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THIRD QUARTER 2025 06 NOVEMBER 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 Third Quarter 2025 Strong earnings in the third quarter, building on solid results from previous periods. Freight rates strengthened during the quarter, remaining at historically attractive levels and reflecting a resilient market environment. Acquisition of one 2010-built LR2 and four 2014-built MR vessels and sale of one 2007-built MR vessel. Outlook remains positive with firm rates and robust coverage into year- end. TCE USD 236m 2025 Q2: USD 208m Fleet size 88 vessels 2025 Q2: 88 vessels EBITDA USD 152m 2025 Q2: USD 127m Net profit USD 78m 2025 Q2: USD 59m 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- 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 Houthi attacks at Bab-el-Mandeb Strait Crude tanker clean-ups
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6 Ton-Mile Demand Trade Volumes Gained Momentum in Q3 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 Apr- 24 May- 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- 25 Aug- 25 Sep- 25 Oct- 25 Jun- 24 CPP ton-miles Product tankers Crude clean-ups K b/d Ton-miles improved in Q3, driven by East-to-West and the Atlantic basin middle distillate flows. Trade volumes in Q3 increased 4% vs. Q2 and 2% y-o-y. In start-Q4, East-to-West flows negatively affected by refinery maintenance in the Middle East. US Gulf exports supported by lower volumes from Russia. Over medium term, trade flows continue to be supported by refinery closures in Northwest Europe and the West Coast of the US.
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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 Continue to Elevate Inefficiencies Additional factors since Q2 ▪ Stronger crude tanker market on OPEC+ barrels returning to the market ▪ EU import ban on oil products derived from Russian crude from 21 January 2026 ▪ OFAC sanctions on Rosneft and Lukoil from 22 October 2025 ▪ Intensified drone strikes on Russian refineries ▪ China’s Special Port Service Fee suspended for a year ▪ Postponement of IMO’s Net Zero Framework 8 Already known measures ▪ Red Sea disruption to continue ▪ EU sanctions on Russia expected to remain intact ▪ USTR Port Fee suspended for a year ▪ OPEC+ reversal of production cuts 8FIRST QUARTER 2025
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Fleet Growth Absorbed by Shift into Dirty Trades and Aging Fleet 9 Product tanker fleet end Q3 2025 vs end Q3 2024 Tanker order book vs ageing/sanctioned fleet % ▪ High LR2 order book balanced with low Aframax order book and aging fleet. ▪ LR2/Aframax segment heavily sanctioned: 27% under OFAC/EU/UK sanctions and half over 20 years of age. ▪ Ton-mile on Aframax/LR2 vessels sanctioned by OFAC down by 75%. ▪ Aframax sanctions incentivizing LR2 shift into dirty trades. ▪ ~10 less LR2 vessels trading CPP vs. year ago, despite 48 newbuildings added to the fleet. ▪ Total product tanker capacity trading CPP down by 1% vs. nominal fleet growth of 5%. Sources: TORM, Clarksons. Sources: TORM, Clarksons. % -1 -2 -1 0 1 2 3 4 5 Total product tanker fleet CPP-trading product tanker fleet 5 Y-o-y growth 5 10 15 20 25 30 35 40 0 Total product tanker segment (dwt) LR2 LR2/Aframax combined 20 17 4 9 30 8 6 14 7 28 20 36 17 20 14 27 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 Remain Supportive in 2026 10 Ongoing geopolitical uncertainty ▪ Red Sea disruption ▪ Additional sanctions on Russia ▪ USTR and China port fee ▪ 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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Financial Overview Third Quarter 2025 12 Market strength – fleet-wide freight rates firm, benefiting from resilient demand in a market with ongoing geopolitical tensions. Higher net profit - strong correlation between elevated freight rates and improved earnings per share. Strong shareholder returns – transparent payout model supports a higher dividend. USDm 2025 Q3 2025 Q2 Change FY 2024 TCE 236 208 +28 1,135 EBITDA 152 127 +25 851 EBIT 99 75 +24 659 Net profit (loss) for the period 78 59 +19 612 TCE (USD/day) 31,012 26,672 +4,340 36,061 LR2 (USD/day) 38,685 35,459 +3,226 45,053 LR1 (USD/day) 29,508 27,371 +2,137 37,014 MR (USD/day) 28,632 23,345 +5,287 32,948 OPEX (USD/day) 7,268 7,853 -585 7,477 Basic earnings per share (USD) 0.79 0.60 +0.19 6.54 Dividend (USD/share) 0.62 0.40 +0.22 5.10 Dividend pay-out ratio 78% 67% +11 ppt 79%
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192 142 136 127 152 0 40 80 120 160 200 2024-Q3 2024-Q4 2025-Q1 2025-Q2 2025-Q3 263 215 214 208 236 0 60 120 180 240 300 2024-Q3 2024-Q4 2025-Q1 2025-Q2 2025-Q3 33,722 25,775 26,807 26,672 31,012 0 7,000 14,000 21,000 28,000 35,000 2024-Q3 2024-Q4 2025-Q1 2025-Q2 2025-Q3 TCE Firmer Rates Translate Into Higher Earnings USDUSDm Fleet-wide TCE/day USDm 13 TCE EBITDA
