TORM (TRMD) Q3 2026 earnings summary

Executive summary

• Q3 2026 TCE earnings were $353m, EBITDA $274m and net profit $199m, up from $236m, $152m and $78m, respectively, in Q3 2025.

• Nine-month TCE earnings reached $1,151m, EBITDA $891m and net profit $660m, supported by strong freight markets and execution.

• Full-year guidance increased at the low end for both TCE and EBITDA, reflecting strong coverage and expected Q4 market strength.

• Fleet size rose to 95 vessels from 88 a year earlier; continued fleet investment accompanied shareholder distributions.

Financial highlights

• Q3 revenue rose 45% YoY to $499m; EBIT was $213m versus $99m, and net profit was $199m versus $78m.

• Q3 basic EPS was $1.94 versus $0.79; the $1.35/share dividend represented a 75% payout ratio, versus $0.62 and 78% a year earlier.

• Nine-month revenue was $1,564m versus $987m; adjusted EBITDA was $889m versus $426m and net profit excluding non-recurring items was $646m versus $189m.

• Nine-month operating cash flow was $720m and free cash flow $485m; cash and restricted cash ended September at $449m.

• Fleet-wide TCE averaged $40,102/day versus $31,012/day; operating expense averaged $7,894/day versus $7,268/day.

Outlook and guidance

• FY 2026 TCE guidance increased to $1.75bn–$1.90bn from $1.70bn–$1.90bn; EBITDA guidance rose to $1.35bn–$1.50bn from $1.30bn–$1.50bn.

• As of 28 October, 88% of FY earning days were fixed at $50,487/day; Q4 coverage was 53% at $78,419/day.

• Q4 coverage by class: LR2 68% at $112,150/day, LR1 38% at $106,271/day and MR 49% at $59,722/day.

• The remaining 4,060 FY earning days were exposed to market rates; a $1,000/day freight-rate change would affect EBITDA by ~$4m, all else equal.