Hafnia Ltd

	Dec-25	Dec-24	Dec-23	Dec-22	Dec-21	Dec-20	Dec-19	Dec-18	Dec-17	Dec-16
Total revenue	2.35	2.87	2.67	1.93	0.81	0.87	0.83	0.37	0.35	0.30
Cost of revenue	1.93	2.02	1.82	1.09	0.62	0.63	0.65	0.33	0.32	0.27
Gross profit	0.42	0.85	0.85	0.84	0.19	0.24	0.18	0.04	0.03	0.03
Total operating expenses +	0.09	0.04	-0.01	0.02	0.19	0.05	0.04	0.03	0.00	0.19
Selling, general and administrative	0.05	0.05	0.04	0.04	0.02	0.02	0.01	0.00	0.00	0.00
Research and development
Other operating expenses	0.04	-0.01	-0.05	-0.02	0.18	0.02	0.03	0.03	-0.01	0.19
Operating income	0.34	0.81	0.86	0.82	0.00	0.19	0.15	0.01	0.03	-0.17
Non-operating income (net)	0.02	-0.03	-0.06	-0.06	-0.05	-0.04	-0.07	-0.03	-0.03	-0.02
Income before tax	0.35	0.78	0.80	0.76	-0.05	0.15	0.07	-0.02	0.00	-0.19
Income tax expense	0.00	0.00	0.01	0.01	0.00	0.00	0.00	0.00	0.00	0.00
Net income	0.35	0.77	0.79	0.75	-0.06	0.15	0.07	-0.02	0.00	-0.19

Show Quarterly Income Statement

	Mar-26	Dec-25	Sep-25	Jun-25	Mar-25	Dec-24	Sep-24	Jun-24	Mar-24	Dec-23	Sep-23	Jun-23	Mar-23	Dec-22	Sep-22	Jun-22	Mar-22	Dec-21	Sep-21
Total revenue	0.67	0.59	0.59	0.55	0.55	0.53	0.72	0.83	0.78	1.16	0.65	0.70	0.60	0.58	0.52	0.47	0.27	0.24	0.19
Cost of revenue	0.51	0.47	0.47	0.45	0.46	0.38	0.50	0.55	0.54	0.97	0.48	0.33	0.34	0.28	0.19	0.20	0.17	0.19	0.15
Gross profit	0.16	0.12	0.11	0.10	0.09	0.15	0.22	0.28	0.25	0.20	0.18	0.37	0.25	0.30	0.33	0.27	0.10	0.06	0.04
Total operating expenses +	0.01	0.03	0.01	0.02	0.02	0.06	0.00	0.02	0.01	0.02	0.01	0.14	-0.03	0.02	0.03	0.06	0.06	0.06	0.01
Selling, general and administrative	0.02		0.01	0.01	0.02	0.01	0.01	0.01	0.02	0.01	0.02	0.02	0.01	0.03	0.02	0.02	0.02		0.01
Research and development
Other operating expenses	-0.01	0.03	0.01	0.01	0.00	0.05	0.00	0.01	0.00	0.01	-0.01	0.12	-0.04	-0.01	0.02	0.04	0.04	0.06	0.00
Operating income	0.15	0.09	0.10	0.08	0.08	0.09	0.22	0.26	0.23	0.18	0.17	0.23	0.28	0.28	0.30	0.21	0.04	0.00	0.02
Non-operating income (net)	0.03	0.01	-0.01	-0.01	-0.01	-0.01	0.00	0.00	-0.01	0.00	-0.02	-0.01	-0.02	-0.02	-0.02	-0.02	-0.01	0.00	-0.04
Income before tax	0.18	0.11	0.09	0.08	0.06	0.08	0.22	0.26	0.22	0.18	0.15	0.21	0.26	0.27	0.28	0.19	0.02	-0.01	-0.02
Income tax expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net income	0.18	0.11	0.09	0.08	0.06	0.08	0.22	0.26	0.22	0.18	0.15	0.21	0.26	0.26	0.28	0.19	0.02	-0.01	-0.02

