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Hafnia Limited Announces Financial Results For The Three and Nine Months Ended 30 September 2025

SINGAPORE–(BUSINESS WIRE)–
Hafnia Limited (“Hafnia”, the “Company” or “we”, OSE ticker code: “HAFNI”, NYSE ticker code: “HAFN”), a leading product tanker company with a diversified and modern fleet of over 120 vessels, today announced results for the three and nine months ended 30 September 2025.

The full report can be found in the Investor Relations section of Hafnia’s website: https://investor.hafniabw.com/financials/quarterly-results/default.aspx

Highlights and Recent Activity

Third Quarter 2025

• Recorded net profit of USD 91.5 million or USD 0.18 per share¹ compared to USD 215.6 million or USD 0.42 per share in Q3 2024.
• Fee-based businesses generated earnings of USD 7.1 million compared to USD 7.8 million in Q3 2024.
• Time Charter Equivalent (TCE)³ earnings were USD 247.0 million compared to USD 361.6 million in Q3 2024, resulting in an average TCE³ of USD 26,040 per day.
• Adjusted EBITDA³ of USD 150.5 million compared to USD 257.0 million in Q3 2024.
• 71% of total earning days of the fleet were covered for Q4 2025 at USD 25,610 per day as of 14 November 2025.
• Net asset value (NAV)⁴ was approximately USD 3.4 billion, or approximately USD 6.76 per share (NOK 67.55), at quarter end.
• Hafnia will distribute a total of USD 73.2 million, or USD 0.1470 per share, in dividends, corresponding to a payout ratio of 80%.

Year-to-Date 30 September 2025

• Recorded net profit of USD 230.0 million or USD 0.46 per share¹ as compared to USD 694.4 million or USD 1.36 per share in YTD 9M 2024.
• Fee-based businesses generated earnings of USD 22.9 million² compared to USD 28.3 million in YTD 9M 2024.
• Time Charter Equivalent (TCE)³ earnings were USD 696.9 million compared to USD 1,157.7 million for YTD 9M 2024, resulting in an average TCE³ of USD 24,493 per day.
• Adjusted EBITDA³ of USD 409.7 million compared to USD 861.1 million in YTD 9M 2024.

1 Based on weighted average number of shares as at 30 September 2025.

2 Excluding a one-off item amounting to USD 1.3 million in YTD 9M 2025. From mid-May 2025, the Group transferred its bunker procurement business to its joint venture, Seascale Energy, which is equity accounted.

3 See Non-IFRS Measures Section below.

4 NAV is calculated using the fair value of Hafnia’s owned vessels (including joint venture vessels).

Mikael Skov, CEO of Hafnia, commented:

The product tanker market was counter-cyclically firm throughout the third quarter, driven by continued growth in clean petroleum products exports, especially from the Middle East. This market strength carried in the fourth quarter, further supported by improved refining margins and the ongoing impact of sanctions, which are still causing inefficiencies and disruptions in trading routes.

I am pleased to announce that Hafnia delivered strong earnings for the quarter. In Q3, we achieved a net profit of USD 91.5 million, our strongest quarterly result so far in 2025, with our fee-based businesses generating USD 7.1 million. This quarter’s performance also reflects the impact of several vessels undergoing drydocking, resulting in approximately 740 off-hire days. This was around 230 days higher than expected, mainly due to dry dock delays and two vessels undergoing special cargo tank recoating during the quarter. While several vessels are scheduled for drydocking in the coming quarters, we expect off-hire days to decrease to around 440 in the fourth quarter.

At the end of the third quarter, our net asset value (NAV¹) stood at approximately USD 3.4 billion, translating to an NAV per share of about USD 6.76 (~NOK 67.55). Our net Loan-to-Value (LTV) ratio improved from 24.1% in the second quarter to 20.5%, supported by strong operational cashflows. Approximately USD 100 million was used to repurchase vessels under sale-and-leaseback financings. In addition, vessel market values have also recorded a slight uptick compared to the previous quarter.

I am pleased to announce a payout ratio of 80% for the third quarter. We will distribute a total of USD 73.2 million or USD 0.1470 per share in dividends.

As part of our ongoing fleet renewal policy, we divested four older vessels during the period. In September, we sold the 2011-built MR vessel Hafnia Andromeda, followed by the sale of the 2012-built MR Hafnia Lupus in October, and both the 2010-built MR Hafnia Nordica and 2011-built MR Hafnia Taurus in November.

In September, we announced a preliminary agreement to acquire 14.45% of Torm shares from Oaktree. This was followed by a binding share purchase agreement, and we are now waiting for the appointment of a new independent board chair at TORM before we can complete the acquisition.

As winter approaches, seasonal demand is expected to strengthen the oil market, supporting higher earnings through increased tonne-mile activity and operational delays. The early part of the fourth quarter has been marked by significant geopolitical developments, including ongoing sanctions and regional conflicts that continue to alter global trade flows. Recent positive developments, such as the USA-China agreement to suspend special port fees for one year, and the ceasefire between Israel and Gaza, should help reduce market fragmentation and contribute to greater stability across trade routes.

