (Hafnia Vessels and TC Vessels) | 28392 | 95202 | 176189 | 66722 | **366505** |
|  Revenue (External Vessels in Disponent-Owner Pools) | 22922 | 57039 | 118813 | 21603 | **220377** |
|  Voyage expenses (Hafnia Vessels and TC Vessels) | (8498) | (31663) | (56638) | (22706) | **(119505)** |
|  Voyage expenses (External Vessels in Disponent-Owner Pools) | (7604) | (20976) | (43177) | (8483) | **(80240)** |
|  Pool distributions for External Vessels in Disponent-Owner Pools | (15319) | (36063) | (75637) | (13118) | **(140137)** |
|  **TCE Income<sup>5</sup>** | **19893** | **63539** | **119550** | **44018** | **247000** |
|  Other operating income | 1543 | 1363 | 2418 | 1023 | **6347** |
|  Vessel operating expenses | (4242) | (16883) | (34938) | (17153) | **(73216)** |
|  Technical management expenses | (429) | (1543) | (3146) | (1328) | **(6446)** |
|  Charter hire expenses | – | (1439) | (6550) | – | **(7989)** |
|  Adjusted EBITDA<sup>5</sup> | 16765 | 45037 | 77334 | 26560 | **165696** |
|  Depreciation charge | (3139) | (13546) | (25103) | (10106) | **(51894)** |
|  |  |  |  |  | **113802** |
|  Unallocated |  |  |  |  | **(21600)** |
|  **Profit before income tax** |  |  |  |  | **92202** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For the 9 months ended 30 September 2025** | **LR2<sup>1</sup>**<br> USD'000 | **LR1**<sup>2</sup> USD'000 | **MR**<sup>3</sup> USD'000 | **Handy**<sup>4</sup> USD'000 | **Total**<br> USD'000 |
| Revenue (Hafnia Vessels and TC Vessels) | 86707 | 274947 | 503218 | 188540 | **1053412** |
| Revenue (External Vessels in Disponent-Owner Pools) | 53609 | 166286 | 357173 | 58467 | **635535** |
| Voyage expenses (Hafnia Vessels and TC Vessels) | (27694) | (95934) | (161227) | (71648) | **(356503)** |
| Voyage expenses (External Vessels in Disponent-Owner Pools) | (19697) | (62043) | (145650) | (22022) | **(249412)** |
|  Pool distributions for External Vessels in Disponent-Owner Pools | (33913) | (104243) | (211524) | (36443) | **(386123)** |
| **TCE Income<sup>5</sup>** | **59012** | **179013** | **341990** | **116894** | **696909** |
| Other operating income | 2943 | 3939 | 7681 | 4859 | **19422** |
| Vessel operating expenses | (12123) | (50133) | (100496) | (47239) | **(209991)** |
| Technical management expenses | (1203) | (4479) | (9017) | (3966) | **(18665)** |
| Charter hire expenses | – | (5388) | (19377) | – | **(24765)** |
| Adjusted EBITDA<sup>5</sup> | 48629 | 122952 | 220781 | 70548 | **462910** |
| Depreciation charge | (9316) | (39532) | (75527) | (27876) | **(152251)** |
|  |  |  |  |  | **310659** |
| Unallocated |  |  |  |  | **(75853)** |
| **Profit before income tax** |  |  |  |  | **234806** |

---

------

<sup>1</sup> Vessels between 85,000 DWT and 124,999 DWT in size and provides transportation of clean petroleum oil products.

<sup>2</sup> Vessels between 55,000 DWT and 84,999 DWT in size and provides transportation of clean and dirty petroleum products.

<sup>3</sup> Vessels between 40,000 DWT and 54,999 DWT in size and provides transportation of clean and dirty oil products, vegetable oil and easy chemicals; inclusive of IMO II vessels

<sup>4</sup> Vessels between 25,000 DWT and 39,999 DWT in size and provides transportation of clean and dirty oil products, vegetable oil and easy chemicals; inclusive of IMO II vessels

<sup>5</sup> See Non-IFRS Measures in Note 9.

------

---

| | |
|:---|:---|
| **HAFNIA** QUARTERLY-FINANCIAL-INFORMATION-Q3-2025 | ![](image00001.jpg) |

---

#### Note 6: Segment information CONTINUED

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **For the 3 months ended 30 September 2024** | **LR2<sup>1</sup>**<br> USD'000 | **LR1<sup>2</sup>**<br> USD'000 | **MR<sup>3</sup>**<br> USD'000 | **Handy<sup>4</sup>**<br> USD'000 | **Total**<br> USD'000 |
|  Revenue (Hafnia Vessels and TC Vessels) | 29994 | 129590 | 240598 | 97699 | **497881** |
|  Revenue (External Vessels in Disponent-Owner Pools) | 18330 | 80234 | 100917 | 22361 | **221842** |
|  Voyage expenses (Hafnia Vessels and TC Vessels) | (8305) | (37023) | (61709) | (29292) | **(136329)** |
|  Voyage expenses (External Vessels in Disponent-Owner Pools) | (7323) | (31488) | (35249) | (6264) | **(80324)** |
|  Pool distributions for External Vessels in Disponent-Owner Pools | (11007) | (48746) | (65668) | (16097) | **(141518)** |
|  **TCE Income<sup>5</sup>** | **21689** | **92567** | **178889** | **68407** | **361552** |
|  Other operating income | 247 | 1588 | 2065 | 962 | **4862** |
|  Vessel operating expenses | (3959) | (16167) | (33439) | (16658) | **(70223)** |
|  Technical management expenses | (519) | (1901) | (3563) | (1319) | **(7302)** |
|  Charter hire expenses | – | (2054) | (13404) | – | **(15458)** |
|  Adjusted EBITDA<sup>5</sup> | 17458 | 74033 | 130548 | 51392 | **273431** |
|  Depreciation charge | (3607) | (14866) | (26561) | (8411) | **(53445)** |
|  |  |  |  |  | **219986** |
|  Unallocated |  |  |  |  | **(3187)** |
|  **Profit before income tax** |  |  |  |  | **216799** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **For the 9 months ended 30 September 2024** | **LR2<sup>1</sup>**<br> USD'000 | **LR1<sup>2</sup>**<br> USD'000 | **MR**<sup>3</sup> USD'000 | **Handy**<sup>4</sup> USD'000 | **Total**<br> USD'000 |
|  Revenue (Hafnia Vessels and TC Vessels) | 102404 | 447814 | 738253 | 294260 | **1582731** |
|  Revenue (External Vessels in Disponent-Owner Pools) | 75237 | 265313 | 338178 | 74279 | **753007** |
|  Voyage expenses (Hafnia Vessels and TC Vessels) | (22512) | (118128) | (193200) | (91230) | **(425070)** |
|  Voyage expenses (External Vessels in Disponent-Owner Pools) | (29426) | (84664) | (111652) | (23065) | **(248807)** |
|  Pool distributions for External Vessels in Disponent-Owner Pools | (45811) | (180649) | (226526) | (51214) | **(504200)** |
|  **TCE Income<sup>5</sup>** | **79892** | **329686** | **545053** | **203030** | **1157661** |
|  Other operating income | 1665 | 5622 | 8941 | 3305 | **19533** |
|  Vessel operating expenses | (11916) | (49589) | (99285) | (48125) | **(208915)** |
|  Technical management expenses | (1394) | (5395) | (9886) | (3953) | **(20628)** |
|  Charter hire expenses | – | (6770) | (29881) | – | **(36651)** |
|  Adjusted EBITDA<sup>5</sup> | 68247 | 273554 | 414942 | 154257 | **911000** |
|  Depreciation charge | (10531) | (44382) | (81847) | (24912) | **(161672)** |
|  |  |  |  |  | **749328** |
|  Unallocated |  |  |  |  | **(50446)** |
|  **Profit before income tax** |  |  |  |  | **698882** |

---

------

<sup>1</sup> Vessels between 85,000 DWT and 124,999 DWT in size and provides transportation of clean petroleum oil products.