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	Dec-25	Dec-24	Dec-23	Dec-22	Dec-21	Dec-20	Dec-19	Dec-18	Dec-17	Dec-16
Total cash and short-term investments +	0.19	0.28	0.22	0.28	0.10	0.10	0.09	0.05	0.04	0.10
Cash and cash equivalents	0.19	0.28	0.22	0.28	0.10	0.10	0.09	0.05	0.04	0.10
Short-term investments
Accounts receivable, net	0.52	0.49	0.57	0.48	0.23	0.16	0.22	0.06	0.06	0.01
Inventories	0.07	0.09	0.11	0.09	0.01	0.01	0.01	0.02	0.01	0.00
Other current assets	0.06	0.03	0.03	0.02	0.01	0.02	0.01	0.01	0.00	0.01
Total current assets	0.84	0.90	0.93	0.88	0.34	0.28	0.33	0.14	0.11	0.12
Total non-current assets +	2.97	2.79	2.97	3.08	2.17	2.26	2.35	1.17	1.11	1.04
Property, plant and equipment, net
Goodwill	0.00						0.00			0.01
Intangible assets		0.00	0.00	0.00	0.00	0.00	0.00			0.00
Long-term investments	0.40	0.10	0.08	0.04	0.02	0.01
Other non-current assets
Total assets	3.81	3.69	3.90	3.96	2.51	2.54	2.68	1.31	1.22	1.16

Total current liabilities +	0.55	0.65	0.66	0.48	0.32	0.25	0.32	0.13	0.20	0.06
Accounts payable	0.35	0.19	0.22	0.04	0.03	0.07	0.11	0.05	0.05	0.00
Short-term debt	0.19	0.34	0.27	0.32	0.25	0.18	0.21	0.08	0.16	0.05
Current portion of long-term debt	0.18	0.25	0.17	0.10	0.20	0.14
Deferred revenue
Other current liabilities	0.01	0.12	0.17	0.12	0.04	0.00	0.08	0.00	0.00	0.01
Total non-current liabilities +	0.93	0.78	1.02	1.46	1.08	1.14	1.24	0.62	0.62	0.50
Long-term debt	0.86	0.32	0.40	0.63	0.94	0.97
Capital lease obligations	0.07	0.55	0.72	1.04	0.20	0.19
Other non-current liabilities
Total liabilities	1.48	1.44	1.68	1.94	1.40	1.40	1.56	0.74	0.82	0.56

Total stockholders' equity +	2.33	2.26	2.22	2.02	1.11	1.15	1.12	0.57	0.40	0.39
Common stock and paid-in capital	1.48	1.55	1.59	1.63	1.24	1.22	1.24	0.81	0.62	0.35
Retained earnings	0.85	0.70	0.63	0.38	-0.13	-0.07	-0.12	-0.24	-0.22	0.04
Common shares outstanding	504	515	509	489	363	364	350	122	110	110

Show Quarterly Balance Sheet

	Mar-26	Dec-25	Sep-25	Jun-25	Mar-25	Dec-24	Sep-24	Jun-24	Mar-24	Dec-23	Sep-23	Jun-23	Mar-23	Dec-22	Sep-22	Jun-22	Mar-22	Dec-21	Sep-21
Total cash and short-term investments +	0.15	0.19	0.13	0.31	0.27	0.20	0.29	0.37	0.22	0.22	0.12	0.24	0.27	0.28	0.15	0.09	0.07	0.10	0.08
Cash and cash equivalents	0.15	0.19	0.13	0.31	0.27	0.20	0.29	0.26	0.22	0.22	0.12	0.24	0.27	0.28	0.15	0.09	0.07	0.10	0.08
Short-term investments								0.11
Accounts receivable, net	0.68	0.52	0.50	0.47	0.53	0.54	0.57	0.62	0.60	0.57	0.69	0.81	0.70	0.48	0.63	0.54	0.36	0.24	0.17
Inventories	0.09	0.07	0.08	0.08	0.09	0.09	0.11	0.11	0.11	0.11	0.01	0.01	0.01	0.09	0.01	0.01	0.01	0.01	0.01
Other current assets	0.23	0.06	0.15	0.03	0.00	0.10	0.03	0.01	0.01	0.03	0.00	0.00	0.01	0.02	0.03	0.26	0.24	0.00	0.00
Total current assets	1.13	0.84	0.86	0.89	0.89	0.93	0.99	1.00	0.94	0.93	0.82	1.06	0.99	0.88	0.83	0.90	0.69	0.34	0.26
Total non-current assets +	2.89	2.97	2.71	2.78	2.81	2.81	2.82	2.90	2.97	2.97	2.98	3.01	2.94	3.08	3.12	3.15	3.00	2.17	2.20
Property, plant and equipment, net
Goodwill	0.00	0.00			0.01			0.00
Intangible assets			0.00	0.00	0.00	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-term investments	0.52	0.40	0.11	0.11	0.11	0.10	0.10	0.10	0.09	0.08
Other non-current assets
Total assets	4.03	3.81	3.57	3.68	3.70	3.73	3.81	3.91	3.91	3.90	3.80	4.07	3.93	3.96	3.95	4.05	3.69	2.51	2.46

