trmd-20250630


TORM INTERIM RESULTS FOR THE SECOND QUARTER OF 2025	2

Highlights

“TORM delivered a strong second-quarter result with continued market-leading performance, against a backdrop of global

uncertainty,” says Jacob Meldgaard, adding: “We see strong momentum heading into the second half of the year, and as a result, we

are raising our full-year guidance.”

In the second quarter of 2025, TORM generated time

charter equivalent earnings (TCE) of USD 208.2m including

unrealized losses on derivatives of USD -2.2m (2024, same

period: USD 325.9m including unrealized losses on

derivatives of USD 0.0 m). Adjusted EBITDA totaled USD

129.0m (2024, same period: USD 251.1m), while net profit

for the period amounted to USD 58.7m (2024, same

period: USD 194.2m), thus declining year-over-year due to

a normalization of freight rates from the exceptionally

strong levels seen in the first half of 2024. However, rates

remained stable in the second quarter of 2025 and

consistent with those observed in recent quarters,

reflecting a resilient market environment.

In the first half year of 2025, TORM achieved TCE of USD

422.2m including unrealized losses on derivatives of USD

-4.3m (2024, same period: USD 656.6m including

unrealized losses on derivatives of USD 1.4m) and an

adjusted EBITDA of USD 266.7m (2024, same period: USD

518.3m) and a net profit of USD 121.6m (2024, same

period: USD 403.4m), reflecting the market environment.

In the most recent quarter, volatile geopolitical

developments and expanded sanctioning of vessels have

added further complexity to the tanker market. While

product tanker ton-miles began to rebound in March 2025,

trade volumes on routes most affected by the Red Sea

disruption remained subdued — effectively neutralizing

earlier ton-mile gains driven by longer routing.

In this market, TORM achieved TCE rates of USD/day

26,672 on average (2024, same period: USD/day 42,057),

and available earning days increased to 7,888 (2024, same

period: 7,749). Our vessel class LR2 achieved TCE rates of

USD/day 35,459, the LR1 vessels achieved TCE rates of

USD/day 27,371, and the MR vessels achieved TCE rates of

USD/day 23,345.

For the second quarter of 2025, Return on Invested Capital

amounted to 10.0% (2024, same period: 29.5%) reflecting

the lower freight rates compared to the very high levels

seen a year ago, and basic EPS amounted to USD 0.60

(2024, same period: USD 2.08).

Coverage

As of 08 August 2025, TORM had covered 56% of the Q3

2025 earning days at an average rate of USD/day 30,617.

By vessel class, coverage stood at 63% for LR2s at USD/

day 36,670, 54% for LR1s at USD/day 29,285 and 54% for

MRs at USD/day 28,436.

For the full-year 2025, 66% of the earning days have been

fixed at an average rate of USD/day 27,833. The remaining

34% of the earning days in 2025 - equivalent to 10,892

days - remain open and thus subject to market fluctuations.

A change in freight rates of USD/day 1,000 will, all else

equal, impact EBITDA by approximately USD 11m.

Business Highlights

In the second quarter of 2025, TORM sold and delivered

the 2008-built LR2 vessel TORM Mathilde. In addition, the

two 2008-built MR vessels TORM Voyager and TORM

Discoverer were sold, with TORM Discoverer delivered to its

new owner in July, and TORM Voyager scheduled for

delivery later in the third quarter of the year. Following

these transactions, TORM’s fleet size will be 88 vessels.

Based on broker valuations, TORM’s fleet had a market

value of USD 2,887.6m (2024, same date: USD 3,730.4m)

and TORM’s consolidated Net Asset Value (NAV) was USD

2,299.8m as of 30 June 2025 (2024, same date: USD

3,257.0m).

Financing

TORM has secured financing commitments of up to USD

857m on attractive terms to refinance two existing

syndicated loans as well as lease agreements covering 22

vessels. The new structure, combining term and revolving

credit facilities, strengthens our capital flexibility.

Syndicated loans will be refinanced in Q3 2025, while lease

agreements will be refinanced on a rolling basis before the

end of Q2 2026 as individual purchase options are

exercised.


TORM INTERIM RESULTS FOR THE SECOND QUARTER OF 2025	3

Key Figures


USDm	Q2 2025	Q2 2024	Q1-Q2 2025	Q1-Q2 2024	FY 2024

Income statement
Revenue	315.2	437.7	644.3	881.7	1,559.2
Time charter equivalent earnings (TCE) ¹⁾ ⁵⁾	208.2	325.9	422.2	656.6	1,134.8
Gross profit ¹⁾	146.0	264.6	298.3	539.7	895.6
EBITDA ¹⁾	126.8	251.1	262.4	516.9	850.8
Adjusted EBITDA ¹⁾	129.0	251.1	266.7	518.3	844.2
Operating profit (EBIT)	74.6	204.3	157.0	427.0	658.8
Financial items	-14.2	-11.2	-28.2	-23.1	-49.3
Net profit for the year/period	58.7	194.2	121.6	403.4	611.5
Net profit excl. non-recurring items ¹⁾	53.3	183.7	106.7	376.3	560.7


Balance sheet and cash flow
Non-current assets	2,713.9	2,549.6	2,713.9	2,549.6	2,854.3
Total assets	3,396.7	3,465.5	3,396.7	3,465.5	3,469.6
Equity	2,107.3	2,043.7	2,107.3	2,043.7	2,074.8
Total liabilities	1,289.4	1,421.8	1,289.4	1,421.8	1,394.8
Invested capital ¹⁾	2,859.0	2,764.8	2,859.0	2,764.8	3,005.4
Net interest-bearing debt ¹⁾	767.0	737.4	767.0	737.4	947.6
Net Asset Value (NAV) excl. NCI ²⁾	2,299.8	3,257.0	2,299.8	3,257.0	2,853.8
Cash and cash equivalents, incl. restricted cash	369.8	532.4	369.8	532.4	291.2
Investment in tangible fixed assets	30.1	74.0	60.0	483.7	911.1
Free cash flow ¹⁾	166.5	292.8	292.9	318.4	384.7

1) For definition of the calculated key figures, please refer to the glossary on pages 28 to 33.

²⁾ Based on broker valuations as of 30 June 2025, excluding charter commitments.

³⁾ End of period.


	Q2 2025	Q2 2024	Q1-Q2 2025	Q1-Q2 2024	FY 2024

Key financial figures ¹⁾
Gross margins:
Gross profit	46.3%	60.5%	46.3%	61.2%	57.4%
EBITDA	40.2%	57.4%	40.7%	58.6%	54.6%
Adjusted EBITDA	40.9%	57.4%	41.4%	58.8%	54.1%
Operating profit (EBIT)	23.7%	46.7%	24.4%	48.4%	42.3%
Return on Equity (ROE)	11.1%	37.8%	11.6%	43.5%	32.7%
Return on Invested Capital (ROIC)	10.0%	29.5%	10.2%	32.9%	24.3%
Adjusted ROIC	9.8%	28.8%	9.6%	31.5%	22.2%
Equity ratio	62.0%	59.0%	62.0%	59.0%	59.8%
TCE per day (USD) ⁵⁾	26,672	42,057	26,740	42,603	36,061
OPEX per day (USD) ⁵⁾	7,853	7,731	7,872	7,500	7,477
Loan-to-value (LTV) ratio ⁵⁾	27.0%	20.4%	27.0%	20.4%	26.8%

Share-related key figures ¹⁾
Basic earnings per share (USD)	0.60	2.08	1.24	4.40	6.54
Diluted earnings per share (USD)	0.58	2.02	1.20	4.28	6.36
Dividend per share (USD) ⁶⁾	0.40	1.80	0.80	3.30	5.10
Net Asset Value per share (NAV/share) (USD) ²⁾	23.5	34.6	23.5	34.6	29.3
Share price in DKK ³⁾	106.8	272.0	106.8	272.0	138.4
Share price in USD ³⁾	16.7	38.8	16.7	38.8	19.5
Number of shares (m) ³⁾ ⁴⁾	98.0	94.0	98.0	94.0	97.3
Number of shares, weighted average (m) ⁴⁾	97.8	93.7	97.6	91.8	93.6

⁴⁾ Excluding treasury shares.

⁵⁾ For Tanker segment.

⁶⁾ Dividend per share includes declared and proposed dividends.


TORM INTERIM RESULTS FOR THE SECOND QUARTER OF 2025	4

Financial Review

TCE

The TCE rate/day decreased by 37% from USD 42,603 to

USD 26,740 in the first six months of 2025 compared to

the same period last year. This decrease was primarily a

result of a decrease in revenue due to changed market

conditions.

Revenue for the first six months of 2025 decreased by

USD 237.4m to USD 644.3m compared to the same period

last year (USD 881.7m). In the first half of 2024, the

product tanker market was strongly affected by geopolitical

tensions and the Houthi attacks against commercial

vessels at the Bab al Mandeb Strait resulting in the

rerouting to go around the Cape of Good Hope with a

positive ton-mile effect on freight rates. Since the second

half of 2024, the effects have been partly offset by crude

tankers cannibalizing LR2 trades of clean petroleum

products. Even though trade flows have increased again in

the first six months of 2025, and cannibalization are lower

than in the end of 2024, the levels are still below the levels

seen in the same period last year, which is the primary

reason for the decrease in revenue. Refer to the “The

Product Tanker Market” section for further elaboration of

the market development.

Revenue in Q2 2025 alone decreased by 28% or USD

122.5m to USD 315.2m compared to the same quarter last

year. The decrease was driven by the same effects as

described for the first six months of 2025 above.

Port expenses, bunkers, commissions, and other cost of

goods sold for the first six months of 2025 were

USD 215.3m, a decrease of USD 7.4m compared to

USD 222.7m in the same period last year. The change can

be attributed to decreased bunker expenses and increased

unrealized gains on derivative financial instruments

regarding freight and bunkers for a total of USD 18.6m,

offset by increased activity in the Marine Engineering

segment.

Port expenses, bunkers, commissions, and other cost of

goods sold in Q2 2025 were USD 104.9m, a decrease of

USD 5.5m compared to USD 110.4m in the same period last

year. The change can primarily be attributed to a decrease

in bunker expenses of USD 8.0m, slightly offset by

increased port expenses.

