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Second Quarter Presentation Aug. 2026
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MATTERS DISCUSSED IN THIS DOCUMENT 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 INCLUDE STATEMENTS CONCERNING PLANS, OBJECTIVES, GOALS, STRATEGIES, FUTURE EVENTS OR PERFORMANCE, AND UNDERLYING ASSUMPTIONS AND OTHER STATEMENTS, WHICH ARE OTHER THAN STATEMENTS OF HISTORICAL FACTS. FRONTLINE 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. THE WORDS “BELIEVE,” “ANTICIPATE,” “INTENDS,” “ESTIMATE,” “FORECAST,” “PROJECT,” “PLAN,” “POTENTIAL,” “MAY,” “SHOULD,” “EXPECT” “PENDING” AND SIMILAR EXPRESSIONS IDENTIFY FORWARD-LOOKING STATEMENTS. THE FORWARD-LOOKING STATEMENTS IN THIS DOCUMENT ARE BASED UPON VARIOUS ASSUMPTIONS, MANY OF WHICH ARE BASED, IN TURN, UPON FURTHER ASSUMPTIONS, INCLUDING WITHOUT LIMITATION, MANAGEMENT'S EXAMINATION OF HISTORICAL OPERATING TRENDS, DATA CONTAINED IN FRONTLINE’S RECORDS AND OTHER DATA AVAILABLE FROM THIRD PARTIES. ALTHOUGH FRONTLINE BELIEVES THAT THESE ASSUMPTIONS WERE REASONABLE WHEN MADE, BECAUSE THESE ASSUMPTIONS ARE INHERENTLY SUBJECT TO SIGNIFICANT UNCERTAINTIES AND CONTINGENCIES WHICH ARE DIFFICULT OR IMPOSSIBLE TO PREDICT AND ARE BEYOND FRONTLINE’S CONTROL, YOU CANNOT BE ASSURED THAT FRONTLINE WILL ACHIEVE OR ACCOMPLISH THESE EXPECTATIONS, BELIEFS OR PROJECTIONS. THE INFORMATION SET FORTH HEREIN SPEAKS ONLY AS OF THE DATES SPECIFIED AND FRONTLINE UNDERTAKES NO DUTY TO UPDATE ANY FORWARD-LOOKING STATEMENT TO CONFORM THE STATEMENT TO ACTUAL RESULTS OR CHANGES IN EXPECTATIONS OR CIRCUMSTANCES. IMPORTANT FACTORS THAT, IN FRONTLINE’S VIEW, COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE DISCUSSED IN THE FORWARD-LOOKING STATEMENTS INCLUDE, WITHOUT LIMITATION: THE STRENGTH OF WORLD ECONOMIES AND CURRENCIES, GENERAL MARKET CONDITIONS, INCLUDING FLUCTUATIONS IN CHARTERHIRE RATES AND VESSEL VALUES, CHANGES IN DEMAND IN THE TANKER MARKET, INCLUDING BUT NOT LIMITED TO CHANGES IN OPEC'S PETROLEUM PRODUCTION LEVELS AND WORLD WIDE OIL CONSUMPTION AND STORAGE, CHANGES IN FRONTLINE’S OPERATING EXPENSES, INCLUDING BUNKER PRICES, DRYDOCKING AND INSURANCE COSTS, THE MARKET FOR FRONTLINE’S VESSELS, AVAILABILITY OF FINANCING AND REFINANCING, ABILITY TO COMPLY WITH COVENANTS IN SUCH FINANCING ARRANGEMENTS, FAILURE OF COUNTERPARTIES TO FULLY PERFORM THEIR CONTRACTS WITH US, CHANGES IN GOVERNMENTAL RULES AND REGULATIONS OR ACTIONS TAKEN BY REGULATORY AUTHORITIES, POTENTIAL LIABILITY FROM PENDING OR FUTURE LITIGATION, GENERAL DOMESTIC AND INTERNATIONAL POLITICAL CONDITIONS, POTENTIAL DISRUPTION OF SHIPPING ROUTES DUE TO ACCIDENTS OR POLITICAL EVENTS, VESSEL BREAKDOWNS, INSTANCES OF OFF-HIRE AND OTHER IMPORTANT FACTORS. FOR A MORE COMPLETE DISCUSSION OF THESE AND OTHER RISKS AND UNCERTAINTIES ASSOCIATED WITH FRONTLINE’S BUSINESS, PLEASE REFER TO FRONTLINE’S FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION, INCLUDING, BUT NOT LIMITED TO, ITS ANNUAL REPORT ON FORM 20-F. THIS PRESENTATION IS NOT AN OFFER TO PURCHASE OR SELL, OR A SOLICITATION OF AN OFFER TO PURCHASE OR SELL, ANY SECURITIES OR A SOLICITATION OF ANY VOTE OR APPROVAL. Forward Looking Statements 2
