\n| \n 1<\/sup> Based on weighted average number of shares as at 30 September 2025.\n<\/p>\n<\/td>\n<\/tr>\n\n| \n 2<\/sup> Excluding a one-off item amounting to USD 1.3 million in YTD 9M 2025. From mid-May 2025, the Group transferred its bunker procurement business to its joint venture, Seascale Energy, which is equity accounted.\n<\/p>\n<\/td>\n<\/tr>\n\n| \n 3<\/sup> See Non-IFRS Measures Section below.\n<\/p>\n<\/td>\n<\/tr>\n\n| \n 4<\/sup> NAV is calculated using the fair value of Hafnia\u2019s owned vessels (including joint venture vessels).\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\nMikael Skov, CEO of Hafnia, commented:\n<\/p>\n \nThe 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.\n<\/p>\n \nI am pleased to announce that Hafnia delivered strong earnings for the quarter. In Q3, we achieved a net profit of USD 91.5 million<\/b>, our strongest quarterly result so far in 2025, with our fee-based businesses generating USD 7.1 million<\/b>. This quarter\u2019s performance also reflects the impact of several vessels undergoing drydocking, resulting in approximately 740<\/b> off-hire days. This was around 230 days higher<\/b> 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<\/b> in the fourth quarter.\n<\/p>\n \nAt the end of the third quarter, our net asset value (NAV1<\/sup>) stood at approximately USD 3.4 billion<\/b>, translating to an NAV per share of about USD 6.76<\/b> (~NOK 67.55<\/b>). Our net Loan-to-Value (LTV) ratio improved from 24.1% in the second quarter to 20.5%, <\/b>supported by strong operational cashflows. Approximately USD 100 million<\/b> was used to repurchase vessels under sale-and-leaseback financings. <\/b>In addition, vessel market values have also recorded a slight uptick compared to the previous quarter.\n<\/p>\nI 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.<\/i><\/b><\/p>\n \nAs 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.\n<\/p>\n \nIn 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.\n<\/p>\n \nAs 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.\n<\/p>\n \nOn 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.\n<\/p>\n \nOverall, 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.\n<\/p>\n 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.<\/i><\/b><\/p>\n \nAs 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<\/b>. We will continue to exercise financial discipline and pursue opportunities that strengthen our competitive position.\n<\/p>\n\n\n| \n 1<\/sup> NAV is calculated using the fair value of Hafnia\u2019s owned vessels (including joint venture vessels).<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\nFleet<\/b><\/p>\n \nAt the end of the quarter, Hafnia\u2019s fleet consisted of 117<\/b> owned vessels1<\/sup> and 9<\/b> chartered-in vessels. The Group\u2019s total fleet includes 10 LR2s<\/b>, 32 LR1s<\/b> (including two bareboat-chartered in and two time-chartered in), 60 MRs<\/b> of which 12 are IMO II (including seven time-chartered in), and 24 Handy<\/b> vessels of which 18 are IMO II (including two bareboat-chartered in).\n<\/p>\n\nThe average estimated broker value of the owned fleet1<\/sup> was USD 3,805 million<\/b>, of which USD 3,388 million<\/b> relates to Hafnia\u2019s 100% owned fleet, and USD 417 million<\/b> relates to Hafnia\u2019s 50% share in the joint venture fleet.\n<\/p>\n\nIncluding Hafnia\u2019s 50% share in the joint venture fleet, the LR2 vessels had a broker value of USD 542 million2<\/sup><\/b>, the LR1 fleet had a broker value of USD 947 million2<\/sup><\/b>, the MR fleet had a broker value of USD 1,600 million3<\/sup><\/b>and the Handy vessels had a broker value of USD 716 million4<\/sup><\/b>. The unencumbered vessels had a broker value of USD 782 million<\/b>. The chartered-in fleet had a right-of-use asset book value of USD 20 million<\/b> with a corresponding lease liability of USD 19 million<\/b>.\n<\/p>\n\n\n| \n 1<\/sup> Including bareboat chartered in vessels; six LR1s and four LR2s owned through 50% ownership in the Vista Shipping Joint Venture, two MRs owned through 50% ownership in the H&A Shipping Joint Venture, three IMO II MRs owned through 50% ownership in the Ecomar Joint Venture; and three MRs classified as assets held for sale\n<\/p>\n<\/td>\n<\/tr>\n\n| \n 2<\/sup> Including USD 290 million relating to Hafnia\u2019s 50% share of six LR1s and four LR2s owned through 50% ownership in the Vista Shipping Joint Venture\n<\/p>\n<\/td>\n<\/tr>\n\n| \n 3<\/sup> Including USD 127 million relating to Hafnia\u2019s 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\n<\/p>\n<\/td>\n<\/tr>\n\n| \n 4<\/sup> Including IMO II Handy vessels\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\nMarket Review & Outlook<\/b><\/p>\n \nThe 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.\n<\/p>\n Market Fundamentals<\/span><\/p>\n\nUnderlying 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.\n<\/p>\n Geopolitical Developments<\/span><\/p>\n\nGeopolitical 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.\n<\/p>\n Supply Outlook<\/span><\/p>\n\nThe 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.\n<\/p>\n Forward View<\/span><\/p>\n\nLooking 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.\n<\/p>\n Key Figures<\/b><\/p>\n | | | | | | | | |