Frontline Plc · NYSE:FRO
Frontline — Pareto Energy Conference 2025
16 slides from Frontline's conference presentation, September 2025
Slide 1: Pareto Energy Conference Sep 2025
Pareto Energy Conference Sep 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: One of the world's largest tanker companies
One of the world’s largest tanker companies World leader in the international seaborne transportation of crude oil and refined products • Large, diverse fleet of modern tankers, representing one of the youngest 41 and most energy efficient fleets in the industry VLCC • Strong industry relationships
Slide 4: Q2-25 Highlights
Q2-25 Highlights Reported earnings basis load to discharge Q3 2025 spot Q2 2025 TCE currently % done contracted VLCC $43,100 $38,700 82% $38,900 $37,200 76% Suezmax $29,300 $36,600 73% LR2 / Aframax • Profit of $77.5 million, or $0.35 per basic and diluted share for the second quarter of 2025 • Adju
Slide 5: Fleet Composition and Cash breakeven /Opex
Fleet Composition and Cash breakeven /Opex One of the youngest and most energy-efficient fleets in the industry Cash breakeven rates and Opex Cash breakeven rates of $25.900 fleet average for the next 12 ~ 7 Years 100% 55% months, including dry dock costs for 12 VLCCs and eight LR2s Average age ECO
Slide 6: Cash Generation
Cash Generation 1,400 30% increase from current spot market will increase the potential ~30,000 earnings days annually 6.00 cash generation with ~58% $5.51 1,200 $4.84 5.00 1,000 $4.16 4.00 $3.48 Free Cash Flow ($m) FCF per share ($) 800 3.00 600 $1.227m $1.076m $926m 2.00 400 $775m 1.00 200 0 0.00
Slide 7: Market narratives
Market narratives • Firm supply growth from US, Guyana, and Brazil, all compliant producers. Total Crude/Co Inventory Changes • Compliant tanker fleet sees improved utilization as compliant oil export grows, and 4.0 100,000 trade lanes lengthen. 3.0 80,000 2.0 • India and China balancing their feeds
Slide 8: Compliant Crude Trade
Compliant Crude Trade • 95% of the crude fleet involved in compliant trade is below 20 years. Number of VLCCs. Suezmax and Aframax involved in Compliant Trade • Even though we see little scrapping, vessels >20y will leave the compliant trade and enter the sanctioned trade, thus creating an implied ‘
Slide 9: Policy affects behavior
Policy affects behavior • Oil discount vs. trade balance is an important measure for nations not embracing the Sanctions lower utilization current sanctions regimes. 50 • We have seen sanctioned barrels increase their market share in key growth regions 40 over the years, and this accelerated after 2
Slide 10: Compliant oil is the incremental bbl.
Kbpd Kbpd 0 5,000 1,000 2,000 3,000 4,000 6,000 7,000 2,500 3,000 3,500 4,000 4,500 5,000 Jan-19 Apr-19 jan Jul-19 Source: EIA, KPLER, Bloomberg Oct-19 feb Jan-20 Apr-20 mar Jul-20 Oct-20 apr Jan-21 2022 Apr-21 mai Jul-21 Oct-21 2023 Russia (excl CPC) jun Jan-22 Apr-22 Iran Jul-22 jul 2024 US Crude/
Slide 11: Changes in Balances and Flows are key
Changes in Balances and Flows are key 5,000 YoY change in Global Crude Production & Exports YoY China & India Compliant Crude/Co Imports 4,000 Production Exports 2,000 3,000 1,000 Kbpd 2,000 0 Kbpd 1,000 -1,000 0 -2,000 -1,000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 -3,000 2022 2022 2022 202
Slide 12: Orderbooks
Orderbooks 80 VLCC Sanctioned 60 Sep 2025 Fleet +15 Yrs +20 Yrs by either Orderbook (OFAC, UK, EU) 40 65 68 53 58 49 47 49 40 39 47 VLCC 884 343 38.8 % 150 17.0 % 138 15.6 % 118 13.3 % 20 38 39 37 35 42 27 36 36 29 31 19 28 31 23 21 22 4 24 # of vessels 0 1 3 3 1 Suezmax 630 265 42.1 % 126 20.0 % 11
Slide 13: Summary
Summary Compliant bull market? • Trade policy affect crude sourcing for key demand regions. • Utilization in the compliant fleet positively affected by both oil supply and trade lanes. • Effective tanker fleet growth remains muted, both by the aging fleet and widening sanctions reach. • Healthy refi
Slide 14: Questions & Answers
Questions & Answers |
Slide 15: www.frontlineplc.cy
| FRONTLINE ul www.frontlineplc.cy
Slide 16: Non-GAAP measures reconciliation
Appendix 1 Non-GAAP measures reconciliation (in thousands of $ except per share) Q1 2025 FY 2024 Q4 2024 Total operating revenues net of voyage expenses and commission Revenues 427,866 2,050,385 425,644 Voyage expenses and commission (179,975) (773,434) (173,466) Total operating revenues net of voya