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Hafnia Quarterly FinancialHafnia Limited Investor Presentation Q2 2025 27 August 2025
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DISCLAIMER – SAFE HARBOUR MESSAGE IMPORTANT: You must read the following before continuing. The following applies to this document, the oral presentation of the information in this document by Hafnia Limited (the "Company") 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 therein 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. Any securities of the Company may not be offered or sold in the United States or any other jurisdiction where a registration would be required unless so registered, or an exemption from the registration requirements of the U.S. Securities Act of 1933, as amended, or other applicable laws and regulations is available. 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 The Information is not for publication, release or distribution in any jurisdiction in which offers or sales would be prohibited by applicable law. 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. Prospective investors in Hafnia are cautioned that Forward-looking Statements are not guarantees of future performance and that the Group’s actual financial position, operating results and liquidity, and the development of the industry and potential market in which the Group may operate in the future, may differ materially from those made in, or suggested by, the Forward-looking Statements contained in this report. Hafnia cannot guarantee that the intentions, beliefs or current expectations upon which its Forward-looking Statements are based, will occur. By their nature, Forward-looking Statements involve, and are subject to, known and unknown risks, uncertainties and assumptions as they relate to events and depend on circumstances that may or may not occur in the future. Because of these known and unknown risks, uncertainties and assumptions, the outcome may differ materially from those set out in the Forward- looking Statements. These Forward-looking Statements speak only as at the date on which they are made. Hafnia undertakes no obligation to publicly update or publicly revise any Forward-looking Statement, whether as a result of new information, future events or otherwise. All subsequent written and oral Forward-looking Statements attributable to Hafnia or to persons acting on Hafnia’s behalf are expressly qualified in their entirety by the cautionary statements referred to above and contained elsewhere in this report.
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Agenda Q2 2025 Overview Industry Review & Outlook Financial Summary ESG & Strategic Projects Overview
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TCE Income1 USD 231.2M 1H 2025 of USD 449.9M 1 Refer to our quarterly report for more information on non -IFRS financial measures. 2 Fee earnings from our commercial pool and bunker procurement businesses. Excluding a one -off item amounting to USD 0.2 million in Q2 2025 and USD 1.3 million in H1 2025. The Group’s bunker procurement business was transferred to its joint venture, Seascale, upon commencement of operations in May 2025. 3 Based on weighted average number of shares as at 30 June 2025. Q2 2025 KEY HIGHLIGHTS • On May 15, 2025, Hafnia took delivery of the IMO II MR vessel Ecomar Guyenne. On July 22, 2025, Hafnia took delivery of the IMO II MR vessel Ecomar Garonne. Both vessels were owned through our Ecomar joint venture. • On July 10, 2025, a USD 715 million revolving credit facility was concluded at a competitive margin, supporting a lowered cash flow breakeven. • As of August 15, 2025, 75% of the total earning days of the fleet were covered for Q3 2025 at USD 25,395 per day. 4 Adjusted EBITDA1 USD 134.2M 1H 2025 of USD 259.3M Net Profit USD 75.3M (USD 0.15 per share3) 1H 2025 of USD 138.5M (USD 0.28 per share) Dividends USD 60.3M (80% of net profit) USD 0.1210 per share Commercial Pool & Bunker2 USD 7.9M 1H 2025 of USD 15.8M
