Northwire Canada EditionWednesday, July 15, 2026
Sign inSubscribe
Northwire
⌕
EFF 0.030 +20.0% W 0.500 +1.0% RDG 0.160 +0.0% ARIC 0.780 +4.0% VROY 3.44 +5.2% ROCK 3.81 +3.0% APMI 0.120 +0.0% EM 3.58 −4.8% ALS 66.04 +6.8% MEK 0.065 +44.4% TLO 6.00 +13.0% ADE 0.045 −66.7% FAIR 0.060 +33.3% SVRS 0.420 −2.3% RES 0.050 +42.9% CYG 0.120 +0.0% EFF 0.030 +20.0% W 0.500 +1.0% RDG 0.160 +0.0% ARIC 0.780 +4.0% VROY 3.44 +5.2% ROCK 3.81 +3.0% APMI 0.120 +0.0% EM 3.58 −4.8% ALS 66.04 +6.8% MEK 0.065 +44.4% TLO 6.00 +13.0% ADE 0.045 −66.7% FAIR 0.060 +33.3% SVRS 0.420 −2.3% RES 0.050 +42.9% CYG 0.120 +0.0%
Earnings

TORM plc Annual Report 2025, Dividend Distribution, and Financial Outlook 2026

By The Northwire Desk — AI Analysis Feb 26, 2026 · 03:16 TRMD
TRMD · Price

Executive Summary

  • TORM reported full‑year 2025 net profit of $286 million, down 53% year‑over‑year, with Adjusted EBITDA of $578 million.
  • The Board approved an interim dividend of $0.70 per share (≈ $70.9 m total), representing an 82% payout ratio for Q4 2025.
  • FY 2026 financial outlook projects TCE earnings of $850‑1,250 million and EBITDA of $500‑900 million, with a note that a $1,000/day change in freight rates would affect EBITDA by roughly $26 million.

Key Details

  • 2025 Financial Highlights
  • Time charter equivalent earnings (TCE): $910 m (down from $1,135 m in 2024).
  • Adjusted EBITDA: $578 m (down from $844 m in 2024).
  • Net profit: $286 m (down from $612 m in 2024).
  • Basic EPS: $2.91 vs $6.54 in 2024.

  • Dividend per share: $0.70 (Q4) – total interim dividend payment of $70.9 m; payout ratio 82%.

  • Quarter‑by‑Quarter 2025

  • Q4 TCE: $251 m (vs $214.7 m in Q4 2024).
  • Q4 Adjusted EBITDA: $151.5 m (vs $135.0 m in Q4 2024).

  • Q4 Net profit: $86.8 m (vs $77.4 m in Q4 2024).

  • Operational Metrics

  • Fleet‑wide average TCE rate: $28,783/day (down from $36,061/day in 2024).
  • Available earning days: 31,840 (up from 31,287 in 2024).

  • Vessel class rates: LR2 – $35,850/day; LR1 – $28,262/day; MR – $26,374/day.

  • Fleet Activity 2025

  • Acquired 9 second‑hand vessels and exercised purchase options on 14 leaseback vessels, converting them to full ownership.
  • Agreed to acquire 8 product tankers in Q4 2025 (majority delivered before year‑end).
  • Divested one older LR2 tanker, delivery slated for early 2026.

  • End‑2025 fleet composition: 93 owned/leased vessels across LR2, LR1, and MR classes.

  • Dividend Distribution Details

  • Interim dividend of $0.70 per share approved for Q4 2025.
  • Payment date: 25 Mar 2026 to shareholders on record 12 Mar 2026.

  • Ex‑dividend dates: 11 Mar 2026 (Nasdaq OMX Copenhagen) and 12 Mar 2026 (Nasdaq NY).

  • FY 2026 Outlook (Forward‑Looking)

  • Expected TCE earnings: $850‑1,250 m (2025 actual $910 m).
  • Expected EBITDA: $500‑900 m (2025 actual $571 m).
  • As of 17 Feb 2026, 70% of Q1 2026 earning days covered at $34,926/day.
  • 23% of full‑year 2026 earning days covered at $34,462/day; 77% remain unfixed.

  • Sensitivity: a $1,000/day change in freight rates would impact EBITDA by ≈ $26 m.

  • Investor Call

  • Webcast/Conference call scheduled for 26 Feb 2026 at 10:00 a.m. ET / 04:00 p.m. CET (Dial‑in details provided).

Notable Quotes

“We ended 2025 on a very strong note, reaffirming the resilience of our business model and our ability to consistently execute,” – Jacob Meldgaard, CEO.
“As we look to 2026, we see a favorable market environment, and TORM is well‑positioned to continue delivering value for our shareholders.” – Jacob Meldgaard.

Read the original news release →