$HAFN

Hafnia Ltd

CIK:0001815779|SEC Filings

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Profit (loss) [abstract]
Revenue	$ 2,281,909	$ 2,868,647	$ 2,671,706
Gross profit	955,874	1,391,279	1,366,607
Other operating income	31,101	35,195	44,984
Vessel operating expenses	(282,123)	(278,041)	(268,869)
Technical management expenses	(27,082)	(28,173)	(25,692)
Charter hire expenses	(33,415)	(48,496)	(34,571)
Other expenses	(84,876)	(79,446)	(69,571)
Total other gains	559,479	992,318	1,012,888
Gain on disposal of assets	12,236	28,520	56,087
Depreciation charge of property, plant and equipment	(201,702)	(214,308)	(209,727)
Amortisation charge of intangible assets	(427)	(803)	(1,300)
Operating profit	369,586	805,727	857,948
Interest income	13,496	16,317	17,629
Interest expense	(49,768)	(52,375)	(77,385)
Capitalised financing fees written off	(2,720)	(2,069)	(5,894)
Other finance expense	(5,607)	(9,662)	(11,845)
Finance expense - net	(44,599)	(47,789)	(77,495)
Share of profit of equity-accounted investees, net of tax	17,190	20,515	19,073
Profit before income tax	342,177	778,453	799,526
Income tax expense	(2,495)	(4,418)	(6,251)
Profit for the financial year	339,682	774,035	793,275
Items that may be subsequently reclassified to profit or loss
Foreign operations - foreign currency translation differences	325	(135)	(92)
Cash flow hedges - effective portion of changes in fair value	(2,822)	14,522	13,378
Cash flow hedges - reclassified to profit or loss	(10,057)	(33,129)	(42,524)
Other comprehensive income that will be reclassified to profit or loss, net of tax	(12,554)	(18,742)	(29,238)
Item that will not be subsequently reclassified to profit or loss
Equity investments at FVOCI - net change in fair value	(36,957)	1,186	9,720
Total other comprehensive loss, net of tax	(49,511)	(17,556)	(19,518)
Total comprehensive income for the year	$ 290,171	$ 756,479	$ 773,757
Earnings per share attributable to the equity holders of the Company (expressed in US$ per share)
Basic earnings per share (in dollars per share)	$ 0.68	$ 1.52	$ 1.57
Diluted earnings per share (in dollars per share)	$ 0.67	$ 1.5	$ 1.56
Hafnia Vessels and TC Vessels [Member]
Profit (loss) [abstract]
Revenue	$ 1,421,831	$ 1,935,596	$ 1,915,472
Voyage expenses	(465,957)	(544,317)	(548,865)
External Vessels in Disponent-Owner Pools [Member]
Profit (loss) [abstract]
Revenue	860,078	933,051	756,234
Voyage expenses	(329,566)	(332,802)	(279,749)
Pool distributions	$ (530,512)	$ (600,249)	$ (476,485)

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Cash flows from operating activities

Profit for the financial year

$ 339,682

$ 774,035

$ 793,275

Adjustments for:

income tax expense

2,495

4,418

6,251

depreciation and amortisation charges

202,129

215,111

211,027

gain on disposal of assets

(12,236)

(28,520)

(56,087)

interest income

(13,496)

(16,317)

(17,629)

finance expense

58,095

64,106

95,124

share of profit of equity-accounted investees, net of tax

(17,190)

(20,515)

(19,073)

equity-settled share-based payment transactions

3,205

2,960

2,822

Operating cash flows before working capital changes

562,684

995,278

1,015,710

Changes in working capital:

intangible assets

(10,746)

(5,919)

inventories

25,128

13,549

(17,773)

trade and other receivables, and prepayments

(15,347)

86,140

(139,166)

trade and other payables, and provisions

41,329

(49,170)

205,663

Cash generated from operations

603,048

1,039,878

1,064,434

Income tax paid

(159)

(9,514)

(3,628)

Net cash provided by operating activities

602,889

1,030,364

1,060,806

Cash flows from investing activities

Interest income received

12,006

12,459

13,583

Loan to joint ventures

(10,918)

(13,207)

(15,488)

Acquisition of other investments

(311,433)

(861)

(10,408)

Equity investment in joint ventures

(25)

(2,217)

(2,240)

