Hafnia Ltd cash flow statement

In fiscal 2025, Hafnia Ltd's operations generated $603m of cash; it spent $146m on capital projects, leaving free cash flow of $457m. It returned $199m in dividends.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Hafnia Ltd: cash flow statement, annual
Fiscal year	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash from operations	771	1,061	1,030	603
Depreciation and amortisation	1	1	1	0
Stock-based pay	2	3	3	3
Capital spending	447	184	50	146
Free cash flow	324	876	981	457
Free cash flow after stock pay	322	874	978	453
Dividends paid	244	544	700	199

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Hafnia Ltd's SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Hafnia Ltd.