TORM (TRMD) Q2 2026 earnings summary

Executive summary

• Achieved record quarterly and Q2 2026 results, with net profit of USD 338m, driven by exceptionally strong freight markets, operational leverage, and disciplined execution.

• Fleet expanded to 97 vessels, up from 78 at end-2022 and 90 in Q2 2025, with further newbuilds and acquisitions scheduled through 2030.

• Distributed a quarterly dividend of USD 2.40 per share, with total dividends since 2023 reaching up to USD 16.10 per share.

• Strategic focus on fleet renewal, disciplined capital allocation, and balancing growth with substantial shareholder returns.

• Oaktree Capital Group exited its shareholding post-quarter, with Brookfield Corporation becoming the ultimate controlling shareholder.

Financial highlights

• Q2 2026 TCE earnings reached USD 512m (up from USD 208m), EBITDA was USD 416m (Q2 2025: USD 127m), and net profit was USD 338m (Q2 2025: USD 59m).

• Basic EPS for Q2 2026 was USD 3.31 (Q2 2025: USD 0.60); return on invested capital reached 44.2%.

• Interim dividend of USD 2.40 per share declared for Q2 2026, totaling USD 246m (73% of net profit).

• Net asset value increased to USD 3.7bn; fleet market value as of 30 June 2026 was USD 4,056m.

• Net interest-bearing debt as of 30 June 2026: USD 715m; liquidity position: USD 804m (including undrawn credit facilities of USD 436m).

Outlook and guidance

• Full-year 2026 TCE guidance raised to USD 1,400–1,600m (previously USD 1,150–1,450m); EBITDA at USD 1,000–1,200m (previously USD 800–1,100m).

• Over 70% of 2026 earning days fixed at an average rate of USD 45,391/day, reducing exposure to volatility.

• Pipeline for fleet renewal secured with vessel deliveries scheduled through 2030.