Interim report
Page 1
HAFNIA CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-(UNAUDITED)-Q2-AND-H1 2026 1 Hafnia Limited Condensed Consolidated Interim Financial Information Q2 and H1 2026
Page 2
HAFNIA CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-(UNAUDITED)-Q2-AND-H1 2026 2 Six months after the conflict in the Persian Gulf began, the market has not yet normalized. The partial reopening of the Strait of Hormuz after the ceasefire memorandum was signed in June proved short-lived, as the passageway was effectively closed again in early July. Gulf exports, including routes bypassing the Strait, fell sharply by 2.1 million barrels per day (mb/d) to 15 mb/d in July. Importantly, the bypass routes the Gulf has relied on have also come under pressure. Amid rising tensions between the Houthis and Saudi Arabia, attacks extended to the Bab el-Mandeb Strait and to infrastructure at Jazan and Yanbu, diverting Saudi oil expor ts northward toward the Suez Canal and the SUMED pipeline. The SUMED pipeline saw Saudi exports surge to 1.25 mb/d, the highest level since April 2020. For the product tanker market, this has led to sustained fragmentation of global trade, with volumes East of Suez remaining constrained and alternative routings adding substantial voyage distance. Against this backdrop, Hafnia delivered the strongest quarterly result since Q3 2022. In Q2 2026, we recorded a net profit of USD 277.8 million. This included USD 39.3 million in gains on vessel sales, and our fee-based business generated USD 8.8 million . Results for the quarter were impacted by approximately 392 off-hire vessel days related to scheduled drydockings, and we anticipate approximately 225 off-hire days in Q3. Our average fleet TCE for Q2 was USD 44,093 per day. As of 17 August 2026, 80% of our Q3 earning days are covered at an average of USD 30,716 per day, and 53% of our H2 2026 earning days are covered at an average rate of USD 28,917 per day. At the end of the second quarter, our net asset value (NAV1) rose to approximately USD 4.4 billion, up USD 0.4 billion from Q1 2026. This is equivalent to USD 8.89 (~NOK 88.47) per share, driven by higher vessel valuations across all segments and lower debt levels amid a strengthened freight market. Our net Loan-to-Value (LTV) ratio further decreased from 20.2% in the first quarter to 13.0%, primarily due to strong cash flow generation from both operations and vessel sales. With our net LTV below 20%, we have reached the highest payout threshold under our dividend policy. I am therefore pleased to announce a 90% payout ratio for the second quarter. Accordingly, we will distribute a total of USD 250.0 million in dividends, or USD 0.5003 per share. This reflects our continued commitment to delivering strong shareholder returns and represents an annualized dividend yield of approximately 21% based on the dividend announced for the first half of 2026. From 2027, we will calculate net LTV on a fully committed basis, incorporating outstanding newbuild commitments and the corresponding vessel values. We continued to execute our fleet renewal strategy during the quarter. In Q2, we completed the sale of one LR1 vessel, two MR vessels, and three Handy vessels. In Q3, we sold our 50% stake in two MR vessels within the H&A Shipping joint venture, resulting in a USD 13.3 million profit for Hafnia. Our 13.97% stake in TORM continued to contribute to financial performance, with a market value of USD 369.0 million at quarter-end and an additional USD 9.9 million in dividend income recognized during the quarter. Our view on the logic of industry consolidation remains unchanged. The specific path and timing of any strategic steps will continue to be guided by a single priority: maximizing returns for Hafnia's shareholders. This is my final quarterly letter as Chief Executive Officer of Hafnia. As announced on 30 June, I will step down on 1 September 2026 after sixteen years in the role. Subject to approval at an Extraordinary General Meeting, I will join Hafnia's Board of Di rectors. Søren Steenberg Jensen, EVP and Head of Asset Management, who has helped build this company since its inception, will succeed me as CEO. The timing naturally invites questions. This transition was planned well in advance and is grounded in continuity. Søren has been closely involved in every element of the strategy outlined in this letter, from our fleet renewal program and distribution policy to the capital allocation that guides both. These commitments now pass to Søren. In his own words: From Søren Steenberg Jensen, incoming CEO: 1 NAV is calculated using the fair value of Hafnia’s owned vessels (including joint venture vessels).
Page 3
HAFNIA CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-(UNAUDITED)-Q2-AND-H1 2026 3 "Hafnia's strategy does not change on 1 September. My focus will be on disciplined commercial execution and operational excellence through what may remain a volatile period. The capital allocation framework set out in this letter, the payout policy, and the investment strategy carry my full commitment. I look forward to addressing shareholders in my new role at our Q3 results presentation in November 2026." It has been a privilege to lead Hafnia and to work with an exceptional team across sea and shore. I would like to thank our employees, partners, investors and stakeholders for their trust and support throughout this journey. Above all, I would like to thank our seafarers, who have carried this company through an extraordinary period with tremendous commitment. I am immensely proud of what we have accomplished and confident that Hafnia is well positioned for its next chapter. Mikael Skov CEO Hafnia
Page 4
HAFNIA CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-(UNAUDITED)-Q2-AND-H1 2026 4 Table of Contents Highlights – Q2 and H1 2026 ................................ ................................ ................................ ................ 6 Key figures ................................ ................................ ................................ ................................ .......... 10 Coverage of earning days ................................ ................................ ................................ ................... 11 Tanker segment results ................................ ................................ ................................ ...................... 13 Risk factors ................................ ................................ ................................ ................................ ......... 14 Dividend for Q2 ................................ ................................ ................................ ................................ .. 14 Responsibility statement ................................ ................................ ................................ .................... 14 Condensed consolidated statement of comprehensive income (Unaudited) ................................ .... 15 Condensed consolidated balance sheet ................................ ................................ ............................. 16 Condensed consolidated statement of changes in equity (Unaudited) ................................ ............. 17 Condensed consolidated statement of cash flows (Unaudited) ................................ ......................... 18 Notes to the Condensed Consolidated Interim Financial Information (Unaudited) Note 1: General information ................................ ................................ ................................ .............. 19 Note 2: Basis of preparation ................................ ................................ ................................ ............... 19 Note 3: Material accounting policies ................................ ................................ ................................ .. 19 Note 4: Revenue ................................ ................................ ................................ ................................ . 20 Note 5: Property, plant and equipment ................................ ................................ ............................. 20 Note 6: Shareholders’ equity ................................ ................................ ................................ .............. 22 Note 7: Borrowings ................................ ................................ ................................ ............................ 23 Note 8: Commitments ................................ ................................ ................................ ........................ 25 Note 9: Financial information ................................ ................................ ................................ ............. 26 Note 10: Significant related party transactions ................................ ................................ .................. 28 Note 11: Segment information ................................ ................................ ................................ ........... 29 Note 12: Subsequent events ................................ ................................ ................................ .............. 30 Note 13: Non-IFRS measures ................................ ................................ ................................ ............. 31 Joint ventures ................................ ................................ ................................ ................................ ..... 32 Fleet list ................................ ................................ ................................ ................................ .............. 33
Page 5
HAFNIA CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-(UNAUDITED)-Q2-AND-H1 2026 5 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 state ments 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, including a potential business combination with TORM plc (“TORM”), as well as o ther statements relating to the Group’s future business development, financial performance and the industry in which the Group operates. 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 material ly 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 ongoing war between Russia and Ukraine, conflicts in the Middle East and the closure of the Strait of Hormuz, 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; • with respect to a potential transaction with TORM, uncertainty as to whether Hafnia or TORM will pursue, enter into or complete a potential transaction; potential adverse reactions or changes to business relationships resulting from pursuit or completion of a potential transaction; uncertainties as to the timing of a potential transaction; and adverse effects on Hafnia’s share price resulting from pursuit, completion of, or failure to complete a potential transaction; • 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, conflicts 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; 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 17 April 2026. Because of these known and unknown risks, uncertainties and assumptions, We caution 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. 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.
Page 6
HAFNIA CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-(UNAUDITED)-Q2-AND-H1 2026 6 For Q2 2026, Hafnia will distribute a total of USD 250.0 million or USD 0.5003 per share in dividends, corresponding to a payout ratio of 90%. Highlights – Q2 and H1 2026 Financial – Q2 In Q2 2026, Hafnia recorded a net profit of USD 277.8 million, equivalent to a profit of USD 0.56 per share1 (Q2 2025: USD 75.3 million, equivalent to a profit of USD 0.15 per share). The fee-based businesses generated earnings of USD 8.8 million2 (Q2 2025: USD 7.9 million). Time Charter Equivalent (TCE) 3 earnings for Hafnia were USD 372.9 million in Q2 2026 (Q2 2025: USD 231.2 million), resulting in an average TCE3 of USD 44,093 per day4. Adjusted EBITDA3 was USD 287.3 million in Q2 2026 (Q2 2025: USD 134.2 million). As of 17 August 2026, 80% of the total earning days of the fleet were covered for Q3 2026 at USD 30,716 per day. Financial – H1 In H1 2026, Hafnia recorded a net profit of USD 457.5 million, equivalent to a profit of USD 0.92 per share1 (H1 2025: USD 138.5 million, equivalent to a profit of USD 0.28 per share). The fee-based businesses generated earnings of USD 16.6 million2 (H1 2025: USD 15.8 million). Time Charter Equivalent (TCE)3 earnings were USD 655.4 million in H1 2026 (H1 2025: USD 449.9 million), resulting in an average TCE3 of USD 36,887 per day4. Adjusted EBITDA3 was USD 486.0 million in H1 2026 (H1 2025: USD 259.3 million). 1 Based on weighted average number of shares as at 30 June 2026. 2 Excluding dividend income from Hafnia’s investment in TORM. 3 See Non-IFRS Measures in Note 13. 4 TCE per day presented here excludes downward adjustments of USD 1.7 mil and USD 2.3 mil for Q2 and H1 2026 respectively; relating to operating segments that Hafnia exited in prior financial years.
