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1 Hafnia Limited Second Quarter 2026 Results 2 8 A U G U S T 2 0 2 6 INVESTOR PRESENTATION
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Disclaimer IMP O R T ANT: Y O U MU S T R E AD T H E F O L L O W ING B E F O R E CO NT INUING . The following applies to this document, the oral presentation of the information in this document by Hafnia Limited (the "Company" or “Hafnia”, together with its subsidiaries, the "Group") or any person on behalf of the Company, and any question-and-answer session that follows the oral presentation (collectively, the "Information"). In accessing the Information, you agree to be bound by the following terms and conditions. This document has been produced solely for information purposes. The Information does not constitute or form part of an offer and should not be construed as an offer or the solicitation of an offer, to subscribe for or purchase securities of the Company, and nothing contained herein shall form the basis of or be relied on in connection with any contract or commitment whatsoever, nor does it constitute a recommendation regarding such securities. The Information is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident of, or located in, any locality, state, country or other jurisdiction where such distribution or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction. The Information contains forward-looking statements (the “Forward-looking Statements”). These Forward-looking Statements may be identified by the use of forward-looking terminology, such as the terms “anticipates”, “assumes”, “believes”, “can”, “could”, “estimates”, “expects”, “forecasts”, “intends”, “may”, “might”, “plans”, “should”, “projects”, “will”, “would” or, in each case, their negative, or other variations or comparable terminology. These Forward-looking Statements are, as a general matter, statements other than statements as to historic facts or present facts and circumstances. They include statements regarding Hafnia’s intentions, beliefs or current expectations concerning, among other things, 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. Hafnia cautions 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. 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: 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; 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; other factors that may affect our financial condition, liquidity and results of operations; and other factors described from time to time in the reports the Company files with, or furnishes to, the U.S. Securities and Exchange Commission. 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. 2 SAFE HARBOUR MESSAGE
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Agenda 3 01 Q2 2026 Overview 02 Industry Review & Outlook 03 Financial Summary 04 ESG & Strategic Projects Overview
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4 Q2 2026 Overview Q2 2026 – SECTION 01
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5 Q2 2026 • Vessels ➢ In Q2 2026: Completed the sale of one LR1, two MRs, and three Handys. Recorded a gain on sale of USD 39.3 million from sale of vessels. ➢ In Q3 2026: Completed the sale of 50% stake in two MRs held within H&A Shipping joint venture, resulting in a profit of USD 13.3 million for Hafnia. • Announced planned CEO succession where Søren Steenberg Jensen will succeed Mikael Skov on 1 September 2026. Key Highlights KEY DEVELOPMENTS Q 3 2 0 2 6 F L E E T C O V E R A G E 80% of Q3 earning days covered at USD 30,716 per day (as of August 17, 2026) T C E I N C O M E1 USD 372.9M H1 2026 of USD 655.4M Q 2 2 0 2 6 D I V I D E N D S USD 250.0M (USD 0.5003 per share4) (90% of net profit) A D J U S T E D E B I T D A1 USD 287.3M H1 2026 of USD 486.0M N E T P R O F I T USD 277.8M (USD 0.56 per share3) H1 2026 of USD 457.5M (USD 0.92 per share3) F E E- B A S E D B U S I N E S S E S2 USD 8.8M H1 2026 of USD 16.6M 1 Refer to our quarterly report for more information on non -IFRS financial measures. 2 Excluding dividend income from Hafnia’s investment in TORM. 3 Based on weighted average number of shares as at 30 June 2026. 3 Based on outstanding number of shares.