<sup>2</sup> Vessels between 55,000 DWT and 84,999 DWT in size and provides transportation of clean and dirty petroleum products.

<sup>3</sup> Vessels between 40,000 DWT and 54,999 DWT in size and provides transportation of clean and dirty oil products, vegetable oil and easy chemicals; inclusive of IMO II vessels

<sup>4</sup> Vessels between 25,000 DWT and 39,999 DWT in size and provides transportation of clean and dirty oil products, vegetable oil and easy chemicals; inclusive of IMO II vessels

<sup>5</sup> See Non-IFRS Measures in Note 9.

------

---

| | |
|:---|:---|
| **HAFNIA** QUARTERLY-FINANCIAL-INFORMATION-Q3-2025 | ![](image00001.jpg) |

---

#### Note 7: Subsequent events
From 10 October to 6 November 2025, the Group exercised purchase options on two of its existing sale-and -leaseback financings with ICBC Leasing and two of its existing sale-and-leaseback financings with CMB Financial Leasing. These transactions were accounted for as an extinguishment of existing sales and leaseback liabilities (accounted for as financing transactions).

On 8 October 2025, the Group sold and delivered a MR vessel, Hafnia Lupus to an external party.

On 14 October 2025, the Group took delivery of a MR newbuild, Hokkaido, from Hyundai Mipo under a long-term time charter.

On 6 November 2025, the Group sold and delivered a MR vessel, Hafnia Nordica to an external party.

On 24 November 2025, the Group sold and delivered a MR vessel, Hafnia Taurus to an external party.

On 24 November 2025, the 39 million facility was terminated upon maturity and fully repaid.

------

---

| | |
|:---|:---|
| **HAFNIA** QUARTERLY-FINANCIAL-INFORMATION-Q3-2025 | ![](image00001.jpg) |

---

#### Note 8: Fleet list

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Vessel** | **DWT** | **Year**<br> **Built** | **Type** | **Vessel** | **DWT** | **Year**<br> **Built** | **Type** |
| Hafnia Bering | 39067 | Apr-15 | Handy | Hafnia Neso | 109990 | Jul-19 | LR2 |
| Hafnia Magellan | 39067 | May-15 | Handy | Hafnia Thalassa | 109990 | Sep-19 | LR2 |
| Hafnia Malacca | 39067 | Jul-15 | Handy | Hafnia Triton | 109990 | Oct-19 | LR2 |
| Hafnia Soya | 39067 | Nov-15 | Handy | Hafnia Languedoc<sup>1</sup> | 109999 | Mar-23 | LR2 |
| Hafnia Sunda | 39067 | Sep-15 | Handy | Hafnia Larvik<sup>1</sup> | 109999 | Oct-23 | LR2 |
| Hafnia Torres | 39067 | May-16 | Handy | Hafnia Loire<sup>1</sup> | 109999 | May-23 | LR2 |
| Hafnia Kallang | 74189 | Jan-17 | LR1 | Hafnia Lillesand<sup>1</sup> | 109999 | Feb-24 | LR2 |
| Hafnia Shannon | 74189 | Aug-17 | LR1 | Beagle<sup>2</sup> | 49850 | Mar-19 | MR |
| Hafnia Seine | 74998 | May-08 | LR1 | Boxer<sup>2</sup> | 49852 | Jun-19 | MR |
| Hafnia Shinano | 74998 | Oct-08 | LR1 | Basset<sup>2</sup> | 49875 | Nov-19 | MR |
| Hafnia Tagus | 74151 | Mar-17 | LR1 | Bulldog<sup>2</sup> | 49856 | Feb-20 | MR |
| Hafnia Yangtze | 74996 | Jan-09 | LR1 | Hafnia Bobcat | 49999 | Aug-14 | MR |
| Hafnia Yarra | 74189 | Jul-17 | LR1 | Hafnia Cheetah | 49999 | Feb-14 | MR |
| Hafnia Zambesi | 74995 | Jan-10 | LR1 | Hafnia Cougar | 49999 | Jan-14 | MR |
| Hafnia Africa | 74539 | May-10 | LR1 | Hafnia Eagle | 49999 | Jul-15 | MR |
| Hafnia Asia | 74490 | Jun-10 | LR1 | Hafnia Egret | 49999 | Nov-14 | MR |
| Hafnia Australia | 74539 | May-10 | LR1 | Hafnia Falcon | 49999 | Feb-15 | MR |
| Hafnia Hong Kong<sup>1</sup> | 74999 | Jan-19 | LR1 | Hafnia Hawk | 49999 | Jun-15 | MR |
| Hafnia Shanghai<sup>1</sup> | 74999 | Jan-19 | LR1 | Hafnia Jaguar | 49999 | Mar-14 | MR |
| Hafnia Guangzhou<sup>1</sup> | 74999 | Jul-19 | LR1 | Hafnia Kestrel | 49999 | Aug-15 | MR |
| Hafnia Beijing<sup>1</sup> | 74999 | Oct-19 | LR1 | Hafnia Leopard | 49999 | Jan-14 | MR |
| Sunda<sup>2</sup> | 79902 | Jul-19 | LR1 | Hafnia Lioness | 49999 | Jan-14 | MR |
| Karimata<sup>2</sup> | 79885 | Aug-19 | LR1 | Hafnia Lynx | 49999 | Nov-13 | MR |
| Hafnia Shenzhen<sup>1</sup> | 74999 | Aug-20 | LR1 | BW Merlin | 49999 | Sep-15 | MR |
| Hafnia Nanjing<sup>1</sup> | 74999 | Jan-21 | LR1 | Hafnia Myna | 49999 | Oct-15 | MR |
| Hafnia Excelsior | 74665 | Jan-16 | LR1 | Hafnia Osprey | 49999 | Oct-15 | MR |
| Hafnia Executive | 74319 | May-16 | LR1 | Hafnia Panther | 49999 | Jun-14 | MR |
| Hafnia Prestige | 74996 | Nov-16 | LR1 | Hafnia Petrel | 49999 | Jan-16 | MR |
| Hafnia Providence | 74996 | Aug-16 | LR1 | Hafnia Puma | 49999 | Nov-13 | MR |
| Hafnia Pride | 74997 | Jul-16 | LR1 | Hafnia Raven | 49999 | Nov-15 | MR |
| Hafnia Excellence | 74613 | May-16 | LR1 | Hafnia Swift | 49999 | Jan-16 | MR |
| Hafnia Exceed | 74664 | Feb-16 | LR1 | Hafnia Tiger | 49999 | Mar-14 | MR |
| Hafnia Expedite | 74634 | Jan-16 | LR1 | BW Wren | 49999 | Mar-16 | MR |
| Hafnia Express | 74663 | May-16 | LR1 | Hafnia Ane | 49999 | Nov-15 | MR |
| Hafnia Excel | 74547 | Nov-15 | LR1 | Hafnia Crux | 49999 | Feb-12 | MR |
| Hafnia Precision | 74996 | Oct-16 | LR1 | Hafnia Daisy | 49999 | Aug-16 | MR |
| Hafnia Experience | 74669 | Mar-16 | LR1 | Hafnia Henriette | 49999 | Jun-16 | MR |
| Hafnia Pioneer | 81305 | Jun-13 | LR1 | Hafnia Kirsten | 49999 | Jan-17 | MR |
| Hafnia Despina | 109990 | Jan-19 | LR2 | Hafnia Lene | 49999 | Jul-15 | MR |
| Hafnia Galatea | 109990 | Mar-19 | LR2 | Hafnia Leo | 49999 | Nov-13 | MR |
| Hafnia Larissa | 109990 | Apr-19 | LR2 | Hafnia Libra | 49999 | May-13 | MR |

