TORM (TRMD) Q1 2026 earnings summary

Executive summary

• Achieved record first quarter results with TCE of $286m, EBITDA of $201m, and net profit of $122m, all significantly higher year-over-year.

• Fleet expanded to 95 vessels, up from 91 in Q1 2025, with further acquisitions set to increase the fleet to 103 vessels after all deliveries.

• Strong operational execution, disciplined capital allocation, and strategic fleet renewal investments, including six resale vessels, drove premium returns and robust shareholder distributions.

• Exceptional freight rates, driven by geopolitical tensions and market disruptions, underpinned financial outperformance.

• Board approved an interim dividend of $0.70/share, totaling $71.5m, reflecting 58% of net profit.

Financial highlights

• TCE increased to $286m from $214m in Q1 2025; TCE per day rose to $34,937 from $26,807.

• EBITDA rose to $201m from $136m; EBIT reached $141m, up from $82m year-over-year.

• Net profit doubled to $122m from $63m; basic EPS increased to $1.21 from $0.64.

• Revenue increased to $402m (Q1 2025: $329m); gross profit reached $220m (Q1 2025: $152m).

• Net Asset Value (NAV) per share rose to $29.7 (Q1 2025: $25.7).

Outlook and guidance

• 2026 guidance raised: TCE now $1,150–1,450m (previously $850–1,250m), EBITDA $800–1,100m (previously $500–900m).

• Q2 coverage at 57% with TCE/day at $71,494, reflecting ongoing market strength.

• 42% of 2026 earning days fixed at an average rate of $50,044/day; remaining 58% open to market rates.

• EBITDA sensitivity: a $1,000/day change in freight rates impacts EBITDA by ~$20m.

• Management expects continued high earnings as freight rates remain elevated due to market disruptions.