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SECOND QUARTER 2026 26 AUGUST 2026
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Safe Harbor Statement as to the Future 2 Matters discussed in this presentation material may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide 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; 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. 2
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3 One TORM - Our operational excellence is at the core of our business, accelerating response time and maximizing returns in all market conditions. United Culture – Our unique performance culture centralizes decision making and aligns our teams with a single vision. Industry Benchmark - Our strategic flexibility and disciplined capital allocation delivers consistent market leading performance, aligning our interests with shareholders at all times. A Premium Opportunity Through Focus, Culture, and Discipline The One TORM Advantage Market-leading performance TORM's operational execution has driven sustained peer outperformance, delivering USD 200m+ TCE across our MR fleet (2023–2025). Active fleet renewal and expansion Continuous renewal of fleet and recent investments in resales and new-buildings signaling confidence in market fundamentals. Strong shareholder returns All free cash flow distributed after debt instalments, supported by disciplined capital allocation.
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Highlights Second Quarter 2026 4 TCE USD 512m 2025 Q2: USD 208m Fleet size 97 vessels 2025 Q2: 90 vessels EBITDA USD 416m 2025 Q2: USD 127m Net profit USD 338m 2025 Q2: USD 59m 4 Record-high financial performance driven by exceptionally strong freight markets. Quarterly dividend of USD 2.40 per share payable in late September. Pipeline for fleet renewal secured with vessel deliveries scheduled through 2029.
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5 ▪ Added 19 vessels while distributing USD 16.10 per share in dividends in period 2023 - today. ▪ TORM continues to grow its earnings platform while delivering meaningful cash returns to shareholders. Delivering Returns While Expanding Our Platform Returning cash to shareholders today while investing in the fleet that will drive future earnings and value creation • Distributed USD 16.10 per share in dividends since 2023, while continuing to invest in fleet growth. • Dividend per share: USD 5.78 (2023) → USD 5.10 (2024) → USD 2.12 (2025) → USD 3.10 (H1 2026). • Demonstrates a disciplined approach to capital allocation, balancing business investment with substantial shareholder returns. ▪ Expanded fleet from 78 vessels in 2022 to 97 vessels today, increasing earnings capacity. ▪ Fleet development: 78 (2022) → 82 (2023) → 94 (2024) → 93 (2025) → 97 (today). ▪ Continued investment in fleet renewal and growth supports long-term earnings, cash flow generation, and market positioning. Fleet expansion Shareholder Distribution
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THE MARKET
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Current Rate Environment Geopolitical Drivers Supporting Robust Fundamentals 7 LR2 benchmark Source: Clarksons. Source: Clarksons. Clarksons LR2 benchmark: basket of Yanbu->Rotterdam and Ras Tanura/Fujairah–>Chiba earnings. Eco, scrubber-fitted vessel. Clarksons avg. MR benchmark: basket of Rotterdam->NY, Bombay->Chiba, Mina Al Ahmadi->Rotterdam, Amsterdam->Lome, Houston->Rio de Janeiro, Singapore->Sydney. Eco, scrubber-fitted vessel. USD/day USD/day MR benchmark 0 20.000 40.000 60.000 80.000 100.000 120.000 140.000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2026 5-year avg. 5-year high/low 0 10.000 20.000 30.000 40.000 50.000 60.000 70.000 80.000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2026 5-year avg. 5-year high/low
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Re-Escalating Tensions Further Reshape Oil Trade Flows Market Inefficiencies offset lower oil volumes – reduced trade through the Strait of Hormuz was more than compensated by longer-haul movements and trade rerouting. Temporary ceasefire supported a partial export recovery – global oil flows improved from 17% below pre-conflict levels in April/May to 10% below in July. Renewed hostilities have intensified market disruptions – escalating tensions around the Strait of Hormuz and increased Red Sea rerouting is once again reshaping trade flows, increasing inefficiencies and tanker demand.
