trmd-20260630


TORM INTERIM RESULTS FOR THE SECOND QUARTER OF 2026	2

Highlights

“We delivered the strongest quarterly results in TORM’s history, turning exceptional market conditions into tangible value for our

shareholders,” said Jacob Meldgaard, CEO of TORM, adding: “Strong earnings and our confidence in continued market strength have led

us to raise our full-year guidance by USD 200m.”

In the second quarter of 2026, TORM generated time charter

equivalent earnings (TCE) of USD 512m (2025, same period:

USD 208m). EBITDA for the Group totaled USD 416m including

unrealized gains on financial instruments of USD 7m (2025,

same period: USD 127m including unrealized losses on

financial instruments of USD 2m), while net profit for the

period amounted to USD 338m (2025, same period: USD 59m),

thus marking a new all-time high for TORM’s quarterly results.

During the quarter, freight rates rose to unprecedented levels

as the conflict involving the US, Israel, and Iran, together with

the subsequent closure of the Strait of Hormuz, materially

disrupted global oil trade flows. The loss of Middle Eastern

exports triggered a shift toward replacement barrels from the

United States. While the ceasefire initially suggested a return

to more normal trading conditions, renewed attacks and

restrictions quickly reinstated uncertainty. Consequently, the

market continued to operate in a "no war, no peace"

environment, with fluctuating transit conditions through the

Strait of Hormuz creating additional inefficiencies in global

trade flows and underpinning freight rates.

In this market, TORM achieved fleet-wide TCE rates of USD/

day 59,301 on average (2025, same period: USD/day 26,672),

and available earning days increased to 8,519 (2025, same

period: 7,888). Our vessel class LR2 achieved TCE rates of

USD/day 66,993, the LR1 vessels achieved TCE rates of USD/

day 57,550, and the MR vessels achieved TCE rates of USD/

day 57,040.

For the second quarter of 2026, return on invested capital

amounted to 44.2% (2025, same period: 10.0%) reflecting the

exceptionally high freight rates and basic EPS amounted to

USD 3.31 (2025, same period: USD 0.60).

Consequently, TORM delivered a strong financial performance

in the first half of 2026, generating TCE earnings of USD 798m

(2025, same period: USD 422m), EBITDA of USD 617m (2025,

same period: USD 262m), and net profit of USD 461m (2025,

same period: USD 122m), supported by exceptionally favorable

freight market conditions during the period.

Business Highlights

In the second quarter of 2026, TORM took delivery of two

2015-built MR vessels, now renamed TORM Dehradun and

TORM Dapitan, increasing TORM’s fleet to 97 vessels.

Also during the second quarter, TORM acquired six MR resale

vessels, with deliveries scheduled from the first quarter of

2027 through 2028. Subsequent to quarter-end, TORM

entered into an agreement to acquire six MR newbuilding

vessels, with options for an additional two vessels. The six

vessels are scheduled for delivery in 2029, while the optional

vessels are expected to be delivered in 2030 if exercised.

Accordingly, TORM's fleet renewal and expansion program is

distributed over the coming years, with vessel deliveries

scheduled from 2027 through 2029 (and potentially 2030),

providing a phased increase in fleet capacity.

Based on broker valuations as of 30 June 2026, TORM’s fleet

had a market value of USD 4,056m (2025, same date: USD

2,888m) and TORM’s consolidated Net Asset Value (NAV) was

USD 3,737m (2025, same date: USD 2,300m) translating into

NAV per share of USD 36.50 (2025, same date: USD 23.50).

Coverage

As of 18 August 2026, TORM had covered 73% of the Q3 2026

earning days at an average rate of USD/day 38,606. By vessel

class, coverage stood at 83% for LR2s at USD/day 49,255,

61% for LR1s at USD/day 32,608 and 71% for MRs at USD/

day 35,247.

For the full year 2026, 70% of the earning days have been

fixed at an average rate of USD/day 45,391. The remaining

part of the earning days in 2026 - equivalent to 10,271 days -

remains 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 10m.


TORM INTERIM RESULTS FOR THE SECOND QUARTER OF 2026	3

Key Figures


USDm	Q2 2026	Q2 2025	Q1-Q2 2026	Q1-Q2 2025	FY 2025

Income statement
Revenue	663	315	1,065	644	1,339
Time charter equivalent earnings (TCE) ¹⁾ ⁵⁾	512	208	798	422	910
EBITDA ¹⁾	416	127	617	262	571
Adjusted EBITDA ¹⁾	409	129	615	267	578
Operating profit (EBIT)	355	75	496	157	356
Financial items	-16	-14	-33	-28	-61
Net profit for the year/period	338	59	461	122	286
Net profit excl. non-recurring items ¹⁾	340	53	461	107	274


Balance sheet and cash flow
Non-current assets	2,977	2,714	2,977	2,714	2,835
Total assets	3,823	3,397	3,823	3,397	3,367
Equity	2,550	2,107	2,550	2,107	2,203
Total liabilities	1,273	1,289	1,273	1,289	1,164
Invested capital ¹⁾	3,254	2,859	3,254	2,859	3,038
Net interest-bearing debt ¹⁾	715	767	715	767	848
Net Asset Value (NAV) excl. NCI ²⁾	3,737	2,300	3,737	2,300	2,603
Cash and cash equivalents, incl. restricted cash	368	370	368	370	164
Investment in tangible fixed assets	79	30	259	60	321
Free cash flow ¹⁾	246	167	229	293	346

1) For definition of the calculated key figures, please refer to the glossary on pages 27 to 32.

²⁾ Based on broker valuations as of 30 June 2026, excluding charter commitments.

³⁾ End of period.


	Q2 2026	Q2 2025	Q1-Q2 2026	Q1-Q2 2025	FY 2025

Key financial figures ¹⁾
Margins:
EBITDA	62.7%	40.2%	57.9%	40.7%	42.6%
Adjusted EBITDA	61.7%	40.9%	57.7%	41.4%	43.1%
Operating profit (EBIT)	53.5%	23.7%	46.6%	24.4%	26.6%
Return on Equity (ROE)	28.1%	11.1%	38.8%	11.6%	13.4%
Return on Invested Capital (ROIC)	44.2%	10.0%	31.4%	10.2%	11.5%
Adjusted ROIC	43.9%	9.8%	31.1%	9.6%	10.8%
Equity ratio	66.7%	62.0%	66.7%	62.0%	65.4%
TCE per day (USD) ⁵⁾	59,301	26,672	47,259	26,740	28,783
OPEX per day (USD) ⁵⁾	8,315	7,853	8,171	7,872	7,638
Net Loan-to-value (LTV) ratio ⁵⁾	22.4%	26.8%	22.4%	26.8%	29.3%

Share-related key figures ¹⁾
Basic earnings per share (USD)	3.31	0.60	4.52	1.24	2.91
Diluted earnings per share (USD)	3.25	0.58	4.43	1.20	2.85
Dividend per share (USD) ⁶⁾	2.40	0.40	3.10	0.80	2.12
Net Asset Value per share (NAV/share) (USD) ²⁾	36.5	23.5	36.5	23.5	25.7
Share price in DKK ³⁾	168.6	106.8	168.6	106.8	126.9
Share price in USD ³⁾	26.1	16.7	26.1	16.7	19.6
Number of shares (m) ³⁾ ⁴⁾	102.4	98.0	102.4	98.0	101.3
Number of shares, weighted average (m) ⁴⁾	102.2	97.8	101.9	97.6	98.2

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 2026	4

Financial Review

TCE

The TCE rate/day increased by 77% from USD 26,740 to USD

47,259 in the first six months of 2026 compared to the same

period last year. This increase was primarily a result of an

increase in revenue due to changed market conditions.

