Market Risk. Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will affect our income or the value of our holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return. We buy and sell derivatives, and also incur financial liabilities, in order to manage market risks. All such transactions are conducted within the guidelines set by us. Generally, we seek to apply hedge accounting in order to manage volatility in profit or loss. Price Risk. Our revenue is primarily derived from voyages carried out by the Hafnia Vessels and the TC Vessels. This makes us exposed to considerable volatility, particularly for those of our Hafnia Vessels and TC Vessels which operate on voyage charters in the spot market, or which operate in our spot market-oriented Pools. We have mitigated some of this volatility by employing some of our Hafnia Vessels and TC Vessels on 0–24-month time charters or long-term time charters for our newbuilds which provide an income stream that is not affected to the same extent by fluctuations in freight rates. In 2025, approximately 7% (2024: 5%, 2023: 5%) of our shipping revenue was derived from vessels under fixed income charters (comprising time charters). 163 Table of Contents We have additionally entered into freight forward agreements to manage our exposure to volatile freight rates. As of December 31, 2025, we had outstanding positions with a notional amount of $19.2 million (2024: $79.7 million, 2023: $69.7 million) which will mature in the 12 months from December 31, 2025. If the spot rates for all of our vessel classes had increased or decreased by $1,000, our TCE income would be higher/lower by $31.3 million (2024: $37.1 million, 2023: $37.1 million) as a result of higher/lower spot rates. Our Hafnia Vessels and TC Vessels primarily consume fuel oil, referred to in the shipping industry as bunkers, and therefore face the risk of fluctuations in fuel oil costs. The price of bunkers is affected by the global political and economic environment and can be unpredictable. Historically, fuel expenses have been our most significant expense. Under a time charter, the charterer is responsible for fuel costs and therefore, fixed-income time charters reduce our exposure to fuel price fluctuations. We are exposed to fluctuations in bunker prices which are not reflected in the freight rates achieved by us. To reduce this exposure, we hedge our bunker exposure with oil product instruments to the extent that the bunker element in the freight rates achieved is considered fixed. In 2025, fuel oil consumed by Hafnia Vessels and TC Vessels amounted to $267.7 million (2024: $357.5 million, 2023: $349.1 million). If the price of fuel had increased/decreased by $1 per metric ton with all other variables including tax rate being held constant, the net results would be lower/higher by $838,920 (2024: $891,737, 2023: $801,249) as a result of higher/lower fuel consumption expense. We own vessels and lease vessels on sale and lease-back arrangements and therefore we are exposed to risks associated with changes in the value of the vessels, which can vary considerably during their useful lives, including as a result of fluctuations in freight rates. As at December 31, 2025, the carrying value of our Hafnia Vessels was $2,459.4 million (2024: $2,588.2 million, 2023: $2,742.1 million). Based on broker valuations, our Hafnia Vessels had a market value of $3,472.2 million as at December 31, 2025 (2024: $3,907.0 million, 2023: $4,214.4 million). Currency Risk. The functional currency of most of our Group entities is U.S. dollars. Our operating revenue, and the majority of our interest-bearing debt and contractual obligations for vessels under construction are denominated in U.S. dollars. Our Hafnia Vessels are also valued in U.S. dollars when trading in the second-hand market. We are exposed to foreign currency exchange risks for administrative expenses incurred by offices or agents globally, predominantly in Monaco, Denmark and Singapore. Further, we are required to pay port charges in currencies other than U.S. dollars; however, foreign currency exposure in port charges is minimal as any increase is usually compensated by a corresponding increase in freight, particularly in the tanker sector through industry-wide increases in Worldscale flat rates. At December 31, 2025, 2024 and 2023, we have assessed that we have immaterial exposure to foreign currency risks. However, we have entered into foreign exchange contracts to hedge its general and administrative costs to avoid short term volatility. Interest Rate Risk. We adopt a policy to ensure that between 40% and 75% of our interest rate risk exposure is fixed-rate or limited to a threshold. This is achieved partly by entering into fixed-rate instruments and partly by borrowing at a floating rate and using interest rate swaps as hedges of the variability in cash flows attributable to interest rate risk. We apply a hedge ratio of 1:1. We determine the existence of an economic relationship between the hedging instrument and hedged item based on the reference interest rates, tenors, repricing dates and maturities and the notional or par amounts. We assess whether the derivative designated in each hedging relationship is expected to be effective in offsetting changes in cash flows of the hedged