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FIRST QUARTER 2025 9 +3.0m b/d -0.2m b/d +0.3m b/d +2.1m b/d -11.3m b/d -2.1m b/d
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FIRST QUARTER 2025 10 +3.0m b/d -0.2m b/d +0.3m b/d +2.1m b/d -11.3m b/d -2.1m b/d
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Effective Tonnage Supply Is Shrinking Migration to Dirty Limits Effective Supply 11 Product tanker fleet development Index (End-2025 =100) Effective clean-trading capacity is shrinking despite fleet growth - CPP-trading tanker capacity down by 5% YTD, even though the nominal product tanker fleet has grown by 5%. LR2 migration into dirty trades continues to tighten product tanker supply - by the end of July, 70 fewer LR2s were trading CPP compared to the start of the year, despite 46 LR2 newbuilding deliveries. LR2 capacity remains employed in the dirty segment - currently, around 350 LR2s trade DPP versus only 155 trading CPP , limiting effective supply available to the product tanker market. Sources: TORM, Clarksons. 90 95 100 105 110 End-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Total product tanker fleet CPP-trading product tanker fleet +5% -5%
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Fleet Replacement Keeps Growth in Check Aging And Sanctioned Vessels Balance Fleet Expansion 12 Product tanker order book vs ageing/sanctioned fleet % of fleet Fleet aging largely balances new vessel deliveries - an order book equal to 21% of the fleet is offset by an aging fleet, with 18% of vessels already above 20 years of age. Sanctioned tonnage materially reduces effective supply - roughly 10% of the global product tanker fleet is currently under sanctions. Over one-quarter of LR2 capacity is unavailable to mainstream trades - approximately 26% of the LR2/Aframax fleet is operating under sanctions. Sources: TORM, Clarksons. 21 28 21 18 22 22 5 17 14 10 21 26 0 5 10 15 20 25 30 35 Product tankers Crude tankers LR2/Aframax OFAC/EU/UK sanctionedCapacity above 20 years Order book OFAC sanctioned
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Post-Middle East Disruption Inventory Replenishing Will Increase Tonnage Demand 13 100 150 50 200 250 300 350 400 450 500 May- 25 Jun- 25 Jul- 25 Aug- 25 Sep- 25 Oct- 25 Nov- 25 Dec- 25 Jan- 26 Feb- 26 Jan- 25 Apr- 26 May- 26 Jun- 26 Jul- 26 Mar- 26 Feb- 25 Mar- 25 Apr- 25 Aug- 26 Change in global oil stocks, cumulative Current level Global observed oil inventories Cumulative change since Dec-24, mb Sources: TORM, Kpler, IEA. Low inventory levels represent a potential demand catalyst - replenishing depleted strategic and commercial inventories could increase global oil trade volumes by 1-2% over the coming year. Inventory rebuilding could support additional market upside – more aggressive restocking activity would further strengthen oil transportation demand. Longer-haul trade flows increase ton-mile demand - greater diversification of global oil sourcing would require more shipping capacity and support tanker market fundamentals. -3m b/ d
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Geopolitics Uncertainty Adds to Market Inefficiency 14 2022-2024 2025 2026 US/Israel-Iran war and the closure of the Strait of Hormuz Future EU maritime services ban for ships carrying Russian oil EU sanctions on Russian oil and G7 price cap Red Sea disruption Vessel sanctioning Sanctions on Rosneft and Lukoil Intensified drone strikes on Russian refineries USTR/China Port Fees (suspended until Nov-26) OPEC+ strategy EU import ban on oil products from Russian crude Easing of sanctions on Venezuelan oil
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15 THE FINANCIALS