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UNPARALLELED INVESTMENT OPPORTUNITY Fully integrated shipping platform with 100% alignment of interests and no fee leakage 5 CORE VESSEL ACTIVITIES COMPLEMENTARY ADJACENT BUSINESSES CONSISTENT SHAREHOLDER DISTRIBUTION # Vessels Owned1 / Chartered-in ▪ LR2: 10 ▪ LR1: 30 / 2 ▪ MR2: 53 / 7 ▪ Handy2: 24 ▪ Total: 117 / 9 Average Age of Owned Vessels1 9.4 Net Asset Value (NAV)3 USD ~3.3b Equivalent to ~USD 6.55 / ~NOK 66.07 per share Global Commercial Platform In-house Dedicated Technical Management Team Commercial Pool Platform Bunkering Commercial Pools 8 Commercially Managed External Vessels ~80 Seascale Energy - recent Joint Venture with Cargill, a bunker procurement entity Transparent Dividend Policy Net LTV4 Payout of net profit > 40% 50 % > 30% and ≤ 40% 60 % > 20% and ≤ 30% 80 % ≤ 20% 90 % Consistent Distribution ▪ Paid out 82.8% of FY 2024 net profits through dividends and share buybacks. ▪ Paid dividends in the last 14 consecutive quarters. 1 As of 30 June 2025, Including bareboat chartered in vessels; six LR1s and four LR2s owned through 50% ownership in the Vista Shipping Joint Venture, two MRs owned through 50% ownership in the H&A Shipping Joint Venture and two IMO II MRs owned through 50% ownership in the Ecomar Joint Venture 2 Inclusive of IMO II vessels 3 NAV is calculated using the market value of Hafnia’s owned vessels (including joint venture vessels). 4 Net loan-to-value is calculated as vessel bank and finance lease debt (excluding debt for vessels sold but pending legal complet ion), debt from the pool borrowing base facilities less cash at bank and on hand, divided by broker vessel values (100% owned vessels). The calculation of net loan -to-value does not include debt or values of vessels held through our jo int ventures
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259.2 215.6 79.6 63.2 75.3 207.3 194.1 63.7 78.2 60.3 80% 90% 80% 80% 80% 21.3% 19.1% 23.2% 24.1% 24.1% 123% 0 50 100 150 200 250 300 350 400 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 USDm Net profit Declared dividend Payout ratio Net LTV DELIVERING STRONG SHAREHOLDER RETURNS 6 Net LTV1 ratio at the end of Q2 2025 remains unchanged at 24.1%, mainly due to a decline in vessel valuations but offset by a corresponding reduction in debt. We will pay out 80% of net profit for the quarter. This corresponds to a dividend amount of USD 60.3 million or USD 0.1210 per share. Hafnia Dividends and Share Buybacks Leveraging a strategic mix of cash dividends and share buybacks to maximize shareholder returns 1 Net loan-to-value is calculated as vessel bank and finance lease debt (excluding debt for vessels sold but pending legal complet ion), debt from the pool borrowing base facilities less cash at bank and on hand, divided by broker vessel values (100% owned vessels). The calculation of net loan-to-value does not include debt or values of vessels held through our joint ventures 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 % Share buybacks 49.1 14.6 1 27.6 50.6 Including share buybacks Including share buybacks Q2 2025 USDm Net profit 75.3 Pay-out ratio - % 80% Dividend amount 60.3 Outstanding shares (excluding treasury) - # 497,989,642 Declared dividend per share - USD 0.1210
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Agenda Q2 2025 Overview Industry Review & Outlook Financial Summary ESG & Strategic Projects Overview