item using the hypothetical derivative method. In these hedge relationships, the main sources of ineffectiveness are: (1) the effect of the counterparty and our own credit risk on the fair value of the swaps, which is not reflected in the change in the fair value of the hedged cash flows attributable to the change in interest rates; and (2) differences in repricing dates between the swaps and the borrowings. We have interest-bearing financial liabilities in the form of borrowings from external financial institutions at variable rates. We manage our cashflow interest rate risks by swapping a portion of our floating rate interest payments to fixed rate payments using interest rate swaps. A fundamental reform of major interest rate benchmarks has been undertaken globally to replace or reform IBOR with alternative nearly risk-free rates (referred to as “IBOR reform”). We had significant exposure to IBORs on our financial instruments which has been replaced or reformed as a part of the IBOR reform. Generally, U.S. LIBOR has been replaced by U.S. SOFR. We no longer have any instruments, including any hedging relationships, subject to IBOR rates. We hold derivatives for risk management purposes. These derivatives have floated legs that are indexed to the U.S. dollar SOFR. Our derivative instruments are governed by contracts based on the ISDA master agreements. If the interest rates had increased/decreased by 50 basis points, with all other variables including tax rate being held constant, the net results will be lower/higher by $1.5 million (2024: $2.8 million, 2023: $1.8 million) as a result of higher/lower interest expense on the portion of the borrowings that is not covered by the interest rate swap instruments. If the interest rates had increased/decreased by 50 basis points, with all other variables including tax rate being held constant, the net results will be lower/higher by approximately $2.3 million (2024: $4.8 million, 2023: $5.8 million) as a result of higher/lower interest expense on borrowings; had no hedging been in place. 164 Table of Contents Cash flow interest rate risk is the risk that future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Fair value interest rate risk is the risk that the value of a financial instrument will fluctuate due to changes in market interest rates. We entered into interest rate agreements to limit exposure to interest rate fluctuations. As at December 31, 2025, the notional principal amount of these interest rate swaps represents 35% (2024: 45%, 2023: 80%) of our borrowings on floating interest rates. Credit risk. Our credit risk is primarily attributable to trade receivables and contract assets, cash and cash equivalents, restricted cash and loans receivable from joint ventures. The maximum exposure is represented by the carrying value of each financial asset on the balance sheet. We perform periodic credit evaluations of our charterers. We have implemented policies to ensure cash funds are deposited and derivatives are entered into with banks and internationally recognised financial institutions with a good credit rating and that our Hafnia Vessels and TC Vessels are fixed to charterers with an appropriate credit rating who can provide sufficient guarantees. We apply the simplified lifetime approach and use a provision matrix to determine the ECLs of trade receivables and contract assets. It is based on our historical observed default rates and is adjusted by a current and forward-looking estimate based on current economic conditions. Credit risk is concentrated on several charterers. We adopt the policy of dealing only with customers with an appropriate credit history. Derivative counterparties and cash transactions are limited to high-credit-quality financial institutions. We have policies that limit the amount of credit exposure to any financial institution. Liquidity risk. Prudent liquidity risk management implies maintaining sufficient cash and the availability of funding through an adequate amount of committed credit facilities to meet operating and capital expenditure needs. To address the inherent unpredictability of short-term liquidity requirements, we maintain sufficient cash for our daily operations in short-term cash deposits with banks, have access to the unutilised portions of revolving credit facilities and borrowing base facilities with financial institutions. Capital Risk. Our objectives when managing capital are to safeguard our ability to continue as a going concern and to maintain an optimal capital structure so as to maximise shareholders’ value. In order to maintain or achieve an optimal capital structure, we may adjust the amount of dividends paid, return capital to shareholders, obtain new borrowings or sell assets to reduce borrowings. We are in compliance with all externally imposed capital requirements. Inflation risk. Inflation has a significant impact on operating or other expenses; however, our contracts do not generally contain inflation-adjustment mechanisms and we are subject to risks related to inflation. We consider inflation to be a significant risk to costs in the current and foreseeable future economic environment. Should the world economy continue to be affected by inflationary pressures this could result in increased operating and financing costs.