Return of investment in joint venture

1,000

1,360

Purchase of intangible assets

(23)

Proceeds from disposal of property, plant and equipment

75,536

57,098

142,793

Proceeds from disposal of other investments

2,343

Repayment of loans by joint ventures

16,316

22,540

23,975

Dividend received from joint venture

500

Purchase of property, plant and equipment

(146,199)

(49,600)

(184,392)

Net cash (used in)/provided by investing activities

(363,717)

29,892

(31,677)

Cash flows from financing activities

Proceeds from borrowings from external financial institutions

900,000

110,000

247,030

Repayment of borrowings to external financial institutions

(422,774)

(109,136)

(309,064)

Repayment of borrowings to non-related parties

(5,429)

Repayment of lease liabilities

(524,267)

(201,191)

(390,153)

Payment of financing fees

(7,284)

(1,085)

(3,997)

Interest paid to external financial institutions

^[1]

(57,496)

(71,727)

(109,006)

Interest paid to a third party

(5,707)

Proceeds from exercise of employee share options

935

9,286

Proceeds from settlement of derivative financial instruments

^[1]

12,105

30,044

35,372

Dividends paid

(198,639)

(699,883)

(544,136)

Repurchase of treasury shares

(27,656)

(49,161)

Other finance expense paid

(4,154)

(8,005)

(11,129)

Net cash used in financing activities

(330,165)

(999,209)

(1,086,933)

Net (decrease)/increase in cash and cash equivalents

(90,993)

61,047

(57,804)

Cash and cash equivalents at beginning of the financial year

283,568

222,521

280,325

Cash and cash equivalents at end of the financial year

192,575

283,568

222,521

Cash and cash equivalents at end of the financial year comprises of:

Cash at bank and on hand

103,609

195,271

141,621

Cash retained in the commercial pools

88,966

88,297

80,900

Cash and cash equivalents

$ 192,575

$ 283,568

$ 222,521

[1]

Revisions were made to the prior years comparatives as the Group had previously presented proceeds from settlement of derivative financial instruments of US$30,044,000 (2023: US$35,372,000) for the financial year ended 31 December 2024 and 31 December 2023 within interest paid to external financial institutions on a net basis. The Group has revised the prior years comparatives of proceeds from settlement of derivative financial instruments to be presented on a gross basis in accordance with IAS 7. The revision in comparatives had been assessed by the Group to be immaterial.

CONSOLIDATED BALANCE SHEET - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
CONSOLIDATED BALANCE SHEET [Abstract]
Vessels and scrubbers	$ 2,344,757	$ 2,521,223
Dry docking	114,636	66,945
Right-of-use assets - Vessels	38,413	18,661
Other property, plant and equipment	865	733
Total property, plant and equipment	2,498,671	2,607,562
Intangible assets	83	510
Total intangible assets	83	510
Other investments	297,581	23,069
Derivative financial instruments	2,627	12,024
Restricted cash	10,000	13,542
Loans receivable from joint ventures	59,845	64,133
Joint ventures	97,821	81,371
Trade and other receivables, and prepayments	1,320	0
Total other non-current assets	469,194	194,139
Total non-current assets	2,967,948	2,802,211
Intangible assets	16,665	5,919
Total intangible assets	16,665	5,919
Inventories	69,027	94,155
Trade and other receivables, and prepayments	521,954	503,836
Derivative financial instruments	6,237	12,601
Cash at bank and on hand	103,609	195,271
Cash retained in the commercial pools	88,966	88,297
Assets held for sale	37,490	0
Total other current assets	827,283	894,160
Total current assets	843,948	900,079
Total assets	3,811,896	3,702,290
Share capital	1,093,055	1,093,055
Other reserves	468,761	517,713
Treasury shares	(78,449)	(53,439)
Retained earnings	846,220	705,177
Total shareholders' equity	2,329,587	2,262,506
Borrowings	910,402	785,954
Total non-current liabilities	910,402	785,954
Borrowings	212,574	336,295
Derivative financial instruments	163	1,939
Current income tax liabilities	5,019	2,757
Trade and other payables, and provisions	354,151	312,839
Total current liabilities	571,907	653,830
Total liabilities	1,482,309	1,439,784
Total shareholders' equity and liabilities	$ 3,811,896	$ 3,702,290