Frontline Plc · NYSE:FRO
Frontline — Pareto Conference 2026
18 slides from Frontline's conference presentation, September 2026
Slide 1: Pareto Conference Sep 2026
N FRONTLINE Pareto Conference Sep 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: One of the world's largest tanker companies
One of the world’s largest tanker companies Cash Breakeven & OPEX 30,000 40 VLCC 25,000 Trading: 37 | On Order: 3 $25,700 $23 900 $23,800 19 $22,200 20,000 SUEZMAX 15,000 18 AFRAMAX/LR2 $13,300 10,000 $9,200 $9,000 ~100 % 5,000 ECO vessels ~69 % - VLCC Suezmax LR2 Scrubber installed Cash breakeven O
Slide 4: Q2-26 Highlights
Q2- 26 Highlights Reported earnings basis load to discharge. Q3 2026 spot Q2 2026 TCE currently % done* contracted* VLCC $152,700 $156,900 86% $111,500 $117,400 79% Suezmax $92,400 $81,000 70% LR2 / Aframax • Reported the best quarterly profit ever of $659.2 million, or $2.96 per share for the secon
Slide 5: Fleet-Wide financing optimization
Fleet-Wide financing optimization In Q2 and Q3 2026 1.78 % • Amended $1,493.8 million -0.24 % • Refinanced $1,061.8 million -0.21 % 1.26 % • Newbuilding financing of $737.0 million -0.07 % Reduced financing costs • Reduced financing costs through a combination of margin reductions on existing facili
Slide 6: Cash generation
Cash generation $13.91 Expected 27,836 earnings days next 12 months Free Cash Flow 14.00 Yield (annualized) 12m Forward Q3-26 Q4-26 Q1-27 Q2-27 Q3-27 of ~ 24%* Spot 23 770 5 328 5 448 5 549 6 400 6 872 12.00 TC 4 066 1 474 1 472 1 293 607 212 $10.35 Total 27 836 6 802 6 920 6 842 7 007 7 084 10.00 V
Slide 7: Market Highlights
Market Highlights • Middle East centre stage, increasing risk in and around the gulf area, in 10,000 Quarterly Crude/Co Net Exports addition to Houthis active in Bab al-Mandab strait. 8,000 Americas Asia • Narrative drifting towards “longer term” situation. 6,000 • Tanker rates soaring, Yanbu pipeli
Slide 8: Trade did not grow - effective fleet supply shrank
Trade did not grow - effective fleet supply shrank Avg Non-Laden Days per VLCC Voyage -82% (?) +23% 35 30 Crude exports from inside the Strait Avg monthly idling days per VLCC of Hormuz Q2 26 vs Q2 25 increased from Q1 to Q2 2026 25 20 -35% +36% 15 10 China Crude imports declined from Americas – Eas
Slide 9: Iran/Strait of Hormuz
Iran/Strait of Hormuz • Saudi E/W (Yanbu) pipeline closure increases pressure to use the Strait of Hormuz. 6,000 Inner-AG Crude Exports • Recent surge in asset prices caused by Middle Eastern Aug-26 2025 Average 5,000 exporters (or their proxies) acquiring assets to secure logistics – on a national
Slide 10: Flows
Flows • Atlantic basin exports higher, and a materially larger part of it sails eastbound, yielding Global On-Shore Crude Inventories increase in ton-miles. 3,750 • Supply shortage from the Middle East further compensated by inventory draws in every 3,700 corner of the world with US and China being
Slide 11: Orderbooks
Orderbooks 120 VLCC Sep 2026 Fleet +15 Yrs +20 Yrs Sanctioned Order book 100 80 60 119 12 95 VLCC 909 395 43.5 % 165 18.2 % 169 18.6 % 302 33.2 % 40 68 63 54 61 65 51 48 49 40 20 38 27 36 36 29 31 39 29 23 20 37 35 42 19 28 22 1 27 # of vessels Suezmax 664 297 44.7 % 142 21.4 % 117 17.6 % 199 30.0 %
Slide 12: Fleet & Orderbook
Fleet & Orderbook VLCC Suezmax LR2 Aframax 1,400 1289 1,200 1,000 As orders deliver – 1289 vessels come to age ! Number of Vessels 800 728 574 600 400 200 0 Orderbook +20 Yrs +15 Yrs Source: Fearnleys 12
Slide 13: Summary
Summary Current market dwarfs' previous cycles • Constricted Global Oil supply yields inefficiencies, new trades and longer trade-lanes. • Growing concern for the supply cushion provided primarily by US and China. • Russia / Ukraine adding fuel to the fire, with increased risk in the Black Sea and r
Slide 14: Questions & Answers
Questions & Answers |
Slide 15: www.frontlineplc.cy
I FRONTLINE i www.frontlineplc.cy
Slide 16: Profit statement – Highlights
Profit statement – Highlights 2026 2026 2025 (in thousands of $ except per share data) Apr - Jun Jan - Mar Jan - Dec Notes • The adjustments in the second quarter of 2026 consist of: Total operating revenues (net of voyage expenses)* 737,404 533,662 1,211,360 • $54.7 million gain on sale of vessels
Slide 17: Balance sheet – Highlights
Balance sheet – Highlights 2026 2026 2025 • Strong liquidity of $1,224 (in millions $) Jun 30 Mar 31 Dec 31 million in cash and cash equivalents, including undrawn Assets amounts of revolver capacity, Cash 321 471 251 marketable securities and minimum cash requirements Other current assets 591 488 4
Slide 18: Non-GAAP measures reconciliation
Appendix 1 Non-GAAP measures reconciliation (in thousands of $ except per share) Q2 2026 Q1 2026 FY 2025 Total operating revenues net of voyage expenses and commission Revenues 943,299 714,242 1,965,104 Voyage expenses and commission (205,895) (180,580) (753,744) Total operating revenues net of voya