---

------

<sup>1</sup> 50% owned through the Vista Shipping Joint Venture

<sup>2</sup> Time chartered in vessel

------

---

| | |
|:---|:---|
| **HAFNIA** QUARTERLY-FINANCIAL-INFORMATION-Q3-2025 | ![](image00001.jpg) |

---

#### Note 8: Fleet list CONTINUED

---

| | | | |
|:---|:---|:---|:---|
| **Vessel** | **DWT** | **Year Built** | **&nbsp;&nbsp;&nbsp;&nbsp;Type** |
| Hafnia Lise | 49875 | Sep-16 | MR |
| Hafnia Lotte | 49999 | Jan-17 | MR |
| Hafnia Lupus<sup>4</sup> | 49999 | Apr-12 | MR |
| Hafnia Mikala | 49999 | May-17 | MR |
| Hafnia Nordica<sup>4</sup> | 53520 | Mar-10 | MR |
| Hafnia Phoenix | 49999 | Jul-13 | MR |
| Hafnia Taurus<sup>4</sup> | 49999 | Jun-11 | MR |
| Hafnia Andrea | 49999 | Jun-15 | MR |
| Hafnia Caterina | 49999 | Aug-15 | MR |
| Orient Challenge<sup>1</sup> | 49972 | Jun-17 | MR |
| Orient Innovation<sup>1</sup> | 49997 | Jul-17 | MR |
| Yellow Stars<sup>2</sup> | 49999 | Jul-21 | MR |
| PS Stars<sup>2</sup> | 49999 | Jan-22 | MR |
| Hafnia Almandine | 38506 | Feb-15 | IMO II – Handy |
| Hafnia Amber | 38506 | Feb-15 | IMO II – Handy |
| Hafnia Amethyst | 38506 | Mar-15 | IMO II – Handy |
| Hafnia Ametrine | 38506 | Apr-15 | IMO II – Handy |
| Hafnia Aventurine | 38506 | Apr-15 | IMO II – Handy |
| Hafnia Andesine | 38506 | May-15 | IMO II – Handy |
| Hafnia Aronaldo | 38506 | Jun-15 | IMO II – Handy |
| Hafnia Aquamarine | 38506 | Jun-15 | IMO II – Handy |
| Hafnia Axinite | 38506 | Jul-15 | IMO II – Handy |
| Hafnia Amessi | 38506 | Jul-15 | IMO II – Handy |
| Hafnia Azotic | 38506 | Sep-15 | IMO II – Handy |
| Hafnia Amazonite | 38506 | May-15 | IMO II – Handy |
| Hafnia Ammolite | 38506 | Aug-15 | IMO II – Handy |
| Hafnia Adamite | 38506 | Sep-15 | IMO II – Handy |
| Hafnia Aragonite | 38506 | Oct-15 | IMO II – Handy |
| Hafnia Azurite | 38506 | Aug-15 | IMO II – Handy |
| Hafnia Alabaster | 38506 | Nov-15 | IMO II – Handy |
| Hafnia Achroite | 38506 | Jan-16 | IMO II – Handy |
| Hafnia Turquoise | 49516 | Apr-16 | IMO II – MR |
| Hafnia Topaz | 49561 | Jul-16 | IMO II – MR |
| Hafnia Tourmaline | 49513 | Oct-16 | IMO II – MR |
| Hafnia Tanzanite | 49478 | Nov-16 | IMO II – MR |
| Hafnia Viridian | 49126 | Jan-15 | IMO II – MR |
| Hafnia Violette | 49126 | Mar-15 | IMO II – MR |
| Hafnia Atlantic | 49641 | Dec-17 | IMO II – MR |
| Hafnia Pacific | 49686 | Dec-17 | IMO II – MR |
| Hafnia Valentino | 49126 | May-15 | IMO II – MR |
| Ecomar Gascogne<sup>3</sup> | 49776 | Jan-25 | IMO II – MR |
| Ecomar Guyenne<sup>3</sup> | 49763 | May-25 | IMO II – MR |
| Ecomar Garonne<sup>3</sup> | 49696 | Jul-25 | IMO II – MR |

---

------

<sup>1</sup> Time chartered in vessel

<sup>2</sup> 50% owned through the H&A Shipping Joint Venture

<sup>3</sup> 50% owned through the Ecomar Joint Venture

<sup>4</sup> Classified as an asset held for sale.

------

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| | |
|:---|:---|
| **HAFNIA** QUARTERLY-FINANCIAL-INFORMATION-Q3-2025 | ![](image00001.jpg) |

---

#### Note 9: Non-IFRS measures
Throughout this Quarterly Financial Information Q3 2025, we provide a number of key performance indicators used by our management and often used by competitors in our industry.

#### Adjusted EBITDA

"Adjusted EBITDA" is a non-IFRS financial measure and as used herein represents earnings before financial income and expenses, depreciation, impairment, amortization and taxes. Adjusted EBITDA additionally includes adjustments for gain/(loss) on disposal of vessels and/or subsidiaries, share of profit and loss from equity accounted investments, interest income and interest expense, capitalised financing fees written off and other finance expenses. Adjusted EBITDA is used as a supplemental financial measure by management and external users of financial statements, such as lenders, to assess our operating performance as well as compliance with the financial covenants and restrictions contained in our financing agreements.

We believe that Adjusted EBITDA assists management and investors by increasing comparability of our performance from period to period. This increased comparability is achieved by excluding the potentially disparate effects of interest, depreciation, impairment, amortization and taxes. These are items that could be affected by various changing financing methods and capital structure which may significantly affect profit/(loss) between periods. Including Adjusted EBITDA as a measure benefits investors in selecting between investment alternatives.

Adjusted EBITDA is a non-IFRS financial measure and should not be considered as an alternative to net income or any other measure of our financial performance calculated in accordance with IFRS. Adjusted EBITDA excludes some, but not all, items that affect profit/(loss) and these measures may vary among other companies. Adjusted EBITDA as presented below may not be comparable to similarly titled measures of other companies.

