Slide 1: Full-Year Results 2025
26 FEBRUARY 2026 FULL-YEAR RESULTS 2025
Slide 2: Safe Harbor Statement as to the Future
Safe Harbor Statement as to the Future Matters discussed in this presentation material may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospectiv
Slide 3: A Single Vision, Delivering for Shareholders
A Single Vision, Delivering for Shareholders Proud of our Culture Unique Strategic Focus The Industry Benchmark Our clarity of purpose is a One TORM optimizes our deep We enhance shareholder value competitive advantage that market intelligence through each and every day through streamlines our actio
Slide 4: Highlights Fourth Quarter 2025
Highlights Fourth Quarter 2025 TCE USD 251m 2025 Q3: USD 236m Strong earnings in the fourth quarter, making a robust finish EBITDA to the year and further strengthened the solid USD 156m performance seen throughout 2025 Q3: USD 152m the prior quarters. Freight rates remained at Net profit highly att
Slide 5: Highlights Full Year 2025
Highlights Full Year 2025 TCE USD 910m 2024: USD 1,135m EBITDA USD 571m 2024: USD 851m Net profit USD 286m 2024: USD 612m Dividend USD 212m 2024: USD 485m 5
Slide 6: The Market
THE MARKET 6
Slide 7: Current Rate Environment: Strong Start to the Year
Current Rate Environment Strong Start to the Year USD/day Clarksons LR2 benchmark - annual avg. Clarksons avg. MR benchmark - annual avg. Clarksons LR2 benchmark Clarksons avg. MR benchmark 110,000 100,000 Houthi attacks at Bab-el-Mandeb Strait 90,000 COVID-19 Russia’s invasion of Ukraine leading to
Slide 8: Ton-Mile Demand: Limited Downside from Red Sea Reopening
Ton-Mile Demand Limited Downside from Red Sea Reopening Monthly LR ton-miles from the Middle East – Europe CPP trade ▪ The ton-mile effect of the Red Sea disruption is currently neutral due to partial return of the Red Sea transits and lower Bln. Ton-miles trade volumes. 40 ▪ Strong crude tanker mar
Slide 9: Fleet Growth Absorbed by Shift into Dirty Trades and Aging Fleet
Fleet Growth Absorbed by Shift into Dirty Trades and Aging Fleet Product tanker fleet development Tanker order book vs ageing/sanctioned fleet Order book as % of the fleet OFAC sanctioned Index (Q1 2024=100) % Total product tanker fleet CPP-trading product tanker fleet Capacity above 20 years as % o
Slide 10: Sanctioned Aframax/LR2 Tonnage Equivalent to 2025-2027 Order Book
Sanctioned Aframax/LR2 Tonnage Number of Vessels Sanctioned in 2025 Equivalent to 2025-2027 Order Book Combined Aframax/LR2 fleet by sanction status vs. Order Book No. of vessels Sanctioned 2025 2027 Non-sanctioned 2026 ▪ During 2025, over 200 Aframax/LR2 vessels were added to 1,250 the list of OFAC
Slide 11: Geopolitics Uncertainty Adds to Market Inefficiency
Geopolitics Uncertainty Adds to Market Inefficiency ▪ EU sanctions on Russian ▪ EU sanctions on ▪ EU sanctions on Russian oil and G7 price cap oil and G7 price cap Russian oil and G7 ▪ Red Sea disruption price cap ▪ Red Sea disruption ▪ Vessel sanctioning ▪ Red Sea disruption ▪ Sanctions on Rosneft
Slide 12: Key Drivers Remain Supportive in 2026
Key Drivers Remain Supportive in 2026 Geopolitics Tonnage supply Demand fundamentals ▪ Sanctions against Russia, ▪ Sanctioned and overaged ▪ Oil demand growth Iran, Venezuela tonnage offsetting newbuilding deliveries ▪ Changes in refinery ▪ OPEC+ policy landscape ▪ Red Sea 12
Slide 13: The Financials
THE FINANCIALS 13
Slide 14: Financial Overview Fourth Quarter and Full Year 2025
Financial Overview Fourth Quarter and Full Year 2025 Market strength - continued strength in product tanker markets supported USDm 2025 Q4 2025 Q3 Change 2025 2024 Change quarterly performance. TCE 251 236 +15 910 1,135 -225 EBITDA 156 152 +4 571 851 -280 Market leading operational performance - bes
Slide 15: TCE Earnings Improve on Sustained Rate Strength