Revenue for the first six months of 2026 increased by

USD 421m to USD 1,065m compared to the same period last

year (USD 644m). The primary driver behind this increase was

the US-Iran conflict and subsequent closure of the Strait of

Hormuz from late February 2026 through most of Q2 2026,

followed by an effective reduction in CPP-carrying capacity,

driven by an unprecedented shift of LR2 vessels into crude

trading ("dirty-ups"). These events triggered severe market

disruption, driving high volatility and freight rate escalation.

Revenue in Q2 2026 alone increased by 110% or USD 348m to

USD 663m compared to the same quarter last year. The

increase was driven by the same effects as described for the

first six months of 2026 above. For further elaboration of the

market developments, refer to the “The Product Tanker

Market” section on the following page.

Port expenses, bunkers, commissions, and other cost of goods

sold for the first six months of 2026 were USD 265m, an

increase of USD 50m compared to USD 215m in the same

period last year. The change can be attributed to USD 53m in

increased port expenses, bunker expenses, and increased

expenses related to emission allowances combined.

Port expenses, bunkers, commissions, and other cost of goods

sold in Q2 2026 were USD 150m, an increase of USD 45m

compared to USD 105m in the same period last year. The

change can be attributed to an increase in port expenses of

USD 28m due to changed sailing routes following the US-Iran

conflict, bunker expenses of USD 16m due to increased bunker

prices. Both are further supported by increased operating

days of 6%. The development is offset by an increase in

unrealized gains on derivative financial instruments regarding

freight and bunkers of USD 9m.

Assets

As of 30 June 2026, total assets were USD 3,823m (31

December 2025: USD 3,367m), an increase of USD 456m since

the end of 2025. The increase is mainly driven by an increase

in the carrying amount of vessels and capitalized dry docking

including prepayments on vessels of USD 142m, trade

receivables of USD 107m, and cash and cash equivalents incl.

restricted cash of USD 204m.

The carrying value of the fleet was USD 2,919m as of 30 June

2026 (31 December 2025: USD 2,792m). The increase was

driven by the delivery of three secondhand MR vessels and

two secondhand LR2 vessels, and by capitalized dry docking

and vessel modifications for a combined total of USD 244m.

The increase is offset by regular depreciation of USD 117m.

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

market value of USD 4,056m as of 30 June 2026, 39% above

carrying value (31 December 2025: USD 3,178m, 13% above

carrying value).

TORM´s liquidity position as of 30 June 2026 was USD 804m

including restricted cash of USD 3m and undrawn credit

facilities of USD 436m (31 December 2025: USD 562m

including restricted cash of USD 5m and undrawn credit

facilities of USD 399m).

Equity

As of 30 June 2026, TORM’s equity was USD 2,550m (31

December 2025: USD 2,203m), an increase of USD 347m. The

development was mainly driven by an increase in retained

profit from the net profit for the period of USD 461m, offset by

dividends paid of USD 143m.

Liabilities

As of 30 June 2026, total liabilities were USD 1,273m (31

December 2025: USD 1,164m). The increase was primarily

driven by increased borrowings of USD 73m, of which the

majority relate to the financing of newly acquired secondhand

vessels, offset by ordinary repayments.

Cash Flow Statement

Net cash flow from operating activities for the first six months

of 2026 was USD 455m (2025, same period: USD 244m). The

increase was primarily driven by an increase in the net profit

for the period offset by working capital movements.

Net cash flow from investing activities for the first six months

of 2026 was USD -226m (2025, same period: USD 49m). The

change in cash flow is largely driven by five new secondhand

vessel acquisitions, compared to no acquisitions and several

disposals in the same period last year.

Net cash flow from financing activities for the first six months

of 2026 was USD -22m (2025, same period: USD -205m). The

change in cash flow is mainly driven by the financing of the

five newly acquired secondhand vessels, offset by repayment

of lease debt related to the repurchase of eight vessels on

sale-and-leaseback agreements. No such repayments were

made in the same period last year.

Distribution

Today, TORM’s Board of Directors approved an interim

dividend for the second quarter of 2026 of USD 2.40 per share

corresponding to an expected total dividend payment of USD

246m. The distribution for the quarter is equivalent to 73% of

net profit and is consistent with the Distribution Policy. The

dividend will be paid on 24 September 2026 to shareholders of

record as of 10 September 2026. The ex-dividend date will be

09 September 2026 for shares listed on Nasdaq Copenhagen

and 10 September 2026 for shares listed on Nasdaq New York.


TORM INTERIM RESULTS FOR THE SECOND QUARTER OF 2026	5

The Product Tanker Market

Market Developments

During the second quarter, freight rates rose to

unprecedented levels as the conflict involving the US, Israel,

and Iran, together with the subsequent closure of the Strait of

Hormuz, materially disrupted global oil trade flows. The loss of

Middle Eastern exports triggered a shift towards replacement

barrels from the Atlantic basin and increased market

inefficiencies.

Following the outbreak of the conflict in late February, the

Strait of Hormuz remained largely closed throughout most of

Q2. As a result, global clean petroleum product (CPP) flows

were constrained, averaging approximately 18% below pre-

closure levels in April and May. Despite reduced exports from

the Persian Gulf and Asia, Europe avoided a potential jet fuel

shortage through increased regional production and higher

imports from the US Gulf Coast and Nigeria's Dangote refinery.

Global crude oil flows averaged around only 17% of pre-

closure levels during the first two months of the quarter.

Increased pipeline exports from Saudi Arabia and the UAE,

bypassing the Persian Gulf, together with higher Atlantic Basin

crude exports, partly mitigated the loss of Gulf volumes, while

reduced Chinese crude imports absorbed much of the

remaining disruption.

On 17 June, the United States and Iran signed a memorandum

of understanding (MoU), paving the way for a 60-day ceasefire.