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• CPP volumes on water in 2025 remain above the last 4-year average, with Q3 showing an uncommon seasonal rise that strongly supports earnings. • Looking into fleet composition, younger tonnage CPP volumes fell year-on-year in 2025, while older tonnage surged due to increasing number of vessels turning 20 years. Sanctioned tonnage volume similarly declined, despite ~140 additional product tankers being sanctioned in 2025. POSITIVE MOMENTUM IN PRODUCT RECOVERY 8 CPP on Water vs Average Daily Loadings Source: Hafnia, Vortexa CPP on Water (Q2-to-Q3 Evolution) (Handy - LR2 excluding 20+ years) 18 19 20 21 22 300 350 400 450 500 550 Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul 2022 2023 2024 2025 m barrel/daym barrels 20+ Years HANDY-VLCC excl Sanctioned Tonnage(LHS) SANCTIONED CPP (LHS) CPP ON WATER < 20 years excl sanctioned (LHS) Average CPP On Water (LHS) Daily CPP Loadings Handy-VLCC Excl Sanctioned (RHS) -23.1 20.8 -50 -40 -30 -20 -10 0 10 20 30 2020 2021 2022 2023 2024 2025 # Mio Barrels Q3 - Q2 Delta 5 YR Average Diff
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HIGHER CARGO VOLUMES AND TONNE-MILES Source: Hafnia, Vortexa 9 Dirty Petroleum Products • Cargo volumes for CPPs and chemicals have steadily increased since 2020, showing oil demand resilience. Tonne-miles have also trended upwards, reaching their highest levels in the past eight years. • In contrast, DPP volumes and tonne-miles have decreased compared to previous years. However, the recent OPEC+ decision to boost production in September is expected to support crude tanker rates in the short term and benefit the product tanker market through higher refinery throughput and exports. CPPs and Chemicals 22.1 21.8 19.3 20.8 22.1 21.7 21.2 22.1 8.8 8.8 8.6 9.0 9.5 9.5 10.0 10.1 3 5 7 9 11 15 17 19 21 23 25 27 Jul-18 Jul-19 Jul-20 Jul-21 Jul-22 Jul-23 Jul-24 Jul-25 b tonne-miles/daym barrels/day Cargo Volumes (LHS) Tonne-miles (RHS) 50.6 49.3 44.6 46.6 49.0 48.4 47.3 47.2 32.7 32.2 30.4 29.3 30.0 32.1 30.9 30.5 20 22 24 26 28 30 32 34 40 45 50 55 Jul-18 Jul-19 Jul-20 Jul-21 Jul-22 Jul-23 Jul-24 Jul-25 b tonne-miles/daym barrels/day Cargo Volumes (LHS) Tonne-miles (RHS)
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40 50 60 70 80 90 100 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec m barrels 2018 2019 2020 2021 2022 2023 2024 2025 TON-DAYS AND EARNINGS DEVELOPMENT Source: Hafnia, Vortexa 10 East to West Arbitrage (Handy – LR2) • We have seen strong recovery in accumulated tonne-days for the clean segment since the end of 2024, to above the last 3 years average. This has also led to a recovery in earnings in 2025. Q3 represents a counter-cyclical recovery, driven by tight European gasoline and distillate supply, as a result of continued refinery closures. • East to West distillate flows were countercyclically high in Q3, benefiting from high trading margins between the regions. This will drive positive ton-miles into late Q3, early Q4. CPPs Ton-days Development (Handy – LR2) 0 10,000 20,000 30,000 40,000 50,000 60,000 50 52 54 56 58 60 62 64 Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul 2023 2024 2025 USD/dayTon-days Tonne-days (LHS) Average Ton-Days 2022-2025 (LHS) LR1 Earnings (RHS)
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• Global refinery margins and a healthy 3-month forward curve signal strong fundamentals, with strength likely to continue into Q4. • Refinery maintenance for Q3 is expected at 3 years lows, sustaining export volumes, long-haul trades, and elevated ton-days. REFINERY MARGINS AND MAINTENANCE 11 Global Refinery Maintenance Source: Hafnia, Energy Aspects Refinery Margins Across Crude Slates 2 3 4 5 6 7 8 9 10 11 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 2024 2025 USD/barrel 0 2 4 6 8 10 12 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 2023 2024 2025 # m barrels Outage Runs Day Average
