TORM (TRMD) Q3 2026 earnings summary

Executive summary

• Q3 TCE was $353m, EBITDA $274m and net profit $199m; 9M TCE reached $1,151m, EBITDA $891m and net profit $660m.

• Freight-market strength and operational execution supported earnings; the fleet reached 95 vessels, up from 78 at end-2022.

Financial highlights

• Q3 TCE was $353m vs. $236m YoY; EBITDA was $274m vs. $152m, EBIT $213m vs. $99m, and net profit $199m vs. $78m.

• Q3 revenue rose 45% YoY to $499m; 9M revenue was $1,564m, up $577m YoY.

• 9M operating cash flow was $720m vs. $364m; free cash flow was $485m vs. $409m.

• Adjusted 9M EBITDA was $889m vs. $426m; adjusted net profit excluding non-recurring items was $646m vs. $189m.

• Basic EPS was $1.94 in Q3 vs. $0.79 YoY and $6.46 for 9M; diluted EPS was $1.91 and $6.34, respectively.

Outlook and guidance

• FY 2026 TCE guidance rose to $1,750–1,900m from $1,700–1,900m; EBITDA guidance increased to $1,350–1,500m from $1,300–1,500m.

• Q4 coverage was 53% at $78,419/day; Q4 bookings averaged $78,000/day across vessel classes, with LR2 spot days at ~$185,000/day, average LR2 coverage at ~$112,000/day and MR coverage at ~$60,000/day.

• As of 28 October, 88% of FY earning days were fixed at $50,487/day, with 4,060 days open; a $1,000/day rate change would affect EBITDA by ~$4m, all else equal.

• Two additional MR newbuilding options remained under evaluation, with a decision possible within the quarter.