This presentation contains forward-looking statements and forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995 and other applicable securities laws. The words "expected'', "estimated", "scheduled", "could", "should", "anticipated", "long-term", "opportunities", "potential", "continue", "likely", "may", "will", "positioned", "possible", "believe", "expand" and variations of these terms and similar expressions, or the negative of these terms or similar express ...

Financial Data and Key Metrics Changes - The company reported a net profit of $109.7 million in Q4, marking it as the strongest quarter of the year, with an unexpected level of market strength [10] - The dividend payout ratio is set at 80% when the net loan-to-value is between 20% and 30%, and it will increase to 90% if it drops below 20% [11][13] - The market capitalization of the company is currently $3.7 billion, reflecting a 30% increase this year [1] Business Line Data and Key Metrics Changes - Hafnia operates close to 200 vessels, primarily in the transportation of refined oil products, with a significant portion of earnings derived from the spot market [4] - The company manages approximately 80 vessels on behalf of third-party owners, providing commercial management services [5] Market Data and Key Metrics Changes - The crude market has been strong, pulling many vessels from the clean oil transportation sector, resulting in a decrease in supply [20] - Geopolitical uncertainties have influenced demand, particularly with the situation in Venezuela positively impacting the US Gulf market [21] Company Strategy and Development Direction - Hafnia emphasizes a culture of innovation and active management, focusing on capturing opportunities during market lows and returning value to shareholders during highs [6][7] - The company is exploring consolidation opportunities, having acquired a 14% stake in TORM, which is seen as a strategic investment to enhance exposure in the product tanker market [69] Management's Comments on Operating Environment and Future Outlook - The management noted that the supply side of the market has seen almost zero growth, while demand has been bolstered by geopolitical factors and strong refinery margins [20][32] - There is cautious optimism regarding the market strength in Q1, with expectations that it may approach the high-profit levels seen in 2022 and 2023 [33] Other Important Information - Hafnia is investing in strategic projects like Complexio, which focuses on utilizing AI to enhance operational efficiency [90][91] - The company is aware of the potential impact of AI on logistics and emphasizes the importance of ensuring that technology investments yield a return on equity [96][97] Q&A Session Summary Question: What is behind your less positive market outlook, especially with mixed market outlooks from peers for 2026? - The management highlighted concerns regarding the sanctioned fleet and dark fleet, which could significantly impact market dynamics [83] Question: Is some of Hafnia's LR1s or LR2s trading crude? - Yes, some LR1s are trading as Panamaxes in the Caribbean Sea, which is currently a strong market [82] Question: What specific market or fleet-related factors should investors focus on through 2026 and 2027? - Investors should consider the interrelated nature of the product tanker market and the liquidity of medium-range vessels, as they are crucial for market dynamics [85][87]

Financial Data and Key Metrics Changes - The company reported a net profit of $109.7 million in Q4, marking it as the strongest quarter of the year, with an 80% dividend payout policy linked to a net loan-to-value ratio of just below 25% [10][11] - The market capitalization of the company is currently $3.7 billion, reflecting a 30% increase this year [1] Business Line Data and Key Metrics Changes - Hafnia operates close to 200 vessels, primarily in the spot market for refined oil products, which is the core of its earnings strategy [4] - The company also manages approximately 80 vessels for third-party owners, providing commercial management services [5] Market Data and Key Metrics Changes - The crude market has been strong, pulling many vessels from the clean refined oil transportation sector, resulting in almost zero growth in supply [20] - Geopolitical uncertainties have influenced demand, particularly in the U.S. Gulf area, where the release of Venezuelan crude has strengthened the market [21] Company Strategy and Development Direction - The company emphasizes a culture of innovation and active management, focusing on M&A opportunities and strategic investments during market lows [6][7] - Hafnia has invested in TORM, acquiring 14% of its shares, which is seen as a strategic move to enhance exposure in the product tanker market [71] Management's Comments on Operating Environment and Future Outlook - The management noted that the current market strength is approaching levels seen in 2022 and 2023, driven by high refinery margins and geopolitical factors affecting oil supply [31][32] - There is caution regarding the sanctioned and dark fleet, which could impact market dynamics significantly [82] Other Important Information - The company is exploring strategic projects like Complexio, focusing on innovation and technology to improve operational efficiency [88][89] - The management is cautious about AI's role in shipping, emphasizing the need for technology to provide a return on investment [93] Q&A Session Summary Question: What is behind your less positive market outlook, especially with mixed market outlooks from peers for 2026? - The management highlighted that the supply side is expected to increase slightly, but the utilization of the sanctioned fleet remains a significant uncertainty that could impact the market [82] Question: Is some of Hafnia's LR1s or LR2s trading crude? - Yes, some LR1s are trading as Panamaxes in the Caribbean Sea, which is currently a strong market with attractive rates [81] Question: What specific market or fleet-related factors should investors focus on? - Investors should view the product tanker market as a single entity, as different sizes of vessels can interrelate in terms of freight and demand [84]

