Slide 1: Full-Year Results 2024
06 MARCH 2025 FULL-YEAR RESULTS 2024
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 Full Year 2024
Highlights Full Year 2024 ▪ Very satisfactory year with freight rates at elevated TCE levels throughout the first three quarters, however, in the last quarter the market was soft with no seasonal USD 1,135m 2023: USD 1,084m strengthening. ▪ TCE for the full year increased slightly to a new all- EBIT
Slide 4: The Market
THE MARKET 4
Slide 5: Current Rates Are Still at Historically Attractive Levels
Current Rates Are Still at Historically Attractive Levels USD/day Clarksons LR2 benchmark - annual avg. Clarksons avg. MR benchmark - annual avg. 110,000 Clarksons LR2 benchmark Clarksons avg. MR benchmark 100,000 Houthi attacks at Bab-el-Mandeb Strait 90,000 COVID-19 80,000 Russia’s invasion of Ukr
Slide 6: Ton-Mile Demand Has Been Front-Loaded in 2024
Ton-Mile Demand Has Been Front-Loaded in 2024 CPP volumes and ton-miles, change vs. 2023 avg. K b/d CPP ton-miles Crude clean-ups ▪ Growing global oil demand and changes to 20 Product tankers refinery landscape increased CPP volumes transported by 1% in 2024. 15 ▪ At the same time, clean product ton
Slide 7: Europe Diesel Imports Drive the Outcome of the Red Sea Normalization
Europe Diesel Imports Drive the Outcome of the Red Sea Normalization Monthly LR ton-miles from the Middle East – Europe CPP trade ▪ Europe’s diesel imports are currently down 30% y-o-y. At the same time, diesel stocks are below historic average, and Bln. ton-miles balances are tightening due to refi
Slide 8: Geopolitics Continue to Drive the Market
Geopolitics Continue to Drive the Market POSITIVE NEUTRAL NEGATIVE Tariffs on US oil imports Re-opening of the Red Sea Easing of sanctions on Russia from Canada/Mexico ▪ Return of Middle East-Europe ▪ Partial/full reversal of trade ▪ Trade redirection towards trade volumes towards shorter distances
Slide 9: 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 40 38 Capacity above 20 years as % of the fleet 70 2006 OFAC sanctioned 35 60 2007 30 50 25 25 2005 22 40 2008 20 19
Slide 10: Key Drivers in 2025
Key Drivers in 2025 Increased geopolitical uncertainty Demand Fundamentals ▪ Red Sea normalization ▪ Refinery closures in Europe and the US ▪ Easing of sanctions on Russia ▪ Dangote refinery ramp-up ▪ US tariffs against Canada/Mexico ▪ US port fee on China-built vessels Tonnage Supply Reduced risk o
Slide 11: The Financials
THE FINANCIALS 11
Slide 12: Financials Overview
Financials Overview USDm 2024 Q4 2023 Q4 Change 2024 2023 Change TCE 215 266 -51 1,135 1,084 +51 Operating expenses -63 -55 -8 -245 -216 -29 EBITDA 142 234 -92 851 848 +3 Net profit (loss) for the period 77 185 --108 612 648 -36 TCE (USD/day) 25,775 37,985 -12,210 36,061 37,124 -1,063 LR2 (USD/day)
Slide 13: Satisfactory Year – but Q4 Result Mirrors Lower Freight Rates
Satisfactory Year – but Q4 Result Mirrors Lower Freight Rates TCE Fleet-wide TCE/day EBITDA USDm USD USDm 1,250 1,135 50,000 1,000 1,084 43,152 42,057 848 851 1,000 40,000 37,124 36,061 33,722 750 750 30,000 25,775 500 500 20,000 331 326 266 251 263 250 192 215 142 250 10,000 0 0 0 2023 2024 2024-Q1
Slide 14: Lower Earnings and Distribution to Shareholders
… and Leads to Lower Earnings and Distribution to Shareholders Net Profit (Loss) Basic Earnings Per Share Dividend Per Share USDm USD USD 7.75 5.78 800 8 6 5.10 648 6.54 612 5 600 6 4 400 4 3 2.34 1.80 209 194 2.08 2 1.50 200 2 1.38 1.20 131 77 0.77 1 0.60 0 0 0 2023 2024 2024-Q1 2024-Q2 2024-Q3 202
Slide 15: 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 USDm USDm and Percentage USDm Net loan-to-value 5,000 1,000 948 30% 500 825 Borrowings Scrubber instalments 3,730 3,866 773 758 25% 4,000 3,583 800 737 400 3,501 3,08
Slide 16: Distribution to Shareholders
Distribution to Shareholders ▪ Interim dividend for the fourth quarter of 2024 of USD 0.60 per share corresponding to an expected total Dividend USD/share dividend payment of USD 58m to be paid to the shareholders. 6 5.78 ▪ The distribution for the quarter is equivalent to 75% of net profit and refl
Slide 17: 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 working hours LTM leadership positions vs. IMO 2008 baseline 0.50 40 50 35 45.0 0.42 0.42 39.6 40.0 0.
Slide 18: Financial Outlook 2025
Financial Outlook 2025 TCE EBITDA Coverage USDm USDm USD/day 1,250 1,135 1,000 40,000 851 650 - 950 84% 27% 1,000 @26,612 @28,916 750 30,000 350 - 650 750 500 20,000 500 250 10,000 250 0 0 0 2024 Guidance 2025 2024 Guidance 2025 Coverage Q1 2025 Coverage FY 2025 ▪ TCE earnings are expected to be in
Slide 19: Q&A
Q&A 19
Slide 20: Appendix
APPENDIX 20
Slide 21: TORM at a Glance
TORM at a Glance 91 Tankers (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 22: Pure-Play Product Tanker Company
Pure-Play Product Tanker Company ▪ High spot market exposure – Leveraging favorable market dynamics for optimal returns. ▪ Integrated operations – Delivering superior economic results through our in-house One TORM platform. ▪ Strategic fleet renewal – Ensuring our business remains competitively posi
Slide 23: 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 Delivery of its first product As environmental concerns top Christian Schmiegelow Copenhagen Stock first motorized vessel, is tanker vessels, TORM the global agenda
Slide 24: Continuous Fleet Renewal
Continuous Fleet Renewal Average Fleet Age Acquisitions 2023-2024 Divestments 2023-2024 Years Number of vessels Number of vessels 12.0 20 0 11.6 16 -1 11.5 15 11.2 -3 11.0 11.0 11.1 10 +31 -13 8 Partly share- 7 based acquisition -5 -6 10.5 5 for 8 LR2 and 9 MR vessels. -7 10.0 0 -9 2021 2022 2023 20
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 2024 Free flow* 42% 58% Oaktree For further company information visit
Slide 26: 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 and technical management replenishment and growth has a balanced pay-out ratio which secured superior r
Slide 27: Financial Calendar 2025
Financial Calendar 2025 16 Annual General Meeting APR 08 Interim Results for the First Quarter 2025 MAY 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: Mik