Total current liabilities +	0.71	0.55	0.57	0.74	0.73	0.69	0.58	0.67	0.60	0.66	0.56	0.66	0.51	0.48	0.48	0.64	0.64	0.32	0.22
Accounts payable	0.42	0.35	0.34	0.34	0.35	0.35	0.32	0.35	0.35	0.22	0.30	0.32	0.21	0.04	0.09	0.16	0.12	0.07	0.06
Short-term debt	0.25	0.19	0.22	0.40	0.37	0.34	0.26	0.32	0.25	0.27	0.26	0.34	0.29	0.32	0.39	0.31	0.32	0.25	0.16
Current portion of long-term debt	0.22	0.18	0.19	0.31	0.29	0.25	0.17	0.25	0.17	0.17	0.17	0.18	0.09	0.10
Deferred revenue
Other current liabilities	0.04	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.17	0.00	0.00	0.00	0.12	0.00	0.17	0.20	0.00	0.00
Total non-current liabilities +	0.78	0.93	0.67	0.63	0.69	0.79	0.82	0.81	0.95	1.02	1.05	1.24	1.31	1.46	1.58	1.74	1.67	1.08	1.13
Long-term debt	0.73	0.86	0.56	0.24	0.27	0.32	0.35	0.29	0.41	0.40	0.41	0.46	0.52	0.63
Capital lease obligations	0.07	0.07	0.15	0.48	0.50	0.55	0.56	0.60	0.61	0.72	0.73	0.94	1.00	1.04
Other non-current liabilities
Total liabilities	1.49	1.48	1.24	1.37	1.42	1.47	1.40	1.48	1.55	1.68	1.61	1.91	1.82	1.94	2.06	2.38	2.31	1.40	1.35

Total stockholders' equity +	2.54	2.33	2.33	2.30	2.28	2.26	2.41	2.43	2.36	2.22	2.19	2.17	2.11	2.02	1.89	1.67	1.37	1.11	1.11
Common stock and paid-in capital	1.64	1.48	1.52	1.52	1.53	1.56	1.59	1.62	1.63	1.59	1.63	1.63	1.63	1.63	1.63	1.60	1.48	1.24	1.23
Retained earnings	0.90	0.85	0.81	0.78	0.75	0.71	0.82	0.81	0.73	0.63	0.55	0.54	0.48	0.38	0.26	0.07	-0.10	-0.13	-0.12
Common shares outstanding	505	504	504	504	504	515	515	515	510	509	507	507	509	489	481	466	437	363	363