On the supply side, the outlook for product tankers remains constructive. Fleet growth in Q3 was minimal despite ongoing newbuild deliveries, largely due to vessel sanctions and the transition of LR2s into dirty trading, which has tightened availability in the clean product segment. In addition, tonnage supply crossing over from the crude sector has decreased sharply into Q4, supported by a strong crude tanker market.

Overall, these dynamics point to a favourable environment for product tanker earnings through the rest of the year, with solid fundamentals likely to carry into early 2026.

As of 14 November 2025, 71% of our Q4 earning days are covered at an average of USD 25,610 per day, and 15% of the earning days for 2026 are covered at USD 24,506 per day.

As we approach the end of 2025, we remain encouraged by the continued strength of the product tanker market. Despite global uncertainty, I believe Hafnia is well-positioned for the future we and expect our operational cash flow breakeven in 2026 to be below USD 13,000/day. We will continue to exercise financial discipline and pursue opportunities that strengthen our competitive position.

1 NAV is calculated using the fair value of Hafnia’s owned vessels (including joint venture vessels).

Fleet

At the end of the quarter, Hafnia’s fleet consisted of 117 owned vessels¹ and 9 chartered-in vessels. The Group’s total fleet includes 10 LR2s, 32 LR1s (including two bareboat-chartered in and two time-chartered in), 60 MRs of which 12 are IMO II (including seven time-chartered in), and 24 Handy vessels of which 18 are IMO II (including two bareboat-chartered in).

The average estimated broker value of the owned fleet¹ was USD 3,805 million, of which USD 3,388 million relates to Hafnia’s 100% owned fleet, and USD 417 million relates to Hafnia’s 50% share in the joint venture fleet.

Including Hafnia’s 50% share in the joint venture fleet, the LR2 vessels had a broker value of USD 542 million², the LR1 fleet had a broker value of USD 947 million², the MR fleet had a broker value of USD 1,600 million³and the Handy vessels had a broker value of USD 716 million⁴. The unencumbered vessels had a broker value of USD 782 million. The chartered-in fleet had a right-of-use asset book value of USD 20 million with a corresponding lease liability of USD 19 million.

1 Including bareboat chartered in vessels; six LR1s and four LR2s owned through 50% ownership in the Vista Shipping Joint Venture, two MRs owned through 50% ownership in the H&A Shipping Joint Venture, three IMO II MRs owned through 50% ownership in the Ecomar Joint Venture; and three MRs classified as assets held for sale

2 Including USD 290 million relating to Hafnia’s 50% share of six LR1s and four LR2s owned through 50% ownership in the Vista Shipping Joint Venture

3 Including USD 127 million relating to Hafnia’s 50% share of two MRs owned through 50% ownership in the H&A Shipping Joint Venture and three IMO II MRs owned through 50% ownership in the Ecomar Joint Venture; and three MRs classified as assets held for sale

4 Including IMO II Handy vessels

Market Review & Outlook

The product tanker market began the year with modest activity, but gained momentum in the third quarter, supported by increased trading volumes and strong refinery margins. This improvement was largely driven by higher export activity from the Middle East and Asia, with clean petroleum products (CPP) volumes on the water continuing to grow throughout the quarter. Daily loaded volumes also rose, indicating that the increase in oil-on-water was fuelled primarily by stronger export demand rather than longer voyage distances. Russian CPP exports declined in Q3 following Ukrainian drone attacks on several refineries, tightening Russian supply and stimulating increased trade activity in the Atlantic Basin. Replacement barrels for South America were sourced from the US Gulf Coast, adding tonne-miles to the unsanctioned fleet and pushing overall utilization.

Market Fundamentals

Underlying fundamentals remain strong. The ongoing closure of refineries in Europe and the United States is expected to support higher tonne-miles. Sanctions on Russian molecules and vessels trading with Russia will likely continue tightening effective supply through the remainder of 2025 and into 2026. Global oil demand also remains resilient, with the IEA forecasting an increase of 0.8 million barrels per day in 2025, to a total of 103.9 million barrels per day. On the supply side, stronger crude production and OPEC+ plans for increased output should support the product tanker market by driving higher refinery throughput.

Geopolitical Developments

Geopolitical tensions continue to shape market dynamics despite encouraging progress early in Q4. The Trump Administration brokered a peace plan between Israel and Hamas aimed at ending hostilities, though the reopening of Red Sea to commercial traffic will take time. Meanwhile, China introduced port fees on US-owned or operated vessels in response to USTR measures, effective October 14, but these were suspended for one year at the end of that month. While the direct impact on product tankers is limited, these developments highlight the persistent uncertainty and the influence of geopolitics on trade flows and market sentiment.

Supply Outlook

The supply outlook remains constructive. Fleet growth in Q3 was minimal despite ongoing newbuild deliveries, with the orderbook-to-fleet ratio declining to about 18% as of November 2025. Limited growth was driven by continued vessel sanctions and the shift of LR2s into dirty trading, which tightened supply in the clean product segment. Ship supply crossing over from the crude sector has also fallen sharply in Q4, supported by a robust crude market, further restricting available tonnage.