Financial Data and Key Metrics Changes - In Q4, the company reported a net profit of $109.7 million, marking the strongest quarter of the year, with an 80% dividend payout policy linked to a net loan-to-value ratio of just below 25% [9][10] - The market capitalization increased by 30% this year, reaching $3.7 billion [1] Business Line Data and Key Metrics Changes - Hafnia operates close to 200 vessels, primarily in the spot market for refined oil products, which has been a significant source of earnings [4] - The company also manages approximately 80 vessels for third-party owners, providing commercial management services [5] Market Data and Key Metrics Changes - The supply side of the shipping market has seen almost zero growth, with many vessels being pulled into the crude market, affecting the availability for refined oil transportation [19][20] - Geopolitical uncertainties have influenced demand, particularly with the situation in Venezuela positively impacting the US Gulf market [20] Company Strategy and Development Direction - The company emphasizes a culture of innovation and active management, focusing on capturing opportunities during market lows and returning value to shareholders during highs [6][7] - Hafnia has invested in consolidation opportunities, such as acquiring a 14% stake in TORM, to enhance exposure in the product tanker market [67] Management's Comments on Operating Environment and Future Outlook - The management noted that the current market strength is approaching levels seen in 2022 and 2023, driven by high refinery margins and geopolitical factors [30][32] - There is caution regarding the future due to potential changes in the sanctioned fleet and dark fleet dynamics, which could significantly impact market conditions [81] Other Important Information - The company is exploring strategic projects, such as Complexio, to innovate and prepare for future changes in the energy complex [88][89] - The management is focused on ensuring that technology investments yield a return on equity [93] Q&A Session Summary Question: What is behind your less positive market outlook, especially with mixed market outlooks from peers for 2026? - The management highlighted concerns about the supply side and the impact of the sanctioned fleet and dark fleet on market dynamics, indicating that political factors play a significant role in future market conditions [81] Question: Are some of Hafnia's LR1s or LR2s trading crude? - Yes, some LR1s are trading as Panamaxes in the Caribbean Sea, which is currently a strong market with attractive rates [80] Question: What specific market or fleet-related factors should investors focus on? - Investors should consider the product tanker market as a whole, as different sizes of vessels are interrelated, and liquidity in the medium-range area is crucial for investment decisions [83]

Core Insights - TORM plc demonstrated strong financial performance in 2025, with a focus on operational excellence and resilience amid geopolitical challenges, positioning itself favorably for 2026 [1][2] Financial Results - TORM generated time charter equivalent (TCE) earnings of USD 910 million in 2025, down from USD 1,135 million in 2024 [1] - Adjusted EBITDA for 2025 totaled USD 578 million, compared to USD 844 million in 2024, reflecting unrealized losses on financial instruments [1] - The net profit for 2025 was USD 286 million, a decrease from USD 612 million in 2024 [1] - TCE fleet-wide rates averaged USD/day 28,783 in 2025, down from USD/day 36,061 in 2024 [1] Market Environment - The year 2025 was influenced by geopolitical factors, including US tariffs, Houthi attacks, and sanctions on Russia, Iran, and Venezuela, which affected global trade and shipping routes [1] - TORM's operational agility allowed it to navigate these challenges effectively, maintaining a competitive edge in the product tanker industry [1] Vessel Transactions - TORM executed a disciplined fleet renewal strategy, acquiring eight product tankers in Q4 2025 and divesting one older LR2 tanker [1] - Throughout 2025, TORM acquired nine second-hand vessels and transitioned 14 leaseback vessels to full ownership, enhancing fleet quality and operational flexibility [1] Dividend Distribution - The Board of Directors approved an interim dividend of USD 0.70 per share for Q4 2025, amounting to a total payment of USD 70.9 million, reflecting 82% of net profit [1] Financial Outlook for 2026 - TORM expects TCE earnings for 2026 to range between USD 850 million and USD 1,250 million, with EBITDA projected between USD 500 million and USD 900 million [2] - As of February 17, 2026, TORM had covered 70% of Q1 2026 earning days at an average rate of USD/day 34,926, with 77% of full-year 2026 earning days still subject to change [2]

