Description of Hafnia Limited's Business Segments

The registrant's operating business segments are categorized by vessel size and type as follows: Long Range II (LR2) vessels sized 85,000 to 124,999 deadweight tons (dwt); Long Range I (LR1) vessels sized 55,000 to 84,999 dwt; Medium Range (MR) vessels sized 40,000 to 54,999 dwt; and Handy size vessels sized 25,000 to 39,999 dwt. Additionally, the registrant operates vessels in two smaller segments: Stainless steel 25k ("Stainless" or "Chemical-Stainless") at 25,000 dwt, and Small and City tankers collectively referred to as "Specialised" size, ranging from 5,000 to 19,999 dwt. The Hafnia Fleet operates within the main segments (LR2, LR1, MR, Handy) but does not include Stainless or Specialised vessels. As of December 31, 2025, the Combined Fleet comprises 187 vessels across these segments, including owned vessels, sale and lease-back vessels, time chartered vessels, and joint venture vessels. The Hafnia Fleet specifically includes 10 LR2 vessels designed to carry a wide range of oils and oil products, with detailed information available for each vessel regarding name, build date, shipyard, cargo capacity, flag, ownership percentage, classification society, and employment type.

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Annual Report on Hafnia Limited Divisions, Sales by Country


Hafnia vessels and TC vessels	62.31 %	of total Revenue
Revenue from Time Charter	7.41 %	of total Revenue
Lease Component	4.99 %	of total Revenue
Non Lease Component	2.42 %	of total Revenue
Revenue from Voyage Charter	54.9 %	of total Revenue
External Vessels in Disponent-Owner Pools	37.69 %	of total Revenue
Hafnia Vessels and TC Vessels LR2	4.84 %	of total Revenue
Hafnia Vessels and TC Vessels LR1	16.41 %	of total Revenue
Hafnia Vessels and TC Vessels MR	29.61 %	of total Revenue
Hafnia Vessels and TC Vessels Handy	11.45 %	of total Revenue
External Vessels in Disponent-Owner Pools LR2	3.32 %	of total Revenue
External Vessels in Disponent-Owner Pools LR1	10.07 %	of total Revenue
External Vessels in Disponent-Owner Pools MR	20.84 %	of total Revenue
External Vessels in Disponent-Owner Pools Handy	3.46 %	of total Revenue
Major Customer	29.6 %	of total Revenue
LR2 Major Customer	6.99 %	of total Revenue
LR1 Major Customer	1.08 %	of total Revenue
MR Major Customer	4.95 %	of total Revenue
Handy Major Customer	0.69 %	of total Revenue

Twelve months ended 2025
HAFN s Annual Revenue by Geography and Business Segments	Sales (in millions $)	% (of total Sales)
Hafnia vessels and TC vessels	1,421.83	62.31 %
Revenue from Time Charter	169.15	7.41 %
Lease Component	113.84	4.99 %
Non Lease Component	55.30	2.42 %
Revenue from Voyage Charter	1,252.69	54.9 %
External Vessels in Disponent-Owner Pools	860.08	37.69 %
Hafnia Vessels and TC Vessels LR2	110.42	4.84 %
Hafnia Vessels and TC Vessels LR1	374.47	16.41 %
Hafnia Vessels and TC Vessels MR	675.71	29.61 %
Hafnia Vessels and TC Vessels Handy	261.24	11.45 %
External Vessels in Disponent-Owner Pools LR2	75.77	3.32 %
External Vessels in Disponent-Owner Pools LR1	229.90	10.07 %
External Vessels in Disponent-Owner Pools MR	475.57	20.84 %
External Vessels in Disponent-Owner Pools Handy	78.85	3.46 %
Major Customer	675.40	29.6 %
LR2 Major Customer	159.53	6.99 %
LR1 Major Customer	24.60	1.08 %
MR Major Customer	112.97	4.95 %
Handy Major Customer	15.71	0.69 %
Total	2,281.91	100 %

Twelve months ended 2025
HAFN s Annual Income by Country and Business Segments	Income (in millions $)	% (Profit Margin)
Total	339.68	14.89 %

Twelve months ended 2025
Annual Revenue and Income Growth by Country and Business Segments	% Y/Y Sales Growth	% Y/Y Income Growth
Hafnia vessels and TC vessels	-26.54 %	-
Revenue from Time Charter	27.65 %	-
Lease Component	23.5 %	-
Non Lease Component	37.14 %	-
Revenue from Voyage Charter	-30.53 %	-
External Vessels in Disponent-Owner Pools	-7.82 %	-
Hafnia Vessels and TC Vessels LR2	-11.94 %	-
Hafnia Vessels and TC Vessels LR1	-28.38 %	-
Hafnia Vessels and TC Vessels MR	-26.17 %	-
Hafnia Vessels and TC Vessels Handy	-29.81 %	-
External Vessels in Disponent-Owner Pools LR2	-12.07 %	-
External Vessels in Disponent-Owner Pools LR1	-27.82 %	-
External Vessels in Disponent-Owner Pools MR	8.52 %	-
External Vessels in Disponent-Owner Pools Handy	-12.53 %	-
Major Customer	-27.97 %	-
LR2 Major Customer	-11.91 %	-
LR1 Major Customer	31.46 %	-
MR Major Customer	4.5 %	-
Handy Major Customer	533.8 %	-
Total	-20.45 %	-56.12 %

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