Although violations of the agreement were reported, vessel

traffic through the Strait began to recover, reaching

approximately 25 tanker transits by end-June (yet less than

half the level of tanker transits before the closure of the Strait

of Hormuz). The rebound in Persian Gulf crude exports helped

narrow the global crude flow deficit to around 7% below pre-

closure levels, while CPP flows lagged at approximately 14%

below normal. This divergence between crude and product

markets was further exacerbated by strikes on Russian

refineries, which released additional crude supply while

simultaneously limiting refined product exports.

In the tanker market, the share of the LR2 fleet trading in the

“dirty” segment remained broadly stable at around two-thirds

by end June, resulting in an effective reduction of CPP-

carrying capacity by approximately 5% compared with the

start of the year. This continued to underpin LR2 earnings,

which remained significantly above historical norms

throughout the quarter. In contrast, MR tanker rates came

under pressure in the second half of the second quarter, as

the number of ballasting vessels heading toward the US Gulf

reached record highs in late April and early May.

Market Outlook

In early Q3, the ceasefire between the US and Iran collapsed,

leading to another effective closure of the Strait of Hormuz. At

the same time, the Houthis resumed attacks on commercial

vessels in the Bab el-Mandeb Strait, specifically targeting

tankers carrying Saudi crude from Red Sea ports. As a result,

disruptions affected two of the world's most critical oil

shipping routes.

LR2 rates (in USD/day)

SOURCE: CLARKSONS

With Saudi crude exports to Asia potentially being rerouted via

the Suez Canal and around the Cape of Good Hope, voyage

distances could increase significantly, potentially approaching

twice their normal length. This would materially boost ton-mile

demand and provide strong support for the VLCC market in

particular, but also to the general tanker complex.

Looking ahead, tanker demand is expected to remain

supported over the medium term by the need to rebuild both

strategic and commercial oil inventories that were drawn down

during the conflict. This restocking activity will add to baseline

trade flows driven by normal supply-demand dynamics, and

could be further amplified if inventories are rebuilt to levels

exceeding those seen prior to the Iran conflict.

MR rates (in USD/day)

SOURCE: CLARKSON


TORM INTERIM RESULTS FOR THE SECOND QUARTER OF 2026	6

Outlook for 2026

Financial Outlook 2026

At TORM, we develop annual guidance by tracking key

performance metrics, including TCE, coverage levels, and

EBITDA sensitivity to freight rate movements. Freight rates in

the product tanker market - our primary earnings driver -

remain highly volatile, while we expect operating costs per

vessel day, and administrative expenses to stay broadly in line

with prior-year levels.

Our financial outlook is primarily based on the assumptions

described on the preceding pages. The most important 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.

Disclaimer on Financial Outlook

The purpose of this Financial Outlook for 2026 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 2026, including the various

assumptions underlying it, is forward-looking and should be

read in conjunction with the Safe Harbor Statements on page

11, 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 2026 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 2026.

Based on the earnings realized this far as well as the outlook

for the remaining part of the year, TORM upgrades its full-year

guidance.

For the full year 2026, TCE earnings are now expected to

exceed the previous guidance and are now estimated to USD

1,400 - 1,600m (previous guidance USD 1,150 - 1,450m).

EBITDA for the full year 2026 is expected to be in the range of

USD 1,000 – 1,200m (previous guidance USD 800 - 1,100m)

based on the current fleet size.


TORM INTERIM RESULTS FOR THE SECOND QUARTER OF 2026	8

Earnings Data


USDm	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Change Q2-25 - Q2-26
LR2 vessels
Available earning days 1)	1,866	1,781	1,872	1,826	1,889	1%
Spot rates 2)	33,351	35,996	38,109	50,811	71,289	114%
TCE per earning day 3)	35,459	38,685	35,567	41,062	66,993	89%
Operating days	1,871	1,840	1,892	1,902	2,002	7%
Operating expenses per operating day	7,695	7,497	7,709	8,321	8,942	16%
LR1 vessels
Available earning days 1)	905	911	919	897	906	—%
Spot rates 2)	28,679	29,770	26,949	41,618	53,742	87%
TCE per earning day 3)	27,371	29,508	31,075	34,903	57,550	110%
Operating days	910	920	920	900	910	—%
Operating expenses per operating day	7,282	7,836	7,087	7,743	8,382	15%
MR vessels
Available earning days 1)	5,117	5,167	5,241	5,602	5,724	12%
Spot rates 2)	23,950	28,310	29,515	36,253	57,088	138%
TCE per earning day 3)	23,345	28,632	28,832	32,946	57,040	144%
Operating days	5,460	5,419	5,463	5,644	5,862	7%
Operating expenses per operating day	8,002	7,093	7,547	7,964	8,091	1%
Tanker segment
Available earning days 1)	7,888	7,859	8,032	8,325	8,519	8%
Spot rates 2)	26,412	29,962	31,032	39,542	59,296	125%
TCE per earning day 3)	26,672	31,012	30,658	34,937	59,301	122%
Operating days	8,241	8,179	8,275	8,446	8,774	6%
Operating expenses per operating day	7,853	7,268	7,533	8,021	8,315	6%

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 27 to 32.


TORM INTERIM RESULTS FOR THE SECOND QUARTER OF 2026	10

Responsibility Statement

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.

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 2026 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 2026 as well as of the

Group’s financial performance and cash flow for the period

01 January – 30 June 2026.

•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 2026.

•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

26 August 2026


TORM INTERIM RESULTS FOR THE SECOND QUARTER OF 2026	11

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 conflicts in the Middle East,

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 2026	14

Condensed Consolidated Balance Sheet


		30 June	30 June	31 December
USDm	Note	2026	2025	2025
ASSETS
Intangible assets
Goodwill		1.9	1.8	1.8
Other intangible assets		4.2	2.3	4.0
Total intangible assets		6.1	4.1	5.8

Tangible fixed assets
Land and buildings		8.3	8.3	9.7
Vessels and capitalized dry-docking	3	2,918.8	2,691.7	2,792.2
Prepayments on vessels	4	29.3	—	14.1
Other non-current assets under construction		4.5	2.2	3.4
Other plant and operating equipment		1.9	2.6	2.5
Total tangible fixed assets		2,962.8	2,704.8	2,821.9

Financial assets
Investments in joint ventures		—	0.1	—
Loan receivables		4.4	4.5	4.4
Deferred tax asset		0.3	0.3	0.3
Other investments		3.0	0.1	2.7
Total financial assets		7.7	5.0	7.4

Total non-current assets		2,976.6	2,713.9	2,835.1

Inventories		111.8	69.5	66.5
Trade receivables		322.4	170.9	214.7
Other receivables		28.1	30.9	23.7
Prepayments		16.1	10.6	39.1
Cash and cash equivalents incl. restricted cash		368.2	369.8	163.5
Current assets excl. assets held for sale		846.6	651.7	507.5

