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Frontline (FRO) investor relations material
Frontline Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary21 Nov, 2025
Executive summary
Q3 2025 profit was $40.3 million ($0.18/share) and adjusted profit $42.5 million ($0.19/share), with revenues of $432.7 million.
Declared a $0.19/share cash dividend for Q3 2025.
Sold the oldest Suezmax tanker, generating $23.7 million net cash proceeds and a $5.9 million gain.
Converted and prepaid $374.2 million in credit facilities, reducing fleet cash breakeven rates by $1,300/day for the next 12 months.
Q3 saw strong market developments and robust TCE rates, with Q4 bookings at even higher levels for most available days.
Financial highlights
Q3 2025 profit was $40.3 million, down from $77.5 million in Q2 2025; adjusted profit was $42.5 million, down from $80.4 million.
Revenues for Q3 2025 were $432.7 million, compared to $480.1 million in Q2 2025.
Time charter earnings fell from $283 million to $248 million quarter-over-quarter.
Cash and cash equivalents stood at $819 million as of September 30, 2025.
No meaningful debt maturities until 2030 and no newbuilding commitments.
Outlook and guidance
Q4 2025 spot TCE rates contracted at $83,300 for VLCC, $60,600 for Suezmax, and $42,200 for LR2/Aframax, with 75%, 75%, and 51% of days fixed, respectively.
Cash generation potential estimated at $1.8 billion ($8.15/share) at current rates, with a 33% cash flow yield; a 30% spot market increase could boost this to $2.6 billion ($11.53/share).
Management expects key market fundamentals to remain supportive into Q1 2026, with no signs of near-term weakness.
Spot TCEs for Q4 2025 may be lower than contracted rates due to ballast days.
Quantify credit facility conversion benefits
Key market dynamics boosting VLCC utilization
Why Q4 TCEs may be lower than contracted
Future LTV targets or investment strategy
How do older vessels exit compliant fleet
LR2 fleet's strategic role in Frontline's portfolio
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AGM 20258 Dec, 2025
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Frequently asked questions
Frontline Ltd., a shipping company, engages in the seaborne transportation of crude oil and oil products worldwide. The company operates through Tankers and Newbuildings segments. The Tankers segment owns and operates primarily specialized tankers, including shuttle tankers; crude oil tankers; VLCCs; Suezmax tankers; medium range (MR) product carriers; LR2/Aframax tankers; and chemical/product carriers. The Newbuildings segment engages in investment activities, as well as long haul transportation of refined petroleum products.
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