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6 FULLY INTEGRATED SHIPPING PLATFORM WITH 100% ALIGNMENT OF INTERE STS AND NO FEE LEAKAGE Unparalleled Investment Opportunity 1 As of 30 June 2026, Including bareboat chartered in vessels; six LR1s and four LR2s owned through 50% ownership in the Vista Shipping Joint Ventu re 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. 2 Inclusive of IMO II vessels 3 NAV is calculated using the fair value of Hafnia’s owned vessels (including joint venture vessels). 4 Net loan-to-value is calculated as all debt (excluding debt relating to the pools), including finance lease debt, minus cash (ex cluding cash retained in the commercials pools), divided by broker vessel values (100% owned vessels) and the lower of the ma rket value or purchase price of the Torm investment. The calculation of net loan -to-value does not include debt or values of vessels held thro ugh our joint ventures. 5 Based on a share price of USD 7.50. Core Vessel Activities # Vessels Owned1 / Time Chartered-in • LR2: 10 • LR1: 26 / 2 • MR2: 47 / 7 • Handy2: 20 • Total: 103 / 9 9.7 Average Age of Owned Vessels1 Global Commercial Platform In-house Dedicated Technical Management Team Net Asset Value (NAV)3 USD ~4.4b Equivalent to ~USD 8.89 / ~NOK 88.47 per share Complementary Adjacent Businesses Commercial Pool Platform ~60 Commercially Managed External Vessels 5 Commercial Pools Bunkering Seascale Energy - Joint Venture with Cargill, a bunker procurement entity Consistent Shareholder Distribution Transparent Dividend Policy Consistent Distribution • Paid dividend in the last 18 consecutive quarters • Paid out 86% of H1 2026 net profit, representing an annualized dividend yield of ~21%5. Active Management Strategy Proactively assessing the market for opportunities that create stronger shareholder value Net LTV4 Payout of net profit > 40% 50 % > 30% and ≤ 40% 60 % > 20% and ≤ 30% 80 % ≤ 20% 90 % 2018 Vista Shipping Joint Venture 2021 H&A Shipping Joint Venture 2022 • Acquisition of Chemical Tankers Inc • Acquisition of 12 LR1s from Scorpio 2023 Ecomar Joint Venture 2025 • Seascale Energy Joint Venture • Investment in Torm 2026 Ordered 10 MR newbuilds (delivery 2028-2029)
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91.5 109.7 179.7 277.8 73.2 88.1 143.8 250.0 20.5% 24.9% 20.2% 13.0% 0 100 200 300 400 500 Q3 2025 Q4 2025 Q1 2026 Q2 2026 USDm Net profit Paid / Declared dividends Net LTV 7 CONSISTENT DIVIDEND PAYOUT SUPPORTED BY A TRANSPARENT DIVIDEND P OLICY Maximizing Shareholder Returns: Record 90% Payout Net loan-to-value (LTV)1 Payout of net profit Above 40 % 50 % Above 30 % but equal to or below 40 % 60 % Above 20 % but equal to or below 30 % 80 % Equal to or below 20 % 90 % • Our net LTV1 ratio at the end of Q2 2026 decreased to 13.0%, driven by strong cash flow generation from operations and vessel sales. • This means we will distribute the maximum 90% of net profit. • This corresponds to a dividend amount of USD 250.0 million or USD 0.5003 per share. • This brings our total dividend for the first half of 2026 to USD 0.7880 per share, representing an annualized dividend yield2 of approximately 21%. Q2 2026 Net profit - USDm 277.8 Pay-out ratio - % 90% Dividend amount - USDm 250.0 Outstanding shares (excluding treasury) - # 499,781,305 Declared dividend per share - USD 0.5003 1 Net loan-to-value is calculated as all debt (excluding debt relating to the pools), including finance lease debt, minus cash (ex cluding 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. 2 Based on a share price of USD 7.50. HAFNIA DIVIDENDS 90% payout ratio 80% payout ratio
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8 Industry Review & Outlook Q2 2026 – SECTION 02