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• Significant drawdown in 2025 for both clean products and crude in OECD Europe and the Americas. • The ongoing closure of refineries in these regions is expected to further tighten diesel and jet fuel supply, with replacement barrels likely supplied from the Middle East Gulf, adding to product tonne-miles. INVENTORY LEVELS BELOW HISTORICAL AVERAGES 12 OECD Americas Days Forward Cover Source: Hafnia, Vortexa OECD Europe Days Forward Cover 30 35 40 45 50 55 60 Qtr1 Qtr3 Qtr1 Qtr3 Qtr1 Qtr3 Qtr1 Qtr3 Qtr1 Qtr3 Qtr1 Qtr3 Qtr1 Qtr3 Qtr1 Qtr3 Qtr1 Qtr3 Qtr1 Qtr3 Qtr1 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 # Days OECD Europe Oil Products Days Forward Cover Europe Average 10 YR 30 35 40 45 50 55 Qtr1 Qtr3 Qtr1 Qtr3 Qtr1 Qtr3 Qtr1 Qtr3 Qtr1 Qtr3 Qtr1 Qtr3 Qtr1 Qtr3 Qtr1 Qtr3 Qtr1 Qtr3 Qtr1 Qtr3 Qtr1 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 # Days OECD Americas Oil Products Days Forward Cover Americas Average 10 YR
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• Crude cannibalization gradually returned in 2025, which was driven mainly by newbuild tonnage rather than large tankers cleaning up. • Elevated earnings environment for large crude tankers limits the commercial viability of further cleanups, and with limited newbuild deliveries for the remainder of 2025, we expect cannibalization to be minimal. • Despite sizeable newbuild deliveries in 2025, net supply growth has been minimal, offset largely by aging and sanctioned tonnage, with most newbuild LR2s shifting to Aframax trade, supporting clean product supply. CRUDE CANNIBALIZATION 13 Clean and Dirty DWT Supply Source: Hafnia, Vortexa Large Tanker CPP Cannibalization 15,000 25,000 35,000 45,000 55,000 0.0 0.5 1.0 1.5 2.0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 2024 2025 USD/Daym MT Cannibalization Volume (LHS) LR1 Earnings (RHS) 365 370 375 380 385 390 130 135 140 145 150 Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul 2022 2023 2024 2025 M DWT (Dirty)m DWT (Clean) Clean Trading (LHS) Dirty Trading (RHS)
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89 29 24 26 26 27 34 18 36 41 19 0 10 20 30 40 50 60 70 80 90 100 2025 2026 2027 2028 2025 2026 2027 2028 2029 2030 2031 Orderbook Scrap & Ageing m DWT HDY MR LR1/PMAX LR2/Afra Suezmax VLCC Handy - VLCC SCRAP AND AGING SUPPORT CONSTRUCTIVE SUPPLY OUTLOOK 14 • Known newbuild program up to 2028 for Handy- VLCC consists of approximately 114m DWT. • Assuming scrapping for LR1, LR2, Suezmax, and VLCC at 23+ years and MRs and Handys at 25+ years, this represents a potential scrapping of 167m dwt for 2025-2028, and a further 87m dwt from 2029-2031. This signals a strong market outlook as the current orderbook will not be able to replace tonnage scrapped. Source: Hafnia, Braemar, Clarksons, Signal Ocean, Vortexa 114m DWT 167m DWT 87m DWT
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SANCTIONED FLEET TO LIMIT OVERALL SUPPLY Source: Hafnia, Vortexa, 15 Vessels in Dark/Grey Trade (Excl Sanctioned Tonnage) • UK, UN, and OFAC have sanctioned more than 400 tankers in 2025, reflecting a total of approximately 800 vessels trading outside normal market competition. • We estimate that approximately another 335 vessels have engaged in sanctioned regions trade, signaling the potential for additional sanctions to target the fleet. Grey fleet reflects vessels with renowned ownerships. OFAC, UK and UN Sanctioned Tonnage (Handy – VLCC) 23 58 106 128 376 785 0 200 400 600 800 1000 0 20 40 60 80 100 120 Qtr3 Qtr1 Qtr2 Qtr1 Qtr4 Qtr2 Qtr3 Qtr4 Qtr4 Qtr1 Qtr2 Qtr1 Qtr2 Qtr4 Qtr1 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 2012 2013 2018 2019 2020 2021 2022 2023 2024 2025 # Vessel Countm DWT Sanctioned DWT (LHS) Sanctioned Vessel Count (RHS) 94 79 27 58 32 39 6 103 107 100 43 23 3 8 0 20 40 60 80 100 120 MR Aframax/LR2 Suezmax Handysize LR1/Panamax VLCC LR3 # Vessels Dark Grey Non-Sanctioned Dark Fleet 335 vessels (As of August 2025)
