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SECOND QUARTER 2025 14 AUGUST 2025
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Safe Harbor Statement as to the Future 2 Matters discussed in this presentation material may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are statements other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. Words such as, but not limited to, “expects, ” “anticipates, ” “intends, ” “plans, ” “believes, ” “estimates, ” “targets, ” “projects, ” “forecasts, ” “potential, ” “continue, ” “possible, ” “likely, ” “may, ” “could, ” “should” and similar expressions or phrases may identify forward-looking statements. The forward-looking statements in this annual report are based upon various assumptions, many of which are, in turn, based upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies that are difficult or impossible to predict and are beyond our control, the Company cannot guarantee that it will achieve or accomplish these expectations, beliefs, or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include, but are not limited to, our future operating or financial results; changes in governmental rules and regulations or actions taken by regulatory authorities; inflationary pressure and central bank policies intended to combat overall inflation and rising interest rates and foreign exchange rates; general domestic and international political conditions or events, including “trade wars” and the war between Russia and Ukraine, the developments in the Middle East, including the war in Israel and the Gaza Strip, and the conflict regarding the Houthis’ attacks in the Red Sea; international sanctions against Russian oil and oil products; changes in economic and competitive conditions affecting our business, including market fluctuations in charter rates and charterers’ abilities to perform under existing time charters; changes in the supply and demand for vessels comparable to ours and the number of newbuildings under construction; the highly cyclical nature of the industry that we operate in; the loss of a large customer or significant business relationship; changes in worldwide oil production and consumption and storage; risks associated with any future vessel construction; our expectations regarding the availability of vessel acquisitions and our ability to complete acquisition transactions planned; availability of skilled crew members other employees and the related labor costs; work stoppages or other labor disruptions by our employees or the employees of other companies in related industries; effects of new products and new technology in our industry; new environmental regulations and restrictions; the impact of an interruption in or failure of our information technology and communications systems, including the impact of cyber-attacks, upon our ability to operate; potential conflicts of interest involving members of our Board of Directors and Senior Management; the failure of counterparties to fully perform their contracts with us; changes in credit risk with respect to our counterparties on contracts; adequacy of insurance coverage; our ability to obtain indemnities from customers; changes in laws, treaties or regulations; our incorporation under the laws of England and Wales and the different rights to relief that may be available compared to other countries, including the United States; government requisition of our vessels during a period of war or emergency; the arrest of our vessels by maritime claimants; any further changes in U.S. trade policy that could trigger retaliatory actions by the affected countries; the impact of the U.S. presidential and congressional election results affecting the economy, future government laws and regulations and trade policy matters, such as the imposition of tariffs and other import restrictions; potential disruption of shipping routes due to accidents, climate-related incidents, adverse weather and natural disasters, environmental factors, political events, public health threats, acts by terrorists or acts of piracy on ocean-going vessels; damage to storage and receiving facilities; potential liability from future litigation and potential costs due to environmental damage and vessel collisions; and the length and number of off-hire periods and dependence on third-party managers. In the light of these risks and uncertainties, undue reliance should not be placed on forward-looking