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9 At a Glance Source: Hafnia, Vortexa, IEA, EIA, Energy Aspects −678M I M P L I E D S T O C K D R A W S I N C E Q 1 Lost transport volume was 3.7 million barrel per day (mb/d) more then demand drop over last 183 days. Refilling implies ~2 mb/d of transportation demand into 2027. −28% L R 2 C L E A N T R A D I N G F L E E T Coated LR2s migrated to dirty Aframax trade, more than absorbing 2026 newbuild deliveries W H Y T H E M A R K E T S T A Y S T I G H T • Lost transport volume was 3.7 mb/d more than the fall in oil demand, implying a global draw of ~678 mb. • Refilling that is roughly 2 mb/d of transportation demand into 2027. A S T R U C T U R A L F L E E T S H I F T • Continued LR2s migrating into Aframax trade, thinning the clean tonnage pool by 28% YTD. • Despite 259 MR equivalents of coated deliveries, the clean trading fleet is 82 MR equivalents smaller than beginning of 2026. • Sanctioned and aged tonnage leaves 389 vessels queued to exit, against 262 vessels on order. W H A T WE E X P E C T N E X T • Strong refining margins which increased from around USD 3-5/barrel pre-conflict to USD 21- 27/barrel, with the US Gulf experiencing the largest gains. • Global oil demand bottomed in Q2 2026 at ~99 mb/d but has recovered and is expected to reach 106 mb/d in Q4 2026. • CPP departures are back to within 10% pre- conflict and East of Suez have been increasing for the last running 3 months. • Resilience founded on fewer LR2s in clean trade, US and China main exporters to cover Middle East refinery damage, and a depleting inventory that needs to be rebuilt. S A N C T I O N E D & A G E D T O N N A G E Not yet accelerated, but growing sanctioned DWT and aged-fleet scrap potential set to offset the orderbook +20% U S C P P E X P O R T S US exports at 3.2 mb/d in August, ~20% above the 2025 average and holding since beginning of conflict. >Q1’27 E L E V A T E D T O N- M I L E Middle East refining return plus multi-quarter inventory rebuild, sustained freight rate resilience.
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Drop in Global Oil Demand and Inventories 10 WORLD OIL DEMAND Source: Hafnia, IEA, Energy Aspects ▪ Drop in global oil demand has proved more significant that initially anticipated, with global oil demand dropping to 99.3 mb/d in Q2 2026. ▪ However, it is now expected to increase and reach 106.4 mb/d in Q4 2026, as oil prices normalize. ▪ A significant inventory rebuild is expected through mid-2027, creating additional transportation demand. BRENT PRICE VS OECD INVENTORIES 0 20 40 60 80 100 120 2,500 3,000 3,500 4,000 4,500 5,000 2019 2020 2021 2022 2023 2024 2025 2026 2027 USDm barrels OECD Inv. OECD Inv. — forecast Brent (USD/bbl) 80 85 90 95 100 105 110 m barrels/day
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Drawdown in Inventories 11 GLOBAL IMPLIED CPP & DPP INVENTORY DRAW Source: Hafnia, IEA & Vortexa ▪ Seaborne transport volumes fell 7.1 mb/d, exceeding the 3.4 mb/d decline in oil demand, with inventories covering the difference. ▪ An estimated 678 mb were drawn from global inventories during the period of 183 days. ▪ Inventory replenishment could generate roughly 2 mb/d of incremental transportation demand in 2027. 7.1 3.4 3.7 678 0 100 200 300 400 500 600 700 800 0 1 2 3 4 5 6 7 8 Lost DPP & CPP Transport Volume (LHS) World Oil Demand Reduction (LHS) Delta Transport Demand (LHS) Implied World Inventory Draw CPP & DPP (RHS) m barrelsm barrels/day Delta Transport Demand (LHS) Implied World Inventory Draw CPP & DPP x183 days
