Slide 1: Second Quarter Presentation Aug. 2026
Second Quarter Presentation Aug. 2026
Slide 2: Forward Looking Statements
Forward Looking Statements MATTERS DISCUSSED IN THIS DOCUMENT 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 PROSPECTIVE INFORMATION ABOUT THEIR
Slide 3: Q2-26 Highlights
Q2- 26 Highlights Reported earnings basis load to discharge Q3 2026 spot Q2 2026 TCE currently % done contracted VLCC $152,700 $156,900 86% $111,500 $117,400 79% Suezmax $92,400 $81,000 70% LR2 / Aframax • Reported the best quarterly profit ever of $659.2 million, or $2.96 per share for the second q
Slide 4: Profit statement – Highlights
Profit statement – Highlights 2026 2026 2025 (in thousands of $ except per share data) Apr - Jun Jan - Mar Jan - Dec Notes • The adjustments in the second quarter of 2026 consist of: Total operating revenues (net of voyage expenses)* 737,404 533,662 1,211,360 • $54.7 million gain on sale of vessels
Slide 5: Balance sheet – Highlights
Balance sheet – Highlights 2026 2026 2025 • Strong liquidity of $1,224 (in millions $) Jun 30 Mar 31 Dec 31 million in cash and cash equivalents, including undrawn Assets amounts of revolver capacity, Cash 321 471 251 marketable securities and minimum cash requirements Other current assets 591 488 4
Slide 6: Fleet-Wide financing optimization
Fleet-Wide financing optimization In Q2 and Q3 2026 1.78 % • Amended $1,493.8 million -0.24 % • Refinanced $1,061.8 million -0.21 % 1.26 % -0.07 % • Newbuilding financing of $737.0 million Reduced financing costs • Reduced financing costs through a combination of margin reductions on existing facili
Slide 7: Fleet composition and cash breakeven / Opex
Fleet composition and cash breakeven / Opex Cash breakeven rates of $23.900 fleet average for the next 12 months, including dry dock costs for seven VLCCs, seven Suezmax ~ 6.6 Years 100% 69% tankers and eight LR2s. Average age ECO vessels Scrubber fitted Q2-26 fleet average opex excl. drydock $8.700
Slide 8: Cash generation
Cash generation $13.91 14.00 Expected 27,836 earnings days next 12 months Free Cash Flow Yield (annualized) 12m Forward Q3-26 Q4-26 Q1-27 Q2-27 Q3-27 of ~ 24%* 12.00 Spot 23 770 5 328 5 448 5 549 6 400 6 872 TC 4 066 1 474 1 472 1 293 607 212 $10.35 Total 27 836 6 802 6 920 6 842 7 007 7 084 10.00 V
Slide 9: Market Highlights
Market Highlights • Middle East centre stage, increasing risk in and around the gulf area in 10,000 Quarterly Crude/Co Net Exports addition to Houthis active in Bab al-Mandab strait 8,000 Americas Asia • Tanker rates remain high, inefficiencies carry the weight of the market 6,000 and high risk-prem
Slide 10: Trade did not grow - effective fleet supply shrank
Trade did not grow - effective fleet supply shrank Avg Non-Laden Days per VLCC Voyage -82% (?) +23% 35 30 Crude exports from inside the Strait Avg monthly idling days per VLCC of Hormuz Q2 26 vs Q2 25 increased from Q1 to Q2 2026 25 20 -35% +36% 15 10 China Crude imports declined from Americas – Eas
Slide 11: Flows
Flows • Atlantic basin exports higher, and a materially larger part of it sails eastbound, yielding OECD on-shore Crude Inventories increase in ton-miles. 1,800 • Houthi threat have extended inefficiencies as Yanbu exports to a greater degree moves 1,750 through Suez and the Sumed pipeline to the Me
Slide 12: Orderbooks
Orderbooks 120 VLCC 100 Aug 2026 Fleet +15 Yrs +20 Yrs Sanctioned Orderbook 80 60 115 40 15 64 94 68 VLCC 907 396 43.7 % 166 18.3 % 167 18.4 % 304 33.5 % 54 61 65 51 48 49 40 20 38 27 36 36 29 31 39 29 23 20 37 35 42 19 28 24 # of vessels 22 1 16 0 6 -1 -1 Suezmax 650 298 45.8 % 143 22.0 % 118 18.2
Slide 13: Fleet & Orderbook
Fleet & Orderbook VLCC Suezmax LR2 Aframax 1,400 1293 1,200 1,000 As orders deliver – 1293 vessels come to age ! Number of Vessels 800 707 578 600 400 200 0 Orderbook +20 Yrs +15 Yrs Source: Fearnleys 13
Slide 14: Summary
Summary Current market dwarfs' previous cycles • Constricted Global Oil supply yields inefficiencies, new trades and longer trade-lanes. • Growing concern for the supply cushion provided primarily by US and China. • Russia / Ukraine adding fuel to the fire, with increased risk in the Black Sea and r
Slide 15: Questions & Answers
Questions & Answers |
Slide 16: www.frontlineplc.cy
I FRONTLINE 1 www.frontlineplc.cy
Slide 17: Appendix: Non-GAAP measures reconciliation
Appendix 1 Non-GAAP measures reconciliation (in thousands of $ except per share) Q2 2026 Q1 2026 FY 2025 Total operating revenues net of voyage expenses and commission Revenues 943,299 714,242 1,965,104 Voyage expenses and commission (205,895) (180,580) (753,744) Total operating revenues net of voya