Slide 1: Third Quarter Presentation Nov 2025
Third Quarter Presentation Nov 2025
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 Q4 2025 spot Q3 2025 TCE currently % done contracted VLCC $34,300 $83,300 75% $35,100 $60,600 75% Suezmax $31,400 $42,200 51% LR2 / Aframax • Profit of $40.3 million, or $0.18 per basic and diluted share for the third quarter of 2025. • Adjusted p
Slide 4: Profit statement – Highlights
Profit statement – Highlights 2025 2025 2024 Notes (in thousands of $ except per share data) Jul - Sep Apr - Jun Jan-Dec • The adjustments in the third quarter of 2025 consist of: • $6.0 million gain on sale of vessel Total operating revenues (net of voyage expenses)* 251,059 285,483 1,276,951 • $5.
Slide 5: Balance sheet – Highlights
Balance sheet – Highlights 2025 2025 2024 (in millions $) Sep 30 Jun 30 Dec 31 • Strong liquidity of $819 million Assets in cash and cash equivalents, Cash 189 477 414 including undrawn amounts of Other current assets 410 411 412 revolver capacity, marketable securities and minimum cash Non-current
Slide 6: Fleet composition and cash breakeven / Opex
Fleet composition and cash breakeven / Opex Cash breakeven rates reduced by $1,300 through debt optimization Cash breakeven rates of $24.700 fleet average for the next 12 months, including dry dock costs for 14 VLCCs, two Suezmax ~ 7 Years 100% 56% tankers and 10 LR2s. Average age ECO vessels Scrubb
Slide 7: Cash generation
Cash generation $11.53 ~30,000 earnings days annually Free Cash Flow Yield of ~ 33% based on $10.40 current market rates* $9.27 $8.15 $2.567m $2.316m $2.065m $1.814m VLCC 114.9k VLCC 126.4k VLCC 137.9k VLCC 149.4k SMAX 75.5k SMAX 83.0k SMAX 90.5k SMAX 98.1k Afra/LR2 40.8k Afra/LR2 44.9k Afra/LR2 49.
Slide 8: Market narratives
Market narratives • Oil in Transit at record high, as export volumes grow and trade lanes lengthen. Crude Oil in Transit 1,300 • Policy affect behavior, opening the arbitrage between Atlantic basin and Asia. 1,250 • OPEC voluntary production cut reversals expressing itself in real export volume 1,20
Slide 9: The “Arb” is back!
The “Arb” is back! • The behavior of especially India, and China yielding increased demand for compliant 2,500 YoY West of Suez to East of Suez Crude/Co Exports crudes in the middle east, causing Atlantic basin oils to price into Asia. 2,000 • Since 2022 and Russian invasion of Ukraine, the long-hau
Slide 10: Net fleet development basis current orderbook
Net fleet development basis current orderbook • The orderbook continues to grow, as limited offering of available modern tonnage ‘on VLCC the water’ push actors to the yards. 1,050 1,000 • The spread between re-sale and newbuild ordering 18-24 months out, has not been Number of Vessels 950 defended
Slide 11: Orderbooks
Orderbooks Sanctioned by either 80 Nov 2025 Fleet +15 Yrs +20 Yrs Orderbook VLCC (OFAC, UK, EU) 60 40 VLCC 885 351 39.7 % 154 17.4 % 140 15.8 % 135 15.3 % 65 68 54 61 51 47 49 40 39 55 20 38 27 36 36 29 31 39 29 23 21 37 35 42 34 Suezmax 631 268 42.5 % 128 20.3 % 114 18.1 % 111 17.6 % 19 28 22 3 0 1
Slide 12: Summary
Summary “Old school” bull market ? • High utilization amidst strong oil exports and positive change in trade lanes. • Limited growth in the compliant tanker fleet, as sanctioned trade demands more tonnage. • Overall age profile is key, despite populated orderbooks, effective fleet growth remains mut
Slide 13: Questions & Answers
Questions & Answers |
Slide 14: www.frontlineplc.cy
I FRONTLINE i www.frontlineplc.cy
Slide 15: Non-GAAP measures reconciliation
Appendix 1 Non-GAAP measures reconciliation (in thousands of $ except per share) Q3 2025 Q2 2025 Q1 2025 FY 2024 Q4 2024 Total operating revenues net of voyage expenses and commission Revenues 432,654 480,077 427,866 2,050,385 425,644 Voyage expenses and commission (181,595) (194,594) (179,975) (773