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TORM Q2 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.

Q2 2026 earnings summary26 Aug, 2026

Executive summary

Achieved record-high financial performance in Q2 2026, with net profit of USD 338m, EBITDA of USD 416m, and TCE of USD 512m, driven by exceptionally strong freight markets and operational leverage.
Fleet expanded to 97 vessels, supporting increased earnings capacity and future growth through new acquisitions and ongoing renewal programs.
Distributed substantial dividends, totaling USD 16.10 per share since 2023, with a record quarterly dividend of USD 2.40 per share declared for late September.
Oaktree Capital Group exited its shareholding post-quarter, with Brookfield Corporation becoming the new controlling shareholder.

Financial highlights

Q2 2026 revenue was USD 663m, TCE: USD 512m (vs. USD 208m in Q2 2025), EBITDA: USD 416m (vs. USD 127m), Net profit: USD 338m (vs. USD 59m).
TCE per day averaged USD 59,301 in Q2 2026, up from USD 26,672 in Q2 2025.
Basic EPS: USD 3.31 (up from USD 0.60); Dividend per share: USD 2.40 (up from USD 0.40); Dividend payout ratio increased to 73% from 67% year-over-year.
Close to USD 250m returned to shareholders in Q2 2026.
ROIC for Q2 2026 was 44.2%, compared to 10.0% in Q2 2025.

Outlook and guidance

Upgraded 2026 full-year guidance: TCE expected at USD 1,400–1,600m and EBITDA at USD 1,000–1,200m.
70% of 2026 earning days fixed at an average rate of USD 45,391 per day; Q3 2026 coverage at 73% with TCE/day at USD 38,606.
Pipeline for fleet renewal secured with vessel deliveries scheduled through 2029.
Market outlook remains volatile due to geopolitical conflicts and disruptions in key shipping routes.

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