statements contained in this release because they are statements about events that are not certain to occur as described or at all. These forward-looking statements are not guarantees of our future performance, and actual results and future developments may vary materially from those projected in the forward-looking statements. Except to the extent required by applicable law or regulation, the Company undertakes no obligation to release publicly any revisions or updates to these forward-looking statements to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events. Please see TORM’s filings with the U.S. Securities and Exchange Commission for a more complete discussion of certain of these and other risks and uncertainties. The information set forth herein speaks only as of the date hereof, and the Company disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this communication. 2
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Highlights Second Quarter 2025 Continued solid result development in the second quarter. Freight rates in line with levels in the previous quarters, underscoring a stabilization at historical attractive levels. Sale of one 2008-built LR2 vessel and two 2008-built MR vessels in the second quarter of the year. Positive outlook with rates firming up and strong coverage numbers going into the third quarter. TCE USD 208m 2025 Q1: USD 214m Fleet size 88 vessels 2025 Q1: 91 vessels EBITDA USD 127m 2025 Q1: USD 136m Net profit USD 59m 2025 Q1: USD 63m 33
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4 THE MARKET
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Current Rate Environment Rates Remain Stable and Attractive 5 USD/day Clarksons avg. MR benchmark: basket of Rotterdam->NY, Bombay->Chiba, Mina Al Ahmadi->Rotterdam, Amsterdam->Lome, Houston->Rio de Janeiro, Singapore->Sydney. Clarksons LR2 benchmark: basket of China->Singapore->AG->Rotterdam->Skikda->China and Ras Tanura->Chiba->Ulsan->Singapore triangulated earnings. Non-eco, non-scrubber vessel. Sources: Clarksons, TORM. 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 100,000 110,000 Jan- 14 Jul- 14 Jan- 15 Jul- 15 Jan- 16 Jul- 16 Jan- 17 Jul- 17 Jan- 18 Jul- 18 Jan- 19 Jul- 19 Jan- 20 Jul- 20 Jan- 21 Jul- 21 Jan- 22 Jul- 22 Jan- 23 Jul- 23 Jan- 24 Jul- 24 Jan- 25 Jul- 25 Clarksons LR2 benchmark - annual avg. Clarksons LR2 benchmark Clarksons avg. MR benchmark - annual avg. Clarksons avg. MR benchmark Russia’s invasion of Ukraine leading to sanctions against Russia COVID-19 Q4 2014 oil price crash and start of inventory build-up Houthi attacks at Bab-el-Mandeb Strait Crude tanker clean-ups
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6 Ton-Mile Demand Trade Volumes Have Surged Recently Sources: TORM, Kpler. CPP volumes and ton-miles, change vs. 2023 average -5 0 5 10 15 20 -10 Jan-24 Feb-24 Mar-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25Apr-24 CPP ton-miles Product tankers Crude clean-ups K b/d Ton-miles improved in Q2, with crude cannibalization stabilizing at historical average levels. Trade volumes reached 16-month highs at the start of Q3 with exports increasing from the Middle East, Asia, and the Americas. Trade has been driven by middle distillates with inventories in the lower part of 5-year range in Northwest Europe incentivizing flows from other regions. With robust middle distillate demand and 6% of the region’s refining capacity expected to close by the end of the year, trade flows continue to be supported.
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7 Benicia Los Angeles (Wilmington & Carlson) Grangemouth Lindsey Gelsenkirchen Rheinland (Wesseling) Refinery Closures in the West Adding to Tonnage Demand
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Geopolitics Additional Sanctions on Russia Potential US secondary tariffs on buyers of Russian crude and oil products • An additional 25% tariff on India over purchases on Russian oil. • Potential reshuffling of crude flows will benefit larger crude tankers but lessen demand for Aframaxes. • Potential loss in Aframax demand is nevertheless offset by sanctioned vessels not returning to the mainstream market. 8 EU ban on oil product imports originating from Russian crude from 21 January 2026 • Mainly affects EU CPP imports from India and Turkey. • No effect on ton-miles if Middle East replaces India’s market share in the EU while India gains market share in Africa. • Given the short distance of Turkish trade, ton- mile effect would be small or even positive, if replaced by imports from further away. 8FIRST QUARTER 2025
