Slide 1: Second Quarter 2026
26 AUGUST 2026 SECOND QUARTER 2026
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: The One TORM Advantage
The One TORM Advantage Market-leading performance TORM's operational execution has driven sustained peer outperformance, delivering USD 200m+ TCE across our MR fleet (2023–2025). A Premium Opportunity Through Focus, Culture, and Discipline Active fleet renewal and expansion One TORM - Our operationa
Slide 4: Highlights Second Quarter 2026
Highlights Second Quarter 2026 TCE USD 512m 2025 Q2: USD 208m EBITDA USD 416m 2025 Q2: USD 127m Net profit USD 338m 2025 Q2: USD 59m Record-high financial performance driven by exceptionally strong freight markets. Fleet size Quarterly dividend of USD 2.40 per share 97 vessels payable in late Septem
Slide 5: Delivering Returns While Expanding Our Platform
Delivering Returns While Expanding Our Platform Fleet expansion Shareholder Distribution ▪ Expanded fleet from 78 vessels in 2022 to 97 vessels • Distributed USD 16.10 per share in dividends since today, increasing earnings capacity. 2023, while continuing to invest in fleet growth. ▪ Fleet developm
Slide 6: The Market
THE MARKET
Slide 7: Current Rate Environment Geopolitical Drivers Supporting Robust Fundamentals
Current Rate Environment Geopolitical Drivers Supporting Robust Fundamentals LR2 benchmark MR benchmark USD/day USD/day 2026 5-year avg. 5-year high/low 2026 5-year avg. 5-year high/low 140.000 80.000 70.000 120.000 60.000 100.000 50.000 80.000 40.000 60.000 30.000 40.000 20.000 20.000 10.000 0 0 Ja
Slide 8: Re-Escalating Tensions Further Reshape Oil Trade Flows
Re-Escalating Tensions Further Reshape Oil Trade Flows Market Inefficiencies offset lower oil volumes – reduced trade through the Strait of Hormuz was more than compensated by longer-haul movements and trade rerouting. Temporary ceasefire supported a partial export recovery – global oil flows improv
Slide 9: -11.3m b/d -2.1m b/d -0.2m b/d
-11.3m b/d -0.2m b/d -2.1m b/d +3.0m b/d +0.3m b/d +2.1m b/d FIRST QUARTER 2025 9
Slide 10: -11.3m b/d -2.1m b/d -0.2m b/d
-11.3m b/d -0.2m b/d -2.1m b/d +3.0m b/d +0.3m b/d +2.1m b/d FIRST QUARTER 2025 10
Slide 11: Effective Tonnage Supply Is Shrinking
Effective Tonnage Supply Is Shrinking Migration to Dirty Limits Effective Supply Product tanker fleet development Index (End-2025 =100) Total product tanker fleet CPP-trading product tanker fleet 110 Effective clean-trading capacity is shrinking despite fleet growth - CPP-trading tanker capacity dow
Slide 12: Fleet Replacement Keeps Growth in Check
Fleet Replacement Keeps Growth in Check Aging And Sanctioned Vessels Balance Fleet Expansion Product tanker order book vs ageing/sanctioned fleet % of fleet 35 Order book OFAC sanctioned Capacity above 20 years OFAC/EU/UK sanctioned 30 Fleet aging largely balances new vessel deliveries - an order 28
Slide 13: Post-Middle East Disruption Inventory Replenishing Will Increase Tonnage Demand
Post-Middle East Disruption Inventory Replenishing Will Increase Tonnage Demand Global observed oil inventories Cumulative change since Dec-24, mb 500 Change in global oil stocks, cumulative Current level 450 Low inventory levels represent a potential demand catalyst - 400 replenishing depleted stra
Slide 14: Geopolitics Uncertainty Adds to Market Inefficiency
