Equibles

6-K

Hafnia Ltd (HAFN)

6-K 2025-12-01 For: 2025-12-01
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Added on April 08, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of December, 2025.

Commission File Number: 001-41996

HAFNIA LIMITED

c/o Hafnia SG Pte Ltd

10 Pasir Panjang Road,

#18-01 Mapletree Business City,

Singapore 117438

+65 6434 3770

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

INFORMATION CONTAINED IN THIS FORM 6-K REPORT

Attached to this Report on Form 6-K as Exhibit 99.1 is the report of Hafnia Limited (the “Company”) of its condensed consolidated interim financial information results for the third quarter and nine months ended September 30, 2025.

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

Attached to this Report on Form 6-K as Exhibit 99.3 is a copy of the press release of the Company, announcing the Company’s dividend information for the third quarter 2025.

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

SIGNATURES

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

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

Date: December 1, 2025

Exhibit 99.1

HAFNIA QUARTERLY-FINANCIAL-INFORMATION-Q3-2025
The product tanker market was counter-cyclically firm throughout the third quarter, driven by continued growth in clean petroleum products exports, especially from the Middle<br> East. This market strength carried in the fourth quarter, further supported by improved refining margins and the ongoing impact of sanctions, which are still causing inefficiencies and disruptions in trading routes.<br><br> <br><br><br> <br>I am pleased to announce that Hafnia delivered strong earnings for the quarter. In Q3, we achieved a net profit of USD 91.5 million, our<br> strongest quarterly result so far in 2025, with our fee-based businesses generating USD 7.1 million. This quarter’s performance also reflects the impact of several vessels undergoing<br> drydocking, resulting in approximately 740 off-hire days. This was around 230 days higher than expected, mainly due to dry dock delays and two vessels<br> undergoing special cargo tank recoating during the quarter. While several vessels are scheduled for drydocking in the coming quarters, we expect off-hire days to decrease to around 440 in the<br> fourth quarter.
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At the end of the third quarter, our net asset value (NAV^1^) stood at approximately USD 3.4 billion, translating to an NAV per share of about USD 6.76 (~NOK 67.55). Our net Loan-to-Value (LTV) ratio improved from 24.1% in the second quarter to 20.5%, supported by strong operational cashflows. Approximately USD 100 million was used to repurchase vessels under sale-and-leaseback financings. In addition, vessel market values have also recorded a slight uptick compared to the previous quarter.

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

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

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

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

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

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

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

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

Mikael Skov

CEO Hafnia

^1^ NAV is calculated using the fair value of Hafnia’s owned vessels (including joint venture vessels).

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HAFNIA QUARTERLY-FINANCIAL-INFORMATION-Q3-2025

Table of Contents

Safe Harbour Statement 4
Highlights – Q3 and YTD 9M 2025 5
Key figures 8
Condensed consolidated statement of comprehensive income 9
Condensed consolidated balance sheet 10
Condensed consolidated statement of changes in equity 11
Condensed consolidated statement of cash flows 12
Dividend policy 13
Coverage of earning days 14
Tanker segment results 15
Notes to the Condensed Consolidated Interim Financial Information
Note 1: Property, plant and equipment 16
Note 2: Borrowings 18
Note 3: Commitments 20
Note 4: Financial information 21
Note 5: Joint ventures 23
Note 6: Segment information 29
Note 7: Subsequent events 31
Note 8: Fleet list 32
Note 9: Non-IFRS measures 34

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HAFNIA QUARTERLY-FINANCIAL-INFORMATION-Q3-2025

Safe Harbour Statement

Disclaimer regarding forward-looking statements in the

interim report

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

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

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

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

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

• general economic, political, security, and business conditions, including the development of the ongoing war between Russia and Ukraine, the conflict between Israel and Hamas, disruptions in the<br> 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<br> chemicals;
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• 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;
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• changes in expected trends in recycling of vessels;
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• changes in demand in the chemical and product tanker industry, including the market for LR2, LR1, MR and Handy chemical and product tankers;
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• competition within our industry, including changes in the supply of chemical and product tankers;
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• our ability to successfully employ the vessels in our Hafnia Fleet and the vessels under our commercial management;
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• 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;
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• changes in international treaties, governmental regulations, tax and trade matters and actions taken by regulatory authorities;
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• potential disruption of shipping routes and demand due to accidents, piracy or political events;
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• vessel breakdowns and instances of loss of hire;
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• vessel underperformance and related warranty claims;
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• our expectations regarding the availability of vessel acquisitions and our ability to complete the acquisition of newbuild vessels;
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• our ability to procure or have access to financing and refinancing;
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• our continued borrowing availability under our credit facilities and compliance with the financial covenants therein;
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• fluctuations in commodity prices, foreign currency exchange and interest rates;
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• potential conflicts of interest involving our significant shareholders;
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• our ability to pay dividends;
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• technological developments;
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• the occurrence, length and severity of epidemics and pandemics and the impact on the demand for transportation of chemical and petroleum products;
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• the impact of increasing scrutiny and changing expectations from investors, lenders and other market participants with respect to environmental, social and governance initiatives, objectives and<br> compliance; and
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• other factors that may affect our financial condition, liquidity and results of operations.
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Additional information about material risk factors that could cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward-looking statements may be found under “Item 3. – Key Information – D. Risk Factors” of Hafnia’s Annual Report on Form 20-F, filed with the U.S. Securities and Exchange Commission on 30 April 2025. Because of these known and unknown risks, uncertainties and assumptions, the outcome may differ materially from those set out in the forward-looking statements. These forward-looking statements speak only as at the date on which they are made. Hafnia undertakes no obligation to publicly update or publicly revise any forward-looking statement, whether as a result of new information, future events or otherwise. All subsequent written and oral forward-looking statements attributable to Hafnia or to persons acting on Hafnia’s behalf are expressly qualified in their entirety by the cautionary statements referred to above and contained elsewhere in this Report.

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HAFNIA QUARTERLY-FINANCIAL-INFORMATION-Q3-2025

Highlights – Q3 and YTD 9M 2025

Financial – Q3

In Q3 2025, Hafnia Limited (the “Company” or “Hafnia”, together with its subsidiaries, the “Group”) recorded a net profit of USD 91.5 million, equivalent to a profit of USD 0.18 per share^1^ (Q3 2024: USD 215.6 million, equivalent to a<br> profit of USD 0.42 per share).
The fee-based businesses generated earnings of USD 7.1 million (Q3 2024: USD 7.8 million).
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Time Charter Equivalent (TCE)^2^ earnings for Hafnia were USD 247.0 million in Q3 2025 (Q3 2024:<br> USD 361.6 million), resulting in an average TCE^2^ of USD 26,040 per day.
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Adjusted EBITDA^2^ was USD 150.5 million in Q3 2025 (Q3 2024: USD 257.0 million).
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As of 14 November 2025, 71% of the total earning days of the fleet were covered for Q4 2025 at USD<br> 25,610 per day.
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For Q3 2025, Hafnia will distribute a total of USD 73.2 million or USD 0.1470 per share in<br> dividends, corresponding to a payout ratio of 80%.
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Financial – YTD 9M

In YTD 9M 2025, Hafnia recorded a net profit of USD 230.0 million, equivalent to a profit of USD 0.46 per share^1^ (YTD 9M 2024: USD 694.4 million, equivalent to a profit of USD 1.36 per share).
The fee-based businesses generated earnings of USD 22.9 million^3^ (YTD 9M 2024: USD 28.3 million).
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Time Charter Equivalent (TCE)^2^ earnings for Hafnia Limited were USD 696.9 million in YTD 9M 2025 (YTD 9M 2024: USD 1,157.7 million), resulting in an average TCE^2^ of USD 24,493 per day.
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Adjusted EBITDA^2^ was USD 409.7 million in YTD 9M<br> 2025 (YTD 9M 2024: USD 861.1 million).
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      ^1^ Based on weighted average number of shares as at 30 September 2025.

^2^ See Non-IFRS Measures in Note 9.

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

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HAFNIA QUARTERLY-FINANCIAL-INFORMATION-Q3-2025

Highlights – Q3 and YTD 9M 2025 CONTINUED

Market

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

Market Fundamentals

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

Geopolitical Developments

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

Supply Outlook

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

Forward View

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

Fleet

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

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

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

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

^2^ Including USD 290 million relating to Hafnia’s 50% share of six LR1s and four LR2s owned through 50% ownership in the Vista Shipping Joint Venture

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

^4^ Including IMO II Handy vessels

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HAFNIA QUARTERLY-FINANCIAL-INFORMATION-Q3-2025

Highlights – Q3 and YTD 9M 2025 CONTINUED

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

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

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

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

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

Webcast and Conference call

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

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

Meeting ID: 373 112 852 629 17

Passcode: 5VN2Di2s

Download Teams | Join on the web

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

Find a local number

Phone conference ID: 576 208 826#

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

Hafnia

Mikael Skov, CEO Hafnia: +65 8533 8900

www.hafniabw.com

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HAFNIA QUARTERLY-FINANCIAL-INFORMATION-Q3-2025

Key figures

USD million Q1 2025 Q2 2025 Q3 2025 YTD 2025
Income Statement
Operating revenue (Hafnia vessels and TC vessels) 340.3 346.6 366.5 1,053.4
Profit before tax 64.6 78.0 92.2 234.8
Profit for the period 63.2 75.3 91.5 230.0
Financial items (13.9) (8.1) (13.3) (35.3)
Share of profit from joint ventures 3.0 3.0 4.4 10.3
TCE income^1^ 218.8 231.2 247.0 696.9
Adjusted EBITDA^1^ 125.1 134.2 150.5 409.7
Balance Sheet
Total assets 3,696.4 3,669.9 3,570.1 3,570.1
Total liabilities 1,418.0 1,369.5 1,239.5 1,239.5
Total equity 2,278.4 2,300.4 2,330.7 2,330.7
Cash at bank and on hand^2^ 188.1 194.0 132.5 132.5
Key financial figures
Return on Equity (RoE) (p.a.)^3^ 11.1% 13.2% 15.9% 13.4%
Return on Invested Capital (p.a.)^4^ 9.6% 10.6% 12.8% 11.0%
Equity ratio 61.6% 62.7% 65.3% 65.3%
Net loan-to-value (LTV) ratio^5^ 24.1% 24.1% 20.5% 20.5%
For the 3 months ended 30 September 2025 LR1 MR^6^ Handy^7^ Total
--- --- --- --- ---
Vessels on water at the end of the period8 26 55 24 111
Total operating days9 2,174 4,824 1,942 9,485
Total calendar days (excluding TC-in) 2,164 4,493 2,208 9,417
TCE ( per operating day)1 29,229 24,785 22,648 26,040
Spot TCE ( per operating day)1 29,404 24,683 22,699 26,219
TC-out TCE ( per operating day)1 27,367 25,080 22,289 25,252
OPEX ( per calendar day)10 8,515 8,476 8,371 8,459
G&A ( per operating day)11 1,220

All values are in US Dollars.