Assets held for sale	3	—	31.1	24.4
Total current assets		846.6	682.8	531.9

TOTAL ASSETS		3,823.2	3,396.7	3,367.0


		30 June	30 June	31 December
USDm	Note	2026	2025	2025
EQUITY AND LIABILITIES
Equity
Common shares		1.0	1.0	1.0
Share premium		131.6	91.1	110.2
Hedging reserves		7.1	12.8	6.6
Translation reserves		-0.4	-0.1	-0.2
Other reserves		153.1	398.1	296.1
Retained profit		2,257.9	1,604.4	1,788.9
Total equity		2,550.3	2,107.3	2,202.6

Liabilities
Non-current tax liability related to held- over gains		45.2	45.2	45.2
Deferred tax liability		2.0	0.3	0.2
Borrowings	5	839.2	969.8	714.3
Other non-current liabilities		13.8	8.0	3.3
Total non-current liabilities		900.2	1,023.3	763.0

Borrowings	5	237.0	156.2	288.8
Trade payables		81.8	45.2	41.0
Current tax liabilities		0.1	1.3	0.3
Other liabilities		46.8	57.1	68.3
Provisions		0.4	0.7	0.7
Prepayments from customers		6.6	5.6	2.3
Total current liabilities		372.7	266.1	401.4

Total liabilities		1,272.9	1,289.4	1,164.4

TOTAL EQUITY AND LIABILITIES		3,823.2	3,396.7	3,367.0

Segment reporting, notes 1, 6 and 8-11 are on pages 18 to 26.


TORM INTERIM RESULTS FOR THE SECOND QUARTER OF 2026	16

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 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/(loss) 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 ²⁾	—	-180.0	—	—	—	180.0	—	—	—	—
Treasury share cancellation	—	—	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


TORM INTERIM RESULTS FOR THE SECOND QUARTER OF 2026	17

Condensed Consolidated Cash Flow Statement


USDm	Q1-Q2 2026	Q1-Q2 2025	FY 2025
Cash flow from operating activities
Net profit for the period	460.7	121.6	286.0

Adjustments:
Profit from sale of vessels	-4.0	-14.9	-19.0
Depreciation and amortization	120.1	105.4	214.5
Financial income	-3.9	-7.5	-13.3
Financial expenses	37.2	35.7	74.4
Tax	2.4	7.2	9.2
Other non-cash movements	5.4	18.3	41.4

Interest received and realized exchange gains	3.4	7.7	11.9
Interest paid and realized exchange losses	-33.1	-34.1	-70.0
Income taxes paid	-1.7	-1.2	-2.7
Change in inventories, receivables and payables, etc.	-131.1	6.2	-33.5
Net cash flow from operating activities	455.4	244.4	498.9


USDm	Q1-Q2 2026	Q1-Q2 2025	FY 2025
Cash flow from investing activities
Investment in tangible fixed assets¹⁾	-256.9	-55.7	-308.5
Investment in intangible fixed assets	-1.5	-0.4	-1.8
Sale of tangible fixed assets	29.3	95.3	143.8
Change in restricted cash	2.9	9.3	13.9
Net cash flow from investing activities	-226.2	48.5	-152.6

Cash flow from financing activities
Proceeds, borrowings	294.5	0.1	338.0
Repayment, borrowings	-194.5	-103.8	-567.7
Vessel lease extinguishment prepayment	—	—	-29.1
Dividend paid	-143.0	-97.7	-199.7
Capital increase¹⁾	21.4	0.2	2.3
Transaction costs share issue	—	-0.1	-0.1
Transactions with non-controlling interests	—	-3.7	-3.8
Net cash flow from financing activities	-21.6	-205.0	-460.1


Net cash flow from operating, investing and financing activities	207.6	87.9	-113.8


Cash and cash equivalents beginning balance	158.1	271.9	271.9
Cash and cash equivalents ending balance	365.7	359.8	158.1

Restricted cash equivalents ending balance	2.5	10.0	5.4
Cash and cash equivalents including restricted cash ending balance	368.2	369.8	163.5

1) In 2025, share capital was increased by USD 19.3m, including an USD 17.0m non-cash share issue in relation to the

purchase of one vessel. No such non-cash transactions in the first six months of 2025 and first six months of 2026.


TORM INTERIM RESULTS FOR THE SECOND QUARTER OF 2026	19

Segment Reporting – Condensed Consolidated Income Statement


	Q1-Q2 2026				Q1-Q2 2025				FY 2025
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	1,054.6	15.0	-4.8	1,064.8	624.5	28.5	-8.7	644.3	1,314.2	37.2	-11.9	1,339.5
Port expenses, bunkers and commissions	-256.5	—	—	-256.5	-202.3	—	—	-202.3	-404.5	—	—	-404.5
Other cost of goods and services sold	—	-10.8	2.8	-8.0	—	-18.7	5.7	-13.0	—	-24.6	7.5	-17.1
Operating expenses	-140.7	—	0.4	-140.3	-131.2	—	0.5	-130.7	-253.1	—	0.7	-252.4
Profit from sale of vessels	4.0	—	—	4.0	14.0	—	0.9	14.9	17.8	—	1.2	19.0
Administrative expenses	-43.3	-3.9	—	-47.2	-46.4	-4.1	—	-50.5	-106.5	-7.3	—	-113.8
Other operating income and expenses	-0.5	0.2	—	-0.3	-0.3	—	—	-0.3	—	0.1	—	0.1
Depreciation and amortization	-119.2	-0.9	—	-120.1	-104.9	-0.5	—	-105.4	-213.5	-1.0	—	-214.5
Operating profit (EBIT)	498.4	-0.4	-1.6	496.4	153.4	5.2	-1.6	157.0	354.4	4.4	-2.5	356.3

Financial income	3.9	—	—	3.9	7.4	0.1	—	7.5	13.1	0.2	—	13.3
Financial expenses	-37.1	-0.1	—	-37.2	-35.6	-0.1	—	-35.7	-74.2	-0.2	—	-74.4
Profit before tax	465.2	-0.5	-1.6	463.1	125.2	5.2	-1.6	128.8	293.3	4.4	-2.5	295.2

Tax	-2.6	0.2	—	-2.4	-6.5	-0.7	—	-7.2	-8.5	-0.7	—	-9.2
Net profit for the period	462.6	-0.3	-1.6	460.7	118.7	4.5	-1.6	121.6	284.8	3.7	-2.5	286.0


TORM INTERIM RESULTS FOR THE SECOND QUARTER OF 2026	20

Segment Reporting – Condensed Consolidated Balance Sheet


	30 June 2026				30 June 2025				31 December 2025
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	—	1.9	—	1.9	—	1.8	—	1.8	—	1.8	—	1.8
Other intangible assets	1.8	2.4	—	4.2	1.4	0.9	—	2.3	1.6	2.4	—	4.0
Total intangible assets	1.8	4.3	—	6.1	1.4	2.7	—	4.1	1.6	4.2	—	5.8