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Negative Supply-Demand Balance 12 HISTORICAL GLOBAL SUPPLY & DEMAND BALANCES Source: Hafnia & EIA ▪ Historically, oil supply deficits have coincided with weaker freight rates due to lower cargo volumes and tonnage demand. ▪ Current conditions break this pattern, with record supply deficits occurring alongside high Aframax earnings. ▪ The supply deficit is already narrowing, improving from -5.1 mb/d in Q2 2026 to -2.2 mb/d in Q3 2026, with the market expected to return to surplus in Q4 2026 and remain balanced through 2027. ▪ Freight rates appear to be normalizing rather than deteriorating, supported by recovering Middle East refining activity from Q1 2027. 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 100,000 -5 -3 -1 1 3 5 7 9 Qtr1 Qtr3 Qtr1 Qtr3 Qtr1 Qtr3 Qtr1 Qtr3 Qtr1 Qtr3 Qtr1 Qtr3 Qtr1 Qtr3 Qtr1 Qtr3 Qtr1 Qtr3 Qtr1 Qtr3 Qtr1 Qtr3 Qtr1 Qtr3 Qtr1 Qtr3 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 USD/Daym barrels/day Global Oil Demand & Supply Balances (LHS) Aframax TCE (RHS)
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Oil Daily Loadings 13 Source: Hafnia & Vortexa ▪ Clean product departures have recovered from 16.3 mb/d in May to 18.4 mb/d, now roughly 10% below pre-crisis levels. ▪ East of Suez exports have rebounded strongly after Hormuz closure and Asian export bans. ▪ Pace of Eastern export volumes recovery a key determinant of tanker market balances going forward. CPP DEPARTURES DPP DEPARTURES ▪ Dirty tanker exports remain well below pre-crisis levels, with global volumes still around 15% below pre-conflict. Similarly concentrated East of Suez, where crude export volumes nearly halved and still 30% below. ▪ Further recovery depends on Arabian Gulf exports returning, particularly Iranian crude. An additional 2-3 mb/d of exports would create significant demand for Suezmax and Aframax vessels and increase competition with Russian crude flows into India and China. 20 188 9 12 10 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 2025 2026 m barrels/daym barrels/day CPP Global (LHS) West of Suez Clean Products Loadings (RHS) East of Suez Clean Products Loadings (RHS) 48 41 24 24 24 17 0 5 10 15 20 25 30 35 40 45 50 55 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 2025 2026 m barrels/daym barrels/day DPP Global (LHS) West of Suez Dirty Products Loadings (RHS) East of Suez Dirty Products Loadings (RHS)
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Oil on Water 14 CLEAN & DIRTY PRODUCTS ON WATER Source: Hafnia & Vortexa ▪ CPP on water remain below January levels, having declined by 12%, but recovered slightly from May, as ship-to-ship operations helped move cargoes from inside the Gulf. ▪ The reduction of 53 mb on water is equivalent to approximately 180 MRs, highlighting the scale of transportation demand displaced during the disruption. ▪ Dirty products have rebounded strongly, with volumes on water now above January levels and near recent highs, underscoring continued strength in crude tanker market fundamentals. 431 378 1,313 1,323 1,100 1,150 1,200 1,250 1,300 1,350 1,400 350 360 370 380 390 400 410 420 430 440 450 Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Jan Feb Mar Apr May Jun Jul Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 2025 2026 m barrels (DPP)m barrels (CPP) CPP On Water (LHS) DPP On Water (RHS)
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Refinery Margins Signal 15 USG, NWE, CHINA REFINERY MARGINS Source: Hafnia & Vortexa ▪ Refining crack margins remain exceptionally strong across all major regions, rising from USD 3- 5/barrel before the disruption to USD 21- 27/barrel today. ▪ The US Gulf has been the primary beneficiary, up nine-fold, capturing a significant share of displaced refining demand as a key swing supplier to global markets. ▪ China’s lower refinery margins are likely due to reduced government export quotas, which have increased reliance on domestic market. ▪ Margins are expected to moderate but remain healthy, with forward curves implying normalization rather than a return to pre-crisis levels, supporting continued refinery utilization and product trade flows. 0 5 10 15 20 25 30 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Qtr1 Qtr2 Qtr3 Qtr4 2026 USD/Barrel Average of North West Europe Average of US Gulf Coast Average of ChinaNorthwest Europe US Gulf Coast China