Assets

As of 30 June 2025, total assets were USD 3,396.7m (31

December 2024: USD 3,469.6m), a decrease of USD

72.9m since the end of 2024. The decrease is mainly driven

by a decrease in the carrying amount of vessels and

capitalized dry docking of USD 135.0m and trade and other

receivables of USD 41.7m, offset by increased assets held

for sale of USD 31.1m and an increase in cash position of

USD 78.6m.

The carrying value of the fleet was USD 2,691.7m as of 30

June 2025 (31 December 2024: USD 2,826.7m). The

decrease was due to the sale of the three MR vessels

described in the Q1 2025 report and the LR2 vessel TORM

Mathilde which was sold and delivered to new owners

during Q2 2025. In addition, TORM Discoverer and TORM

Voyager were recognized as assets held for sale as of 30

June 2025. In total, these divestments aggregate to a total

of USD 91.0m decrease in the carrying amount of the fleet

since 31 December 2024. Further, the decrease can be

explained by regular depreciation of USD 102.6m offset by

capitalized dry docking and vessel modifications of USD

58.6m.

Based on broker valuations, TORM’s fleet on water had a

market value of USD 2,887.6m as of 30 June 2025, 7%

above carrying value (31 December 2024: USD 3,582.9m,

27% above carrying value).

TORM´s liquidity position as of 30 June 2025 was

USD 664.1m including restricted cash of USD 10.0m and

undrawn credit facilities of USD 294.3m (31 December

2024: USD 614.8m including restricted cash of USD 19.3m

and undrawn credit facilities of USD 323.6m).

Equity

As of 30 June 2025, TORM’s equity was USD 2,107.3m (31

December 2024: USD 2,074.8m), an increase of

USD 32.5m. The development was mainly driven by an

increase in retained profit from the net profit for the period

of USD 121.6m, offset by dividends paid of USD 97.7m.

Liabilities

As of 30 June 2025, total liabilities were USD 1,289.4m (31

December 2024: USD 1,394.8m). The decrease was

primarily driven by reduced borrowings of USD 100.3m, of

which the majority relate to ordinary debt repayments,

secondly by repayment of debt related to divested vessels.


TORM INTERIM RESULTS FOR THE SECOND QUARTER OF 2025	5

Cash Flow Statement

Net cash flow from operating activities for the first six

months of 2025 was USD 244.4m (2024, same period:

USD 468.4m). The decrease was primarily driven by a

reduction in the net profit for the period.

Net cash flow from investing activities for the first six

months of 2025 was USD 48.5m (2024, same period:

USD -150.0m). The improved cash flow from investing

activities is largely a result of no vessel acquisitions in the

first six months of 2025 compared to the same six-month

period last year, offset by increased dry-docking activities.

Net cash flow from financing activities for the first six

months of 2025 was USD -205.0m (2024, same period:

USD -56.8m). The change in cash flow compared to the

same period last year is principally a result of close to no

proceeds from borrowings in the first six months of 2025

compared to USD 302.2m in the same period last year,

offset by lower dividends paid of USD 170.0m.

Distribution

TORM’s Board of Directors has today approved an interim

dividend for the second quarter of 2025 of USD 0.40 per

share to be paid to the shareholders corresponding to an

expected total dividend payment of USD 39.2m. The

distribution for the quarter is equivalent to 67% of net profit

and reflects the Distribution Policy. The payment date is

03 September 2025 to all shareholders on record as of

22 August 2025, and the ex-dividend date is 21 August

2025 for the shares listed on Nasdaq OMX Copenhagen

and 22 August 2025 for the shares listed on Nasdaq New

York.


TORM INTERIM RESULTS FOR THE SECOND QUARTER OF 2025	6

LR2 rates (in USD/day)

SOURCE: CLARKSONS

MR rates (in USD/day)

SOURCE: CLARKSON

The Product Tanker Market

Market Developments in Q2 2025

Clean petroleum product trade volumes in Q2 2025 fell 2%

year-on-year. Strong exports from the Americas despite

refinery closures kept West of Suez volumes at elevated

levels. On the other side, refinery outages in Asia resulted in

lower East of Suez exports and overall lower trade volumes.

Tensions between Israel and Iran led to attacks and

retaliations and culminated with the US bombing of Iranian

nuclear sites in June. This fuelled fears of the vessel safety

at the Strait of Hormuz as well as a potential closure of one

of the most important oil choke points, with more than 30%

of the world’s crude flows and 13% of clean petroleum

product flows originating from the region. Consequently,

LR2 rates in the Middle East almost tripled from low USD/

day 20,000ies to above USD/day 50,000, before

stabilizing at around USD/day 30,000 after a ceasefire was

announced between Israel and Iran.

Product flows on the main trade routes affected by the Red

Sea disruption - Middle East Gulf/India to Europe -

continued to recover in the second quarter but remained

20% below year-on-year levels. While the majority of vessel

owners continued to avoid transiting the Red Sea, cargo

volumes via Suez Canal have stabilized at a level above 30%

of the volumes on this route, compared to 4% same time

last year.

Crude cannibalization remained at a constant level in the

second quarter with approximately 2-3% of clean

petroleum product volumes carried on water on board of

crude tankers, which was significantly below the Q3 2024

peak levels. On the other hand, a number of LR2s continued

to dirty up, with around 52% of the fleet trading in dirty at

the end of the second quarter. At the end of the second

quarter, around 40 newbuilt LR2s had entered the fleet

compared to a year before, while the number of LR2s

trading clean products had declined by around 20 vessels.

Consequently, total clean-trading product tanker fleet

ended the quarter 2% below the level from same time a year

ago.

Market Outlook

At the beginning of the third quarter, clean petroleum

product trade volumes surged to the levels last seen in early

2024. This was mainly driven by increased exports from the

Middle East, where widening East-West diesel arbitrage

resulted in increased loadings towards Europe. Additionally,

product exports from China increased significantly, while

flows from the Americas kept their strength.

The failure to secure buyers to Lindsey refinery in the UK

has brought the number of refineries shutting down in

Northwest Europe this year to four, further aggravating the

diesel shortage situation in Europe. In addition, two

refineries in the US West Coast are closing by the second

quarter of next year. Consequently higher import needs in

these regions are set to positively contribute to product

tanker ton-miles.


TORM INTERIM RESULTS FOR THE SECOND QUARTER OF 2025	7

Disclaimer on Financial Outlook

The purpose of this Financial Outlook for 2025 is to

comply with reporting requirements for Companies

listed in Denmark. Actual results may vary, and this

information may not be accurate or appropriate for

other purposes. Information about our financial outlook

for 2025, including the various assumptions underlying

it, is forward-looking and should be read in conjunction

with the Safe Harbor Statements on page 12, and the

related disclosure and information about various

economic, competitive, and regulatory assumptions,

factors, and risks that may cause our actual future

financial and operating results to differ materially from

what we currently expect.

The information included in this Financial Outlook for

2025 is preliminary, unaudited and based on estimates

and information available to us at this time. TORM has

not finalized its financial statements for the periods

presented. During the course of the financial statement

closing process, TORM may identify items that would

require it to make adjustments, which may be material

to the information provided in this section. As

mentioned above, the provided information constitutes

forward-looking statements and is subject to risks and

uncertainties, including possible adjustments to the

financial outlook for 2025.

Outlook for 2025

Financial Outlook 2025

At TORM, we develop our guidance by closely monitoring

and reporting key metrics such as TCE, covered days, and

EBITDA sensitivity to freight rate fluctuations.

Freight rates in the product tanker market, which can be

highly volatile, are the primary driver of our financial results.

We anticipate maintaining relatively stable OPEX on a per-

vessel-day basis, with administrative costs expected to

remain consistent with 2024 levels.

Our financial outlook is primarily based on the assumptions

described on the preceding pages. The most important

macroeconomic factors affecting our TCE earnings are

expected to be:

•Geopolitical conflicts including the war between Russia

and Ukraine and the conflicts in the Middle East region.

•Global economic growth or recession, consumption of

refined oil products, and inflationary pressure.

•Location of closing and opening refineries and

temporary shutdowns due to maintenance.

•Oil price development

•Oil trading activity and developments in ton-mile.

•Bunker price developments

•Global fleet growth and newbuilding ordering activity.

•Potential difficulties of major business partners.

•One-off market-shaping events such as strikes,

conflicts, embargoes, political instability, weather

conditions, etc.

We have limited visibility on TCE rates that are not yet fixed

with our customers. Hence, these rates may be significantly

lower or significantly higher than our current expectations.

Based on the earnings realized in the first half of the year as

well as the outlook for the remaining part of the year, TORM

increases the full-year 2025 guidance. Thus, TCE earnings

are expected to be in the range of USD 800 - 950m

(previous guidance USD 700 - 900,m) and EBITDA is

expected to be in the range of USD 475 – 625m (previous

guidance USD 400 - 600m) based on the current fleet size.


TORM INTERIM RESULTS FOR THE SECOND QUARTER OF 2025	9

Earnings Data


USDm	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Change Q2-24 - Q2-25
LR2 vessels
Available earning days 1)	1,809	1,764	1,811	1,856	1,866	3%
Spot rates 2)	55,264	40,906	28,915	29,408	33,351	-40%
TCE per earning day 3)	51,907	41,064	34,444	33,806	35,459	-32%
Operating days	1,888	1,932	1,932	1,890	1,871	-1%
Operating expenses per operating day	7,986	7,848	7,522	8,078	7,695	-4%
LR1 vessels
Available earning days 1)	909	892	839	879	905	—%
Spot rates 2)	46,019	32,139	23,039	24,025	28,679	-38%
TCE per earning day 3)	42,338	33,749	22,421	24,947	27,371	-35%
Operating days	910	920	920	900	910	—%
Operating expenses per operating day	7,314	7,484	7,257	7,044	7,282	—%
MR vessels
Available earning days 1)	5,031	5,132	5,404	5,326	5,117	2%
Spot rates 2)	39,500	31,275	22,585	24,659	23,950	-39%
TCE per earning day 3)	38,465	31,193	23,389	24,675	23,345	-39%
Operating days	5,344	5,401	5,801	5,642	5,460	2%
Operating expenses per operating day	7,712	7,539	7,252	7,963	8,002	4%
Tanker segment
Available earning days 1)	7,749	7,788	8,054	8,061	7,888	2%
Spot rates 2)	43,456	32,966	23,895	25,519	26,412	-39%
TCE per earning day 3)	42,057	33,722	25,775	26,807	26,672	-37%
Operating days	8,142	8,253	8,653	8,432	8,241	1%
Operating expenses per operating day	7,731	7,605	7,313	7,891	7,853	2%

1) Total available earning days = Total calendar days less off-hire days

2) Spot rates = Time Charter Equivalent Earnings for all charters with less than six months' duration.