Forward View

Looking ahead to the remainder of 2025 and into 2026, the product tanker market appears well-positioned for a strong winter season. However, several key factors including trade policy shifts, evolving oil trade routes, sanctions, and ongoing geopolitical tensions will continue to shape market conditions and influence overall dynamics.

Key Figures

USD million		Q1 2025	Q2 2025	Q3 2025	YTD 2025
Income Statement
Operating revenue (Hafnia vessels and TC vessels)		340.3	346.6	366.5	1,053.4
Profit before tax		64.6	78.0	92.2	234.8
Profit for the period		63.2	75.3	91.5	230.0
Financial items		(13.9)	(8.1)	(13.3)	(35.3)
Share of profit from joint ventures		3.0	3.0	4.4	10.3
TCE income1		218.8	231.2	247.0	696.9
Adjusted EBITDA1		125.1	134.2	150.5	409.7
Balance Sheet
Total assets		3,696.4	3,669.9	3,570.1	3,570.1
Total liabilities		1,418.0	1,369.5	1,239.5	1,239.5
Total equity		2,278.4	2,300.4	2,330.7	2,330.7
Cash at bank and on hand2		188.1	194.0	132.5	132.5
Key financial figures
Return on Equity (RoE) (p.a.)3		11.1%	13.2%	15.9%	13.4%
Return on Invested Capital (p.a.)4		9.6%	10.6%	12.8%	11.0%
Equity ratio		61.6%	62.7%	65.3%	65.3%
Net loan-to-value (LTV) ratio5		24.1%	24.1%	20.5%	20.5%

For the 3 months ended 30 September 2025	LR2	LR1	MR6	Handy7	Total
Vessels on water at the end of the period8	6	26	55	24	111
Total operating days9	545	2,174	4,824	1,942	9,485
Total calendar days (excluding TC-in)	552	2,164	4,493	2,208	9,417
TCE (USD per operating day)1	36,527	29,229	24,785	22,648	26,040
Spot TCE (USD per operating day)1	37,625	29,404	24,683	22,699	26,219
TC-out TCE (USD per operating day)1	31,126	27,367	25,080	22,289	25,252
OPEX (USD per calendar day)10	8,459	8,515	8,476	8,371	8,459
G&A (USD per operating day)11					1,220

1 See Non-IFRS Measures Section below.

2 Excluding cash retained in the commercial pools.

3 Annualised

4 ROIC is calculated using annualised EBIT less tax.

5 Net loan-to-value is calculated as all debt (excluding debt relating to the pools), including finance lease debt, minus cash (excluding cash retained in the commercial pools), divided by broker vessel values (for 100% owned vessels) and the lower of the market value or purchase price of the Torm Investment. The calculation of net loan-to-value does not include debt or the values of vessels held through our joint ventures.

6 Inclusive of nine IMO II MR vessels and excluding three MRs classified as assets held for sale.

7 Inclusive of 18 IMO II Handy vessels.

8 Excluding six LR1s and four LR2s owned through 50% ownership in the Vista Shipping Joint Venture, two MRs owned through 50% ownership in the H&A Shipping Joint Venture and three IMO II MRs owned through 50% ownership in the Ecomar Joint Venture.

9 Total operating days include operating days for vessels that are time chartered-in. Operating days are defined as the total number of days (including waiting time) in a period during which each vessel is owned, partly owned, operated under a bareboat arrangement (including sale and lease-back) or time chartered-in, net of technical off-hire days. Total operating days stated in the quarterly financial information include operating days for TC Vessels.

10 OPEX includes vessel running costs and technical management fees.

11 G&A includes all expenses and is adjusted for cost incurred in managing external vessels.

Declaration of Dividend

Hafnia 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.

Please see our separate announcement for additional details regarding the Company’s dividend.

Webcast and Conference Call

Hafnia will host a conference call for investors and financial analysts at 9:30 pm SGT/2:30 pm CET/8:30 am EST on 1 December 2025.

The investor presentation will be available via live video webcast via the following link: Click here to join Hafnia’s Investor Presentation on 1 December 2025

Meeting ID: 373 112 852 629 17

Passcode: 5VN2Di2s

Download Teams | Join on the web

Dial in by phone: +45 32 72 66 19,,576208826# Denmark, All locations

Find a local number

Phone conference ID: 576 208 826#

A recording of the presentation will be available after the live event on the Hafnia Investor Relations Page: https://investor.hafnia.com/financials/quarterly-results/default.aspx.

About Hafnia

Hafnia is one of the world’s leading tanker owners, transporting oil, oil products and chemicals for major national and international oil companies, chemical companies, as well as trading and utility companies.

As owners and operators of around 200 vessels, we offer a fully integrated shipping platform, including technical management, commercial and chartering services, pool management, and a large-scale bunker procurement desk. Hafnia has offices in Singapore, Copenhagen, Houston, and Dubai and currently employs over 4000 employees onshore and at sea.

Hafnia is part of the BW Group, an international shipping group involved in oil and gas transportation, floating gas infrastructure, environmental technologies, and deep-water production for over 80 years.

Non-IFRS Measures

Throughout this press release, we provide a number of key performance indicators used by our management and often used by competitors in our industry.

