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THIRD QUARTER 2026 04 NOVEMBER 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). Creating Value Throughout the Vessel Lifecycle TORM maximize vessel value through disciplined maintenance, strategic flexibility, and a proven track record of buying and selling assets at the right points in the cycle. Strong shareholder returns All free cash flow distributed after debt installments, supported by disciplined capital allocation.
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4 Delivering Returns While Expanding Our Platform Fleet expansion Expanded fleet from 78 vessels end of 2022 to 95 vessels today, increasing earnings capacity. Continued investment in fleet renewal and growth supports long-term earnings, cash flow generation, and market positioning. 2022 78 2023 82 2024 94 2025 93 Shareholder Distribution Distributed USD 17.45 per share in dividends since 2023, while continuing to invest in fleet growth. Demonstrates a disciplined approach to capital allocation, balancing business investment with substantial shareholder returns. Dividend per share (USD) Approximately 20 million new shares were issued during the period, enabling attractive fleet investments that have already generated sizeable returns and continue to support long-term shareholder value. Fleet development 2026 95 2023 5.78 2024 5.10 2025 2.12 9M 2026 4.45
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Highlights Third Quarter 2026 5 TCE USD 353m 2025 Q3: USD 236m Fleet size 95 vessels 2025 Q3: 88 vessels EBITDA USD 274m 2025 Q3: USD 152m Net profit USD 199m 2025 Q3: USD 78m 5 Expanded fleet delivery pipeline through additional newbuilding orders, increasing exposure to future earnings and cash flow generation.
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THE MARKET
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Current Rate Environment Geopolitical Events Overshadow Robust Market 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 80,000 100,000 120,000 140,000 160,000 180,000 200,000 220,000 240,000 260,000 280,000 300,000 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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Next Leg of the Product Tanker Story Emerging Normalized Crude Exports Paving the Way for a Rebound in Product Flows 8 Crude/DPP Volumes Exiting the Persian Gulf by Route Source: TORM, Kpler. Mb/d Persian Gulf crude exports nearing pre-conflict levels – restoring refinery feedstock availability and laying the foundation for a rebound in clean product exports. Product exports are the next leg of the recovery – improving crude supply supports higher refinery runs and rising clean product volumes. Additional product flows enter an already exceptionally strong market – adding cargo demand at a time of elevated product tanker earnings. Persian Gulf inefficiencies continue to tighten vessel supply – congestion, waiting times and operational bottlenecks remain supportive of freight rates. Product tanker earnings remain well supported – rising volumes combined with persistent supply-side inefficiencies underpin a constructive earnings outlook. 0 5 10 15 20 25 2025 avg. Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Aug-26 Sep-26 Oct-26 Current level Iranian exports via Hormuz Pipeline bypass Strait of Hormuz transits excl. Iran
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Effective Tonnage Supply Is Shrinking Migration to Dirty Limits Effective Supply 9 Product tanker fleet development Index (End-2025 =100) Effective clean-trading capacity is shrinking despite fleet growth - CPP-trading capacity is down 4% YTD, despite 7% growth in the nominal product tanker fleet. LR2 migration continues to tighten clean supply – approximately 70 fewer LR2s were trading CPP by end- October versus the start of the year, despite 66 newbuilding deliveries. Significant LR2 capacity remains in dirty trades – around 355 LR2s currently trade DPP versus only 152 in CPP , constraining effective product tanker supply. Sources: TORM, Clarksons, Kpler. 90 95 100 105 110 End-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Aug-26 Sep-26 Oct-26 Total product tanker fleet CPP-trading product tanker fleet +7% -4%
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Fleet Replacement Keeps Growth in Check Aging And Sanctioned Vessels Balance Fleet Expansion 10 Product tanker order book vs ageing/sanctioned fleet % of fleet Fleet aging largely balances new vessel deliveries - an order book equal to 23% of the fleet is largely offset by an aging fleet, with 19% 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 - 25% of the LR2/Aframax fleet is operating under sanctions. Potential return of sanctioned tonnage - market impact likely to be more muted than headline figures suggest, given the constrained pool of sub-20-year old non-Iranian VLCCs and the heavy involvement of sub-20-year-old Aframax/LR2 vessels in Russian trades. Any re-entry of 20+ year-old vessels remains subject to seaworthiness and commercial viability. Sources: TORM, Clarksons. 23 29 22 19 21 21 5 16 14 10 20 25 0 5 10 15 20 25 30 35 Product tankers Crude tankers LR2/Aframax Order book Capacity above 20 years OFAC sanctioned OFAC/EU/UK sanctioned
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Post-Middle East Disruption Inventory Replenishing Will Increase Tonnage Demand 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. New pipelines could extend Asian trade routes – potential pipelines bypassing the Strait of Hormuz could increase sailing distances to Asian buyers. 11 500 450 400 350 300 250 150 200 100 50 Aug- 26 Jul- 26 May- 26 Jun- 26 Apr- 26 Mar- 26 Feb- 26 Jan- 26 Dec- 25 Nov- 25 Oct- 25 Sep- 25 Aug- 25 Jul- 25 May- 25 Jun- 25 Apr- 25 Mar- 25 Feb- 25 Jan- 25 Sep- 26 Change in global oil stocks, cumulative Current level Global observed oil inventories Cumulative change since Dec-24, mb Sources: TORM, Kpler, IEA. -2.4m b/ d