3) TCE = Time Charter Equivalent Earnings. Please refer to the glossary on pages 28 to 33.


TORM INTERIM RESULTS FOR THE SECOND QUARTER OF 2025	10

TORM Fleet Development

The table shows recent and expected developments in

TORM’s operating fleet. In addition to 66 owned product

tankers as of 30 June 2025, TORM had 24 vessels under

sale-and-leaseback agreements with options to buy back

the vessels (financially reported as owned vessels in

accordance with our accounting policies).

At TORM, maintaining a high quality and competitive fleet is

a core priority. As part of our active fleet management

strategy, we regularly divest vessels as they reach a certain

age to ensure a stable and attractive average fleet age. This

approach not only supports operational efficiency and

environmental performance but also aligns with our broader

objective of maintaining high standards across our fleet.

Divestments are carefully timed and balanced with

selective acquisitions of high-quality second-hand vessels,

which are rapidly upgraded to match the TORM standard.

Through this disciplined process, we safeguard the long-

term competitiveness of our fleet and continue to meet the

evolving expectations of our customers, charterers, and

stakeholders

In early 2025, TORM sold the 2005-built MR vessels TORM

Ragnhild, TORM Resilience, and TORM Thames. The

vessels were all delivered to their new owners during the

first quarter of the year.

In the second quarter of 2025, TORM sold and delivered

the 2008-built LR2 vessel TORM Mathilde. In addition, the

two 2008-built MR vessels TORM Voyager and TORM

Discoverer were sold, with TORM Discoverer delivered to its

new owner in July and TORM Voyager scheduled for delivery

later in the third quarter of the year.

Also, as part of our ongoing capital and loan management

strategy, TORM has exercised purchase options for 13

leaseback vessels, transitioning them to full ownership. The

first four — the 2015–2018 built LR2 vessels TORM Herdis,

TORM Hellerup, TORM Hannah, and TORM Kiara — will be

transferred to the owned fleet in Q3 2025, with the

remaining nine vessels to follow in the last quarter of the

year.

TORM Fleet Development


	Q4 2024	Changes	Q1 2025	Changes	Q2 2025	Changes	Q3 2025
Owned vessels
LR2	15		15	-1	14	4	18
LR1	3		3		3		3
MR	52	-3	49		49	-2	47
Total	70	-3	67	-1	66	2	68

Leaseback vessels
LR2	6		6		6	-4	2
LR1	7		7		7		7
MR	11		11		11		11
Total	24	—	24	—	24	-4	20

Total fleet	94	-3	91	-1	90	-2	88


TORM INTERIM RESULTS FOR THE SECOND QUARTER OF 2025	11

Disclaimer

The interim report has been prepared solely to provide

additional information to shareholders to assess the

Group’s strategies and the potential for those

strategies to succeed. The interim report should not be

relied on by any other party or for any other purpose.

The interim report contains certain forward-looking

statements. These statements are made by the

Directors in good faith based on the information

available to them up to the time of their approval of this

report. Such statements should be treated with caution

due to the inherent uncertainties, including both

economic and business risk factors, underlying any such

forward-looking statements.

Responsibility Statement

We Confirm to the Best of Our Knowledge

•The condensed consolidated set of financial statements

has been prepared in accordance with IAS 34 Interim

Financial Reporting (“IAS 34”) as adopted in the UK and

also in accordance with IAS 34 as issued by the

International Accounting Standards Board (”IASB”) and

IAS 34 as adopted by the EU, as applied to the financial

periods beginning on or after 01 January 2025 and

additional Danish disclosure requirements for interim

reports of listed companies.

•The interim report gives a true and fair view of the

Group’s financial position as of 30 June 2025 as well as

of the Group’s financial performance and cash flow for

the period 01 January – 30 June 2025.

•The interim management report includes a fair review of

the development and performance of the Group’s

business and of the financial position as a whole and a

description of the principal risks and uncertainties for

the remaining six months of 2025.

•The interim management report includes a fair review of

the material related party transactions which have

taken place in the period and material changes to those

described in the last annual report.

By order of the Board of Directors

Jacob Meldgaard

Executive Director

14 August 2025


TORM INTERIM RESULTS FOR THE SECOND QUARTER OF 2025	12

Safe Harbor Statement as to the Future

Matters discussed in this release 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

business. Forward-looking statements reflect our current

views with respect to future events and financial

performance and may include statements concerning plans,

objectives, goals, strategies, future events or performance,

and underlying assumptions and other statements, which

are statements other than statements of historical facts.

The Company desires to take advantage of the safe harbor

provisions of the Private Securities Litigation Reform Act of

1995 and is including this cautionary statement in

connection with this safe harbor legislation. Words such as,

but not limited to, “expects,” “anticipates,” “intends,”

“plans,” “believes,” “estimates,” “targets,” “projects,”

“forecasts,” “potential,” “continue,” “possible,” “likely,”

“may,” “could,” “should” and similar expressions or phrases

may identify forward-looking statements.

The forward-looking statements in this annual report are

based upon various assumptions, many of which are, in

turn, based upon further assumptions, including without

limitation, management’s examination of historical

operating trends, data contained in our records and other

data available from third parties. Although the Company

believes that these assumptions were reasonable when

made, because these assumptions are inherently subject to

significant uncertainties and contingencies that are difficult

or impossible to predict and are beyond our control, the

Company cannot guarantee that it will achieve or

accomplish these expectations, beliefs, or projections.

Important factors that, in our view, could cause actual

results to differ materially from those discussed in the

forward-looking statements include, but are not limited to,

our future operating or financial results; changes in

governmental rules and regulations or actions taken by

regulatory authorities; inflationary pressure and central

bank policies intended to combat overall inflation and rising

interest rates and foreign exchange rates; general domestic

and international political conditions or events, including

“trade wars” and the war between Russia and Ukraine, the

developments in the Middle East, including the war in Israel

and the Gaza Strip, and the conflict regarding the Houthis’

attacks in the Red Sea; international sanctions against

Russian oil and oil products; changes in economic and

competitive conditions affecting our business, including

market fluctuations in charter rates and charterers’ abilities

to perform under existing time charters; changes in the

supply and demand for vessels comparable to ours and the

number of newbuildings under construction; the highly

cyclical nature of the industry that we operate in; the loss

of a large customer or significant business relationship;

changes in worldwide oil production and consumption and

storage; risks associated with any future vessel

construction; our expectations regarding the availability of

vessel acquisitions and our ability to complete acquisition

transactions planned; availability of skilled crew members

other employees and the related labor costs; work

stoppages or other labor disruptions by our employees or

the employees of other companies in related industries;

effects of new products and new technology in our industry;

new environmental regulations and restrictions; the impact

of an interruption in or failure of our information technology

and communications systems, including the impact of

cyber-attacks, upon our ability to operate; potential

conflicts of interest involving members of our Board of

Directors and Senior Management; the failure of

counterparties to fully perform their contracts with us;

changes in credit risk with respect to our counterparties on

contracts; adequacy of insurance coverage; our ability to

obtain indemnities from customers; changes in laws,

treaties or regulations; our incorporation under the laws of

England and Wales and the different rights to relief that

may be available compared to other countries, including the

United States; government requisition of our vessels during

a period of war or emergency; the arrest of our vessels by

maritime claimants; any further changes in U.S. trade policy

that could trigger retaliatory actions by the affected

countries; the impact of the U.S. presidential and

congressional election results affecting the economy,

future government laws and regulations and trade policy

matters, such as the imposition of tariffs and other import

restrictions; potential disruption of shipping routes due to

accidents, climate-related incidents, adverse weather and

natural disasters, environmental factors, political events,

public health threats, acts by terrorists or acts of piracy on

ocean-going vessels; damage to storage and receiving

facilities; potential liability from future litigation and

potential costs due to environmental damage and vessel

collisions; and the length and number of off-hire periods

and dependence on third-party managers.

In the light of these risks and uncertainties, undue reliance

should not be placed on forward-looking statements

contained in this release because they are statements

about events that are not certain to occur as described or

at all. These forward-looking statements are not

guarantees of our future performance, and actual results

and future developments may vary materially from those

projected in the forward-looking statements. Except to the

extent required by applicable law or regulation, the

Company undertakes no obligation to release publicly any

revisions or updates to these forward-looking statements

to reflect events or circumstances after the date of this

release or to reflect the occurrence of unanticipated

events. Please see TORM’s filings with the U.S. Securities

and Exchange Commission for a more complete discussion

of certain of these and other risks and uncertainties. The

information set forth herein speaks only as of the date

hereof, and the Company disclaims any intention or

obligation to update any forward-looking statements as a

result of developments occurring after the date of this

communication.