Adjusted EBITDA

“Adjusted EBITDA” is a non-IFRS financial measure and as used herein represents earnings before financial income and expenses, depreciation, impairment, amortization and taxes. Adjusted EBITDA additionally includes adjustments for gain/(loss) on disposal of vessels and/or subsidiaries, share of profit and loss from equity accounted investments, interest income and interest expense, capitalised financing fees written off and other finance expenses. Adjusted EBITDA is used as a supplemental financial measure by management and external users of financial statements, such as lenders, to assess our operating performance as well as compliance with the financial covenants and restrictions contained in our financing agreements.

We believe that Adjusted EBITDA assists management and investors by increasing comparability of our performance from period to period. This increased comparability is achieved by excluding the potentially disparate effects of interest, depreciation, impairment, amortization and taxes. These are items that could be affected by various changing financing methods and capital structure which may significantly affect profit/(loss) between periods. Including Adjusted EBITDA as a measure benefits investors in selecting between investment alternatives.

Adjusted EBITDA is a non-IFRS financial measure and should not be considered as an alternative to net income or any other measure of our financial performance calculated in accordance with IFRS. Adjusted EBITDA excludes some, but not all, items that affect profit/(loss) and these measures may vary among other companies. Adjusted EBITDA as presented below may not be comparable to similarly titled measures of other companies.

Reconciliation of Non-IFRS measures

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 September 2025 and 30 September 2024.

	For the 3 months ended 30 September 2025 USD’000	For the 3 months ended 30 September 2024 USD’000	For the 9 months ended 30 September 2025 USD’000	For the 9 months ended 30 September 2024 USD’000
Profit for the financial period	91,503	215,635	230,028	694,403
Income tax expense	699	1,164	4,778	4,479
Depreciation charge of property, plant and equipment	51,969	53,516	152,471	161,904
Amortisation charge of intangible assets	107	108	319	695
Gain on disposal of assets	(2,769)	(15,621)	(2,769)	(15,521)
Share of profit of equity-accounted investees, net of tax	(4,351)	(4,072)	(10,344)	(19,914)
Interest income	(2,746)	(4,455)	(8,830)	(11,739)
Interest expense	9,992	9,688	36,828	38,730
Capitalised financing fees written off	1,528	406	2,320	2,069
Other finance expense	4,545	645	4,943	6,043
Adjusted EBITDA	150,477	257,014	409,744	861,149

Time charter equivalent (or “TCE”)

TCE (or TCE income) is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company’s performance despite changes in the mix of charter types (i.e., voyage charters and time charters) under which the vessels may be employed between the periods. We define TCE income as income from time charters and voyage charters (including income from Pools, as described above) for our Hafnia Vessels and TC Vessels less voyage expenses (including fuel oil, port costs, brokers’ commissions and other voyage expenses).

We present TCE income per operating day¹, a non-IFRS measure, as we believe it provides additional meaningful information in conjunction with revenues, the most directly comparable IFRS measure, because it assists management in making decisions regarding the deployment and use of our Hafnia Vessels and TC Vessels and in evaluating their financial performance. Our calculation of TCE income may not be comparable to that reported by other shipping companies.

1 Operating days are defined as the total number of days (including waiting time) in a period during which each vessel is owned, partly owned, operated under a bareboat arrangement (including sale and lease-back) or time chartered-in, net of technical off-hire days. Total operating days stated in the quarterly financial information include operating days for TC Vessels.

Reconciliation of Non-IFRS measures

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 September 2025	For the 3 months ended 30 September 2024	For the 9 months ended 30 September 2025	For the 9 months ended 30 September 2024
Revenue (Hafnia Vessels and TC Vessels)	366,505	497,889	1,053,412	1,582,779
Revenue (External Vessels in Disponent-Owner Pools)	220,377	221,842	635,535	753,007
Less: Voyage expenses (Hafnia Vessels and TC Vessels)	(119,505)	(136,331)	(356,503)	(425,060)
Less: Voyage expenses (External Vessels in Disponent-Owner Pools)	(80,240)	(80,324)	(249,412)	(248,807)
Less: Pool distributions for External Vessels in Disponent-Owner Pools	(140,137)	(141,518)	(386,123)	(504,200)
TCE income	247,000	361,558	696,909	1,157,719
Operating days	9,485	10,776	28,453	31,867
TCE income per operating day	26,040	33,549	24,493	36,330

Revenue, voyage expenses and pool distributions in relation to External Vessels in Disponent-Owner Pools nets 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 September 2025	For the 3 months ended 30 September 2024	For the 9 months ended 30 September 2025	For the 9 months ended 30 September 2024
Revenue (Hafnia Vessels and TC Vessels)	366,505	497,889	1,053,412	1,582,779
Less: Voyage expenses (Hafnia Vessels and TC Vessels)	(119,505)	(136,331)	(356,503)	(425,060)
TCE income	247,000	361,558	696,909	1,157,719
Operating days	9,485	10,776	28,453	31,867
TCE income per operating day	26,040	33,549	24,493	36,330

‘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.