Page 7
HAFNIA CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-(UNAUDITED)-Q2-AND-H1 2026 7 Highlights – Q2 and H1 2026 CONTINUED Market Market Fundamentals The second quarter saw continued disruption to Arabian Gulf flows due to the closure of the Strait of Hormuz. According to th e International Energy Agency (IEA), Gulf oil production recovered only partially, standing at 23.9 mb/d in July, 8.3 mb/d below pre- conflict levels. The memorandum signed between the US and Iran in mid -June facilitated a partial reopening of the Strait and a sharp recovery in oil flows. Arabian Gulf loadings peaked near 20 mb/d at the start of July, before the agreement broke down and renewed attacks on tankers and energy infrastructure reduced loadings to about 12 mb/d by month-end. Alternative routings that had partially offset the closure also came under direct pressure during the period. Rising tensions between the Houthis and Saudi Arabia have caused vessels to turn away from the Bab el -Mandeb Strait, reestablishing the Red Sea chokepoint in the global oil supply chain. We are already seeing an increase in Red Sea exports shifting toward northern routes, exiting via both the Suez Canal and the SUMED pipeline. Rerouting via Suez and SUMED adds almost 30 days to Asia - bound transit, supporting tonne-mile. The dislocation is most visible in product trade. Global seaborne oil product exports averaged 27.7 mb/d in July, 3.8 mb/d below a year ago. Gulf countries accounted for 2.9 mb/d of the decline, while the United States offset 0.7 mb/d. Buyers historicall y dependent on Russian and Middle Eastern barrels secured replacement volumes from the United States, Europe, and India, lengthening average voyage distances across the diesel trade. Inventories continued to draw sharply, with OECD oil inventories falling 69 mb in July, increasing the need for ongoing replenishment and supporting seaborne trade flows and tanker demand. Forward View The outlook remains highly uncertain and depends heavily on the durability of any reopening of the Strait of Hormuz and the pace at which Gulf and Asian refining capacity returns. The demand -side impact has proved more significant than initially anticipated. The IEA now forecasts global oil demand contracting by 1.6 mb/d in 2026 to 103.3 mb/d, compared with the 0.4 mb/d decline projected in May. Asia and the Middle East have been hit hardest, accounting for 62% and 28% of the expected decline, respectively. Global demand is expected to expand by 2.4 mb/d in 2027. Inventory levels underpin our medium -term view. Once market conditions improve, IEA member countries will need to replace up to 400 mb of emergency stocks released during the crisis, of which about 300 mb had been drawn by the end of July. Notably, the remaining committed volumes consist largely of crude oil, offering limited relief to product market tightness, which has become the more pressing constraint. Furthermore, the 172 mb US SPR release, of which about 134 mb has been contracted, is projected to refill in 2027. Several non-IEA countries, including China and India, have also depleted reserves. A durable reopening of the Strait, combined with the recovery of Eastern refining capacity, would allow ballast tonnage to reposition and, over time, normalize the geographic imbalances that have supported Atlantic Basin freight rates. The IEA further identifies a potential supply overhang of up to 4 mb/d in 2027 as Gulf production recovers, which would return global stocks to February 2026 levels by mid -2027 and push them approximately 1 billion barrels higher by the end of 2027. In our view, that rebuild represents cargo to be carried rather than a headwind, but the transition may be volatile. On the vessel supply side, our view is unchanged from prior quarters. While newbuild deliveries remain elevated in 2026, the overall supply outlook is more balanced than headline orderbook figures suggest. Scrapping potential is increasing as the glo bal fleet ages, and the sanctioned fleet continues to expand, with much of that tonnage unlikely to return to mainstream trading. A significant share of the product tanker orderbook comprises LR2 vessels, many of which trade in the crude segment, further tightening effective supply within the clean market. We also note that a substantial share of recent ordering activity has been concentrated in the larger crude segments, particularly Suezmaxes and VLCCs, reflecting owners' response to sustained strength in crude freight markets and the rerouting of crude flows around the Gulf.
Page 8
HAFNIA CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-(UNAUDITED)-Q2-AND-H1 2026 8 Highlights – Q2 and H1 2026 CONTINUED Fleet1 At the end of the quarter, Hafnia’s fleet consisted of 103 owned vessels2 and 9 time chartered-in vessels. The Group’s total fleet includes 10 LR2s , 28 LR1s (including two bareboat-chartered in and two time-chartered in), 54 MRs of which 13 are IMO II (including seven time-chartered in), and 20 Handy vessels of which 18 are IMO II (including one bareboat-chartered in). The average estimated broker value of the owned fleet 1 was USD 4,255 million, of which USD 3,739 million relates to Hafnia’s 100% owned fleet, and USD 516 million relates to Hafnia’s 50% share in the joint venture fleet. Including Hafnia’s 50% share in the joint venture fleet, the LR2 fleet had a broker value of USD 697 million3, the LR1 fleet had a broker value of USD 1,092 million3, the MR fleet had a broker value of USD 1,745 million 4 and the Handy fleet had a broker value of USD 721 million 5 . The unencumbered vessels had a broker value of USD 1,667 million. The chartered-in fleet had a right-of-use asset book value of USD 43.5 million with a corresponding lease liability of USD 42.7 million. 1 Vessels under construction that are not delivered as at the financial reporting date are not included in the fleet count. 2 Including bareboat chartered in vessels; six LR1s and four LR2s owned through 50% ownership in the Vista Shipping Joint Venture and four IMO II MRs owned through 50% ownership in the Ecomar Joint Venture; and two MRs owned through 50% ownership in the H&A Shipping Joint Venture which are classified as held for sale within the joint venture. 3 Including USD 353 million relating to Hafnia’s 50% share of six LR1s and four LR2s owned through 50% ownership in the Vista Shipping Joint Venture; 4 Including USD 42 million relating to Hafnia’s 50% share of the committed sale value of the two MRs owned through 50% ownership in the H&A Shipping Joint Venture; and USD 121 million relating to the four IMO II MRs owned through 50% ownership in the Ecomar Joint Venture; and IMO II MR vessels; 5 Including IMO II Handy vessels;
Page 9
HAFNIA CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-(UNAUDITED)-Q2-AND-H1 2026 9 Highlights – Q2 and H1 2026 CONTINUED Hafnia will pay a quarterly dividend of USD 0.5003 per share. The record date will be 8 September 2026. For shares registered in the Euronext VPS Oslo Stock Exchange, dividends will be distributed in NOK with an ex-dividend date of 7 September 2026 and a payment date on, or about, 23 September 2026. For shares registered in the Depository Trust Company, the ex-dividend date will be 8 September 2026, with a payment date on, or about, 18 September 2026. Please see our separate announcement for additional details regarding the Company’s dividend. The Condensed Consolidated Interim Financial Information Q2 and H1 2026 has not been audited or reviewed by auditors. Webcast and Conference call Hafnia will host a conference call for investors and financial analysts at 8:30 pm SGT/2:30 pm CET/8:30 am EST on 28 August 2026. The investor presentation will be available via live video webcast via the following link: Click here to join Hafnia's Investor Presentation on 28 August 2026 . Meeting ID: 380 648 822 630 727 Passcode: 3uE2AS3K Download Teams | Join on the web Dial in by phone: +45 32 72 66 19,,202970533# Denmark, All locations Find a local number Phone conference ID: 202 970 533# A recording of the presentation will be available after the live event on the Hafnia Investor Relations Page: https://investor.hafnia.com/financials/quarterly-results/default.aspx. Hafnia Mikael Skov, CEO Hafnia: +65 8533 8900 www.hafniabw.com
Page 10
HAFNIA CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-(UNAUDITED)-Q2-AND-H1-2026 10 Key figures USD million Q1 2026 Q2 2026 H1 2026 Income Statement Operating revenue (Hafnia vessels and TC vessels) 412.9 505.7 918.6 Profit before tax 180.5 279.2 459.7 Profit for the period 179.7 277.8 457.5 Financial items (12.0) (11.8) (23.7) Share of profit from joint ventures 10.0 11.0 21.0 TCE income1 282.5 372.9 655.4 Adjusted EBITDA1 198.6 287.3 486.0 Balance Sheet Total assets 4,029.0 3,963.8 3,963.8 Total liabilities 1,487.6 1,313.8 1,313.8 Total equity 2,541.4 2,650.0 2,650.0 Cash at bank and on hand2 146.5 271.0 271.0 Key financial figures Return on Equity (RoE) (p.a.)3 29.5% 44.6% 36.8% Return on Invested Capital (p.a.)4 22.7% 35.2% 29.1% Equity ratio 63.1% 66.9% 66.9% Net loan-to-value (LTV) ratio5 20.2% 13.0% 13.0% Vessels on the balance sheet As of 30 June 2026, total assets amounted to USD 3,963.8 million, of which USD 2,249.3 million represents the carrying value of the Group’s vessels, including dry docking but excluding right-of-use assets. The breakdown by operating segment is as follows: 1 See Non-IFRS Measures in Note 13. 2 Excluding cash retained in the commercial pools. 3 Annualised 4 ROIC is calculated using annualised EBIT less tax. 5 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 commercials pools), divided by broker vessel values (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 values of vessels held through our joint ventures. 6 Inclusive of 9 IMO II MR vessels. 7 Inclusive of 18 IMO II Handy vessels. 8 Excluding six LR1s and four LR2s owned through 50% ownership in the Vista Shipping Joint Venture and four IMO II MRs owned through 50% ownership in the Ecomar Joint Venture; and two MRs owned through 50% ownership in the H&A Shipping Joint Venture which are classified as held for sale. 9 Total operating days include owned vessel days and bareboat charter-out days. Vessel-owned days are defined as the total number of days, including waiting time, in a period during which a vessel is owned, technical off-hire days and docking days. Bareboat arrangements include sale-and-leaseback or time charter-in arrangements. 10 OPEX includes vessel running costs and technical management fees. 11 G&A includes all expenses and is adjusted for cost incurred in managing external vessels. For the 3 months ended 30 June 2026 LR2 LR1 MR6 Handy7 Total Vessels on water at the end of the period8 6 22 48 20 96 Total operating days9 546 1,850 4,295 1,805 8,496 Total calendar days (excluding TC-in) 546 1,833 3,838 1,854 8,071 TCE (USD per operating day)1 46,855 52,057 43,767 35,866 44,093 Spot TCE (USD per operating day)1 131,160 55,852 50,946 38,241 49,986 TC-out TCE (USD per operating day)1 29,995 30,135 22,800 22,540 25,283 OPEX (USD per calendar day)10 9,032 9,418 9,060 8,372 8,981 G&A (USD per operating day)11 1,994 Balance Sheet USD million LR2 LR1 MR6 Handy7 Total Vessels and scrubbers (including dry-dock) 229.8 523.7 1,024.3 471.5 2,249.3
Page 11
HAFNIA CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-(UNAUDITED)-Q2-AND-H1-2026 11 Coverage of earning days As of 17 August 2026, 80% of the projected total operating days in Q3 2026 were covered at USD 30,716 per day. The tables below show the figures for Q3 2026, Q3 to Q4 2026 and the full year figures for 2027. The coverage figures include FFA positions. Hafnia Fleet1 Fleet overview Q3 2026 Q3 to Q4 2026 2027 Hafnia vessels (average during the period) LR2 6.0 6.0 6.0 LR1 22.0 22.0 21.2 MR2 49.1 49.5 46.8 Handy3 20.0 20.0 20.0 Total 97.1 97.5 94.0 Covered, % LR2 93% 88% 74% Spot 10% 5% 0% TC-out 83% 83% 74% LR1 75% 42% 3% Spot 61% 30% 0% TC-out 14% 12% 3% MR2 77% 52% 17% Spot 47% 26% 0% TC-out 30% 26% 17% Handy3 89% 56% 14% Spot 65% 34% 0% TC-out 24% 22% 14% Total 80% 53% 17% Covered rates4, USD per day LR2 39,169 35,226 30,726 Spot 107,303 107,303 - TC-out 30,800 30,800 30,726 LR1 35,908 34,638 27,989 Spot 37,806 37,246 - TC-out 27,667 27,735 27,989 MR2 29,614 27,171 23,895 Spot 32,706 29,765 - TC-out 24,852 24,573 23,895 Handy3 25,596 25,305 22,533 Spot 26,191 26,247 - TC-out 23,951 23,826 22,533 Total 30,716 28,917 25,742 For the week beginning 17 August 2026, Hafnia’s pool earnings4 averaged: • USD 74,446 per day for the LR15 vessels, • USD 27,833 per day for the MR2 vessels, • USD 27,009 per day for the Handy3 vessels. 1 Excludes joint ventures vessels. 2 Inclusive of 9 IMO II vessels. 3 Inclusive of 18 IMO II vessels. 4 Covered rates and pool earnings do not include any IFRS 15 load to discharge adjustments 5 Including vessels trading in our Panamax pool.