Vessels on the balance sheet

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

Balance Sheet<br><br> <br>USD million LR2 LR1 MR^6^ Handy^7^ Total
Vessels (including dry-dock) 237.4 590.9 1,105.9 570.7 2,504.9

^1^ See Non-IFRS Measures in Note 9.

^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 commercial pools), divided by broker vessel values (for 100% owned vessels) and the lower of the market value or purchase price of the Torm Investment. The calculation of net loan-to-value does not include debt or the values of vessels held through our joint ventures.

^6^ Inclusive of nine IMO II MR vessels and excluding three MRs classified as assets held for sale.

^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, two MRs owned through 50% ownership in the H&A Shipping Joint Venture and three IMO II MRs owned through 50% ownership in the Ecomar Joint Venture.

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

^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.

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HAFNIA QUARTERLY-FINANCIAL-INFORMATION-Q3-2025

Condensed consolidated statement of comprehensive income

For the 3 months<br><br> <br>ended 30 September<br><br> <br>2025<br><br> <br>USD’000 For the 3 months<br><br> <br>ended 30 September<br><br> <br>2024<br><br> <br>USD’000 For the 9 months<br><br> <br>ended 30 September<br><br> <br>2025<br><br> <br>USD’000 For the 9 months<br><br> <br>ended 30 September<br><br> <br>2024<br><br> <br>USD’000
Revenue (Hafnia Vessels and TC Vessels)^1^ 366,505 497,889 1,053,412 1,582,779
Revenue (External Vessels in Disponent-Owner Pools)^2^ 220,377 221,842 635,535 753,007
Voyage expenses (Hafnia Vessels and TC Vessels)^1^ (119,505) (136,331) (356,503) (425,060)
Voyage expenses (External Vessels in Disponent-Owner Pools)^2^ (80,240) (80,324) (249,412) (248,807)
Pool distributions for External Vessels in Disponent-Owner Pools^2^ (140,137) (141,518) (386,123) (504,200)
247,000 361,558 696,909 1,157,719
Other operating income^3^ 7,108 7,804 24,187 28,303
Vessel operating expenses (73,216) (70,223) (209,991) (208,915)
Technical management expenses (6,446) (7,302) (18,665) (20,628)
Charter hire expenses (7,989) (15,458) (24,765) (36,651)
Other expenses (15,980) (19,365) (57,931) (58,679)
150,477 257,014 409,744 861,149
Gain on disposal of assets 2,769 15,621 2,769 15,521
Depreciation charge of property, plant and equipment (51,969) (53,516) (152,471) (161,904)
Amortisation charge of intangible assets (107) (108) (319) (695)
Operating profit 101,170 219,011 259,723 714,071
Interest income 2,746 4,455 8,830 11,739
Interest expense (9,992) (9,688) (36,828) (38,730)
Capitalised financing fees written off (1,528) (406) (2,320) (2,069)
Other finance expenses (4,545) (645) (4,943) (6,043)
Finance expense – net (13,319) (6,284) (35,261) (35,103)
Share of profit of equity-accounted investees, net of tax 4,351 4,072 10,344 19,914
Profit before income tax 92,202 216,799 234,806 698,882
Income tax expense (699) (1,164) (4,778) (4,479)
Profit for the financial period 91,503 215,635 230,028 694,403
Other comprehensive loss
Items that may be subsequently reclassified to profit or loss:
Foreign operations – foreign currency translation differences 9 33 256 56
Fair value gains/(losses) on cash flow hedges 510 (14,422) (3,260) 4,325
Reclassification to profit or loss (2,372) (10,993) (8,106) (27,417)
(1,853) (25,382) (11,110) (23,036)
Items that will not be subsequently reclassified to profit or loss:
Equity investments at FVOCI – net change in fair value – – – 1,260
Total other comprehensive loss (1,853) (25,382) (11,110) (21,776)
Total comprehensive income for the period, net of tax 89,650 190,253 218,918 672,627
Earnings per share attributable to the equity holders of the Company
Basic no. of shares^4^ 498,241,399 510,127,660 498,241,399 510,127,660
Basic earnings in USD per share 0.18 0.42 0.46 1.36
Diluted no. of shares^4^ 504,071,082 515,362,492 504,071,082 515,362,492
Diluted earnings in USD per share 0.18 0.42 0.46 1.35

^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^ Including a one-off item amounting to USD 1.3 million in YTD 9M 2025.

^4 Based on weighted average number of shares as at the end of the reporting period.^

^^

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HAFNIA QUARTERLY-FINANCIAL-INFORMATION-Q3-2025

Condensed consolidated balance sheet

As at 30 September 2025<br><br> <br>USD’000 As at 31 December 2024<br><br> <br>USD’000
Vessels 2,404,438 2,521,223
Dry docking and scrubbers 100,455 66,945
Right-of-use assets – Vessels 19,975 18,661
Other property, plant and equipment 658 733
Total property, plant and equipment 2,525,526 2,607,562
Intangible assets 191 510
Total intangible assets 191 510
Other investments 23,069 23,069
Derivative financial instruments 3,336 12,024
Restricted cash 10,000 13,542
Loans receivable from joint ventures 53,241 64,133
Joint ventures 90,928 81,371
Total other non-current assets 180,574 194,139
Total non-current assets 2,706,291 2,802,211
Intangible assets 23,041 5,919
Total intangible assets 23,041 5,919
Inventories 78,233 94,155
Trade and other receivables, and prepayments 500,312 503,836
Derivative financial instruments 7,148 12,601
Cash at bank and on hand 132,489 195,271
Cash retained in the commercial pools 74,102 88,297
Loan receivables from joint ventures 1,172 –
Assets held for sale 47,356 –
Total other current assets 840,812 894,160
Total current assets 863,853 900,079
Total assets 3,570,144 3,702,290
Share capital 1,093,055 1,093,055
Other reserves 506,313 517,713
Treasury shares (78,449) (53,439)
Retained earnings 809,771 705,177
Total shareholders’ equity 2,330,690 2,262,506
Borrowings 669,953 785,954
Total non-current liabilities 669,953 785,954
Borrowings 224,571 336,295
Derivative financial instruments 4,264 1,939
Current income tax liabilities 4,427 2,757
Trade and other payables 336,239 312,839
Total current liabilities 569,501 653,830
Total liabilities 1,239,454 1,439,784
Total shareholders’ equity and liabilities 3,570,144 3,702,290

^1^ Restricted cash includes cash placed in debt service reserve and 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.

10

HAFNIA QUARTERLY-FINANCIAL-INFORMATION-Q3-2025

Condensed consolidated statement of changes in equity

Share<br><br> <br>capital<br><br> <br>USD’000 Share<br><br> <br>premium<br><br> <br>USD’000 Contributed surplus<br><br> <br>USD’000 Translation reserve<br><br> <br>USD’000 Hedging<br><br> <br>reserve<br><br> <br>USD’000 Treasury<br><br> <br>shares<br><br> <br>USD’000 Capital<br><br> <br>reserve<br><br> <br>USD’000 Share-based<br><br> <br>payment<br><br> <br>reserve<br><br> <br>USD’000 Fair value<br><br> <br>reserve<br><br> <br>USD’000 Retained earnings<br><br> <br>USD’000 Total<br><br> <br>USD’000
Balance at<br><br> <br>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 – – – – – – – 2,356 – – 2,356
Share options exercised – – – – – 2,646 (2,112) (534) – – –
Purchase of treasury shares – – – – – (27,656) – – – – (27,656)
Dividends paid – – – – – – – – – (125,434) (125,434)
Total transactions with owners – – – – – (25,010) (2,112) 1,822 – (125,434) (150,734)
Total comprehensive income
Profit for the financial period – – – – – – – – – 230,028 230,028
Other comprehensive income/(loss) – – – 256 (11,366) – – – – – (11,110)
Total comprehensive income for the period – – – 256 (11,366) – – – – 230,028 218,918
Balance at 30 September 2025 1,093,055 – – 58 9,339 (78,449) 480,270 5,740 10,906 809,771 2,330,690
Balance at<br><br> <br>1 January 2024 5,069 1,044,849 537,112 (63) 39,312 (17,951) (25,137) 3,788 9,720 631,025 2,227,724
Transactions with owners
Equity-settled share-based payment – – – – – – – 2,960 – – 2,960
Share options exercised – – – – – 33,358 (29,593) (2,830) – – 935
Purchase of treasury shares and issuance of shares 57 43,080 – – – (68,846) – – – – (25,709)
Dividends paid – – – – – – – – – (699,883) (699,883)
Total transactions with owners 57 43,080 – – – (35,488) (29,593) 130 – (699,883) (721,697)
Other transactions
Effect of re-domiciliation 1,087,929 (1,087,929) (537,112) – – – 537,112 – – – –
Total other transactions 1,087,929 (1,087,929) (537,112) – – – 537,112 – – – –
Total comprehensive income
Profit for the financial year – – – – – – – – – 774,035 774,035
Other comprehensive (loss)/income – – – (135) (18,607) – – – 1,186 – (17,556)
Total comprehensive income for the year – – – (135) (18,607) – – – 1,186 774,035 756,479
Balance at 31 December 2024 1,093,055 – – (198) 20,705 (53,439) 482,382 3,918 10,906 705,177 2,262,506