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Fleet Growth CPP-Trading Capacity Shrinks Despite Fleet Growth 9 Tanker order book vs ageing/sanctioned fleet Product tanker fleet end Q2 2025 vs end Q2 2024 % ▪ Sanctions on the Aframax segment have incentivized LR2 migration into dirty trades. ▪ Compared to end Q2 2024, 20 LR2 vessels less traded CPP at the end of Q2 2025, at the same time as around 40 newbuilt LR2s entered the fleet. ▪ Consequently, the total product tanker capacity trading CPP has declined by around 2%, despite 4% nominal fleet growth. ▪ High LR2 order book needs to be seen in combination of low Aframax orders and aging fleet. ▪ Combined LR2/Aframax segment is heavily sanctioned with one out of four vessels under OFAC/EU/UK sanctions and half of sanctioned vessels over 20 years of age. ▪ Ton-mile on Aframax/LR2 vessels sanctioned by OFAC has declined by 75%. Sources: TORM, Clarksons. Sources: TORM, Clarksons. % 4 -5.0 -2.5 0.0 2.5 5.0 Total product tanker fleet CPP-trading product tanker fleet -2 Y-o-y growth 5 10 15 20 25 30 35 40 0 Total product tanker segment (dwt) LR2 LR2/Aframax combined 21 12 4 8 33 9 6 15 7 27 20 34 18 19 14 26 Aframax Order book as % of the fleet Capacity above 20 years as % of the fleet OFAC sanctioned OFAC/EU/UK sanctioned
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Key Drivers in 2025 10 Ongoing geopolitical uncertainty ▪ Additional sanctions on Russia ▪ US trade and foreign policy ▪ USTR port fee ▪ Red Sea disruption ▪ OPEC+ policy Demand fundamentals ▪ Oil demand growth ▪ Changes in refinery landscape Tonnage supply ▪ Increased newbuilding deliveries ▪ Large share of scrapping candidates ▪ Reduced trading on sanctioned fleet FIRST QUARTER 2025
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11 THE FINANCIALS
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Financials Overview Second Quarter 2025 12 Market stabilization – fleet-wide freight rates at stable level despite ongoing geopolitical tensions. Net profit excluding profit from sale of vessels at par with previous quarter - strong correlation between freight rates and earnings per share. Transparent payout model – shareholder returns reflect underlying market conditions and profitability. USDm 2025 Q2 2025 Q1 Change FY 2024 TCE 208 214 -6 1,135 EBITDA 127 136 -9 851 EBIT 75 82 -7 659 Net profit (loss) for the period 59 63 -4 612 TCE (USD/day) 26,672 26,807 -135 36,061 LR2 (USD/day) 35,459 33,806 +1,653 45,053 LR1 (USD/day) 27,371 24,947 +2,424 37,014 MR (USD/day) 23,345 24,675 -1,330 32,948 OPEX (USD/day) 7,853 7,891 -38 7,477 Basic earnings per share (USD) 0.60 0.64 -0.04 6.54 Dividend (USD/share) 0.40 0.40 - 5.10 Dividend pay-out ratio 67% 62% +5 ppt. 79%
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251 192 142 136 127 0 60 120 180 240 300 2024-Q2 2024-Q3 2024-Q4 2025-Q1 2025-Q2 326 263 215 214 208 0 75 150 225 300 375 2024-Q2 2024-Q3 2024-Q4 2025-Q1 2025-Q2 42,057 33,722 25,775 26,807 26,672 0 10,000 20,000 30,000 40,000 50,000 2024-Q2 2024-Q3 2024-Q4 2025-Q1 2025-Q2 Earnings Three Quarters with Stable Income USDUSDm Fleet-wide TCE/day USDm 13 TCE EBITDA
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Profit and Distribution 14 194 131 77 63 59 0 40 80 120 160 200 2024-Q2 2024-Q3 2024-Q4 2025-Q1 2025-Q2 2.08 1.38 0.77 0.64 0.60 0.00 0.50 1.00 1.50 2.00 2.50 2024-Q2 2024-Q3 2024-Q4 2025-Q1 2025-Q2 1.80 1.20 0.60 0.40 0.40 0.00 0.40 0.80 1.20 1.60 2.00 2024-Q2 2024-Q3 2024-Q4 2025-Q1 2025-Q2 USD Net Profit (Loss) USDm Basic Earnings Per Share Dividend Per Share USD
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3,730 3,866 3,583 3,112 2,888 3,257 3,354 2,854 2,511 2,300 0 1,000 2,000 3,000 4,000 2024-Q2 2024-Q3 2024-Q4 2025-Q1 2025-Q2 737 825 948 832 767 0% 5% 10% 15% 20% 25% 30% 0 200 400 600 800 1,000 2024-Q2 2024-Q3 2024-Q4 2025-Q1 2025-Q2 Vessel Values and Net Interest-Bearing Debt USDm ▪ Development in vessel value reflecting sales in Q2 2025 as well as decrease in broker valuations of TORM’s fleet. ▪ Refinancing of existing syndicated loans and lease agreements. USDm 15 USDm 157 149 120 327 240 140 0 100 200 300 400 1 2 3 4 5 Thereafter Vessel value NAV NIBD Net loan-to-value Vessel value and Net Asset Value (NAV) NIBD and Net LTV ratio Borrowings Maturity Profile Years to falling due