Page 12
HAFNIA CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-(UNAUDITED)-Q2-AND-H1-2026 12 Coverage of earning days CONTINUED Joint Venture Fleet1 Fleet overview Q3 2026 Q3 to Q4 2026 2027 Joint ventures vessels (average during the period) LR2 4.0 4.0 4.0 LR1 6.0 6.0 6.0 MR 4.6 4.3 4.0 Total 14.6 14.3 14.0 Covered, % LR2 100% 100% 100% Spot - - - TC-out 100% 100% 100% LR1 91% 55% 10% Spot 74% 38% - TC-out 17% 17% 10% MR 100% 100% 100% Spot - - - TC-out 100% 100% 100% Total 96% 81% 62% Covered rates2, USD per day LR2 25,878 25,876 25,875 Spot - - - TC-out 25,878 25,876 25,875 LR1 33,402 32,826 24,000 Spot 35,545 36,665 - TC-out 24,000 24,000 24,000 MR 24,500 24,500 24,500 Spot - - - TC-out 23,362 23,892 24,500 Total 27,956 27,120 25,103 Q3 2026 estimated earning days Based on the expected fleet composition, Hafnia estimates a total of 9,376 earning days for Q3 2026. This has been adjusted for expected drydock off-hire, vessel divestments, and vessel deliveries during the quarter, including those related to time-chartered- in vessels. 1The 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. 2Covered rates do not include any IFRS 15 load to discharge adjustment. 3 Inclusive of nine IMO II MR vessels. 4 Inclusive of 18 IMO II Handy vessels. 5 Including bareboat chartered in vessels and time chartered in vessels, but excluding joint venture vessels. Q3 2026E LR2 LR1 MR3 Handy4 Total Hafnia Fleet5 as of 1 July 2026 (#) 6 22 48 20 96 Hafnia Fleet5 calendar days (92 days/vessel) 552 2,024 4,416 1,840 8,832 Joint Venture Fleet1 as of 1 July 2026 (#) 4 6 6 - 16 Joint Venture Fleet1 calendar days (50% share, 46 days/vessel) 184 276 276 - 736 Total calendar days 736 2,300 4,692 1,840 9,568 Less: scheduled drydock off-hire (days) - (68) (151) (6) (225) Less: divestments (days) - - (65) - (65) Plus: deliveries (days) - - 98 - 98 Estimated earning days in Q3 2026 (days) 736 2,232 4,574 1,834 9,376
Page 13
HAFNIA CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-(UNAUDITED)-Q2-AND-H1-2026 13 Tanker segment results LR2 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Operating days (owned) 545 541 540 546 Operating days (TC -in) – – – - TCE (USD per operating day)1 36,527 33,163 35,316 46,855 Spot TCE (USD per operating day)1 37,625 35,307 51,869 131,160 TC-out TCE (USD per operating day)1 31,126 30,591 30,660 29,995 Calendar days (excluding TC -in) 552 552 540 546 OPEX (USD per calendar day) 8,459 8,503 8,663 9,032 LR1 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Operating days (owned) 1,991 2,139 2,087 1,668 Operating days (TC -in) 183 184 180 182 TCE (USD per operating day)1 29,229 30,986 38,194 52,057 Spot TCE (USD per operating day)1 29,404 31,473 39,458 55,852 TC-out TCE (USD per operating day)1 27,367 27,906 31,533 30,135 Calendar days (excluding TC -in) 2,164 2,208 2,135 1,833 OPEX (USD per calendar day) 8,515 9,171 8,454 9,418 MR2 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Operating days (owned) 4,195 3,920 3,762 3,659 Operating days (TC -in) 629 631 630 636 TCE (USD per operating day)1 24,785 26,307 27,958 43,767 Spot TCE (USD per operating day)1 24,683 27,305 29,601 50,946 TC-out TCE (USD per operating day)1 25,080 23,549 22,026 22,800 Calendar days (excluding TC -in) 4,493 4,240 3,907 3,838 OPEX (USD per calendar day) 8,476 8,933 8,319 9,060 Handy3 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Operating days (owned) 1,942 2,054 2,134 1,805 Operating days (TC -in) – – - - TCE (USD per operating day)1 22,648 24,006 25,589 35,866 Spot TCE (USD per operating day)1 22,699 24,211 26,060 38,241 TC-out TCE (USD per operating day)1 22,289 22,257 22,311 22,540 Calendar days (excluding TC -in) 2,208 2,208 2,157 1,854 OPEX (USD per calendar day) 8,371 8,029 7,805 8,372 1 TCE represents gross TCE income after adding back pool commissions; See Non-IFRS Measures in Note 13. 2 Inclusive of IMO II MR vessels. 3 Inclusive of IMO II Handy vessels.
