| Non-IFRS measures |
Note 13: Non-IFRS measures
Throughout this Interim Financial Information Q2 and H1 2026, we provide a number of key performance indicators used by our management and often used
by competitors in our industry. For details on the Key Performance Indicators, refer to Item 5. Operating and Financial Review and Prospects of our 2025 Form 20-F.
Reconciliation of Non-IFRS measures
Adjusted EBITDA
The following table sets forth a reconciliation of Adjusted EBITDA to profit/(loss) for the financial period, the most comparable IFRS financial
measure, for the periods ended 30 June 2026 and 30 June 2025.
| |
|
For the 3 months ended
30 June 2026
USD’000
|
For the 3 months ended
30 June 2025
USD’000
|
For the 6 months ended
30 June 2026
USD’000
|
For the 6 months ended
30 June 2025
USD’000
|
| |
Profit for the financial period
|
277,803
|
75,335
|
457,533
|
138,525
|
| |
Income tax expense
|
1,413
|
2,660
|
2,201
|
4,079
|
| |
Depreciation charge of property, plant and equipment
|
47,201
|
50,977
|
95,186
|
100,502
|
| |
Amortisation charge of intangible assets
|
–
|
107
|
83
|
212
|
| |
Gain on disposal of assets
|
(39,312)
|
–
|
(71,838)
|
–
|
| |
Share of profit of equity-accounted investees, net of tax
|
(10,969)
|
(2,957)
|
(20,937)
|
(5,993)
|
| |
Interest income
|
(3,493)
|
(3,424)
|
(5,834)
|
(6,084)
|
| |
Interest expense
|
10,186
|
12,475
|
22,518
|
26,836
|
| |
Capitalised financing fees written off
|
977
|
6
|
977
|
792
|
| |
Other finance expense/(income)
|
4,100
|
(1,005)
|
6,062
|
398
|
| |
Reversal of impairment of trade receivables
|
(576)
|
–
|
–
|
–
|
| |
Adjusted EBITDA
|
287,330
|
134,174
|
485,951
|
259,267
|
Time charter equivalent (or “TCE”)
The following table reconciles our revenue (Hafnia Vessels and TC Vessels), the most directly comparable IFRS financial measure, to TCE income per
operating day.
| |
(in USD’000 except operating days and TCE income per operating day)
|
For the 3 months
ended 30 June 2026
|
For the 3 months
ended 30 June 2025
|
For the 6 months
ended 30 June 2026
|
For the 6 months
ended 30 June 2025
|
| |
Revenue (Hafnia Vessels and TC Vessels)
|
505,660
|
346,564
|
918,583
|
686,907
|
| |
Revenue (External Vessels in Disponent-Owner Pools)
|
310,119
|
207,591
|
568,418
|
415,158
|
| |
Less: Voyage expenses (Hafnia Vessels and TC Vessels)
|
(132,753)
|
(115,406)
|
(263,181)
|
(236,998)
|
| |
Less: Voyage expenses (External Vessels in Disponent-Owner Pools)
|
(82,933)
|
(82,949)
|
(162,749)
|
(169,172)
|
| |
Less: Pool distributions for External Vessels in Disponent-Owner Pools
|
(227,186)
|
(124,642)
|
(405,669)
|
(245,986)
|
| |
TCE income
|
372,907
|
231,158
|
655,402
|
449,909
|
| |
Operating days
|
8,496
|
9,454
|
17,829
|
18,968
|
| |
TCE income per operating day
|
43,891
|
24,452
|
36,758
|
23,720
|
Revenue, voyage expenses and pool distributions in relation to External Vessels in Disponent-Owner Pools net to zero, and therefore the calculation
of TCE income is unaffected by these items:
| |
(in USD’000 except operating days and TCE income per operating day)
|
For the 3 months ended
30 June 2026
|
For the 3 months
ended 30 June 2025
|
For the 6 months
ended 30 June 2026
|
For the 6 months
ended 30 June 2025
|
| |
Revenue (Hafnia Vessels and TC Vessels)
|
505,660
|
346,564
|
918,583
|
686,907
|
| |
Less: Voyage expenses (Hafnia Vessels and TC Vessels)
|
(132,753)
|
(115,406)
|
(263,181)
|
(236,998)
|
| |
TCE income
|
372,907
|
231,158
|
655,402
|
449,909
|
| |
Operating days
|
|
|
|
|
| |
TCE income per operating day
|
43,891
|
24,452
|
36,758
|
23,720
|
‘TCE income’ as used by management is therefore only illustrative of the performance of the Hafnia Vessels and the TC Vessels; not the External
Vessels in our Pools.
For the avoidance of doubt, in all instances where we use the term “TCE income” and it is not succeeded by “(voyage charter)”, we are referring to TCE income from revenue
and voyage expenses related to both voyage charter and time charter.
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