Slide 1: First Quarter 2025
08 MAY 2025 FIRST QUARTER 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: Highlights First Quarter 2025
Highlights First Quarter 2025 TCE Solid result in the first quarter in line with our expectations, despite USD 214m continued geopolitical uncertainty. 2024 Q4: USD 215m Freight rates in line with levels in the last quarter of 2024, yet significantly EBITDA lower compared to same quarter last USD 13
Slide 4: The Market
THE MARKET FIRST QUARTER 2025 4
Slide 5: Current Rates at Historically Attractive Levels
Current Rates at Historically Attractive Levels 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 80,000 Russia’s invasion of Ukraine leadi
Slide 6: Ton-Mile Demand No Support from the Red Sea Disruption Recently
Ton-Mile Demand No Support from the Red Sea Disruption Recently Trade volumes on routes mostly CPP volumes and ton-miles, change vs. 2023 average affected by the Red Sea disruption had fallen to the levels counterbalancing K b/d the ton-mile gains from longer 20 CPP ton-miles Product tankers Crude c
Slide 7: Geopolitics Continue to Drive the Market
Geopolitics Continue to Drive the Market Red Sea Disruption Sanctions on Russia OPEC+ production ▪ Re-opening would return Middle East- ▪ Expected to remain intact ▪ Reversal of voluntary production cuts Europe trade volumes and lower ▪ Negative effect on ton-mile if removed has indirect positive im
Slide 8: Fleet Growth Remains Manageable
Fleet Growth Remains Manageable Tanker order book vs ageing/sanctioned fleet Product tanker order book vs average fleet age Order book as % of the fleet Order book as % of the fleet % Capacity above 20 years as % of the fleet 40 38 70 OFAC sanctioned 2006 35 60 2007 30 50 26 25 2005 22 40 20 2008 20
Slide 9: Key Drivers in 2025
Key Drivers in 2025 Ongoing geopolitical Demand Tonnage uncertainty fundamentals supply ▪ Red Sea disruption ▪ Oil demand growth ▪ Increased newbuilding ▪ Sanctions on Russia ▪ Changes in refinery deliveries ▪ US trade and foreign landscape ▪ Large share of scrapping policy candidates ▪ OPEC+ policy
Slide 10: The Financials
THE FINANCIALS FIRST QUARTER 2025 10
Slide 11: Financials Overview First Quarter 2025
Financials Overview First Quarter 2025 USDm 2025 Q1 2024 Q4 Change FY 2024 Market stabilization – after a sharp TCE 214 215 -1 1,135 decline in the previous quarter, freight EBITDA 136 142 -6 851 rates have stabilized q/q. EBIT 82 89 -7 659 Net profit (loss) for the period 63 77 -14 612 TCE (USD/day
Slide 12: Earnings On Par With Previous Quarter
Earnings On Par With Previous Quarter TCE Fleet-wide TCE/day EBITDA USDm USD USDm 400 50,000 400 43,152 42,057 331 326 40,000 300 300 263 33,722 266 251 215 214 30,000 26,807 25,775 192 200 200 20,000 142 136 100 100 10,000 0 0 0 2024-Q1 2024-Q2 2024-Q3 2024-Q4 2025-Q1 2024-Q1 2024-Q2 2024-Q3 2024-Q
Slide 13: Profit and Distribution
Profit and Distribution Net Profit (Loss) Basic Earnings Per Share Dividend Per Share USDm USD USD 250 2.50 2.34 2.00 1.80 209 2.08 194 200 2.00 1.60 1.50 1.20 150 1.50 1.38 1.20 131 100 1.00 0.80 77 0.77 0.60 63 0.64 0.40 50 0.50 0.40 0 0.00 0.00 2024-Q1 2024-Q2 2024-Q3 2024-Q4 2025-Q1 2024-Q1 2024
Slide 14: 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 Net loan-to-value Borrowings Scrubber instalments USDm USDm and Percentage USDm 5,000 1,000 948 30% 400 825 832 3,866 25% 4,000 3,730 800 758 737
Slide 15: Financial Outlook 2025
Financial Outlook 2025 TCE EBITDA Coverage USDm USDm USD/day 1,250 1,000 40,000 1,135 851 1,000 700 - 900 750 30,000 57% @28,026 43% @27,829 750 400 - 600 500 20,000 500 250 10,000 250 0 0 0 2024 Guidance 2025 2024 Guidance 2025 Coverage Q2 2025 Coverage FY 2025 ▪ TCE earnings are expected to be USD
Slide 16: Q&A
Q&A FIRST QUARTER 2025 16
Slide 17: Appendix
APPENDIX FIRST QUARTER 2025 17
Slide 18: TORM at a Glance
TORM at a Glance 91 Vessels (fully delivered basis) 10 Offices ~4,000 Employees ▪ TORM operates a modern and well-maintained fleet, of which the majority is scrubber-fitted with eco-design. ▪ Presence in all larger vessel classes in the product tanker market (LR2, LR1 and MR). ▪ Oaktree owns approxi
Slide 19: A Proud History Dating Back More Than 130 Years
A Proud History Dating Back More Than 130 Years 1889 1905 1933 1977 1980s Captain Ditlev E. Torm and Listing on the TORM Almena, TORM’s first Delivery of its first product As environmental concerns top Christian Schmiegelow Copenhagen Stock motorized vessel, is tanker vessels, TORM Rotna the global
Slide 20: Continued Progress on Climate
Continued Progress on Climate SAFETY: Lost Time Accident Frequency DIVERSITY: Leadership Diversity Target CLIMATE: Carbon Intensity Reduction Target # Accidents per 1m % women in % reduction in AER vs. working hours LTM leadership positions IMO 2008 baseline 0.50 40 50 35 45.0 0.42 0.42 39.6 40.0 0.
Slide 21: 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 March 2025 Free flow* 42% 58% Oaktree * Including TORM’s treasury shares For f
Slide 22: TORM - a Leading Global Product Tanker Company
TORM - a Leading Global Product Tanker Company 1 2 3 One TORM platform Superior ROIC Balanced pay-out ratio Inhouse integrated commercial Consistent selective fleet Our distribution policy secures a and technical management replenishment and growth has balanced pay-out ratio which secured superior r
Slide 23: Financial Calendar 2025
Financial Calendar 2025 14 Interim Results for the Second Quarter AUG and Six Months ended 30 June 2025 06 Interim Results for the Third Quarter and NOV Nine Months ended 30 September 2025 Investor Relations contact: Mikael Bo Larsen IR@torm.com FIRST QUARTER 2025 23