Page 14
HAFNIA CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-(UNAUDITED)-Q2-AND-H1-2026 14 Risk factors The Group’s results are largely dependent on the worldwide market for transportation of refined oil products. Market conditions for shipping activities are typically volatile and, as a consequence , the results may vary considerably from year to year. The market in broad terms is dependent upon two factors: the supply of vessels and the demand for oil products. The supply of vessels depends on the number of newbuilds entering the market, the demolit ion of older tonnage and legislation that limits the use of older vessels or sets new standards for vessels used in specific trades. The demand side depends mainly on developments in global economic activity. The Group is also exposed to risk in respect of increases in operating costs, such as fuel oil costs. Fuel oil prices are aff ected by the global political and economic environment. For voyage contracts, the current fuel costs are priced into the contracts. Other risks that Management considers are interest rate risk, credit risk, liquidity risk and capital risk. These risks, along with mitigation strategies, are further described in Item 3. Key Information – D. Risk Factors and Item 11. Quantitative and Qualitative Disclosures About Market Risk in Hafnia’s 2025 Annual Report on Form 20-F, filed with the U.S. Securities and Exchange Commission on 17 April 2026 (“2025 Form 20-F”) and note 20 of the consolidated financial statements of the Group for the financial year ended 2025 and are principal risks for the financial year ended H1 2026. Dividend for Q2 There has been no change to the Group's dividend policy. For further details, refer to Item 8. Financial Information of our 2025 Form 20-F. The board has set the quarterly payout ratio at 90% for Q2 2026. This corresponds to a dividend amount of USD 250.0 million or USD 0.5003 per share. Responsibility statement We confirm, to the best of our knowledge, that the set of condensed consolidated interim financial information (‘Interim Financial Information’) for the period from 1 January to 30 June 2026 has been prepared in accordance with IAS 34 – Interim Financial Reporting and gives a true and fair view of the Group’s assets, liabilities, financial position and income statement as a whole. We also confirm, to the best of our knowledge, that the Interim Financial Information includes a fair review of important events that have occurred during the financial year ended 30 June 2026 and their impact on the Interim Financial Information, a description of the principal risks and uncertainties for the remaining six months of the financial year, and major related part y transactions. Andreas Sohmen-Pao John Ridgway Peter Read Su Yin Anand Emily Tan 28 August 2026
Page 15
HAFNIA CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-(UNAUDITED)-Q2-AND-H1-2026 15 Condensed consolidated statement of comprehensive income (Unaudited) For the 3 months ended 30 June 2026 USD’000 For the 3 months ended 30 June 2025 USD’000 For the 6 months ended 30 June 2026 USD’000 For the 6 months ended 30 June 2025 USD’000 Revenue (Hafnia Vessels and TC Vessels)1 505,660 346,564 918,583 686,907 Revenue (External Vessels in Disponent-Owner Pools)2 310,119 207,591 568,418 415,158 Voyage expenses (Hafnia Vessels and TC Vessels) 1 (132,753) (115,406) (263,181) (236,998) Voyage expenses (External Vessels in Disponent-Owner Pools)2 (82,933) (82,949) (162,749) (169,172) Pool distributions for External Vessels in Disponent-Owner Pools2 (227,186) (124,642) (405,669) (245,986) 372,907 231,158 655,402 449,909 Other operating income 18,755 8,090 36,407 17,079 Vessel operating expenses (64,616) (68,676) (130,934) (136,775) Technical management expenses (7,869) (7,001) (13,612) (12,219) Charter hire expenses (8,858) (8,154) (17,669) (16,776) Other expenses (22,989) (21,243) (43,643) (41,951) 287,330 134,174 485,951 259,267 Gain on disposal of assets 39,312 – 71,838 – Depreciation charge of property, plant and equipment (47,201) (50,977) (95,186) (100,502) Amortisation charge of intangible assets – (107) (83) (212) Reversal of impairment loss on trade receivables 576 – – – Operating profit 280,017 83,090 462,520 158,553 Interest income 3,493 3,424 5,834 6,084 Interest expense (10,186) (12,475) (22,518) (26,836) Capitalised financing fees written off (977) (6) (977) (792) Other finance expenses (4,100) 1,005 (6,062) (398) Finance expense – net (11,770) (8,052) (23,723) (21,942) Share of profit of equity-accounted investees, net of tax 10,969 2,957 20,937 5,993 Profit before income tax 279,216 77,995 459,734 142,604 Income tax expense (1,413) (2,660) (2,201) (4,079) Profit for the financial period 277,803 75,335 457,533 138,525 Other comprehensive income/(loss): Items that may be subsequently reclassified to profit or loss: Foreign operations – foreign currency translation differences (1) 164 (19) 247 Fair value gains/(losses) on cash flow hedges 1,581 (731) 3,447 (3,770) Reclassification to profit or loss (1,322) (3,054) (2,874) (5,734) 258 (3,621) 554 (9,257) Items that will not be subsequently reclassified to profit or loss: Equity investments at FVOCI – net change in fair value (26,631) – 84,667 – Total other comprehensive (loss)/income (26,373) (3,621) 85,221 (9,257) Total comprehensive income for the period, net of tax 251,430 71,714 542,754 129,268 Earnings per share attributable to the equity holders of the Company Basic no. of shares 499,177,614 498,369,364 499,177,614 498,369,364 Basic earnings in USD per share3 0.56 0.15 0.92 0.28 Diluted no. of shares 506,029,778 503,985,265 506,029,778 503,985,265 Diluted earnings in USD per share3 0.55 0.15 0.90 0.27 1 “TC Vessels” are vessels that have been time chartered-in to the Group (including ROU assets). 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. 3 Based on weighted average number of shares as at 30 June 2026.
Page 16
HAFNIA CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-(UNAUDITED)-Q2-AND-H1-2026 16 Condensed consolidated balance sheet As at 30 June 2026 USD’000 (Unaudited) As at 31 December 2025 USD’000 (Audited) Vessels and scrubbers 2,138,295 2,344,757 Dry docking 110,966 114,636 Right-of-use assets – Vessels 43,500 38,413 Other property, plant and equipment 473 865 Total property, plant and equipment 2,293,234 2,498,671 Intangible assets – 83 Total intangible assets – 83 Other investments 381,872 297,581 Derivative financial instruments 5,438 2,627 Restricted cash1 20,000 10,000 Loans receivable from joint ventures 50,993 59,845 Joint ventures 118,758 97,821 Trade and other receivables, and prepayments 1,155 1,320 Total other non-current assets 578,216 469,194 Total non-current assets 2,871,450 2,967,948 Intangible assets 9,027 16,665 Total intangible assets 9,027 16,665 Inventories 109,754 69,027 Loans receivable from joint venture 9,123 – Trade and other receivables, and prepayments 607,246 521,954 Derivative financial instruments 3,997 6,237 Cash at bank and on hand 270,983 103,609 Cash retained in the commercial pools2 82,177 88,966 Assets held for sale – 37,490 Total other current assets 1,083,280 827,283 Total current assets 1,092,307 843,948 Total assets 3,963,757 3,811,896 Share capital 1,065,926 1,093,055 Other reserves 552,581 468,761 Treasury shares (314) (78,449) Retained earnings 1,031,775 846,220 Total shareholders’ equity 2,649,968 2,329,587 Borrowings 653,862 910,402 Total non-current liabilities 653,862 910,402 Borrowings 231,501 212,574 Derivative financial instruments 6,046 163 Current income tax liabilities 3,845 5,019 Trade and other payables 410,051 350,735 Provision 8,484 3,416 Total current liabilities 659,927 571,907 Total liabilities 1,313,789 1,482,309 Total shareholders’ equity and liabilities 3,963,757 3,811,896 1 Restricted cash includes FFA collateral accounts. 2 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.
Page 17
HAFNIA CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-(UNAUDITED)-Q2-AND-H1-2026 17 Condensed consolidated statement of changes in equity (Unaudited) Share capital USD’000 Translatio n reserve USD’000 Hedging reserve USD’000 Treasury shares USD’000 Capital reserve USD’000 Share-based payment reserve USD’000 Fair value reserve USD’000 Retained earnings USD’000 Total USD’000 Balance at 1 January 2026 1,093,055 127 7,826 (78,449) 480,270 6,589 (26,051) 846,220 2,329,587 Transactions with owners Equity-settled share-based payment – – – – – 1,723 – – 1,723 Share options exercised – – – 10,798 629 (3,415) – – 8,012 Cancellation of treasury shares (27,129) – – 67,337 – – – (40,208) – Disposal of FVOCI investment – – – – – – (338) 68 (270) Dividends paid – – – – – – – (231,838) (231,838) Total transactions with owners (27,129) – – 78,135 629 (1,692) (338) (271,978) (222,373) Total comprehensive income Profit for the financial period – – – – – – – 457,533 457,533 Other comprehensive (loss)/income – (19) 573 – – – 84,667 – 85,221 Total comprehensive income for the period – (19) 573 – – – 84,667 457,533 542,754 Balance at 30 June 2026 1,065,926 108 8,399 (314) 480,899 4,897 58,278 1,031,775 2,649,968 Share capital USD’000 Translatio n reserve USD’000 Hedging reserve USD’000 Treasury shares USD’000 Capital reserve USD’000 Share-based payment reserve USD’000 Fair value reserve USD’000 Retained earnings USD’000 Total USD’000 Balance at 1 January 2025 1,093,055 (198) 20,705 (53,439) 482,382 3,918 10,906 705,177 2,262,506 Transactions with owners Equity-settled share-based payment – – – – – 3,205 – – 3,205 Share options exercised – – – 2,646 (2,112) (534) – – – Purchase of treasury shares – – – (27,656) – – – – (27,656) Dividends paid – – – – – – – (198,639) (198,639) Total transactions with owners – – – (25,010) (2,112) 2,671 – (198,639) (223,090) Total comprehensive income Profit for the financial year – – – – – – – 339,682 339,682 Other comprehensive income/(loss) – 325 (12,879) – – – (36,957) – (49,511) Total comprehensive income for the year – 325 (12,879) – – – (36,957) 339,682 290,171 Balance at 31 December 2025 1,093,055 127 7,826 (78,449) 480,270 6,589 (26,051) 846,220 2,329,587
Page 18
HAFNIA CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-(UNAUDITED)-Q2-AND-H1-2026 18 Condensed consolidated statement of cash flows (Unaudited) For the 3 months ended 30 June 2026 USD’000 For the 3 months ended 30 June 2025 USD’000 For the 6 months ended 30 June 2026 USD’000 For the 6 months ended 30 June 2025 USD’000 Cash flows from operating activities Profit for the financial period 277,803 75,335 457,533 138,525 Adjustments for: - income tax expense 1,413 2,660 2,201 4,079 - depreciation and amortisation charges 47,201 51,084 95,269 100,714 - gain on disposal of assets (39,312) – (71,838) – - interest income (3,493) (3,424) (5,834) (6,084) - finance expense 15,263 11,477 29,557 28,026 - share of profit of equity accounted investees, net of tax (10,969) (2,957) (20,937) (5,993) - equity-settled share-based payment transactions 921 843 1,723 1,507 - provision for claims 2,548 – 5,068 – - reversal of impairment loss on trade receivables (576) – – – - unrealized (gain)/loss on derivatives (17,637) 730 5,371 100 Operating cash flow before working capital changes 273,162 135,748 498,113 260,874 Changes in working capital: - intangible assets 623 (5,696) 7,638 (11,983) - inventories (24,070) 9,981 (40,727) 11,848 - trade and other receivables, and prepayments 61,162 58,355 (95,204) 41,292 - trade and other payables (9,936) (9,270) 59,298 25,277 Cash generated from operations 300,941 189,118 429,118 327,308 Income tax paid (2,869) (1,436) (3,284) (2,269) Net cash provided by operating activities 298,072 187,682 425,834 325,039 Cash flows from investing activities Interest income received 3,573 2,720 6,762 4,455 Loan to joint ventures (4,674) (973) (4,674) (3,753) Equity investment in joint venture – (25) – (25) Proceeds from disposal of property, plant and equipment 152,365 – 281,331 – Proceeds from disposal of other investments – – 105 – Repayment of loan by joint venture 900 6,955 900 6,955 Purchase of property, plant and equipment (20,549) (41,023) (41,334) (68,342) Net cash provided by/(used in) investing activities 131,615 (32,346) 243,090 (60,710) Cash flows from financing activities Proceeds from borrowings from external financial institutions – 5,000 200,000 7,000 Repayment of borrowings to external financial institutions (146,748) (15,669) (441,221) (31,338) Repayment of lease liabilities (9,748) (38,177) (19,298) (91,531) Payment of financing fees – (270) (200) (489) Interest paid to external financial institutions (11,085) (14,758) (23,985) (30,832) Interest paid to third party (151) – (229) – Proceeds from exercise of employee share options – – 8,012 – Proceeds from settlement of derivatives 849 4,535 2,510 7,652 Dividends paid (143,787) (50,546) (231,838) (65,178) Purchase of treasury shares – – – (27,656) Other finance expense paid (1,120) (296) (2,090) (2,214) Net cash used in financing activities (311,790) (110,181) (508,339) (234,586) Net increase in cash and cash equivalents 117,897 45,155 160,585 29,743 Cash and cash equivalents at beginning of the financial period 235,263 268,156 192,575 283,568 Cash and cash equivalents at end of the financial period 353,160 313,311 353,160 313,311 Cash and cash equivalents at the end of the financial period consists of: Cash at bank and on hand 270,983 194,022 270,983 194,022 Cash retained in the commercial pools 82,177 119,289 82,177 119,289 353,160 313,311 353,160 313,311