Forward-Looking Statements

This press release and any other written or oral statements made by us or on our behalf may include “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934. Forward-looking statements include statements concerning our intentions, beliefs or current expectations concerning, among other things, the financial strength and position of the Group, operating results, liquidity, prospects, growth, the implementation of strategic initiatives, as well as other statements relating to the Group’s future business development, financial performance and the industry in which the Group operates, which are other than statements of historical facts or present facts and circumstances. These forward-looking statements may be identified by the use of forward-looking terminology, such as the terms “anticipates”, “assumes”, “believes”, “can”, “contemplate”, “continue”, “could”, “estimates”, “expects”, “forecasts”, “intends”, “likely”, “may”, “might”, “plans”, “should”, “potential”, “projects”, “seek”, “target”, “will”, “would” or, in each case, their negative, or other variations or comparable terminology.

The forward-looking statements in this press release are based upon various assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot guarantee prospective investors that the intentions, beliefs or current expectations upon which its forward-looking statements are based will occur.

Other important factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements due to various factors include, but are not limited to:

• general economic, political, security, and business conditions, including the development of the ongoing war between Russia and Ukraine and the conflict between Israel and Hamas, disruptions in the Red Sea, sanctions and other measures;
• general chemical and product tanker market conditions, including fluctuations in charter rates, vessel values and factors affecting supply and demand of crude oil and petroleum products or chemicals;
• the imposition by the United States, China, EU and other countries of tariffs and other policies and regulations affecting international trade, including fees and import and export restrictions;
• changes in expected trends in recycling of vessels;
• changes in demand in the chemical and product tanker industry, including the market for LR2, LR1, MR and Handy chemical and product tankers;
• competition within our industry, including changes in the supply of chemical and product tankers;
• our ability to successfully employ the vessels in our Hafnia Fleet and the vessels under our commercial management;
• changes in our operating expenses, including fuel or cooling down prices and lay-up costs when vessels are not on charter, drydocking and insurance costs;
• changes in international treaties, governmental regulations, tax and trade matters and actions taken by regulatory authorities;
• potential disruption of shipping routes and demand due to accidents, piracy or political events;
• vessel breakdowns and instances of loss of hire;
• vessel underperformance and related warranty claims;
• our expectations regarding the availability of vessel acquisitions and our ability to complete the acquisition of newbuild vessels;
• our ability to procure or have access to financing and refinancing;
• our continued borrowing availability under our credit facilities and compliance with the financial covenants therein;
• fluctuations in commodity prices, foreign currency exchange and interest rates;
• potential conflicts of interest involving our significant shareholders;
• our ability to pay dividends;
• technological developments;
• the occurrence, length and severity of epidemics and pandemics and the impact on the demand for transportation of chemical and petroleum products;
• the impact of increasing scrutiny and changing expectations from investors, lenders and other market participants with respect to environmental, social and governance initiatives, objectives and compliance;
• other factors that may affect our financial condition, liquidity and results of operations; and
• other factors set forth in “Item 3. – Key Information – D. Risk Factors” of Hafnia’s Annual Report on Form 20-F, filed with the U.S. Securities and Exchange Commission on 30 April 2025

Because of these known and unknown risks, uncertainties and assumptions, the outcome may differ materially from those set out in the forward-looking statements. These forward-looking statements speak only as at the date on which they are made. Hafnia undertakes no obligation to publicly update or publicly revise any forward-looking statement, whether as a result of new information, future events or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20251130092110/en/

Mikael Skov, CEO Hafnia

+65 8533 8900

KEYWORDS: Singapore Southeast Asia Middle East Asia Pacific

INDUSTRY KEYWORDS: Chemicals/Plastics Maritime Logistics/Supply Chain Management Oil/Gas Transport Manufacturing Energy

MEDIA:

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Caesars is celebrating its launch in Missouri with special ceremonial first bet events at Harrah’s Kansas City and Horseshoe St. Louis, featuring former St. Louis Rams and Kansas City Chiefs quarterback Trent Green and Chiefs Legend Christian Okoye. Green will also embark on a cross-state tour to visit all three Caesars Rewards destinations in Missouri, including Horseshoe St. Louis, Isle of Capri Boonville, and Harrah’s Kansas City.

The Caesars Sportsbook mobile app delivers a comprehensive wagering experience with options like Same Game Parlays, player props, futures, and live in-play markets. Built-in responsible gaming tools, including deposit limits, spending limits, daily time limits, and cool-off periods, help ensure a safe and enjoyable experience. Fans can also stream thousands of marquee sporting events, including NFL games, directly within the app, and explore Caesars’ new NFL Flips interactive feature, where users flip virtual cards for chances to earn rewards, including a share of a weekly $100,000 Bonus Bet prize pool.

Caesars Sportsbook users will enjoy unmatched rewards redeemable through their sports wagering activity via the industry-leading customer loyalty program, Caesars Rewards^®. Every wager placed in-person or via the Caesars Sportsbook mobile app earns Tier Credits for status and Reward Credits that are redeemable for a variety of extraordinary Caesars Rewards experiences. Those include discounted getaways at various Caesars destinations across North America, bonus cash in the Caesars Sportsbook app, world-class culinary or entertainment experiences, and more. This applies to Missouri’s three Caesars Rewards destinations, Harrah’s Kansas City, Horseshoe St. Louis and Isle of Capri Boonville.