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Global Exports – US, China and Russia 16 Source: Hafnia & Vortexa ▪ Chinese product exports have recovered following the removal of transportation fuel export restrictions, rising from 0.6 mb/d in January to ~0.9 mb/d in August, the highest level in over a year. Export quotas are not the limiting factor but logistics and domestic inventory requirements. ▪ Russia product exports declined sharply, removing ~0.8 mb/d of supply from the market. Europe is increasingly reliant on US Gulf and Nigerian (Dangote) exports, with Middle East refining capacity impaired, supporting Atlantic Basin tonne-mile demand. CHINA EXPORT QUOTAS US, RUSSIA & CHINA CLEAN PRODUCTS EXPORTS 332 106 226 0 50 100 150 200 250 300 350 Anticipated 2026 Quota Utilized Quota Expected Balance Year Export m barrels 2026 Incremental Export Volume August-end 2026 1.5 mb/d 3.0 3.2 1.4 0.6 0.6 0.9 0.0 0.5 1.0 1.5 2.0 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug 2025 2026 m barrels/daym barrels/day US Clean Products Exports (LHS) Russia Clean Products Exports (RHS) China CPP Exports (RHS)
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48 61 82 112 142 164 187 217 251 0 50 100 150 200 250 2020 2021 2022 2023 2024 2025 2026 2027 2028 m DWT Five Years, Five Shocks Against a Structurally Aging Fleet 17 AGED TANKER FLEET — TOTAL DWT ≥ 20 YEARS (M DWT) Source: Hafnia, Clarksons & Vortexa 2020 COVID-19 Demand collapse; contango storage 2022 Russia-Ukraine Trade flows redrawn 2023 Panama Drought Canal restrictions; longer routings 2024 Houthi Red Sea Cape diversions; Suez bypass 2026 Hormuz Blockade & Red Sea re-closure Gulf supply choke; refining damage ▪ The tanker fleet is ageing rapidly, with vessels over 20 years old increasing from 48m DWT in 2020 to 187m DWT today, and projected to reach 251m DWT by 2028. ▪ A series of global disruptions have consistently increased ton-mile demand, while new vessel deliveries have not kept pace, tightening market balances. ▪ Ageing vessels are likely to provide structural freight support, as scrapping, sanctions, and stricter vetting requirements continue to remove older tonnage from mainstream trade.
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Aframax and LR2 Trading Transition 18 AFRAMAX / LR2 DIRTY VS CLEAN TRADE Source: Hafnia & Vortexa ▪ LR2 availability in the clean market remains below end-2025 levels, as vessels continue to migrate into the dirty Aframax trade. ▪ The reduction in clean-trading LR2s has effectively absorbed more capacity than the entire 2026 LR2 newbuild program. ▪ The pull into the Aframax market appears to be moderating, with Aframax fleet participation easing from its March peak of ~610 vessels, to ~580 vessels. 262 182 248 535 553 580 480 500 520 540 560 580 600 620 160 180 200 220 240 260 280 Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 2023 2024 2025 2026 # Vessels# Vessels LR2 Clean Trading (LHS) LR2 Clean Trading Average (LHS) Aframax DPP Trading Average (RHS) Aframax DPP Trading (RHS)
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CPP Trading Fleet 19 CLEAN TRADING FLEET IN MR EQUIVALENTS Source: Hafnia & Vortexa ▪ The clean tanker fleet has effectively contracted in 2026 despite significant new vessel deliveries, with clean-trading fleet shrinking from 3,032 to 2,949 MR equivalents since the end of 2025. ▪ LR2s moving into dirty trades have removed roughly 340 MR equivalents from the clean market. ▪ This capacity reduction has been a key factor supporting clean tanker freight rates amid lower Middle East export volumes. 259 2,952 3,032 2,949 0 50 100 150 200 250 300 2,850 2,900 2,950 3,000 3,050 3,100 Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec # MR Equivalents# MR Equivalents 2026 - Coated Newbuild (RHS) 2024 - CPP Trading (LHS) 2025 - CPP Trading (LHS) 2026 - CPP Trading (LHS)