Page 19
HAFNIA CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-(UNAUDITED)-Q2-AND-H1-2026 19 Notes to the Condensed Consolidated Interim Financial Information (Unaudited) These notes form an integral part of and should be read in conjunction with the accompanying condensed consolidated financial information. Note 1: General information Hafnia Limited (the “Company”) is listed on the Oslo and New York Stock Exchanges. The Company is registered in Singapore, with its registered office located at 10 Pasir Panjang Road, #18-01 Mapletree Business City, Singapore 117438. The principal activity of the Company is that of investment holding. The principal activities of its subsidiaries are ship ow ning, chartering and provision of global maritime services in the product and chemical tankers market. This Interim Financial Information was authorised for issue by the Board of Directors of the Company on 28 August 2026. Note 2: Basis of preparation Statement of compliance The Interim Financial Information has been prepared in accordance with IAS 34 ‘Interim Financial Reporting’. The Interim Financial Information should be read in conjunction with the annual audited financial statements for the financial year ended 31 December 2025, which have been prepared in accordance with International Financial Reporting Standards (“IFRS”). The Interim Financial Information does not include all the information required for a complete set of financial statements prepared in accordance with IFRS standards. However , selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group’s financial position and performance since the last annual financ ial statements. Note 3: Material accounting policies Except as described below, the accounting policies applied in these interim financial statements are the same as those applied in the Group’s consolidated financial statements as at and for the year ended 31 December 2025. Critical accounting estimates The preparation of the Interim Financial Information requires Management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Any adjustments arising from the changes in these estimates are recognized prospectively. In preparing this Interim Financial Information, the judgements made by Management in applying the Group’s accounting policies and the key sources of estimation uncertainty are the same as those that are applied to the consolidated financial statements for the year ended 31 December 2025. New standards and amendments to published standards effective in 2026 The Group has applied the following new standards and amendments to IFRS for the first time for the annual period beginning on 1 January 2026: - Amendments to IFRS 9 Financial Instruments and IFRS 7: Financial Instruments: Disclosures: Classification and Measurement of Financial Instruments. - Annual improvements to IFRS 1: First time Adoption of International Financial Reporting Standards; IFRS 7 Financial Instruments: Disclosures and its accompanying Guidance on implementing IFRS 7; IFRS 9: Financial Instruments; IFRS 10: Consolidated Financial Statements; and IAS 7: Statement of Cash Flows - Amendments to IFRS 9 and IFRS 7: Contracts Referencing (Nature-dependent Electricity)
Page 20
HAFNIA CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-(UNAUDITED)-Q2-AND-H1-2026 20 Note 4: Revenue For the 3 months ended 30 June 2026 USD’000 For the 3 months ended 30 June 2025 USD’000 For the 6 months ended 30 June 2026 USD’000 For the 6 months ended 30 June 2025 USD’000 Hafnia Vessels and TC Vessels Revenue from voyage charter1 449,930 307,055 811,568 611,858 Revenue from time charter 55,730 39,509 107,015 75,049 Total revenue 505,660 346,564 918,583 686,907 External Vessels in Disponent-Owner Pools Revenue from voyage charter 310,119 207,591 568,418 415,158 Total revenue 815,779 554,155 1,487,001 1,102,065 The Group’s revenue is generated from the following operating segments: LR2 Product Tankers, LR1 Product Tankers, MR Product Tankers (inclusive of IMO II vessels) and Handy Product Tankers (inclusive of IMO II vessels). Disaggregation of revenue by operating segments is presented in Note 11. Note 5: Property, plant and equipment Vessels and scrubbers USD’000 Dry docking USD’000 Right-of-use Assets – Vessels USD’000 Others USD’000 Total USD’000 At 30 June 2026 Cost 3,055,818 178,716 238,014 2,022 3,474,570 Accumulated depreciation charge (917,523) (67,750) (194,514) (1,549) (1,181,336) Net book value 2,138,295 110,966 43,500 473 2,293,234 Vessels and scrubbers USD’000 Dry docking USD’000 Right-of-use Assets – Vessels USD’000 Others USD’000 Total USD’000 At 31 December 2025 Cost 3,426,406 193,076 217,595 2,049 3,839,126 Accumulated depreciation charge (1,081,649) (78,440) (179,182) (1,184) (1,340,455) Net book value 2,344,757 114,636 38,413 865 2,498,671 1 Revenue from voyage charters also includes revenue from vessels on short -term time charters (less than six months).
Page 21
HAFNIA CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-(UNAUDITED)-Q2-AND-H1-2026 21 Note 5: Property, plant and equipment CONTINUED a. The Group organises the commercial management of its fleet of vessels into seven1 (2025: nine) individual commercial pools: LR1, Panamax, MR, Handy, Chemical -MR, Chemical-Handy and City (“Specialized”) (2025: LR1, Panamax, LR2, MR, Handy, Chemical-MR, Chemical-Handy and Small and City (“Specialized”)). Each individual commercial pool constitutes a separate cash-generating unit (“CGU”). For vessels outside the commercial pools and deployed on time-charter or spot voyages, 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. Refer to Item 17 . Financial Statements of our 2025 Form 20-F for the Group’s material accounting policies. Based on this assessment, the Group concluded that there are no impairment losses to be recognised for the 6 months ended 30 June 2026 (6 months ended 30 June 2025: USD Nil). b. During the period, the Group disposed of four LR1 vessels, four MR vessels and four Handy vessels for sales proceeds of USD 281.3 million. c. The Group has mortgaged vessels with a total carrying amount of USD 1,179.4 million as at 30 June 202 6 (31 December 2025: USD 1,982.2 million) as security over the Group’s bank borrowings. d. There were additions of USD 20.4 million to right-of-use assets – vessels – as at 30 June 2026 (6 months ended 30 June 2025: USD 17.9 million). e. As at 30 June 2026 , the Group has time chartered-in seven MRs and two LR1s with purchase option s. These chartered-in vessels are recognised as right-of-use assets. The Group has firm charters in place up till 2030 for these vessels. The current and next average purchase option price are as follows: USD’000 Current average purchase option price2 Next average purchase option price LR1 38,333 37,833 MR 29,093 28,710 The time chartered-in days and average time charter rates for these vessels are as follows: 2026 2027 2028 2029 2030 TC in (Days)3 LR1 (with purchase option) 730 425 – – – MR (with purchase option) 2,555 1,358 366 365 286 Average TC in rate (USD/Day) LR1 (with purchase option) 19,597 19,800 – – – MR (with purchase option) 17,374 17,557 19,850 19,850 19,850 1 The LR2 and Small (“Specialized”) commercial pools ceased operations in June 2026. 2 The exercisable 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 are required before exercise of options. The value of the purchase options (difference between the option price and fair market value of the vessel) amount to USD 191 million as at the end of the current reporting period. 3 Based on firm charter period and does not include optional periods exercisable by Hafnia.
Page 22
HAFNIA CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-(UNAUDITED)-Q2-AND-H1-2026 22 Note 6: Shareholders’ equity a. Issued and fully paid share capital Number of shares Share capital USD’000 At 1 January 2026 512,563,532 1,093,055 Cancellation of treasury shares (12,721,253) (27,129) At 30 June 2026 499,842,279 1,065,926 At 1 January 2025 and 31 December 2025 512,563,532 1,093,055 For details on prior year comparatives, refer to Item 17. Financial Statements of our 2025 Form 20-F. b. Treasury shares The reserve for the Company ’s treasury shares comprises the cost of the Company ’s shares held by the Group. As at 30 June 2026, the Group he ld 60,974 of the Company’s shares (31 December 202 5: 14,573,890), of which the Company cancel led 12,721,253 shares during the financial year 2026. c. Other reserves (i) As of 30 June 2026 USD’000 As of 31 December 2025 USD’000 Composition: Share based payment reserve 4,897 6,589 Hedging reserve 8,399 7,826 Capital reserve 480,899 480,270 Translation reserve 108 127 Fair value reserve 58,278 (26,051) Total 552,581 468,761 (ii) Movements of the reserves are as follows: For the 6 months ended 30 June 2026 USD’000 For the 6 months ended 30 June 2025 USD’000 Hedging reserve At beginning of the financial period 7,826 20,705 Fair value gains/(losses) on cash flow hedges 3,447 (3,770) Reclassification to profit or loss (2,874) (5,734) At end of the financial period 8,399 11,201 Fair value reserve At beginning of the financial period (26,051) 10,906 Disposal of FVOCI (338) – Fair value gains on revaluation 84,667 – At end of the financial period 58,278 10,906
Page 23
HAFNIA CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-(UNAUDITED)-Q2-AND-H1-2026 23 Note 7: Borrowings As at 30 June 2026 USD’000 As at 31 December 2025 USD’000 Current Bank borrowings 197,949 184,773 Sale and leaseback liabilities 5,774 5,925 Other lease liabilities 27,778 21,876 Total current borrowings 231,501 212,574 Non-current Bank borrowings 610,350 863,352 Sale and leaseback liabilities 28,559 31,170 Other lease liabilities 14,953 15,880 Total non-current borrowings 653,862 910,402 Total borrowings 885,363 1,122,976 As at 30 June 2026 , bank borrowings consist of seven (31 December 202 5: eight) credit facilities from external financial institutions, namely USD 84 million, USD 715 million, USD 175 million, USD 100 million, USD 100 million and two borrowing base facilities (31 December 2025: USD 473 million, USD 84 million, USD 40 million, USD 303 million, USD 715 million, USD 175 million, and two borrowing base facilities). The USD 40 million facility was fully repaid and terminated on 30 June 2026. The USD 303 million facility was undrawn and terminated on 30 June 2026. A majority of the facilities are secured by the Group’s fleet of vessels and receivables. The tables below summarise key information and the repayment profile of the bank borrowings: Outstanding amount USD m Maturity date Facility amount USD 84 million facility 66.7 2029 USD 715 million facility - USD 715 million revolving credit facility 357.0 2032 Up to USD 175 million borrowing base facility Up to USD 175 million borrowing base facility (with an accordion option of up to USD 75 million) 90.5 – USD 175 million facility - USD 175 million revolving credit facility 100.0 2032 USD 100 million revolving credit facility 100.0 2029 USD 100 million revolving credit facility 100.0 2027 For the financial year ended 31 December 2026 For the financial year ended 31 December 2027 Repayment profile USD’000 USD 84 million facility 4,317 8,633 USD 715 million facility1 – – Up to USD 175 million borrowing base facility2 Up to USD 175 million borrowing base facility2 (with an accordion option of up to USD 75 million) – – USD 175 million facility1 – – USD 100 million revolving credit facility1 – – USD 100 million revolving credit facility1 – 100,000 1 The revolving credit facility does not have fixed repayment terms and is repayable at the discretion of the Group; subject to the outstanding amounts not exceeding commitment amounts. 2 The borrowing base facilities do not have fixed repayment terms and are repayable when the receivables base decreases below certain thresholds.