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	Dec-25	Dec-24	Dec-23	Dec-22	Dec-21	Dec-20	Dec-19	Dec-18	Dec-17	Dec-16
Operating cash flow +	0.56	1.03	1.06	0.77	0.11	0.40	0.24	0.06	0.08	0.10
Net income
Depreciation, depletion and amortization	0.21	0.22	0.21	0.21	0.15	0.16	0.13	0.06	0.05	0.06
Stock-based compensation	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Change in inventory	0.03	0.01	-0.02	-0.02	0.00	0.00	0.02	-0.01	0.00	0.00
Other working capital changes	0.32	0.80	0.86	0.58	-0.05	0.24	0.09	0.01	0.03	0.04
Cash flow from investing +	-0.39	0.03	-0.03	-0.18	-0.05	-0.05	-0.28	-0.02	-0.12	-0.05
Capital expenditures	-0.15	-0.05	-0.18	-0.45	-0.03	-0.05	-0.28	-0.02	-0.12	-0.11
Others incl. marketable securities changes	-0.24	0.08	0.15	0.27	-0.02	0.00	0.00	0.00	0.00	0.06
Cash flow from financing +	-0.27	-1.00	-1.09	-0.47	-0.06	-0.34	0.05	-0.03	0.04	-0.04
Dividend payout	-0.20	-0.70	-0.54	-0.24	0.00	-0.10				-0.03
Common stock repurchases	-0.03	-0.05	0.00	0.00		-0.01	0.00			0.00
Net Debt Issuance	-0.04	-0.25	-0.54	-0.22	-0.06	-0.23	0.05	-0.03	0.04	-0.01

Change in cash	-0.09	0.06	-0.06	0.13	0.00	0.01	0.01	0.01	0.00	0.01

Show Quarterly Cash Flow

	Mar-26	Dec-25	Sep-25	Jun-25	Mar-25	Dec-24	Sep-24	Jun-24	Mar-24	Dec-23	Sep-23	Jun-23	Mar-23	Dec-22	Sep-22	Jun-22	Mar-22	Dec-21	Sep-21
Operating cash flow +	0.13	0.15	0.12	0.19	0.14	0.20	0.28	0.30	0.25	0.20	0.33	0.19	0.35	0.33	0.25	0.13	0.03	0.02	0.01
Net income
Depreciation, depletion and amortization	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.04	0.04
Stock-based compensation	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Change in inventory	-0.02	0.01	0.00	0.01	0.00	0.00	0.00	0.01	0.00	-0.02	-0.01	0.01	-0.02	0.00	0.00	0.00	0.00	0.00	0.00
Other working capital changes	0.10	0.09	0.06	0.13	0.09	0.14	0.23	0.24	0.19	0.16	0.29	0.12	0.32	0.27	0.19	0.07	-0.02	-0.02	-0.02
Cash flow from investing +	0.11	-0.30	-0.01	-0.03	-0.03		0.02	0.01	-0.01	-0.09	-0.04	-0.04	0.10	0.04	0.18	-0.19	-0.21	0.00	-0.05
Capital expenditures	-0.02	-0.03	-0.04	-0.04	-0.03	-0.01	-0.01	-0.01	-0.02	-0.05	-0.04	-0.09	0.00	0.00	-0.01	-0.21	-0.22	0.00	0.00
Others incl. marketable securities changes	0.13	-0.27	0.03	0.01	0.00	0.01	0.03	0.02	0.00	-0.05	0.00	0.05	0.10	0.04	0.19	0.02	0.01	0.01	-0.04
Cash flow from financing +	-0.20	0.14	-0.21	-0.11	-0.12	-0.22	-0.28	-0.26	-0.24	-0.11	-0.41	-0.20	-0.36	-0.34	-0.36	0.08	0.16	0.00	0.02
Dividend payout	-0.09	-0.07	-0.06	-0.05	-0.01	-0.19	-0.21	-0.18	-0.12	-0.10	-0.13	-0.15	-0.16	-0.14	-0.09	-0.01
Common stock repurchases	0.00	0.00	0.00	0.00	-0.03	-0.05	0.00	0.00	0.00
Net Debt Issuance	-0.11	0.21	-0.15	-0.06	-0.08	0.02	-0.07	-0.09	-0.12	-0.01	-0.28	-0.05	-0.20	-0.20	-0.27	0.09	0.16	0.00	0.02

Change in cash	0.04	-0.01	-0.11	0.05	-0.02	-0.02	0.03	0.05	-0.01	-0.01	-0.12	-0.06	0.09	0.02	0.06	0.01	-0.03	0.02	-0.01

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Hafnia Ltd

Income Statement - Hafnia Ltd (HAFN)

Income Statement - Hafnia Ltd (HAFN)

Balance Sheet - Hafnia Ltd (HAFN)

Balance Sheet - Hafnia Ltd (HAFN)

Cash Flow - Hafnia Ltd (HAFN)

Cash Flow - Hafnia Ltd (HAFN)