#### Reconciliation of Non-IFRS measures

The following table sets forth a reconciliation of Adjusted EBITDA to profit/(loss) for the financial period, the most comparable IFRS financial measure, for the periods ended 30 September 2025 and 30 September 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br> **Profit for the financial period** | For the 3 months<br> ended 30 September<br> 2025<br> USD'000<br>**91503** | For the 3 months<br> ended 30 September<br> 2024<br> USD'000<br>**215635** | For the 9 months<br> ended 30 September<br> 2025<br> USD'000<br>**230028** | For the 9 months<br> ended 30 September<br> 2024<br> USD'000<br>**694403** |
|  Income tax expense | 699 | 1164 | 4778 | 4479 |
|  Depreciation charge of property, plant and equipment | 51969 | 53516 | 152471 | 161904 |
|  Amortisation charge of intangible assets | 107 | 108 | 319 | 695 |
|  Gain on disposal of assets | (2769) | (15621) | (2769) | (15521) |
|  Share of profit of equity-accounted investees, net of tax | (4351) | (4072) | (10344) | (19914) |
|  Interest income | (2746) | (4455) | (8830) | (11739) |
|  Interest expense | 9992 | 9688 | 36828 | 38730 |
|  Capitalised financing fees written off | 1528 | 406 | 2320 | 2069 |
|  Other finance expense | 4545 | 645 | 4943 | 6043 |
|  **Adjusted EBITDA** | **150477** | **257014** | **409744** | **861149** |

---

#### Time charter equivalent (or "TCE")

TCE (or TCE income) is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company's performance despite changes in the mix of charter types (i.e., voyage charters and time charters) under which the vessels may be employed between the periods. We define TCE income as income from time charters and voyage charters (including income from Pools, as described above) for our Hafnia Vessels and TC Vessels less voyage expenses (including fuel oil, port costs, brokers' commissions and other voyage expenses).

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---

| | |
|:---|:---|
| **HAFNIA** QUARTERLY-FINANCIAL-INFORMATION-Q3-2025 | ![](image00001.jpg) |

---

#### Note 9: Non-IFRS measures CONTINUED
We present TCE income per operating day, a non-IFRS measure, as we believe it provides additional meaningful information in conjunction with revenues, the most directly comparable IFRS measure, because it assists management in making decisions regarding the deployment and use of our Hafnia Vessels and TC Vessels and in evaluating their financial performance. Our calculation of TCE income may not be comparable to that reported by other shipping companies.

#### Reconciliation of Non-IFRS measures

The following table reconciles our revenue (Hafnia Vessels and TC Vessels), the most directly comparable IFRS financial measure, to TCE income per operating day.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  (in USD'000 except operating days and TCE income per operating day) | **For the 3 months**<br> **ended 30 September<br> 2025** | For the 3 months<br> ended 30 September<br>2024 | **For the 9 months**<br> **ended 30 September**<br>**2025** | For the 9 months<br> ended 30 September<br>2024 |
|  Revenue (Hafnia Vessels and TC Vessels) | 366505 | 497889 | 1053412 | 1582779 |
|  Revenue (External Vessels in Disponent-Owner Pools) | 220377 | 221842 | 635535 | 753007 |
|  Less: Voyage expenses (Hafnia Vessels and TC Vessels) | (119505) | (136331) | (356503) | (425060) |
|  Less: Voyage expenses (External Vessels in Disponent-Owner Pools) | (80240) | (80324) | (249412) | (248807) |
|  Less: Pool distributions for External Vessels in Disponent-Owner Pools | (140137) | (141518) | (386123) | (504200) |
|  **TCE income** | **247000** | **361558** | **696909** | **1157719** |
|  Operating days | 9485 | 10776 | 28453 | 31867 |
|  **TCE income per operating day** | **26040** | 33549 | **24493** | 36330 |

---

Revenue, voyage expenses and pool distributions in relation to External Vessels in Disponent-Owner Pools nets to zero, and therefore the calculation of TCE income is unaffected by these items:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  (in USD'000 except operating days and TCE income per operating day) | **For the 3 months**<br> **ended 30 September**<br> **2025** | For the 3 months ended 30 September <br> 2024 | **For the 9 months ended 30 September** <br> **2025** | For the 9 months ended 30 September <br> 2024 |
|  Revenue (Hafnia Vessels and TC Vessels) | 366505 | 497889 | 1053412 | 1582779 |
|  Less: Voyage expenses (Hafnia Vessels and TC Vessels) | (119505) | (136331) | (356503) | (425060) |
|  **TCE income** | **247000** | **361558** | **696909** | **1157719** |
|  Operating days | 9485 | 10776 | 28453 | 31867 |
|  **TCE income per operating day** | **26040** | 33549 | **24493** | 36330 |

---

'TCE income' as used by management is therefore only illustrative of the performance of the Hafnia Vessels and the TC Vessels; not the External Vessels in our Pools.

For the avoidance of doubt, in all instances where we use the term "TCE income" and it is not succeeded by "(voyage charter)", we are referring to TCE income from revenue and voyage expenses related to both voyage charter and time charter.

------

<sup>1</sup> Operating days are defined as the total number of days (including waiting time) in a period during which each vessel is owned, partly owned, operated under a bareboat arrangement (including sale and lease-back) or time chartered-in, net of technical off-hire days. Total operating days stated in the quarterly financial information include operating days for TC Vessels. <br>

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## Exhibit 99.2

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**Exhibit 99.2**<br>

![](image00002.jpg)

#### Hafnia Limited Announces Financial Results For The Three and Nine Months Ended 30 September 2025

Singapore, 1 December 2025

Hafnia Limited ("Hafnia", the "Company" or "we", OSE ticker code: "HAFNI", NYSE ticker code: "HAFN"), a leading product tanker company with a diversified and modern fleet of over 120 vessels, today announced results for the three and nine months ended 30 September 2025.

The full report can be found in the Investor Relations section of Hafnia's website: <u>https://investor.hafniabw.com/financials/quarterly-results/default.aspx</u>

#### Highlights and Recent Activity

#### Third Quarter 2025

---

| | |
|:---|:---|
| ■ | Recorded net profit of **USD 91.5 million** or USD 0.18 per share<sup>1</sup> compared to USD 215.6 million or USD 0.42 per share in Q3 2024. |

---

---

| | |
|:---|:---|
| ■ | Fee-based businesses generated earnings of **USD 7.1 million** compared to USD 7.8 million in Q3 2024. |

---

---

| | |
|:---|:---|
| ■ | Time Charter Equivalent (TCE)<sup>3</sup> earnings were **USD 247.0 million** compared to USD 361.6 million in Q3 2024, resulting in an average TCE<sup>3</sup> of USD 26,040 per day. |

---

---

| | |
|:---|:---|
| ■ | Adjusted EBITDA<sup>3</sup> of **USD 150.5 million** compared to USD 257.0 million in Q3 2024. |

---

---

| | |
|:---|:---|
| ■ | **71%** of total earning days of the fleet were covered for Q4 2025 at **USD 25,610** per day as of 14 November 2025.  |