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HAFNIA QUARTERLY-FINANCIAL-INFORMATION-Q3-2025

Condensed consolidated statement of cash flows

For the 3 months<br><br> <br>ended 30 September<br><br> <br>2025<br><br> <br>USD’000 For the 3 months<br><br> <br>ended 30 September<br><br> <br>2024<br><br> <br>USD’000 For the 9 months<br><br> <br>ended 30 September<br><br> <br>2025<br><br> <br>USD’000 For the 9 months<br><br> <br>ended 30 September<br><br> <br>2024<br><br> <br>USD’000
Cash flows from operating activities
Profit for the financial period 91,503 215,635 230,028 694,403
Adjustments for:
- depreciation and amortisation charges 52,076 53,624 152,790 162,599
- gain on disposal of assets (2,769) (15,621) (2,769) (15,521)
- interest income (2,746) (4,455) (8,830) (11,739)
- finance expense 16,065 10,739 44,091 46,842
- income tax expense 699 1,164 4,778 4,479
- share of profit of equity accounted investees, net of tax (4,351) (4,072) (10,344) (19,914)
- equity-settled share-based payment transactions 849 775 2,356 2,439
Operating cash flow before working capital changes 151,326 257,789 412,100 863,588
Changes in working capital:
- intangible assets (5,139) (2,043) (17,122) (7,853)
- inventories 4,074 3,498 15,922 9,321
- trade and other receivables (29,465) 52,346 11,927 21,064
- trade and other payables (1,806) (26,511) 23,471 (42,509)
Cash generated from operations 118,990 285,079 446,298 843,611
Income tax paid (847) (1,025) (3,116) (10,385)
Net cash provided by operating activities 118,143 284,054 443,182 833,226
Cash flows from investing activities
Interest income received 3,772 3,720 8,227 8,707
Loan to joint ventures (2,306) (4,172) (6,059) (11,916)
Acquisition of other investments – – – (661)
Equity investment in joint venture – (2,217) (25) (2,217)
Return of investment in joint venture 1,000 – 1,000 1,360
Purchase of intangible assets – – – (22)
Proceeds from disposal of property, plant and equipment 18,111 28,657 18,111 28,557
Proceeds from disposal of other investments – – – 2,343
Repayment of loan by joint venture company 9,361 564 16,316 22,540
Purchase of property, plant and equipment (44,000) (7,700) (112,342) (36,373)
Net cash (used in)/provided by investing activities (14,062) 18,852 (74,772) 12,318
Cash flows from financing activities
Proceeds from borrowings from external financial institutions 386,000 – 393,000 30,000
Repayment of borrowings to external financial institutions (186,544) (15,669) (217,882) (79,467)
Repayment of lease liabilities (332,576) (41,956) (424,107) (179,537)
Payment of financing fees (5,920) (210) (6,409) (1,085)
Interest paid to external financial institutions (12,006) (18,352) (42,838) (61,124)
Proceeds from exercise of employee share options – 6 – 526
Proceeds from settlement of derivatives 2,367 7,922 10,019 23,718
Dividends paid (60,256) (207,333) (125,434) (506,519)
Purchase of treasury shares – – (27,656) –
Other finance expense paid (1,866) (1,520) (4,080) (6,202)
Net cash used in financing activities (210,801) (277,112) (445,387) (779,690)
Net (decrease)/increase in cash and cash equivalents (106,720) 25,794 (76,977) 65,854
Cash and cash equivalents at beginning of the financial period 313,311 262,581 283,568 222,521
Cash and cash equivalents at end of the financial period 206,591 288,375 206,591 288,375
Cash and cash equivalents at the end of the financial period consists of:
Cash at bank and on hand 132,489 197,080 132,489 197,080
Cash retained in the commercial pools 74,102 91,295 74,102 91,295
206,591 288,375 206,591 288,375

12

HAFNIA QUARTERLY-FINANCIAL-INFORMATION-Q3-2025

Dividend policy

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

• 50% payout of net profit if net loan-to-value is above 40%,
• 60% payout of net profit if net loan-to-value is above 30% but equal to or below 40%,
--- ---
• 80% payout of net profit if net loan-to-value is above 20% but equal to or below 30%, and
--- ---
• 90% payout of net profit if net loan-to-value is equal to or below 20%
--- ---

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

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

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

Dividend for Q3

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

13

HAFNIA QUARTERLY-FINANCIAL-INFORMATION-Q3-2025

Coverage of earning days

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

Hafnia Fleet^1^

Fleet overview 2025 2026
Hafnia vessels (average during the period)
LR2 6.0 6.0
LR1 25.6 26.0
MR2 55.2 53.0
Handy3 24.0 24.0
Total 110.8 109.0
Covered, %
LR2 94% 67%
LR1 87% 6%
MR2 89% 13%
Handy3 85% 14%
Total 88% 15%
Covered rates4, per day
LR2 35,209 29,995
LR1 27,112 27,157
MR2 23,750 21,732
Handy3 21,529 22,450
Total 24,718 24,506

All values are in US Dollars.

For the week beginning 17 November 2025, Hafnia’s pool earnings^4^ averaged:

• USD 39,855 per day for the LR2 vessels
• USD 30,319 per day for the LR1^5^ vessels,
--- ---
• USD 25,918 per day for the MR^2^ vessels,
--- ---
• USD 22,031 per day for the Handy^3^ vessels.
--- ---

Joint Venture Fleet^6^

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

^1^ Excludes joint ventures vessels.

^2^ Inclusive of nine 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^ Excluding vessels trading in our Panamax pool.

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

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HAFNIA QUARTERLY-FINANCIAL-INFORMATION-Q3-2025

Coverage of earning days CONTINUED

Fleet overview 2025 2026
Covered, %
LR2 100% 100%
LR1 88% -
MR 100% 100%
Total 95% 62%
Covered rates1, per day
LR2 25,691 25,691
LR1 28,493 -
MR 20,076 21,366
Total 25,110 23,120

All values are in US Dollars.

Tanker segment results

LR2 Q4 2024 Q1 2025 Q2 2025 Q3 2025
Operating days (owned) 536 540 545 545
Operating days (TC-in) – – – –
TCE (USD per operating day)^2^ 25,772 33,911 38,241 36,527
Spot TCE (USD per operating day)^2^ 25,508 33,911 38,596 37,625
TC-out TCE (USD per operating day)^2^ – – 32,513 31,126
Calendar days (excluding TC-in) 552 540 546 552
OPEX (USD per calendar day) 7,719 7,638 8,299 8,459
LR1 Q4 2024 Q1 2025 Q2 2025 Q3 2025
Operating days (owned) 2,075 2,064 1,988 1,991
Operating days (TC-in) 311 257 182 183
TCE (USD per operating day)^2^ 21,266 23,418 28,164 29,229
Spot TCE (USD per operating day)^2^ 21,378 23,307 28,216 29,404
TC-out TCE (USD per operating day)^2^ 19,641 24,769 27,579 27,367
Calendar days (excluding TC-in) 2,111 2,070 2,093 2,164
OPEX (USD per calendar day) 7,971 8,393 8,989 8,515
MR^3^ Q4 2024 Q1 2025 Q2 2025 Q3 2025
Operating days (owned) 4,476 4,127 4,362 4,195
Operating days (TC-in) 833 606 620 629
TCE (USD per operating day)^2^ 22,274 22,821 22,967 24,785
Spot TCE (USD per operating day)^2^ 20,984 21,788 22,157 24,683
TC-out TCE (USD per operating day)^2^ 26,985 26,688 25,741 25,080
Calendar days (excluding TC-in) 4,559 4,410 4,459 4,493
OPEX (USD per calendar day) 8,187 8,022 8,085 8,476
Handy^4^ Q4 2024 Q1 2025 Q2 2025 Q3 2025
Operating days (owned) 2,062 1,920 1,757 1,942
Operating days (TC-in) – – – –
TCE (USD per operating day)^2^ 24,620 19,831 19,808 22,648
Spot TCE (USD per operating day)^2^ 24,401 19,280 19,169 22,699
TC-out TCE (USD per operating day)^2^ 26,856 25,160 25,339 22,289
Calendar days (excluding TC-in) 2,208 2,160 2,184 2,208
OPEX (USD per calendar day) 8,270 7,611 7,456 8,371

^1^ Covered rates and pool earnings do not include any IFRS 15 load to discharge adjustments.

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

^3^ Inclusive of IMO II MR vessels and three MR vessels classified as asset held for sale.

^4^ Inclusive of IMO II Handy vessels.

^^

15

HAFNIA QUARTERLY-FINANCIAL-INFORMATION-Q3-2025

Notes to the Condensed Consolidated Interim Financial Information

These notes form an integral part of and should be read in conjunction with the accompanying condensed consolidated financial information.