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Financial Overview Historic Earnings on the Back of Extraordinary Freight Rates 16 Record earnings driven by unprecedented freight rates - closure of Strait of Hormuz and disruption to global trade flows resulted in the strongest quarterly financial performance in TORM's history. Operational leverage driving earnings - exceptionally strong freight markets translated into EBITDA of USD 416m and net profit of USD 338m, highlighting the earnings power of TORM's platform. Strong shareholder returns – close to USD 250m returned to shareholders this quarter, reflecting TORMs policy of distributing all free cash flow after debt instalments while maintaining a strong balance sheet. USDm 2026 Q2 2025 Q2 Change TCE 512 208 +304 EBITDA 416 127 +289 EBIT 355 75 +280 Net profit for the period 338 59 +279 TCE (USD/day) 59,301 26,672 +32,629 LR2 (USD/day) 66,993 35,459 +31,534 LR1 (USD/day) 57,550 27,371 +30,179 MR (USD/day) 57,040 23,345 +33,695 OPEX (USD/day) 8,315 7,853 +462 Basic earnings per share (USD) 3.31 0.60 +2.71 Dividend (USD/share) 2.40 0.40 +2.00 Dividend pay-out ratio 73% 67% +6%
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127 152 156 201 416 0 90 180 270 360 450 2025-Q2 2025-Q3 2025-Q4 2026-Q1 2026-Q2 208 236 251 286 512 0 110 220 330 440 550 2025-Q2 2025-Q3 2025-Q4 2026-Q1 2026-Q2 26.672 31.012 30.658 34.937 59.301 0 12.000 24.000 36.000 48.000 60.000 2025-Q2 2025-Q3 2025-Q4 2026-Q1 2026-Q2 TCE Record Freight Markets Delivering Record Earnings USDUSDm Fleet-wide TCE/day USDm 17 TCE EBITDA
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Profit and Distribution Converting Strong Earnings Into Dividends 18 59 78 87 122 338 0 75 150 225 300 375 2025-Q2 2025-Q3 2025-Q4 2026-Q1 2026-Q2 0,60 0,79 0,88 1,21 3,31 0,00 0,70 1,40 2,10 2,80 3,50 2025-Q2 2025-Q3 2025-Q4 2026-Q1 2026-Q2 0,40 0,62 0,70 0,70 2,40 0,00 0,50 1,00 1,50 2,00 2,50 2025-Q2 2025-Q3 2025-Q4 2026-Q1 2026-Q2 USD Net Profit USDm Basic Earnings Per Share Dividend Per Share USD
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2.888 2.864 3.178 3.619 4.056 2.300 2.401 2.603 3.036 3.737 0 1.000 2.000 3.000 4.000 5.000 2025-Q2 2025-Q3 2025-Q4 2026-Q1 2026-Q2 767 690 848 894 715 20% 22% 24% 26% 28% 30% 0 200 400 600 800 1.000 2025-Q2 2025-Q3 2025-Q4 2026-Q1 2026-Q2 Vessel Values and Net Interest-Bearing Debt Rising Net Asset Value and Reduced Leverage USDm USDm 19 USDm 237 131 324 190 172 25 0 80 160 240 320 400 1 2 3 4 5 Thereafter Vessel value NAV NIBD Net loan-to-value Vessel value and Net Asset Value (NAV) NIBD and Net LTV ratio Borrowings Maturity Profile Years to falling due
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Financial Outlook 2026 Strong Q3 Coverage Supports Higher Full-Year Guidance 20 2026 850 – 1,250 70% @ 34,926 COVERAGE Q1 GUIDANCE MARCH 2026 TCE (USDm) EBITDA (USDm) 500 - 900 (USD/day) 1,150 – 1,450 57% @ 71,494 TCE (USDm) EBITDA (USDm) 800 - 1,100 (USD/day) GUIDANCE MAY 2026 COVERAGE Q2 1,400 - 1,600 73% @ 38,606 TCE (USDm) EBITDA (USDm) 1,000 - 1,200 (USD/day) GUIDANCE NEW COVERAGE Q3
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21 Q&A
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22 APPENDIX
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TORM AT A GLANCE Our People and Our Fleet ~ 4,000 seafarers and 400 office colleagues around the world. 97 modern, eco-efficient fleet. Positioned across all major product tanker segments (LR2, LR1 and MR). Our Earnings TCE of USD 910m (2025). More than USD 275m in outperformance during 2021 - 2025. Note: TORM’s annual premium calculation is based on the individual quarters with those vessels in TORM’s MR fleet earning TORM’s TCE rate compared to the peer average. One TORM In-house integration of commercial and technical operations, driving speed, efficiency, and market- leading execution. TORM OFFICES
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A Single Vision, Delivering for Shareholders 24 At TORM, we believe the best way to ensure excellence is to own the process. Our integrated One TORMplatform, unites all our teams from commercial strategy to technical maintenance. This approach means we can align our actions with shareholders interests at all times: delivering market-leading reliability, oversight and performance. Proud of our Culture Our clarity of purpose is a competitive advantage that streamlines our actions across the business. Unique Strategic Focus One TORM optimizes our deep market intelligence through systematic collaboration and rapid response. The Industry Benchmark We enhance shareholder value each and every day through unrivalled consistency, strategic optionality and financial discipline.
