Declared Dividend • May 31
First quarter dividend of US$0.29 announced Shareholders will receive a dividend of US$0.29. Ex-date: 3rd June 2026 Payment date: 22nd June 2026 Dividend yield will be 6.6%, which is lower than the industry average of 13%. Sustainability & Growth Dividend is covered by both earnings (60% earnings payout ratio) and cash flows (60% cash payout ratio). The dividend has increased by an average of 16% per year over the past 6 years. However, payments have been volatile during that time. EPS is expected to decline by 55% over the next 3 years. Since a fall of 34% would increase the payout ratio to a potentially unsustainable range, the dividend may be at risk. Live News • May 28
Hafnia Delivers US$179.7 Million Q1 Profit With High Coverage and Dividend Payouts Hafnia reported Q1 2026 net profit of US$179.7 million, supported by tighter tanker availability and higher freight rates following geopolitical disruptions, including the Strait of Hormuz closure.
As of mid May, the company had 73% of Q2 2026 earning days covered at an average rate of US$46,600 per day, indicating a high level of forward coverage for the near term.
Hafnia declared Q1 2026 dividends totaling US$143.8 million, corresponding to an 80% payout ratio, and scheduled its full Q1 results release and investor presentation for 27 May 2026.
The combination of strong reported profit, high coverage of upcoming earning days and a high payout ratio highlights how current market conditions are feeding directly into both earnings and cash returns to shareholders.
Investors may want to watch the 27 May presentation closely for any commentary on the durability of current freight rate conditions and whether the elevated payout ratio is intended as a steady policy or as a reflection of recent exceptional trading. Reported Earnings • May 27
First quarter 2026 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2026 results: EPS: US$0.36 (up from US$0.13 in 1Q 2025). Revenue: US$671.2m (up 23% from 1Q 2025). Net income: US$179.7m (up 184% from 1Q 2025). Profit margin: 27% (up from 12% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 6.1%. Earnings per share (EPS) exceeded analyst estimates by 3.4%. Revenue is expected to fall by 47% p.a. on average during the next 3 years compared to a 3.2% decline forecast for the Oil and Gas industry in Norway. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Major Estimate Revision • Apr 24
Consensus revenue estimates increase by 18% The consensus outlook for revenues in fiscal year 2026 has improved. 2026 revenue forecast increased from US$1.10b to US$1.30b. EPS estimate increased from US$0.915 to US$1.26 per share. Net income forecast to grow 61% next year vs 93% growth forecast for Oil and Gas industry in Norway. Consensus price target up from kr76.25 to kr81.75. Share price rose 2.4% to kr78.15 over the past week. New Risk • Apr 22
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. Minor Risks High level of debt (41% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (15% net profit margin). Significant insider selling over the past 3 months (kr84m sold). Reported Earnings • Apr 21
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: US$0.68 (down from US$1.52 in FY 2024). Revenue: US$2.28b (down 21% from FY 2024). Net income: US$339.7m (down 56% from FY 2024). Profit margin: 15% (down from 27% in FY 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 3.2%. Earnings per share (EPS) also missed analyst estimates by 4.4%. Revenue is expected to fall by 41% p.a. on average during the next 3 years compared to a 1.5% decline forecast for the Oil and Gas industry in Norway. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Major Estimate Revision • Apr 14
Consensus EPS estimates increase by 21% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate increased from US$0.749 to US$0.909. Revenue forecast unchanged at US$1.10b. Net income forecast to grow 33% next year vs 75% growth forecast for Oil and Gas industry in Norway. Consensus price target up from kr72.50 to kr76.25. Share price was steady at kr77.80 over the past week. Major Estimate Revision • Mar 10
Consensus EPS estimates fall by 25% The consensus outlook for fiscal year 2026 has been updated. 2026 consensus EPS estimate fell from US$0.952 to US$0.716. Revenue forecast reaffirmed at US$1.03b. Net income forecast to grow 16% next year vs 45% growth forecast for Oil and Gas industry in Norway. Consensus price target of kr74.25 unchanged from last update. Share price fell 5.8% to kr71.38 over the past week. New Risk • Mar 04