Note 1: Property, plant and equipment

Right-of-use<br><br> <br>Assets – Vessels USD’000 Vessels<br><br> <br>USD’000 Dry docking and scrubbers<br><br> <br>USD’000 Others<br><br> <br>USD’000 Total<br><br> <br>USD’000
At 30 September 2025
Cost 191,073 3,470,070 183,815 1,721 3,846,679
Accumulated depreciation (171,098) (1,065,632) (83,360) (1,063) (1,321,153)
Net book value 19,975 2,404,438 100,455 658 2,525,526
Right-of-use<br><br> <br>Assets – Vessels USD’000 Vessels<br><br> <br>USD’000 Dry docking and scrubbers<br><br> <br>USD’000 Others<br><br> <br>USD’000 Total<br><br> <br>USD’000
--- --- --- --- --- ---
At 31 December 2024
Cost 221,713 3,510,379 156,844 1,578 3,890,514
Accumulated depreciation (203,052) (989,156) (89,899) (845) (1,282,952)
Net book value 18,661 2,521,223 66,945 733 2,607,562
a. The Group organises the commercial management of its fleet of vessels into nine (2024: ten) individual commercial pools: LR1, Panamax, LR2, MR,<br> Handy, Chemical-MR, Chemical-Handy and Small and City (“Specialized”) (2024: LR1, Panamax, LR2, MR, Handy, Chemical-MR, Chemical-Handy and Small, Intermediate and City (“Specialized”). Each individual<br> commercial pool constitutes a separate cash-generating unit (“CGU”). For vessels outside commercial pools and deployed on a time-charter basis, each of these vessels constitutes a separate CGU. Any<br> time-chartered in vessels which are recognised as right of use (“ROU”) assets by the Group and subsequently deployed in the commercial pools are included as part of the pool CGUs.
--- ---

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

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

16

HAFNIA QUARTERLY-FINANCIAL-INFORMATION-Q3-2025

Note 1: Property, plant and equipment CONTINUED

b. The Group has mortgaged vessels with a total carrying amount of USD 1,954.7 million as at 30 September 2025 (31 December<br> 2024: USD 2,332.6 million) as security over the Group’s bank borrowings.
c. There were additions of USD 20.8 million to right-of-use assets – vessels – as at 30 September 2025 (9 months ended 30 September 2024: USD<br> 15.6 million).
--- ---
d. As at 30 September 2025, the Group has time chartered-in six MRs and two LR1s with purchase options. These chartered-in vessels are recognised as right-of-use assets.<br> <br><br><br> <br>The Group has firm charters in place up till 2026 for these vessels. The current and next average purchase option price are as follows:
--- ---
USD’000 Current average purchase option price^1^ Next average purchase option price^2^
--- --- ---
LR1 39,833 39,333
MR 30,243 29,860

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

2026
TC in (Days)3
LR1 (with purchase option) 425
MR (with purchase option) 996
Average TC in rate (/Day)
LR1 (with purchase option) 19,450
MR (with purchase option) 16,717

All values are in US Dollars.

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

^2^ As at the end of the next quarterly financial reporting period.

^3^ Based on firm charter period and does not include optional periods exercisable by Hafnia.

17

HAFNIA QUARTERLY-FINANCIAL-INFORMATION-Q3-2025

Note 2: Borrowings

As at 30 September 2025<br><br> <br>USD’000 As at 31 December 2024<br><br> <br>USD’000
Current
Bank borrowings 191,289 252,556
Sale and leaseback liabilities (accounted for as financing transaction) 14,583 64,506
Other lease liabilities 18,699 19,233
Total current borrowings 224,571 336,295
Non-current
Bank borrowings 555,790 322,820
Sale and leaseback liabilities (accounted for as financing transaction) 113,896 461,924
Other lease liabilities 267 1,210
Total non-current borrowings 669,953 785,954
Total borrowings 894,524 1,122,249

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

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

Maturity date
Facility amount
473 million facility
- 413 million term loan 2026
- 60 million revolving credit facility 2026
84 million facility 2029
39 million facility
- 30 million term loan 2025
40 million facility 2029
303 million facility
- 303 million revolving credit facility 2029
715 million facility
- 715 million revolving credit facility 2032
Up to 175 million borrowing base facility<br> Up to 175 million borrowing base facility<br> (with an accordion option of up to 75 million) 2025

All values are in US Dollars.

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

For the financial year ended<br><br> <br>31 December 2026
Repayment profile ’000
473 million facility 53,891
84 million facility 8,633
39 million facility —
40 million facility 2,874
303 million facility1 —
715 million facility1 —
Up to 175 million borrowing base facility2<br> Up to 175 million borrowing base facility2<br> (with an accordion option of up to 75 million) —

All values are in US Dollars.

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

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

18

HAFNIA QUARTERLY-FINANCIAL-INFORMATION-Q3-2025

Note 2: Borrowings CONTINUED

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

Outstanding amount<br><br> <br>USD m Maturity date
Facility amount
Vista Shipping joint venture
USD 51.8 million facility 28.1 2031
USD 111.0 million facility 69.8 2032
USD 89.6 million facility 77.1 2033
USD 88.5 million facility 79.9 2031
H&A Shipping joint venture
USD 22.1 million facility 16.2 2026
USD 23.5 million facility 18.0 2028
Ecomar joint venture
Vessel 1 French Tax Lease Arrangement 40.6 2032
Vessel 2 French Tax Lease Arrangement 39.7 2032
Vessel 3 French Tax Lease Arrangement 39.6 2032
Vessel 4 French Tax Lease Arrangement 2.7 2033
For the financial year ended<br><br> <br>31 December 2026
--- ---
Repayment profile ’000
Vista Shipping joint venture
51.8 million facility 3,453
111.0 million facility 7,400
89.6 million facility 5,271
88.5 million facility 4,917
H&A Shipping joint venture
22.1 million facility 15,838
23.5 million facility 1,470
Ecomar joint venture
Vessel 1 French Tax Lease Arrangement 5,625
Vessel 2 French Tax Lease Arrangement 5,544
Vessel 3 French Tax Lease Arrangement 6,474
Vessel 4 French Tax Lease Arrangement 1,251

All values are in US Dollars.

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

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

Carrying amounts and fair values

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

19

HAFNIA QUARTERLY-FINANCIAL-INFORMATION-Q3-2025

Note 2: Borrowings CONTINUED

Interest rates

The weighted average effective interest rates per annum of total borrowings, excluding the effect of interest rate swaps, at the balance sheet date are as follows:

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

Note 3: Commitments

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 assets.

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

USD’000 As at 30 September 2025 As at 31 December 2024
Less than one year 167,021 110,715
One to two years 82,306 42,329
Two to five years 58,288 9,348
307,615 162,392

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 payments^2^ under these operating leases, to be paid after the reporting date, are as follows:

USD’000 As at 30 September 2025 As at 31 December 2024
Less than one year 41,818 34,928
One to two years 8,231 2,222
Two to five years 22,014 —
72,063 37,150

Newbuild and operational funding commitments

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

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

USD’000 As at 30 September 2025 As at 31 December 2024
Less than one year 16,993 52,917
One to two years — 16,778
16,993 69,695

^1^ Excluding variable lease payments.

^2^ Based on firm charter period and does not include optional periods exercisable by Hafnia

20

HAFNIA QUARTERLY-FINANCIAL-INFORMATION-Q3-2025

Note 4: Financial information

Carrying amount Fair value
Fair value<br><br> <br>hedging instruments/ Mandatorily at FVTPL – others<br><br> <br>USD’000 Financial assets at amortised<br><br> <br>cost<br><br> <br>USD’000 FVOCI – equity instruments<br><br> <br>USD’000 Total<br><br> <br>USD’000 Level 1<br><br> <br>USD’000 Level 2<br><br> <br>USD’000 Level 3<br><br> <br>USD’000 Total<br><br> <br>USD’000
At 30 September 2025
Financial assets measured at fair value
Forward foreign exchange contracts 663 — — 663 — 663 — 663
Forward freight agreements 163 — — 163 — 163 — 163
Interest rate swaps used for hedging 9,658 — — 9,658 — 9,658 — 9,658
Other investments — — 23,069 23,069 — — 23,069 23,069
10,484 — 23,069 33,553
At 30 September 2025
Financial assets not measured at fair value
Loans receivable from joint ventures — 54,413 — 54,413
Trade and other receivables, and prepayments — 471,331 — 471,331
Restricted cash — 10,000 — 10,000
Cash at bank and on hand — 132,489 — 132,489
Cash retained in the commercial pools — 74,102 — 74,102
— 742,335 — 742,335
Carrying amount Fair value
--- --- --- --- --- --- --- ---
Fair value hedging<br><br> <br>instruments<br><br> <br>USD’000 Other financial liabilities<br><br> <br>USD’000 Total<br><br> <br>USD’000 Level 1<br><br> <br>USD’000 Level 2<br><br> <br>USD’000 Level 3<br><br> <br>USD’000 Total<br><br> <br>USD’000
At 30 September 2025
Financial liabilities measured at fair value
Forward foreign exchange contracts (105) — (105) — (105) — (105)
Forward freight agreements (4,159) — (4,159) — (4,159) — (4,159)
(4,264) — (4,264)
At 30 September 2025
Financial liabilities not measured at fair value
Bank borrowings — (747,079) (747,079)
Sale and leaseback liabilities (accounted for as financing transaction) and other lease liabilities — (147,445) (147,445)
Trade and other payables — (336,239) (336,239)
— (1,230,763) (1,230,763)