TORM INTERIM RESULTS FOR THE SECOND QUARTER OF 2025	15

Condensed Consolidated Balance Sheet


		30 June	30 June	31 December
USDm	Note	2025	2024	2024
ASSETS
Intangible assets
Goodwill		1.8	1.8	1.7
Other intangible assets		2.3	2.2	2.0
Total intangible assets		4.1	4.0	3.7

Tangible fixed assets
Land and buildings		8.3	4.1	8.1
Vessels and capitalized dry-docking	3	2,691.7	2,528.7	2,826.7
Other non-current assets under construction		2.2	3.9	4.6
Other plant and operating equipment		2.6	3.5	3.3
Total tangible fixed assets		2,704.8	2,540.2	2,842.7

Financial assets
Investments in joint ventures		0.1	0.1	0.1
Loan receivables		4.5	4.5	4.5
Deferred tax asset		0.3	0.3	3.1
Other investments		0.1	0.5	0.2
Total financial assets		5.0	5.4	7.9

Total non-current assets		2,713.9	2,549.6	2,854.3

Inventories		69.5	69.4	68.4
Trade receivables		170.9	244.1	183.9
Other receivables		30.9	45.4	59.6
Prepayments		10.6	12.2	12.2
Cash and cash equivalents incl. restricted cash		369.8	532.4	291.2
Current assets excl. assets held for sale		651.7	903.5	615.3

Assets held for sale	3	31.1	12.4	—

Total current assets		682.8	915.9	615.3

TOTAL ASSETS		3,396.7	3,465.5	3,469.6


		30 June	30 June	31 December
USDm	Note	2025	2024	2024
EQUITY AND LIABILITIES
Equity
Common shares		1.0	1.0	1.0
Share premium		91.1	167.1	271.0
Treasury shares		—	-4.2	-4.2
Hedging reserves		12.8	24.8	15.5
Translation reserves		-0.1	-0.6	-0.8
Other reserves		398.1	320.0	320.0
Retained profit		1,604.4	1,534.6	1,471.5
Equity attributable to TORM plc shareholders		2,107.3	2,042.7	2,074.0
Non-controlling interests		—	1.0	0.8
Total equity		2,107.3	2,043.7	2,074.8

Liabilities
Non-current tax liability related to held-over gains		45.2	45.2	45.2
Deferred tax liability		0.3	2.4	0.3
Borrowings	4	969.8	1,083.0	1,061.0
Other non-current liabilities		8.0	3.5	2.9
Total non-current liabilities		1,023.3	1,134.1	1,109.4

Borrowings	4	156.2	175.0	165.3
Trade payables		45.2	47.4	50.0
Current tax liabilities		1.3	1.5	0.7
Other liabilities		57.1	57.1	61.3
Provisions		0.7	0.6	0.6
Prepayments from customers		5.6	6.1	7.5
Total current liabilities		266.1	287.7	285.4

Total liabilities		1,289.4	1,421.8	1,394.8

TOTAL EQUITY AND LIABILITIES		3,396.7	3,465.5	3,469.6

Segment reporting, notes 1, 5 and 7-10 are on pages 19 to 27.


TORM INTERIM RESULTS FOR THE SECOND QUARTER OF 2025	16

Condensed Consolidated Statement of Changes in Equity

01 January-30 June


USDm	Common shares	Share premium	Treasury shares	Hedging reserves	Translation reserves	Other reserves	Retained profit	Equity attributable to shareholders of TORM plc	Non- controlling interest	Total

Equity as of 01 January 2025	1.0	271.0	-4.2	15.5	-0.8	320.0	1,471.5	2,074.0	0.8	2,074.8

Comprehensive income/loss for the period:
Net profit for the period	—	—	—	—	—	—	120.9	120.9	0.7	121.6
Other comprehensive income for the period	—	—	—	-5.4	0.7	—	—	-4.7	0.2	-4.5
Tax on other comprehensive income	—	—	—	2.7	—	—	—	2.7	—	2.7
Total comprehensive income/(loss) for the period	—	—	—	-2.7	0.7	—	120.9	118.9	0.9	119.8

Capital increase	—	0.2	—	—	—	—	—	0.2	—	0.2
Transaction costs of capital increase	—	-0.1	—	—	—	—	—	-0.1	—	-0.1
Capital reduction ¹⁾	—	-180.0	—	—	—	180.0	—	—	—	—
Treasury share cancellation ²⁾	—	—	4.2	—	—	-4.2	—	—	—	—
Share-based compensation	—	—	—	—	—	—	14.0	14.0	—	14.0
Dividend paid	—	—	—	—	—	-97.7	—	-97.7	—	-97.7
Total changes in equity for the period	—	-179.9	4.2	-2.7	0.7	78.1	134.9	35.3	0.9	36.2

Transactions with non-controlling interests	—	—	—	—	—	—	-2.0	-2.0	-1.7	-3.7

Equity as of 30 June 2025	1.0	91.1	—	12.8	-0.1	398.1	1,604.4	2,107.3	—	2,107.3

¹⁾ The Share premium reserve was reduced by USD 180.0m, as decided at the Annual General Meeting on 16 April 2025 and subsequent court approval, in order to create further distributable reserves to support: (i) the future payment by the Company of

dividends to its shareholders; and (ii) share buy-backs should circumstances dictate it desirable.

²⁾ TORM cancelled 493,371 shares that were purchased in share buybacks on Nasdaq Copenhagen A/S in 2016 and 2020. Consequently, the share capital was reduced with a nominal value of, in aggregate, USD 4,933.71.


TORM INTERIM RESULTS FOR THE SECOND QUARTER OF 2025	17

Condensed Consolidated Statement of Changes in Equity


USDm	Common shares	Share premium	Treasury shares	Hedging reserves	Translation reserves	Other reserves	Retained profit	Equity attributable to shareholders of TORM plc	Non- controlling interest	Total

Equity as of 01 January 2024	0.9	260.0	-4.2	25.6	-0.4		1,382.2	1,664.1	2.0	1,666.1

Comprehensive income/(loss) for the period:
Net profit/(loss) for the period	—	—	—	—	—	—	404.3	404.3	-0.9	403.4
Other comprehensive income for the period	—	—	—	-0.9	-0.2	—	—	-1.1	-0.1	-1.2
Tax on other comprehensive income	—	—	—	0.1	—	—	—	0.1	—	0.1
Total comprehensive income/(loss) for the period	—	—	—	-0.8	-0.2	—	404.3	403.3	-1.0	402.3

Capital increase ¹⁾	0.1	227.7	—	—	—	—	—	227.8	—	227.8
Transaction costs of capital increase	—	-0.6	—	—	—	—	—	-0.6	—	-0.6
Capital reduction ²⁾	—	-320.0	—	—	—	320.0	—	—	—	—
Share-based compensation	—	—	—	—	—	—	15.8	15.8	—	15.8
Dividend paid	—	—	—	—	—	—	-267.7	-267.7	—	-267.7
Total changes in equity for the period	0.1	-92.9	—	-0.8	-0.2	320.0	152.4	378.6	-1.0	377.6

Equity as of 30 June 2024	1.0	167.1	-4.2	24.8	-0.6	320.0	1,534.6	2,042.7	1.0	2,043.7

¹⁾ During the period, the share capital was increased by USD 227.8m in total including a USD 217.2m non-cash share issue in relation to purchase of 11 vessels.

²⁾ The Share premium reserve was reduced by USD 320.0m, as decided at the Annual General Meeting on 11 April 2024 and subsequent court approval, in order to create further distributable reserves to support: (i) the future payment by the Company of

dividends to its shareholders; and (ii) share buy-backs should circumstances dictate it desirable.


TORM INTERIM RESULTS FOR THE SECOND QUARTER OF 2025	18

Condensed Consolidated Cash Flow Statement


USDm	Q1-Q2 2025	Q1-Q2 2024	FY 2024
Cash flow from operating activities
Net profit for the period	121.6	403.4	611.5

Adjustments:
Profit from sale of vessels	-14.9	-27.6	-51.3
Depreciation and amortization	105.4	89.9	192.0
Financial income	-7.5	-14.1	-24.8
Financial expenses	35.7	37.2	74.1
Tax	7.2	0.5	-2.0
Other non-cash movements	18.3	16.6	22.9

Interest received and realized exchange gains	7.7	14.1	24.8
Interest paid and realized exchange losses	-34.1	-30.2	-66.9
Income taxes paid	-1.2	-0.6	-1.3
Change in inventories, receivables and payables, etc.	6.2	-20.8	47.8

Net cash flow from operating activities	244.4	468.4	826.8


USDm	Q1-Q2 2025	Q1-Q2 2024	FY 2024
Cash flow from investing activities
Investment in tangible fixed assets¹⁾	-55.7	-262.3	-582.4
Investment in intangible fixed assets	-0.4	-0.9	-1.1
Sale of tangible fixed assets	95.3	88.4	130.6
Change in restricted cash	9.3	24.8	10.8
Net cash flow from investing activities	48.5	-150.0	-442.1

Cash flow from financing activities
Proceeds, borrowings	0.1	302.2	419.4
Repayment, borrowings	-103.8	-101.4	-256.3
Dividend paid	-97.7	-267.7	-553.3
Capital increase¹⁾	0.2	10.6	12.5
Transaction costs share issue	-0.1	-0.5	-0.6
Transactions with non-controlling interests	-3.7	—	—
Net cash flow from financing activities	-205.0	-56.8	-378.3


Net cash flow from operating, investing and financing activities	87.9	261.6	6.4


Cash and cash equivalents beginning balance	271.9	265.5	265.5
Cash and cash equivalents ending balance	359.8	527.1	271.9

Restricted cash equivalents ending balance	10.0	5.3	19.3
Cash and cash equivalents including restricted cash ending balance	369.8	532.4	291.2

¹⁾ During the first six months of 2024, share capital was increased by USD 227.8m (31 December 2024: USD 331.7m),

including a USD 217.2m (31 December 2024: USD 319.2m) non-cash share issue in relation to the purchase of 11 vessels

(31 December 2024: 19 vessels). No such transactions in the first six months of 2025.


TORM INTERIM RESULTS FOR THE SECOND QUARTER OF 2025	20

Segment Reporting – Condensed Consolidated Income Statement


	Q1-Q2 2025				Q1-Q2 2024				FY 2024
USDm	Tanker segment	Marine Engineering segment	Inter- segment elimination	Total	Tanker segment	Marine Engineering segment	Inter- segment elimination	Total	Tanker segment	Marine Engineering segment	Inter- segment elimination	Total
Revenue	624.5	28.5	-8.7	644.3	874.6	14.6	-7.5	881.7	1,544.0	29.6	-14.4	1,559.2
Port expenses, bunkers and commissions	-202.3	—	—	-202.3	-218.0	—	—	-218.0	-409.2	—	—	-409.2
Other cost of goods and services sold	—	-18.7	5.7	-13.0	—	-9.7	5.0	-4.7	—	-18.5	9.2	-9.3
Operating expenses	-131.2	—	0.5	-130.7	-119.6	—	0.3	-119.3	-245.6	—	0.5	-245.1
Profit from sale of vessels	14.0	—	0.9	14.9	27.6	—	—	27.6	51.3	—	—	51.3
Administrative expenses	-46.4	-4.1	—	-50.5	-46.1	-3.9	—	-50.0	-87.9	-7.7	—	-95.6
Other operating income and expenses	-0.3	—	—	-0.3	-0.5	0.1	—	-0.4	-0.6	0.1	—	-0.5
Depreciation and amortization	-104.9	-0.5	—	-105.4	-89.7	-0.2	—	-89.9	-191.2	-0.8	—	-192.0
Operating profit (EBIT)	153.4	5.2	-1.6	157.0	428.3	0.9	-2.2	427.0	660.8	2.7	-4.7	658.8