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Q2- 26 Highlights Q2 2026 Q3 2026 spot TCE currently contracted % done $152,700 $156,900 86% $111,500 $117,400 79% $92,400 $81,000 70% Reported earnings basis load to discharge VLCC LR2 / Aframax Suezmax 3 • Reported the best quarterly profit ever of $659.2 million, or $2.96 per share for the second quarter of 2026 and the best adjusted profit ever of $580.2 million for the second quarter of 2026, or $2.61 per share. • Reported revenues of $943.3 million for the second quarter of 2026. • Declared a cash dividend of $2.61 per share for the second quarter of 2026 • Reduced financing costs through a combination of margin reductions on existing facilities and full refinancing of selected facilities, reducing the Company's weighted average interest rate margin by approximately 52 basis points ("bps") from 178 bps at the end of the first quarter of 2026 to 126 bps upon completion of the process in the third quarter of 2026. • Entered into agreements to sell two VLCCs built in 2017 in July 2026 for a total sales price of $270.0 million. Subject to the completion of the sales, the total cash proceeds from the sales of approximately $179.0 million will be returned to shareholders through the payment of a special one-time dividend of $0.80 per share. • Entered into two one-year time charter-out agreements for two VLCC newbuildings delivered in June and July 2026, at a rate of $120,000 per day per vessel. • Entered into time charter-out agreements for two VLCCs, both built in 2016, for periods of two and three years at average rates of $90,000 and $75,000 per day, respectively, commencing in August 2026.
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2026 2026 2025 (in thousands of $ except per share data) Apr - Jun Jan - Mar Jan - Dec Total operating revenues (net of voyage expenses)* 737,404 533,662 1,211,360 Other income 75,380 215,085 6,069 Ship operating expenses (57,449) (61,708) (238,850) Administrative expenses (12,496) (25,918) (51,367) Depreciation (71,338) (75,996) (328,460) EBITDA 761,576 673,228 930,960 EBITDA adj* 681,082 457,753 929,815 Interest expense adj* (33,311) (38,116) (216,329) Profit 659,172 559,120 379,081 Profit adj* 580,210 344,922 393,629 Basic and diluted earnings per share 2.96 2.51 1.70 Basic and diluted earnings per share adjusted 2.61 1.55 1.77 Dividend per share 2.61 1.55 1.76 Note: Diluted earnings per share is based on 222,623 and 222,623 weighted average shares (in thousands) outstanding for Q2 2026 and Q1 2026, respectively *See Appendix 1 for reconciliation to nearest comparable GAAP figures Profit statement – Highlights • The adjustments in the second quarter of 2026 consist of: • $54.7 million gain on sale of vessels • $12.4 million share of results of associated companies • $6.4 million in dividends received • $5.3 million synthetic option revaluation gain • $0.3 million unrealized gain on derivatives • $0.1 million of debt extinguishment losses and losses on marketable securities 4 Notes
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2026 2026 2025 (in millions $) Jun 30 Mar 31 Dec 31 Assets Cash 321 471 251 Other current assets 591 488 456 Non-current assets Vessels and newbuildings 4,755 4,568 4,912 Goodwill 112 112 112 Prepaid consideration - - - Other non-current assets 33 26 22 Total assets 5,813 5,665 5,754 Liabilities and Equity Short term debt and current portion of long term debt 266 280 321 Obligations under leases - - - Other current payables 222 192 174 Non-current liabilities Long term debt 2,169 2,351 2,747 Obligations under leases - - - Other non-current payables 1 2 1 Non-controlling interest (0) (0) (0) Frontline plc stockholders' equity 3,155 2,841 2,511 Total liabilities and equity 5,813 5,665 5,754 Balance sheet – Highlights • Strong liquidity of $1,224 million in cash and cash equivalents, including undrawn amounts of revolver capacity, marketable securities and minimum cash requirements bank as per 30.06.26. • No meaningful debt maturities until 2030. • Remaining newbuilding commitments as per 30.06.26 was $601.1 million. 5