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Orderbook, Scrap & Sanctioned Landscape 20 HANDY – LR2/AFRAMAX Source: Hafnia & Vortexa ▪ The known newbuild program up to 2029 for Handy - LR2/Aframax consists of ~61m DWT. ▪ Sanctioned and ageing vessels are likely to accelerate fleet attrition, with ~21m DWT of 20- 24 years sanctioned Handy to Aframax tonnage expected to exit the market later this decade. ▪ Projected fleet removals are expected to exceed newbuilding deliveries, with estimated removal of 72m DWT, suggesting limited net supply growth. 23 4 9 15 9 7 518 16 17 10 0 5 10 15 20 25 30 2026 2027 2028 2029 2026 2027 2028 2029 Orderbook Scrap m DWT HDY MR LR1/PMAX LR2/Afra Sanctioned 20-24 72m DWT 61m DWT
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ANCHORS · WHAT HOLDS THE MARKET TOGETHER 21 Market Drivers and Risks Source: Hafnia, Vortexa, IEA, EIA, Energy Aspects, Oil Brokerage +2 mb/d I M P L I E D D E M A N D 2 0 2 7 678m barrels drawn from stock must be replaced. Refilling implies around 2 mb/d of additional transportation demand into 2027. D E M A N D R E C O V E R Y O U R V I E W The market remains supported by inventory rebuilding, recovering Chinese exports, strong US export flows, and a clean tanker fleet that remains smaller than a year ago. Key risks lie further out, including the 2027-2029 orderbook, the return of crude tonnage into clean trades, and weaker oil demand, while the reopening of Hormuz and the Red Sea could ease current inefficiencies that are absorbing vessel supply. RISKS · WHAT WE ARE WATCHING +55m D W T N E T A D D 2 0 2 7- 29 161m DWT delivering across all sizes against 106m DWT of scrapping and sanctioned exits. The surplus builds from 2028. I N E F F I C I E N C Y U N W I N D 0.9 mb/d A U G U S T C P P E X P O R T S Chinese CPP exports rebounded from 0.6 mb/d in January to ~0.9 mb/d in August. 226m barrels of quota remain, with delivery capability the constraint. 3.2 mb/d A U G U S T C P P E X P O R T S US exports hold 20% above the 2025 average. With Russia down ~0.8 mb/d, Europe leans on the US Gulf and Nigeria. -82 M R E Q U I V A L E N T S V S 2 0 2 5 259 MR equivalents delivered in 2026, yet the clean fleet is smaller than at year end. Migration more than absorbed the orderbook. 119m D W T V L C C & S U E Z M A X VLCC and Suezmax deliveries over 2027 to 2029 displace Aframax, which could migrate back to LR2 clean trade and add capacity as volumes normalize. 104 mb/d R E C O V E R E D Demand is back to 104 mb/d from the 99 mb/d trough in 2Q26. A continued crisis would set the recovery back and stall the flow normalization. +60% S T S V O L U M E A T R I S K Reopening Hormuz and Red Sea transits removes the STS shuttle and shortens ballast legs, releasing the tonnage that friction is absorbing. I N V E N T O R Y R E B U I L D C H I N E S E E X P O R T S U S G A S S T A T I O N O R D E R B O O K C A N N I B A L I Z A T I O N O I L D E M A N D
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22 Financial Summary Q2 2026 – SECTION 03
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Q2 2026 Financial Summary 23 1 Refer to our quarterly report for more information on non -IFRS financial measures. 2 Excluding cash retained in the commercial pools. 3 Net loan-to-value is calculated as all debt (excluding debt relating to the pools), including finance lease debt, minus cash (e xcluding 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. 