---

---

| | |
|:---|:---|
| ■ | Net asset value (NAV)<sup>4</sup> was approximately **USD 3.4 billion**, or approximately **USD 6.76** per share (**NOK 67.55**), at quarter end. |

---

---

| | |
|:---|:---|
| ■ | Hafnia will distribute a total of **USD 73.2 million**, or **USD 0.1470** per share, in dividends, corresponding to a payout ratio of **80%.** |

---

#### Year-to-Date 30 September 2025

---

| | |
|:---|:---|
| ■ | Recorded net profit of **USD 230.0 million** or USD 0.46 per share<sup>1</sup> as compared to USD 694.4 million or USD 1.36 per share in YTD 9M 2024. |

---

---

| | |
|:---|:---|
| ■ | Fee-based businesses generated earnings of **USD 22.9 million**<sup>2</sup> compared to USD 28.3 million in YTD 9M 2024. |

---

---

| | |
|:---|:---|
| ■ | Time Charter Equivalent (TCE)<sup>3</sup> earnings were **USD 696.9 million** compared to USD 1,157.7 million for YTD 9M 2024, resulting in an average TCE<sup>3</sup> of USD 24,493 per day. |

---

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| | |
|:---|:---|
| ■ | Adjusted EBITDA<sup>3</sup> of **USD 409.7 million** compared to USD 861.1 million in YTD 9M 2024. |

---

<sup>1</sup> Based on weighted average number of shares as at 30 September 2025.

<sup>2</sup> Excluding a one-off item amounting to USD 1.3 million in YTD 9M 2025. From mid-May 2025, the Group transferred its bunker procurement business to its joint venture, Seascale Energy, which is equity accounted.<br> <sup>3</sup> See Non-IFRS Measures Section below.

<sup>4</sup> NAV is calculated using the fair value of Hafnia's owned vessels (including joint venture vessels).

------

![](image00002.jpg)<br>

Mikael Skov, CEO of Hafnia, commented:

The product tanker market was counter-cyclically firm throughout the third quarter, driven by continued growth in clean petroleum products exports, especially from the Middle East. This market strength carried in the fourth quarter, further supported by improved refining margins and the ongoing impact of sanctions, which are still causing inefficiencies and disruptions in trading routes.

I am pleased to announce that Hafnia delivered strong earnings for the quarter. In Q3, we achieved a net profit of **USD 91.5 million**, our strongest quarterly result so far in 2025, with our fee-based businesses generating **USD 7.1 million**. This quarter's performance also reflects the impact of several vessels undergoing drydocking, resulting in approximately **740** off-hire days. This was around **230 days higher** than expected, mainly due to dry dock delays and two vessels undergoing special cargo tank recoating during the quarter. While several vessels are scheduled for drydocking in the coming quarters, we expect off-hire days to decrease to around **440** in the fourth quarter.

At the end of the third quarter, our net asset value (NAV<sup>1</sup>) stood at approximately **USD 3.4 billion**, translating to an NAV per share of about **USD 6.76** (~**NOK 67.55**). Our net Loan-to-Value (LTV) ratio improved from 24.1% in the second quarter to **20.5%,** supported by strong operational cashflows. Approximately **USD 100 million** was used to repurchase vessels under sale-and-leaseback financings**.** In addition, vessel market values have also recorded a slight uptick compared to the previous quarter.

***I am pleased to announce a payout ratio of 80% for the third quarter. We will distribute a total of USD 73.2 million or USD 0.1470 per share in dividends.***

As part of our ongoing fleet renewal policy, we divested four older vessels during the period. In September, we sold the 2011-built MR vessel Hafnia Andromeda, followed by the sale of the 2012-built MR Hafnia Lupus in October, and both the 2010-built MR Hafnia Nordica and 2011-built MR Hafnia Taurus in November.

In September, we announced a preliminary agreement to acquire 14.45% of Torm shares from Oaktree. This was followed by a binding share purchase agreement, and we are now waiting for the appointment of a new independent board chair at TORM before we can complete the acquisition.

As winter approaches, seasonal demand is expected to strengthen the oil market, supporting higher earnings through increased tonne-mile activity and operational delays. The early part of the fourth quarter has been marked by significant geopolitical developments, including ongoing sanctions and regional conflicts that continue to alter global trade flows. Recent positive developments, such as the USA-China agreement to suspend special port fees for one year, and the ceasefire between Israel and Gaza, should help reduce market fragmentation and contribute to greater stability across trade routes.

On the supply side, the outlook for product tankers remains constructive. Fleet growth in Q3 was minimal despite ongoing newbuild deliveries, largely due to vessel sanctions and the transition of LR2s into dirty trading, which has tightened availability in the clean product segment. In addition, tonnage supply crossing over from the crude sector has decreased sharply into Q4, supported by a strong crude tanker market.

Overall, these dynamics point to a favourable environment for product tanker earnings through the rest of the year, with solid fundamentals likely to carry into early 2026.

***As of 14 November 2025, 71% of our Q4 earning days are covered at an average of USD 25,610 per day, and 15% of the earning days for 2026 are covered at USD 24,506 per day.***

As we approach the end of 2025, we remain encouraged by the continued strength of the product tanker market. Despite global uncertainty, I believe Hafnia is well-positioned for the future we and expect our operational cash flow breakeven in 2026 to be below **USD 13,000/day**. We will continue to exercise financial discipline and pursue opportunities that strengthen our competitive position.

*<sup>1</sup> NAV is calculated using the fair value of Hafnia's owned vessels (including joint venture vessels).*

------

![](image00002.jpg)<br>

#### Fleet
At the end of the quarter, Hafnia's fleet consisted of **117** owned vessels<sup>1</sup> and **9** chartered-in vessels. The Group's total fleet includes **10 LR2s**, **32 LR1s** (including two bareboat-chartered in and two time-chartered in), **60 MRs** of which 12 are IMO II (including seven time-chartered in), and **24 Handy** vessels of which 18 are IMO II (including two bareboat-chartered in).

The average estimated broker value of the owned fleet<sup>1</sup> was **USD 3,805 million**, of which **USD 3,388 million** relates to Hafnia's 100% owned fleet, and **USD 417 million** relates to Hafnia's 50% share in the joint venture fleet.

Including Hafnia's 50% share in the joint venture fleet, the LR2 vessels had a broker value of **USD 542 million**<sup>2</sup>, the LR1 fleet had a broker value of **USD 947 million**<sup>2</sup>, the MR fleet had a broker value of **USD 1,600 million**<sup>3</sup> and the Handy vessels had a broker value of **USD 716 million**<sup>4</sup>. The unencumbered vessels had a broker value of **USD 782 million**. The chartered-in fleet had a right-of-use asset book value of **USD 20 million** with a corresponding lease liability of **USD 19 million**.