Core Insights - Hafnia Limited reported a strong performance in Q4 2025, with a net profit of USD 109.7 million, up from USD 79.6 million in Q4 2024, driven by improved market conditions and increased clean petroleum product exports [3][4] - The company anticipates continued strength in the product tanker market for 2026, despite potential easing due to newbuild deliveries [9][20] Financial Performance - Q4 2025 net profit was USD 109.7 million (USD 0.22 per share), compared to USD 79.6 million (USD 0.16 per share) in Q4 2024 [3] - Full-year 2025 net profit totaled USD 339.7 million (USD 0.68 per share), down from USD 774.0 million (USD 1.52 per share) in 2024 [3][4] - Time Charter Equivalent (TCE) earnings for Q4 2025 were USD 259.0 million, up from USD 233.6 million in Q4 2024, with an average TCE of USD 27,346 per day [3] - Adjusted EBITDA for Q4 2025 was USD 149.7 million, compared to USD 131.2 million in Q4 2024 [3] Market Conditions - The product tanker market showed seasonal firmness in Q4 2025, supported by rising clean petroleum product exports and geopolitical developments affecting trade flows [2][14] - Geopolitical tensions, particularly in Russia and the Red Sea, continue to influence the product tanker market [2][16] - Demand fundamentals remain strong, with expectations of resilient global oil demand growth in 2026 [15][20] Fleet and Asset Management - Hafnia's fleet consisted of 114 owned vessels and 9 chartered-in vessels at the end of Q4 2025 [10] - The company is actively divesting older tonnage as part of its fleet renewal strategy, having sold several vessels in early 2026 [6] - The net asset value (NAV) at the end of Q4 2025 was approximately USD 3.5 billion, or USD 7.04 per share [5] Dividend Distribution - Hafnia announced a total dividend distribution of USD 87.7 million for Q4 2025, equating to USD 0.1762 per share, with an 80% payout ratio [7][23] - The total dividends for 2025 amounted to USD 0.5457 per share, representing a dividend yield of approximately 10% based on the share price at year-end [7]

Industry Overview - The product tanker industry has experienced a significant pullback in recent years, indicating a potential cyclical bottom approaching [1] Investment Focus - The analysis emphasizes thematic investing, crisis investing, systematic options trading, and discretionary global macro strategies [1]

Core Insights - The product tanker industry has experienced a significant pullback in recent years, indicating a potential bottom in the cyclical nature of the industry [1] Industry Overview - The product tanker sector is characterized as cyclical, suggesting that it may be nearing a recovery phase after a downturn [1] Investment Strategy - The focus is on thematic investing, crisis investing, and systematic options trading, which includes both premium selling and long-vol positions, alongside discretionary global macro strategies [1] - Experience in private M&A and extensive trading in publicly-traded equities and equity-based derivatives is highlighted [1]

Q3 2025 Financial Performance - Time charter equivalent revenues were $8.9 million, a 23.5% decrease compared to Q3 2024[6] - Net income reached $1.2 million, resulting in an EPS of $0.11 (basic and diluted)[6] - Adjusted EBITDA amounted to $4.2 million, a decrease of $2.5 million from Q3 2024[6] - MR2 tankers reported an average daily TCE of $21,085, while bulkers reported $13,513[6] Fleet and Chartering - As of November 20, 2025, 93% of MR available days for Q4 were booked at an estimated average TCE rate of $20,700/day[6] - 78% of Q4 days for the three dry-bulk carriers were booked at an estimated average TCE rate of $17,150/day[6] Market Dynamics - The IMF revised its forecast for annual global GDP growth to average 3.1% through 2026[13, 21] - IEA projects global oil consumption to increase ~0.8 million barrels/day or less than 1% per year reaching 104.6 million barrels/day by 2026[13] - As of November 1, 2025, the MR2 orderbook stood at 294, representing 15.2% of the worldwide fleet of 1,929 tankers[17] - Arrow Shipbrokering estimated the dry bulk orderbook at 120.4 million dwt, or 11.8% of the worldwide fleet of 1.056 billion tons[21]