4 ROIC is calculated using annualised EBIT less tax. USDm Q2 2025 H1 2025 Q2 2026 H1 2026 TCE income1 231.2 449.9 372.9 655.4 Other operating income 8.1 17.1 18.8 36.4 Vessel operating & technical management expenses (75.7) (149.0) (72.5) (144.5) Charter hire expenses (8.2) (16.8) (8.9) (17.7) Other expenses (21.2) (42.0) (23.0) (43.6) Adjusted EBITDA1 134.2 259.3 287.3 486.0 Gain on disposal of assets - - 39.3 71.8 Depreciation and amortisation charges (51.1) (100.7) (47.2) (95.3) Reversal of impairment loss on trade receivables - - 0.6 - EBIT 83.1 158.6 280.0 462.5 Net financial expense (8.1) (21.9) (11.8) (23.7) Share of profit of equity-accounted investees, net of tax 3.0 6.0 11.0 20.9 Profit before income tax 78.0 142.6 279.2 459.7 Income tax expense (2.7) (4.1) (1.4) (2.2) Profit for the financial period 75.3 138.5 277.8 457.5 INCOME STATEMENT RETURN ON EQUITY (ANNUALISED) RETURN ON INVESTED CAPITAL 4 (ANNUALISED) USDm Q4 2025 Q1 2026 Q2 2026 Total assets 3,812 4,029 3,964 Cash at bank and on hand2 104 146 271 Total liabilities 1,482 1,488 1,314 Total equity 2,330 2,541 2,650 Gross debt 1,036 943 798 Net LTV3 - % 24.9 20.2 13.0 BALANCE SHEET ITEMS 19.1% 29.5% 44.6% 36.8% 0% 10% 20% 30% 40% 50% Q4 2025 Q1 2026 Q2 2026 H1 2026 13.4% 22.7% 35.2% 29.1% 0% 10% 20% 30% 40% Q4 2025 Q1 2026 Q2 2026 H1 2026
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271 ~631360 0 100 200 300 400 500 600 700 Cash at bank and on hand Undrawn facilities Total liquidity USDm 67.6% 0% 20% 40% 60% 80% 100% Hedge Ratio 932 527 3,472 3,739 2,800 3,000 3,200 3,400 3,600 3,800 200 400 600 800 1,000 1,200 1,400 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 USDmUSDm Net Debt (LHS) Value of Hafnia vessels (RHS) 24 Robust Financial Strength 1 Value of Hafnia vessels excludes newbuildings 2 Excluding cash retained in the commercial pools. 3 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. 4 Excludes pool borrowing base facilities 5 Excludes joint venture debt and hedges 6 Estimates for 10 new MR newbuilds Weighted average hedged rate of 2.85% Q2 2026 USDm Gross debt 798 Less: cash at bank and on hand2 (271) Net debt 527 Value of Hafnia vessels1 (excluding JV vessels) 3,739 Investment in Torm 311 Net LTV3 (%) 13.0% DELEVERAGING JOURNEY TOTAL LIQUIDITY & HEDGE RATIO NEWBUILDS FORECASTED CAPEX 6 1 2 4 Beginning 2027, we will calculate net LTV on a fully committed basis, incorporating outstanding newbuild commitments and the corresponding vessel values. 0 100 50 30 230 110 0 50 100 150 200 250 Q2 2026(A) Q3 2026(E) Q4 2026(E) 2027(E) 2028(E) 2029(E) USDm 5
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48 165 68 58 145 179 151 52 21 49 6214 392 225 110 50 100 150 200 250 300 350 400 450 500 Q1 2026 Q2 2026 Q3 2026 Q4 2026 # Days LR2 LR1 MR Handy 0 10,000 20,000 30,000 40,000 50,000 LR2 LR1 MR Handy USD/day Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Covered Q3 2026 (As of August 17, 2026) Operating Summary 25 1 TCE represents gross TCE income after adding back pool commissions; refer to our quarterly report for more information on n on-IFRS financial measures. 2 Inclusive of IMO II vessels. COMPLETED AND ESTIMATED DRYDOCK SCHEDULE (Total # of drydock and off-hire days) Operating days (Owned) Operating days (TC-in) Spot TCE1 (USD/day) TCE1 (USD/day) Calendar days (excl. TC-in) OPEX (USD/day) LR2 546 - 131,160 46,855 546 9,032 LR1 1,668 182 55,852 52,057 1,833 9,418 MR2 3,659 636 50,946 43,767 3,838 9,060 Handy2 1,805 - 38,241 35,866 1,854 8,372 Total 7,678 818 49,986 44,093 8,071 8,981 AVERAGE DAILY TCE BY VESSEL TYPE Q2 2026 VESSEL SEGMENT BREAKDOWN 92% 60% 70% 85% 2 2 2 2
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~860 ~740 0 200 400 600 800 1,000 1,200 FY 2026 Adj EBITDA FY 2026 Net Income USDm ~870 ~750 0 200 400 600 800 1,000 1,200 FY 2026 Adj EBITDA FY 2026 Net Income USDm 26 Fleet Coverage and Earnings Scenarios 1 Excludes joint venture vessels. 2 Inclusive of IMO II vessels. 3 Retrieved from Bloomberg on 24 August 2026 4 Covered rates as of 17 August 2026 applied to projected earning days in 2026 5 Refer to our quarterly report for more information on non -IFRS financial measures. 