Page 24
HAFNIA CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-(UNAUDITED)-Q2-AND-H1-2026 24 Note 7: Borrowings CONTINUED As at 30 June 2026, bank borrowings of joint ventures consist of eight credit facilities (31 December 202 5: ten credit facilities) from external financial institutions (excluded from LTV ratio under key figures). The H&A Shipping Joint Venture ’s USD 22.1 million and USD 23.5 million facilities were fully repaid and terminated on 30 June 2026. The table below summarises key information of the joint ventures’ bank borrowings: Outstanding amount USD m Maturity date Facility amount Vista Shipping joint venture USD 51.8 million facility 25.5 2031 USD 111.0 million facility 64.3 2032 USD 89.6 million facility 73.1 2033 USD 88.5 million facility 76.2 2031 Ecomar joint venture Vessel 1 French Tax Lease Arrangement 40.6 2032 Vessel 2 French Tax Lease Arrangement 38.8 2032 Vessel 3 French Tax Lease Arrangement 38.4 2032 Vessel 4 French Tax Lease Arrangement 38.6 2033 For the financial year ended 31 December 2026 For the financial year ended 31 December 2027 Repayment profile USD’000 Vista Shipping joint venture USD 51.8 million facility 1,727 3,453 USD 111.0 million facility 3,700 7,400 USD 89.6 million facility 2,635 5,271 USD 88.5 million facility 2,458 4,917 Ecomar joint venture Vessel 1 French Tax Lease Arrangement 639 3,632 Vessel 2 French Tax Lease Arrangement 641 3,570 Vessel 3 French Tax Lease Arrangement 638 3,818 Vessel 4 French Tax Lease Arrangement 1,820 4,436 As at 30 June 2026, the sale and leaseback liabilities 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 amount relating to the one CTI vessel was USD 14.5 million (31 December 2025: USD 15.2 million) and other finance leases were USD 19.8 million (31 December 2025: USD 21.9 million).
Page 25
HAFNIA CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-(UNAUDITED)-Q2-AND-H1-2026 25 Note 7: Borrowings CONTINUED Interest rates The weighted average effective interest rates per annum of total borrowings, excluding the effect of interest rate swaps, at the balance sheet date are as follows: As at 30 June 2026 As at 31 December 2025 Bank borrowings 4.8% 5.2% Sale and leaseback liabilities 5.6% 5.7% Carrying amounts and fair values The carrying values of the floating rate bank borrowings and sale and leaseback liabilities approximate their fair values as they are re-priceable at one to three-month intervals. Note 8: Commitments Operating lease commitments - 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 ass ets. The undiscounted lease payments1 under operating leases to be received after the reporting date are analysed as follows: USD’000 As at 30 June 2026 Less than one year 54,815 One to two years 11,339 Two to five years 16,575 82,729 Operating lease commitments - 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 payments2 under these operating leases, to be paid after the reporting date, are as follows: USD’000 As at 30 June 2026 Less than one year 170,986 One to two years 90,911 Two to five years 11,940 273,837 Newbuild commitments The Group has entered into construction contracts for ten MR newbuilds. The contracted payments to be made after the reporting date, are as follows: USD’000 As at 30 June 2026 Less than one year 151,080 One to two years 102,070 Two to five years 250,450 503,600 1 Excluding variable lease payments. 2 Based on firm charter period and does not include optional periods exercisable by Hafnia.
Page 26
HAFNIA CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-(UNAUDITED)-Q2-AND-H1-2026 26 Note 9: Financial information Carrying amount Fair value Fair value hedging instruments/ Mandatorily at FVTPL – others USD’000 Financial assets at amortised cost USD’000 FVOCI – equity instruments USD’000 Total USD’000 Level 1 USD’000 Level 2 USD’000 Level 3 USD’000 Total USD’000 At 30 June 2026 Financial assets measured at fair value Forward foreign exchange contracts — — — — — — — — Forward freight agreements 500 — — 500 — 500 — 500 Interest rate swaps used for hedging 8,935 — — 8,935 — 8,935 — 8,935 Other investments — — 381,872 381,872 369,272 — 12,600 381,872 Loans receivable from joint venture 9,123 — — 9,123 — — 9,123 9,123 18,558 — 381,872 400,430 At 30 June 2026 Financial assets not measured at fair value Loans receivable from joint ventures — 50,993 — 50,993 Trade and other receivables, and prepayments1 — 540,754 — 540,754 Restricted cash — 20,000 — 20,000 Cash at bank and on hand — 270,983 — 270,983 Cash retained in the commercial pools — 82,177 — 82,177 — 964,907 — 964,907 Carrying amount Fair value Fair value hedging instruments USD’000 Other financial liabilities USD’000 Total USD’000 Level 1 USD’000 Level 2 USD’000 Level 3 USD’000 Total USD’000 At 30 June 2026 Financial liabilities measured at fair value Forward foreign exchange contracts (765) — (765) — (765) — (765) Forward freight agreements (5,281) — (5,281) — (5,281) — (5,281) (6,046) — (6,046) At 30 June 2026 Financial liabilities not measured at fair value Bank borrowings — (808,299) (808,299) Sale and leaseback liabilities and other lease liabilities — (77,064) (77,064) Trade and other payables — (410,051) (410,051) — (1,295,414) (1,295,414) 1 Excluding prepayments
Page 27
HAFNIA CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-(UNAUDITED)-Q2-AND-H1-2026 27 Note 9: Financial information CONTINUED Carrying amount Fair value Fair value hedging instruments/ Mandatorily at FVTPL – others USD’000 Financial assets at amortised cost USD’000 FVOCI – equity instruments USD’000 Total USD’000 Level 1 USD’000 Level 2 USD’000 Level 3 USD’000 Total USD’000 At 31 December 2025 Financial assets measured at fair value Forward foreign exchange contracts 267 — — 267 — 267 — 267 Forward freight agreements 590 — — 590 — 590 — 590 Interest rate swaps used for hedging 8,007 — — 8,007 — 8,007 — 8,007 Other investments — — 297,581 297,581 284,981 — 12,600 297,581 Loans receivable from joint venture 7,046 — — 7,046 — — 7,046 7,046 15,910 — 297,581 313,491 At 31 December 2025 Financial assets not measured at fair value Loans receivable from joint ventures — 52,799 — 52,799 Trade and other receivables, and prepayments1 — 450,087 — 450,087 Restricted cash — 10,000 — 10,000 Cash at bank and on hand — 103,609 — 103,609 Cash retained in the commercial pools — 88,966 — 88,966 — 705,461 — 705,461 Carrying amount Fair value Fair value hedging instruments USD’000 Other financial liabilities USD’000 Total USD’000 Level 1 USD’000 Level 2 USD’000 Level 3 USD’000 Total USD’000 At 31 December 2025 Financial liabilities measured at fair value Forward freight agreements (163) — (163) — (163) — (163) (163) — (163) At 31 December 2025 Financial liabilities not measured at fair value Bank borrowings — (1,048,125) (1,048,125) Sale and leaseback liabilities and other lease liabilities — (74,851) (74,851) Trade and other payables — (350,735) (350,735) — (1,473,711) (1,473,711) The Group has Level 1 financial assets but no Level 1 financial liabilities as at 30 June 2026 and 31 December 2025. The Group has investments in unquoted equity instruments measured at fair value through other comprehensive income (“FVOCI”) and loans receivable from a joint venture measured at fair value through profit or loss (“FVTPL”) that are measured using Level 3 fair value measurements. For further details on the Group’s measurement of fair values, refer to Item 17. Financial Statements of our 2025 Form 20-F. 1 Excluding prepayments
Page 28
HAFNIA CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-(UNAUDITED)-Q2-AND-H1-2026 28 Note 9: Financial information CONTINUED The following table shows a reconciliation from the opening balances to the closing balances of the Group’s investment in unquoted equity instruments measured at FVOCI using Level 3 fair value measurements: 30 June 2026 USD’000 31 December 2025 USD’000 Opening balance 12,600 23,069 Equity investments at FVOCI – net change in fair value — (2,699) Conversion of debt into equity — 36 Transfer from Level 3 to Level 1 — (7,806) Closing balance 12,600 12,600 The following table shows a reconciliation from the opening balances to the closing balances of the Group’s loans receivable to a joint venture measured at FVTPL using Level 3 fair value measurements: 30 June 2026 USD’000 31 December 2025 USD’000 Opening balance 7,046 — Issuance of convertible loan notes 4,674 7,046 Effect of foreign exchange movements (316) — Net change in fair value (2,281) — Closing balance 9,123 7,046 Note 10: Significant related party transactions In addition to the related party information disclosed elsewhere in the Interim Financial Information, the following signific ant transactions took place between the Group and related parties during the financial period on commercial terms agreed by the parties: For the 3 months ended 30 June 2026 USD’000 For the 3 months ended 30 June 2025 USD’000 For the 6 months ended 30 June 2026 USD’000 For the 6 months ended 30 June 2025 USD’000 Purchase of services Support service fees paid/payable to related corporations 1,878 1,873 3,856 3,744 Rental paid/payable to a related corporation 246 231 494 454 Rendering of services Management fees received/receivable from related corporations 15 — 78 — Other transactions with related corporations Services paid on behalf of/settled on behalf by related corporations 17,240 18,594 35,115 37,582 Purchase and rendering of services to joint venture Support service fees paid/payable to joint venture 1,170 — 1,170 — Management fees received/receivable from joint venture 1,430 810 2,873 1,621 Management fees paid/payable to joint venture 1,001 203 1,529 203 Other transactions with joint venture Interest income received/receivable from joint venture 643 882 1,258 1,720 Services paid on behalf of/settled on behalf by joint venture (4,147) (1,928) (8,968) (3,814) Pool arrangements Revenue distributable/distributed to joint venture 22,017 15,063 43,705 29,175