Caesars Entertainment is an industry leader in Responsible Gaming, known for pioneering Responsible Gaming awareness and education. In 1989, Caesars became the first commercial casino company to address problem gambling by launching the industry’s first Responsible Gaming program, Project 21. Today, the Company’s commitment to ensuring all players are aware of Responsible Gaming resources remains steadfast and spans all of Caesars’ digital platforms and world-class destinations in which it operates. Caesars Entertainment proudly enforces an enhanced 21+ gaming policy that prevents individuals under the age of 21 from using Caesars Rewards and restricts access to its gaming products for individuals under the age of 21.

In March 2024, Caesars Sportsbook received the prestigious RG Check accreditation from the Responsible Gambling Council in Ontario, Canada, which recognizes companies that achieve the highest standards for their Responsible Gaming practices. Just a few months later, the Company was awarded the National Council on Problem Gambling’s award for Corporate Social Responsibility. For more information about Caesars Entertainment’s Responsible Gaming program, please visit https://www.caesars.com/corporate.

About Caesars Entertainment, Inc.

Caesars Entertainment, Inc. (NASDAQ: CZR) is the largest casino-entertainment company in the US and one of the world’s most diversified casino-entertainment providers. Since its beginning in Reno, NV, in 1937, Caesars Entertainment, Inc. has grown through development of new resorts, expansions and acquisitions. Caesars Entertainment, Inc.’s resorts operate primarily under the Caesars^®, Harrah’s^®, Horseshoe^®, and Eldorado^® brand names. Caesars Entertainment, Inc. offers diversified gaming, entertainment and hospitality amenities, one-of-a-kind destinations, and a full suite of mobile and online gaming and sports betting experiences. All tied to its industry-leading Caesars Rewards loyalty program, the company focuses on building value with its guests through a unique combination of impeccable service, operational excellence and technology leadership. Caesars is committed to its employees, suppliers, communities and the environment through its PEOPLE PLANET PLAY framework. Know When To Stop Before You Start^®. Gambling Problem? Call 1-800-522-4700. For more information, please visit www.caesars.com/corporate.

Responsible Gaming in Missouri

Must be 21 or older to gamble. Know When To Stop Before You Start^®. Gambling Problem? Call 1-800-GAMBLER

Welcome Offer Terms

Must be 21+ and physically present in MO. New users only. Must register using eligible promo code and deposit $5 or more by 11:59 PM ET on Nov. 30, 2025. Must opt in from My Promos within 30 days of registration. Tokens max. bet amount: $25 per token. Tokens bet max. add’l winnings: $2,500 per token. Tokens expire 30 days after receipt. Tokens not reissued for voided/pushed bets. Bet $5, Get $150 in Bonus Bets If You Win: Min. qualifying bet amount: $5. Min. Odds: -500. First wager after registration must qualify. Awarded as non-withdrawable Bonus Bets that expire 30 days after receipt. Bonus Bet amount not returned for winning bets. See Caesars.com/promos or the Promotions tab on the app for full terms. Void where prohibited. Know When To Stop Before You Start^®. Gambling Problem? Call 1-800-GAMBLER

Party Like a Caesar Super Bowl Promotion Terms

Must be 21+. No purchase or play required to enter or win. Open to registered Caesars Sportsbook users in Missouri only. Min. qualifying bet amount: $5. Entry period: 12/1/25 to 1/4/26. ARV of prize: $6,500. Void where prohibited. Maximum of one entry per participant. See Caesars.com/promos or Promotions tab on the app for complete official rules and alternative mail-in entry instructions. Know When To Stop Before You Start.^® Gambling Problem? Call 1-800-GAMBLER.

View source version on businesswire.com: https://www.businesswire.com/news/home/20251130180345/en/

Brad Harwood, [email protected]

Dominic Holden, [email protected]

KEYWORDS: Nevada Missouri United States North America

INDUSTRY KEYWORDS: Entertainment Sports Football Mobile Entertainment General Sports Casino/Gaming

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Cool Company Ltd – Vesting of Restricted Stock Units to Primary Insiders and Mandatory Notification of Trades

LONDON–(BUSINESS WIRE)–
COOL COMPANY Ltd. (“CoolCo” or the “Company”) advised today that, pursuant to the Company’s Long-Term Incentive Program (the “LTIP”), certain outstanding restricted stock units (“RSUs”) awarded/authorized in 2022, 2023 and 2025 vested on November 30, 2025. Details of the vesting of RSUs to Primary Insiders are as follows:

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20251128164546/en/

1. Richard Tyrrell: 7,812 RSUs (including 797 RSUs subject to accrued dividend equivalents)
2. Johannes Boots: 4,165 RSUs (including 418 RSUs subject to accrued dividend equivalents)

The shares underlying the vested RSUs will be paid as cash consideration in accordance with the terms of the LTIP, at a value of $9.65 per share.