21

HAFNIA QUARTERLY-FINANCIAL-INFORMATION-Q3-2025

Note 4: Financial information CONTINUED

Carrying amount Fair value
Fair value<br><br> <br>hedging instruments/ Mandatorily at FVTPL – others<br><br> <br>USD’000 Financial<br><br> <br>assets at amortised<br><br> <br>cost<br><br> <br>USD’000 FVOCI –<br><br> <br>equity instruments<br><br> <br>USD’000 Total<br><br> <br>USD’000 Level 1<br><br> <br>USD’000 Level 2<br><br> <br>USD’000 Level 3<br><br> <br>USD’000 Total<br><br> <br>USD’000
At 31 December 2024
Financial assets measured at fair value
Forward freight agreements 1,690 — — 1,690 — 1,690 — 1,690
Interest rate swaps used for hedging 22,935 — — 22,935 — 22,935 — 22,935
Other investments — — 23,069 23,069 — — 23,069 23,069
24,625 — 23,069 47,694
At 31 December 2024
Financial assets not measured at fair value
Loans receivable from joint ventures — 64,133 — 64,133
Trade and other receivables, and prepayments^1^ — 487,677 — 487,677
Restricted cash — 13,542 — 13,542
Cash at bank and on hand — 195,271 — 195,271
Cash retained in the commercial pools — 88,297 — 88,297
— 848,920 — 848,920
Carrying amount Fair value
--- --- --- --- --- --- --- ---
Fair value hedging<br><br> <br>instruments<br><br> <br>USD’000 Other financial liabilities<br><br> <br>USD’000 Total<br><br> <br>USD’000 Level 1<br><br> <br>USD’000 Level 2<br><br> <br>USD’000 Level 3<br><br> <br>USD’000 Total<br><br> <br>USD’000
At 31 December 2024
Financial liabilities measured at fair value
Forward foreign exchange contracts (1,048) — (1,048) — (1,048) — (1,048)
Forward freight agreements (891) — (891) — (891) — (891)
(1,939) — (1,939)
At 31 December 2024
Financial liabilities not measured at fair value
Bank borrowings — (575,376) (575,376)
Sale and leaseback liabilities (accounted for as financing transaction) and other lease liabilities — (546,873) (546,873)
Trade and other payables — (312,839) (312,839)
— (1,435,088) (1,435,088)

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

The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques. The Group uses a variety of methods and makes assumptions that are based on market conditions existing at each balance sheet date. The fair value of interest rate swaps is calculated as the present value of the estimated future cash flows based on observable yield curves. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity specific estimates. These financial instruments are included in Level 2, as all significant inputs required to fair value an instrument are observable. Other techniques, such as estimated discounted cash flows, are used to determine fair value for the remaining financial instruments.

^1^ Excluding prepayments

22

HAFNIA QUARTERLY-FINANCIAL-INFORMATION-Q3-2025

Note 4: Financial information CONTINUED

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

Level 3 fair values

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

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

30 September 2025<br><br> <br>USD’000 31 December 2024<br><br> <br>USD’000
Opening balance 23,069 23,953
Acquisition of equity investments at FVOCI — 862
Equity investments at FVOCI – net change in fair value — 1,186
Disposal of other investments — (2,932)
Closing balance 23,069 23,069

Note 5: Joint ventures

As at 30 September 2025<br><br> <br>USD’000 As at 31 December 2024<br><br> <br>USD’000
Interest in joint ventures 90,928 81,371
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. Vista Shipping is<br> domiciled in Singapore and structured as a separate vehicle in shipowning, with the Group having residual interest in its net assets. Accordingly, the Group has classified its interest in Vista Shipping<br> as a joint venture. In accordance with the agreement under which Vista Shipping was established, the Group and the other investor in the joint venture have agreed to provide shareholders’ loans in<br> proportion to their interests to finance the newbuild programme.
--- ---

23

HAFNIA QUARTERLY-FINANCIAL-INFORMATION-Q3-2025

Note 5: Joint ventures CONTINUED

• The following table summarises the financial information of Vista Shipping as included in its own consolidated financial statements. The table also reconciles the<br> summarised financial information to the carrying amount of the Group’s interest in Vista Shipping.
As at 30 September 2025<br><br> <br>USD’000 As at 31 December 2024<br><br> <br>USD’000
--- --- ---
Percentage ownership interest 50% 50%
Non-current assets 417,320 427,959
Current assets 35,137 63,657
Non-current liabilities (270,502) (317,722)
Current liabilities (29,695) (45,350)
Net assets (100%) 152,260 128,544
Group’s share of net assets (50%) 76,130 64,272
Revenue 73,034 112,907
Other income 2,102 2,623
Expenses (51,417) (73,951)
Profit and total comprehensive income (100%) 23,719 41,579
Profit and total comprehensive income (50%) 11,860 20,790
Adjustment to previously recognised share of profit from prior year — 35
Group’s share of total comprehensive income (50%) 11,860 20,825
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<br> the Group has joint control and 50% ownership interest. H&A Shipping is domiciled in Singapore and structured as a separate vehicle in shipowning, with the Group having residual interest in its net<br> assets. Accordingly, the Group has classified its interest in H&A Shipping Pte. Ltd. as a joint venture. In accordance with the agreement under which H&A Shipping was established, the Group and<br> the other investor in the joint venture have agreed to provide equity in proportion to their interests to finance the newbuild programme.
--- ---
• The following table summarises the financial information of H&A Shipping as included in its own consolidated financial statements. The table also reconciles the<br> summarised financial information to the carrying amount of the Group’s interest in H&A Shipping.
--- ---

24

HAFNIA QUARTERLY-FINANCIAL-INFORMATION-Q3-2025

Note 5: Joint ventures CONTINUED

As at 30 September 2025<br><br> <br>USD’000 As at 31 December 2024<br><br> <br>USD’000
Percentage ownership interest 50% 50%
Non-current assets 59,140 59,892
Current assets 4,035 5,388
Non-current liabilities (41,887) (46,093)
Current liabilities (4,944) (4,940)
Net assets (100%) 16,344 14,247
Group’s share of net assets (50%) 8,172 7,124
Shareholder’s loans 5,308 6,308
Alignment of accounting policies 89 1,153
Carrying amount of interest in joint venture 13,569 14,585
Revenue 8,185 11,459
Other income 778 1,866
Expenses (7,890) (10,791)
Profit and total comprehensive income (100%) 1,073 2,534
Profit and total comprehensive income (50%) 537 1,267
Adjustment to previously recognised share of profit from prior year (474) —
Alignment of accounting policies (79) 147
Group’s share of total comprehensive (loss)/income (50%) (16) 1,414
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.<br> Ecomar is incorporated in France and structured as a separate vehicle in shipowning, with the Group having residual interest in its net assets. Accordingly, the Group has classified its interest in<br> Ecomar as a joint venture. In accordance with the agreement under which Ecomar was established, the Group and the other investor in the joint venture have agreed to provide shareholders’ loans in<br> proportion to their interests to finance the newbuild programme.
--- ---
• During the financial year ended 30 September 2025, Hafnia took delivery of three IMO II – MR vessels through its Ecomar joint venture.
--- ---
• The following table summarises the financial information of Ecomar as included in its own consolidated financial statements. The table also reconciles the summarised<br> financial information to the carrying amount of the Group’s interest in Ecomar.
--- ---

25

HAFNIA QUARTERLY-FINANCIAL-INFORMATION-Q3-2025

Note 5: Joint ventures CONTINUED

As at 30 September 2025<br><br> <br>USD’000 As at 31 December 2024<br><br> <br>USD’000
Percentage ownership interest 50% 50%
Non-current assets 178,466 68,964
Current assets 11,546 4,928
Non-current liabilities (170,367) (77,032)
Current liabilities (27,707) —
Net liabilities (100%) (8,062) (3,140)
Group’s share of net liabilities (50%) (4,031) (1,570)
Unrecognised share of losses 4,031 1,633
Translation reserve — (63)
Carrying amount of interest in joint venture — —
Revenue 14,783 —
Other income 9,321 32
Expenses (28,939) (3,321)
Loss and total comprehensive loss (100%) (4,835) (3,289)
Loss and total comprehensive loss (50%) (2,418) (1,645)
Adjustment to previously recognised share of loss from prior period 95 —
Unrecognised share of loss for the current period 2,323 1,633
Group’s share of total comprehensive loss (50%) — (12)
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<br> Quintessential AI Limited (“Q-AI”). As a result of the transaction, the Group has joint control (with Simbolo Holdings having the remainder of Class A shares) of Q-AI; with a 30.5% ownership interest.<br> 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.
--- ---

26

HAFNIA QUARTERLY-FINANCIAL-INFORMATION-Q3-2025

Note 5: Joint ventures CONTINUED

• The following table summarises the financial information of Complexio as included in its own consolidated financial statements. The table also reconciles the summarised<br> financial information to the carrying amount of the Group’s interest in Complexio.
As at 30 September 2025<br><br> <br>USD’000 As at 31 December 2024<br><br> <br>USD’000
--- --- ---
Percentage ownership interest 30.5% 30.5%
Non-current assets 7,584 4,262
Current assets 4,306 4,635
Current liabilities (14,569) (653)
Net (liabilities)/assets (100%) (2,679) 8,244
Group’s share of net (liabilities)/assets (30.5%) (817) 2,514
Unrecognised share of losses 780 —
Translation reserve 37 —
Carrying amount of interest in joint venture — —
Revenue 919 647
Other income — 85
Expenses (12,340) (8,288)
Loss and total comprehensive loss (100%) (11,421) (7,556)
Loss and total comprehensive loss (30.5%) (3,483) (2,304)
Unrecognised share of losses 780 —
Gain on dilution — 592
Group’s share of total comprehensive loss (30.5%) (2,703) (1,712)