Geopolitics Uncertainty Adds to Market Inefficiency 2022-2024 2025 2026 EU sanctions on Russian oil and G7 price cap Red Sea disruption Vessel sanctioning Sanctions on Rosneft and Lukoil Intensified drone strikes on Russian refineries USTR/China Port Fees (suspended until Nov-26) OPEC+ strategy EU i
Slide 15: The Financials
THE FINANCIALS 15
Slide 16: Financial Overview
Financial Overview Historic Earnings on the Back of Extraordinary Freight Rates USDm 2026 Q2 2025 Q2 Change Record earnings driven by unprecedented freight rates - TCE 512 208 +304 closure of Strait of Hormuz and disruption to global trade flows EBITDA resulted in the strongest quarterly financial p
Slide 17: TCE: Record Freight Markets Delivering Record Earnings
TCE Record Freight Markets Delivering Record Earnings TCE Fleet-wide TCE/day EBITDA USDm USD USDm 59.301 550 512 60.000 450 416 440 48.000 360 34.937 330 36.000 270 286 31.012 30.658 251 26.672 201 236 208 220 24.000 180 152 156 127 110 12.000 90 0 0 0 2025-Q2 2025-Q3 2025-Q4 2026-Q1 2026-Q2 2025-Q2
Slide 18: Profit and Distribution
Profit and Distribution Converting Strong Earnings Into Dividends Net Profit Basic Earnings Per Share Dividend Per Share USDm USD USD 375 3,50 3,31 2,50 2,40 338 300 2,80 2,00 225 2,10 1,50 150 122 1,40 1,21 1,00 0,70 0,70 87 0,88 0,62 78 0,79 75 59 0,70 0,60 0,50 0,40 0 0,00 0,00 2025-Q2 2025-Q3 20
Slide 19: Vessel Values and Net Interest-Bearing Debt
Vessel Values and Net Interest-Bearing Debt Rising Net Asset Value and Reduced Leverage Vessel value and Net Asset Value (NAV) NIBD and Net LTV ratio Borrowings Maturity Profile Years to falling due USDm USDm USDm 5.000 1.000 30% 400 Net loan-to-value 894 848 4.056 324 4.000 800 767 28% 320 3.619 3.
Slide 20: Financial Outlook 2026
Financial Outlook 2026 Strong Q3 Coverage Supports Higher Full-Year Guidance 2026 GUIDANCE MARCH 2026 GUIDANCE MAY 2026 GUIDANCE NEW TCE (USDm) TCE (USDm) TCE (USDm) 850 – 1,250 1,150 – 1,450 1,400 - 1,600 EBITDA (USDm) EBITDA (USDm) EBITDA (USDm) 500 - 900 800 - 1,100 1,000 - 1,200 COVERAGE Q1 COVE
Slide 21: Q&A
Q&A 21
Slide 22: Appendix
APPENDIX 22
Slide 23: TORM at a Glance
TORM AT A GLANCE Our People and Our Fleet ~ 4,000 seafarers and 400 office colleagues around the world. 97 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, efficien
Slide 24: 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 25: 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 26: Performance: 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 TORM’s annual premium calculation is based on the individual quarters with those 88 45,000 vessels in TORM’s MR fleet earning TORM’s TCE rate compared to the peer average. 40,000 80 35,000 65 30,000 60
Slide 27: Pipeline of MR Deliveries
Pipeline of MR Deliveries Future Deliveries Support Continuous Fleet Renewal 2027 TORM Manila* TORM Mumbai* Fleet - Year of Build Hull 005** 16 Hull 009** 14 2028 Hull 007** 12 Hull 008** 10 2029 Hull 5024* 8 Hull 5025* Hull 5026* 6 Hull 5027* 4 Hull 5028* Hull 5029* 2 0 2030 Hull 5030 (Optional) *
Slide 28: 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 30 June 2026 Oaktree * 19,9% Free float 66,3% 13,8% Hafnia For further informatio
Slide 29: 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 160 90 55 50 140 80 45 70 120 40 60 100 35 50 30 80 40 25 60 20 30 15 40 20 10 20 10 5 0 0 0 2010 2015 2020 2025 2010 2015 2020 2025 2010 2015 2020 2025
Slide 30: Financial Calendar 2026
Financial Calendar 2026 04 Interim Results for the Third Quarter and NOV Nine Months ended 30 September 2026 INVESTOR RELATIONS CONTACT: MIKAEL BO LARSEN IR@TORM.COM 30