HAFNI: HAFNIA FINANCIAL INFORMATION Q1 2026

CEO Statement

The first quarter of 2026 was defined by a geopolitical disruption to global oil
markets without modern precedent. The closure of the Strait of Hormuz
fundamentally reshaped global crude and refined product trade flows. 

At the same time, attacks on Middle East refineries, refinery run cuts, and
export restrictions in Asia further disrupted supply chains and trade volumes
across multiple regions. The loss of an estimated 12.8 million barrels per day
(mb/d) in global oil supply triggered a rapid rerouting of crude and refined
product supply chains. This was partially offset by increased production from
Atlantic Basin and the International Energy Agency's (IEA) coordinated release
of up to 400 mb from strategic reserves to help fill the supply gap.

Against this backdrop, Hafnia delivered another quarter of strong earnings. In
Q1 2026, we recorded a net profit of USD 179.7 million. This included USD 32.5
million from gains on vessel sales, while our fee-based business generated USD
7.8 million. The IFRS 15 load-to-discharge adjustment has resulted in a negative
TCE adjustment of USD 17.9 million. Q1 results include approximately 210
off-hire vessel-days from scheduled drydocking. We expect drydocking activity to
continue through the remainder of 2026, with approximately 300 off-hire days
anticipated in Q2.

Our average fleet TCE for Q1 was USD 30,327 per day. As of 13 May 2026, 73% of
our Q2 earning days are covered at an average of USD 46,600 per day, supporting
our expectation that Q2 will be stronger than Q1. In addition, 39% of our
earning days for Q2 to Q4 2026 have been covered at an average rate of USD
38,281 per day. 

At the end of the first quarter, our net asset value (NAV ) rose to
approximately USD 4.0 billion, up USD 0.5 billion from Q4 2025. This is
equivalent to USD 8.09 (~NOK 78.81) per share, driven by higher vessel
valuations across all segments amid a strengthened freight market. Our net
Loan-to-Value (LTV) ratio decreased from 24.9% in the fourth quarter to 20.2%,
primarily due to strong cashflow generation from both operations and vessel
sales. 

I am pleased to announce an 80% payout ratio for the first quarter. Accordingly,
we will distribute a total of USD 143.8 million in dividends, or USD 0.2877 per
share. This reflects our continued commitment to delivering strong shareholder
returns. Shareholders who have held Hafnia shares over the past 12 months have
achieved a total return exceeding 100%, including share price appreciation and
dividends.

As part of our fleet renewal strategy, we divested older tonnage while enhancing
the overall quality and efficiency of our fleet. In Q1, we completed the sale of
three LR1s, two MRs, and one Handy. During Q2, we further sold and delivered one
LR1, one MR, and three Handy vessels, with an additional MR committed for sale
and pending delivery to the buyer. These transactions, together with our
recently announced contracts for eight MR newbuilds and the exercise of two
additional newbuild options, demonstrate our focus on modernizing the fleet,
reducing average fleet age, and strengthening Hafnia's long-term earnings
capacity.

Since making our 13.97% investment in TORM in December 2025, the position has
contributed meaningfully to our overall financial performance. Since the
investment, we have recognized approximately USD 9.9 million in dividend income.
As at Q1 2026, the market value of the position stood at USD 395.0 million,
representing an unrealized fair value gain of approximately USD 117.8 million
from the previous quarter.

The investment represents a meaningful financial position in a high-quality
product tanker company, and we continue to evaluate it within the context of our
strategy and our commitment to delivering shareholder returns. While we maintain
our view that industry consolidation can create value, the specific path and
timing of any strategic steps will be guided by our overriding priority:
maximizing returns for Hafnia's shareholders. We will take the approach that
best serves this objective.

We have commenced the deployment of Complexio, an enterprise AI platform that
integrates conversational AI, workflow analytics, and automation to transform
operational data into faster and more informed decision making. Initial
applications have already improved response times across commercial and finance
workflows, and we believe the platform has significant potential to scale across
Hafnia as adoption accelerates through 2026 and 2027.

Looking ahead, the outlook remains highly uncertain and depends largely on the
duration of the disruption to traffic through the Strait of Hormuz and the time
required for oil production and global refinery operations to recover. The IEA
estimates refinery throughput will plunge by 4.5 mb/d in the second quarter.
Even if the Strait gradually reopens, structural damage to Gulf infrastructure
is expected to drive a prolonged rerouting of global product trade flows,
supporting tonne-mile demand well beyond this year.

With nearly 200 tankers and thousands of seafarers unable to transit the Strait
at the end of the quarter, the human dimension of this crisis must not be
overlooked. The safety and well-being of our own crews, and those across the
industry, remain our foremost concern. We are operating in a market environment
without modern precedent, characterized by significant disruption and
volatility. At the same time, we continue to monitor the demand-side impact of
elevated oil prices, which the IEA now forecasts will lead to the first
year-over-year contraction in global oil demand since the COVID-19 pandemic,
with demand forecast to decline by approximately 0.4 mb/d to around 104 mb/d.

Despite this backdrop, I remain highly confident in Hafnia's commercial
expertise and operational agility. Our ability to navigate complex market
conditions, optimize trade flows, and respond to evolving market dynamics
positions us strongly to capture opportunities while prudently managing risk.

- Mikael Skov, CEO Hafnia
flows\, and respond to evolving market dynamics\
positions us strongly to capture opportunities while prudently managing risk.\
\
- Mikael Skov\, CEO Hafnia\