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86 270 239 221 749 103 267 109 115 689 688 220 351 139 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 Old Loan Maturties Current Loan Maturities In Q2 and Q3 2026 • Amended $1,493.8 million • Refinanced $1,061.8 million • Newbuilding financing of $737.0 million Reduced financing costs • Reduced financing costs through a combination of margin reductions on existing facilities and full refinancing of selected facilities, lowering the Company's weighted average interest rate margin by approximately 52 bps — from 178 bps at the end of Q1 2026 to 126 bps upon completion of the process in Q3 2026. • The reduction was driven by amendments (–24 bps), refinancings (–21 bps), and newbuilding financing/asset sales (–7 bps). Extended maturity profile • No debt maturities until 2028, and no meaningful maturities until 2030, supported by increased tenor across the portfolio, as shown in the maturity chart. . 1.78 % -0.24 % -0.21 % -0.07 % 1.26 % Margin Q1-26 Amendments Refinancings NB + Sales Margin Aug. 26 Fleet-Wide financing optimization Margin Q3-26
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34 / 92% 12 / 63% 4 / 22% 3 / 8% 7 / 37% 14 / 78% 3 0 5 10 15 20 25 30 35 40 45 VLCC Suezmax LR2 Number of vessels ECO Scrubber ECO Newbuildings Note: Daily cash breakeven in USD based on 12-month rolling period from Q3-26 Fleet composition and cash breakeven / Opex 7 Cash breakeven rates of $23.900 fleet average for the next 12 months, including dry dock costs for seven VLCCs, seven Suezmax tankers and eight LR2s. Q2-26 fleet average opex excl. drydock $8.700 $23 900 ~ 6.6 Years Average age 100% ECO vessels 69% Scrubber fitted 37 (+3) 19 18 Note: Curent fleet $23,800 $25,700 $22,200 $9,200 $9,000 $13,300 - 5,000 10,000 15,000 20,000 25,000 30,000 VLCC Suezmax LR2 Cash breakeven Opex Q2 2026 (incl. drydock) Avg. breakeven 12-month rolling
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* Free cash flow for next 12 months from 28.08.2026, based on fleet per 28.08.2026 and avg. spot market rates. Share price per 27.08.2026 Cash generation 8 Expected 27,836 earnings days next 12 months +30%-30% Free Cash Flow Yield (annualized) of ~ 24%* Note: 12m Forward from 28.08.2026 $1.514m $2.305m $3.096m $6.80 $10.35 $13.91 - 2.00 4.00 6.00 8.00 10.00 12.00 14.00 VLCC 98.0k SMAX 80.5k Afra/LR2 38.5k VLCC 140.0k SMAX 115.0k Afra/LR2 55.0k VLCC 182.0k SMAX 149.5k Afra/LR2 71.5k Free Cash Flow Free Cash Flow per share 12m Forward Q3-26 Q4-26 Q1-27 Q2-27 Q3-27 Spot 23 770 5 328 5 448 5 549 6 400 6 872 TC 4 066 1 474 1 472 1 293 607 212 Total 27 836 6 802 6 920 6 842 7 007 7 084 VLCC Spot 10 474 2 079 2 136 2 309 3 058 3 468 VLCC TC 3 820 1 319 1 380 1 203 582 212 Total 14 294 3 398 3 516 3 512 3 640 3 680
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Market Highlights Source: Clarksons, KPLER 9 • Middle East centre stage, increasing risk in and around the gulf area in addition to Houthis active in Bab al-Mandab strait • Tanker rates remain high, inefficiencies carry the weight of the market and high risk-premiums in certain trades • Oil balances kept in check by aggressive inventory draws in China, US and OECD. Question is for how long… • The tanker orderbook growth slowing with 3.5 years lead time (2030) • Long term implications as fleet aging, inventory refill, energy security and sanctions relief supports