Financial income	7.4	0.1	—	7.5	13.9	0.2	—	14.1	24.7	0.1	—	24.8
Financial expenses	-35.6	-0.1	—	-35.7	-37.0	-0.2	—	-37.2	-73.9	-0.2	—	-74.1
Profit before tax	125.2	5.2	-1.6	128.8	405.2	0.9	-2.2	403.9	611.6	2.6	-4.7	609.5

Tax	-6.5	-0.7	—	-7.2	—	-0.5	—	-0.5	2.5	-0.5	—	2.0
Net profit for the period	118.7	4.5	-1.6	121.6	405.2	0.4	-2.2	403.4	614.1	2.1	-4.7	611.5


TORM INTERIM RESULTS FOR THE SECOND QUARTER OF 2025	21

Segment Reporting – Condensed Consolidated Balance Sheet


	30 June 2025				30 June 2024				31 December 2024
USDm	Tanker segment	Marine Engineering segment	Inter- segment elimination	Total	Tanker segment	Marine Engineering segment	Inter- segment elimination	Total	Tanker segment	Marine Engineering segment	Inter- segment elimination	Total
ASSETS
Intangible assets
Goodwill	—	1.8	—	1.8	—	1.8	—	1.8	—	1.7	—	1.7
Other intangible assets	1.4	0.9	—	2.3	1.1	1.1	—	2.2	1.1	0.9	—	2.0
Total intangible assets	1.4	2.7	—	4.1	1.1	2.9	—	4.0	1.1	2.6	—	3.7

Tangible fixed assets
Land and buildings	8.1	0.2	—	8.3	3.8	0.3	—	4.1	8.1	—	—	8.1
Vessels and capitalized dry-docking	2,706.3	—	-14.6	2,691.7	2,545.7	—	-17.0	2,528.7	2,843.9	—	-17.2	2,826.7
Other non-current assets under construction	—	2.2	—	2.2	—	4.2	-0.3	3.9	—	4.8	-0.2	4.6
Other plant and operating equipment	1.4	1.2	—	2.6	2.7	0.8	—	3.5	2.1	1.2	—	3.3
Total tangible fixed assets	2,715.8	3.6	-14.6	2,704.8	2,552.2	5.3	-17.3	2,540.2	2,854.1	6.0	-17.4	2,842.7

Financial assets
Investments in joint ventures	0.1	—	—	0.1	0.1	—	—	0.1	0.1	—	—	0.1
Loan receivables	4.5	—	—	4.5	4.5	—	—	4.5	4.5	—	—	4.5
Deferred tax asset	0.3	—	—	0.3	0.3	—	—	0.3	3.1	—	—	3.1
Other investments	0.1	—	—	0.1	0.5	—	—	0.5	0.2	—	—	0.2
Total financial assets	5.0	—	—	5.0	5.4	—	—	5.4	7.9	—	—	7.9

Total non-current assets	2,722.2	6.3	-14.6	2,713.9	2,558.7	8.2	-17.3	2,549.6	2,863.1	8.6	-17.4	2,854.3

Inventories	66.9	2.6	—	69.5	64.9	4.7	-0.2	69.4	62.6	5.8	—	68.4
Trade receivables	166.6	4.6	-0.3	170.9	240.7	3.8	-0.4	244.1	179.1	4.8	—	183.9
Other receivables	26.0	4.9	—	30.9	40.3	5.1	—	45.4	54.7	4.9	—	59.6
Prepayments	10.3	0.3	—	10.6	11.8	0.4	—	12.2	11.6	0.6	—	12.2
Cash and cash equivalents incl. restricted cash	361.5	8.3	—	369.8	524.2	8.2	—	532.4	284.9	6.3	—	291.2
Current assets excl. assets held for sale	631.3	20.7	-0.3	651.7	881.9	22.2	-0.6	903.5	592.9	22.4	—	615.3

Assets held for sale	31.4	—	-0.3	31.1	12.4	—	—	12.4	—	—	—	—

Total current assets	662.7	20.7	-0.6	682.8	894.3	22.2	-0.6	915.9	592.9	22.4	—	615.3

TOTAL ASSETS	3,384.9	27.0	-15.2	3,396.7	3,453.0	30.4	-17.9	3,465.5	3,456.0	31.0	-17.4	3,469.6


TORM INTERIM RESULTS FOR THE SECOND QUARTER OF 2025	22

Segment Reporting – Condensed Consolidated Balance Sheet


	30 June 2025				30 June 2024				31 December 2024
USDm	Tanker segment	Marine Engineering segment	Inter- segment elimination	Total	Tanker segment	Marine Engineering segment	Inter- segment elimination	Total	Tanker segment	Marine Engineering segment	Inter- segment elimination	Total
EQUITY AND LIABILITIES
Total equity	2,102.9	15.8	-11.4	2,107.3	2,041.0	10.0	-7.3	2,043.7	2,072.9	11.7	-9.8	2,074.8

Liabilities
Non-current tax liability related to held-over gains	45.2	—	—	45.2	45.2	—	—	45.2	45.2	—	—	45.2
Deferred tax liability	—	0.3	—	0.3	2.2	0.2	—	2.4	—	0.3	—	0.3
Borrowings	969.1	0.7	—	969.8	1,081.5	1.5	—	1,083.0	1,060.8	0.2	—	1,061.0
Other non-current liabilities	7.4	0.6	—	8.0	3.0	0.5	—	3.5	2.3	0.6	—	2.9
Total non-current liabilities	1,021.7	1.6	—	1,023.3	1,131.9	2.2	—	1,134.1	1,108.3	1.1	—	1,109.4

Borrowings	154.3	1.9	—	156.2	172.2	2.8	—	175.0	163.5	1.8	—	165.3
Trade payables	43.4	1.8	—	45.2	45.2	2.3	-0.1	47.4	46.2	3.8	—	50.0
Current tax liabilities	1.1	0.2	—	1.3	1.1	0.4	—	1.5	0.4	0.3	—	0.7
Other liabilities	56.7	0.7	-0.3	57.1	56.6	0.8	-0.3	57.1	60.7	0.6	—	61.3
Provisions	—	0.7	—	0.7	—	0.6	—	0.6	—	0.6	—	0.6
Prepayments from customers	4.8	4.3	-3.5	5.6	5.0	11.3	-10.2	6.1	4.0	11.1	-7.6	7.5
Total current liabilities	260.3	9.6	-3.8	266.1	280.1	18.2	-10.6	287.7	274.8	18.2	-7.6	285.4

Total liabilities	1,282.0	11.2	-3.8	1,289.4	1,412.0	20.4	-10.6	1,421.8	1,383.1	19.3	-7.6	1,394.8

TOTAL EQUITY AND LIABILITIES	3,384.9	27.0	-15.2	3,396.7	3,453.0	30.4	-17.9	3,465.5	3,456.0	31.0	-17.4	3,469.6


TORM INTERIM RESULTS FOR THE SECOND QUARTER OF 2025	23

NOTE 1 - ACCOUNTING POLICIES AND GOING CONCERN

General Information

The information for the year ended 31 December 2024 does not constitute statutory accounts as

defined in section 434 of the Companies Act 2006. A copy of the statutory accounts for that year

has been delivered to the Registrar of Companies. The Auditor's Report on those accounts was not

qualified, did not include a reference to any matters to which the auditors drew attention by way of

emphasis without qualifying the report and did not contain statements under section 498(2) or (3)

of the Companies Act 2006.

The interim report for the period 01 January-30 June 2025 is unaudited.

Significant Accounting Policies

The interim report for the period 01 January-30 June 2025 is presented in accordance with IAS 34

"Interim Financial Reporting" (“IAS 34”) as adopted in the UK. The interim financial statements are

also prepared in accordance with IAS 34 as issued by the International Accounting Standards

Board (“IASB”) and IAS 34 as adopted by the EU, as applied to financial periods beginning on or

after 01 January 2025 and the additional Danish disclosure requirements for interim reports of

listed companies.

TORM has implemented the following standards and amendments issued by the IASB and adopted

by the UK and the EU in the consolidated financial statements for 2025:

•Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of

Exchangeability (January 2025)

For the new standards and amendments, it is assessed that application of these effective on 01

January 2025 has not had any material impact on the consolidated financial statements in 2025.

The interim report has been prepared using the same accounting policies and methods of

computation as in the Annual Report 2024.

For critical estimates and judgements, please refer to the Annual Report 2024, pages 207-208.

NOTE 1 - continued

Going Concern

As of 30 June 2025, TORM’s available liquidity including undrawn and committed facilities was

USD 664.1m, including a total cash position of USD 369.8m (including restricted cash of

USD 10.0m). TORM’s net interest-bearing debt was USD 767.0m, and the net debt loan-to-value

ratio was 27.0% (Tanker segment only). Further information on TORM’s objectives and policies for

managing our capital, our financial risk management objectives, and our exposure to credit and

liquidity risk can be found in Note 25 to the financial statements in the 2024 Annual Report.

TORM monitors our funding position throughout the year to ensure that we have access to

sufficient funds to meet the forecasted cash requirements and loan commitments, and to monitor

compliance with the financial covenants in our loan facilities, details of which are available in Note

2 to the financial statements in the 2024 Annual Report.

A key element for TORM’s financial performance in the going concern period relates to the

increased geopolitical risks and trade disputes. TORM’s base case assumes that these dynamics

will persist. TORM monitors the general development in the geopolitical situation and potential

effects on the product tanker market. In the base case, TORM has sufficient liquidity and

headroom for all the covenant limits. The principal risks and uncertainties facing TORM are set out

on pages 17 to 21 in the 2024 Annual Report. In addition to the base case, TORM has developed a

reverse stress case. The reverse stress case covers the lowest TCE rate that only just meet the

minimum liquidity covenant and the lowest vessel values that do not breach any of the facilities’

minimum security values in the period. In the reverse stress case, with TCE rates are significantly

below the lowest rolling four-quarter average observed since 2000 on each vessel class basis

accompanied by a corresponding decline in vessel values, TORM maintains sufficient headroom on

liquidity and covenants throughout the going concern period.