Page 29
HAFNIA CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-(UNAUDITED)-Q2-AND-H1-2026 29 Note 11: Segment information For the 3 months ended 30 June 2026 LR21 USD’000 LR12 USD’000 MR3 USD’000 Handy4 USD’000 Total USD’000 Revenue (Hafnia Vessels and TC Vessels)6 29,402 136,418 248,049 93,505 507,374 Revenue (External Vessels in Disponent-Owner Pools) 1,666 80,895 216,606 10,952 310,119 Voyage expenses (Hafnia Vessels and TC Vessels) (3,819) (40,094) (60,068) (28,772) (132,753) Voyage expenses (External Vessels in Disponent-Owner Pools) (1,269) (18,265) (61,070) (2,329) (82,933) Pool distributions for External Vessels in Disponent-Owner Pools (397) (62,630) (155,537) (8,622) (227,186) TCE Income5 25,583 96,324 187,980 64,734 374,621 Other operating income 653 1,623 4,201 1,068 7,545 Vessel operating expenses (4,305) (15,332) (30,895) (14,084) (64,616) Technical management expenses (627) (1,931) (3,877) (1,434) (7,869) Charter hire expenses - (1,423) (7,435) - (8,858) Adjusted EBITDA5 21,304 79,261 149,974 50,284 300,823 Depreciation charge (3,050) (11,601) (23,490) (8,704) (46,845) 253,978 Unallocated 25,238 Profit before income tax 279,216 For the 6 months ended 30 June 2026 LR21 USD’000 LR12 USD’000 MR3 USD’000 Handy4 USD’000 Total USD’000 Revenue (Hafnia Vessels and TC Vessels)6 50,092 267,354 425,911 177,511 920,868 Revenue (External Vessels in Disponent-Owner Pools) 27,947 156,755 354,432 29,284 568,418 Voyage expenses (Hafnia Vessels and TC Vessels) (5,438) (84,461) (115,152) (58,130) (263,181) Voyage expenses (External Vessels in Disponent-Owner Pools) (7,205) (37,560) (109,925) (8,059) (162,749) Pool distributions for External Vessels in Disponent-Owner Pools (20,742) (119,195) (244,508) (21,224) (405,669) TCE Income5 44,654 182,893 310,758 119,382 657,687 Other operating income 1,423 3,549 7,433 2,111 14,516 Vessel operating expenses (8,649) (32,035) (60,822) (29,428) (130,934) Technical management expenses (961) (3,276) (6,453) (2,922) (13,612) Charter hire expenses - (2,843) (14,826) - (17,669) Adjusted EBITDA5 36,467 148,288 236,090 89,143 509,988 Depreciation charge (6,059) (23,871) (46,652) (18,155) (94,737) 415,251 Unallocated 44,483 Profit before income tax 459,734 1 Vessels between 85,000 DWT and 124,999 DWT in size and provides transportation of clean petroleum oil products. 2 Vessels between 55,000 DWT and 84,999 DWT in size and provides transportation of clean and dirty petroleum products. 3 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 4 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 5 See Non-IFRS Measures in Note 13. 6 Excluding downward adjustments of USD 1.7 mil and USD 2.3 mil for Q2 and H1 2026 respectively; relating to operating segments that Hafnia exited in prior financial years.
Page 30
HAFNIA CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-(UNAUDITED)-Q2-AND-H1-2026 30 Note 11: Segment information CONTINUED For the 3 months ended 30 June 2025 LR21 USD’000 LR12 USD’000 MR3 USD’000 Handy4 USD’000 Total USD’000 Revenue (Hafnia Vessels and TC Vessels) 30,719 91,254 168,309 56,282 346,564 Revenue (External Vessels in Disponent-Owner Pools) 15,954 59,117 115,408 17,112 207,591 Voyage expenses (Hafnia Vessels and TC Vessels) (9,896) (30,589) (53,448) (21,473) (115,406) Voyage expenses (External Vessels in Disponent-Owner Pools) (5,511) (21,310) (50,790) (5,338) (82,949) Pool distributions for External Vessels in Disponent-Owner Pools (10,442) (37,807) (64,619) (11,774) (124,642) TCE Income5 20,824 60,665 114,860 34,809 231,158 Other operating income 609 1,354 2,596 1,520 6,079 Vessel operating expenses (4,041) (17,040) (32,651) (14,944) (68,676) Technical management expenses (490) (1,773) (3,401) (1,337) (7,001) Charter hire expenses — (1,445) (6,709) — (8,154) Adjusted EBITDA5 16,902 41,761 74,695 20,048 153,406 Depreciation charge (3,107) (12,898) (25,501) (9,400) (50,906) 102,500 Unallocated (24,505) Profit before income tax 77,995 For the 6 months ended 30 June 2025 LR21 USD’000 LR12 USD’000 MR3 USD’000 Handy4 USD’000 Total USD’000 Revenue (Hafnia Vessels and TC Vessels) 58,315 179,745 327,029 121,818 686,907 Revenue (External Vessels in Disponent-Owner Pools) 30,687 109,247 238,360 36,864 415,158 Voyage expenses (Hafnia Vessels and TC Vessels) (19,196) (64,271) (104,589) (48,942) (236,998) Voyage expenses (External Vessels in Disponent-Owner Pools) (12,093) (41,067) (102,473) (13,539) (169,172) Pool distributions for External Vessels in Disponent-Owner Pools (18,594) (68,180) (135,887) (23,325) (245,986) TCE Income5 39,119 115,474 222,440 72,876 449,909 Other operating income 1,400 2,576 5,263 3,836 13,075 Vessel operating expenses (7,881) (33,250) (65,558) (30,086) (136,775) Technical management expenses (774) (2,936) (5,871) (2,638) (12,219) Charter hire expenses — (3,949) (12,827) — (16,776) Adjusted EBITDA5 31,864 77,915 143,447 43,988 297,214 Depreciation charge (6,177) (25,986) (50,424) (17,770) (100,357) 196,857 Unallocated (54,253) Profit before income tax 142,604 Note 12: Subsequent events On 27 July 2026, H&A Shipping completed the sale of MT Yellow Stars and MT PS Stars , resulting in a gain of USD 13.3 million, which is the share of profit attributable to the Group. Following the transaction, H&A Shipping is expected to be liquidated. 1 Vessels between 85,000 DWT and 124,999 DWT in size and provides transportation of clean petroleum oil products. 2 Vessels between 55,000 DWT and 84,999 DWT in size and provides transportation of clean and dirty petroleum products. 3 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 4 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 5 See Non-IFRS Measures in Note 13.
Page 31
HAFNIA CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-(UNAUDITED)-Q2-AND-H1-2026 31 Note 13: Non-IFRS measures Throughout this Interim Financial Information Q2 and H1 2026, we provide a number of key performance indicators used by our management and often used by competitors in our industry. For details on the Key Performance Indicators , refer to Item 5. Operating and Financial Review and Prospects of our 2025 Form 20-F. Reconciliation of Non-IFRS measures Adjusted EBITDA The following table sets forth a reconciliation of Adjusted EBITDA to profit/(loss) for the financial period, the most compar able IFRS financial measure, for the periods ended 30 June 2026 and 30 June 2025. For the 3 months ended 30 June 2026 USD’000 For the 3 months ended 30 June 2025 USD’000 For the 6 months ended 30 June 2026 USD’000 For the 6 months ended 30 June 2025 USD’000 Profit for the financial period 277,803 75,335 457,533 138,525 Income tax expense 1,413 2,660 2,201 4,079 Depreciation charge of property, plant and equipment 47,201 50,977 95,186 100,502 Amortisation charge of intangible assets – 107 83 212 Gain on disposal of assets (39,312) – (71,838) – Share of profit of equity-accounted investees, net of tax (10,969) (2,957) (20,937) (5,993) Interest income (3,493) (3,424) (5,834) (6,084) Interest expense 10,186 12,475 22,518 26,836 Capitalised financing fees written off 977 6 977 792 Other finance expense/(income) 4,100 (1,005) 6,062 398 Reversal of impairment of trade receivables (576) – – – Adjusted EBITDA 287,330 134,174 485,951 259,267 Time charter equivalent (or “TCE”) 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 June 2026 For the 3 months ended 30 June 2025 For the 6 months ended 30 June 2026 For the 6 months ended 30 June 2025 Revenue (Hafnia Vessels and TC Vessels) 505,660 346,564 918,583 686,907 Revenue (External Vessels in Disponent-Owner Pools) 310,119 207,591 568,418 415,158 Less: Voyage expenses (Hafnia Vessels and TC Vessels) (132,753) (115,406) (263,181) (236,998) Less: Voyage expenses (External Vessels in Disponent-Owner Pools) (82,933) (82,949) (162,749) (169,172) Less: Pool distributions for External Vessels in Disponent-Owner Pools (227,186) (124,642) (405,669) (245,986) TCE income 372,907 231,158 655,402 449,909 Operating days 8,496 9,454 17,829 18,968 TCE income per operating day 43,891 24,452 36,758 23,720 Revenue, voyage expenses and pool distributions in relation to External Vessels in Disponent -Owner Pools net 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 ended 30 June 2026 For the 3 months ended 30 June 2025 For the 6 months ended 30 June 2026 For the 6 months ended 30 June 2025 Revenue (Hafnia Vessels and TC Vessels) 505,660 346,564 918,583 686,907 Less: Voyage expenses (Hafnia Vessels and TC Vessels) (132,753) (115,406) (263,181) (236,998) TCE income 372,907 231,158 655,402 449,909 Operating days 8,496 9,454 17,829 18,968 TCE income per operating day 43,891 24,452 36,758 23,720 ‘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.