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Leveraging favorable market dynamics for optimal returns. Ensuring our business remains competitively positioned. During 2023-25, more than 10m shares issued in connection with partly share-based acquisitions of vessels. High spot market exposure Strategic fleet renewal 25 A Market-Leading Product Tanker Company Delivering superior economic results through our in-house One TORM platform. Integrated operations Prioritizing long-term returns and growth. Offering attractive dividends and strong free cash flow yields. Consistent dividendsCommitment to shareholder value dual listing Copenhagen, New York Number of shareholders > 70,000 Market cap. ~ USD 3bn Free float 66% Weekly liquidity > USD 100m
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Performance TORM’s MR Fleet Outperforms Peer Group 26 TCE USD/day 36 20 24 39 42 38 88 60 65 8 0 20 40 60 80 100 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Q1 TORM MR Premium TCE USDm Note: Historical peer data includes data from Ardmore, d’Amico (composite of LR1, MR and Handy), Frontline 2012, Hafnia Tankers, NORDEN, Maersk Tankers, Scorpio, and International Seaways. Since Q3 2022, the peer group only consists of Scorpio, International Seaways, Hafnia, and Ardmore. TORM’s annual premium calculation is based on the individual quarters with those vessels in TORM’s MR fleet earning TORM’s TCE rate compared to the peer average. 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TORM High / Low Peer average Q1 2026 (USD/day): TORM 32,946 High 34,253 Low 27,958 Average 31,492
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27 2027 2028 2029 TORM Manila* TORM Mumbai* Hull 005** Hull 009** ** Jingjiang Nanyang Shipyard, China * Zhoushan Changhong International Shipyard, China Hull 007** Hull 008** Hull 5024* Hull 5025* Hull 5026* Hull 5027* Hull 5028* Hull 5029* Hull 5030 (Optional) * Hull 5031 (Optional) * Pipeline of MR Deliveries Future Deliveries Support Continuous Fleet Renewal 2030 0 2 4 6 8 10 12 14 16 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Fleet - Year of Build
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Shareholder Structure Share Information TORM’s shares are listed on the stock exchange Nasdaq Copenhagen under the ticker ‘TRMD-A’ , and on the stock exchange Nasdaq New York under the ticker ‘TRMD’ . For further information, visit www.torm.com 19,9% 13,8%66,3% Shareholdings as of 30 June 2026 Free float 28 Hafnia Oaktree * * After the end of the quarter, Oaktree Capital Group Holdings GP, LLC ("Oaktree") has notified TORM plc that, following a change in the ownership structure of OCM Njord Holdings S.à r.l. ("Njord Luxco"), Oaktree no longer indirectly holds any shares or voting rights in TORM plc as of 31 July 2026. As part of the transaction, Brookfield Corporation has become the ultimate controlling shareholder of Njord Luxco.
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VLCC MR 29 Asset Prices LR2 0 20 40 60 80 100 120 140 160 2010 2015 2020 2025 Newbuilding 5-year old 10-year oldM USD 0 10 20 30 40 50 60 70 80 90 2010 2015 2020 2025 Newbuilding 5-year old 10-year oldM USD 0 5 10 15 20 25 30 35 40 45 50 55 2010 2015 2020 2025 Newbuilding 5-year old 10-year oldM USD Sources: TORM, Clarksons.
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INVESTOR RELATIONS CONTACT: Financial Calendar 2026 30 04 NOV Interim Results for the Third Quarter and Nine Months ended 30 September 2026 MIKAEL BO LARSEN IR@TORM.COM