27

HAFNIA QUARTERLY-FINANCIAL-INFORMATION-Q3-2025

Note 5: Joint ventures CONTINUED

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<br> interest. Seascale is incorporated in Singapore and provides bunker procurement services.  Accordingly, the Group has classified its interest in Seascale as a joint venture.
--- ---
• The following table summarises the financial information of Seascale as included in its own consolidated financial statements. The table also reconciles the summarised<br> financial information to the carrying amount of the Group’s interest in Seascale.
--- ---
As at 30 September 2025<br><br> <br>USD’000
--- ---
Percentage ownership interest 50%
Current assets 5,136
Current liabilities (2,679)
Net assets (100%) 2,457
Group’s share of net assets (50%) 1,229
Revenue 5,253
Other income 12
Expenses (2,859)
Profit and total comprehensive income (100%) 2,406
Group’s share of total comprehensive income (50%) 1,203

28

HAFNIA QUARTERLY-FINANCIAL-INFORMATION-Q3-2025

Note 6: Segment information

For the 3 months ended 30 September 2025 LR2^1^<br><br> <br>USD’000 LR1^2^<br><br> <br>USD’000 MR^3^<br><br> <br>USD’000 Handy^4^<br><br> <br>USD’000 Total<br><br> <br>USD’000
Revenue (Hafnia Vessels and TC Vessels) 28,392 95,202 176,189 66,722 366,505
Revenue (External Vessels in Disponent-Owner Pools) 22,922 57,039 118,813 21,603 220,377
Voyage expenses (Hafnia Vessels and TC Vessels) (8,498) (31,663) (56,638) (22,706) (119,505)
Voyage expenses (External Vessels in Disponent-Owner Pools) (7,604) (20,976) (43,177) (8,483) (80,240)
Pool distributions for External Vessels in Disponent-Owner Pools (15,319) (36,063) (75,637) (13,118) (140,137)
TCE Income^5^ 19,893 63,539 119,550 44,018 247,000
Other operating income 1,543 1,363 2,418 1,023 6,347
Vessel operating expenses (4,242) (16,883) (34,938) (17,153) (73,216)
Technical management expenses (429) (1,543) (3,146) (1,328) (6,446)
Charter hire expenses – (1,439) (6,550) – (7,989)
Adjusted EBITDA^5^ 16,765 45,037 77,334 26,560 165,696
Depreciation charge (3,139) (13,546) (25,103) (10,106) (51,894)
113,802
Unallocated (21,600)
Profit before income tax 92,202
For the 9 months ended 30 September 2025 LR2^1^<br><br> <br>USD’000 LR1^2^<br><br> <br>USD’000 MR^3^<br><br> <br>USD’000 Handy^4^<br><br> <br>USD’000 Total<br><br> <br>USD’000
--- --- --- --- --- ---
Revenue (Hafnia Vessels and TC Vessels) 86,707 274,947 503,218 188,540 1,053,412
Revenue (External Vessels in Disponent-Owner Pools) 53,609 166,286 357,173 58,467 635,535
Voyage expenses (Hafnia Vessels and TC Vessels) (27,694) (95,934) (161,227) (71,648) (356,503)
Voyage expenses (External Vessels in Disponent-Owner Pools) (19,697) (62,043) (145,650) (22,022) (249,412)
Pool distributions for External Vessels in Disponent-Owner Pools (33,913) (104,243) (211,524) (36,443) (386,123)
TCE Income^5^ 59,012 179,013 341,990 116,894 696,909
Other operating income 2,943 3,939 7,681 4,859 19,422
Vessel operating expenses (12,123) (50,133) (100,496) (47,239) (209,991)
Technical management expenses (1,203) (4,479) (9,017) (3,966) (18,665)
Charter hire expenses – (5,388) (19,377) – (24,765)
Adjusted EBITDA^5^ 48,629 122,952 220,781 70,548 462,910
Depreciation charge (9,316) (39,532) (75,527) (27,876) (152,251)
310,659
Unallocated (75,853)
Profit before income tax 234,806

^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 9.

29

HAFNIA QUARTERLY-FINANCIAL-INFORMATION-Q3-2025

Note 6: Segment information CONTINUED

For the 3 months ended 30 September 2024 LR2^1^<br><br> <br>USD’000 LR1^2^<br><br> <br>USD’000 MR^3^<br><br> <br>USD’000 Handy^4^<br><br> <br>USD’000 Total<br><br> <br>USD’000
Revenue (Hafnia Vessels and TC Vessels) 29,994 129,590 240,598 97,699 497,881
Revenue (External Vessels in Disponent-Owner Pools) 18,330 80,234 100,917 22,361 221,842
Voyage expenses (Hafnia Vessels and TC Vessels) (8,305) (37,023) (61,709) (29,292) (136,329)
Voyage expenses (External Vessels in Disponent-Owner Pools) (7,323) (31,488) (35,249) (6,264) (80,324)
Pool distributions for External Vessels in Disponent-Owner Pools (11,007) (48,746) (65,668) (16,097) (141,518)
TCE Income^5^ 21,689 92,567 178,889 68,407 361,552
Other operating income 247 1,588 2,065 962 4,862
Vessel operating expenses (3,959) (16,167) (33,439) (16,658) (70,223)
Technical management expenses (519) (1,901) (3,563) (1,319) (7,302)
Charter hire expenses – (2,054) (13,404) – (15,458)
Adjusted EBITDA^5^ 17,458 74,033 130,548 51,392 273,431
Depreciation charge (3,607) (14,866) (26,561) (8,411) (53,445)
219,986
Unallocated (3,187)
Profit before income tax 216,799
For the 9 months ended 30 September 2024 LR2^1^<br><br> <br>USD’000 LR1^2^<br><br> <br>USD’000 MR^3^<br><br> <br>USD’000 Handy^4^<br><br> <br>USD’000 Total<br><br> <br>USD’000
--- --- --- --- --- ---
Revenue (Hafnia Vessels and TC Vessels) 102,404 447,814 738,253 294,260 1,582,731
Revenue (External Vessels in Disponent-Owner Pools) 75,237 265,313 338,178 74,279 753,007
Voyage expenses (Hafnia Vessels and TC Vessels) (22,512) (118,128) (193,200) (91,230) (425,070)
Voyage expenses (External Vessels in Disponent-Owner Pools) (29,426) (84,664) (111,652) (23,065) (248,807)
Pool distributions for External Vessels in Disponent-Owner Pools (45,811) (180,649) (226,526) (51,214) (504,200)
TCE Income^5^ 79,892 329,686 545,053 203,030 1,157,661
Other operating income 1,665 5,622 8,941 3,305 19,533
Vessel operating expenses (11,916) (49,589) (99,285) (48,125) (208,915)
Technical management expenses (1,394) (5,395) (9,886) (3,953) (20,628)
Charter hire expenses – (6,770) (29,881) – (36,651)
Adjusted EBITDA^5^ 68,247 273,554 414,942 154,257 911,000
Depreciation charge (10,531) (44,382) (81,847) (24,912) (161,672)
749,328
Unallocated (50,446)
Profit before income tax 698,882

^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 9.