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Agenda Q2 2025 Overview Industry Review & Outlook Financial Summary ESG & Strategic Projects Overview
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194 ~456262 0 100 200 300 400 500 Cash at bank and on hand Undrawn facilities Total liquidity USDm 55.0% 0% 20% 40% 60% 80% Hedge Ratio Q2 & 1H 2025 FINANCIAL SUMMARY 17 1 Refer to our quarterly report for more information on non-IFRS financial measures. 2 Including a one -off item amounting to USD 0.2 million in Q2 2025 and USD 1.3 million in H1 2025. 3 Excluding cash retained in the commercial pools. 4 Net loan-to-value is calculated as vessel bank and finance lease debt (excluding debt for vessels sold but pending legal complet ion), debt from the pool borrowing base facilities less cash at bank and on hand, divided by broker vessel values (100% owned vessels). The calculatio n of net loan-to-value does not include debt or values of vessels held through our joint ventures. 5 Excludes pool borrowing base facilities 6 ROIC is calculated using annualised EBIT less tax. Return on Invested Capital6 (annualised) Income Statement USDm Q2 2024 1H 2024 Q2 2025 1H 2025 TCE income1 417.4 796.2 231.2 449.9 Other operating income2 10.7 20.5 8.1 17.1 Vessel operating & technical management expenses (76.7) (152.0) (75.7) (149.0) Charter hire expenses (11.7) (21.2) (8.2) (16.8) Other expenses (22.6) (39.3) (21.2) (42.0) Adjusted EBITDA1 317.1 604.1 134.2 259.3 Depreciation and amortisation charges (54.8) (109.0) (51.1) (100.7) Loss on disposal of assets (0.1) (0.1) - - EBIT 262.1 495.1 83.1 158.6 Net financial expense (9.9) (28.8) (8.1) (21.9) Share of profit from joint ventures 8.6 15.8 3.0 6.0 Profit before income tax 260.8 482.1 78.0 142.6 Income tax expense (1.6) (3.3) (2.7) (4.1) Profit after tax 259.2 478.8 75.3 138.5 Balance Sheet Items USDm Q4 2024 Q1 2025 Q2 2025 Total assets 3,702 3,696 3,670 Cash at bank and on hand3 195.3 188.1 194.0 Total liabilities 1,440 1,418 1,369 Total equity 2,263 2,278 2,300 Gross debt 1,102 1,044 1,002 Net LTV4 - % 23.2 24.1 24.1 Weighted average hedged rate of 1.95% Total Liquidity & Hedge Ratio Return on Equity (annualised) 53 11.1% 13.2% 12.1% 0% 5% 10% 15% 20% Q1 2025 Q2 2025 1H 2025 9.6% 10.6% 10.1% 0% 5% 10% 15% Q1 2025 Q2 2025 1H 2025
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0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 LR2 LR1 MR Handy USD/day Average Daily TCE by Vessel Type Q4 2024 Q1 2025 Q2 2025 Covered Q3 2025 (As of August 15, 2025) OPERATING SUMMARY 18 1 Total operating days include operating days for vessels that are time chartered -in. Operating days are defined as the total numb er of days (including waiting time) in a period during which each vessel is owned, partly owned, operated under a bareboat arrangement (including sale and lease -back) or time chartered-in, net of technical off -hire days. Total operating days stated in the quarterly financial information include operating days for TC Vessels. 2 TCE represents gross TCE income after adding back pool commissions; refer to our quarterly report for more information on non -IFRS financial measures. 3 Inclusive of IMO II vessels. 