Page 32
HAFNIA CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-(UNAUDITED)-Q2-AND-H1-2026 32 Appendix Joint ventures The Group holds interests in the following joint ventures, each accounted for using the equity method. 30 June 2026 31 December 2025 Vista Shipping H&A Shipping Ecomar Complexio Seascale Vista Shipping H&A Shipping Ecomar Complexio Seascale Percentage ownership interest 50% 50% 50% 36.3% 50% 50% 50% 50% 36.7% 50% USD'000 USD'000 Carrying amount in JV 99,480 15,035 – – 4,243 80,975 14,558 – – 2,288 Group’s share of total comprehensive income/(loss) in JV 18,505 477 – – 1,955 16,706 973 – (2,751) 2,262 a. Vista Shipping Vista Shipping Pte. Ltd. and its subsidiaries (“Vista Shipping”) is a joint venture in which the Group has joint control and 50% ownership interest. The Group and the other investor in the joint venture provide d shareholders’ loans in proportion to their interests to finance the newbuild programme. b. H&A Shipping 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. 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. c. Ecomar 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 . 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. d. Complexio 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 36. 3%1 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. The Company was renamed to Complexio Limited (“Complexio”) on 1 May 2024. e. Seascale 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. 1 After accounting for the treasury shares held by the Company.
Page 33
HAFNIA CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-(UNAUDITED)-Q2-AND-H1-2026 33 Appendix CONTINUED Fleet list 1 50% owned through the Vista Shipping Joint Venture 2 Time chartered in vessel Vessel DWT Year Built Type Vessel DWT Year Built Type Hafnia Bering 39,067 Apr-15 Handy Hafnia Triton 109,990 Oct-19 LR2 Hafnia Soya 39,067 Nov-15 Handy Hafnia Languedoc1 109,999 Mar-23 LR2 Hafnia Kallang 74,189 Jan-17 LR1 Hafnia Larvik1 109,999 Oct-23 LR2 Hafnia Shannon 74,189 Aug-17 LR1 Hafnia Loire1 109,999 May-23 LR2 Hafnia Tagus 74,151 Mar-17 LR1 Hafnia Lillesand1 109,999 Feb-24 LR2 Hafnia Yara 74,189 Jul-17 LR1 Beagle2 49,850 Mar-19 MR Hafnia Africa 74,539 May-10 LR1 Boxer2 49,852 Jun-19 MR Hafnia Asia 74,490 Jun-10 LR1 Basset2 49,875 Nov-19 MR Hafnia Australia 74,539 May-10 LR1 Bulldog2 49,856 Feb-20 MR Hafnia Hong Kong1 74,999 Jan-19 LR1 Hafnia Bobcat 49,999 Aug-14 MR Hafnia Shanghai1 74,999 Jan-19 LR1 Hafnia Cheetah 49,999 Feb-14 MR Hafnia Guangzhou1 74,999 Jul-19 LR1 Hafnia Cougar 49,999 Jan-14 MR Hafnia Beijing1 74,999 Oct-19 LR1 Hafnia Eagle 49,999 Jul-15 MR Sunda2 79,902 Jul-19 LR1 Hafnia Egret 49,999 Nov-14 MR Karimata2 79,885 Aug-19 LR1 Hafnia Falcon 49,999 Feb-15 MR Hafnia Shenzhen1 74,999 Aug-20 LR1 Hafnia Hawk 49,999 Jun-15 MR Hafnia Nanjing1 74,999 Jan-21 LR1 Hafnia Jaguar 49,999 Mar-14 MR Hafnia Excelsior 74,665 Jan-16 LR1 Hafnia Kestrel 49,999 Aug-15 MR Hafnia Executive 74,319 May-16 LR1 Hafnia Leopard 49,999 Jan-14 MR Hafnia Prestige 74,996 Nov-16 LR1 Hafnia Lioness 49,999 Jan-14 MR Hafnia Providence 74,996 Aug-16 LR1 Hafnia Lynx 49,999 Nov-13 MR Hafnia Pride 74,997 Jul-16 LR1 Hafnia Merlin 49,999 Sep-15 MR Hafnia Excellence 74,613 May-16 LR1 Hafnia Myna 49,999 Oct-15 MR Hafnia Exceed 74,664 Feb-16 LR1 Hafnia Osprey 49,999 Oct-15 MR Hafnia Expedite 74,634 Jan-16 LR1 Hafnia Panther 49,999 Jun-14 MR Hafnia Express 74,663 May-16 LR1 Hafnia Petrel 49,999 Jan-16 MR Hafnia Excel 74,547 Nov-15 LR1 Hafnia Puma 49,999 Nov-13 MR Hafnia Precision 74,996 Oct-16 LR1 Hafnia Raven 49,999 Nov-15 MR Hafnia Experience 74,669 Mar-16 LR1 Hafnia Swift 49,999 Jan-16 MR Hafnia Pioneer 81,305 Jun-13 LR1 Hafnia Tiger 49,999 Mar-14 MR Hafnia Despina 109,990 Jan-19 LR2 BW Wren 49,999 Mar-16 MR Hafnia Galatea 109,990 Mar-19 LR2 Hafnia Ane 49,999 Nov-15 MR Hafnia Larissa 109,990 Apr-19 LR2 Hafnia Daisy 49,999 Aug-16 MR Hafnia Lene 49,999 Jul-15 MR Hafnia Henriette 49,999 Jun-16 MR Hafnia Neso 109,990 Jul-19 LR2 Hafnia Kirsten 49,999 Jan-17 MR Hafnia Thalassa 109,990 Sep-19 LR2
Page 34
HAFNIA CONDENSED-CONSOLIDATED-INTERIM-FINANCIAL-INFORMATION-(UNAUDITED)-Q2-AND-H1-2026 34 Appendix CONTINUED Fleet list CONTINUED 1 Time chartered in vessel 2 Classified as an asset held for sale 3 50% owned through the Ecomar Joint Venture Vessel DWT Year Built Type Hafnia Lise 49,875 Sep-16 MR Hafnia Lotte 49,999 Jan-17 MR Hafnia Mikala 49,999 May-17 MR Hafnia Andrea 49,999 Jun-15 MR Hafnia Caterina 49,999 Aug-15 MR Orient Challenge1 49,972 Jun-17 MR Orient Innovation1 49,997 Jul-17 MR Yellow Stars2 49,999 Jul-21 MR PS Stars2 49,999 Jan-22 MR Hokkaido1 49,948 Oct-25 MR Hafnia Almandine 38,506 Feb-15 IMO II – Handy Hafnia Amber 38,506 Feb-15 IMO II – Handy Hafnia Amethyst 38,506 Mar-15 IMO II – Handy Hafnia Ametrine 38,506 Apr-15 IMO II – Handy Hafnia Aventurine 38,506 Apr-15 IMO II – Handy Hafnia Andesine 38,506 May-15 IMO II – Handy Hafnia Aronaldo 38,506 Jun-15 IMO II – Handy Hafnia Aquamarine 38,506 Jun-15 IMO II – Handy Hafnia Axinite 38,506 Jul-15 IMO II – Handy Hafnia Amessi 38,506 Jul-15 IMO II – Handy Hafnia Azotic 38,506 Sep-15 IMO II – Handy Hafnia Amazonite 38,506 May-15 IMO II – Handy Hafnia Ammolite 38,506 Aug-15 IMO II – Handy Hafnia Adamite 38,506 Sep-15 IMO II – Handy Hafnia Aragonite 38,506 Oct-15 IMO II – Handy Hafnia Azurite 38,506 Aug-15 IMO II – Handy Hafnia Alabaster 38,506 Nov-15 IMO II – Handy Hafnia Achroite 38,506 Jan-16 IMO II – Handy Hafnia Turquoise 49,516 Apr-16 IMO II – MR Hafnia Topaz 49,561 Jul-16 IMO II – MR Hafnia Tourmaline 49,513 Oct-16 IMO II – MR Hafnia Tanzanite 49,478 Nov-16 IMO II – MR Hafnia Viridian 49,126 Jan-15 IMO II – MR Hafnia Violette 49,126 Mar-15 IMO II – MR Hafnia Atlantic 49,641 Dec-17 IMO II – MR Hafnia Pacific 49,686 Dec-17 IMO II – MR Hafnia Valentino 49,126 May-15 IMO II – MR Ecomar Gascogne3 49,776 Jan-25 IMO II – MR Ecomar Guyenne3 49,763 May-25 IMO II – MR Ecomar Garonne3 49,696 Jul-25 IMO II – MR Ecomar Gironde3 49,805 Jan-26 IMO II – MR