The Board of Directors has considered TORM’s cash flow forecasts and the expected compliance

with TORM’s financial covenants for the period until 30 September 2026.Based on this review,

the Board of Directors has a reasonable expectation that taking reasonably possible changes in

trading performance and vessel valuations into account, TORM will be able to continue in

operation and comply with our financial covenants for the period until 30 September 2026.

Accordingly, TORM continues to adopt the going concern basis in preparing our financial

statements.


TORM INTERIM RESULTS FOR THE SECOND QUARTER OF 2025	24

NOTE 2 - STAFF COSTS

Staff costs included in operating expenses relate to the 107 seafarers employed under Danish

contracts (30 June 2024: 109, 31 December 2024: 109).

The average number of employees is calculated as a full-time equivalent (FTE).


USDm	Q2 2025	Q2 2024	Q1-Q2 2025	Q1-Q2 2024	FY 2024

Included in operating expenses	2.5	2.6	4.9	4.9	9.6
Included in administrative expenses	19.6	18.8	40.4	40.4	77.3
Total staff costs	22.1	21.4	45.3	45.3	86.9

As at 30 June 2025 TORM has a pool of 3,798 (30 June 2024:3,291, 31 December 2024:3,677)

seafarers.

The majority of seafarers on vessels are on short-term contracts. The average number of seafarers

on board vessels on short-term contracts for the first six months of 2025 were on average 1,780

(30 June 2024: 1,668, 31 December 2024:1,721).

Total seafarers costs for the first six months of 2025 were USD 75.3m (30 June 2024:USD

68.6m, 31 December 2024:USD 141.4m) which are included in "Operating expenses" of which

USD 70.4m (30 June 2024:USD 63.7m, 31 December 2024:USD 131.8m) pertains to cost for

seafarers on board vessels on short-term contracts and USD 4.9m (30 June 2024:USD 4.9m, 31

December 2024:USD 9.6m) pertains to cost for seafarers employed under the Danish contract as

indicated in the staff costs table above.

Total compensation to the Board of Directors and the Senior Management Team, including the

CEO, expensed during the period amounts to USD 9.2m (30 June 2024: USD 9.2m, 31 December

2024: USD 18.4m).

As announced on 06 March 2025, the Board of Directors agreed to grant a total of 1,326,087

(2024: 1,214,986) RSUs to certain employees. The vesting period of the program is three years.

The exercise price is set at DKK 162.4 (2024: DKK 258.4). The exercise price is adjusted in the

future by dividend payments. The exercise period is 360 days from each vesting date. The fair

value of the RSUs granted was determined using the Black-Scholes model and amounts to USD

3.3m (30 June 2024: 8.1m). The average remaining contractual life for the restricted shares as of

30 June 2025 is 1.5 years (30 June 2024: 1.5 years, 31 December 2024: 1.5 years).

In addition to the RSUs granted to certain employees, the CEO was granted 255,200 restricted

stock options on similar terms as outlined above. The fair value of the CEO's options was

determined using the Black-Scholes model and amounts to USD 0.7m.

NOTE 3 - VESSELS AND CAPITALIZED DRY-DOCKING


	30 June	30 June	31 December
USDm	2025	2024	2024

Cost
Balance as of beginning of period	3,500.9	2,622.1	2,622.1
Additions	58.6	428.3	792.7
Disposals	-22.1	-7.2	-20.7
Transferred from prepayments	—	141.0	197.5
Transferred to assets held for sale	-160.4	-43.7	-90.7
Balance	3,377.0	3,140.5	3,500.9

Depreciation
Balance as of beginning of period	660.6	536.3	536.3
Disposals	-22.0	-7.2	-20.7
Depreciation for the period	102.6	87.5	186.7
Transferred to assets held for sale	-67.3	-19.5	-41.7
Balance	673.9	597.1	660.6

Impairment
Balance as of beginning of period	13.6	15.6	15.6
Transferred to assets held for sale	-2.2	-0.9	-2.0
Balance	11.4	14.7	13.6

Carrying amount	2,691.7	2,528.7	2,826.7

Included in the carrying amount for "Vessels and capitalized dry-docking" are capitalized dry-

docking costs in the amount of USD 121.9m (30 June 2024: USD 81.0m, 31 December 2024:

USD 108.2m).

Depreciation for the six months ended 30 June 2025 related to "Other plant and operating

equipment" amounts to USD 0.5m (30 June 2024: USD 0.7m, 31 December 2024: USD 1.8m) and

related to “Land and buildings”amounts to USD 1.4m (30 June 2024: USD 1.3m, 31 December

2024: USD 2.5m).

Impairment Assessment

For determination of the vessel values, TORM has carried out an impairment indicator assessment

and has found no indication of impairment, and therefore, TORM does not find any need to

reassess the recoverable amount as of 30 June 2025.


TORM INTERIM RESULTS FOR THE SECOND QUARTER OF 2025	25

NOTE 3 - continued

Non-current Assets Sold During the Period


	30 June	30 June	31 December
USDm	2025	2024	2024

Sold and delivered during the year
Number of vessels	4	1	4
Vessel sales price (CF) ¹⁾	78.5	22.7	84.2
Carrying amount of vessels and capitalized dry-docking	-59.8	-10.9	-47.0
Bunker and lube oil cost	-2.2	-0.7	-1.5
Transaction costs (CF) ²⁾	-1.6	-0.7	-1.6
Profit on sale	14.9	10.4	34.1

Sold last year and delivered during the year
Number of vessels	—	3	3
Vessel sales price (CF)	—	67.3	67.3
Carrying amount of assets held for sale	—	-47.2	-47.2
Bunker and lube oil cost	—	-2.0	-2.0
Transaction costs (CF)	—	-0.9	-0.9
Profit on sale	—	17.2	17.2

Assets held for sale
Number of vessels held for sale end of period	2	1	—
Carrying amount	31.1	12.4	0.0

¹⁾ Includes sales price for one vessel of USD 18.9m at 31 December 2024, where cash was collected in 2025

²⁾ Includes transaction costs for one vessel sale of USD 0.5m at 31 December 2024, which was paid in 2025

CF: Included in Sale of tangible fixed assets in Consolidated Cash Flow Statement

The assets held for sale are expected to be delivered during the third quarter of 2025.

NOTE 4 - BORROWINGS


	30 June	30 June	31 December
USDm	2025	2024	2024

Falling due within one year	156.6	175.7	165.8
Falling due between one and two years	148.8	153.3	164.1
Falling due between two and three years	119.6	146.5	128.6
Falling due between three and four years	326.6	116.2	117.9
Falling due between four and five years	240.3	327.5	488.3
Falling due after five years	140.1	350.3	170.0
Total	1,132.0	1,269.5	1,234.7
Borrowing costs	-15.3	-16.3	-17.0
Right-of-use lease liabilities	9.3	4.8	8.6
Total borrowings	1,126.0	1,258.0	1,226.3

As of 30 June 2025, TORM was in compliance with financial covenants. TORM expects to remain

in compliance with financial covenants in the remaining period of 2025.


TORM INTERIM RESULTS FOR THE SECOND QUARTER OF 2025	26

NOTE 5 - DERIVATIVE FINANCIAL INSTRUMENTS


	30 June	30 June	31 December
USDm	2025	2024	2024

Fair value of derivative financial instruments regarding freight and bunkers
Forward freight agreements - fair value through profit and loss	3.9	0.3	7.8
Bunker swaps - fair value through profit and loss	-0.1	-0.3	0.3
Bunker swaps - hedge accounting	—	0.1	0.1

Fair value of derivative financial instruments regarding interest and currency exchange rate
Forward exchange contracts - hedge accounting	3.1	-0.6	-2.3
Interest rate swaps - hedge accounting	13.8	35.1	24.7
Fair value of derivatives	20.7	34.6	30.6

Derivative financial instruments are recognized in the following balance sheet items:


	30 June	30 June	31 December
USDm	2025	2024	2024
Other receivables	21.1	35.5	32.9
Other liabilities	-0.4	-0.9	-2.3
Total	20.7	34.6	30.6

The fair value hierarchy for the above derivative financial instruments is Level 2.

There are no changes in the methods and assumptions used in determining the fair value of the

financial instruments. Please refer to the Annual Report 2024, page 243-244.

NOTE 6 - EARNINGS PER SHARE AND DIVIDEND PER SHARE


	Q2 2025	Q2 2024	Q1-Q2 2025	Q1-Q2 2024	FY 2024
Earnings per share

Net profit for the year attributable to TORM plc shareholders (USDm)	58.6	194.5	120.9	404.3	612.5

Million shares
Weighted average number of shares	98.1	94.2	98.0	92.3	94.1
Weighted average number of treasury shares	-0.3	-0.5	-0.4	-0.5	-0.5
Weighted average number of shares outstanding	97.8	93.7	97.6	91.8	93.6

Dilutive effect of outstanding share options	3.0	2.7	3.0	2.7	2.7
Weighted average number of shares outstanding incl. dilutive effect of share options	100.8	96.4	100.6	94.5	96.3

Basic earnings per share (USD)	0.60	2.08	1.24	4.40	6.54
Diluted earnings per share (USD)	0.58	2.02	1.20	4.28	6.36


	Q2 2025	Q2 2024	Q1-Q2 2025	Q1-Q2 2024	FY 2024
Dividend per share

Declared dividend per share (USD)	0.40	1.80	0.80	3.30	5.10
Declared dividend during the period (USDm)	39.2	169.8	78.3	310.7	485.3

Dividend paid per share (USD)	1.00	2.86	1.00	2.86	5.86
Dividend paid during the period (USDm)	97.7	267.7	97.7	267.7	553.3

Number of shares
Number of shares, end of period (million)	98.0	94.5	98.0	94.5	97.8
Number of treasury shares, end of period (million)	—	-0.5	—	-0.5	-0.5
Number of shares outstanding, end of period (million)	98.0	94.0	98.0	94.0	97.3


TORM INTERIM RESULTS FOR THE SECOND QUARTER OF 2025	27

NOTE 7 - CONTINGENT LIABILITIES

TORM is involved in certain legal proceedings and disputes. It is the Management’s opinion that

the outcome of these proceedings and disputes will not have any material impact on TORM’s

financial position, results of operations, and cash flows.

NOTE 8 - RELATED PARTY TRANSACTIONS

During the first six months ended 30 June 2025, there have been no other related party

transactions than ordinary remuneration to the Board of Directors, the CEO and the Senior

Management Team. Please refer to Note 2.

