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TORM (TRMD) investor relations material
TORM Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved strong Q2 2025 results with stable freight rates and a positive outlook for Q3, raising full-year guidance on continued momentum.
Net profit for Q2 2025 was $59m, down from $63m in Q1 and $194.2m year-over-year, reflecting normalization of rates.
Sold three vessels in Q2, reducing fleet size to 88; exercised purchase options for 13 leaseback vessels to transition to full ownership.
Maintained a modern, eco-design fleet, with a majority scrubber-fitted.
Board approved interim dividend of $0.40/share for Q2, totaling $39.2m and a payout ratio of 67%.
Financial highlights
Q2 2025 TCE revenue was $208m, down from $214m in Q1; Q2 revenue was $315.2m, down 28% year-over-year.
EBITDA for Q2 was $127m–$129m, compared to $136m in Q1 and $251.1m in Q2 2024.
Net profit for Q2 was $59m (Q2 2024: $194.2m); H1 net profit was $121.6m.
Basic EPS for Q2 was $0.60; dividend payout ratio increased to 67%.
Free cash flow for H1 2025 was $292.9m; net cash from operating activities was $244.4m.
Outlook and guidance
Raised 2025 TCE earnings guidance to $800–950m (from $700–900m) and EBITDA to $475–625m (from $400–600m).
66% of 2025 earning days fixed at $27,833/day; remaining 34% open to market rates.
Positive outlook for Q3 2025, with strong coverage and firming rates.
Key risks include geopolitical conflicts, refinery closures, oil price volatility, and global economic trends.
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