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TORM (TRMD) investor relations material
TORM Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Delivered strong Q4 2025 results with TCE of $251m, EBITDA of $156m, and net profit of $87m, capping a robust year despite a softer full-year performance compared to 2024.
Full-year 2025 TCE was $910m, EBITDA $571m, and net profit $286m, all down year-over-year due to normalization from exceptional 2024 levels.
Fleet expanded to 93 vessels, with acquisitions of eight modern ships and one sale, supporting operational scale.
Maintained high operational reliability and market-leading execution, leveraging integrated platform for efficiency.
Financial highlights
Q4 2025 TCE rose to $251m from $236m in Q3; EBITDA increased to $156m from $152m; net profit up to $87m from $78m.
Full-year 2025 TCE of $910m (down from $1,135m in 2024), EBITDA $571m (down from $851m), net profit $286m (down from $612m).
Dividend for 2025 was $212m, a decrease from $485m in 2024.
Basic EPS for 2025 was $2.91, down from $6.54 in 2024.
Dividend payout ratio for 2025 was 74%.
Outlook and guidance
2026 TCE guidance: $850m–$1,250m; EBITDA guidance: $500m–$900m.
Q1 2026 coverage: 70% at $34,926/day, indicating a solid start to the year.
Key market drivers remain supportive: geopolitical tensions, sanctions, refinery closures, and robust oil demand.
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