TORM (TRMD) Q2 2026 earnings summary

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.