4 Excludes joint venture vessels Operating days1 Spot TCE2 (USD/day) TCE2 (USD/day) Calendar days (excl TC-in) OPEX (USD/day) LR2 545 38,596 38,241 546 8,299 LR1 2,170 28,216 28,164 2,093 8,989 MR3 4,982 22,157 22,967 4,459 8,085 Handy3 1,757 19,169 19,808 2,184 7,456 Total 9,454 24,147 24,452 9,282 8,153 Q2 2025 Vessel Segment Breakdown 71% 82% 69% 68% 4 Completed and Estimated Drydock Schedule (Total # of drydock and offhire days) 3 3 6 105 99 48 116 90 60 90 282 97 192 155 90 175 138 98 240 427 217 91 30 529 630 508 294 206 295 198 188 100 200 300 400 500 600 700 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 # days LR1 MR Handy
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808 3,358 0 1,000 2,000 3,000 4,000 5,000 0 500 1,000 1,500 2,000 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 USDmUSDm Net Debt (LHS) Value of Hafnia vessels (RHS) ROBUST FINANCIAL STRENGTH 19 Strong balance sheet maintained despite market adjustment Deleveraging Journey Q2 2025 USDm Gross debt 1,002 Less: cash at bank and on hand (194) Net debt 808 Value of Hafnia vessels (excluding JV vessels) 3,358 Net LTV1- % 24.1% Recent USD 715 Million Refinancing • On July 10, 2025, Hafnia concluded a USD 715 million amortizing Revolving Credit Facility (RCF). RCF # Secured fleet 32 vessels Tenor - (years) 7 Age-adjusted amortization profile (years) 20 • The RCF also has an uncommitted accordion tranche of up to USD 417 million to be exercised within two years. • We have since drawn down ~USD 290 million for prepayment purposes, which was used to repay and terminate our existing debt facilities and refinance existing sale-and-leasebacks. • Pro-forma for the RCF financing, total undrawn facilities for Hafnia is ~USD 600 million. • A highly competitive margin and attractive structure enabled us to lower our overall funding cost and cash flow breakeven levels. 1 Net loan-to-value is calculated as vessel bank and finance lease debt (excluding debt for vessels sold but pending legal complet ion), debt from the pool borrowing base facilities less cash at bank and on hand, divided by broker vessel values (100% owned vessels). The calculation of net loan-to-value does not include debt or values of vessels held through our joint ventures
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~560 ~310 0 250 500 750 FY 2025 Adj EBITDA FY 2025 Net Income USDm Analysts’ Consensus3 Q3 2025 Covered Rates4 Q3 – Q4 2025 Covered Rates5 EARNINGS SCENARIOS AND FLEET COVERAGE 20 Product tanker fundamentals support positive 2025 earnings outlook 1 Excludes joint venture vessels. 2 Inclusive of IMO II vessels. 3 Retrieved from Bloomberg on August 21, 2025 4 Q3 2025 Covered rates as of 15 August applied to projected earning days in Q3 & Q4 2025 5 Q3 & Q4 2025 covered rates as of 15 August applied to projected earning days in Q3 & Q4 2025 6 Refer to our quarterly report for more information on non-IFRS financial measures. Earnings Scenarios for Full Year 2025 Coverage1 as of August 15, 2025 Q3 2025 Q3 & Q4 2025 Covered (%) Covered rates (USD/day) Covered (%) Covered rates (USD/day) LR2 71% 34,994 44% 34,248 LR1 69% 28,323 39% 28,207 MR2 82% 24,890 57% 24,588 Handy2 68% 21,468 41% 21,615 Total 75% 25,395 48% 25,158 The coverage figures include FFA positions which are mainly covering a triangulation route from Northwest Europe to the US Atlantic Coast (TC2), followed by a haul from the US Gulf back to the European Continent (TC14) for the MR fleet. 6 6 6 ~550 ~310 0 250 500 750 FY 2025 Adj EBITDA FY 2025 Net Income USDm ~555 ~305 0 250 500 750 FY 2025 Adj EBITDA FY 2025 Net Income USDm
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Agenda Q2 2025 Overview Industry Review & Outlook Financial Summary ESG & Strategic Projects Overview