30

HAFNIA QUARTERLY-FINANCIAL-INFORMATION-Q3-2025

Note 7: Subsequent events

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

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

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

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

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

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

31

HAFNIA QUARTERLY-FINANCIAL-INFORMATION-Q3-2025

Note 8: Fleet list

Vessel DWT Year<br><br> <br>Built Type Vessel DWT Year<br><br> <br>Built Type
Hafnia Bering 39,067 Apr-15 Handy Hafnia Neso 109,990 Jul-19 LR2
Hafnia Magellan 39,067 May-15 Handy Hafnia Thalassa 109,990 Sep-19 LR2
Hafnia Malacca 39,067 Jul-15 Handy Hafnia Triton 109,990 Oct-19 LR2
Hafnia Soya 39,067 Nov-15 Handy Hafnia Languedoc^1^ 109,999 Mar-23 LR2
Hafnia Sunda 39,067 Sep-15 Handy Hafnia Larvik^1^ 109,999 Oct-23 LR2
Hafnia Torres 39,067 May-16 Handy Hafnia Loire^1^ 109,999 May-23 LR2
Hafnia Kallang 74,189 Jan-17 LR1 Hafnia Lillesand^1^ 109,999 Feb-24 LR2
Hafnia Shannon 74,189 Aug-17 LR1 Beagle^2^ 49,850 Mar-19 MR
Hafnia Seine 74,998 May-08 LR1 Boxer^2^ 49,852 Jun-19 MR
Hafnia Shinano 74,998 Oct-08 LR1 Basset^2^ 49,875 Nov-19 MR
Hafnia Tagus 74,151 Mar-17 LR1 Bulldog^2^ 49,856 Feb-20 MR
Hafnia Yangtze 74,996 Jan-09 LR1 Hafnia Bobcat 49,999 Aug-14 MR
Hafnia Yarra 74,189 Jul-17 LR1 Hafnia Cheetah 49,999 Feb-14 MR
Hafnia Zambesi 74,995 Jan-10 LR1 Hafnia Cougar 49,999 Jan-14 MR
Hafnia Africa 74,539 May-10 LR1 Hafnia Eagle 49,999 Jul-15 MR
Hafnia Asia 74,490 Jun-10 LR1 Hafnia Egret 49,999 Nov-14 MR
Hafnia Australia 74,539 May-10 LR1 Hafnia Falcon 49,999 Feb-15 MR
Hafnia Hong Kong^1^ 74,999 Jan-19 LR1 Hafnia Hawk 49,999 Jun-15 MR
Hafnia Shanghai^1^ 74,999 Jan-19 LR1 Hafnia Jaguar 49,999 Mar-14 MR
Hafnia Guangzhou^1^ 74,999 Jul-19 LR1 Hafnia Kestrel 49,999 Aug-15 MR
Hafnia Beijing^1^ 74,999 Oct-19 LR1 Hafnia Leopard 49,999 Jan-14 MR
Sunda^2^ 79,902 Jul-19 LR1 Hafnia Lioness 49,999 Jan-14 MR
Karimata^2^ 79,885 Aug-19 LR1 Hafnia Lynx 49,999 Nov-13 MR
Hafnia Shenzhen^1^ 74,999 Aug-20 LR1 BW Merlin 49,999 Sep-15 MR
Hafnia Nanjing^1^ 74,999 Jan-21 LR1 Hafnia Myna 49,999 Oct-15 MR
Hafnia Excelsior 74,665 Jan-16 LR1 Hafnia Osprey 49,999 Oct-15 MR
Hafnia Executive 74,319 May-16 LR1 Hafnia Panther 49,999 Jun-14 MR
Hafnia Prestige 74,996 Nov-16 LR1 Hafnia Petrel 49,999 Jan-16 MR
Hafnia Providence 74,996 Aug-16 LR1 Hafnia Puma 49,999 Nov-13 MR
Hafnia Pride 74,997 Jul-16 LR1 Hafnia Raven 49,999 Nov-15 MR
Hafnia Excellence 74,613 May-16 LR1 Hafnia Swift 49,999 Jan-16 MR
Hafnia Exceed 74,664 Feb-16 LR1 Hafnia Tiger 49,999 Mar-14 MR
Hafnia Expedite 74,634 Jan-16 LR1 BW Wren 49,999 Mar-16 MR
Hafnia Express 74,663 May-16 LR1 Hafnia Ane 49,999 Nov-15 MR
Hafnia Excel 74,547 Nov-15 LR1 Hafnia Crux 49,999 Feb-12 MR
Hafnia Precision 74,996 Oct-16 LR1 Hafnia Daisy 49,999 Aug-16 MR
Hafnia Experience 74,669 Mar-16 LR1 Hafnia Henriette 49,999 Jun-16 MR
Hafnia Pioneer 81,305 Jun-13 LR1 Hafnia Kirsten 49,999 Jan-17 MR
Hafnia Despina 109,990 Jan-19 LR2 Hafnia Lene 49,999 Jul-15 MR
Hafnia Galatea 109,990 Mar-19 LR2 Hafnia Leo 49,999 Nov-13 MR
Hafnia Larissa 109,990 Apr-19 LR2 Hafnia Libra 49,999 May-13 MR

^1^ 50% owned through the Vista Shipping Joint Venture

^2^ Time chartered in vessel

32

HAFNIA QUARTERLY-FINANCIAL-INFORMATION-Q3-2025

Note 8: Fleet list CONTINUED

Vessel DWT Year Built Type
Hafnia Lise 49,875 Sep-16 MR
Hafnia Lotte 49,999 Jan-17 MR
Hafnia Lupus^4^ 49,999 Apr-12 MR
Hafnia Mikala 49,999 May-17 MR
Hafnia Nordica^4^ 53,520 Mar-10 MR
Hafnia Phoenix 49,999 Jul-13 MR
Hafnia Taurus^4^ 49,999 Jun-11 MR
Hafnia Andrea 49,999 Jun-15 MR
Hafnia Caterina 49,999 Aug-15 MR
Orient Challenge^1^ 49,972 Jun-17 MR
Orient Innovation^1^ 49,997 Jul-17 MR
Yellow Stars^2^ 49,999 Jul-21 MR
PS Stars^2^ 49,999 Jan-22 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 Gascogne^3^ 49,776 Jan-25 IMO II – MR
Ecomar Guyenne^3^ 49,763 May-25 IMO II – MR
Ecomar Garonne^3^ 49,696 Jul-25 IMO II – MR

^1^ Time chartered in vessel

^2^ 50% owned through the H&A Shipping Joint Venture

^3^ 50% owned through the Ecomar Joint Venture

^4^ Classified as an asset held for sale.

33

HAFNIA QUARTERLY-FINANCIAL-INFORMATION-Q3-2025

Note 9: Non-IFRS measures

Throughout this Quarterly Financial Information Q3 2025, we provide a number of key performance indicators used by our management and often used by competitors in our industry.

Adjusted EBITDA

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

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

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

Reconciliation of Non-IFRS measures

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

For the 3 months<br><br> <br>ended 30 September<br><br> <br>2025<br><br> <br>USD’000 For the 3 months<br><br> <br>ended 30 September<br><br> <br>2024<br><br> <br>USD’000 For the 9 months<br><br> <br>ended 30 September<br><br> <br>2025<br><br> <br>USD’000 For the 9 months<br><br> <br>ended 30 September<br><br> <br>2024<br><br> <br>USD’000
Profit for the financial period 91,503 215,635 230,028 694,403
Income tax expense 699 1,164 4,778 4,479
Depreciation charge of property, plant and equipment 51,969 53,516 152,471 161,904
Amortisation charge of intangible assets 107 108 319 695
Gain on disposal of assets (2,769) (15,621) (2,769) (15,521)
Share of profit of equity-accounted investees, net of tax (4,351) (4,072) (10,344) (19,914)
Interest income (2,746) (4,455) (8,830) (11,739)
Interest expense 9,992 9,688 36,828 38,730
Capitalised financing fees written off 1,528 406 2,320 2,069
Other finance expense 4,545 645 4,943 6,043
Adjusted EBITDA 150,477 257,014 409,744 861,149

Time charter equivalent (or “TCE”)

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

34

HAFNIA QUARTERLY-FINANCIAL-INFORMATION-Q3-2025

Note 9: Non-IFRS measures CONTINUED

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

Reconciliation of Non-IFRS measures

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

(in USD’000 except operating days and TCE income per operating day) For the 3 months<br><br> <br>ended 30 September<br><br>  2025 For the 3 months<br><br> <br>ended 30 September<br><br> <br><br><br> <br>2024 For the 9 months<br><br> <br>ended 30 September<br><br> <br><br><br> <br>2025 For the 9 months<br><br> <br>ended 30 September<br><br> <br><br><br> <br>2024
Revenue (Hafnia Vessels and TC Vessels) 366,505 497,889 1,053,412 1,582,779
Revenue (External Vessels in Disponent-Owner Pools) 220,377 221,842 635,535 753,007
Less: Voyage expenses (Hafnia Vessels and TC Vessels) (119,505) (136,331) (356,503) (425,060)
Less: Voyage expenses (External Vessels in Disponent-Owner Pools) (80,240) (80,324) (249,412) (248,807)
Less: Pool distributions for External Vessels in Disponent-Owner Pools (140,137) (141,518) (386,123) (504,200)
TCE income 247,000 361,558 696,909 1,157,719
Operating days 9,485 10,776 28,453 31,867
TCE income per operating day 26,040 33,549 24,493 36,330

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

(in USD’000 except operating days and TCE income per operating day) For the 3 months<br><br> <br>ended 30 September<br><br> <br>2025 For the 3 months ended 30 September<br><br> <br>2024 For the 9 months ended 30 September<br><br> <br>2025 For the 9 months ended 30 September<br><br> <br>2024
Revenue (Hafnia Vessels and TC Vessels) 366,505 497,889 1,053,412 1,582,779
Less: Voyage expenses (Hafnia Vessels and TC Vessels) (119,505) (136,331) (356,503) (425,060)
TCE income 247,000 361,558 696,909 1,157,719
Operating days 9,485 10,776 28,453 31,867
TCE income per operating day 26,040 33,549 24,493 36,330

‘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.

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

35

Exhibit 99.2

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

Singapore, 1 December 2025

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

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

Highlights and Recent Activity

Third Quarter 2025

■ Recorded net profit of USD 91.5 million or USD 0.18 per share^1^ compared to USD 215.6 million or USD 0.42 per share in Q3 2024.
■ Fee-based businesses generated earnings of USD 7.1 million compared to USD 7.8 million in Q3 2024.
--- ---
■ Time Charter Equivalent (TCE)^3^ earnings were USD 247.0 million compared to USD 361.6 million in Q3 2024, resulting in an average TCE^3^ of USD 26,040 per day.
--- ---
■ Adjusted EBITDA^3^ of USD 150.5 million compared to USD 257.0 million in Q3 2024.
--- ---
■ 71% of total earning days of the fleet were covered for Q4 2025 at USD 25,610 per day as of 14 November 2025.
--- ---
■ Net asset value (NAV)^4^ was approximately USD 3.4 billion, or approximately USD 6.76 per share (NOK 67.55),<br><br><br><br><br> at quarter end.
--- ---
■ Hafnia will distribute a total of USD 73.2 million, or USD 0.1470 per share, in dividends, corresponding to a payout ratio of 80%.
--- ---

Year-to-Date 30 September 2025

■ Recorded net profit of USD 230.0 million or USD 0.46 per share^1^ as compared to USD 694.4 million or USD 1.36 per share in YTD 9M 2024.
■ Fee-based businesses generated earnings of USD 22.9 million^2^ compared to USD 28.3 million in YTD 9M 2024.
--- ---
■ Time Charter Equivalent (TCE)^3^ earnings were USD 696.9 million compared to USD 1,157.7 million for YTD 9M 2024, resulting in an average TCE^3^ of USD 24,493 per day.
--- ---
■ Adjusted EBITDA^3^ of USD 409.7 million compared to USD 861.1 million in YTD 9M 2024.
--- ---

^1^ Based on weighted average number of shares as at 30 September 2025.

^2^ Excluding a one-off item amounting to USD 1.3 million in YTD 9M 2025. From mid-May 2025, the Group transferred its bunker procurement business to its joint venture, Seascale Energy, which is equity accounted.