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 7.4% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 7.4% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (14% net profit margin). Major Estimate Revision • Mar 02
Consensus EPS estimates increase by 24% The consensus outlook for fiscal year 2026 has been updated. 2026 consensus EPS increased from US$0.779 to US$0.963. Revenues were reaffirmed at US$1.03b. Net income forecast to grow 23% next year vs 56% growth forecast for Oil and Gas industry in Norway. Consensus price target of kr74.25 unchanged from last update. Share price rose 3.3% to kr71.04 over the past week. New Risk • Mar 02
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 14% Last year net profit margin: 29% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (14% net profit margin). Declared Dividend • Mar 02
Third quarter dividend of US$0.18 announced Shareholders will receive a dividend of US$0.18. Ex-date: 5th March 2026 Payment date: 18th March 2026 Dividend yield will be 5.5%, which is lower than the industry average of 13%. Sustainability & Growth Dividend is covered by both earnings (65% earnings payout ratio) and cash flows (53% cash payout ratio). The dividend has increased by an average of 16% per year over the past 6 years. However, payments have been volatile during that time. EPS is expected to grow by 5.5% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 27
Full year 2025 earnings: Revenues miss analyst expectations Full year 2025 results: Revenue: US$1.42b (down 50% from FY 2024). Net income: US$339.7m (down 56% from FY 2024). Profit margin: 24% (down from 27% in FY 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 3.2%. Revenue is expected to fall by 18% p.a. on average during the next 3 years compared to a 2.0% decline forecast for the Oil and Gas industry in Norway. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Announcement • Feb 26
Hafnia Limited Announces Cash Dividend for the Fourth Quarter of 2025, Payable on or About 18 March 2026 Hafnia Limited announced cash dividend of USD 0.1762 per share for the fourth quarter of 2025, payable on or about 18 March 2026. Record date is 6 March 2026. Ex-date is 5 March 2026. Shares registered in the Depository Trust Company: Last trading day including right to dividends: 5 March 2026. Ex-date: 6 March 2026. Payment date: On or about 13 March 2026. Announcement • Dec 24
Hafnia Limited (OB:HAFNI) completed the acquisition of 13.97% stake in TORM plc (CPSE:TRMD A) from Oaktree Capital Management, L.P. and and its affiliates. Hafnia Limited (OB:HAFNI) enters into a preliminary agreement to acquire 14.45% stake in TORM plc (CPSE:TRMD A) from Oaktree Capital Management, L.P. and and its affiliates for approximately $310 million on September 3, 2025. Hafnia Limited entered into a binding share purchase agreement to acquire 14.45% stake in TORM plc on September 11, 2025. A cash consideration valued at $22 per share will be paid by Hafnia Limited.
The Announcement notes that completion of the Share Purchase is subject to entry into a definitive agreement and the fulfilment of customary conditions precedent, including among others, obtaining any required regulatory clearances and approvals, the satisfaction of certain covenants, The appointment of a new independent board chairman of TORM and approval of the Transaction by the Administrative Council for Economic Defense (Conselho Administrativo de Defesa Econômica – CADE) in Brazil.
As of December 18, 2025, all conditions precedent required for the completion of Hafnia’s acquisition of approximately 14.1 million A-shares in TORM plc have been satisfied. Since September 11, 2025, TORM has announced to have increased its issued share capital by 3,380,278 new A-shares. Consequently, Hafnia’s acquisition of approximately 14.1 million A-shares will represent approximately 13.97% of TORM’s issued share capital as per the date hereof. Upon completion, Hafnia will hold approximately 13.97% of the issued share capital of TORM.
Completion of the acquisition is expected to take place shortly.
Dan Schuster-Woldan, Matthew Hearn, Ross Ferguson, Christopher J. Cummings, Deeksha Rathi of Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal advisor to Oaktree Capital Management, L.P., and its affiliates in the sale of stake in TORM. Henrik Laursen, Janus Jepsen, Peter E. Stassen, Lise Aaby Nielsen, Lynge Daugaard Jensen of Plesner Advokatpartnerselskab acted as legal advisor to Hafnia Limited.