Tangible fixed assets
Land and buildings	6.5	1.8	—	8.3	8.1	0.2	—	8.3	7.7	2.0	—	9.7
Vessels and capitalized dry-docking	2,934.6	—	-15.8	2,918.8	2,706.3	—	-14.6	2,691.7	2,806.8	—	-14.6	2,792.2
Prepayments on vessels	29.3	—	—	29.3	—	—	—	—	14.1	—	—	14.1
Other non-current assets under construction	—	4.5	—	4.5	—	2.2	—	2.2	—	3.4	—	3.4
Other plant and operating equipment	1.1	0.8	—	1.9	1.4	1.2	—	2.6	1.4	1.1	—	2.5
Total tangible fixed assets	2,971.5	7.1	-15.8	2,962.8	2,715.8	3.6	-14.6	2,704.8	2,830.0	6.5	-14.6	2,821.9

Financial assets
Investments in joint ventures	—	—	—	—	0.1	—	—	0.1	—	—	—	—
Loan receivables	4.4	—	—	4.4	4.5	—	—	4.5	4.4	—	—	4.4
Deferred tax asset	0.3	—	—	0.3	0.3	—	—	0.3	0.3	—	—	0.3
Other investments	3.0	—	—	3.0	0.1	—	—	0.1	2.7	—	—	2.7
Total financial assets	7.7	—	—	7.7	5.0	—	—	5.0	7.4	—	—	7.4

Total non-current assets	2,981.0	11.4	-15.8	2,976.6	2,722.2	6.3	-14.6	2,713.9	2,839.0	10.7	-14.6	2,835.1

Inventories	108.6	3.2	—	111.8	66.9	2.6	—	69.5	63.8	2.7	—	66.5
Trade receivables	315.7	6.8	-0.1	322.4	166.6	4.6	-0.3	170.9	209.8	4.9	—	214.7
Other receivables	19.8	8.3	—	28.1	26.0	4.9	—	30.9	16.9	6.8	—	23.7
Prepayments	14.9	1.2	—	16.1	10.3	0.3	—	10.6	38.4	0.7	—	39.1
Cash and cash equivalents incl. restricted cash	361.8	6.4	—	368.2	361.5	8.3	—	369.8	155.6	7.9	—	163.5
Current assets excl. assets held for sale	820.8	25.9	-0.1	846.6	631.3	20.7	-0.3	651.7	484.5	23.0	—	507.5

Assets held for sale	—	—	—	—	31.4	—	-0.3	31.1	24.4	—	—	24.4
Total current assets	820.8	25.9	-0.1	846.6	662.7	20.7	-0.6	682.8	508.9	23.0	—	531.9

TOTAL ASSETS	3,801.8	37.3	-15.9	3,823.2	3,384.9	27.0	-15.2	3,396.7	3,347.9	33.7	-14.6	3,367.0


TORM INTERIM RESULTS FOR THE SECOND QUARTER OF 2026	21

Segment Reporting – Condensed Consolidated Balance Sheet


	30 June 2026				30 June 2025				31 December 2025
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	2,546.2	18.0	-13.9	2,550.3	2,102.9	15.8	-11.4	2,107.3	2,196.5	18.4	-12.3	2,202.6

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	1.8	0.2	—	2.0	—	0.3	—	0.3	—	0.2	—	0.2
Borrowings	837.7	1.5	—	839.2	969.1	0.7	—	969.8	712.8	1.5	—	714.3
Other non-current liabilities	13.3	0.5	—	13.8	7.4	0.6	—	8.0	2.7	0.6	—	3.3
Total non-current liabilities	898.0	2.2	—	900.2	1,021.7	1.6	—	1,023.3	760.7	2.3	—	763.0

Borrowings	233.1	3.9	—	237.0	154.3	1.9	—	156.2	285.2	3.6	—	288.8
Trade payables	78.2	3.6	—	81.8	43.4	1.8	—	45.2	38.8	2.2	—	41.0
Current tax liabilities	0.1	—	—	0.1	1.1	0.2	—	1.3	0.1	0.2	—	0.3
Other liabilities	46.2	0.7	-0.1	46.8	56.7	0.7	-0.3	57.1	66.6	1.7	—	68.3
Provisions	—	0.4	—	0.4	—	0.7	—	0.7	—	0.7	—	0.7
Prepayments from customers	—	8.5	-1.9	6.6	4.8	4.3	-3.5	5.6	—	4.6	-2.3	2.3
Total current liabilities	357.6	17.1	-2.0	372.7	260.3	9.6	-3.8	266.1	390.7	13.0	-2.3	401.4

Total liabilities	1,255.6	19.3	-2.0	1,272.9	1,282.0	11.2	-3.8	1,289.4	1,151.4	15.3	-2.3	1,164.4

TOTAL EQUITY AND LIABILITIES	3,801.8	37.3	-15.9	3,823.2	3,384.9	27.0	-15.2	3,396.7	3,347.9	33.7	-14.6	3,367.0


TORM INTERIM RESULTS FOR THE SECOND QUARTER OF 2026	22

NOTE 1 - ACCOUNTING POLICIES AND GOING CONCERN

General Information

The information for the year ended 31 December 2025 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 second quarter and six months ended 30 June 2026 is unaudited.

Significant Accounting Policies

The interim report for the period 01 January-30 June 2026 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 2026 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 2026:

•Annual Improvements to IFRS Accounting Standards - Volume 11 (January 2026)

•Amendments to IFRS 9 and IFRS 7: Amendments to the Classification and Measurement of

Financial Instruments (January 2026)

•Amendments to IFRS 9 and IFRS 7: Contracts Referencing Nature dependent Electricity (January

2026)

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

January 2026 has not had any material impact on the consolidated financial statements in 2026. The

interim report has been prepared using the same accounting policies and methods of computation as in

the Annual Report 2025.

For critical estimates and judgements, please refer to the Annual Report 2025, page 162.

NOTE 1 - continued

Going Concern

As of 30 June 2026, TORM’s available liquidity including undrawn and committed facilities was

USD 804.1m, including a total cash position of USD 368.2m (including restricted cash of USD 2.5m).

TORM’s net interest-bearing debt was USD 715.0m, and the net loan-to-value ratio was 22.4% (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

24 to the financial statements in the 2025 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 2025 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 14 to 17 in the

2025 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 2027. 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 2027. Accordingly, TORM continues to

adopt the going concern basis in preparing our financial statements.


TORM INTERIM RESULTS FOR THE SECOND QUARTER OF 2026	23

NOTE 2 - STAFF COSTS

Staff costs included in operating expenses relate to the 106 seafarers employed under Danish

contracts (30 June 2025: 107, 31 December 2025: 105).

