Slide 1: Third Quarter 2025
06 NOVEMBER 2025 THIRD 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 Third Quarter 2025
Highlights Third Quarter 2025 TCE Strong earnings in the third quarter, building on solid results from previous USD 236m periods. 2025 Q2: USD 208m Freight rates strengthened during the quarter, remaining at historically EBITDA attractive levels and reflecting a USD 152m resilient market environment
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 90,000 COVID-19 Russia’s invasion of Houthi attacks at Ukraine leading to Bab-el-Man
Slide 6: Ton-Mile Demand: Trade Volumes Gained Momentum in Q3
Ton-Mile Demand Trade Volumes Gained Momentum in Q3 Ton-miles improved in Q3, driven by CPP volumes and ton-miles, change vs. 2023 average East-to-West and the Atlantic basin middle distillate flows. K b/d CPP ton-miles Product tankers Crude clean-ups Trade volumes in Q3 increased 4% vs. 20 Q2 and 2
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 Continue to Elevate Inefficiencies
Geopolitics Continue to Elevate Inefficiencies Already known measures Additional factors since Q2 ▪ Red Sea disruption to continue ▪ Stronger crude tanker market on OPEC+ barrels returning to the market ▪ EU sanctions on Russia expected to remain intact ▪ EU import ban on oil products derived from R
Slide 9: Fleet Growth Absorbed by Shift into Dirty Trades and Aging Fleet
Fleet Growth Absorbed by Shift into Dirty Trades and Aging Fleet Product tanker fleet end Q3 2025 vs end Q3 2024 Tanker order book vs ageing/sanctioned fleet Y-o-y growth Order book as % of the fleet OFAC sanctioned % % Capacity above 20 years as % of the fleet OFAC/EU/UK sanctioned 5 5 40 36 4 35 3
Slide 10: Key Drivers Remain Supportive in 2026
Key Drivers Remain Supportive in 2026 Ongoing geopolitical Demand Tonnage uncertainty fundamentals supply ▪ Red Sea disruption ▪ Oil demand growth ▪ Increased newbuilding ▪ Additional sanctions on ▪ Changes in refinery deliveries Russia landscape ▪ Large share of scrapping ▪ USTR and China port fee
Slide 11: The Financials
THE FINANCIALS 11
Slide 12: Financial Overview Third Quarter 2025
Financial Overview Third Quarter 2025 USDm 2025 Q3 2025 Q2 Change FY 2024 Market strength – fleet-wide freight TCE 236 208 +28 1,135 rates firm, benefiting from resilient EBITDA 152 127 +25 851 demand in a market with ongoing geopolitical tensions. EBIT 99 75 +24 659 Net profit (loss) for the period
Slide 13: TCE: Firmer Rates Translate Into Higher Earnings
TCE Firmer Rates Translate Into Higher Earnings TCE Fleet-wide TCE/day EBITDA USDm USD USDm 300 35,000 33,722 200 192 263 31,012 236 26,807 240 28,000 26,672 160 152 215 214 25,775 208 142 136 127 180 21,000 120 120 14,000 80 60 7,000 40 0 0 0 2024-Q3 2024-Q4 2025-Q1 2025-Q2 2025-Q3 2024-Q3 2024-Q4
Slide 14: Profit and Distribution
Profit and Distribution Net Profit (Loss) Basic Earnings Per Share Dividend Per Share USDm USD USD 150 1.50 1.50 1.38 131 1.20 120 1.20 1.20 90 0.90 0.90 77 78 0.77 0.79 63 0.64 0.62 59 0.60 0.60 60 0.60 0.60 0.40 0.40 30 0.30 0.30 0 0.00 0.00 2024-Q3 2024-Q4 2025-Q1 2025-Q2 2025-Q3 2024-Q3 2024-Q4
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 3,866 289 4,000 1,000 948 30% 300 3,583 3,354 825 832 3,112 767 800 24% 240 3,000 2,854 2,888 2,864 690 2,511 19
Slide 16: Financial Outlook 2025
Financial Outlook 2025 Tighter Outlook Range on Year-End Visibility TCE EBITDA Coverage USDm USDm USD/day 1,250 1,000 40,000 1,135 851 1,000 875 - 925 55% @30,156 750 30,000 540 - 590 750 500 20,000 500 250 10,000 250 0 0 0 2024 Guidance 2025 2024 Guidance 2025 Coverage Q4 2025 ▪ TCE earnings are ex
Slide 17: Q&A
Q&A 17
Slide 18: Appendix
APPENDIX 18
Slide 19: TORM at a Glance
TORM AT A GLANCE Our People and Our Fleet 3,600 seafarers and 400 office colleagues around the world. 88 modern, eco-efficient fleet. Positioned across all major product tanker segments (LR2, LR1 and MR). One TORM In-house integration of commercial and technical operations, driving speed, efficiency
Slide 20: A Market-Leading Product Tanker Company
A Market-Leading Product Tanker Company High spot market exposure Integrated operations Strategic fleet renewal Leveraging favorable market dynamics for optimal Delivering superior economic results Ensuring our business remains competitively returns. through our in-house One TORM platform. positione
Slide 21: Performance: TORM's MR Fleet Outperforms Peer Group
Performance TORM’s MR Fleet Outperforms Peer Group TCE USD/day TORM MR Premium TCE USDm 100 50,000 88 45,000 40,000 80 TORM’s annual premium calculation is 35,000 based on the individual quarters with those vessels in TORM’s MR fleet earning TORM’s TCE rate compared to the peer average. 30,000 60 TO
Slide 22: Financial Engineering Adding Value and Unlocking Dividend Upside
Financial Engineering Adding Value and Unlocking Dividend Upside Very attractive refinancing package of up to USD 857m increases RCFs by USD 183m and reduces the term loan amount. ‘All-in’ cash break-even further reduced in 2026 after a period with steep repayment profile and high level of maintenan
Slide 23: 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 September 2025 Oaktree 58% Free float 42% Note: Subject to certain conditions