Hafnia Limited (OB:HAFNI) completed the acquisition of 13.97% stake in TORM plc (CPSE:TRMD A) from Oaktree Capital Management, L.P. and and its affiliates on December 22, 2025. New Risk • Dec 10
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.5% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 2.5% per year for the foreseeable future. Minor Risks Dividend is not well covered by cash flows (112% cash payout ratio). Profit margins are more than 30% lower than last year (14% net profit margin). Reported Earnings • Dec 02
Third quarter 2025 earnings: EPS misses analyst expectations Third quarter 2025 results: US$0.094 loss per share (down from US$0.42 profit in 3Q 2024). Net loss: US$47.0m (down 122% from profit in 3Q 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates. Revenue is expected to fall by 34% p.a. on average during the next 3 years compared to a 4.3% decline forecast for the Oil and Gas industry in Norway. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. New Risk • Dec 01
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 3.7% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 3.7% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (18% net profit margin). Announcement • Dec 01
Hafnia Limited Announces Quarterly Dividend, Payable On, or About, 16 December 2025 Hafnia Limited announced that it will pay a quarterly dividend of USD 0.1470 per share. The record date will be 9 December 2025. For shares registered in the Euronext VPS Oslo Stock Exchange, dividends will be distributed in NOK with an ex-dividend date of 8 December 2025 and a payment date on, or about, 19 December 2025. For shares registered in the Depository Trust Company, the ex-dividend date will be 9 December 2025, with a
payment date on, or about, 16 December 2025. Price Target Changed • Oct 21
Price target increased by 7.1% to kr70.14 Up from kr65.50, the current price target is an average from 3 analysts. New target price is 19% above last closing price of kr58.96. Stock is down 17% over the past year. The company is forecast to post earnings per share of US$0.67 for next year compared to US$1.52 last year. Announcement • Sep 23
Hafnia Limited(OB:HAFNI) dropped from Oslo OBX Total Return Index Hafnia Limited has been dropped from the Oslo OBX Total Return Index. Announcement • Sep 03
Hafnia Limited (OB:HAFNI) enters into a preliminary agreement to acquire 14.45% stake in TORM plc (CPSE:TRMD A) from Oaktree Capital Management, L.P. and and its affiliates for approximately $310 million. Hafnia Limited (OB:HAFNI) enters into a preliminary agreement to acquire 14.45% stake in TORM plc (CPSE:TRMD A) from Oaktree Capital Management, L.P. and and its affiliates for approximately $310 million on September 3, 2025. A cash consideration valued at $22 per share will be paid by Hafnia Limited.
The Announcement notes that completion of the Share Purchase is subject to entry into a definitive agreement and the fulfilment of customary conditions precedent, including among others, obtaining any required regulatory clearances and approvals, the satisfaction of certain covenants and the appointment of a new independent board chairman of TORM. Declared Dividend • Aug 29
Second quarter dividend of US$0.12 announced Shareholders will receive a dividend of US$0.12. Ex-date: 3rd September 2025 Payment date: 15th September 2025 Dividend yield will be 9.2%, which is lower than the industry average of 13%. Sustainability & Growth Dividend is covered by both earnings (73% earnings payout ratio) and cash flows (80% cash payout ratio). The dividend has increased by an average of 31% per year over the past 6 years. However, payments have been volatile during that time. EPS is expected to decline by 28% over the next 3 years. Since a fall of 18% would increase the payout ratio to a potentially unsustainable range, the dividend may be at risk. New Risk • Aug 28
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 18% Last year net profit margin: 27% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 4.8% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (18% net profit margin). Reported Earnings • Aug 27
Second quarter 2025 earnings: EPS exceeds analyst expectations Second quarter 2025 results: EPS: US$0.15 (down from US$0.51 in 2Q 2024). Revenue: US$346.6m (down 58% from 2Q 2024). Net income: US$75.3m (down 71% from 2Q 2024). Profit margin: 22% (down from 31% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.0%. Revenue is expected to fall by 32% p.a. on average during the next 3 years compared to a 5.2% decline forecast for the Oil and Gas industry in Norway. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 10% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 27