NOTE 9 - CONTRACTUAL OBLIGATIONS AND RIGHTS

As of 30 June 2025, TORM had contractual obligations regarding scrubber installations and other

minor commitments.


	30 June	30 June	31 December
USDm	2025	2024	2024
Committed scrubber installations and other minor investments
Within one year	13.4	17.4	11.9
Between one and two years	—	1.7	1.1
Between two and three years	3.7	6.8	7.9
Between three and four years	3.9	3.1	2.1
Total	21.0	29.0	23.0

As of 30 June 2025, TORM has contractual rights to receive future payments as lessor of vessels

on time charter.


	30 June	30 June	31 December
USDm	2025	2024	2024

Charter hire income for vessels - as lessor
Received within one year	51.1	88.6	67.8
Received between one and two years	25.1	38.3	26.2
Received between two and three years	—	25.1	11.9
Total	76.2	152.0	105.9

The charter hire income for these vessels under time charter is recognized under "Revenue".

NOTE 10 - SUBSEQUENT EVENTS

As part of TORM’s ongoing capital and loan management strategy, TORM has exercised purchase

options for 13 leaseback vessels, transitioning them to full ownership. As of the date of this report,

three of these (TORM Herdis, TORM Hellerup, TORM Hannah) have transferred to TORM’s

ownership. The remaining ten vessels are expected to transfer ownership during Q3 and Q4 2025.

TORM has secured financing commitments of up to USD 857m on attractive terms to refinance

two existing syndicated loans as well as lease agreements covering 22 vessels. Syndicated loans

will be refinanced in Q3 2025, while lease agreements will be refinanced on a rolling basis before

the end of Q2 2026 as individual purchase options are exercised.

TORM’s Board of Directors has declared an interim dividend for the second quarter of 2025 of

USD 0.40 per share to be paid to the shareholders corresponding to an expected total dividend

payment of USD 39.2m. The distribution for the quarter is equivalent to 67% of net profit and

reflects the Distribution Policy. The payment date is 03 September 2025 to all shareholders on

record as of 22 August 2025, and the ex-dividend date is 21 August 2025 for the shares listed on

Nasdaq OMX Copenhagen and 22 August 2025 for the shares listed on Nasdaq New York. The

dividends have not been recognized as liabilities as at 30 June 2025 and there are no tax

consequences.


TORM INTERIM RESULTS FOR THE SECOND QUARTER OF 2025	29

Glossary

Alternative Performance Measures Group

Throughout the interim report, several alternative performance measures (APMs) are used.

The APMs used are the same as in the Annual Report 2024 and therefore we refer to the principles

for these on pages 278-282 in the TORM plc Annual Report 2024. The following APMs relate to

the Group.

Net profit excluding non-recurring items: Net profit excluding non-recurring items is net profit less

non-recurring items, e.g. impairment and reversals of impairment on vessels, profit from sale of

vessels and claims provisions. TORM reports net profit excluding non-recurring items because we

believe it provides additional meaningful information to investors regarding the operational

performance excluding non-recurring fluctuations.


USDm	Q2 2025	Q2 2024	Q1-Q2 2025	Q1-Q2 2024	FY 2024
Reconciliation to net profit
Net profit for the period	58.7	194.2	121.6	403.4	611.5
Profit from sale of vessels	-5.4	-10.5	-14.9	-27.6	-51.3
Expense of capitalized bank fees at refinancing	—	—	—	0.5	0.5
Net profit excluding non-recurring items	53.3	183.7	106.7	376.3	560.7

Gross profit: TORM defines gross profit, a performance measure, as revenues less port expenses,

bunkers and commissions and other cost of goods and services sold, charter hire and operating

expenses. TORM reports gross profit because we believe it provides additional meaningful

information to investors, as gross profit measures the net earnings from shipping activities. Gross

profit is calculated as follows:


USDm	Q2 2025	Q2 2024	Q1-Q2 2025	Q1-Q2 2024	FY 2024
Computation of gross profit
Revenue	315.2	437.7	644.3	881.7	1,559.2
Port expenses, bunkers, commissions and other cost of goods and services sold	-104.9	-110.4	-215.3	-222.7	-418.5
Operating expenses	-64.3	-62.7	-130.7	-119.3	-245.1
Gross profit	146.0	264.6	298.3	539.7	895.6

Return on Invested Capital (ROIC): TORM defines ROIC as earnings before interest and tax (EBIT)

less tax, divided by the average invested capital for the period. Invested capital is defined on page

31.

ROIC expresses the returns generated on capital invested in TORM. The progression of ROIC is

used by TORM to measure progress against our longer-term value creation goals outlined to

investors. ROIC is calculated as follows:


USDm	Q2 2025	Q2 2024	Q1-Q2 2025	Q1-Q2 2024	FY 2024
Reconciliation to operating profit (EBIT)
Operating profit (EBIT)	74.6	204.3	157.0	427.0	658.8
Tax	-1.7	1.1	-7.2	-0.5	2.0
EBIT less Tax	72.9	205.4	149.8	426.5	660.8
EBIT less Tax - Full year equivalent	291.6	821.6	299.6	853.0	660.8

Invested capital, opening balance	2,957.7	2,806.7	3,005.4	2,425.5	2,425.5
Invested capital, ending balance	2,859.0	2,764.8	2,859.0	2,764.8	3,005.4
Average invested capital	2,908.4	2,785.8	2,932.2	2,595.2	2,715.5

Return on Invested Capital (ROIC)	10.0%	29.5%	10.2%	32.9%	24.3%


TORM INTERIM RESULTS FOR THE SECOND QUARTER OF 2025	30

Glossary

Alternative Performance Measures Group

Adjusted Return on Invested Capital (Adjusted ROIC): TORM defines adjusted ROIC as earnings

before interest and tax (EBIT) less tax and non-recurrent items, divided by the average invested

capital less average impairment for the period. Invested capital is defined on page 31.

The Adjusted ROIC expresses the returns generated on capital invested in TORM adjusted for

impacts related to non-recurrent items. The progression of ROIC is used by TORM to measure

progress against our longer-term value creation goals outlined to investors. Adjusted ROIC is

calculated as follows:


USDm	Q2 2025	Q2 2024	Q1-Q2 2025	Q1-Q2 2024	FY 2024
Reconciliation to operating profit (EBIT)
Operating profit (EBIT)	74.6	204.3	157.0	427.0	658.8
Tax	-1.7	1.1	-7.2	-0.5	2.0
EBIT less Tax	72.9	205.4	149.8	426.5	660.8
EBIT less Tax - Full year equivalent	291.6	821.6	299.6	853.0	660.8
Profit from sale of vessels	-5.4	-10.5	-14.9	-27.6	-51.3
EBIT less tax adjusted	286.2	811.1	284.7	825.4	609.5

Average invested capital ¹⁾	2,908.4	2,785.8	2,932.2	2,595.2	2,715.5
Average impairment ²⁾	23.2	26.5	23.9	26.5	26.0
Average invested capital adjusted for impairment	2,931.6	2,812.3	2,956.1	2,621.7	2,741.5
Adjusted ROIC	9.8%	28.8%	9.6%	31.5%	22.2%

¹⁾ Average invested capital is calculated as the average of the opening and closing balance of invested capital.
²⁾ Average impairment is calculated as the average of the opening and closing balances of impairment charges on vessels and goodwill in the balance sheet.

EBITDA: TORM defines EBITDA as earnings before financial income and expenses, depreciation,

impairment, amortization and taxes. The computation of EBITDA refers to financial income and

expenses which TORM deems to be equivalent to "interest for purposes of presenting EBITDA.

Financial expenses consist of interest on borrowings, losses on foreign exchange transactions and

bank charges. Financial income consist of interest income and gains on foreign exchange

transactions.

EBITDA is used as a supplemental financial measure by Management and external users of

financial statements, such as lenders, to assess TORM's operating performance as well as

compliance with the financial covenants and restrictions contained in TORM's financing

agreements. TORM believes that EBITDA assists Management and investors in evaluating TORM’s

operating performance by increasing comparability of TORM's performance from period to period.

This increased comparability is achieved by excluding the potentially disparate effects of interest,

depreciation, impairment, amortization, and taxes. These are items which could be affected by

various changing financing methods and capital structures, which may significantly affect profit/

(loss) between periods. Including EBITDA as a measure benefits investor in selection between

investment alternatives.

EBITDA excludes some, but not all, items that affect profit/ (loss), and these items may vary

among other companies and may therefore not be directly comparable. The following table

reconciles EBITDA to net profit/ (loss), the most directly comparable IFRS financial measure, for

the periods presented.

Due to the temporary fluctuations of the fair value of freight and bunker derivatives, Management

believes that an adjustment for unrealized gain/losses on freight and bunker derivatives help to

increase comparability in EBITDA developments. The adjusted EBITDA is calculated as follows:


USDm	Q2 2025	Q2 2024	Q1-Q2 2025	Q1-Q2 2024	FY 2024
Reconciliation to net profit
Net profit for the period	58.7	194.2	121.6	403.4	611.5
Tax	1.7	-1.1	7.2	0.5	-2.0
Financial expenses	17.8	18.9	35.7	37.2	74.1
Financial income	-3.6	-7.7	-7.5	-14.1	-24.8
Depreciation and amortization	52.2	46.8	105.4	89.9	192.0
EBITDA	126.8	251.1	262.4	516.9	850.8

Reconciliation to EBITDA
EBITDA	126.8	251.1	262.4	516.9	850.8
Fair value adjustments on freight and bunker derivatives	2.2	—	4.3	1.4	-6.6
Adjusted EBITDA	129.0	251.1	266.7	518.3	844.2


TORM INTERIM RESULTS FOR THE SECOND QUARTER OF 2025	31

Glossary

Alternative Performance Measures Group

Invested capital: TORM defines invested capital as the sum of intangible assets, tangible fixed

assets, investments in joint ventures, deferred tax assets, other investments, bunkers, accounts

receivables, assets held for sale (when applicable), non-current tax liability related to held over

gains, deferred tax liabilities, trade payables, current tax liabilities, dividend payable, provisions

and deferred income. Invested capital measures the net investment used to achieve our operating

profit. TORM believes that invested capital is a relevant measure which Management uses to

measure the overall development of the assets and liabilities generating our net profit. Such

measure may not be comparable to similarly titled measures of other companies. Invested capital

is calculated as follows:


	30 June	30 June	31 December
USDm	2025	2024	2024
Tangible and intangible fixed assets	2,708.9	2,544.2	2,846.4
Investments in joint ventures	0.1	0.1	0.1
Deferred tax asset	0.3	0.3	3.1
Other investments	0.1	0.5	0.2
Inventories	69.5	69.4	68.4
Accounts receivables ¹⁾	212.4	301.7	255.7
Assets held for sale	31.1	12.4	—
Non-current tax liability related to held over gains	-45.2	-45.2	-45.2
Deferred tax liability	-0.3	-2.4	-0.3
Trade payables ²⁾	-110.3	-108.0	-114.2
Current tax liabilities	-1.3	-1.5	-0.7
Provisions	-0.7	-0.6	-0.6
Prepayments from customers	-5.6	-6.1	-7.5
Invested capital	2,859.0	2,764.8	3,005.4

¹⁾ Accounts receivables includes Trade receivables, Other receivables and Prepayments.
²⁾ Trade payables includes Trade payables, Other non-current liabilities and Other liabilities.

