Slide 1: Fourth Quarter Presentation Feb 2026
Fourth Quarter Presentation Feb 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: Highlights
Highlights Reported earnings basis load to discharge Q1 2026 spot Q4 2025 TCE currently % done contracted VLCC $74,200 $107,100 92% $53,800 $76,700 83% Suezmax $33,500 $62,400 67% LR2 / Aframax • Profit of $227.9 million, or $1.02 per basic and diluted share for the fourth quarter of 2025. • Adjuste
Slide 4: Profit statement – Highlights
Profit statement – Highlights 2025 2025 2025 (in thousands of $ except per share data) Oct - Dec Jul - Sep Jan - Dec Notes • The adjustments in the fourth quarter of 2025 consist of: Total operating revenues (net of voyage expenses)* 426,927 251,059 1,211,360 • $2.9 million unrealized loss on deriva
Slide 5: Balance sheet – Highlights
Balance sheet – Highlights 2025 2025 2024 • Strong liquidity of $705 million (in millions $) Dec 31 Sep 30 Dec 31 in cash and cash equivalents, including undrawn amounts of Assets revolver capacity, marketable Cash 251 189 414 securities and minimum cash Other current assets 456 410 412 requirements
Slide 6: Fleet composition and cash breakeven / Opex
Fleet composition and cash breakeven / Opex Cash breakeven rates of $24.300 fleet average for the next 12 months, including dry dock costs for five VLCCs, two Suezmax ~ 7.5 Years 100% 57% tankers and eight LR2s. Average age ECO vessels Scrubber fitted Q4-25 fleet average opex excl. drydock $7.600 30
Slide 7: Cash generation
Cash generation $16.84 18.00 Expected 27,710 earnings days annually Free Cash Flow Yield 16.00 (annualized) of ~ 34% FY-26 Q1-26 Q2-26 Q3-26 Q4-26 based on current Spot 24,392 6,386 5,652 6,021 6,333 market rates* TC 3,318 421 974 1,003 920 14.00 $12.51 Total 27,710 6,807 6,626 7,024 7,253 12.00 10,
Slide 8: Market Highlights
Market Highlights • Oil demand growing outright, with key focus on non-sanctioned molecules, creating YoY Global Crude/Co Imports 5,000 substantial year-on-year changes in trade. Iran, Russia (Excl CPC) & Venezuela RoW 4,000 • Politically laden market environment continues. US/India trade, US/Iran/I
Slide 9: Flows
Flows • Global Crude Oil in Transit continues to be at elevated levels. Crude Oil in Transit 1 300 200 • Sanctioned crudes moving slower, or being stored, increases dark fleet utilization and the Crude Oil in Transit TD3C 175 1 250 need for new capacity in to the ‘dark vessel pool’. 1 200 150 Thousa
Slide 10: Fleet development
Fleet development • The orderbook continues to grow, as decades high prices for modern tonnage ‘on the VLCC avg annual tonne-miles by vessel age water’ push actors to the yards. 12,000 • Other asset classes as LNG, Containers and Bulkers continue to populate yards’ 11,000 orderbooks, but we see tank
Slide 11: Orderbooks
Orderbooks 80 VLCC Feb 2026 Fleet +15 Yrs +20 Yrs Sanctioned Orderbook 60 40 65 68 61 54 61 51 48 49 40 36 56 VLCC 888 365 41.1 % 159 17.9 % 152 17.1 % 163 16.8 % 20 38 39 37 35 42 27 36 36 29 31 19 28 29 23 20 22 1 -1 6 3 9 1 # of vessels 0 -3 -9 -13 -6 -16 -7 -1 -2 -10 -4 -2 -7 -5 Suezmax 641 274
Slide 12: Summary
Summary VLCCs take center stage, Suezmax and Aframax to follow? • Fundamentally tight market conditions yields extreme volatility. • Oil demand and supply developing positively, for compliant molecules. • The global tanker fleet age profile, and efficiency loss, tighten the supply/demand balance. •
Slide 13: Questions & Answers
Questions & Answers ie
Slide 14: www.frontlineplc.cy
i FRONTLINE In www.frontlineplc.cy
Slide 15: Non-GAAP measures reconciliation
Appendix 1 Non-GAAP measures reconciliation (in thousands of $ except per share) FY 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2025 FY 2024 Total operating revenues net of voyage expenses and commission Revenues 1,965,104 624,507 432,654 480,077 427,866 2,050,385 Voyage expenses and commission (753,744) (197,5