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


USDm	Q2 2026	Q2 2025	Q1-Q2 2026	Q1-Q2 2025	FY 2025
Included in operating expenses	2.6	2.5	5.2	4.9	9.9
Included in administrative expenses	19.0	19.6	36.6	40.4	87.4
Total staff costs	21.6	22.1	41.8	45.3	97.3

As at 30 June 2026 TORM has a pool of 3,891 (30 June 2025: 3,798, 31 December 2025: 3,804)

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 2026 were on average 1,802 (30 June

2025: 1,780, 31 December 2025:1,753).

Total seafarers costs for the first six months of 2026 were USD 80.8m (30 June 2025: USD 75.3m, 31

December 2025: USD 148.7m) which are included in "Operating expenses" of which USD 75.7m (30

June 2025 :USD 70.4m, 31 December 2025: USD 138.8m) pertains to cost for seafarers on board

vessels on short-term contracts and USD 5.2m (30 June 2025: USD 4.9m, 31 December 2025: USD

9.9m) 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 7.7m (30 June 2025: USD 9.2m, 31 December 2025: USD

20.7m).

As announced on 26 February 2026, the Board of Directors agreed to grant a total of 1,356,087 (2025:

1,326,087) RSUs to certain employees. The vesting period of the program is three years. The exercise

price is set at DKK 167.1 (2025: DKK 162.4). 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 9.0m (30 June 2025: 3.3m). The

average remaining contractual life for the restricted shares as of 30 June 2026 is 1.5 years (30 June

2025: 1.5 years, 31 December 2025: 1.5 years).

In addition to the RSUs granted to certain employees, the CEO was granted 255,200 (2025: 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 1.9m (30 June 2025: USD 0.7m).

NOTE 3 - VESSELS AND CAPITALIZED DRY-DOCKING


	30 June	30 June	31 December
USDm	2026	2025	2025
Cost
Balance as of beginning of period	3,551.1	3,500.9	3,500.9
Additions	190.9	58.6	298.4
Disposals	-5.3	-22.1	-29.7
Transferred from prepayments	53.1	—	3.4
Transferred to assets held for sale	—	-160.4	-221.9
Balance	3,789.8	3,377.0	3,551.1

Depreciation
Balance as of beginning of period	748.3	660.6	660.6
Disposals	-5.3	-22.0	-29.7
Depreciation for the period	117.4	102.6	209.1
Transferred to assets held for sale	—	-67.3	-91.7
Balance	860.4	673.9	748.3

Impairment
Balance as of beginning of period	10.6	13.6	13.6
Transferred to assets held for sale	—	-2.2	-3.0
Balance	10.6	11.4	10.6

Carrying amount	2,918.8	2,691.7	2,792.2

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

costs in the amount of USD 127.6m (30 June 2025: USD 121.9m, 31 December 2025: USD 132.8m).

Depreciation for the six months ended 30 June 2026 related to "Other plant and operating equipment"

amounts to USD 0.9m (30 June 2025: USD 0.5m, 31 December 2025: USD 1.1m) and related to “Land

and buildings” amounts to USD 1.4m (30 June 2025: USD 1.4m, 31 December 2025: USD 2.8m).

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 2026.


TORM INTERIM RESULTS FOR THE SECOND QUARTER OF 2026	24

NOTE 3 - continued

Non-current Assets Sold During the Period


	30 June	30 June	31 December
USDm	2026	2025	2025
Assets held for sale
Number of vessels held for sale end of period	—	2	1
Carrying amount	—	31.1	24.4

Sold and delivered during the year
Number of vessels	—	4	7
Vessel sales price (CF)	—	78.5	128.2
Carrying amount of vessels and capitalized dry- docking	—	-59.8	-102.8
Bunker and lube oil cost	—	-2.2	-3.6
Transaction costs (CF)	—	-1.6	-2.8
Profit on sale	—	14.9	19.0

Sold last year and delivered during the year
Number of vessels	1	—	—
Vessel sales price (CF)	30.1	—	—
Carrying amount of assets held for sale	-24.4	—	—
Bunker and lube oil cost	-0.9	—	—
Transaction costs (CF)	-0.8	—	—
Profit on sale	4.0	—	—

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

NOTE 4 - PREPAYMENTS ON VESSELS


	30 June	30 June	31 December
USDm	2026	2025	2025
Balance as of beginning of period	14.1	—	—
Additions	68.3	—	17.5
Transferred to vessels	-53.1	—	-3.4
Carrying amount	29.3	—	14.1

NOTE 5 - BORROWINGS


	30 June	30 June	31 December
USDm	2026	2025	2025
Falling due within one year	236.8	156.6	288.9
Falling due between one and two years	130.6	148.8	97.1
Falling due between two and three years	324.4	119.6	92.3
Falling due between three and four years	190.0	326.6	383.6
Falling due between four and five years	171.9	240.3	78.5
Falling due after five years	24.6	140.1	65.2
Total	1,078.3	1,132.0	1,005.6

Borrowing costs	-11.4	-15.3	-13.2
Right-of-use lease liabilities	9.3	9.3	10.7
Total borrowings	1,076.2	1,126.0	1,003.1

As of 30 June 2026, TORM was in compliance with financial covenants. TORM expects to remain in compliance with

financial covenants in the remaining period of 2026.


TORM INTERIM RESULTS FOR THE SECOND QUARTER OF 2026	25

NOTE 6 - DERIVATIVE FINANCIAL INSTRUMENTS


	30 June	30 June	31 December
USDm	2026	2025	2025
Fair value of derivative financial instruments regarding freight and bunkers
Forward freight agreements - fair value through profit and loss	4.6	3.9	2.0
Bunker swaps - fair value through profit and loss	-1.2	-0.1	-0.8

Fair value of derivative financial instruments regarding interest and currency exchange rate
Forward exchange contracts - hedge accounting	-1.5	3.1	0.9
Interest rate swaps - hedge accounting	11.5	13.8	8.3
Fair value of derivatives	13.4	20.7	10.4

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


	30 June	30 June	31 December
USDm	2026	2025	2025
Other receivables	16.1	21.1	10.9
Other liabilities	-2.7	-0.4	-0.5
Total	13.4	20.7	10.4

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 2025, page 194-195.