<sup>1</sup> Including bareboat chartered in vessels; six LR1s and four LR2s owned through 50% ownership in the Vista Shipping Joint Venture, two MRs owned through 50% ownership in the H&A Shipping Joint Venture, three IMO II MRs owned through 50% ownership in the Ecomar Joint Venture; and three MRs classified as assets held for sale

<sup>2</sup> Including USD 290 million relating to Hafnia's 50% share of six LR1s and four LR2s owned through 50% ownership in the Vista Shipping Joint Venture

<sup>3</sup> Including USD 127 million relating to Hafnia's 50% share of two MRs owned through 50% ownership in the H&A Shipping Joint Venture and three IMO II MRs owned through 50% ownership in the Ecomar Joint Venture; and three MRs classified as assets held for sale

<sup>4</sup> Including IMO II Handy vessels

#### Market Review & Outlook
The product tanker market began the year with modest activity, but gained momentum in the third quarter, supported by increased trading volumes and strong refinery margins. This improvement was largely driven by higher export activity from the Middle East and Asia, with clean petroleum products (CPP) volumes on the water continuing to grow throughout the quarter. Daily loaded volumes also rose, indicating that the increase in oil-on-water was fuelled primarily by stronger export demand rather than longer voyage distances. Russian CPP exports declined in Q3 following Ukrainian drone attacks on several refineries, tightening Russian supply and stimulating increased trade activity in the Atlantic Basin. Replacement barrels for South America were sourced from the US Gulf Coast, adding tonne-miles to the unsanctioned fleet and pushing overall utilization.

<u>Market Fundamentals</u>

Underlying fundamentals remain strong. The ongoing closure of refineries in Europe and the United States is expected to support higher tonne-miles. Sanctions on Russian molecules and vessels trading with Russia will likely continue tightening effective supply through the remainder of 2025 and into 2026. Global oil demand also remains resilient, with the IEA forecasting an increase of 0.8 million barrels per day in 2025, to a total of 103.9 million barrels per day. On the supply side, stronger crude production and OPEC+ plans for increased output should support the product tanker market by driving higher refinery throughput.

<u>Geopolitical Developments</u>

Geopolitical tensions continue to shape market dynamics despite encouraging progress early in Q4. The Trump Administration brokered a peace plan between Israel and Hamas aimed at ending hostilities, though the reopening of Red Sea to commercial traffic will take time. Meanwhile, China introduced port fees on US-owned or operated vessels in response to USTR measures, effective October 14, but these were suspended for one year at the end of that month. While the direct impact on product tankers is limited, these developments highlight the persistent uncertainty and the influence of geopolitics on trade flows and market sentiment.

<u>Supply Outlook</u>

The supply outlook remains constructive. Fleet growth in Q3 was minimal despite ongoing newbuild deliveries, with the orderbook-to-fleet ratio declining to about 18% as of November 2025. Limited growth was driven by continued vessel sanctions and the shift of LR2s into dirty trading, which tightened supply in the clean product segment. Ship supply crossing over from the crude sector has also fallen sharply in Q4, supported by a robust crude market, further restricting available tonnage.

<u>Forward View</u>

Looking ahead to the remainder of 2025 and into 2026, the product tanker market appears well-positioned for a strong winter season. However, several key factors including trade policy shifts, evolving oil trade routes, sanctions, and ongoing geopolitical tensions will continue to shape market conditions and influence overall dynamics.

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#### Key Figures

---

| | | | | |
|:---|:---|:---|:---|:---|
| **USD million** | **Q1 2025** | **Q2 2025** | **Q3 2025** | **YTD 2025** |
| **Income Statement** |  |  |  |  |
| Operating revenue (Hafnia vessels and TC vessels) | 340.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 346.6 | 366.5 | 1053.4 |
| Profit before tax | 64.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78.0 | 92.2 | 234.8 |
| Profit for the period | 63.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75.3 | 91.5 | 230.0 |
| Financial items | (13.9) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8.1) | (13.3) | (35.3) |
| Share of profit from joint ventures | 3.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.0 | 4.4 | 10.3 |
| TCE income<sup>1</sup> | 218.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 231.2 | 247.0 | 696.9 |
| Adjusted EBITDA<sup>1</sup> | 125.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134.2 | 150.5 | 409.7 |
| **Balance Sheet** |  |  |  |  |
| Total assets | 3696.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3669.9 | 3570.1 | 3570.1 |
| Total liabilities | 1418.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1369.5 | 1239.5 | 1239.5 |
| Total equity | 2278.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2300.4 | 2330.7 | 2330.7 |
| Cash at bank and on hand<sup>2</sup> | 188.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 194.0 | 132.5 | 132.5 |
| **Key financial figures** |  |  |  |  |
| Return on Equity (RoE) (p.a.)<sup>3</sup> | 11.1% | 13.2% | 15.9% | 13.4% |
| Return on Invested Capital (p.a.)<sup>4</sup> | 9.6% | 10.6% | 12.8% | 11.0% |
| Equity ratio | 61.6% | 62.7% | 65.3% | 65.3% |
| Net loan-to-value (LTV) ratio<sup>5</sup> | 24.1% | 24.1% | 20.5% | 20.5% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For the 3 months ended 30 September 2025** | **LR2** | **LR1** | **MR<sup>6</sup>** | **Handy<sup>7</sup>** | **Total** |
| Vessels on water at the end of the period<sup>8</sup> | 6 | 26 | 55 | 24 | 111 |
| Total operating days<sup>9</sup> | 545 | 2174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1942 | 9485 |
| Total calendar days (excluding TC-in) | 552 | &nbsp;&nbsp;&nbsp;&nbsp;2164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2208 | 9417 |
| TCE (USD per operating day)<sup>1</sup> | 36527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22648 | 26040 |
| Spot TCE (USD per operating day)<sup>1</sup> | 37625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22699 | 26219 |
| TC-out TCE (USD per operating day)<sup>1</sup> | 31126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22289 | 25252 |
| OPEX (USD per calendar day)<sup>10</sup> | 8459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8371 | 8459 |
| G&A (USD per operating day)<sup>11</sup> |  |  |  |  | 1220 |

---

<sup>1</sup> See Non-IFRS Measures Section below.

<sup>2</sup> Excluding cash retained in the commercial pools.

<sup>3</sup> Annualised

<sup>4</sup> ROIC is calculated using annualised EBIT less tax.

<sup>5</sup> Net loan-to-value is calculated as all debt (excluding debt relating to the pools), including finance lease debt, minus cash (excluding cash retained in the commercial pools), divided by broker vessel values (for 100% owned vessels) and the lower of the market value or purchase price of the Torm Investment. The calculation of net loan-to-value does not include debt or the values of vessels held through our joint ventures.

<sup>6</sup> Inclusive of nine IMO II MR vessels and excluding three MRs classified as assets held for sale.

<sup>7</sup> Inclusive of 18 IMO II Handy vessels.

<sup>8</sup> Excluding six LR1s and four LR2s owned through 50% ownership in the Vista Shipping Joint Venture, two MRs owned through 50% ownership in the H&A Shipping Joint Venture and three IMO II MRs owned through 50% ownership in the Ecomar Joint Venture.

<sup>9</sup> Total operating days include operating days for vessels that are time chartered-in. Operating days are defined as the total number of days (including waiting time) in a period during which each vessel is owned, partly owned, operated under a bareboat arrangement (including sale and lease-back) or time chartered-in, net of technical off-hire days. Total operating days stated in the quarterly financial information include operating days for TC Vessels.

<sup>10</sup> OPEX includes vessel running costs and technical management fees.

<sup>11</sup> G&A includes all expenses and is adjusted for cost incurred in managing external vessels.

