Slide 1: Second Quarter 2025
14 AUGUST 2025 SECOND QUARTER 2025
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 Second Quarter 2025
Highlights Second Quarter 2025 TCE Continued solid result development in the second quarter. USD 208m 2025 Q1: USD 214m Freight rates in line with levels in the previous quarters, underscoring a stabilization at historical attractive EBITDA levels. USD 127m 2025 Q1: USD 136m Sale of one 2008-built L
Slide 4: The Market
THE MARKET 4
Slide 5: Current Rate Environment: Rates Remain Stable and Attractive
Current Rate Environment Rates Remain Stable and Attractive USD/day Clarksons LR2 benchmark - annual avg. Clarksons avg. MR benchmark - annual avg. Clarksons LR2 benchmark Clarksons avg. MR benchmark 110,000 100,000 Houthi attacks at Bab-el-Mandeb Strait 90,000 Russia’s invasion of COVID-19 Ukraine
Slide 6: Ton-Mile Demand: Trade Volumes Have Surged Recently
Ton-Mile Demand Trade Volumes Have Surged Recently Ton-miles improved in Q2, with crude CPP volumes and ton-miles, change vs. 2023 average cannibalization stabilizing at historical average levels. K b/d CPP ton-miles Product tankers Crude clean-ups Trade volumes reached 16-month 20 highs at the star
Slide 7: Refinery Closures in the West Adding to Tonnage Demand
Refinery Closures in the West Adding to Tonnage Demand Grangemouth Lindsey Gelsenkirchen Rheinland (Wesseling) Benicia Los Angeles (Wilmington & Carlson) 7
Slide 8: Geopolitics: Additional Sanctions on Russia
Geopolitics Additional Sanctions on Russia EU ban on oil product imports originating from Potential US secondary tariffs on buyers of Russian crude from 21 January 2026 Russian crude and oil products • Mainly affects EU CPP imports from India and • An additional 25% tariff on India over Turkey. purc
Slide 9: Fleet Growth: CPP-Trading Capacity Shrinks Despite Fleet Growth
Fleet Growth CPP-Trading Capacity Shrinks Despite Fleet Growth Tanker order book vs ageing/sanctioned fleet Product tanker fleet end Q2 2025 vs end Q2 2024 Order book as % of the fleet OFAC sanctioned % Y-o-y growth % Capacity above 20 years as % of the fleet OFAC/EU/UK sanctioned 40 5.0 35 34 4 33
Slide 10: Key Drivers in 2025
Key Drivers in 2025 Ongoing geopolitical Demand Tonnage uncertainty fundamentals supply ▪ Additional sanctions on ▪ Oil demand growth ▪ Increased newbuilding Russia ▪ Changes in refinery deliveries ▪ US trade and foreign landscape ▪ Large share of scrapping policy candidates ▪ USTR port fee ▪ Reduce
Slide 11: The Financials
THE FINANCIALS 11
Slide 12: Financials Overview Second Quarter 2025
Financials Overview Second Quarter 2025 USDm 2025 Q2 2025 Q1 Change FY 2024 Market stabilization – fleet-wide TCE 208 214 -6 1,135 freight rates at stable level despite EBITDA 127 136 -9 851 ongoing geopolitical tensions. EBIT 75 82 -7 659 Net profit (loss) for the period 59 63 -4 612 Net profit exc
Slide 13: Earnings: Three Quarters with Stable Income
Earnings Three Quarters with Stable Income TCE Fleet-wide TCE/day EBITDA USDm USD USDm 375 50,000 300 326 42,057 251 300 40,000 240 263 33,722 192 225 215 214 208 30,000 180 25,775 26,807 26,672 142 136 127 150 20,000 120 75 10,000 60 0 0 0 2024-Q2 2024-Q3 2024-Q4 2025-Q1 2025-Q2 2024-Q2 2024-Q3 202
Slide 14: Profit and Distribution
Profit and Distribution Net Profit (Loss) Basic Earnings Per Share Dividend Per Share USDm USD USD 200 194 2.50 2.00 1.80 2.08 160 2.00 1.60 131 1.20 120 1.50 1.38 1.20 77 80 1.00 0.80 63 59 0.77 0.60 0.64 0.60 0.40 0.40 40 0.50 0.40 0 0.00 0.00 2024-Q2 2024-Q3 2024-Q4 2025-Q1 2025-Q2 2024-Q2 2024-Q
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 Years to falling due USDm USDm USDm Net loan-to-value 4,000 3,866 1,000 30% 400 3,730 948 3,583 3,354 825 832 327 3,257 3,112 767 25% 800 737 3,000 2,854 2,888 300 2,
Slide 16: Financial Outlook 2025
Financial Outlook 2025 Increase of Earnings Guidance as Freight Rates Are Firming TCE EBITDA Coverage USDm USDm USD/day 1,250 1,000 40,000 1,135 851 1,000 800 - 950 56% @30,617 750 30,000 66% @27,833 475 - 625 750 500 20,000 500 250 10,000 250 0 0 0 2024 Guidance 2025 2024 Guidance 2025 Coverage Q3
Slide 17: Q&A
Q&A 17
Slide 18: Appendix
APPENDIX 18
Slide 19: TORM at a Glance
TORM at a Glance 88 Vessels (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 20: 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 first Delivery of its first product As environmental concerns top Christian Schmiegelow Copenhagen Stock motorized vessel, is tanker vessels, TORM Rotna the global
Slide 21: 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 vs. working hours LTM leadership positions IMO 2008 baseline 0.50 40 50 35 45.0 0.42 0.42 39.6 40.0 0.
Slide 22: 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 2025 Free flow* 42% 58% Oaktree * Including TORM’s treasury shares For fu
Slide 23: 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 a and technical management replenishment and growth has balanced pay-out ratio which secured superior r
Slide 24: Financial Calendar 2025
Financial Calendar 2025 06 Interim Results for the Third Quarter and NOV Nine Months ended 30 September 2025 Investor Relations contact: Mikael Bo Larsen IR@torm.com 24