NOTE 7 - EARNINGS PER SHARE AND DIVIDEND PER SHARE


	Q2 2026	Q2 2025	Q1-Q2 2026	Q1-Q2 2025	FY 2025
Earnings per share

Net profit for the year attributable to TORM plc shareholders (USDm)	338.3	58.6	460.7	120.9	285.3

Million shares
Weighted average number of shares	102.2	98.1	101.9	98.0	98.4
Weighted average number of treasury shares	—	-0.3	—	-0.4	-0.2
Weighted average number of shares outstanding	102.2	97.8	101.9	97.6	98.2

Dilutive effect of outstanding share options	2.0	3.0	2.0	3.0	1.9
Weighted average number of shares outstanding incl. dilutive effect of share options	104.2	100.8	103.9	100.6	100.1

Basic earnings per share (USD)	3.31	0.60	4.52	1.24	2.91
Diluted earnings per share (USD)	3.25	0.58	4.43	1.20	2.85


	Q2 2026	Q2 2025	Q1-Q2 2026	Q1-Q2 2025	FY 2025
Dividend per share

Declared dividend per share (USD)	2.40	0.40	3.10	0.80	2.12
Declared dividend during the period (USDm)	245.7	39.2	317.2	78.3	209.9

Dividend paid per share (USD)	0.70	1.00	1.40	1.00	2.02
Dividend paid during the period (USDm)	71.6	97.7	143.0	97.7	199.7

Number of shares
Number of shares, end of period (million)	102.4	98.0	102.4	98.0	101.3


TORM INTERIM RESULTS FOR THE SECOND QUARTER OF 2026	26

NOTE 8 - 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 9 - RELATED PARTY TRANSACTIONS

During the first six months ended 30 June 2026, there have been no related party transactions other

than ordinary remuneration to the Board of Directors, the CEO and the Senior Management Team.

Please refer to Note 2.

Following the completion of Hafnia Limited’s purchase of approximately 14.2m TORM plc A-shares in

January 2026, TORM plc does not have an ultimate parent entity.

NOTE 10 - CONTRACTUAL OBLIGATIONS AND RIGHTS

As of 30 June 2026, TORM had contractual obligations regarding scrubber installations and other minor

commitments.


	30 June	30 June	31 December
USDm	2026	2025	2025
Second-hand vessels commitments:
Within one year	90.9	—	126.0
Between one and two years	129.6	—	—
Between two and three years	43.2	—	—
Total	263.7	—	126.0

Committed scrubber installations and other minor investments
Within one year	6.0	8.5	6.4
Between one and two years	1.5	—	1.1
Between two and three years	—	2.0	0.9
Between three and four years	—	2.0	0.9
Total	7.5	12.5	9.3

NOTE 10 - continued

As of 30 June 2026, TORM has contractual rights to receive future payments as lessor of vessels on

time charter.


	30 June	30 June	31 December
USDm	2026	2025	2025

Charter hire income for vessels - as lessor
Received within one year	73.7	51.1	53.9
Received between one and two years	28.6	25.1	31.2
Received between two and three years	8.7	—	9.2
Total	111.0	76.2	94.3

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

NOTE 11 - SUBSEQUENT EVENTS

TORM’s Board of Directors has declared an interim dividend for the second quarter of 2026 of USD 2.40

per share to be paid to the shareholders corresponding to an expected total dividend payment of

USD 245.7m. The distribution for the quarter is equivalent to 73% of net profit and reflects the

Distribution Policy. The payment date is 24 September 2026 to all shareholders on record as of

10 September 2026, and the ex-dividend date is 09 September 2026 for the shares listed on Nasdaq

OMX Copenhagen and 10 September 2026 for the shares listed on Nasdaq New York. The dividends

have not been recognized as liabilities as at 30 June 2026 and there are no tax consequences.

After the end of the quarter, TORM entered into an agreement to acquire six MR newbuilding vessels,

with options for an additional two vessels. The six vessels are scheduled for delivery in 2029, while the

optional vessels are expected to be delivered in 2030 if exercised.

Also, after the end of the quarter, TORM secured financing for ten vessels for a total of USD 217m.


TORM INTERIM RESULTS FOR THE SECOND QUARTER OF 2026	28

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 2025 and therefore we refer to the principles for

these on pages 278-282 in the TORM plc Annual Report 2025. 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,

claims provisions, impacts from refinancing as well as termination of leaseback arrangements. 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 2026	Q2 2025	Q1-Q2 2026	Q1-Q2 2025	FY 2025
Reconciliation to net profit
Net profit for the period	338.3	58.7	460.7	121.6	286.0
Profit from sale of vessels	—	-5.4	-4.0	-14.9	-19.0
Expense of capitalized bank fees at refinancing	0.4	—	1.8	—	6.8
Termination of leaseback arrangement	0.9	—	2.2	—	0.2
Net profit excluding non-recurring items	339.6	53.3	460.7	106.7	274.0

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 30.

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 2026	Q2 2025	Q1-Q2 2026	Q1-Q2 2025	FY 2025
Reconciliation to operating profit (EBIT)
Operating profit (EBIT)	355.1	74.6	496.4	157.0	356.3
Tax	-0.8	-1.7	-2.4	-7.2	-9.2
EBIT less Tax	354.3	72.9	494.0	149.8	347.1
EBIT less Tax - Full year equivalent	1,417.2	291.6	988.0	299.6	347.1

Invested capital, opening balance	3,154.0	2,957.7	3,037.8	3,005.4	3,005.4
Invested capital, ending balance	3,253.9	2,859.0	3,253.9	2,859.0	3,037.8
Average invested capital	3,204.0	2,908.4	3,145.9	2,932.2	3,021.6

Return on Invested Capital (ROIC)	44.2%	10.0%	31.4%	10.2%	11.5%


TORM INTERIM RESULTS FOR THE SECOND QUARTER OF 2026	29

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 30.

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

related to non-recurring 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 2026	Q2 2025	Q1-Q2 2026	Q1-Q2 2025	FY 2025
Reconciliation to operating profit (EBIT)
Operating profit (EBIT)	355.1	74.6	496.4	157.0	356.3
Tax	-0.8	-1.7	-2.4	-7.2	-9.2
EBIT less Tax	354.3	72.9	494.0	149.8	347.1
EBIT less Tax - Full year equivalent	1,417.2	291.6	988.0	299.6	347.1

Profit from sale of vessels	—	-5.4	-4.0	-14.9	-19.0
EBIT less tax adjusted	1,417.2	286.2	984.0	284.7	328.1

Average invested capital ¹⁾	3,204.0	2,908.4	3,145.9	2,932.2	3,021.6
Average impairment ²⁾	22.0	23.2	22.0	23.9	23.5
Average invested capital adjusted for impairment	3,226.0	2,931.6	3,167.9	2,956.1	3,045.1

Adjusted ROIC	43.9%	9.8%	31.1%	9.6%	10.8%

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 and Adjusted EBITDA: TORM defines EBITDA as earnings before financial income and

expenses, depreciation, impairment, amortization and taxes.