      ^3^ See Non-IFRS Measures Section below.

^4^ NAV is calculated using the fair value of Hafnia’s owned vessels (including joint venture vessels).

Mikael Skov, CEO of Hafnia, commented:

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

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

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

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

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

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

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

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

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

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

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

^1^ NAV is calculated using the fair value of Hafnia’s owned vessels (including joint venture vessels).

Fleet

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

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

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

        19 million.

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

^2^ Including USD 290 million relating to Hafnia’s 50% share of six LR1s and four LR2s owned through 50% ownership in the Vista Shipping Joint Venture

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

^4^ Including IMO II Handy vessels

Market Review & Outlook

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

Market Fundamentals

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

Geopolitical Developments

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

Supply Outlook

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

Forward View

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

Key Figures

USD million Q1 2025 Q2 2025 Q3 2025 YTD 2025
Income Statement
Operating revenue (Hafnia vessels and TC vessels) 340.3 346.6 366.5 1,053.4
Profit before tax 64.6 78.0 92.2 234.8
Profit for the period 63.2 75.3 91.5 230.0
Financial items (13.9) (8.1) (13.3) (35.3)
Share of profit from joint ventures 3.0 3.0 4.4 10.3
TCE income^1^ 218.8 231.2 247.0 696.9
Adjusted EBITDA^1^ 125.1 134.2 150.5 409.7
Balance Sheet
Total assets 3,696.4 3,669.9 3,570.1 3,570.1
Total liabilities 1,418.0 1,369.5 1,239.5 1,239.5
Total equity 2,278.4 2,300.4 2,330.7 2,330.7
Cash at bank and on hand^2^ 188.1 194.0 132.5 132.5
Key financial figures
Return on Equity (RoE) (p.a.)^3^ 11.1% 13.2% 15.9% 13.4%
Return on Invested Capital (p.a.)^4^ 9.6% 10.6% 12.8% 11.0%
Equity ratio 61.6% 62.7% 65.3% 65.3%
Net loan-to-value (LTV) ratio^5^ 24.1% 24.1% 20.5% 20.5%
For the 3 months ended 30 September 2025 LR1 MR^6^ Handy^7^ Total
--- --- --- --- ---
Vessels on water at the end of the period8 26 55 24 111
Total operating days9 2,174 4,824 1,942 9,485
Total calendar days (excluding TC-in) 2,164 4,493 2,208 9,417
TCE ( per operating day)1 29,229 24,785 22,648 26,040
Spot TCE ( per operating day)1 29,404 24,683 22,699 26,219
TC-out TCE ( per operating day)1 27,367 25,080 22,289 25,252
OPEX ( per calendar day)10 8,515 8,476 8,371 8,459
G&A ( per operating day)11 1,220

All values are in US Dollars.

^1^See Non-IFRS Measures Section below.

^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 commercial pools), divided by broker vessel values (for 100% owned vessels) and the lower of the market value or purchase price of the Torm Investment. The calculation of net loan-to-value does not include debt or the values of vessels held through our joint ventures.

^6^ Inclusive of nine IMO II MR vessels and excluding three MRs classified as assets held for sale.

^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, two MRs owned through 50% ownership in the H&A Shipping Joint Venture and three IMO II MRs owned through 50% ownership in the Ecomar Joint Venture.

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

^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.

Declaration of Dividend

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

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

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

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

Webcast and Conference Call

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

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

Meeting ID: 373 112 852 629 17

Passcode: 5VN2Di2s

Download Teams | Join on the web

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

Find a local number

Phone conference ID: 576 208 826#

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

Contacts

Mikael Skov, CEO Hafnia

+65 8533 8900

About Hafnia

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

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

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

Non-IFRS Measures

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

Adjusted EBITDA

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

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

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

Reconciliation of Non-IFRS measures

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

For the 3 months<br><br> <br>ended 30<br><br> <br>September 2025<br><br> <br>USD’000 For the 3 months<br><br> <br>ended 30<br><br> <br>September 2024<br><br> <br>USD’000 For the 9 months<br><br> <br>ended 30<br><br> <br>September 2025<br><br> <br>USD’000 For the 9 months<br><br> <br>ended 30<br><br> <br>September 2024<br><br> <br>USD’000
Profit for the financial period 91,503 215,635 230,028 694,403
Income tax expense 699 1,164 4,778 4,479
Depreciation charge of property, plant and equipment 51,969 53,516 152,471 161,904
Amortisation charge of intangible assets 107 108 319 695
Gain on disposal of assets (2,769) (15,621) (2,769) (15,521)
Share of profit of equity-accounted investees, net of tax (4,351) (4,072) (10,344) (19,914)
Interest income (2,746) (4,455) (8,830) (11,739)
Interest expense 9,992 9,688 36,828 38,730
Capitalised financing fees written off 1,528 406 2,320 2,069
Other finance expense 4,545 645 4,943 6,043
Adjusted EBITDA 150,477 257,014 409,744 861,149

Time charter equivalent (or “TCE”)

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

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

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

Reconciliation of Non-IFRS measures

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

(in USD’000 except operating days and TCE income per operating day) For the 3 months ended 30<br><br> <br>September 2025 For the 3 months<br><br> <br>ended 30<br><br> <br>September 2024 For the 9 months ended 30<br><br> <br>September 2025 For the 9 months<br><br> <br>ended 30<br><br> <br>September 2024
Revenue (Hafnia Vessels and TC Vessels) 366,505 497,889 1,053,412 1,582,779
Revenue (External Vessels in Disponent-Owner Pools) 220,377 221,842 635,535 753,007
Less: Voyage expenses (Hafnia Vessels and TC Vessels) (119,505) (136,331) (356,503) (425,060)
Less: Voyage expenses (External Vessels in Disponent-Owner Pools) (80,240) (80,324) (249,412) (248,807)
Less: Pool distributions for External Vessels in Disponent-Owner Pools (140,137) (141,518) (386,123) (504,200)
TCE income 247,000 361,558 696,909 1,157,719
Operating days 9,485 10,776 28,453 31,867
TCE income per operating day 26,040 33,549 24,493 36,330

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

(in USD’000 except operating days and TCE income per operating day) For the 3 months<br><br> <br>ended 30<br><br> <br>September 2025 For the 3 months<br><br> <br>ended 30<br><br> <br>September 2024 For the 9 months ended 30<br><br> <br>September 2025 For the 9 months<br><br> ended 30<br><br> <br>September 2024
Revenue (Hafnia Vessels and TC Vessels) 366,505 497,889 1,053,412 1,582,779
Less: Voyage expenses (Hafnia Vessels and TC Vessels) (119,505) (136,331) (356,503) (425,060)
TCE income 247,000 361,558 696,909 1,157,719
Operating days 9,485 10,776 28,453 31,867
TCE income per operating day 26,040 33,549 24,493 36,330

‘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.

Forward-Looking Statements

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

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

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

• general economic, political, security, and business conditions, including the development of the ongoing war between Russia and Ukraine and the conflict between Israel and Hamas, disruptions in the Red Sea, sanctions and other<br> 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;
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• 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;
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• changes in expected trends in recycling of vessels;
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• changes in demand in the chemical and product tanker industry, including the market for LR2, LR1, MR and Handy chemical and product tankers;
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• competition within our industry, including changes in the supply of chemical and product tankers;
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• our ability to successfully employ the vessels in our Hafnia Fleet and the vessels under our commercial management;
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• 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;
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• changes in international treaties, governmental regulations, tax and trade matters and actions taken by regulatory authorities;
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• potential disruption of shipping routes and demand due to accidents, piracy or political events;
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• vessel breakdowns and instances of loss of hire;
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• vessel underperformance and related warranty claims;
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• our expectations regarding the availability of vessel acquisitions and our ability to complete the acquisition of newbuild vessels;
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• our ability to procure or have access to financing and refinancing;
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• our continued borrowing availability under our credit facilities and compliance with the financial covenants therein;
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• fluctuations in commodity prices, foreign currency exchange and interest rates;
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• potential conflicts of interest involving our significant shareholders;
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• our ability to pay dividends;
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• technological developments;
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• the occurrence, length and severity of epidemics and pandemics and the impact on the demand for transportation of chemical and petroleum products;
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• the impact of increasing scrutiny and changing expectations from investors, lenders and other market participants with respect to environmental, social and governance initiatives, objectives and compliance;
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• other factors that may affect our financial condition, liquidity and results of operations; and
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• other factors set forth in “Item 3. – Key Information – D. Risk Factors” of Hafnia’s Annual Report on Form 20-F, filed with the U.S. Securities and Exchange Commission on 30 April 2025

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

Exhibit 99.3

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

TICKER:

NYSE: “HAFN”

OSLO: “HAFNI”

Singapore, 1 December 2025

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

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

• Date of approval: 30 November 2025
• Record date: 9 December 2025
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• Dividend amount: 0.1470 per share
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• Declared currency: USD. Dividends payable to shares registered in the Euronext VPS will be distributed in NOK, with the conversion from USD to NOK taking place two business days prior to the payment date to shareholders in VPS.
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Shares registered in the Euronext VPS Oslo Stock Exchange:

• Last trading day including right to dividends: 5 December 2025
• Ex-date: 8 December 2025
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• Payment date: On or about 19 December 2025
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Shares registered in the Depository Trust Company:

• Last trading day including right to dividends: 8 December 2025
• Ex-date: 9 December 2025
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• Payment date: On or about 16 December 2025
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This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.

For further information, please contact:

Mikael Skov

CEO Hafnia Limited

+65 8533 8900

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About Hafnia Limited:

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

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

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

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