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Zero breaches of any environmental legislation Net zero emissions on all scope 1 emissions by 2050 40% reduction in our fleet’s carbon intensity by 2028 (compared to 2008 levels) 10% plastic reduction onboard over the next five years starting from 2023 Environmental Implement human rights screening throughout our supply chain in 2025 40% women in our offices by 2030 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 50% women crew on six vessels as an ongoing commitment Social All employees trained on compliance and ethical issues annually: ✓ General Data Protection Regulation (GDPR) ✓ Preventing bribery and corruption ✓ Anti-trust compliance ✓ Sanctions awareness ✓ Human Rights Zero compliance breaches Governance ESG COMMITMENTS AND TARGETS
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Seascale Energy ▪ 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. Complexio ▪ Co-founder of Complexio, a foundational AI, to advance data automation. ▪ ‘Bottom-up’ approach enables the AI system to ingest, map and analyze companies' unstructured and structured data via its multi-modal framework using automation. Dual Fuel Vessels ▪ 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. Ascension Clean Energy ▪ 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 STRATEGIC PARTNERSHIPS DRIVING SUSTAINABLE GROWTH HAFNIA STRATEGIC PROJECT HIGHLIGHTS
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MARKET LEADER WITH UNPARALLELED SCALE 24 SOLID FINANCIAL STRENGTH FUTURE-PROOFED STRATEGY STRONG INDUSTRY RELATIONSHIPS ▪ Consistently high payout: Above 80% payout ratio from dividends and share buybacks in 2024 ▪ Strong balance sheet: Net LTV1 of 24.1% ▪ Diversified revenue streams ▪ Strategic deployment of capital through market cycles ▪ Strategic joint ventures and partnerships ▪ Continuous engagement with industry organizations ▪ Robust banking and financial partnerships ▪ Next-generation fleet: 8 dual-fuel newbuilds (4 LNG-LR2s, 4 methanol-IMO II-MRs) ▪ Strategic partnerships on clean energy solutions ▪ Strong focus on sustainability MARKET LEADER OF PRODUCT AND CHEMICAL TANKERS ▪ Industry-leading fleet of 117 owned vessels ▪ Commercially managing a fleet of ~200 vessels across 8 pools ▪ Demonstrated operational excellence through market cycles 1 Net loan-to-value is calculated as vessel bank and finance lease debt (excluding debt for vessels sold but pending legal complet ion), debt from the pool borrowing base facilities less cash at bank and on hand, divided by broker vessel values (100% owned vessels). The calculation of net loan-to-value does not include debt or values of vessels held through our joint ventures.
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EXPERIENCED MANAGEMENT TEAM Leveraging decades of maritime expertise to drive sustainable growth and enhance shareholder value Mikael Skov CEO ms@hafnia.com Perry Van Echtelt CFO pve@hafnia.com Søren Skibdal Winther VP, Commercial ssw@hafnia.com Thomas Andersen EVP, IR, Research & Performance Management tha@hafnia.com “The positive momentum from the first quarter carried into the second, supported by continued growth in trade volumes and tonne-miles. Hafnia delivered USD 75.3 million in net profit while maintaining our 80% dividend payout ratio. We remain encouraged by the ongoing strength of the product tanker market, despite ongoing geopolitical uncertainties. Our operational excellence, combined with the recent refinancing, provides both resilience amid market fluctuations and the flexibility to pursue new opportunities.” - Mikael Skov, CEO
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www.hafnia.com Thank you