Hafnia Limited Announces Second Quarter Cash Dividend for 2025, Payable on or About September 15, 2025 Hafnia Limited on August 27, 2025 announced second quarter cash dividend. The company announced dividend of USD 0.1210 per share, Date of approval: August 26, 2025, Record date: September 4, 2025. Dividends payable to shares registered in the Euronext VPS will be distributed in NOK, with the conversion from USD to NOK taking place two business days prior to the payment date to shareholders in VPS. Shares registered in the Euronext VPS Oslo Stock Exchange: Last trading day including right to dividends: September 2, 2025, Ex-date: September 3, 2025, Payment date: On or about September 15, 2025. Shares registered in the Depository Trust Company: Last trading day including right to dividends: September 3, 2025, Ex-date: September 4, 2025, Payment date: On or about September 10, 2025. New Risk • Jun 25
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 16% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 16% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Significant insider selling over the past 3 months (kr5.2m sold). Recent Insider Transactions • May 27
Chief Financial Officer recently sold kr5.2m worth of stock On the 23rd of May, Perry Van Echtelt sold around 100k shares on-market at roughly kr52.33 per share. This transaction amounted to 35% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Perry has been a net seller over the last 12 months, reducing personal holdings by kr6.9m. New Risk • May 19
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 41% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 17% per year for the foreseeable future. Minor Risks High level of debt (41% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Declared Dividend • May 18
First quarter dividend of US$0.10 announced Shareholders will receive a dividend of US$0.10. Ex-date: 22nd May 2025 Payment date: 4th June 2025 Dividend yield will be 16%, which is higher than the industry average of 13%. Sustainability & Growth Dividend is covered by both earnings (66% earnings payout ratio) and cash flows (59% cash payout ratio). The dividend has increased by an average of 38% per year over the past 5 years. However, payments have been volatile during that time. EPS is expected to decline by 53% over the next 3 years. Since a fall of 26% would increase the payout ratio to a potentially unsustainable range, the dividend may be at risk. Price Target Changed • May 16
Price target increased by 46% to kr68.17 Up from kr46.67, the current price target is an average from 3 analysts. New target price is 23% above last closing price of kr55.62. Stock is down 38% over the past year. The company is forecast to post earnings per share of US$0.58 for next year compared to US$1.52 last year. Announcement • May 15
Hafnia Limited Announces First Quarter 2025 Cash Dividend, Payable on or about June 4, 2025 Hafnia Limited on May 15, 2025 announcing the Company's first quarter 2025 cash dividend of USD 0.1015 per share. Record date: May 23, 2025. Shares registered in the Euronext VPS Oslo Stock Exchange: Last trading day including right to dividends: May 21, 2025, Ex-date: May 22, 2025, Payment date: On or about June 4, 2025. Shares registered in the Depository Trust Company: Last trading day including right to dividends: May 22, 2025, Ex-date: May 23, 2025, Payment date: On or about May 30, 2025. Announcement • May 14
Hafnia Limited Announces Board and Committee Appointments Hafnia Limited announced that the 2025 Annual General Meeting was held on 14 May 2025 and appointed Ms. Emily Tan as a Director of the Company. Appointed Ms. Alicia Yik Jie Ting as a member of the Nomination Committee and Ms. Elaine Yew Wen Suen as Chair of the Nomination Committee. Reported Earnings • May 04
Full year 2024 earnings: EPS in line with expectations, revenues disappoint Full year 2024 results: EPS: US$1.52 (down from US$1.57 in FY 2023). Revenue: US$2.87b (up 7.4% from FY 2023). Net income: US$774.0m (down 2.4% from FY 2023). Profit margin: 27% (down from 30% in FY 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.4%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is expected to fall by 60% p.a. on average during the next 2 years compared to a 4.9% decline forecast for the Oil and Gas industry in Norway. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Apr 29
Consensus EPS estimates fall by 13% The consensus outlook for fiscal year 2025 has been updated. 2025 consensus EPS estimate fell from US$0.797 to US$0.693. Revenue forecast reaffirmed at US$998.0m. Net income forecast to shrink 51% next year vs 9.6% decline forecast for Oil and Gas industry in Norway. Consensus price target down from kr49.17 to kr46.50. Share price rose 8.9% to kr46.97 over the past week. Announcement • Mar 19