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Financial Outlook 2025 Increase of Earnings Guidance as Freight Rates Are Firming 16 1,135 0 250 500 750 1,000 1,250 2024 Guidance 2025 56% @30,617 66% @27,833 0 10,000 20,000 30,000 40,000 Coverage Q3 2025 Coverage FY 2025 851 475 - 625 0 250 500 750 1,000 2024 Guidance 2025 ▪ TCE earnings are expected to be USD 800 – 950m (previous guidance: USD 700 – 900m), and EBITDA is expected to be USD 475 – 625m (previous guidance USD 400 – 600m). TCE USDm Coverage USD/day EBITDA USDm 800 - 950
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17 Q&A
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18 APPENDIX
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TORM at a Glance 19 ▪ TORM operates a modern and well-maintained fleet, of which the majority is scrubber-fitted with eco-design. ▪ Presence in all larger vessel classes in the product tanker market (LR2, LR1 and MR). ▪ Oaktree owns approximately 42% of TORM shares. ONE TORM TORM integrates commercial and technical management in-house with no conflicts of interest. 88 Vessels (fully delivered basis) 10 Offices ~4,000 Employees
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A Proud History Dating Back More Than 130 Years 20 2009 2015 2017 2018 2022 TORM is Denmark’s first shipping company to sign the UN Global Compact, committing to principles regarding health, safety, labour rights, environmental protection and anti- corruption Oaktree enters TORM as a majority shareholder through a contribution of 25 trading vessels and six newbuilds in relation with a restructuring of the group Listing on Nasdaq New York. The new One TORM Safety Culture program adds focus on safety throughout the organisation TORM enters joint venture with ME Production to produce exhaust gas cleaning systems and other solutions to reduce emissions from shipping TORM implements new environmental targets with an ambition to carbon intensity (AER) by 40% in 2025 vs. 2008, thus setting more ambitious target than the IMO (40% by 2030). TORM exits the handy segment 1889 1905 1933 1977 1980s Captain Ditlev E. Torm and Christian Schmiegelow found TORM, and its fleet grows to four vessels in the first ten years Listing on the Copenhagen Stock Exchange TORM Almena, TORM’s first motorized vessel, is delivered Delivery of its first product tanker vessels, TORM Rotna and TORM Rask As environmental concerns top the global agenda, TORM steps up its efforts on hull designs, engine performance and wastewater treatment 40%▼
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0.37 0.42 0.32 0.42 0.30 0.00 0.10 0.20 0.30 0.40 0.50 2021 2022 2023 2024 Target 2030 22 21 20 19 35 0 10 20 30 40 2021 2022 2023 2024 Target 2030 37.6 37.1 39.6 40.0 45.0 0 10 20 30 40 50 2021 2022 2023 2024 Target 2030 Continued Progress on Climate % women in leadership positions ▪ TORM reached IMO 2030 target on reduction of carbon intensity already in 2024 – and are now advancing towards next target of 45%. SAFETY: Lost Time Accident Frequency # Accidents per 1m working hours LTM DIVERSITY: Leadership Diversity Target 21 CLIMATE: Carbon Intensity Reduction Target % reduction in AER vs. IMO 2008 baseline
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Shareholder Structure Share Information TORM’s shares are listed on the stock exchange Nasdaq Copenhagen under the ticker ‘TRMD-A’ , and on the stock exchange Nasdaq New York under the ticker ‘TRMD’ . For further information, visit www.torm.com 42% 58% Oaktree Shareholdings as of 30 June 2025 Free flow* * Including TORM’s treasury shares 22
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1 2 3 Superior ROIC Consistent selective fleet replenishment and growth has secured superior return on investments Balanced pay-out ratio Our distribution policy secures a balanced pay-out ratio which ensures an attractive equity story while also maintaining a strong balance sheet TORM - a Leading Global Product Tanker Company 23 One TORM platform Inhouse integrated commercial and technical management ▪ High operational standards ▪ Fleet size ▪ Global fleet readiness ▪ Low resource leakage ▪ Common interests ▪ No sharing of income Optimal vessel positioning through inhouse BI/algorithms
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06 NOV Interim Results for the Third Quarter and Nine Months ended 30 September 2025 Mikael Bo Larsen IR@torm.com Investor Relations contact: Financial Calendar 2025 24