6 The figures are presented on a 100% basis. The joint ventures vessels are owned through Hafnia’s 50% participation in the Vis ta Shipping, H&A Shipping and Ecomar joint ventures. Q3 2026 H2 2026 Covered (%) Covered (USD/day) Spot Covered (%) Spot Covered (USD/day) Covered (%) Covered (USD/day) Spot Covered (%) Spot Covered (USD/day) LR2 93% 39,169 10% 107,303 88% 35,226 5% 107,303 LR1 75% 35,908 61% 37,806 42% 34,638 30% 37,246 MR2 77% 29,614 47% 32,706 52% 27,171 26% 29,765 Handy2 89% 25,596 65% 26,191 56% 25,305 34% 26,247 Total 80% 30,716 53% 28,917 Analysts' consensus3 Q3 2026 Covered Rates4 Q3 2026 ESTIMATED EARNINGS DAYS HAFNIA FLEET 1 COVERAGE AS OF AUGUST 17, 2026 5 5 EARNINGS SCENARIOS FOR FULL YEAR 2026 Q3 2026E LR2 LR1 MR2 Handy2 Total Hafnia fleet1 as of 1 July 2026 (#) 6 22 48 20 96 Hafnia fleet1 calendar days (92 days/vessel) 552 2,024 4,416 1,840 8,832 JV fleet6 as of 1 July 2026 (#) 4 6 6 - 16 JV fleet 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
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27 ESG & Strategic Projects Overview Q2 2026 – SECTION 04
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40% reduction in our fleet’s carbon intensity by 2028 (compared to 2008 levels) Net zero emissions on all scope 1 emissions by 2050 10% plastic reduction onboard over the next five years starting from 2023 Zero breaches of any environmental legislation ESG Commitments and Targets 28 ENVIRONMENTAL SOCIAL GOVERNANCE Zero harm across our operations • Lost Time Incident Frequency < 0.4 observation • Total Recordable Case Frequency < 1.0 observation • Port State Control < 1.0 observation / inspection Increase the number of female seafarers • Increase the number of female seafarers • Targeting 40% women across designated vessels from the success of our Culture Lab program 40% women in our offices by 2030 Top suppliers screened on ESG Criteria Zero compliance breaches All employees trained on compliance and ethical issues annually: • General Data Protection Regulation (GDPR) • Preventing bribery and corruption • Anti-trust / competition • Sanctions awareness • Cybersecurity
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29 STRATEGIC PARTNERSHIPS DRIVING SUSTAINABLE GROWTH Hafnia Strategic Project Highlights S E A S C A L E E N E R G Y • Joint venture with Cargill to create a stronger bunker procurement entity, Seascale Energy. • Aims to deliver cost efficiencies, transparency, and access to sustainable fuel innovations by leveraging both businesses’ global reach, trading strength, and operational excellence. C O M P L E X I O • Co-founder of Complexio, a foundational AI, to advance data automation. • We have commenced the deployment of Complexio’s, Initial applications which has already improved response times across commercial and finance workflows. • We believe the platform has significant potential to scale across Hafnia as adoption accelerates through 2026 and 2027. A S C E N S I O N C L E A N E N E R G Y • Clean Hydrogen Works develops a clean hydrogen ammonia production and export project • Project aims to capture up to 98% of carbon dioxide emissions from its processes, providing a scalable pathway to supply carbon-free energy D U A L F U E L V E S S E L S • Invested in several dual-fuel Newbuilds. • As part of Vista joint venture, invested in four LR2 LNG dual- fueled vessels. • As part of Socatra joint venture, invested in four Chemical IMO-II MR Methanol dual-fueled vessels.
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30 Announced Leadership Transition • Effective 1 September 2026, Søren Steenberg Jensen would succeed Mikael Skov as the CEO of Hafnia. • Subject to approval at an Extraordinary General Meeting held later in the quarter, Mikael will join Hafnia’s Board of Directors. • This is the result of a well-planned and managed transition and there will be no change to Hafnia’s strategy or operating model. • Søren has been with Hafnia since its inception in 2010, as EVP , Head of Asset Management. “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, Outgoing CEO
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31 Thank You W W W. H A F N I A . C O M