Net interest-bearing debt: Net interest-bearing debt is defined as mortgage debt and bank loans

(current and non-current), lease liabilities less cash equivalents and interest-bearing loan

receivables. Net interest-bearing debt depicts the net capital resources, which cause net interest

expenditure and interest rate risk and which, together with equity, are used to finance our

investments. As such, TORM believes that net interest-bearing debt is a relevant measure, which

Management uses to measure the overall development of our use of financing, other than equity.

Such measure may not be comparable to similarly titled measures of other companies. Net

interest-bearing debt is calculated as follows:


	30 June	30 June	31 December
USDm	2025	2024	2024
Borrowings¹⁾	1,141.3	1,274.3	1,243.3
Loan receivables	-4.5	-4.5	-4.5
Cash and cash equivalents, including restricted cash	-369.8	-532.4	-291.2
Net interest-bearing debt	767.0	737.4	947.6

¹⁾ Borrowings include long-term and short-term borrowings, excluding capitalized loan costs. Please refer to Note 4 for

information on capitalized loan costs.


TORM INTERIM RESULTS FOR THE SECOND QUARTER OF 2025	32

Glossary

Alternative Performance Measures Group

Liquidity: TORM defines liquidity as available cash, comprising cash and cash equivalents, including

restricted cash, as well as undrawn and committed credit facilities. TORM finds the APM

important as the liquidity expresses TORM’s financial position, ability to meet current liabilities and

cash buffer. Further, it expresses TORM’s ability to act and invest when new possibilities occur.


	30 June	30 June	31 December
USDm	2025	2024	2024
Cash and cash equivalents, including restricted cash	369.8	532.4	291.2
Undrawn credit facilities and committed facilities	294.3	158.0	323.6
Liquidity	664.1	690.4	614.8

Restricted cash 30 June 2025 amounts to USD 10.0m (30 June 2024: USD 5.3m, 31 December 2024: USD 19.3m)

Free cash flow: TORM defines free cash flow as net cash flow from operating activities less the net

cash flow from investing activities. TORM finds the APM important as free cash flow reflects our

ability to generate cash, repay liabilities and pay dividends.


USDm	Q2 2025	Q2 2024	Q1-Q2 2025	Q1-Q2 2024	FY 2024
Net cash flow from operating activities	161.4	281.7	244.4	468.4	826.8
Net cash flow from investing activities	5.1	11.1	48.5	-150.0	-442.1
Free cash flow	166.5	292.8	292.9	318.4	384.7

Net Asset Value per share (NAV/share): TORM believes that the NAV/share is a relevant measure

which Management uses to measure the overall development of the assets and liabilities per

share. Such measure may not be comparable to similarly titled measures of other companies.

NAV/share is calculated using broker values of vessels and excluding charter commitments. NAV/

share is calculated as follows:


	30 June	30 June	31 December
USDm	2025	2024	2024
Total vessel values (broker values)	2,887.6	3,730.4	3,582.9
Committed investment capital expenditure	21.0	29.0	23.0
Committed liability capital expenditure	-21.0	-29.0	-23.0
Goodwill	1.8	1.8	1.7
Other intangible assets	2.3	2.2	2.0
Land and buildings	8.3	4.1	8.1
Other plant and operating equipment	2.6	3.5	3.3
Investments in joint ventures	0.1	0.1	0.1
Loan receivables	4.5	4.5	4.5
Deferred tax asset	0.3	0.3	3.1
Other investments	0.1	0.5	0.2
Inventories	69.5	69.4	68.4
Accounts receivables ¹⁾	212.4	301.7	255.7
Cash and cash equivalents incl. restricted cash	369.8	532.4	291.2
Deferred tax liability	-0.3	-2.4	-0.3
Borrowings ²⁾	-1,141.3	-1,274.3	-1,243.3
Trade payables ³⁾	-110.3	-108.0	-114.2
Current tax liabilities	-1.3	-1.5	-0.7
Provisions	-0.7	-0.6	-0.6
Prepayments from customers	-5.6	-6.1	-7.5
Total Net Asset Value (NAV)	2,299.8	3,258.0	2,854.6
Non-controlling interest	—	-1.0	-0.8
Total Net Asset Value (NAV) excl. non- controlling interest	2,299.8	3,257.0	2,853.8
Total number of shares, end of period excluding treasury shares (million)	98.0	94.0	97.3
Total Net Asset Value per share (NAV/share)	23.5	34.6	29.3

¹⁾ Accounts receivables includes Trade receivables, Other receivables and Prepayments.

²⁾ Borrowings include long-term and short-term borrowings, excluding capitalized loan costs. Please refer to Note 4 for

information on capitalized loan costs.

³⁾ Trade payables includes Trade payables, Other non-current liabilities and Other liabilities.


TORM INTERIM RESULTS FOR THE SECOND QUARTER OF 2025	33

Glossary

Alternative Performance Measures Tanker segment

Throughout the interim report, several alternative performance measures (APMs) are used. The

APMs used are the same as in the Annual Report 2024 and therefore we refer to the principles for

these on pages 198-202 in the TORM plc Annual Report 2024. After the acquisition of Marine

Exhaust Technology A/S on 01 September 2022, the following APMs relate to the primary

segment, the Tanker segment.

Time Charter Equivalent (TCE) earnings: TORM defines TCE earnings, a performance measure, as

revenue less port expenses, bunkers and commissions incl. freight and bunker derivatives. TORM

reports TCE earnings because we believe it provides additional meaningful information to investors

in relation to revenue, the most directly comparable IFRS measure. TCE earnings is a standard

shipping industry performance measure used primarily to compare period-to-period changes in a

shipping company’s performance irrespective of changes in the mix of charter types (i.e., spot

charters, time charters and bareboat charters) under which the vessels may be employed between

the periods.

Due to the temporary fluctuations of the fair value of freight and bunker derivatives, TORM

believes that an adjustment for unrealized gain/losses on freight and bunker derivatives help to

increase comparability in TCE earning developments. Further, to be able to reconcile the TCE

earnings to the TCE/day measure, adjusted TCE earnings are presented net of the fair value

adjustments on freight and bunker derivatives. The TCE/day measure is calculated as the adjusted

TCE earnings divided by available earning days. TCE earnings and adjusted TCE earnings are

presented below:


USDm	Q2 2025	Q2 2024	Q1-Q2 2025	Q1-Q2 2024	FY 2024
Reconciliation to revenue
Revenue	311.2	434.3	624.5	874.6	1,544.0
Port expenses, bunkers and commissions	-103.0	-108.4	-202.3	-218.0	-409.2
TCE earnings	208.2	325.9	422.2	656.6	1,134.8

Reconciliation to TCE earnings
TCE earnings	208.2	325.9	422.2	656.6	1,134.8
Fair value adjustments on freight and bunker derivatives	2.2	—	4.3	1.4	-6.6
Adjusted TCE earnings	210.4	325.9	426.5	658.0	1,128.2

Available earning days	7,888	7,749	15,949	15,446	31,287
TCE per earning day (USD)	26,672	42,057	26,740	42,603	36,061

Net Loan-to-value (LTV): TORM defines Loan-to-value (LTV) ratio as vessel values divided by net

borrowings of the vessels.

LTV describes the net debt ratio of the vessels and is used by TORM to describe the financial

situation and the liquidity risk as well as to express the future possibilities to raise new capital by

new loan facilities.


	30 June	30 June	31 December
USDm	2025	2024	2024
Vessel values (broker values)	2,887.6	3,730.4	3,582.9
Other committed investment CAPEX	21.0	29.0	23.0
Total vessel values	2,908.6	3,759.4	3,605.9
Borrowings ¹⁾	1,138.7	1,269.9	1,241.3
- Debt regarding Land and buildings & Other plant and operating equipment	-8.9	-4.2	-8.4
Committed liability capital expenditure	21.0	29.0	23.0
Loan receivable	-4.5	-4.5	-4.5
Cash and cash equivalents, including restricted cash	-361.5	-524.2	-284.9
Total (loan)	784.8	766.0	966.5

Net Loan-to-value (LTV) ratio	27.0%	20.4%	26.8%

¹⁾ Borrowings include long-term and short-term borrowings, excluding capitalized loan costs. Please refer to Note 4 for

information on capitalized loan costs.


	Q3 2025	Q4 2025	FY 2025

Total earning days
LR2	1,796	1,797	7,315
LR1	913	915	3,611
MR	5,272	5,300	21,016
Total	7,981	8,012	31,942

Covered days
LR2	1,136	450	5,300
LR1	496	—	2,281
MR	2,851	180	13,469
Total	4,483	630	21,050



TCE per day	=	TCE excluding unrealized gains/losses on derivatives Available earning days

Gross profit %	=	Gross profit Revenue

EBITDA %	=	EBITDA Revenue

Operating profit %	=	Operating profit (EBIT) Revenue

Return on Equity (RoE) %	=	Net profit for the year Average equity

Return on Invested Capital (RoIC) %	=	Operating profit less tax Average invested capital

Equity ratio	=	Equity Total assets

Earnings per share, EPS	=	Net profit for the year Average number of shares

Diluted earnings per share, EPS (USD)	=	Net profit/(loss) for the year Average number of shares less average number of treasury shares