long term tailwinds. -10,000 -8,000 -6,000 -4,000 -2,000 0 2,000 4,000 6,000 8,000 10,000 2016-Q3 2017-Q2 2018-Q1 2018-Q4 2019-Q3 2020-Q2 2021-Q1 2021-Q4 2022-Q3 2023-Q2 2024-Q1 2024-Q4 2025-Q3 2026-Q2 Kbpd Quarterly Crude/Co Net Exports Americas Asia 0 100,000 200,000 300,000 400,000 500,000 600,000 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Aug-26 USD/Day VLCC Earnings TD3C TCE Mideast Gulf -China TD15 TCE WAF-China 0 50,000 100,000 150,000 200,000 250,000 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Aug-26 USD/Day Suezmax Earnings TD20 TCE WAF-Rotterdam 0 50,000 100,000 150,000 200,000 250,000 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Aug-26 USD/Day Afra/LR2 Earnings TC1 TCE Mideast Gulf-Japan Clean TD25 TCE USG-UKC Dirty
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Trade did not grow - effective fleet supply shrank Source: Kpler, Signal Ocean 10 0 5 10 15 20 25 30 VLCC-to-VLCC cargo transfers per month 0 5 10 15 20 25 30 35 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2024 2025 2026 Avg Non-Laden Days per VLCC Voyage +23% Avg monthly idling days per VLCC increased from Q1 to Q2 2026 -82% (?) Crude exports from inside the Strait of Hormuz Q2 26 vs Q2 25 +36% Americas – East of Suez Crude flows increased from Q1 to Q2 2026 -35% China Crude imports declined from Q1 to Q2 2026 • Effective fleet supply tightened despite a decline in volumes. • Days without cargo lengthened structurally as load areas shifted west, waiting times grew, and tonnage repositioned as new flows emerged. • Idling accumulated east of Suez, capacity present but not contestable for the Atlantic cargoes. • Increase in STS transfer off Fujairah and around Singapore/Malaysia. Moving the same barrels now takes more ships - one to shuttle the cargo out, another to carry it onwards. • More vessels are sailing dark, leaving a growing blind spot in the data - headline figures may no longer be representative of the market.
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Flows Source: KPLER, Signal Ocean Text 11 • Atlantic basin exports higher, and a materially larger part of it sails eastbound, yielding increase in ton-miles. • Houthi threat have extended inefficiencies as Yanbu exports to a greater degree moves through Suez and the Sumed pipeline to the Med. • Supply shortage from the Middle East further compensated by inventory draws in every corner of the world with US and China being the largest contributors. • Asia (ex China) increased sourcing from virtually all available regions, further afar - fueling ton-miles and utilization. • Despite volume shortfall, inefficiency and growing distances yields high tanker demand. • The big question will be how long can/will we draw on inventories as we approach winter in the northern hemisphere? 2,000 2,500 3,000 3,500 4,000 4,500 5,000 5,500 6,000 6,500 Jan-22 Mar-22 May-22 Jul-22 Sep-22 Nov-22 Jan-23 Mar-23 May-23 Jul-23 Sep-23 Nov-23 Jan-24 Mar-24 May-24 Jul-24 Sep-24 Nov-24 Jan-25 Mar-25 May-25 Jul-25 Sep-25 Nov-25 Jan-26 Mar-26 May-26 Jul-26 Kbpd South America Crude/Co Exports 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 1-Jan 15-Jan 29-Jan 12-Feb 26-Feb 12-Mar 26-Mar 9-Apr 23-Apr 7-May 21-May 4-Jun 18-Jun 2-Jul 16-Jul 30-Jul 13-Aug 27-Aug 10-Sep 24-Sep 8-Oct 22-Oct 5-Nov 19-Nov 3-Dec 17-Dec 31-Dec Kbpd Asia (excl China) Crude/Co imports from West of Suez — 30-Day MA 2024 2025 2026 1,400 1,450 1,500 1,550 1,600 1,650 1,700 1,750 1,800 jan feb mar apr mai jun jul aug sep okt nov des MMbbl OECD on-shore Crude Inventories 2023 2024 2025 2026 ?