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![](image00002.jpg)<br>

#### Declaration of Dividend
Hafnia will pay a quarterly dividend of USD 0.1470 per share. The record date will be **9 December 2025**.

For shares registered in the Euronext VPS Oslo Stock Exchange, dividends will be distributed in NOK with an **ex-dividend date of 8 December 2025** and a payment date on, or about, 19 December 2025.

For shares registered in the Depository Trust Company, the **ex-dividend date will be 9 December 2025,** with a payment date on, or about, 16 December 2025.

Please see our separate announcement for additional details regarding the Company's dividend.

#### Webcast and Conference Call
Hafnia will host a conference call for investors and financial analysts at 9:30 pm SGT/2:30 pm CET/8:30 am EST on 1 December 2025.

The investor presentation will be available via live video webcast via the following link: <u>Click here to join Hafnia's Investor Presentation on 1 December 2025</u>

**Meeting ID:** 373 112 852 629 17

**Passcode:** 5VN2Di2s

<u>Download Teams</u> \| <u>Join on the web</u>

**Dial in by phone:** <u>+45 32 72 66 19,,576208826#</u> **Denmark, All locations**

<u>Find a local number</u>

**Phone conference ID:** 576 208 826#

A recording of the presentation will be available after the live event on the Hafnia Investor Relations Page: <u>https://investor.hafnia.com/financials/quarterly-results/default.aspx.</u>

#### Contacts
Mikael Skov, CEO Hafnia

+65 8533 8900

#### About Hafnia
Hafnia is one of the world's leading tanker owners, transporting oil, oil products and chemicals for major national and international oil companies, chemical companies, as well as trading and utility companies.

As owners and operators of around 200 vessels, we offer a fully integrated shipping platform, including technical management, commercial and chartering services, pool management, and a large-scale bunker procurement desk. Hafnia has offices in Singapore, Copenhagen, Houston, and Dubai and currently employs over 4000 employees onshore and at sea.

Hafnia is part of the BW Group, an international shipping group involved in oil and gas transportation, floating gas infrastructure, environmental technologies, and deep-water production for over 80 years.

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#### Non-IFRS Measures
Throughout this press release, we provide a number of key performance indicators used by our management and often used by competitors in our industry.

<u>Adjusted EBITDA</u>

"Adjusted EBITDA" is a non-IFRS financial measure and as used herein represents earnings before financial income and expenses, depreciation, impairment, amortization and taxes. Adjusted EBITDA additionally includes adjustments for gain/(loss) on disposal of vessels and/or subsidiaries, share of profit and loss from equity accounted investments, interest income and interest expense, capitalised financing fees written off and other finance expenses. Adjusted EBITDA is used as a supplemental financial measure by management and external users of financial statements, such as lenders, to assess our operating performance as well as compliance with the financial covenants and restrictions contained in our financing agreements.

We believe that Adjusted EBITDA assists management and investors by increasing comparability of our performance from period to period. This increased comparability is achieved by excluding the potentially disparate effects of interest, depreciation, impairment, amortization and taxes. These are items that could be affected by various changing financing methods and capital structure which may significantly affect profit/(loss) between periods. Including Adjusted EBITDA as a measure benefits investors in selecting between investment alternatives.

Adjusted EBITDA is a non-IFRS financial measure and should not be considered as an alternative to net income or any other measure of our financial performance calculated in accordance with IFRS. Adjusted EBITDA excludes some, but not all, items that affect profit/(loss) and these measures may vary among other companies. Adjusted EBITDA as presented below may not be comparable to similarly titled measures of other companies.

#### Reconciliation of Non-IFRS measures
The following table sets forth a reconciliation of Adjusted EBITDA to profit/(loss) for the financial period, the most comparable IFRS financial measure, for the periods ended 30 September 2025 and 30 September 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | For the 3 months <br> ended 30 <br> September 2025<br> USD'000 | For the 3 months <br> ended 30 <br> September 2024<br> USD'000 | For the 9 months<br> ended 30 <br> September 2025<br> USD'000 | For the 9 months <br> ended 30 <br> September 2024<br> USD'000 |
| **Profit for the financial period** | **91503** | **215635** | **230028** | **694403** |
| Income tax expense | 699 | 1164 | 4778 | 4479 |
| Depreciation charge of property, plant and equipment | 51969 | 53516 | 152471 | 161904 |
| Amortisation charge of intangible assets | 107 | 108 | 319 | 695 |
| Gain on disposal of assets | (2769) | (15621) | (2769) | (15521) |
| Share of profit of equity-accounted investees, net of tax | (4351) | (4072) | (10344) | (19914) |
| Interest income | (2746) | (4455) | (8830) | (11739) |
| Interest expense | 9992 | 9688 | 36828 | 38730 |
| Capitalised financing fees written off | 1528 | 406 | 2320 | 2069 |
| Other finance expense | 4545 | 645 | 4943 | 6043 |
| **Adjusted EBITDA** | **150477** | **257014** | **409744** | **861149** |

---

<u>Time charter equivalent (or "TCE")</u>

TCE (or TCE income) is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company's performance despite changes in the mix of charter types (i.e., voyage charters and time charters) under which the vessels may be employed between the periods. We define TCE income as income from time charters and voyage charters (including income from Pools, as described above) for our Hafnia Vessels and TC Vessels less voyage expenses (including fuel oil, port costs, brokers' commissions and other voyage expenses).

We present TCE income per operating day<sup>1</sup>, a non-IFRS measure, as we believe it provides additional meaningful information in conjunction with revenues, the most directly comparable IFRS measure, because it assists management in making decisions regarding the deployment and use of our Hafnia Vessels and TC Vessels and in evaluating their financial performance. Our calculation of TCE income may not be comparable to that reported by other shipping companies.

<sup>1</sup> Operating days are defined as the total number of days (including waiting time) in a period during which each vessel is owned, partly owned, operated under a bareboat arrangement (including sale and lease-back) or time chartered-in, net of technical off-hire days. Total operating days stated in the quarterly financial information include operating days for TC Vessels.

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![](image00002.jpg)<br>

The following table reconciles our revenue (Hafnia Vessels and TC Vessels), the most directly comparable IFRS financial measure, to TCE income per operating day.