Following the aforementioned vesting on November 30, 2025 and cash settlement of RSUs:

• Richard Tyrrell holds 8,545 shares, 15,730 RSUs, and 371,227 Options in CoolCo.
• Johannes Boots holds 1,764 shares, 8,458 RSUs, and 123,742 Options in CoolCo.

Please see the enclosed forms for further details about the transactions.

Full details of the LTIP are available in the Press Release issued on November 25, 2022, or in the Company’s 2024 Annual Report on Form 20-F as filed with the SEC.

View source version on businesswire.com: https://www.businesswire.com/news/home/20251128164546/en/

For more information, questions should be directed to:

c/o Cool Company Ltd – +44 207 659 1111 / [email protected]

Richard Tyrrell – Chief Executive Officer

John Boots – Chief Financial Officer

KEYWORDS: Europe United States United Kingdom North America

INDUSTRY KEYWORDS: Maritime Mining/Minerals Transport Oil/Gas Energy Natural Resources

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InnovestX Securities Selects ICE to Enhance Pricing, Trading and Risk Analytics, Powering a More Efficient and Scalable Investment Platform

ATLANTA & NEW YORK & HONG KONG–(BUSINESS WIRE)–
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of technology and data, today announced that InnovestX Securities Co. Ltd., a leading brokerage and securities company in Thailand and a subsidiary of SCBX , the parent company of Siam Commercial Bank (SCB), one of Southeast Asia’s leading financial institutions, has selected ICE’s Portfolio Analytics (IPA) platform to enhance its risk management and analytics capabilities.

“At InnovestX, our mission is to empower investors with seamless access to world-class investment opportunities powered by technology, innovation and transparency,” said Payon Pongsawaree CIO of InnovestX. “As the investment and securities arm of SCBX, we manage a diverse and growing portfolio of structured products that requires accurate pricing and efficient risk oversight. ICE’s IPA solution strengthens our risk management capabilities and enables us to scale efficiently, and deliver greater value to our clients as we continue to expand in Thailand.”

With ICE’s IPA solution, InnovestX will gain a single platform for pre-trade pricing, intraday analytics and lifecycle management across multiple asset classes. ICE’s robust data and analytics can help InnovestX deliver more precise and timely valuations and improve the investment decision-making process for its clients.

“We are well equipped to assist firms like InnovestX as they expand their structured product business and enhance their risk management activities,” said Christy Chan, Head of Client Development, APAC at ICE Data Services. “Our streaming market data and on-demand analytics, combined with pre-trade pricing and lifecycle management tools, provide the transparency and efficiency that can help leading issuers meet their clients’ investment and risk management needs and support growth in dynamic markets like Southeast Asia.”

ICE’s IPA solution combines continuous market data, pricing, analytics and on-screen risk tools for simple to complex products across multiple asset classes. These capabilities can help firms like InnovestX to manage exposure, monitor risk and price products on an intraday basis, while supporting greater transparency and efficiency in rapidly growing markets.

For more information on ICE Data Derivatives solutions, please visit: https://www.theice.com/market-data/pricing-and-analytics/derivatives.

About Intercontinental Exchange

Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds, and operates digital networks that connect people to opportunity. We provide financial technology and data services across major asset classes helping our customers access mission-critical workflow tools that increase transparency and efficiency. ICE’s futures, equity, and options exchanges — including the New York Stock Exchange — and clearing houses help people invest, raise capital and manage risk. We offer some of the world’s largest markets to trade and clear energy and environmental products. Our fixed income, data services and execution capabilities provide information, analytics and platforms that help our customers streamline processes and capitalize on opportunities. At ICE Mortgage Technology, we are transforming U.S. housing finance, from initial consumer engagement through loan production, closing, registration and the long-term servicing relationship. Together, ICE transforms, streamlines, and automates industries to connect our customers to opportunity.

Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 — Statements in this press release regarding ICE’s business that are not historical facts are “forward-looking statements” that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE’s Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE’s Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on February 6, 2025.

ICE Data Indices, LLC is the administrator of the indices referenced herein. Additional important information regarding these indices, including methodologies, limitations, and disclaimers, can be found at indices.ice.com. Neither any investment product mentioned herein (the “Product”), nor the issuer of such Product, as applicable, are sponsored, endorsed, sold or promoted by ICE, its affiliates or their third-party suppliers (“ICE and its Suppliers”). ICE and its Suppliers make no representations or warranties regarding the advisability of investing in securities generally or in any investment product based on an index. Past performance of an index is not an indicator of or a guarantee of future results.

Category: Fixed Income and Data Services

SOURCE: Intercontinental Exchange

About InnovestX

InnovestX Securities Co., Ltd. (INVX), a subsidiary of SCBX , is a leading multi-asset investment platform committed to unlocking the financial potential of Thai investors for sustainable long-term growth. Founded in 1995, InnovestX offers a comprehensive range of investment solutions across digital platforms and licensed advisory services, providing access to Thai and global equities, mutual funds, digital assets and other asset classes. With a vision to become the most trusted and preferred investment partner in Thailand, InnovestX empowers investors to confidently capture opportunities across market cycles with transparency, global connectivity and care.