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Profit and Distribution 14 131 77 63 59 78 0 30 60 90 120 150 2024-Q3 2024-Q4 2025-Q1 2025-Q2 2025-Q3 1.38 0.77 0.64 0.60 0.79 0.00 0.30 0.60 0.90 1.20 1.50 2024-Q3 2024-Q4 2025-Q1 2025-Q2 2025-Q3 1.20 0.60 0.40 0.40 0.62 0.00 0.30 0.60 0.90 1.20 1.50 2024-Q3 2024-Q4 2025-Q1 2025-Q2 2025-Q3 USD Net Profit (Loss) USDm Basic Earnings Per Share Dividend Per Share USD
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3,866 3,583 3,112 2,888 2,864 3,354 2,854 2,511 2,300 2,401 0 1,000 2,000 3,000 4,000 2024-Q3 2024-Q4 2025-Q1 2025-Q2 2025-Q3 825 948 832 767 690 0% 6% 12% 18% 24% 30% 0 200 400 600 800 1,000 2024-Q3 2024-Q4 2025-Q1 2025-Q2 2025-Q3 Vessel Values and Net Interest-Bearing Debt USDm ▪ Vessel values edged higher during the quarter, supported by broker valuations of our fleet. USDm 15 USDm 122 95 92 289 194 111 0 60 120 180 240 300 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 Tighter Outlook Range on Year-End Visibility 16 1,135 875 - 925 0 250 500 750 1,000 1,250 2024 Guidance 2025 55% @30,156 0 10,000 20,000 30,000 40,000 Coverage Q4 2025 851 540 - 590 0 250 500 750 1,000 2024 Guidance 2025 ▪ TCE earnings are expected to be USD 875 – 925m (previous guidance: USD 800 – 950m), and EBITDA is expected to be USD 540 – 590m (previous guidance USD 475 – 625m). TCE USDm Coverage USD/day EBITDA USDm
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17 Q&A
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18 APPENDIX
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TORM AT A GLANCE Our People and Our Fleet 3,600 seafarers and 400 office colleagues around the world. 88 modern, eco-efficient fleet. Positioned across all major product tanker segments (LR2, LR1 and MR). Our Earnings TCE of USD 1,135m (2024). More than USD 250m in outperformance during 2021 - 2025. Note: TORM’s annual premium calculation is based on the individual quarters with those vessels in TORM’s MR fleet earning TORM’s TCE rate compared to the peer average. One TORM In-house integration of commercial and technical operations, driving speed, efficiency, and market- leading execution. TORM OFFICES 19
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Leveraging favorable market dynamics for optimal returns. Ensuring our business remains competitively positioned. During 2023-25, more than 10m shares issued in connection with partly share-based acquisitions of vessels. High spot market exposure Strategic fleet renewal 20 A Market-Leading Product Tanker Company Delivering superior economic results through our in-house One TORM platform. Integrated operations Prioritizing long-term returns and growth. Offering attractive dividends and strong free cash flow yields. Consistent dividendsCommitment to shareholder value Dual listing Copenhagen, New York Number of shareholders > 75,000 Market cap. > USD 2.0bn Free float 58% Daily liquidity ~ USD 20m
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Performance TORM’s MR Fleet Outperforms Peer Group 21 TCE USD/day 28 14 36 20 24 39 42 38 88 60 29 0 20 40 60 80 100 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 H1 TORM MR Premium TCE USDm Note: Historical peer data includes data from Ardmore, d’Amico (composite of LR1, MR and Handy), Frontline 2012, Hafnia Tankers, NORDEN, Maersk Tankers, Scorpio, and International Seaways. Since Q3 2022, the peer group only consists of Scorpio, International Seaways, Hafnia, and Ardmore. TORM’s annual premium calculation is based on the individual quarters with those vessels in TORM’s MR fleet earning TORM’s TCE rate compared to the peer average. 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TORM High / Low Peer average Q2 2025 (USD/day): TORM 23,345 High 23,345 Low 19,480 Average 21,099
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Financial Engineering Adding Value and Unlocking Dividend Upside 22 Refinancing secured on best-ever terms Very attractive refinancing package of up to USD 857m increases RCFs by USD 183m and reduces the term loan amount. ‘All-in’ cash break-even further reduced in 2026 after a period with steep repayment profile and high level of maintenance. Pay-out ratio – liquidity effect unlocks further upside to dividend payments. All-in cash break-even 16,200 18,900 21,800 20,700 16,200 0 5,000 10,000 15,000 20,000 25,000 2022 2023 2024 2025 2026 → Refinancing of two existing syndicated loans as well as lease agreements covering 22 vessels. → Extends maturities with smoother repayment profile. → Attractive margin of 155 bps and tenor of six years. → Enhances flexibility and liquidity. USDm
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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 September 2025 Free float 23 Note: Subject to certain conditions Hafnia has bought c.14% of outstanding shares from Oaktree.