Frontline (FRO) Pareto Energy Conference 2025 Presentation summary

Business overview and strategy

• Operates one of the world's largest and youngest tanker fleets, with 80 vessels averaging 7 years in age and a strong focus on energy efficiency and ESG transparency.

• Maintains a strong balance sheet, competitive cost structure, and low breakeven levels, supporting significant cash flow generation.

• Proven access to capital markets and long-term shareholder commitment since IPO.

• Publicly listed with a $5 billion market cap and over $7.4 billion in dividends returned since 2001.

Financial performance and capital management

• Q2 2025 profit of $77.5 million ($0.35/share), adjusted profit of $80.4 million ($0.36/share), and revenues of $480.1 million.

• Declared a $0.36/share cash dividend for Q2 2025.

• Secured a $1.29 billion loan facility to refinance debt on 24 VLCCs, reducing margin and extending maturity.

• Sold oldest Suezmax tanker for $36.4 million, generating $23.7 million net cash proceeds.

Fleet composition and operational efficiency

• 100% of the fleet is ECO vessels, with 55% scrubber-fitted, and a 7-year average vessel age.

• Fleet-wide cash breakeven rate is $25,900/day for the next 12 months, with Q2-25 opex at $8,100/day.

• Operates at significant scale with diversified vessel types (VLCC, Suezmax, LR2/Aframax).