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12 THE FINANCIALS
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Financial Overview Strong Year-on-Year Earnings Growth 13 Strong earnings significantly ahead of last year – TCE of USD 353m and EBITDA of USD 274m were materially above Q3 2025, reflecting continued strong freight markets and solid operational execution. Earnings power sustained following an exceptional Q2 – while below the record levels achieved in Q2 2026, net profit of USD 199m demonstrates the continued earnings strength of TORM’s platform. Strong earnings support attractive shareholder distribution – dividend of USD 1.35 per share, corresponding to a 75% of net profit excluding non- recurring items. TCE EBITDA EBIT Net profit for the period USD TCE (USD/day) LR2 (USD/day) LR1 (USD/day) MR (USD/day) OPEX (USD/day) Basic earnings per share (USD) Dividend (USD/share) Dividend pay-out ratio 2026 Q3 2025 Q3 Change 353 236 274 213 199 1.94 152 99 78 0.79 0.62 78% 31,012 38,685 29,508 28,632 52,575 40,102 38,667 36,137 7,894 7,268 117 122 114 1.15 9,090 13,890 9,159 7,505 626 121 1.35 0.73 75% -3%
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152 156 201 416 274 0 90 180 270 360 450 2025-Q3 2025-Q4 2026-Q1 2026-Q2 2026-Q3 236 251 286 512 353 0 110 220 330 440 550 2025-Q3 2025-Q4 2026-Q1 2026-Q2 2026-Q3 31,012 30,658 34,937 59,301 40,102 0 12,000 24,000 36,000 48,000 60,000 2025-Q3 2025-Q4 2026-Q1 2026-Q2 2026-Q3 TCE Strong Freight Rates Continue to Drive TCE USDUSDm Fleet-wide TCE/day USDm 14 TCE EBITDA
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Profit and Distribution Strong Profitability Continues to Support Attractive Dividend 15 78 87 122 338 199 0 75 150 225 300 375 2025-Q3 2025-Q4 2026-Q1 2026-Q2 2026-Q3 0.79 0.88 1.21 3.31 1.94 0.00 0.70 1.40 2.10 2.80 3.50 2025-Q3 2025-Q4 2026-Q1 2026-Q2 2026-Q3 0.62 0.70 0.70 2.40 1.35 0.00 0.50 1.00 1.50 2.00 2.50 2025-Q3 2025-Q4 2026-Q1 2026-Q2 2026-Q3 USD Net Profit USDm Basic Earnings Per Share Dividend Per Share USD
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2,912 3,178 3,619 4,056 5,036 2,401 2,603 3,036 3,737 4,062 0 1,100 2,200 3,300 4,400 5,500 2025-Q3 2025-Q4 2026-Q1 2026-Q2 2026-Q3 690 848 894 715 697 20% 22% 24% 26% 28% 30% 0 200 400 600 800 1,000 2025-Q3 2025-Q4 2026-Q1 2026-Q2 2026-Q3 Vessel Values and Net Interest-Bearing Debt Elevated Vessel Values Continue to Support a Strong NAV USDm USDm 16 USDm 169 270 334 187 158 23 0 75 150 225 300 375 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 Exceptional Market Strength Drives Guidance to New Record Levels 17 2026 850 – 1,250 70% @ 34,926 Q1 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) May 2026 Q2 1,400 - 1,600 73% @ 38,606 TCE (USDm) EBITDA (USDm) 1,000 - 1,200 (USD/day) August 2026 Q3 1,750 – 1,900 53% @ 78,419 TCE (USDm) EBITDA (USDm) 1,350 - 1,500 (USD/day) November 2026 Q4
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18 Q&A
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19 APPENDIX
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TORM: A Differentiated Product Tanker Investment 20 THE ONE TORM PLATFORM Integrated operating model Commercial, technical and operational capabilities managed through one platform, enabling fast decisions and vessel-level optimization. 95 Vessel earnings platform STRUCTURAL EARNINGS ADVANTAGE Proven peer outperformance Consistent operational execution has translated into TCE performance above the peer average across TORM’s MR fleet. USD 200m+ MR TCE premium 2023–2025 RETURNS TODAY , INVESTMENT FOR TOMORROW Disciplined capital allocation Meaningful cash distributions delivered alongside continued fleet investment and expansion of the earnings platform. USD 17.45 Per share distributed since 2023 ACTIVE FLEET MANAGEMENT Future-ready earnings platform A visible pipeline of resales and new-buildings supports fleet renewal, future competitiveness and active portfolio management. 2027–2030 Secured delivery pipeline +17 Vessels added since beginning of 2023 A scalable platform converting operational outperformance into earnings, cash distributions and long-term fleet value
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A Market-Leading Product Tanker Company 21 Free float 80% Market cap. > USD 4bn Number of shareholders > 70,000 Weekly liquidity > USD 100m Dual listing Copenhagen, New York
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Detailed Delivery Schedule Contracted vessels support earnings growth and fleet renewal through 2030 22 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* Hull 5031*2030 MR LR2 Hull SBC009*** Hull SBC010*** Hull SBC011*** Hull SBC012*** ***Blue Ocean Wind Shipyard Hull SBC013*** Hull SBC014*** Hull SBC015***
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23 Fleet Age Profile Fleet Renewal and Growth Pipeline 0 2 4 6 8 10 12 14 16 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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Performance TORM’s MR Fleet Outperforms Peer Group 24 TCE USD/day 36 20 24 39 42 38 88 60 65 58 0 20 40 60 80 100 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 H1 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 10,000 20,000 30,000 40,000 50,000 60,000 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026TORM High / Low Peer average Q2 2026 (USD/day): TORM 57,040 High 57,040 Low 42,500 Average 47,182
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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 19.8% 80.2% Shareholdings as of 30 September 2026 Free float 25 Hafnia
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INVESTOR RELATIONS CONTACT MIKAEL BO LARSEN IR@TORM.COM