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18 14 24 21 25 23 25 23 14 45 37 43 45 17 8 9 26 51 31 26 18 20 33 7 7 24 20 27 52 61 40 2 -18 -24 -15 -13 -7 -4 -1 -6 -10 -8 -19 -4 -8 0 -1 -12 -23 -4 -1 -7 -8 -1 -1 -5 -1 -149-23 -13 -44 -37 -60 -40 -20 0 20 40 60 80 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 # of vessels Delivered Sum on order Scrapped 20Y+ Suezmax 38 27 36 36 29 31 19 28 39 54 61 65 51 29 23 20 48 49 40 68 37 35 42 22 1 6 24 15 64 115 94 16 -28 -26 -34 -28 -3 -1 -3 -9 -13 -6 -16 -18 -7 -1 -2 -10 -31 -4 -2 -7 -5 -1 -1 -173-28 -38 -51 -60 -100 -80 -60 -40 -20 0 20 40 60 80 100 120 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 # of vessels Delivered Sum on order Scrapped 20Y+ VLCC Source: Fearnleys, Tankertrackers.com Text As of 11.08.26 21 11 32 76 52 64 50 56 68 94 69 54 39 16 17 29 53 64 50 52 19 51 36 37 28 57 54 30 77 62 50 2-15 -19 -13 -19 -23 -13 -10 -14 -17 -24 -24 -23 -20 -4 -5 -25 -42 -5 -4 -26 -19 -2 -3 -9 -2 -283-55 -68 -94 -67 -100 -80 -60 -40 -20 0 20 40 60 80 100 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 # of vessels Delivered Sum on order Scrapped 20Y+ Afra/LR2 Aug 2026 Fleet +15 Yrs +20 Yrs Sanctioned Orderbook VLCC 907 396 43.7 % 166 18.3 % 167 18.4 % 304 33.5 % Suezmax 650 298 45.8 % 143 22.0 % 118 18.2 % 182 28.0 % LR2 544 163 30.0 % 48 8.8 % 74 13.6 % 187 34.4 % Aframax 679 436 64.2 % 221 32.5 % 245 36.1 % 34 5.0 % Total Fleet 2 780 1 293 46.5 % 578 20.8 % 604 21.7 % 707 25.4 % Orderbooks 12
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0 200 400 600 800 1,000 1,200 1,400 Orderbook +20 Yrs +15 Yrs Number of Vessels VLCC Suezmax LR2 Aframax Fleet & Orderbook Source: Fearnleys 13 As orders deliver – 1293 vessels come to age ! 578 1293 707
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14 Summary Text • Constricted Global Oil supply yields inefficiencies, new trades and longer trade-lanes. • Growing concern for the supply cushion provided primarily by US and China. • Russia / Ukraine adding fuel to the fire, with increased risk in the Black Sea and reduced Russian product exports. • Growth in the tanker orderbook slowing, as lead times extend and yard expansions are stretched. • Energy security and inventory situation likely to dominate the narrative if the current situation persists into the winter. • Frontline centre stage with our VLCC heavy, efficient business model – as the long-term period market imply lasting disruptions. Current market dwarfs' previous cycles Source: Clarksons 0 20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000 180,000 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Average Weighted Earnings All Tankers 27,563 27,802 16,397 29,047 44,860 39,924 36,391 32,769 43,115 12,734 15,479 11,894 12,558 13,626 17,930 31,036 17,917 11,655 11,216 22,168 24,249 7,127 40,766 40,775 35,441 34,893 80 871
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Questions & Answers
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www.frontlineplc.cy