---

| | | | | |
|:---|:---|:---|:---|:---|
| (in USD'000 except operating days and TCE income per operating day) | **For the 3 months ended 30** <br> **September 2025** | For the 3 months <br> ended 30 <br> September 2024 | **For the 9 months ended 30** <br> **September 2025** | For the 9 months <br> ended 30<br> September 2024 |
| Revenue (Hafnia Vessels and TC Vessels) | 366505 | 497889 | 1053412 | 1582779 |
| Revenue (External Vessels in Disponent-Owner Pools) | 220377 | 221842 | 635535 | 753007 |
| Less: Voyage expenses (Hafnia Vessels and TC Vessels) | (119505) | (136331) | (356503) | (425060) |
| Less: Voyage expenses (External Vessels in Disponent-Owner Pools) | (80240) | (80324) | (249412) | (248807) |
| Less: Pool distributions for External Vessels in Disponent-Owner Pools | (140137) | (141518) | (386123) | (504200) |
| **TCE income** | **247000** | **361558** | **696909** | **1157719** |
| Operating days | 9485 | 10776 | 28453 | 31867 |
| **TCE income per operating day** | **26040** | **33549** | **24493** | **36330** |

---

Revenue, voyage expenses and pool distributions in relation to External Vessels in Disponent-Owner Pools nets to zero, and therefore the calculation of TCE income is unaffected by these items:

---

| | | | | |
|:---|:---|:---|:---|:---|
| (in USD'000 except operating days and TCE income per operating day) | **For the 3 months** <br> **ended 30** <br> **September 2025** | For the 3 months <br> ended 30 <br> September 2024 | **For the 9 months ended 30** <br> **September 2025** | For the 9 months<br> ended 30 <br> September 2024 |
| Revenue (Hafnia Vessels and TC Vessels) | 366505 | 497889 | 1053412 | 1582779 |
| Less: Voyage expenses (Hafnia Vessels and TC Vessels) | (119505) | (136331) | (356503) | (425060) |
| **TCE income** | **247000** | **361558** | **696909** | **1157719** |
| Operating days | 9485 | 10776 | 28453 | 31867 |
| **TCE income per operating day** | **26040** | **33549** | **24493** | **36330** |

---

'TCE income' as used by management is therefore only illustrative of the performance of the Hafnia Vessels and the TC Vessels; not the External Vessels in our Pools.

For the avoidance of doubt, in all instances where we use the term "TCE income" and it is not succeeded by "(voyage charter)", we are referring to TCE income from revenue and voyage expenses related to both voyage charter and time charter.

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![](image00002.jpg)<br>

#### Forward-Looking Statements
This press release and any other written or oral statements made by us or on our behalf may include "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934. Forward-looking statements include statements concerning our intentions, beliefs or current expectations concerning, among other things, the financial strength and position of the Group, operating results, liquidity, prospects, growth, the implementation of strategic initiatives, as well as other statements relating to the Group's future business development, financial performance and the industry in which the Group operates, which are other than statements of historical facts or present facts and circumstances. These forward-looking statements may be identified by the use of forward-looking terminology, such as the terms "anticipates", "assumes", "believes", "can", "contemplate", "continue", "could", "estimates", "expects", "forecasts", "intends", "likely", "may", "might", "plans", "should", "potential", "projects", "seek", "target", "will", "would" or, in each case, their negative, or other variations or comparable terminology.

The forward-looking statements in this press release are based upon various assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot guarantee prospective investors that the intentions, beliefs or current expectations upon which its forward-looking statements are based will occur.

Other important factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements due to various factors include, but are not limited to:

<br> • general economic, political, security, and business conditions, including the development of the ongoing war between Russia and Ukraine and the conflict between Israel and Hamas, disruptions in the Red Sea, sanctions and other measures;

<br> • general chemical and product tanker market conditions, including fluctuations in charter rates, vessel values and factors affecting supply and demand of crude oil and petroleum products or chemicals;

<br> • the imposition by the United States, China, EU and other countries of tariffs and other policies and regulations affecting international trade, including fees and import and export restrictions;

<br> • changes in expected trends in recycling of vessels;

<br> • changes in demand in the chemical and product tanker industry, including the market for LR2, LR1, MR and Handy chemical and product tankers;

<br> • competition within our industry, including changes in the supply of chemical and product tankers;

<br> • our ability to successfully employ the vessels in our Hafnia Fleet and the vessels under our commercial management;

<br> • changes in our operating expenses, including fuel or cooling down prices and lay-up costs when vessels are not on charter, drydocking and insurance costs;

<br> • changes in international treaties, governmental regulations, tax and trade matters and actions taken by regulatory authorities;

<br> • potential disruption of shipping routes and demand due to accidents, piracy or political events;

<br> • vessel breakdowns and instances of loss of hire;

<br> • vessel underperformance and related warranty claims;

<br> • our expectations regarding the availability of vessel acquisitions and our ability to complete the acquisition of newbuild vessels;

<br> • our ability to procure or have access to financing and refinancing;

<br> • our continued borrowing availability under our credit facilities and compliance with the financial covenants therein;

<br> • fluctuations in commodity prices, foreign currency exchange and interest rates;

<br> • potential conflicts of interest involving our significant shareholders;

<br> • our ability to pay dividends;

<br> • technological developments;

<br> • the occurrence, length and severity of epidemics and pandemics and the impact on the demand for transportation of chemical and petroleum products;

<br> • the impact of increasing scrutiny and changing expectations from investors, lenders and other market participants with respect to environmental, social and governance initiatives, objectives and compliance;

<br> • other factors that may affect our financial condition, liquidity and results of operations; and

------

![](image00002.jpg)<br>

<br> • other factors set forth in "Item 3. – Key Information – D. Risk Factors" of Hafnia's Annual Report on Form 20-F, filed with the U.S. Securities and Exchange Commission on 30 April 2025

Because of these known and unknown risks, uncertainties and assumptions, the outcome may differ materially from those set out in the forward-looking statements. These forward-looking statements speak only as at the date on which they are made. Hafnia undertakes no obligation to publicly update or publicly revise any forward-looking statement, whether as a result of new information, future events or otherwise.

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## Exhibit 99.3

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#### Exhibit 99.3<br>

#### <br>

#### HAFNIA LIMITED: Key information relating to dividend for the third quarter 2025

#### TICKER:

#### NYSE: "HAFN"

#### OSLO: "HAFNI"

Singapore, 1 December 2025

Reference is made to the announcement made by Hafnia Limited ("Hafnia" or the "Company", OSE ticker code: "HAFNI", NYSE ticker code: "HAFN") on 1 December 2025 announcing the Company's third quarter results and cash dividend.

Key information relating to the cash dividend paid by the Company for the third quarter 2025:

<br> • Date of approval: 30 November 2025

<br> • Record date: 9 December 2025

• Dividend amount: 0.1470 per share

• Declared currency: USD. Dividends payable to shares registered in the Euronext VPS will be distributed in NOK, with the conversion from USD to NOK taking place **two business days** prior to the payment date to shareholders in VPS.

Shares registered in the Euronext VPS Oslo Stock Exchange:

<br> • Last trading day including right to dividends: 5 December 2025

• **Ex-date: 8 December 2025**

<br> • Payment date: On or about 19 December 2025

Shares registered in the Depository Trust Company:

<br> • Last trading day including right to dividends: 8 December 2025

• **Ex-date: 9 December 2025**

<br> • Payment date: On or about 16 December 2025

This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.

For further information, please contact:

Mikael Skov

CEO Hafnia Limited

+65 8533 8900

\* \* \*

------

![](image00005.jpg)

About Hafnia Limited:

Hafnia is one of the world's leading tanker owners, transporting oil, oil products and chemicals for major national and international oil companies, chemical companies, as well as trading and utility companies.

As owners and operators of around 200 vessels, we offer a fully integrated shipping platform, including technical management, commercial and chartering services, pool management, and a large-scale bunker procurement desk. Hafnia has offices in Singapore, Copenhagen, Houston, and Dubai and currently employs over 4000 employees onshore and at sea.

Hafnia is part of the BW Group, an international shipping group involved in oil and gas transportation, floating gas infrastructure, environmental technologies, and deep-water production for over 80 years.

------