Hafnia Limited Announces Stepping Down of Erik Bartnes from the Board, Effective 14 May 2025 Hafnia Limited announced Non-executive director Erik Bartnes will be stepping down from the board effective from the annual general meeting (AGM) on 14 May 2025. The nomination committee will be putting forward a new candidate for the board before the AGM. Major Estimate Revision • Mar 06
Consensus revenue estimates fall by 13% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from US$1.11b to US$965.5m. EPS estimate fell from US$0.843 to US$0.702 per share. Net income forecast to shrink 53% next year vs 7.0% decline forecast for Oil and Gas industry in Norway. Consensus price target down from kr84.98 to kr71.00. Share price fell 2.8% to kr47.06 over the past week. New Risk • Mar 04
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Norwegian stocks, typically moving 7.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 27% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.1% average weekly change). Price Target Changed • Mar 03
Price target decreased by 19% to kr71.00 Down from kr87.96, the current price target is an average from 2 analysts. New target price is 55% above last closing price of kr45.76. Stock is down 41% over the past year. The company is forecast to post earnings per share of US$0.70 for next year compared to US$1.52 last year. Declared Dividend • Mar 02
Fourth quarter dividend of US$0.029 announced Shareholders will receive a dividend of US$0.029. Ex-date: 6th March 2025 Payment date: 18th March 2025 Dividend yield will be 25%, which is higher than the industry average of 13%. Sustainability & Growth Dividend is covered by both earnings (80% earnings payout ratio) and cash flows (51% cash payout ratio). The dividend has increased by an average of 34% per year over the past 5 years. However, payments have been volatile during that time. EPS is expected to decline by 57% over the next 3 years. Since a fall of 11% would increase the payout ratio to a potentially unsustainable range, the dividend may be at risk. Reported Earnings • Feb 28
Full year 2024 earnings: EPS in line with expectations, revenues disappoint Full year 2024 results: EPS: US$1.52 (down from US$1.57 in FY 2023). Revenue: US$2.87b (up 7.4% from FY 2023). Net income: US$774.0m (down 2.4% from FY 2023). Profit margin: 27% (down from 30% in FY 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.4%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is expected to fall by 57% p.a. on average during the next 2 years compared to a 3.5% decline forecast for the Oil and Gas industry in Norway. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth. Announcement • Feb 27
Hafnia Limited Declares Dividend for the Fourth Quarter 2024, Payable on or About March 18, 2025 Hafnia Limited announced dividend of USD 0.0294 per share for the fourth quarter of 2024. Shares registered in the Euronext VPS Oslo Stock Exchange: Last trading day including right to dividends: March 4, 2025, Ex-date: March 6, 2025, Payment date: On or about March 18, 2025. Shares registered in the Depository Trust Company: Last trading day including right to dividends: March 6, 2025. Ex-date: March 7, 2025. Payment date: On or about March 13, 2025. Date of approval: February 26, 2025. Record date: March 7, 2025. Price Target Changed • Feb 23
Price target decreased by 7.5% to kr85.95 Down from kr92.96, the current price target is an average from 4 analysts. New target price is 53% above last closing price of kr56.20. Stock is down 25% over the past year. The company is forecast to post earnings per share of US$1.56 for next year compared to US$1.57 last year. Valuation Update With 7 Day Price Move • Jan 21
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to kr57.70, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 6x in the Oil and Gas industry in Norway. Total returns to shareholders of 468% over the past three years. Announcement • Dec 24
Hafnia Limited, Annual General Meeting, May 14, 2025 Hafnia Limited, Annual General Meeting, May 14, 2025. Recent Insider Transactions • Dec 19
Chief Financial Officer recently sold kr1.7m worth of stock On the 17th of December, Perry Van Echtelt sold around 30k shares on-market at roughly kr56.85 per share. This transaction amounted to 11% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Perry has been a net seller over the last 12 months, reducing personal holdings by kr22m. Declared Dividend • Nov 29