View source version on businesswire.com: https://www.businesswire.com/news/home/20251130023707/en/

ICE Media Contact:

Damon Leavell

[email protected]

(212) 323-8587

[email protected]

ICE Investor Contact:

Katia Gonzalez

[email protected]

KEYWORDS: New York Georgia United States Thailand Hong Kong Southeast Asia North America Asia Pacific

INDUSTRY KEYWORDS: Technology Finance Fintech Banking Professional Services Software Data Analytics Asset Management Data Management

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Canary Capital’s XRPC Larger Than All Other U.S. Spot XRP ETFs Combined as of 11/26/25 and HBR Establishes First-of-Its-Kind U.S. Spot HBAR Exposure

Canary’s expanding ETF suite surpasses $400M in combined assets amid accelerating institutional demand

BRENTWOOD, Tenn.–(BUSINESS WIRE)–Canary Capital Group LLC (“Canary Capital”), a digital asset–focused investment firm, announced that its assets under management (AUM) in Canary XRP ETF (Nasdaq: XRPC) is greater than all other U.S.-listed spot XRP ETFs combined.¹ Totaling more than $336 million in AUM since its launch, XRPC leads the market as the largest spot XRP ETF in the United States as of 11/26/25.

The fund’s debut earlier this month was marked by a record-setting $59 million in day-one trading volume, the highest first-day volume of any ETF launched in 2025.²

“What we’re seeing with XRPC is more than early adoption, it’s validation of where investor demand is heading,” said Steven McClurg, CEO and Founder of Canary Capital. “That’s a clear signal that investors are choosing XRPC as a preferred vehicle for exposure to one of the most foundational digital assets.”

XRPC holds XRP, the native token of the XRP Ledger, a decentralized network used globally for real-time value transfer, asset tokenization, and settlement infrastructure.

As part of Canary Capital’s broader mission to expand access to blockchain-powered investment opportunities, the firm also launched Canary HBAR ETF (Nasdaq: HBR) earlier this quarter. HBR is the first and only U.S.-listed ETF providing spot exposure to HBAR, the native token of the Hedera network. With over $65 million in assets, HBR offers investors access to a high-throughput, energy-efficient platform designed for real-world enterprise applications.

Canary’s expanding suite of digital asset ETFs reflects its commitment to building forward-looking investment vehicles that combine market access with real utility and institutional rigor in emerging markets.

To learn more about XRPC and HBR, visit:

https://etfs.canary.capital/xrpc/

https://etfs.canary.capital/hbr/

About Canary Capital

Canary Capital is an investment management firm that blends rigorous risk management, strategic foresight, and innovative thinking to deliver private placement strategies, crypto hedge fund solutions, treasury management solutions, and publicly traded funds, with a focus on enterprise technology.

Disclosures

XRPC and HBR (the “Funds”) are not registered commodity pools or investment companies registered under the Investment Company Act of 1940. Shares of the Funds are not subject to the same regulatory requirements as mutual funds.

These investments are not suitable for all investors. Funds focusing on single assets generally experience greater volatility. Please ask your financial advisor for more information about these risks. Digital assets, such as XRP and HBAR, are a relatively new asset class, and the market for digital assets is subject to rapid changes and uncertainty. Digital assets are largely unregulated and digital asset investments may be more susceptible to fraud and manipulation than more regulated investments.

Investing Involves Significant Risk. The loss of principal is possible. The Funds may not be suitable for all investors. This document does not constitute a recommendation of any investment strategy or product for a particular investor. Investors should consult a financial advisor/financial consultant before making any investment decisions.

The Funds’ investment objectives, risks, charges and expenses should be considered before investing. The prospectuses contain this and other important information, and it may be obtained at https://etfs.canary.capital/XRPC/prospectus/ and https://etfs.canary.capital/HBR/prospectus/. Read them carefully before investing.

The Funds are not actively managed and will not take any actions to take advantage, or mitigate the impacts, of volatility in the price of XRP or HBAR. Investments in the Funds are not a direct investment in XRP or HBAR. Investors will not have any rights that XRP or HBAR holders have and will not have the right to receive any redemption proceeds in XRP or HBAR. Shares of the Funds are generally bought and sold at market price (not NAV) and are not individually redeemed from the Funds. Only Authorized Participants may trade directly with the Funds and only in large blocks of Shares called “creation units.” Your brokerage commissions will reduce returns.

The Funds’ Marketing Agent is Paralel Distributors LLC which is not affiliated with Canary Capital Group LLC or its affiliates.

CNRY81

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1 Source: Bloomberg. Website holdings reported as of 11/26/25. Spot XRP ETFs from three other issuers totaled $330.3 million in AUM.

2 Source: Yahoo Finance.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20251130255759/en/

Media

Trevor Davis

Gregory FCA for Canary Capital

215-475-5931

[email protected]

Investor Relations

Amber Reedy

Canary Capital

[email protected]

KEYWORDS: Tennessee United States North America

INDUSTRY KEYWORDS: Blockchain Cryptocurrency Finance Asset Management Professional Services Technology Fintech Digital Cash Management/Digital Assets

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