TCE Earnings Improve on Sustained Rate Strength TCE Fleet-wide TCE/day EBITDA USDm USD USDm 300 35,000 200 31,012 30,658 251 236 26,807 156 240 28,000 26,672 160 152 215 214 25,775 208 142 136 127 180 21,000 120 120 14,000 80 60 7,000 40 0 0 0 2024-Q4 2025-Q1 2025-Q2 2025-Q3 2025-Q4 2024-Q4 2025-Q1
Slide 16: Profit and Distribution
Profit and Distribution Net Profit (Loss) Basic Earnings Per Share Dividend Per Share USDm USD USD 100 1.25 1.00 87 77 78 80 1.00 0.80 0.88 0.70 63 0.77 0.79 0.62 59 0.60 60 0.75 0.60 0.64 0.60 0.40 0.40 40 0.50 0.40 20 0.25 0.20 0 0.00 0.00 2024-Q4 2025-Q1 2025-Q2 2025-Q3 2025-Q4 2024-Q4 2025-Q1 20
Slide 17: Vessel Values and Net Interest-Bearing Debt
Vessel Values and Net Interest-Bearing Debt Vessel value and Net Asset Value (NAV) NIBD and Net LTV ratio Borrowings Maturity Profile Years to falling due USDm USDm USDm Net loan-to-value 4,000 1,000 948 30% 400 386 3,583 832 848 3,112 3,178 800 767 24% 320 2,888 2,864 3,000 2,854 690 2,511 2,603 2,
Slide 18: Market-leading Performance Translate Into Higher Dividends
Market-leading Performance Translate Into Higher Dividends USD millions TORM MR Premium TCE TORM MR Premium TCE TORM MR Premium TCE TORM MR Premium TCE 38 88 60 49* Dividends Dividends Dividends Dividends 381 499 485 212 TORM MR Premium TORM MR Premium TORM MR Premium TORM MR Premium / Dividends / D
Slide 19: Financial Outlook 2026
Financial Outlook 2026 Robust Coverage Sets a Solid Start to the Year TCE (USDm) Guidance 910 TCE (USDm) EBITDA (USDm) 850 – 1,250 571 EBITDA (USDm) 500 - 900 TCE (USD/day) 28,783 Coverage Q1 (USD/day) 70% @ 34,926 19
Slide 20: Q&A
Q&A 20
Slide 21: Appendix
APPENDIX 21
Slide 22: TORM at a Glance
TORM AT A GLANCE Our People and Our Fleet 3,600 seafarers and 400 office colleagues around the world. 93 modern, eco-efficient fleet. Positioned across all major product tanker segments (LR2, LR1 and MR). One TORM In-house integration of commercial and technical operations, driving speed, efficiency
Slide 23: A Market-Leading Product Tanker Company
A Market-Leading Product Tanker Company High spot market exposure Integrated operations Strategic fleet renewal Leveraging favorable market dynamics for optimal Delivering superior economic results Ensuring our business remains competitively returns. through our in-house One TORM platform. positione
Slide 24: TORM's MR Fleet Outperforms Peer Group
Performance TORM’s MR Fleet Outperforms Peer Group TCE USD/day TORM MR Premium TCE USDm 100 50,000 88 45,000 40,000 80 TORM’s annual premium calculation is 35,000 based on the individual quarters with those vessels in TORM’s MR fleet earning TORM’s TCE rate compared to the peer average. 30,000 60 TO
Slide 25: Shareholder Structure
Shareholder Structure Share Information TORM’s shares are listed on the stock exchange Nasdaq Copenhagen under the ticker ‘TRMD-A’, and on the stock exchange Nasdaq New York under the ticker ‘TRMD’. Shareholdings as of 31 December 2025 26% Oaktree 60% Free float 14% Hafnia For further information, v
Slide 26: Refinery Closures in the West Adding to Tonnage Demand
Refinery Closures in the West Adding to Tonnage Demand Grangemouth Lindsey Rheinland (Wesseling) Benicia Los Angeles (Wilmington & Carlson) 26
Slide 27: Asset Prices
Asset Prices VLCC LR2 MR M USD Newbuilding 10-year old M USD Newbuilding 10-year old M USD Newbuilding 10-year old 5-year old 5-year old 5-year old 140 80 55 130 75 50 120 70 65 45 110 60 40 100 55 90 50 35 80 45 30 70 40 35 25 60 50 30 20 25 40 15 20 30 15 10 20 10 10 5 5 0 0 0 2010 2015 2020 2025
Slide 28: Financial Calendar 2026
Financial Calendar 2026 15 Annual General Meeting APR 13 Interim Results for the First Quarter 2026 MAY 26 Interim Results for the Second Quarter and AUG Six Months ended 30 June 2026 04 Interim Results for the Third Quarter and NOV Nine Months ended 30 September 2026 Investor Relations contact: Mik