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17 Appendix 1 Non-GAAP measures reconciliation (in thousands of $ except per share) Q2 2026 Q1 2026 FY 2025 Total operating revenues net of voyage expenses and commission Revenues 943,299 714,242 1,965,104 Voyage expenses and commission (205,895) (180,580) (753,744) Total operating revenues net of voyage expenses and commission 737,404 533,662 1,211,360 Adjusted profit Profit 659,172 559,120 379,081 Add back: Loss on marketable securities 30 — 1,946 Share of losses of associated companies — — 70 Unrealized loss on derivatives 1,481 3,064 15,393 Debt extinguishment losses 51 — 300 Synthetic option revaluation loss (1) — 5,766 9,099 Less: Unrealized gain on derivatives (1) (1,787) — — Gain on marketable securities — (733) (346) Share of results of associated companies (12,389) (11,359) (1,129) Gain on sale of vessels (54,717) (210,921) (5,977) Synthetic option revaluation gain (1) (5,253) — (519) Dividends received (6,378) (15) (4,289) Adjusted profit 580,210 344,922 393,629 Weighted average number of ordinary shares 222,623 222,623 222,623 Adjusted basic and diluted earnings per share $ 2.61 $ 1.55 $ 1.77 EBITDA Profit 659,172 559,120 379,081 Add back: Finance expense 35,226 40,224 233,234 Income tax expense 554 570 6,021 Depreciation 71,338 75,996 328,460 Less: Finance income (4,714) (2,682) (15,836) EBITDA 761,576 673,228 930,960 Adjusted EBITDA EBITDA 761,576 673,228 930,960 Add back: Loss on marketable securities 30 — 1,946 Share of losses of associated companies — — 70 Unrealized loss on freight derivatives — 1,787 — Synthetic option revaluation loss (1) — 5,766 9,099 Less: Unrealized gain on freight derivatives (1,787) — — Gain on marketable securities — (733) (346) Share of results of associated companies (12,389) (11,359) (1,129) Gain on sale of vessels (54,717) (210,921) (5,977) Synthetic option revaluation gain (1) (5,253) — (519) Dividend received (6,378) (15) (4,289) Adjusted EBITDA 681,082 457,753 929,815 This presentation describes: Total operating revenues net of voyage expenses and commission (“Total operating revenues (net of voyage expenses)”, Adjusted profit (loss) (“Profit (loss) adj”) and related per share amounts, Adjusted Earnings Before Interest, Tax, Depreciation & Amortisation ("Adjusted EBITDA" or “EBITDA adj”) and Adjusted Interest Expense (“Interest expense adj”) (2), which are not measures prepared in accordance with IFRS (“non-GAAP”). We believe the non-GAAP financial measures provide investors with a means of analyzing and understanding the Company's ongoing operating performance. The non-GAAP financial measures should not be considered in isolation from, as substitutes for, or superior to financial measures prepared in accordance with IFRS. Due to rounding, numbers presented throughout this document may not add up precisely to the totals provided. (1) The three-year vesting period for the synthetic options granted to employees and board members in the fourth quarter of 2021 ended during the fourth quarter of 2024. As there are no ongoing service requirements, adjusted profit for the fourth quarter of 2024 and subsequent quarters exclude the gains and losses due to the revaluation of the synthetic option liability in the periods. Adjusted profit will exclude any gains/losses due to the revaluation of the liability for the remaining exercisable options until the expiration of the options in the fourth quarter of 2026. (2) A reconciliation of finance expense to adjusted interest expense is as follows: (in thousands $) Q2 2026 Q1 2026 FY 2025 Finance expense 35,226 40,224 233,234 Unrealized loss on interest rate derivatives (1,481) (1,277) (15,393) Debt extinguishment losses (51) — (300) Other financial expenses (383) (831) (1,212) Adjusted interest expense 33,311 38,116 216,329