TORM plc Reports Strong Fourth Quarter Results in International Shipping News 27/02/2026 “We ended 2025 on a very strong note, reaffirming the resilience of our business model and our ability to consistently execute,” says Jacob Meldgaard, adding: “As we look to 2026, we see a favorable market environment, and TORM is well-positioned to continue delivering value for our shareholders and to set the benchmark for our industry.” Financial Results TORM (Nasdaq ticker: TRMD or TRMD A) performed well in 2025 with the fourth quarter seeing further positive momentum, demonstrating the agility and resilience of our model during a period marked by geopolitical uncertainty. The outcome supports our belief that TORM is well positioned as we move into 2026. Our culture, strategic focus, and integrated platform remain a competitive advantage ensuring we are in the best place to make the most of any opportunities or future disruption. In 2025, TORM generated time charter equivalent earnings (TCE) of USD 910m (2024: USD 1,135m). Adjusted EBITDA for the Group totaled USD 578m including unrealized losses on financial instruments of USD 7m (2024: USD 844m including unrealized gains on financial instruments of USD 7m) and a net profit for the year of USD 286m (2024: USD 612m). Looking back, 2025 was a year in which geopolitics shaped the rhythm of global trade. The introduction of US tariffs and subsequent uncertainty around USTR-related port fees set the tone early in the year. As months passed, Houthi attacks and the unpredictability surrounding Suez Canal transits continued to affect shipping routes and schedules. At the same time, tightened sanctions on Russia, Iran, and Venezuela reshaped energy flows, while a brief but intense conflict between Israel and Iran, alongside stepped-up Ukrainian strikes on Russian infrastructure and shadow tankers, added further tension to an already complex landscape. Against this challenging environment, we kept our focus at TORM on operational excellence and agility. Our scalable platform and disciplined commercial approach enabled us to navigate market fluctuations and strengthen our standing as a dependable, resilient leader in the product tanker industry. In this market, TORM achieved TCE fleet-wide rates of USD/day 28,783 on average (2024: USD/day 36,061), and available earning days increased to 31,840 (2024: 31,287). Our vessel class LR2 achieved TCE rates of USD/day 35,850, the LR1 vessels achieved TCE rates of USD/day 28,262, and the MR vessels achieved TCE rates of USD/day 26,374. For the full-year 2025, Return on Invested Capital was 11.5% (2024: 24.3%), a level that remains solid and satisfactory even as it reflects the expected normalization in freight rates and the corresponding impact on earnings. During the year, the weighted average number of outstanding shares increased to 98.2m shares (2024: 93.6m shares) which combined with the net profit led to basic EPS of USD 2.91 (2024: USD 6.54). In the fourth quarter of 2025, TORM achieved TCE of USD 251m (2024, same period: USD 215m). Adjusted EBITDA amounted to USD 151.5m including unrealized gains on derivatives of USD 5m (2024, same period: USD 135.0m including unrealized gains on derivatives of USD 7m) and a net profit of USD 87m (2024, same period: USD 77m), underscoring the improved market dynamics for the product tanker industry compared to the same quarter last year. In this market, TORM achieved TCE rates of USD/day 30,658 on average (2024, same period