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 2026	Q2 2025	Q1-Q2 2026	Q1-Q2 2025	FY 2025
Reconciliation to net profit
Net profit for the period	338.3	58.7	460.7	121.6	286.0
Tax	0.8	1.7	2.4	7.2	9.2
Financial expenses	18.3	17.8	37.2	35.7	74.4
Financial income	-2.3	-3.6	-3.9	-7.5	-13.3
Depreciation and amortization	60.5	52.2	120.1	105.4	214.5
EBITDA	415.6	126.8	616.5	262.4	570.8

Reconciliation to EBITDA
EBITDA	415.6	126.8	616.5	262.4	570.8
Fair value adjustments on freight and bunker derivatives	-6.8	2.2	-2.0	4.3	6.7
Adjusted EBITDA	408.8	129.0	614.5	266.7	577.5


TORM INTERIM RESULTS FOR THE SECOND QUARTER OF 2026	30

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	2026	2025	2025
Tangible and intangible fixed assets	2,968.9	2,708.9	2,827.7
Investments in joint ventures	—	0.1	—
Deferred tax asset	0.3	0.3	0.3
Other investments	3.0	0.1	2.7
Inventories	111.8	69.5	66.5
Accounts receivables ¹⁾	366.6	212.4	277.5
Assets held for sale	—	31.1	24.4
Non-current tax liability related to held over gains	-45.2	-45.2	-45.2
Deferred tax liability	-2.0	-0.3	-0.2
Trade payables ²⁾	-142.4	-110.3	-112.6
Current tax liabilities	-0.1	-1.3	-0.3
Provisions	-0.4	-0.7	-0.7
Prepayments from customers	-6.6	-5.6	-2.3
Invested capital	3,253.9	2,859.0	3,037.8

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	2026	2025	2025
Borrowings¹⁾	1,087.6	1,141.3	1,016.3
Loan receivables	-4.4	-4.5	-4.4
Cash and cash equivalents, including restricted cash	-368.2	-369.8	-163.5
Net interest-bearing debt	715.0	767.0	848.4

¹⁾ Borrowings include long-term and short-term borrowings, excluding capitalized loan costs. Please refer to Note 5 for

information on capitalized loan costs.


TORM INTERIM RESULTS FOR THE SECOND QUARTER OF 2026	31

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	2026	2025	2025
Cash and cash equivalents, including restricted cash	368.2	369.8	163.5
Undrawn credit facilities and committed facilities	435.9	294.3	398.8
Liquidity	804.1	664.1	562.3

Restricted cash 30 June 2026 amounts to USD 2.5m (30 June 2025: USD 10.0m, 31 December 2025:

USD 5.4m).

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 2026	Q2 2025	Q1-Q2 2026	Q1-Q2 2025	FY 2025
Net cash flow from operating activities	319.5	161.4	455.4	244.4	498.9
Net cash flow from investing activities	-73.6	5.1	-226.2	48.5	-152.6
Free cash flow	245.9	166.5	229.2	292.9	346.3

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	2026	2025	2025
Total vessel values (broker values)	4,055.5	2,887.6	3,177.5
Vessel values of purchased secondhand vessels not delivered (broker values)	313.5	—	150.6
Committed investment capital expenditure	7.5	12.5	9.3
Committed liability capital expenditure	-271.2	-12.5	-135.3
Goodwill	1.9	1.8	1.8
Other intangible assets	4.2	2.3	4.0
Land and buildings	8.3	8.3	9.7
Other plant and operating equipment	1.9	2.6	2.5
Investments in joint ventures	—	0.1	—
Loan receivables	4.4	4.5	4.4
Deferred tax asset	0.3	0.3	0.3
Other investments	3.0	0.1	2.7
Inventories	111.8	69.5	66.5
Accounts receivables ¹⁾	366.6	212.4	277.5
Cash and cash equivalents incl. restricted cash	368.2	369.8	163.5
Deferred tax liability	-2.0	-0.3	-0.2
Borrowings ²⁾	-1,087.6	-1,141.3	-1,016.3
Trade payables ³⁾	-142.4	-110.3	-112.6
Current tax liabilities	-0.1	-1.3	-0.3
Provisions	-0.4	-0.7	-0.7
Prepayments from customers	-6.6	-5.6	-2.3
Total Net Asset Value (NAV)	3,736.8	2,299.8	2,602.6
Total number of shares, end of period excluding treasury shares (million)	102.4	98.0	101.3
Total Net Asset Value per share (NAV/share)	36.5	23.5	25.7

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 5 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 2026	32

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 2025 and therefore we refer to the principles for these on

pages 225-229 in the TORM plc Annual Report 2025. 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 helps 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 2026	Q2 2025	Q1-Q2 2026	Q1-Q2 2025	FY 2025
Reconciliation to revenue
Revenue	658.8	311.2	1,054.6	624.5	1,314.2
Port expenses, bunkers and commissions	-146.8	-103.0	-256.5	-202.3	-404.5
TCE earnings	512.0	208.2	798.1	422.2	909.7

Reconciliation to TCE earnings
TCE earnings	512.0	208.2	798.1	422.2	909.7
Fair value adjustments on freight and bunker derivatives	-6.8	2.2	-2.0	4.3	6.7
Adjusted TCE earnings	505.2	210.4	796.1	426.5	916.4

Available earning days	8,519	7,888	16,844	15,949	31,840
TCE per earning day (USD)	59,301	26,672	47,259	26,740	28,783

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	2026	2025	2025
Vessel values (broker values)	4,055.5	2,887.6	3,177.5
Vessel values of purchased secondhand vessel not delivered (broker values)	313.5	—	150.6
Other committed investment CAPEX	7.5	12.5	9.3
Total vessel values	4,376.5	2,900.1	3,337.4
Borrowings ¹⁾	1,082.2	1,138.7	1,011.3
- Debt regarding Land and buildings & Other plant and operating equipment	-7.3	-8.9	-8.8
Committed liability capital expenditure	271.2	12.5	135.3
Loan receivable	-4.4	-4.5	-4.4
Cash and cash equivalents, including restricted cash	-361.8	-361.5	-155.6
Total (loan)	979.9	776.3	977.8

Net Loan-to-value (LTV) ratio	22.4%	26.8%	29.3%

¹⁾ Borrowings include long-term and short-term borrowings, excluding capitalized loan costs. Please refer to Note 5 for

information on capitalized loan costs.


	Q3 2026	FY 2026

Total earning days
LR2	1,980	7,672
LR1	915	3,598
MR	5,939	23,161
Total	8,834	34,431

Covered days
LR2	1,647	6,066
LR1	558	2,364
MR	4,226	15,773
Total	6,431	24,203



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


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


	Q3 2026	FY 2026

Covered, %
LR2	83%	79%
LR1	61%	66%
MR	71%	68%
Total	73%	70%

Coverage rates, USD/day
LR2	49,255	52,231
LR1	32,608	44,080
MR	35,247	42,933
Total	38,606	45,391


	Q2 2025	Changes	Q3 2025	Changes	Q4 2025	Changes	Q1 2026	Changes	Q2 2026

LR2	20		20	1	21	1	22		22
LR1	10		10		10		10		10
MR	60	-2	58	4	62	1	63	2	65
Total	90	-2	88	5	93	2	95	2	97