Third quarter dividend of US$0.38 announced Shareholders will receive a dividend of US$0.38. Ex-date: 5th December 2024 Payment date: 17th December 2024 Dividend yield will be 17%, which is higher than the industry average of 13%. Sustainability & Growth Dividend is covered by both earnings (80% earnings payout ratio) and cash flows (55% cash payout ratio). The dividend has increased by an average of 34% per year over the past 5 years. However, payments have been volatile during that time. EPS is expected to decline by 45% over the next 2 years. Since a fall of 11% would increase the payout ratio to a potentially unsustainable range, the dividend may be at risk. Announcement • Nov 28
Hafnia Limited (OB:HAFNI) announces an Equity Buyback for NOK 100 million worth of its shares. Hafnia Limited (OB:HAFNI) announces a share repurchase program. Under the program, the company will repurchase shares for up to $100 million worth of its shares. The amount utilized for this program will be deducted before declaring dividends for Q4 2024. The authority shall expire on January 27, 2025. Announcement • Nov 27
Hafnia Limited Declares Dividend for the Third Quarter 2024, Payable on or About December 12, 2024 Hafnia Limited announced dividend of USD 0.3790 per share for the third quarter of 2024. Shares registered in the Euronext VPS Oslo Stock Exchange: Last trading day including right to dividends: December 4, 2024, Ex-date: December 5, 2024, Payment date: On or about December 17, 2024. Shares registered in the Depository Trust Company: Last trading day including right to dividends: December 5, 2024. Ex-date: December 6, 2024. Payment date: On or about December 12, 2024. Price Target Changed • Oct 23
Price target decreased by 7.1% to kr98.96 Down from kr107, the current price target is an average from 5 analysts. New target price is 39% above last closing price of kr71.40. Stock is down 2.7% over the past year. The company is forecast to post earnings per share of US$1.57 for next year compared to US$1.57 last year. Declared Dividend • Aug 26
Second quarter dividend of US$0.40 announced Shareholders will receive a dividend of US$0.40. Ex-date: 2nd September 2024 Payment date: 13th September 2024 Dividend yield will be 11%, which is lower than the industry average of 13%. Sustainability & Growth Dividend is covered by both earnings (76% earnings payout ratio) and cash flows (54% cash payout ratio). The dividend has increased by an average of 34% per year over the past 5 years. However, payments have been volatile during that time. EPS is expected to decline by 43% over the next 3 years. Since a fall of 16% would increase the payout ratio to a potentially unsustainable range, the dividend may be at risk. Reported Earnings • Aug 25
Second quarter 2024 earnings: Revenues exceed analyst expectations Second quarter 2024 results: Revenue: US$563.1m (up 17% from 2Q 2023). Net income: US$259.2m (up 22% from 2Q 2023). Profit margin: 46% (up from 44% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 5.4%. Revenue is expected to fall by 32% p.a. on average during the next 3 years compared to a 5.2% decline forecast for the Oil and Gas industry in Norway. Announcement • Aug 23
Hafnia Limited Announces Dividend for the Second Quarter of 2024, on or About 10 September 2024 Hafnia Limited announced dividend of USD 0.4049 per share for the second quarter of 2024. Shares registered in the Euronext VPS Oslo Stock Exchange: Last trading day including right to dividends: 30 August 2024, Ex-date: 2 September 2024, Payment date: On or about 13 September 2024. Shares registered in the Depository Trust Company: Last trading day including right to dividends: 30 August 2024. Ex-date: 3 September 2024. Payment date: On or about 10 September 2024. Recent Insider Transactions • Jul 07
Chief Executive Officer recently sold kr88m worth of stock On the 3rd of July, Mikael Opstun Skov sold around 1m shares on-market at roughly kr87.78 per share. This transaction amounted to 31% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Mikael's only on-market trade for the last 12 months. Recent Insider Transactions Derivative • Jun 09
Chief Executive Officer exercised options to buy kr65m worth of stock. On the 3rd of June, Mikael Opstun Skov exercised options to buy 732k shares at a strike price of around kr0.70, costing a total of kr512k. This transaction amounted to 30% of their direct individual holding at the time of the trade. Since December 2023, Mikael's direct individual holding has increased from 2.46m shares to 3.19m. Company insiders have collectively sold kr13m more than they bought, via options and on-market transactions in the last 12 months. 
